GS 高盛：亚太化工－风险收益

02.09　　　英文 19页

Cracker economics are improving because of delayed start-ups of various
Middle East projects. Our latest assessment of the industry’s macro
environment suggests an extended peak-cycle during 2007/2008. With
incremental demand likely to outstrip incremental supply worldwide
during 2007/2008, utilization rates should stay above 92%, similar to the
previous peak in 2004/2005. We are therefore changing our sector
coverage view to Neutral from Cautious.