规范引导为主，具体方案仍未落地。目前条例仍处于公 开征求意见阶段，结束意见征求后会根据收集反馈意见进行下一阶段讨论和制定。监管方式可能性多样。规范监管或催化和加速产业链重构与产品变革。对产业链各环节影响不一。我们预计，实施条例的落地，可能尚需几个月时间，存在进一步修订完善的可能性。并且实施条例通过后，可能会 有基于电子烟行业特点的具体细则出台。

Cellular glass insulation is a lightweight, stiff, and sturdy material composed of completely sealed glass cells. It is noncombustible, and offers enhanced compressive strength, humidity resistance, dimensional permanence, and extended thermal performance. For the purpose of analysis, the report segments the global cellular glass market into product type, type, application, and region. The study provides the information about various types of cellular glasses available in the market such as blocks & shells and foam glass gravel. In addition, the report outlines the details about the key applications of cellular glass, which include construction, industrial, and other sectors. Furthermore, it summarizes the data about the revenue generated through the sale of cellular glass across regions such as North America, Europe, Asia-Pacific, and LAMEA.

The report covers detailed analysis of trends, future estimations, and thorough study of the global cosmetics market on the basis of category, gender, and distribution channel. It analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine factors affecting the market growth. These factors include raw material prices, intense competition, end users, manufacturers, and suppliers. To understand the market, drivers, restraints, and opportunities are explained in the report. Furthermore, it includes revenue generated by the cosmetics market from online sales of cosmetics across North America, Europe, Asia- Pacific, and LAMEA.

经过几十年发展，我国新材料产业在产业规模、技术进步和体系建设等方面取得明显成就，为国民经济和国防建设做出了重大贡献，具备了良好的发展基础。随着新一轮的科技革新，新材料在电子信息、新能源、生物医药等各领域的应用需求与日俱增。未来几年，中国新材料产业将延续过去高速增长的强劲势头，到2022 年产值有望突破9 万亿元，发展前景十分广阔。

Graphene composites feature superior mechanical properties, electrical, optical, dimensional stability with high temperature, along with impact, and flame resistance. Graphene can also be mixed with polymers, metals, and others, to develop composites that are resistant to extreme temperature, conductive, and others. For instance, inclusion of graphene with rubber enhances its conductivity, impermeability, and strength. The major applications of graphene composites are engineering materials for aerospace, renewables, and others. The report focuses on various product types of graphene composites such as polymer based, metal based, ceramic based, and others. Furthermore, the different applications are also analyzed in the study. These include sports & wearable goods, aerospace & defense, automotive, building & construction, energy storage & generation, and others.

Autoclaved aerated concrete (AAC), also known as aircrete, foam concrete, autoclaved cellular concrete, autoclaved light-weight concrete, or porous concrete, is a light-weight construction material, which weighs around 1/6th to 1/3rd of conventional concrete. The report on the global autoclaved aerated concrete (AAC) market presents a detailed analysis of the trends, future estimations, and thorough study of the market, depending on product type, application, end user, and region. The product type covered in the study include blocks and others. The report further provides information on end user, which include residential and non-residential. Moreover, it provides details about applications related to AAC, including walls, floors & roofs, and others.

据百川资讯，自春节后国内醋酸价格持续上行，截至3 月10 月国内醋酸价格6121 元/吨，较春节后（2 月18 日）上涨20.1%。我们认为短期国内部分装置延续停车状态，海外塞拉尼斯装置故障带动出口需求增加，供需利好因素配合下醋酸价格有望保持强势。

本周四（3 月4 日）晚间，OPEC+部长级会议举行，除哈萨克斯坦和俄罗斯外其他成员国将延长减产计划。沙特将资源减产至4 月，将在5 月份逐步取消100 万桶/日的减产规模，补偿性减产计划延长至7 月。俄罗斯将在4 月增产原油13 万桶/日，以弥补当地燃料市场的短缺。会议结果大超市场预期，油价应声而起重返疫情前高点，我们认为油价向上趋势仍未结束，油价的攀升将带动整个化工行业的景气。

投资建议：基于“碳约束”预计会首先发生在需求增速偏低、能耗偏高的细分行业的判断，我们认为黄磷、电石、PVC、甲醇、烧碱、纯碱、硫酸法钛白粉、染料等产品会是“碳约束”的关键领域，对应的细分龙头需要重点关注。基于此判断，综合考虑估值安全边际和景气度方向，我们重点推荐中泰化学、龙蟒佰利、合盛硅业和浙江龙盛。

碳中和背景下，作为与传统能源紧密相关的化工行业将面临重要变革。传统化石能源如煤炭、石油、天然气，不仅是化工行业生产的能量来源，也是部分产品的重要原材料。在碳中和背景下，化工行业发展将迎来三大趋势：一是碳排放较多的子行业将进一步走向强者恒强的分化，二是作为化石能源替代品的可再生能源迎来广阔的发展前景，三是能够直接或间接起到节能作用的化工材料将迎来发展机遇。