全球经济下行，行业需求相对低迷，我们主要推荐几个业绩确定性强或需求端有催化的子行业，重点推荐化工行业龙头：万华化学、华鲁恒升、扬农化工、新和成；基建相关标的：减水剂龙头苏博特，轨枕区域龙头三维股份，外墙涂料领军企业亚士创能，建筑减隔震材料龙头震安科技，钛白粉龙头龙蟒佰利；5G 新基建相关材料标的：LCP 行业龙头金发科技和普利特、电子胶黏剂领域龙头回天新材、特种PTFE 龙头昊华科技；杀虫剂和除草剂标的：中旗股份、利民股份、利尔化学等。

基础化工——2019 年景气继续下行，龙头强者恒强：2019 年中信基础化工板块营收为13,797.66 亿元，同比增长5.71%；整体归母净利润为777.33 亿元，同比下滑14.8%。2020 年Q1 疫情对化工行业整体都造成了较大的冲击，一季度中信基础化工板块实现营业收入2,817.15 亿元，同比下降8.85%；实现归母净利润125.83 亿元，同比下降42.4%。

《全国安全生产专项整治三年行动计划》正式出炉。4 月28日,国新办举行新闻发布会,介绍《全国安全生产专项整治三年行动计划》的有关情况。据介绍，此次整治行动将持续3 年时间,主要分为2 个专题,以及9 个行业领域专项。其中，2 个专题重点解决思想认识不足、安全发展理念不牢、抓落实上有很大差距、安全生产责任和管理制度不落实等突出问题。9 个专项主要聚焦风险高、隐患多、事故易发多发的行业领域，包括煤矿、非煤矿山、危险化学品、消防、道路运输、民航铁路等交通运输、工业园区、城市建设、危险废物等。（资料来源：中国石油新闻中心）

Coatings are used for both interior and exterior purposes on yachts and other leisure boats. Yacht coatings for external applications are available in different variants, such as premium topcoats, high build surfaces, various protective primers, finishing primers, and antifouling paints. Additionally, interior topcoats are used for interior application.  There has been a growing demand for leisure boats around the world in the recent years, which, in turn, is surging the demand for marine antifouling coatings market. The tourism industry has been growing at a significant rate and with increasing popularity of coastal and marine tourism activities, the demand for leisure boats have increased over the years.  The global leisure boat market is set to experience favorable growth driven by factors, such as rising boating participation by adults, increasing high net worth population, rapid development of global tourism industry, and accelerating economic growth.

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.

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.

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.

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。

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。