受成本塌陷的影响，苯乙烯期货自10月中旬见顶后持续下跌。12月以来，苯乙烯期货触底反弹，但指标却有所走弱，反弹压力重重。整体来看，在成本支撑减弱、市场供应增加、下游需求没有亮点的背景下，苯乙烯难以出现趋势性行情，弱势振荡的可能性较大。

Maintaining proper sanitization and hygiene is one of the key aspects to prevent the spread of diseases. Over centuries, the world has witnessed several epidemics and pandemics. Therefore, WHO has mandated a set of actionable rules and regulations to prevent the outbreak of diseases. The World Health Organization (WHO) has been dealing with safety and sanitation issues of foreign traffic since 1951 when, at the same time, the Fourth World Health Assembly encouraged all governments to “improve sanitary and environmental conditions; particularly in and around ports and airports.” The World Health Assembly and the Executive Board stressed the value of upholding good hygiene and sanitation standards in international traffic (especially about drinking water and food).

Industrial laundry detergents are widely used in the industrial sector to remove tough soils and stains from fabrics. Although soap has been used to wash clothes since times immemorial, the first commercial detergent for home use was not launched until after World War II. Several laundry detergent manufacturers emerged during the post-World War II era to shape a global market that is mature in developed countries but still expanding in developing countries.

Oleochemicals are chemicals derived from plant and animal oils. Oleochemicals include the formation of basic oleochemical substances like fatty acids, fatty alcohols, glycerine, methyl esters, and others. Intermediate chemical substances produced from the basic oleochemical substances include alcohol ethoxylates, alcohol sulfates, alcohol ether sulfates, quaternary ammonium salts, monoacylglycerols, diacylglycerols, structured triacylglycerols, sugar esters, and other oleochemical products. Oleochemicals are biodegradable, eco-friendly, and less toxic. The major oleochemicals are fatty acids, fatty alcohols, methyl esters, and glycerines, which are referred to as basic oleochemicals.

现阶段，我国化工行业仍处于重要战略机遇期，行业产业结构优化升级潜力仍然十分巨大，在“碳中和”、“碳达峰”的背景下，新能源上游材料领域迎来重大的发展机遇。

我们认为，此次中央经济工作会议关于扩大内需、碳达峰、碳中和等方面的表述有望触发市场对相关化工板块的预期修复。从上游原料端看，原料用能不纳入总量控制有望使符合能效标杆的煤化工、大炼化新项目审批逐步正常化；扩大内需战略下，预计消费、制造相关的中游化学制品将迎来需求及利润率修复，龙头将实现戴维斯双击；适度超前开展的基建投资有望聚焦新基建、新能源领域，预计相关材料龙头将充分受益；新能源解除放量瓶颈后，预计短期供需错配将维持高景气度，长期看好具备技术、成本优势的一体化龙头。

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.