Over the last few years, personal care products have become part and parcel of consumer’s life. It includes array of product such as soaps, liquid soaps, hair gel, hair oil, shampoos, anti-aging face creams, sunscreen products and others. Chemicals used in personal care products range from basic metallic salts and fatty acids used in ordinary bath soaps to the high-end cosmeceuticals that offer beautifying properties of cosmetics with useful benefits of pharmaceuticals and chemicals.

12 月10 日，中央经济工作会议落幕，会议指出：“要科学考核，新增可再 生能源和原料用能不纳入能源消费总量控制，创造条件尽早实现能耗‘双控’ 向碳排放总量和强度‘双控’转变”。我们认为，新增可再生能源和原料用 能不纳入能源消费总量控制明确了部分化工项目的能耗顶层政策，使得地方 政府在审批项目，企业在项目筹划方面具备了更明确的方向，对于行业龙头 企业，由于盈利水平高，融资能力强及自身调节空间大，因政策不确定性导 致的发展阻滞有望缓解，利好华鲁恒升、恒力石化、万华化学及金能科技等。

雅诗兰黛发布财报，21Q3营收同比+23%、净利润同比大增32%，受益订货前置。美 洲地区低基数下强势反弹，中国市场稳健，明星单品驱动护肤高增，香水爆发式增长。

Surfactants are the most versatile ingredient of the chemical industry. The word surfactant means surface-cleaning agent. Surfactants stir up activity on the surface, thus eliminating dirt and stain from the surface. Surfactants reduce the surface tension between two liquids or between a solid and a liquid. They act as an emulsifying, dispersing, cleaning, wetting, foaming, and anti-foaming agent in many practical applications and products, including paints, cosmetics, ink, sanitizers, toothpaste, and detergents.

在国内市场需求处于传统淡季之时，钛白粉企业依旧任性地发布涨价函，调涨明年年初钛白粉价格。12月13日，龙佰集团率先打响涨价第一枪，12月14日至15日，中核钛白、惠云钛业、钛海科技、西陇化工、安纳达等钛白粉企业跟着上调钛白粉销售价格。今年以来，钛白粉企业多次调涨市场价格，赚得盆满钵满。同时，依靠着生产磷酸铁锂的天然优势，多家企业进军磷酸铁锂市场。在价格持续上涨、企业业绩增长、扎堆“涉锂”等消息的带动下，A股钛白粉市场板块也迎来爆发，钛白粉一跃成为化工市场最大的赢家。

Well drilling is a significant and inseparable part of spacer fluid market industry. During the drilling and completion of a well, spacers are extremely crucial. Spacers separate the drilling fluid and cement in the drilling devices. Owing to their chemical incompatibility, the possibilities of acute gelatin or flocculation are enhanced during this process. After the drilling fluid has been run down the drill string, spacer fluids are pumped down the drill string before the cement slurry is poured in. A spacer fluid is used in cementing operations to separate the cement from the drilling fluid. With the growth of the energy and natural resources industries, spacer fluid is expected to become more popular.

11月淘系平台化妆品（含美容护肤类和彩妆类）成交额为667亿元，同比+10%，其中，销量-11%，均价同比+23%。珠宝饰品成交额99亿元，同比+4%，其中，销量同比-48%，均价同比+98%，美妆与珠宝成交额的提升均得益于均价的大幅上涨。上市公司品牌天猫旗舰店方面，化妆品：国内上市公司品牌珀莱雅、彩棠、恋火、毛戈平、薇诺娜和夸迪表现较好；珠宝饰品：内资品牌整体表现优于外资与港资品牌，周大生、design circles、莱百、老庙增速亮眼。颜值时代下，美妆珠宝饰品需求日益增长，行业高景气度持续，维持行业“强于大市”投资评级，建议关注美妆珠宝优质标的。

我们建议关注轻烃化工价值重估逻辑下的万华化学(600309，买入)、卫星化学(002648，买入)、金能科技(603113，买入)；服务可持续发展逻辑下的华鲁恒升(600426，买入)、天原股份(002386，买入)、三联虹普(300384，买入)、皇马科技(603181，买入)、金禾实业(002597，买入) ；农化景气度提升逻辑下的扬农化工(600486，增持)、海利尔(603639，买入)、润丰股份(301035，未评级)；和龙头价值回归逻辑下的荣盛石化(002493，买入)、恒力石化(600346，买入)、新和成(002001，增持)、宝丰能源(600989，买入)、桐昆股份(601233，买入)。

11 月淘系平台化妆品类（护肤+彩妆）GMV共计667.1 亿元，环比+425.68%，同比+9.79%。其中美容护肤类GMV 为541.57 亿元，环比+490.91%，同比+15.85%，占比81.2%；彩妆类GMV为125.5 亿元，环比+256.11%，同比-10.44%，占比18.8%。双11 大促带动下淘系美妆11 月销售表现较好，其中美容护肤类表现好于彩妆类。