Diesel engine lubricants are essential for improving the performance of diesel engines. Diesel engine lubricants offer smooth functioning of the engine block, piston assembly, and crankshaft. When a diesel engine is in operation, diesel engine lubricants form a protective film between moving parts, such as pistons, engine blocks, crankshafts, and valves. If lubricants are not maintained up to a certain level in a diesel engine, it can lead to the malfunction of the diesel engine and engine jamming. As a result, diesel engines’ performance suffers.

Phosphoramidites are modified chemical nucleosides used in oligonucleotide synthesis. Nucleoside phosphoramidites were first discovered in 1981. Before phosphoramidite discovery, deoxyribonucleic acid (DNA) synthesis methodologies were bounded in quality, length, and yield due to inefficacious reactions that produced mutated or truncated oligonucleotides. In addition, due to the inefficient use of extra protecting groups attached to each nucleotide, intermediates catalyzing the synthesis process became highly unstable, predisposing the growing oligonucleotide to damage.

Lubricant additives are fundamental components of lubricant raw materials, which are used for the formulation of lubricant products. They are added in small quantities in a base oil to enhance its features for manufacturing, storage, transport, and application. Additives in a lubricant formulation are over 5% by weight. The fundamental purpose of using additives in a lubricant formulation is to enhance its characteristic properties imparted by the main components of the additive material. Lubricant additives have three basic functions

Engine oil is a lubricating system explicitly designed for use in engines. It decreases friction between engine surfaces that come into contact with each other. It reduces energy waste caused by friction and is highly effective in cleaning, cooling, and protecting metal components from corrosion and rust. A good quality engine oil is critical for the proper operation of an engine as it enables smooth engine operations, prevents engine damage, and extends engine life.

Industrial lubricants protect machines and equipment from wear and tear, reduce downtime, increase service intervals, and lower maintenance costs. Industrial lubricants are made from base oils and additives. The global industrial lubricants market is classified into four product types: industrial oil, metalworking fluid, process oil, and grease.

Grease is used to lubricate any mechanical system. The main purpose of grease is to reduce friction between moving parts, which increases the efficiency and output of the system. Moreover, grease reduces wear on machine parts and extends the life of components.

Grease is used for the lubrication of any mechanical system. The main purpose of grease is to reduce friction between moving parts, which will increase mechanical systems’ efficiency and output. Grease also reduces machine parts’ wear.

Silicone lubricants are used for the lubrication of metal and nonmetal surfaces. They are also suitable for rubber, polyvinyl, wood, and other materials. These lubricants also perform well in extreme weather conditions, which include scorching temperatures or freezing conditions. Silicone lubricants are great water repellents and hence protect from rust. However, with technological advances, the lubricant market offers extended benefits, such as reducing the interval for changing oil, increasing equipment life, emitting low carbon, and reducing equipment maintenance costs. The silicone lubricant market has undergone significant changes due to recent developments, evolving needs, and preferences of customers.

Transformer oils are used as dielectric fluids and act as a coolant for transformers, switchgear, starters, regulators, and more. The performance of transformers mainly depends upon the quality and type of transformer oil. Transformers are important equipment that is used for the transmission & distribution of electricity. Additionally, various industries require different types of transformers to get the desired voltage and current that is essential for the optimum performance of machinery installed in plants. The agricultural sector also uses transformers for various tools and irrigation equipment, such as electrical pumps and motors.

前三季度基础化工行业实现较快增长，增速有所下滑。2022 年前 三季度，中信基础化工行业实现营业收入19450.62 亿元，同比增 长29.93%，实现净利润 2162.07 亿元，同比增长25.70%。前三 季度基础化工行业的收入、利润仍保持较快增长，但与中报业绩相 比，前三季度增速较2022 年上半年出现明显回落。今年第三季度， 基础化工行业的收入同比仍保持增长态势，但营业利润与净利润同 比、环比皆呈现下降态势，显示行业的景气度出现明显下滑。 前三季度，基础化工33 个子行业营业收入总体保持增长态势，净利润 出现较为明显的分化。锂电化学品、钾肥、民爆用品等行业业绩表现 较好。

氟化工是我国具有特色资源的优势产业，产业水平在国际上具有较高的地位。近年来我国氟化工产业形成了无机氟化工、氟碳化学品、含氟聚合物及含氟精细化学品四大类氟化工产品体系和完整门类。其中，含氟聚合物的起源和发展始终是同其在现代工业特别是尖端武器为代表的军工业和以航空航天为代表的高科技密切联系在一起的，有无强大的含氟聚合物工业常被看作国家现代产业、现代科技、现代国防的重要标志之一。伴随未来几年在高性能、高附加值氟产品等应用领域的不断深入，我国氟化工产业快速发展的势头有望延续。我们看好产业链完整、基础设施配套齐全、规模领先以及工艺技术先进的氟化工龙头企业：巨化股份、东岳集团、三美股份、永和股份、昊华科技及上游萤石资源巨头金石资源等公司。

锂电池综合性能优异，我国为锂电池生产大国。锂电池具有高能量密度和长循环寿命的优势，其能量密度可达100-200wh/kg，循环寿命通常大于1000 次，同时具备可快速充电、高功率放电、环保性能好等优点。经过多年的发展，我国已成为锂电池生产大国。2021 年全球锂电池出货量为562.4GWh，其中我国锂电池出货量达327GWh，占比为58.1%。在我国锂电池出货量中，2021 年动力锂电池出货量占比达69%，为锂电池的主要组成部分。全球动力锂电池行业集中度较高，2022 年1-9 月，全球动力锂电池装机量CR5 达76.3%，其中宁德时代以装机量占比35.1%位居首位。

统计分属于 4 个子行业的 12 家上市公司，2022 年前三季度行业合计收入、归母净利润同比+8.77%、-30.44%；其中 Q3 单季度收入、归母净利润分别同比+11.40%、-57.45%。子行业中前三季度仅美妆品牌商收入及利润端同比增长，分别+14.12%、+13.02%，其他子行业代运营公司、制造商公司以及个护公司收入和利润端同比均为下滑。22Q3 美妆品牌商收入、归母净利润同比+12.18%、+26.59%、增速环比 Q2 均有改善，且净利率提升；制造商公司、代运营公司以及个护公司收入同比增速均转正，利润端仍有承压。

2021年，受双碳政策下供给受限以及原油价格持续上涨等因素影响，化工板块众多化工品价格持续上涨，化工景气持续攀升，近期由于供给端有所趋松叠加需求下降导致景气度下降。展望2022年，我们认为布局的方向核心还是在于需求较好的子赛道，其次是前期受疫情等因素压制但如今基本面有所改善的子赛道，以及供给格局相对稳定的子赛道。

2022 年双十一，综合星图/魔镜/青眼等第三方数据，天猫美妆个护销售额 402 亿元/同比-11%，直播电商全品类 1814 亿元/同比+146%；我们推算“天猫美 妆+直播美妆”销售额同比约+9.2%，而全渠道美妆销售额增速介于 0~9.2%。 天猫美妆表现一般，而全渠道美妆增速符合预期。分品牌类型看：本土优质龙 头逆势高增，新锐美妆严重分化，国际品牌整体增长乏力。

三季度成本端支撑减弱，需求疲软，板块业绩环比下行。受美联储大幅加息的影响，国际原油价格三季度明显下行。原油价格的下行使得化工品成本端支撑减弱，化工品价格整体呈下跌趋势。