化工龙头白马成长确定性高、竞争力强，在历史上已经充分证明了它们的竞争力。受到能耗双控和项目审批难度的影响，近两年龙头白马的资本开支增速维持在2-3%，许多化工龙头企业优质新增项目的产能并没有很快释放出来。

行情方面，根据申万化妆品指数，截止 12月24 日，化妆品行业累计涨幅2.9%，其中鲁商发展、贝泰妮、上海家化、珀莱雅实现16%以上涨幅，品牌商整体表现更佳。基本面方面，去年疫情基数以及线上流量红利放缓等因素影响下，行业增速逐季放缓，头部品牌商凭借品牌沉淀及灵活营销抗周期能力更强，21 年前三季度代表标的归母净利润增速分别为12.6%、10.2%，其中水羊股份、贝泰妮、上海家化、珀莱雅实现业绩增长分别为102.9%、65.0%、34.7%、27.8%，远优于行业增长。

库存周期进入价格防守期。对于化工的投资而言，工业品库存周期依然是最有效的β。我们的策略严格遵循库存周期的波动，由于库存周期每四年一次，所以年度级别上，遵循库存周期依然是我们投资化工周期最有效的策略。

上周新材料板块下跌5.44%，同期沪深300 指数下跌0.67%，新材料板块落后大盘4.77 个百分点。个股方面，板块中97只个股中有27 只上涨，跑赢大盘的有33 只股票。

截至12 月23 日，WTI 原油现货报价为73.79 美元/桶，分别较月初、年初上涨12.54%、52.79%。2021 年国际油价上涨的核心逻辑基本与疫情演变趋势高度相关，全球流动性宽松背景下的供应收紧和经济复苏也为油价上行提供了动力。

今年以来，磷化工原料端从磷矿石到磷酸，价格持续上涨。截至12月22日，磷矿石方面，国内市场均价为645元/吨，较年初上涨72.46%；磷酸方面，市场均价为12469元/吨，较年初上涨161.51%；磷酸一铵方面，市场均价2959元/吨，较年初上涨44.84%。

对于化工的投资而言，工业品库存周期依然是最有效的β。我们的策略严格遵循库存周期的波动，由于库存周期每四年一次，所以年度级别上，遵循库存周期依然是我们投资化工周期最有效的策略。

肌肤护理越来越受到国人重视，消费者认知的提升使得功效型护肤品被问题肌肤人群及成分党所认可。区别于早期市场由进口品牌垄断的格局，近年来线上渠道的蓬勃发展让众多国牌功效型护肤品企业得以冲出重围，为消费者所熟知，并受到资本追捧。

Nanopore is a pore of nanometer size, which is formed by protein or as a hole in synthetic materials such as silicon or graphene. Nanopore technology is a unique, scalable technology that helps in making direct, realtime analysis of long DNA or RNA fragments. Furthermore, these technologies are used as a single-molecule detector.

Nanochemicals are produced using nanotechnology which exhibit enhanced properties such as self-catalysis and anti-corrosion. Increased demand for nano chemicals owing to maximum product yield has propelled the growth of nanochemicals in the industry. Moreover, the enhanced chemical reaction timing has also led to the adoption of nanochemicals, which in turn drives the nanochemicals market growth. In addition, these nanochemicals have wide applications in manufacturing, paints & coatings, automotive, pharmaceutical, and other industries that contributes toward higher demand for nanochemicals which notably boosts the nanochemicals market growth. However, hazardous nature of the chemicals owing to quick reactions can restraint the market growth.