4 月份，国内经济活动基本恢复，海外的疫情发展也得到初步控制，在经历了流动性危机后， 全球资产价格逐渐回升。上证综指上证3.99%，深成指数上证7.62%，创业板上涨7.37%。布伦特原油期货价格经历了宽幅震荡后，上涨1.18%收26.66 美元/桶；WTI 期货价格上涨7.42%收22.00 美元/桶。石化品成本端支撑崩塌，价格惯性下跌，价差空间继续压缩。

2020 年4 月，中检所共批签发疫苗5,479.40 万瓶，同比增长37.36%，环比增长20.01%。2020 年1-4 月，累计批签发疫苗18,696 万瓶，同比增长26.71%。

在上2 篇报告《新冠病毒疫苗离我们有多远？》、《mRNA 疫苗究竟是“何方神圣”？》我们分别对新型冠状病毒疫苗研发概况、mRNA 疫苗进行梳理。这是我们的新冠病毒疫苗系列报告的第3 篇，自新冠病毒疫情爆发以来海内外加速推进疫苗研发，截止目前已有7 个企业参与/合作的新冠病毒候选疫苗进入临床试验，此文我们主要和大家聊聊，新冠病毒疫苗是怎么设计并开展临床试验？

19 年免税/人力资源/酒店板块行业景气度较高，龙头成长稳健；化妆品内部销售额分化明显；景区/旅游服务/餐饮需求仍待改善。20Q1 餐饮旅游板块受疫情冲击显著，Q2 起伴随疫情风险等级降低，人群流动性有望重新加速，有利于全国客运量增长、旅游板块复苏；化妆品板块线上销售高增长，各平台商业化竞速带来的社交流量红利有望持续，数字化转型浪潮中，品牌方有望持续受益；职业教育受疫情短期负面影响，龙头各项培训业务、渠道网络布局全面，考研/IT 等赛道快速增长，疫情中展现较强招生能力，优势有望不断巩固。我们长期看好中国国旅/中公教育/宋城演艺。

4 月电商平台美妆销售额快速增长，各品牌表现分化。2 月下旬起疫情在全球扩散，对进口化妆品供应链的影响可能在Q2 仍有体现，进口品短期减少或有利于国货份额提升；进口化妆品接连降税/实施备案制简化流程、加速进入国内市场仍为长期趋势，市场竞争仍有加剧可能。Z 世代成消费主力军，文化自信增强、本土品牌认同提升；国货生产研发实力进阶，加码新品孵化，凭借IP 联名/跨界营销/直播带货等新营销焕发新活力；天猫升级新国货计划，5 月10 日开启“新国货大赏活动”，在数据/设计/文化/创新等各方面有望持续赋能。建议关注珀莱雅/丸美股份/上海家化/壹网壹创。

Mining chemicals play a major role in the processing of mineral ores. The consumption of base metals (like iron, steel, aluminum, etc.) and precious metals (such as silver, gold, and platinum) has increased steadily, owing to their various applications in many industries. The metal mining processes require mining chemicals during the stage of processing the respective ores. With the increase in the consumption of these metals, mining activities for these metals have surged, globally, especially in Canada and Mexico. Canada is a global leader in mining operations, with active production of more than 60 metals and minerals, and it is a major producer of primary aluminum, cobalt, diamonds, gold, nickel, platinum group metals, salt, titanium concentrates, as well as uranium.

Migraine is a common neurological disease characterized by recurrent attacks of severe head pain. Often unilateral, the headaches can last from four hours to three days. Pain is often associated with other symptoms, such as nausea, vomiting, increased sensitivity to light, increased sensitivity to sound, sweating, and diarrhea. An increasing prevalence of migraine has been reported in women than men. However, it often remains undiagnosed and untreated. Despite improvements in the industry, migraine is still found to remain undiagnosed in at least 50% of patients, and less than 50% of migraine patients consult a physician. The majority of the drugs currently available are approved for the acute form of the condition, led by generic triptans as the first-line treatment. NSAIDs are the commonly used drugs for patients with migraine frequently used NSAIDs for migraine and is effective in treating acute migraine headache. Triptans also effectively relieve the pain associated with migraines.

The Micro-electromechanical systems (MEMS) technology includes very small, moving mechanical parts, and the electrical components. This technology is used to fabricate sensors such as accelerometers, gyroscopes, digital compasses, inertial modules, pressure sensors, humidity sensors, and microphones among others. The MEMS technology holds the largest share in overall sensor market across the globe. The implementation of sensors made with MEMS technology in consumer electronic devices is driving its growth in overall sensor market. The sensor manufacturing companies use MEMS technology to fabricate a wide range of sensors owing to its low power consumption, small size, and high precision. The sensor manufacturers develop new MEMS based sensors for various areas of application to increase their market presence in distinctive applications as well as regions across the globe

Owing to the rising need of microbial identification, the market for the same is currently at its best. Several international companies are coming up with the new products for conducting microbial identification, which is giving a positive direction to the market. For instance, in April 2019, Bruker Corporation announced that it introduced new assays, software, and library extensions for its MALDI Biotyper, IR Biotyper, and Fluorocycler XT product lines for microbial identification. These launches have helped in the addition of 238 new bacteria and yeast species in the new CE-IVD marked in vitro diagnostics (IVD) and research-use-only (RUO) reference libraries. This has helped in quick identification of different bacterial and fungal species. Similarly, bioMérieux introduced a new automated diagnostic solution for microbial identification in pharmaceutical production. The new product, EviSight Compact, is an intelligent incubator system that provides real-time culture media reading.

The roles of independent fighting groups are continuously evolving in the modern battlefields. Data from recent combat operations reflect the high frequency of engagements with hostile weapon emplacements in various man-made and natural shelters that cannot be dominated solely using small arms or inferior firepower. The global armed forces are expected to face unprecedented threats on battlefields, where rapidly emerging technologies have substantially altered the balance of power.  The medium caliber ammunition market is expected to grow primarily due to the procurement and upgrade activities undertaken by armed forces to counter the emerging threats. Several contracts for military aircraft, helicopters, infantry fighting vehicles (IFVs) and armored personnel carriers (APCs) mounted with medium caliber turret guns are currently underway and many new contracts are anticipated to be dispersed during the forecast period, creating a parallel demand for medium caliber ammunition.