In recent years, the demand for hydrogen peroxide in the paper and pulp industry has significantly grown, due to improved paper quality and increased yield of wood mass. In addition, hydrogen peroxide is used in eco-friendly bleach products, in order to remove chlorine compounds through bleaching processes.  In the paper and pulp industry, hydrogen peroxide is primarily used for: Bleaching of wood pulp. Bleaching of cellulose. Recycling of wastepaper (de-inking)  North America, Asia, and Europe together account for most of the world’s paper and pulp production. China had the world’s largest paper and pulp production with 99.3 million metric ton as of 2018, followed by the United States. Other leading pulp and paper producers in the world include Germany, Japan, Finland, and Canada. The global production of paper and pulp is increasing constantly (as shown in the figure), despite at a slow pace. Potential regions, like Asia-Pacific, are witnessing an increase in the volume of paper production, since the demand for packaging has increased recently. This can be attributed to the growing demand for eco-friendly products and increasing sales of newspapers and books, due to growing population in the region.

Pap and HPV tests are vital for diagnosis of cancers and precancer stages in cervix. Mostly these tests are performed together for the patient age group between 21-65 years. As per the international Agency for Research on Cancer, more than 85% of cervical cancer patients are from the developing countries, which demands better efficacy screening and treatment programs for women’s health. Since the cancer progression is slow and may take up to 20 years to develop into an advanced stage, there are many opportunities to stop the disease before it becomes fatal. At present, there are many cities in the emerging market that lack resources for a good laboratory with highly trained cytotechnicians and other specialized staff, which is among the major challenges for good results from Pap testing. With the advancement of HPV tests, the prevention possibility of expansion of cervical cancers increases even in the low resource settings because it is a more affordable and cost-effective strategy, leveraging self-sampling potentially. There are countries, such as Australia and New Zealand, which have effectively taken positive measures related to proper HPV and Pap testing to eradicate cervical cancer. However, the current scenario demands more countries to take better initiatives to roll out the advanced screening tests of HPV and Pap through financial support from the government.

The proliferation of handheld devices has led to developments in the field of gas sensors, detector, and analyzer, which has considerably widened the scope of application across multiple end-user segments. Due to their chemical composition and properties, metal oxide gas sensors are well-suited for a wide range of applications, including the detection of all reactive gases. Depending on the material used and the gases that need to be detected, typical operating temperatures range between 300°C and 900°C. Currently, some of the prominent companies are developing products across the detector, as well as the analyzer segment having application across clinical assaying, environmental emission control, explosive detection, agricultural storage, and shipping, along with workplace hazard monitoring.

In the recent years, the sales of internal combustion engines, which are the main source of environmental pollution, declined significantly, primarily due to the rising awareness regarding environmental pollution. The pollution caused by automotive had been increasing drastically, since the past few decades, and it is estimated that about 30% of air pollution is primarily due to automotive emission. Sudden increase in automotive pollution considerably impacted the environment, intensifying the threat of air pollution in most of the big cities around the world.

2019 年国产电影工业化水平进一步提升，国产片爆款和黑马频出，国产片已经成为拉动年度票房的主要动力，国产片品优质高为贺岁档和春节档做了很好的铺垫。2019 年票房排名前10 的影票中，有8 部影片为国产电影，其中《哪吒之魔童降世》（49.74 亿元）和《流浪地球》（46.55 亿元）一马当先，国庆档爆款《我和我的祖国》（29.92 亿元）、《中国机长》（28.70 亿元）位列第三、第四。2012 年-2018 年，票房超过10 亿的国产影片在整体票房中的占比从6.06%提升至33.89%。而2019 年，超过10 亿的国产影片的占比有望超过35%。中国式的科幻、英雄人物、动画电影、IP 系列作品均已得到验证。

投资建议：1）行业层面，2020Q1 票房在春节档带动下预计保持较快增长，将对各公司业绩带来改善。2）个股层面，建议关注万达电影（院线行业龙头，春节档主控《唐人街探案3》），横店影视（资产负债表健康，受益于春节档低线城市票房增长），光线传媒（主控影片《哪吒》超预期，春节档动画影片《姜子牙》上映），猫眼娱乐（参与春节档《紧急救援》等多部影片，崛起中的电影产业新龙头）等。

2019 年传媒板块二级市场有所回暖。截至12 月27 日年涨幅18.34%，动漫、互联网、游戏、报业、营销、影视、广电、出版发行、院线、数字阅读细分板涨跌幅分别为47.1%、40%、29.53%、25.93%、16.92%、10.85%、9.23%、4.1%、-2.17%、-8.11%；95 家上市公司累计收涨。传媒板块整体市盈率28.65 倍，较2019 年年初19.14 倍估值已有明显修复，但仍处于近年来估值中值与底部区间位置。出版发行、游戏板块的估值处于行业相对低位。

重申行业逻辑：教育与文娱需求稳健，政策整顿后的文化传媒行业逐渐回归产业良性发展业态，政策扶持渐成政策端主线，5G 红利成产业发展主线。正如我们在2019 年半年度策略报告中提及的行业逻辑：文化传媒行业的发展受需求增长与科技红利共同推动，居民教育与文娱支出稳定增长确保了教育与文娱需求的循序渐进发展，而技术的升级则推动文娱需求的结构变化与产业链的重构。

上周（12 月23 日-12 月27 日），传媒行业指数（SW）涨幅为-0.07%，同期沪深300 涨幅为0.12%，创业板指涨幅为-0.23%，上证综指涨幅为0.00%。传媒指数相较创业板指上涨0.16%。各传媒子板块中，平面媒体上涨-0.27%，广播电视上涨-2.09%，电影动画上涨-2.59%，互联网上涨0.57%，整合营销上涨1.59%。

直播电商市场的爆发式增长，电商与短视频直播行业正在经历价值重塑，在KOL 及MCN 等环节有布局的公司望充分享受行业快速增长及技术革新带来的双重红利。