“国产替代”为矛：国产替代势在必行，关注“卡脖子”材料国产化放量。近年来随着我国化工行业生产技 术的不断提升，我们陆续在众多产品领域突破了海外厂商的技术封锁，“国产替代”概念被更多的人关注。 然而，在我国“安全发展”的大目标下，在众多暂未实现国产化的材料品种中，一些真正“卡脖子”的材料 更为值得我们投入更多地资源去实现突破。在国产替代方向，我们优先建议关注半导体前端制程材料、OLED 材料和半导体封装材料（ABF类）。

Sexual Lubricants, also known as lubes or personal lubricants, are a kind of gel, cream, fluid, or liquid that are used to reduce friction between the vagina & penis during sexual intercourse and reduces pain. Lubes are used to enhance the sexual experience and get more pleasure. Using sexual lubricants while sexual intercourse may be helpful for women experiencing vaginal dryness, & men who have erectile dysfunction. These are used widely for men, women, transgender, and LGBTQ+ community globally. They are used with condoms as well for additional comfort & ease and sometimes to reduce condom breakage. These lubricants are applied to the condom, penis, vagina, or rectum during sexual activity as it improves moistening. They are generally preferred by sex workers and men who have sex with men (MSM).

Industrial salt is a type of salt that is used for non-food purposes, such as in manufacturing, chemical processing, water treatment, and de-icing. It is typically sources are either underground mines or evaporation ponds, depending on the specific requirements of the application. A large amount of salt is primarily used in the chemical sector. Salt has over 14,000 applications. For instance, salt is used to set the dye in fabric and is used to manufacture glass, polyester, plastics, leather, and various chemicals. Salt assists in cleaning gas and oil wells and is an essential component in the manufacture of paper, tires, brass, bleach, and case-hardened steel. Salt is a key ingredient in the production of caustic soda using the chlor-alkali process.

The global industrial and institutional (I&I) cleaning market is a growing and highly diversified market due to the stringent regulatory and governmental requirements for hygiene and cleanliness. Surfactants are majorly used by industrial consumers in the industrial and institutional cleaning sectors. They are the main components in a varied array of products from bulk product formulations used in commercial floor, surface, window, and general-purpose cleaning, for ease and efficiency

Hair serums are liquid-based treatment or styling products that offer a comprehensive range of benefits based on their formulation. Most hair serums are enriched with essential oils, biotin, and phytoextracts to impart moisture to hair strands and provide essential nutrients to nourish the scalp. The softening properties of a hair serum seals ragged hair cuticles by offering intense nourishment and conditioning. These products contain volatile oil extracts that help to keep the hair smooth, add suppleness to the hair length, and make the hair look sleek and voluminous. Hair serums are known to nourish and provide strength and shine to hair. A smooth layer of hair serum reflects the light that falls on the hair to give a natural shine instead of a greasy finish.

Makreo Research has recently published an extensive report titled Global Construction Chemical Market Competitive Landscape Edition 2023 This study aims to provide valuable insights into the competition within the market, profiles of key players, and a deeper understanding of the industry's competitive dynamics The report features a comprehensive company profile section, covering essential aspects such as business overviews, strategic approaches, recent developments, and critical financial information specific to each company

草甘膦是一种非选择性内吸传导型广谱除草剂，也是全球用量最大 的除草剂品种。我国是全球最主要的草甘膦生产国和出口国。受高 库存影响，海外去库存已持续一年有余。当前全球草甘膦需求初显 回暖迹象，我们判断四季度海外将陆续停止去库并进入补货期，补 货需求将加速回暖，提振草甘膦价格。判断依据如下：一，从中国 海关数据出口来看，巴西已于6 月份停止去库并进入补货期，美国 和阿根廷补货需求已连续多月在低位震荡并初显上行态势；二，四 季度美洲各国将陆续进入草甘膦需求作物种植季或收获季，草甘膦 用药将迎来高峰期，预计海外草甘膦库存将迅速消耗；三，据百川 盈孚数据，2023 年9 月22 日当周，草甘膦价格为2.9 万/吨，已经 跌至历史底部区间，在成本上涨压力下，当前草甘膦单吨毛利低至 3350 元/吨，同样跌至近三年底部。由此判断，草甘膦价格下探空 间不大。在价格、需求和库存三重因素作用下，我们预计四季度海 外需求将加速回暖并带动草甘膦市场行情反转向上。

2023 年上半年基础化工行业上市公司（根据申万 2021 一级分类基础化工行业上市公司合 计 397 家）共实现营业收入 10300 亿元，同比下降 9.8%，实现营业利润 824 亿元，同比下降 52.6%，实现归属上市公司股东的净利润 665 亿元，同比下降 51.7%。行业整体综合毛利率为 16.7%，同比 -6.0pcts；期间费用率为 8.4%，同比+1.0pcts。行业整体净利率为 6.8%，同比-6.0pcts。

光刻胶是光刻过程中至关重要的核心材料，技术壁垒较高，其中应用于半导体的光刻胶是我国半导体产业核心的“卡脖子”材料。我国光刻胶核心原料单体、树脂、光感剂等自给率同样不高，具备较高的技术壁垒，较依赖进口，建议关注光刻胶产业链相关标的彤程新材、晶瑞电材、圣泉集团、万润股份等。

The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below