The increasing rates of product innovations in the Indonesian and Malaysian markets are extensively driving the sales of whipping cream. The manufacturing companies are concentrating on the individual demands of the consumers, such as halal-certified, lactose-intolerance, clean-label, and soy-free products. Owing to a large presence of the Muslim population in these countries, the demand for halal-certified food products has witnessed a surge. Thus, the manufacturing brands, such as Anchor and Embog, are producing halal-certified whipping cream with proper labelling, to entice the consumers.  For instance, Indonesia only accepts its own Halal body. Thus Fonterra, a New Zealand-based company, launched a generic halal logo, which is used in anchor whipping cream, to share the same packaging with Indonesia. In Malaysia, the concentration of lactose-intolerant consumers is high, leading to the demand for lactose-free whipping cream. Thus, the manufacturers are introducing lactose-free whipping cream, to satiate the consumers’ demands. For instance, the brand, Paul's, offers lactose-free and gluten-free thickened cream made of cream, skimmed milk, milk solids, gelatin, and other ingredients. The product is apt for whipping, pouring, and cooking, resulting in its diverse application in the foodservice sector.

The growth of the market studied is currently being driven by various factors, including the increasing pet ownership and animal health expenditure, increased burden of animal zoonotic diseases, and the growing pet insurance and animal health investments made by the pharmaceutical companies.  The recent years have observed an increasing adoption of pet animals every year. Not only the pet ownership, but also the number of farm population has increased at a steady rate. There is also a high adoption of pigs across billions of farms all over the world.  Moreover, there is an increase in the immune mediated diseases in animals, which has driven the market for new immunodiagnostic tests. ELISA is a highly sensitive means of detecting relatively low levels of molecules within a biological fluid. For this reason, it is a very commonly used immunodiagnostic test and is applied to a wide variety of samples from different body fluids.

The report provides market dynamics and trends related to the global veterinary imaging market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of veterinary imaging; however, it excludes the veterinary imaging service revenue. The valuations comprise revenue generated from veterinary imaging product such as instruments and reagent. Conversely, the report excludes revenue generated from post-sale services of veterinary imaging. For the purpose of analysis, the global veterinary imaging market is segmented into product, animal type, application, and region. The study estimates the revenue generated from the sales of instruments and reagent. The applications covered in the study include orthopedics & traumatology, oncology, cardiology, neurology, and other. The report covers the revenue generated from the sales of products related to veterinary imaging systems offered in regions such as North America, Europe, Asia-Pacific, and LAMEA.

The market studied is currently being driven by factors, such as the rising incidence of thyroid disorders, the increasing consumption of tobacco and alcohol, the increasing geriatric population and the rising sedentary lifestyle among the population. Over the last few years, there have been significant advancements in the specificity and sensitivity of thyroid testing, which has impacted the treatment for thyroid disorders. Thyroid stimulating hormone (TSH) measurement subsequently gained a dominant role in thyroid function testing, which facilitates cost effective disease screening, which is augmenting the demand across the developing and developed countries. While there are several problems associated with interpretation of thyroid blood tests but with the appropriate follow-up tests, and consultation, most of these cases can be resolved easily, which is expected to progressively improve the thyroid testing methods.

油价已底部企稳，对比 2008 年油价见底后，通胀预期出现快速修复，且明显快于油价 上行速度，实际利率依然下行。目前通胀预期已经修复至 1%附近，我们认为疫情稳定 后，通胀预期有望修复至疫情前的 1.5-1.6%水平，实际利率仍有下行空间。同时，全球 各国推出强力财政和货币政策，或增加后续通胀压力。

国内外券商并购回顾：国内受政策推动为主，国外受市场驱动为主。 从我国兼并收购历程来看，共出现了四波并购浪潮：前三波离不开政 策推动，受到“分业经营”、“综合治理”和“一参一控”政策影响， 行业内证券公司纷纷并购，典型代表是中信和华泰的数次并购；第四 波则主要受市场因素助推，出于补业务短板目的而并购，如东方财富 并购西藏同信证券。

季度经济冰封，1-2 月份获得了最差的经济数据，即使 3 月份经济数据有所好转，1 季度 负增长已经成为定局。二季度由于受到净出口的负面拉动，以及服务业缓慢的恢复速度，经济增 速反弹力度有限。我们预计 1、2 季度经济增速为-7.4%和 4%，3、4 季度经济有所好转，全年 GDP 增速在 2.3%左右。

原料药不是简单周期板块，特色及专利原料药具有成长属性，行业壁垒相对较高：原料药分为大宗原料药、特色原料 药及专利原料药，其中大宗原料药需求相对平稳，而特色原料药和专利药原料药具备成长属性。2020年全球原料药市场 规模将预计达到1864亿美元，同比增长6.1%，特色原料药增速预计在6%-10%。从壁垒来看，大宗原料药门槛低，竞争 激烈，而特色原料药和专利原料药门槛较高；特色原料药核心壁垒体现在技术、重资产和客户粘性方面，在技术层面，生 产工艺和研发水平需要不断提高；在客户粘性方面，特色原料药和专利原料药与客户绑定紧密；重资产方面，特色原料药 专业化生产线需要较大资金投入，近几年环保成本攀升，进一步提高行业壁垒。

疫情影响下，全球经济增速持续放缓，有色工业品需求疲软。欧美经 济增速持续放缓，主要经济体景气指标持续回落，而全球疫情蔓延也 加速了这一趋势。国内当前应对疫情外紧内松，经济尚存韧性但全年 下行压力较大，我们认为 2020 年全球对有色工业品的需求增量拉动 难有亮点。今年二季度，在主要经济体疫情得到基本控制前提下，企 业陆续复工复产将拉动工业金属总需求复苏，但难以对工业金属价格 实现明显提振效果，大概率全年将维持底部震荡状态。

2020 年 4 月 8 日，中国电信、中国移动、中国联通三大运营商联合 发布《5G 消息白皮书》，5G 消息，即 RCS 消息(Rich Communication Services & Suite)。5G 消息与传统短信业务 140 字节单一文本形式不 同，它基于 IP 技术，文本能力可达 40000 字节，并且支持图片、视 频等媒体格式，亦可发送定位信息。在企业信息方面，5G 消息不仅 可以实现消息的终端送达，并且支持个人用户与企业以 MaaP 平台通 过 Chatbot（聊天机器人）进行信息交互。