Amid the tragic consequences of COVID-19, life sciences and medtech companies emerged as lights in the darkness. Decades of scientific work and investment seemed to be overnight successes. The heroic dedication of health care providers was met by the fastest novel vaccine development in history. Traditional competitors partnered to accelerate research and manufacturing.

Consumers' focus has grown toward the food's source, quality, and nutritional value in recent years. This is reflected through the spurring sales of organic products and requests and preferences from consumers to either avoid or reduce the use of additives in processed food products. As a result, labels such as "free-from" are used on the packaging for products that have been reformulated to taste like homemade recipes, minus adultered ingredients.

Pressure-sensitive adhesives are an interesting product category with the potential to create a new generation of self-adhesives with a wide range of exceptional features. These adhesives are aggressively and persistently sticky in their dry state at room temperature and firmly attach to a comprehensive range of surfaces with the help of finger or hand pressure. Currently, acrylic self-adhesive polymers are manufactured using a wide range of acrylic ester monomers with a low proportion of monomers bearing pendant functional groups. Solvent-borne, water-borne, and solvent-free acrylic pressure-sensitive adhesives are the three most popular varieties of acrylic pressure-sensitive adhesives.

Death is an inevitable aspect that has constantly been witnessed in every corner of the world. It can be classified as natural, accident, suicide, homicide, undetermined, and pending (decided by the medical examiner and coroners). Most deaths occur naturally, which include aging or diseases. Apart from natural death, environmental disasters, unintentional injuries, crimes, self-harm, and others have contributed to the death process. Unintentional injuries accounted for the most causes of unnatural deaths.

The global additives market is segmented on the basis of product type, end-use, and region. By product type, the market is classified into plastic additives, food additives, construction additives, lubricant additives, fuel additives, coating additives, agrochemical additives, medicated feed additives, and others. Depending on enduse, it is segregated into packaging, food & beverages, building & construction, chemical, automotive, aerospace, animal husbandry, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The ultimate goal of all oil and gas operators across the globe is to extract hydrocarbon as cost effective as possible. In order to achieve this goal, their entire system should be automated and error free starting from the extraction process to the delivery and transportation of oil and gas to buyers, which can be achieved by implementation of hydrocarbons accounting solutions.

Over the last few years, environmental regulations and the importance of developing sustainable products have created a huge demand for low and zero VOC adhesives. In the adhesive industry, VOCs are used as thinners that work with resin to bind materials. From OEM equipment manufacturers to book binding to DIY activities, consumers seek environment-friendly products. Therefore, it becomes important for adhesive manufacturers to deliver adhesive solutions with lower environmental impact.

With the increase in awareness regarding the harmful effects posed by synthetic chemicals, consumers are now abstaining from using chemical-infused products. In many instances, it has been found that toxic chemicals are being used in low-quality products, hence causing life-threatening problems in some cases. This led to an increase in awareness among consumers across the globe, resulting in an increase in the demand for natural products. The organic and bio-based beauty boom is part of the recent shift in consumer awareness about wellness, health, and the environment. Moreover, due to a growing number of social media influencers and beauty blogs, awareness, and availability of information regarding toxin-free ingredients have significantly risen.

The development and usage of energy-based aesthetic devices for medical and cosmetic procedures has increased exponentially over the past years. The report covers the aesthetic lasers and energy devices used for the rejuvenation of hair and skin. However, the report does not include services for these devices. The aesthetic lasers and energy devices market is segmented on the basis of technology, product, application, end users, and region.

The ultimate goal of all oil and gas operators across the globe is to extract hydrocarbon as cost effective as possible. In order to achieve this goal, their entire system should be automated and error free starting from the extraction process to the delivery and transportation of oil and gas to buyers, which can be achieved by implementation of hydrocarbons accounting solutions.

化肥在促进粮食和农业生产发展中起到不可替代的作用，化肥行业主要包括氮肥、磷肥、钾肥和复合肥四个子行业。2015 年以来，全球小麦、大豆、玉米、大米/稻谷等主要作物种植面积或产量均出现不同程度的下降趋势；我国农业存在地少人多、粮食供需结构性不平衡等问题，化肥施用对粮食增产的贡献较大，2015年《到2020 年化肥使用量零增长行动方案》推动化肥行业供给侧改革，产能过剩问题得到初步缓解。

2021 年钛白粉全球产能840 万吨，中国产能400 万吨，海外近440 万吨。其中四大海外公司（分别为科慕、特诺、泛能拓和康诺斯，以下简称“四大”）占全球总产能的41.4%，占海外总产能的79%。自2015 年完成与杜邦公司的拆分后，科慕一直以125 万吨/年的产能位居钛白粉行业的龙头。2019 年4月，特诺宣布完成对科斯特(Cristal)钛白粉业务的收购后，年产量跃升至107.8 万吨，在较大程度上缩小了与行业第一科慕的产能差距。据2021 年财报显示，泛能拓的芬兰波里工厂预计2022 年停产，产能较2021 年减少2.5 万吨。此外，特诺计划于2022 年增产4 万吨钛白粉以满足市场需求。

22 年3 月化妆品电商全渠道GMV415 亿元，同增3%，其中护肤&精油/彩妆&香水&美容工具/美容仪/美发分别增8%/-9%/ -1%/20%， 占比分别为66%/23%/7%/5%。22Q1 化妆品电商全渠道GMV1167 亿元，同增8%，其中护肤&精油/彩妆&香水&美容工具/美容仪/美发分别增10%/2%/9%/23%， 占比分别为63%/25%/7%/5%。

硫酸主要通过硫磺、冶炼烟气和硫铁矿（硫精矿）制取。其中硫磺主要来自天然气脱硫和炼油回收，长期看，碳中和及新能源高速发展背景下，天然气、原油需求增长将受抑制，从而影响硫磺供给，据IEA统计预测，2021-2025年全球天然气产量年复合增速仅为1.63%；炼厂原油加工量增速仅为1.90%；短期看，俄乌冲突下欧洲天然气消费受到限制，全球原油价格维持高位，炼厂开工负荷下滑明显，硫磺供给短期滑坡。

化妆品行业规模整体增长确定性强，从产业链角度看，品牌端为核心投资标的， 同时监管趋严，上游龙头企业有望受益；随着线上多样化运营，代运营企业也 迎来机遇。

全球钾资源分布不均，价格达到历史高位。2021年全球钾盐供应5000万吨K2O，2021年全球钾肥产量为4600万吨K2O，同比增长4.5%。全球钾肥生产、供应高度集中，只有14个国家生产钾肥，其中加拿大、俄罗斯、白俄罗斯产量占比分别为30%、20%、17%；全球海外前七大钾肥生产企业产能占比高达83%。2020年以来，全球疫情导致各国对粮食安全重视程度显著提升，加之海运费不断上涨等影响，推动钾肥需求、价格逐步走高，加之近期欧盟、美国对白俄罗斯钾肥制裁、俄乌战争冲突影响，使得全球钾肥市场达到了10年的历史高价位。

己二酸价格上行，需求有望带动景气度爆发。2020 年下半年开始，供需关系修复和向好推动己二酸价格上涨至目前12200 元/吨。国内己二酸生产企业主要分为两类：1）以重庆华峰、河南神马为代表，拥有己二酸下游配套产业链；2）以华鲁恒升为代表，通过装置优化和业务协同形成一定成本优势。国内目前规划建设的己二酸产能约215 万吨，假设全部产能建成投产，我国己二酸产能将达到490 万吨左右，在全球范围的产能占比将进一步提升。己二酸下游的PA66 原料己二腈国产化进度加快和可降解塑料PBAT 项目大规模规划，预计在2023 年有大量投产，将显著拉动己二酸行业景气度向上。我们认为，需求面将继续催化行业的高景气度，己二酸有望达到新一轮的高景气。

2022Q1 公募基金配臵化工行业占比环比显著回升，当前化工板块在公募基 金的配臵行业中仍处于重要地位。2022Q1 公募基金配臵化工行业比例环比 提高1.1%达到7.8%，配臵水平仍处于10 年以来的历史高点。从重仓市值 看：加仓前五大标的是容百科技、华鲁恒升、德方纳米、广汇能源、远兴能 源；减仓前五大标的是万华化学、荣盛石化、赛轮轮胎、新宙邦、兴发集 团。从基金持有数量看：公募基金持仓数量环比增加前五为华鲁恒升、容百 科技、德方纳米、恩捷股份、广汇能源。整体来看，今年1 季度市场关注度 较高的仍然以新能源化工材料为主，其中锂电正极材料的相关标的获得加仓 最多，氢能、导电炭黑和碳纤维方面的概念股也开始获得关注。

平台表现，淘系平台头部品牌呈现强者恒强，抖音平台国产品牌加速抢占市场份额；新品方面，3 月国产护肤品牌加速推广新品，有望拉动销售增长。

2015 年以来，以宇通、福田等为代表的车企纷纷着手燃料电池汽车的研发和销售。目前国内氢能车累计销量近9000 辆，2022 年随着氢能补贴政策继续发力，有望带动产业链继续放量。具体关注三条投资主线：1）国内氢能重卡放量带动，建议关注美锦能源、亿华通等；2）有望加快推进核心技术和材料国产化的环节，关注东岳集团、贵研铂业等；3）积极通过参股巴拉德入局燃料电池行业的企业，建议关注大洋电机、潍柴动力等。