The application of enzymes in industrial activities has revolutionized the industrial sector. The rise in the economically prosperous world population and the increase in demand for food and beverages are expected to drive the market. In 2019, the industrial enzymes market was valued at $5 billion. By the end of 2035, segments such as biofuel, cleaning, and food and beverage are expected to enhance the growth of the market by 39%. The market is highly dominated by North America followed by western Europe, especially in segments such as animal feed and cleaning agents. While a diverse range of enzymes are used across industries, Novozymes continue to remain the market leader for the industrial segment. Stimulated by high demand from the APAC markets (China, India, and Japan), the region is expected to grow at the fastest CAGR of over 6% during the forecast period.

页岩油产量占美国原油产量比例逐年增加。美国能源安全政策推动页岩油产业蓬勃发展。疫情影响叠加油价暴跌，页岩油公司自 2020 年起大幅削减资本开支。拜登能源政策或对页岩油企业产生制约。我们认为美国原油产量短期内增产幅度有限。

近期国内电石价格大幅上涨，主要由于内蒙地区能耗双控要求从严，我们认为利好国内非内蒙地区的电石-PVC一体化企业。

我们的投资主线分为顺周期核心资产及优质赛道两条主线。顺周期核心资产继续关注强α属性龙头企业；优质赛道主要聚焦近消费端及国产替代空间较大领域。基于行业整体现状，我们维持基础化工行业“中性”评级。

2 月阿里系护肤/彩妆类规模增速分别为2.0%/36.8%，1-2 月规模增速分别为25.4%/26.9% 。2 月阿里系护肤/ 彩妆类规模增速分别为2.0%/36.8%，护肤增速较1 月有所下降，主要受春节错期因素影响。整体1-2 月仍保持较高增速，1-2 月阿里系护肤/彩妆类规模增速分别为25.4%/26.9%，1-2 月护肤/彩妆类增速分别同比提升9.4pct/20.8pct。

全球能源消费结构均衡，可再生能源发展迅速。我国能源消费总量消费增速放缓。我国能源结构煤炭占比下降，非化石能源、天然气快速发展。天然气成为减碳过程中重要的过渡能源。成品油需求逐步见顶，化工需求成主要增长动能。控制煤炭消费总量，推进清洁利用。