Since the cloud collaboration is rapidly increasing across the globe, the risk associated with data breaches and cyberattacks are also rapidly ascending. This has led to companies looking forward to invest across a more secure cloud collaboration technology. For instance, Tresorit, one of the European provider of cloud security and collaboration software has raised EUR 11.5 million in September 2018 to promote an enhanced and secure cloud collaboration. This is expected to compel other industry players to boost their investments across the infrastructure security, thereby creating a positive influence on the market, over the forecast period.

The presence of a number of large enterprises in several key segments of the chemical industry means that domestic competition hardly exists in them. There are a few major companies in the country that not only dominate their respective local markets, but are important players on a European scale. Not surprisingly, M&A transactions happen rarely in this industry, but once they do they are usually massive. Such was the case with the consolidation of the chemical synthesis segment into Grupa Azoty in 2012 and its subsequent defence against what have been perceived as a hostile take-over attempts by Russia's Acron. In recent months, the biggest deal was the purchase of shares in Synthos from minority shareholders when the company's majority owner Michal Solowow decided to delist the firm - the deal's value was EUR 486mn.

The market studied has expanded rapidly over the last few years, due to a considerable rise in the number of accidents and thefts, which have led to government mandating the installation of dashcams. Dashboard cameras have evolved from the first cameras installed on police cars in the late 1980s. They were primarily analog cameras that did not have memory cards and recorded on VHS cassettes. The industry transformed drastically in the 1990s, when citizens began to install dashcams and use them to record driving instances. The advancements in technology have led to many improvements in dashcams, such as highquality video output and cost-effectiveness.

（1）成长方面，关注未来发展前景广阔的新材料领域，例如集成电路电子化学品、OLED 显示材料、尾气催化材料、锂电材料、弹性体材料等。（2）江苏省为我国重要的精细化工生产地区，江苏省化工企业环境安全隐患排查专项行动预计将对农药、染料、颜料、食品添加剂等子行业供给端造成一定的影响。（3）关注趋势上行周期子行业，建议重点关注萤石，磷化工等子行业。（4）本轮景气复苏周期行业盈利与资本开支向领先企业集中，行业龙头有望“强者恒强”，行业格局重塑，建议关注各子行业龙头。

据央视新闻报道，美国商务部5 月16 日宣布将华为公司及其70 家关联企业列入出口管制“实体名单”，禁止华为从美国企业购买技术或配件。我们预计这一事件有望加速国内高科技产业链的国产化进程，尤其是半导体产业链。建议关注对应的上市公司：国瓷材料（高端陶瓷材料）、江化微（湿电子化学品）、雅克科技（电子化学品平台）、万润股份（液晶材料和OLED 材料）、强力新材（光刻胶光引发剂）、鼎龙股份（CMP 抛光垫）、飞凯材料（混晶）、上海新阳（半导体化学品）、晶瑞股份（湿电子化学品）。

本周锂电负极材料价格“明稳暗降”。国内高端负极产品主流价格在6-8 万元/吨左右，中端产品主流价格在4-6 万元/吨，低端产品2-3.5 万元/吨，石墨化价格1.8-2.3 万元/吨。新能源汽车补给政策的下滑使得下游新能源市场的利润有一定程度的缩减，预计会将一部分压力转嫁到上游市场。

2019 年5 月10 日美国公布对价值2000 亿美元的中国商品加征25%关税清单，其中涉及中国出口美国的多种化工产品，针对了更广泛的化学品和塑料制品，而考虑到2018 年8 月对价值约160 亿美元的中国产品加征关税清单，中国对美国出口的大部分化工品都被囊括其中。作为反制措施，5 月13 日中国国务院关税税则委员会发布《关于对原产于美国的部分进口商品提高加征关税税率的公告》，从6 月1 日起将对已实施加征关税的600 亿美元清单美国商品中的部分，提高加征关税税率。

丹纳赫是全球最成功的实业型并购整合公司，也是“赋能式”并购之王。从1986 年上市至今，丹纳赫累计收购600 多家实业公司，从一家不起眼的信托公司发展成为世界百强的综合性制造业集团。通过兼并、收购，丹纳赫的总市值已高达926 亿美金，在过去的30 年中，丹纳赫的股价表现超过标准普尔指数将近2000%。丹纳赫公司并购后的精益管理能力在西方企业中排名第一，全球排名第二，仅次于日本的丰田汽车，并发展出独特的DBS 并购管理体系。我们方正化工将解析丹纳赫并购之路的成功经验，分析DBS 在并购管理和生产管理中的运用，以及挖掘国内相似的优质标的。

化妆品是消费类中维持高度景气的细分品类，在对“美”的追求下，化妆品消费从无到有叠加消费升级，长期增长逻辑清晰。沿着产业纵向流通的顺序，化妆品产业可拆解为原料设备供应与生产端、品牌端、代理端及渠道端四个环节，各环节层层加价之下蕴藏着万亿大市场的利益分配格局。