There is a fast-growing need for anti-viral paints and coatings to improve quality in residential, commercial, institutional, and industrial applications so as to control the growth of mold and/or reduce the risk of healthcare-associated infections or community-acquired infections. A number of paint products on the market claim anti-viral functions. However, the current products have significant shortfalls, including weak activities, risk of resistance from virus, and difficulty in monitoring and extending the anti-viral functions once the coatings are applied. Increased demand during COVID-19 outbreak from medical and indoor air/HVAC application acts as driving factors for the market growth. However, lack in R&D activities and few demonstrated effectiveness of the coatings hinders the market growth. Meanwhile, the current pandemic has offered opportunity for new product developments and several opportunities for the industry growth.

The rapidly evolving pattern and shifting from mass beauty products to luxury premium products specific to the need of the consumer has provided enormous opportunities for new products entering the market. Vendors need to continuously evolve their products offering and increasingly invests in R&D. Consumers are more conscious of the latest trends in the cosmetics industry and are willing to indulge in new products. Thus, goat milk cosmetics being a new entry in the market has been proven successful for many brands.

二季度以来，随着各行业全面复工复产以及外贸出口的恢复，我国宏 观经济逐步复苏，化工行业景气亦迎来改善。三季度中信基础化工板 块整体毛利率为 21.64%%，同比提升 1.77 个百分点，环比提升 0.87 个百分点，盈利能力连续两个季度上行。今年受疫情影响，化工行业 固定资产投资整体下滑，但龙头企业仍保持了扩产态势。未来行业集 中度预计将进一步提升。随着化工下游需求的有望逐步复苏，供给面 则在环保、安监等高压下保持收紧态势，化工行业景气度有望呈现复 苏态势。

今年上半年由于疫情和油价双重冲击，下游需求低迷导致行业库存水平 整体处于较高水平。经过 Q2-Q3 国内需求的稳步恢复，行业库存水平已 经明显下降，进入被动去库存阶段。当前随着国内地产基建、家电、汽 车、纺服、农业等主要下游的需求复苏，以及全球疫情有望进入可控阶 段，海内外需求有望共振，行业将迎来景气上行周期。

多数美妆企业数字化转型基因相对匮乏，引进人才、搭建团队、绑定利益对处于变革浪潮中的美妆企业至关重要。珀莱雅/拉芳家化/壹网壹创/上海家化/丸美股份等陆续推出股权激励方案，有助绑定员工利益、激发活力。覆盖广度、激励强度、业绩可实现度是衡量股权激励的重要维度，激励之外，企业文化/组织架构/晋升通道等也是影响人才去留的重要因素。

20 年疫情对线下消费和服务冲击严重，随疫情防控有效，消费者信心恢复，服务业开启渐进式修复。消费者服务指数年初至今(11 月13 日)涨54.08%，中国中免（117.23%）/中公教育(137.16%)带动板块涨幅居前，酒店中锦江酒店上涨65.58%。

中泰核心推荐：医美针剂龙头爱美客;切中成分护肤需求的华熙生物；市场敏锐度优秀的珀莱雅；眼霜细分龙头丸美股份;业绩迎来拐点的御家汇；建议关注管理层变更的上海家化；差异化头部TP 壹网壹创；美妆TP 龙头丽人丽妆；母婴保健垂直TP 若羽臣。

2020 年1-11 月化工行业经历疫情和低油价因素冲击及后续的内需修复，景气触底回升；随着疫苗取得重要进展，外需存在较强修复预期；而电子化学品、新材料等化工品进口替代进程延续；供给端新增产能总体可控，且主要由龙头企业扩产。2020 年1-11 月疫情因素及油价大幅波动加速行业出清，而环保及安全生产约束利好头部企业份额的进一步提升，供给端格局将持续优化；国际油价有望回归均衡水平，对化工品价格影响正面。中长期而言龙头企业份额有望持续提升，进而带动行业走向一体化和集中。

颜值时代下，化妆品近年来需求日益增长，加之国潮风起、新兴营销手段的推广，化妆品行业高景气度持续，维持行业“强于大市”投资评级。近期国内疫情控制良好，化妆品社零数据及线上数据继续高增，叠加“双十一”到来，建议关注积极拓展品牌和品类矩阵、注重多元化营销以及全渠道布局的A 股化妆品公司。

国内疫情控制得弼，海外疫情仌在蔓延，全球释放流劢性，一些偏刚需癿织端需求向中国转移，化巟作为中游行业，我们预计2021年中国化巟产品癿需求量有望适庙回升，一些产能扩张轳少癿行业景气将回升，各绅分行业迎来布尿良机。