Powder coating technology was introduced in the 1940s. In the powder coating technique, the metal product was coated with dry powder instead of conventional liquid paints. By the late 1950s, powder coatings were used to coat pipes to protect the metal from corrosion and used in electric motor parts for insulation. They were also flame sprayed onto the metal substrate. The most common method for the application of powder coatings was the fluidized bed process, in which the heated parts were dipped into wet powder and fluidized by air. These particles of powder come in contact with heated metal parts and form a smooth layer on the metal substrate.

当前沙特为主导的OPEC+话语权增加；全球范围内上游开发投入不足；美国页岩油对于产量的克制等因素带动油价上行。但是考虑到通胀背景下美国及OPEC+放松减产的可能，以及“碳中和”背景下，石油用于交通用途的需求长期压制，预计整体上涨空间有限，长期有望在60-80美元/桶震荡。

本月上证综指、深证成指、沪深300 分别涨4.43%、涨2.94%、涨3.01%，化妆品板块涨3.52%，跑赢沪深300 0.51PCT。板块对比来看，化妆品处行业中游。个股方面，拉芳家化、丸美股份、壹网壹创涨幅居前。水羊股份、名臣健康、青松股份等跌幅居前。

疫情影响渐弱，化工品下游需求修复，行业迎景气。2020年上半年，全球 经济受疫情冲击大幅下滑；随后全球逐步复工复产，海外各国颁布强有力 的财政与货币政策刺激经济。在需求拉动下，国内化工行业进入景气复苏， 多个化工品价格与价差自历史底部区域上涨至景气区间。2020年下半年 以来，化工企业营收、利润同比大幅增长。 

The global paints and coatings industry is mature and generates stable revenue for the world economy. Manufacturers are adopting or developing new technologies to produce paints and coatings with less volatile organic compounds. The paints and coatings market is fragmented due to the presence of a large number of manufacturers across regions. Around 10-12 large multinational manufacturers have expanded their operations to countries such as India and China. The production and consumption of paints and coatings are the largest in the APAC region. The demand is high from countries such as China and India. The coatings market grows in tandem with the economy; thus, the market is expected to witness growth in developing economies. Coatings are mainly applied on substrates for protection and decoration purposes. Smart coating is a significant segment of the paints and coatings industry. They are anti-corrosive, self-healing, anti-icing, hydrophobic, antimicrobial, and self-cleaning. Therefore, they are widely used in automotive, construction, marine, healthcare, and various other end-use industries.

The objective of this research is to conduct an analysis of the key applications for SAP. It presents an assessment of the current status and future prospects for SAPs, primarily in hygiene applications, namely baby diapers, adult incontinence, and feminine hygiene. 

While the COVID-19 pandemic situation adversely impacted the disposable hygiene product demand in 2020, the evolving demographic trends, aging population, digitization, rise of private brands, and proliferation of eCommerce are other factors that are expected to have a marked impact on the disposable hygiene and superabsorbent polymer markets. 

全球化肥行业自2011 年以来历经5 年下行及5 年底部徘徊，导致全球产能增长停滞，中国更是通过补贴退坡及去产能加速尿素、磷铵行业出清。2020年8 月以来，在全球主要作物价格快速上行的影响下，化肥需求及种植产业链利润扩大。低库存、全球供给紧张、原材料提价及企业动力等多因素作用下，全球化肥价格及价差在2021 年均显著回升。考虑到全球经济仍在复苏通道，行业新增供给主要在2022H2-2024 释放（IFA 数据），原材料价格居高不下，我们认为2021 年化肥行业景气有望走强，一体化企业将显著受益。

颜值时代下，中国化妆品市场需求快速增长，加之新兴渠道与营销手段的推广、多场景渗透率的提升，行业高景气度持续。而近年来国潮风起，国货品牌由于性价比高、产品设计感强、质量提升、营销力度大等因素，接受度大幅提升。维持行业“强于大市”投资评级，建议关注积极拓展品牌和品类矩阵、注重多元化营销以及全渠道布局的A股化妆品公司。

当今时代，为颜值“剁手”不再是女性的专利， 从美妆护肤、潮流穿搭到运动健身，“男颜时代”来临。颜值即正义，颜值即生意。男士美容市场持续火爆，近几年，男士美容行业市场规模增速明显，2021年预计突破180亿元。超6成的男性会为自己购买护肤品，且超7成男性会有护肤的习惯。而男性美妆习惯尚未养成，只有近2成男性为自己购买过化妆品，超6成男性从不化妆。

我国提出力争2060 年前实现碳中和目标，各省政策逐步落地。2020年9 月22 日，国家领导人提出中国二氧化碳排放力争于2030 年前
达到峰值，努力争取2060 年前实现碳中和。此后，中央工作会议及2021 年两会《政府工作报告》中，都将碳达峰、碳中和作为政府工作
重点。内蒙古率先制定政策严格落实目标责任、控制高耗能行业产能规模，各地方逐步落实减排降碳相关政策。