The bonding characteristic of adhesives can used to bind or affix different parts of medical devices such as bandage to human body, syringes, dialysis filters, blood bags and few others. In addition to their mechanical bond strength of medical devices, rapid curing of adhesives is used to allow high volume production of these devices. The rising market for medical sector is expected to remain a driving factor in the coming years. Further, the demand for healthcare industry is growing, owing to the rising income level, growing health awareness, increased precedence of lifestyle diseases and improved access to insurance. For instance, the hospital industry in India is expected to grow at a CAGR of around 16-17% to reach INR 8.6 Trillion by the year 2022, as compared to INR 4 trillion in 2017. Various lifestyle diseases and increasing health awareness would be the major contributors to the growth.

The global controlled release fertilizers market was valued at USD 3,328.4 million in 2018 and it is expected to reach USD 5137.4 million by 2024 at an expected CAGR of 6.6% during the forecast period. Rise in the demand for food and crops along with reducing per capita share of fertile land across the world will increase the demand for various controlled release fertilizers in upcoming years. Sharp rise in the population has been observed since the last few years. The high population growth coupled with a rapid pace of urbanization has significantly decreased the share of agricultural land per person. According to a study conducted by the Food and Agriculture Organization (FAO), per capita availability of arable land in the world dropped to around 0.2 hectare. There is a constant need to boost the agricultural productivity across the globe and this will gradually shift focus towards good quality-controlled release fertilizers. Depleting soil quality, increased application of the growth of turf grass, low nitrogen leaching property, less leaching facility, etc. are the prime drivers of the controlled release fertilizer market. High cost of controlled release fertilizers, lack of awareness among the market and fixed rate of nutrient release are some of the market restrainers.

Lubricant is a substance used to control or reduce the friction between two surfaces of engine component or machinery. Synthetic lubricants are formulated from synthetic base oil that replaces mineral oil from crude oil such as esters, Poly Alpha Olephine (PAO), and others. They are generally characterized as oily and liquid material not directly derived from petroleum but shows similar properties to petroleum lubricants. These lubricants help control the vehicle temperature by absorbing the heat generated by moving parts of the vehicle and transferring it to the sump or cooler. Collectively these factors help in enhancing the overall vehicle life cycle.

Coatings are used for both interior and exterior purposes on yachts and other leisure boats. Yacht coatings for external applications are available in different variants, such as premium topcoats, high build surfaces, various protective primers, finishing primers, and antifouling paints. Additionally, interior topcoats are used for interior application.  There has been a growing demand for leisure boats around the world in the recent years, which, in turn, is surging the demand for marine antifouling coatings market. The tourism industry has been growing at a significant rate and with increasing popularity of coastal and marine tourism activities, the demand for leisure boats have increased over the years.  The global leisure boat market is set to experience favorable growth driven by factors, such as rising boating participation by adults, increasing high net worth population, rapid development of global tourism industry, and accelerating economic growth.

Ceramic tiles are multipurpose products that have varied application across different geographies and end user industries. There are several driving factors for the growth in the market across the world. Most prominent is the increasing construction activities, supported by the growing need for housing. In the developing economies, like the countries in the Middle East and Asia-Pacific, rapid urbanization and rise in the disposable incomes also contribute significantly to the market dynamics. The key materials used to produce ceramic tiles include - feldspar, alumina, zircon sand, silica, and kaolin. These tiles find a major application in residential and commercial construction. Natural mineral, namely, feldspar, is used to lower the firing temperature while manufacturing these tiles. The final product is the flat and thin tiles that have wear resistance, thermal protection, and corrosion resistance properties. They are used for roofing of walls, floors, roofs, tabletops, and bathrooms among other applications.

The wood preservative application is expected to continue to dominate the naphthenic acid market in the coming years. The products blended with naphthenic acid enhance the life span of wood-based products by providing them protection from decomposition, decaying, fire, microbes, and insects. The rising importance of wood preservatives to protect wooden products from decaying, decomposition, etc., is expected to remain a driving factor in the coming years. Further, the demand for solvent-based wood preservatives is rising in developing countries, owing to high penetration and lower cost. For instance, the demand for naphthenic acid in China is expected to rise at a great pace due to the increasing demand from furniture manufacturing companies for solvent-based intermediaries for the wood preservativeapplications.

2020年1月，中化集团和中国化工集团陆续将旗下农业业务资产注入新设立的先正达集团股份有限公司（2019年6月注册），其中 包括中国化工集团旗下的先正达股份公司（Syngenta A.G.，100%）、安道麦（74.02%）；中化集团旗下的扬农化工（扬农集团的 39.88%股权）、中化化肥（52.65％）、荃银高科，以及两化旗下其它农业板块资产等。我们初步测算，2019年先正达集团重组后 的年营收达230亿美元，其农药业务营收达155亿美元（Syngenta105.58亿美元），占全球作物用农药市场份额26.8%，跃升全球第 一，形成“种子、农药、化肥”现代化、一体化农业服务产业链。拜耳作物科学（121.74亿美元，原108.66亿欧元，21.1%）、巴 斯夫农业（71.26亿美元，原63.6亿欧元，12.3%）、科迪华（62.56亿美元，10.8%）分别位列全球第二至第四。

《全国安全生产专项整治三年行动计划》正式出炉。4 月28日,国新办举行新闻发布会,介绍《全国安全生产专项整治三年行动计划》的有关情况。据介绍，此次整治行动将持续3 年时间,主要分为2 个专题,以及9 个行业领域专项。其中，2 个专题重点解决思想认识不足、安全发展理念不牢、抓落实上有很大差距、安全生产责任和管理制度不落实等突出问题。9 个专项主要聚焦风险高、隐患多、事故易发多发的行业领域，包括煤矿、非煤矿山、危险化学品、消防、道路运输、民航铁路等交通运输、工业园区、城市建设、危险废物等。（资料来源：中国石油新闻中心）

家居方面，竣工增速修复将驱动行业景气回暖，精装房渗透率 提升将使工程业务为家居企业提供增长动力，推荐欧派家居、 顾家家居；文娱用品方面，行业终端需求稳健，推荐零售端具 备渠道护城河、文创产品提升盈利能力以及新业务科力普、生 活馆快速发展的晨光文具；化妆品方面，受益“颜值经济”， 国内化妆品行业保持高景气度，国货龙头大有可为，有望通过 多产品、多品类、多品牌战略持续提升份额，推荐珀莱雅、丸 美股份、上海家化。

现金流入角度：周期下行阶段，盈利能力稳定的优质企业具备更高的安全边际，建议关注20Q1 毛利率变化相对平稳或环比改善的子行业，如粘胶、氮肥、其他塑料制品、氨纶等。现金流出角度：Q1 持续扩张的企业一定程度上说明对行业未来前景看好，且具备相对充裕的现金流，建议关注华鲁恒升、海利尔、神马股份、苏利股份、万华化学、扬农化工。

基础化工——2019 年景气继续下行，龙头强者恒强：2019 年中信基础化工板块营收为13,797.66 亿元，同比增长5.71%；整体归母净利润为777.33 亿元，同比下滑14.8%。2020 年Q1 疫情对化工行业整体都造成了较大的冲击，一季度中信基础化工板块实现营业收入2,817.15 亿元，同比下降8.85%；实现归母净利润125.83 亿元，同比下降42.4%。

化妆品大盘：社零当月同比转正，线上增长提速。2020 年 4 月限额以上化妆品 零售额同比+3.5%，在可选消费中率先转正，跑赢社零。从电商渠道看， 4 月 阿里全网护肤 GMV 为 139 亿元，同比+58.02%，增速同环比均有所提升；其中， 量+21.44%，价+30.12%。

2019 年板块业绩呈下滑趋势，行业整体盈利能力大幅下滑。 2019 年全年中信基础化工行业实现整体营业总收入为 14646.57 亿元，同比增长 2.63%，整体增幅有所放缓；实现归 母净利润 297.56 亿，同比下降 70%，去除 ST 盐湖营收数据 后，基础化工实现归母净利润 763.18 亿元，同比下降 26%， 仍处于历史低位。2019 年中信基础化工行业 ROE 为 2.94%，同 比下降 72%，去除 ST 盐湖营收数据后，ROE 为 6.60%，同比下 降 31%；资产负债率为 50.27%,上升 1.54%。

全球经济下行，行业需求相对低迷，我们主要推荐几个业绩确定性强或需求端有催化的子行业，重点推荐化工行业龙头：万华化学、华鲁恒升、扬农化工、新和成；基建相关标的：减水剂龙头苏博特，轨枕区域龙头三维股份，外墙涂料领军企业亚士创能，建筑减隔震材料龙头震安科技，钛白粉龙头龙蟒佰利；5G 新基建相关材料标的：LCP 行业龙头金发科技和普利特、电子胶黏剂领域龙头回天新材、特种PTFE 龙头昊华科技；杀虫剂和除草剂标的：中旗股份、利民股份、利尔化学等。

化妆品板块上市公司 Q1 基本面虽然不可避免的受到了疫情影响的冲击， 但多数公司受影响程度好于此前市场预期，且板块龙头通过深耕线上， 优化供应链，强化营销，整体表现好于行业平均水平，在一季度化妆品 社零销售额总体下滑 13.2%的情况下，板块营收同比下降约 9.1%。而进 入 4 月，各品牌依托线上渠道，复苏势头靓丽，多数上市品牌的天猫旗 舰店 GMV 增速均有翻倍以上表现，远好于天猫大盘的整体水平。

4月护肤类阿里系GMV达124.95亿元，同增42.05%；本月阿里系GMV前十中，国产品牌有一个、国际品牌 有九个，本月国际护肤品牌整体表现较好。