7 月份，化工行业运行整体依旧缓慢，工业增加值增 速回升后有放缓趋向；1～7 月，化学原料和化学制品制造业工业增 加值同比增长 4.6%；出厂价格指数总体延续上年末下滑趋势，7 月 续跌，7 月化学原料和化学制品制造业出厂价格指数为 96 点；行业 投资增速回落后再度提升，1～7 月化学原料和化学制品制造业固定 资产投资同比增长 9.4%；化工行业营收增速持续放缓，利润终结增 长开启下滑走势，1～7 月行业利润同比大幅减少 11.6%，较 1～6 月 收窄 2.2 个百分点。

Personal care and home care are one of the major end-users for surfactants. Surfactants are used as ingredients in a variety of products in the personal and home care segment, such as foaming agents, dispersants, emulsifiers, solubilizing agents, cleansers, conditioners, toiletries, and detergents, among others. The personal care i ndustry accounted for a healthy share in the Latin American market, in 2018. Beauty and personal care industry in Latin America grew 42% from 2011 to 2016. In Brazil, the market grew 35% from 2011 to 2016. Brazil is the fourth largest consumer of personal care products trailing after the United States, China, and Japan. Brazil accounts for 9.4% of the global personal care market according to Brazilian association for the personal hygiene, perfume, and cosmetics industry.

A menstrual cup is a feminine hygiene product that is used during menstruation. It is inserted into the vagina and one can keep it inside for a maximum duration of 12 hours. Its purpose is to prevent menstrual blood from leaking onto the clothes. It is made up of either latex, silicone, or thermoplastic elastomer. Silicon and thermoplastic elastomer are hypoallergic, which means that the wearer can be safe from unwanted irritation and allergies. The menstrual cups are available in a smaller and a larger size, where smaller size is recommended for women under 30 (who have not given birth vaginally) and the larger size is recommended for women who are over 30 (have given birth vaginally or have a heavy flow). The report includes market study on disposable and reusable menstrual cups and does not include other menstrual care products such as sanitary napkins and tampons.

The global salt and flavored salts market is segmented into: type and distribution channel. By type, the market is dominated by table salt segment, whereas, formed the largest distribution channel for the sale of salts and flavored salt. The global salts and flavored salts market was valued at USD 1,954.81 million in 2018, and it is projected to reach USD 2437.46 million in 2024. The market is also expected to register a CAGR of 3.83% over the forecast period, 2019-2024.  The strength of distribution channel is high for the salt and flavored salt industry. The suppliers in the market have high reliability on the existing distribution channels for the deeper market penetration and efficient distribution of salt and flavored salts.

Lubricant products are made from the combination of base oils and additives. The composition of base oil, in the formulation of lubricants, is primarily from 75% to 90%. Base oils possess lubricating properties and make up to 90% of the final lubricant product. Base oils are primarily categorized into five groups. The first three groups are based on mineral oils, and the fourth and the fifth group are based on synthetic oils. All the five groups are distinct from one another, and are made from different formulations that cater to a specific application. Paraffinic mineral oil, which represents the first three groups, is considered to be of better quality than the oils of naphthenic (group V), and is used highly in the production of lubricants.

A baby monitor is an electronic device that transmits sound and video-related activities of a baby to a receiver, which is usually at the parents' end. The basic version of a baby monitor consists of a radio transmitter that relays sound to the receiver. The receiver contains an inbuilt speaker that enables sound transmission between the baby and parents. This basic version of the baby monitor works within a short or limited range of transmission area. Technological advancements have led to the embedment of advanced features in baby monitors that keep parents updated and connected with their babies, even from a remote location. Vendors have integrated baby monitors with the latest technologies such as video transmission, Wi-Fi, and Bluetooth connectivity, to connect it with smartphones to provide parents with continuous inputs of the baby’s activities.

Personal care is one of the major end users for surfactants. Surfactants are used as ingredients in a variety of products, such as foaming agents, dispersants, emulsifiers, solubilizing agents, cleansers, and conditioners, among others, in the personal care segment. The personal care industry accounted for a healthy share of the global market, in 2018. Consumers are facing numerous skin- and hair-related problems, like eczema, psoriasis, acne, rosacea, ichthyosis, dry hair, scalp diseases, grey hair, dandruff, and premature baldness, among others. This is likely to lead to a growth in demand for personal care products, and consequently to the growth of the surfactant market, across the region.

The demand for adhesives in the packaging industry is increasing with the higher number of end-user applications. The packaging applications that use adhesives and sealants include flexible packaging, specialty packaging, composite containers, and frozen food packaging.  As of 2018, the per capita packaging consumption of India is significantly low at 8.7 kg, compared to countries, such as Taiwan and Germany, where it was 19 kg and 42 kg respectively, thereby making a huge space for the packaging industry to grow, in-turn boosting adhesives and sealants market growth rate in the packaging sector.

当前整体消费承压背景下，化妆品是国内为数不多仍然保持双位数增长的可选消费品。本篇报告通过复盘百年品牌资生堂的成长史，总结其核心竞争要素，对国内化妆品品牌的成长发展存一定借鉴意义。 

快速消费品（消耗速度快）；需较大营销投入树立品牌；单个品牌、sku 存在天花板限制（由于特定人群、特定功能等）。细分的护肤和彩妆属性不同，因为打法有所区别，品类拓展存在一定壁垒。

华特股份是一家致力于特种气体国产化，率先打破极大规模集成电路、新型显示面板等尖端领域气体材料进口制约的国产气体厂商，主营业务以特种气体为核心，辅以普通工业气体及气体设备与工程服务，2018 年特种气体、普通工业气体、气体设备销售收入占比营收分别为48%、38%、21%。公司2018 年实现营收8.18 亿元，同比增3.9%，净利润0.68 亿元，同比增40.3%，营收/净利CAGR（2015-2018）分别为7.6%/8.8%。

国内化妆品行业目前是可选消费领域最大亮点之一。（1）行业呈现持续较快的增长能力，在经济下行期由呈现出更强的增长韧性。（2）行业基础品牌逐步高端化和多元化，彩妆等细分品类市场渗透率不断提升。（3）低线城市成为行业增长主要的增量之一。（4）电商渠道持续高歌猛进，百货和免税店成为高端品牌增长新动力。

纺服日化板块 19 年 H1 营收同增 8.12%，业绩微增 2.83%，较去年同期明显放缓。从各板块收入增长来看，体育鞋服（32.43%）>中高端服饰（13.26%）>日化（8.58%）>大众休闲（6.21%）>男装（4.96%）>家纺（3.77%）>新模式（-1.26%）>纺织制造（-1.87%）>鞋类（-2.85%）。

万华和华鲁都是市场公认的优秀企业，但今年这两家公司之间最有意思的变化就是两者ROE 在迅速趋同，并且华鲁ROA 已经开始反超万华。从价格趋势看，这种反超甚至未来会成为常态。那么背后原因何在，无疑就很值得分析。

机械：看好光伏和锂电设备 。我们预计光伏设备3Q开始业绩进入拐点期，硅片设备采购高峰即将到来，电池片设备技术迭代速度加快，板块有望迎来双击，推荐晶盛机电、捷佳伟创。

9 月油价上演过山车行情，但仍属行业发展相对舒适区。受 沙特油田遭遇无人机袭击影响，16 日Brent 油价上涨14.6%；17 日 因沙特预期能较快恢复正常产量、美国API 原油库存意外增加等利 空因素影响，油价单日下跌6.5%，随后几天震荡走低，上演过山 车行情。60-70 美元/桶的油价区间对石油化工行业虽不是最好，但 是一个相对比较舒适的价格区间。

液晶高分子（Liquid Crystal Polymer, LCP）是一种各向异性的、由刚性分子链构成的芳香族聚酯类高分子 材料，按照形成液晶相的条件不同，LCP 分为溶致性液晶（LLCP）和热致性液晶（TLCP），其具有低吸湿性、耐化学腐蚀性、良好的耐候性、耐热性、阻燃性以及低介电常数和低介电损耗因数等特点，广泛应用于电子电器、航空航天、国防军工、光电通讯等高新技术领域。目前全球 LCP 树脂材料产能约7.6 万吨/年，全部集中在日本、美国和中国。 

沙特石油设施遇袭，原油日产量减半拟动用应急油储。沙特能源大臣阿卜杜勒-阿齐兹·本·萨勒曼9 月14 日在一份声明中表示，沙特境内两处石油设施遇袭、触发大火，火势已经得到控制，没有人员伤亡。只是，袭击严重扰乱沙特原油和天然气生产，日产量的大约50%受到影响，需动用原油储备、填补缺口。按他的说法，依据初步估算，袭击导致沙特原油日产量损失570 万桶，天然气日产量损失20 亿立方英尺（5663 万立方米）。石油设施遇袭正值阿美公司加速重新启动首次公开募股(IPO)计划之际。阿美公司首席执行官阿明·纳赛尔说，企业已着手恢复油气生产，进展将在48 小时内更新。

8月护肤类阿里系GMV达114.72亿元，同增57.77%；本月阿里系GMV前十中，国产品牌有七个，在数量上占主导，传统、新锐国产品牌持续登榜。