A lead cell is made from three basic components, which are anode, cathode, and electrolyte; where the anode is the negative terminal, cathode is positive terminal, and electrolyte connects both these terminals to drive an electrochemical reaction to produce electricity. A battery that is composed of sponge metallic lead anode, lead-dioxide cathode, and sulphuric acid solution electrolyte is called a lead-acid battery. It is the first battery which is use for commercial applications. It contains toxic lead, but can be recycled.

Lipstick is a makeup product that is used for beautification of lips. The primary ingredient used to make lipstick includes waxes, oil, and pigments. They are available in many shades and colors including nude, maroon, red, pink, purple, and others. Also, there is a wide range of lipsticks available in the market. This includes powder lipstick, glossy lipstick, matte lipstick, sheer lipstick, glitter lipstick, and others. The global lipstick market is analyzed on the basis of its prospect and future growth rate. The report highlights numerous factors that influence the growth of the lipstick market. These include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. By product type, the market is divided into Matte, Glossy, Lip Powder, and others. By form, it is classified into stick, liquid, and palette. In addition, it focuses on the distribution channel including supermarkets/hypermarkets, specialty stores, online stores and others. Furthermore, it includes the revenue generated from the sales of lipstick across North America, Europe, Asia-Pacific, and LAMEA.

2019 年，行业景气回落明显。受到行业产能扩张，需求走弱等影响，2019年全行业营业收入同比增长2.82%，归母净利润同比下滑35.21%。综合毛利率、净利率分别为17.08%、2.72%，同比分别下滑0.76pct、1.52pct；ROE（摊薄）为5.99%，同比下滑3.65pct。从在建工程角度来看，行业内公司在建工程同比增长0.87%，剔除涤纶板块的在建工程数据后，同比增长18.80%。

工业气体全球市场超千亿美元，中国市场高增长。全球工业气体需求的主要市场仍然是北美和欧洲，但增速显著放缓；亚太 地区近年来发展很快，已经成为拉动全球市场增长的主要引擎。2018 年全球工业气体市场规模超过 1200 亿美元，中国工业气 体市场规模达到 1350 亿元，在全球市场的占比提高到 17%。

19 年我国化妆品零售额4777 亿元、同增13.87%、较18 年的12.57%提速，主要获益于彩妆消费升级及消费需求高端化。我们重点跟踪了9 家化妆品上市公司，19 年合计营收同增15.01%（较上一年放缓4.56PCT，下同）、净利12.88%（-22.54PCT），继续保持双位数快速增长，增速放缓主要为上市公司多主营大众个护/护肤品品类、未能分享行业提速增长红利，且电商渠道快速增长、品牌纷纷加码线上、线上竞争加剧，促销/毛利率较低的引流产品销售占比提升、营销投放力度加大等致盈利及营运指标放缓。

2020 年 4 月份中信基础化工行业指数上涨 4.73%，在 29 个中信一 级行业中排名第 11 位。子行业中，复合肥、有机硅和氮肥板块表现居 前。主要产品中，4 月份化工品呈现反弹态势，上涨品种数量大幅提 升，下跌品种数量有所下降。上涨品种中，丙酮、PP 粉、丙三醇、碳 酸二甲酯、苯酚涨幅居前。4 月份的投资策略上，建议继续关注农药、 化肥板块以及减水剂板块，推荐奥克股份。