Citigroup 花旗：欧洲化工行业深度研究

(５６页) 01.19

Citigroup Global Markets | Equity Research

The Quidnunc Fundamental Focus Fundamentals intact for 07

Macro Environment — Citigroup’s 2007E global GDP forecasts have decreased during December, with growth now at 3.4%. The 2007E US growth figures also decreases by 10 basis points and is now at 2.8%, whereas Eurozone growth increased 20bp in and is now at 2%, largely due to Germany (+30bp)

Contents
Recommendations and Events 3
Global Round-Up 4
Leaders and Laggards 6
Macroeconomics 8
Price and Volume Trends 13
End-Market Outlook 15
Construction Industry 17
Electronics 19
Automotive 21
Chemical Sector Performance 23
Makhteshim Agan 26
Umicore 27
Akzo Nobel 29
Recent Publications 48
Analyst Certification Appendix A-1 53