生物发酵产业是指利用生物反应过程，将原材料（糖、蛋白质和生物质）等材料制备成最终的目标产物过程。按照下游终端产品分类，生物发酵产业可以分为化学原料、氨基酸、有机酸、淀粉糖、多元醇、酶制剂、酵母等多个细分子行业。

一季报业绩预告超预期：截止2021 年4 月8 日收盘，A股化工板块共有66 家上市公司发布一季度业绩预报，分布在25 个子行业。从预告数据来看，低基数使得2021 年一季度业绩同环比大幅增长（或扭亏），预告净利润同比上限为235%，同比下限为100%；环比上限为124%，环比下限为112%。样本公司的业绩同环比增速中位数比较能代表行业的整体趋势。

最新景气指数-3.41，上周景气指数2.27，本周（0322-0326），基础化工指数（中信）涨1.78%，上证跌0.45%。油价下跌，周五布油收盘价62.95 美元/桶，环比上周跌0.59 美元/桶；美国原油钻机数量持平，当周原油钻机数337 部，环比持平，前值增13 口。

草甘膦价格创2015 年以来新高。2021 年4 月，草甘膦国内现货价上涨至32800元/吨，创下2015 年以来新高。国内草甘膦行业整合持续推进，迈向寡头格局。2021 年4 月13 日，江山股份发布公告，拟通过发行股份及支付现金购买福华通达100%股权。

2020年全球丙烯酸产能约900万吨，我国产能约350万吨，产能占比约40%。巴斯夫、陶氏杜邦、阿科玛、日本触媒是全球前四大企业，CR4约为45%。全球前十合计产能约678万吨，CR10约为75%。2020年国内丙烯酸产能约335万吨，产量约280万吨，开工率约为83.5%。

上周化工新材料指数跑赢创业板指，截至2021 年4 月11 日，化工新材料指数收1041 点，较此前的1036 点上涨0.51%，跑赢同期创业板指的下跌1.14%。

上周基础化工板块下跌0.02%，沪深300 指数下跌2.45%，基础化工板块跑赢大盘2.43 个百分点，涨跌幅居于所有板块第12 位。个股涨幅居前：云南能投、江苏索普、鸿达兴业、恒大高新、永利股份；跌幅居前：红太阳、金禾实业、鼎龙股份、六国化工、扬农化工。基础化工（中信）板块P/E（TTM，整体法，剔除负值）为33.96，P/E（2021E）为26.01。从基础化工板块与沪深300 的估值之比来看，目前这一比值为2.33，高于一年来的均值2.24。

化工新材料领域是化工行业未来发展的一个重要方向，传统化工行业随着下游需求增速放缓，市占率向龙头集中是大趋势，核心竞争门槛为成本和效率；下游仍处于快速增长的新材料领域则不同，核心的竞争壁垒为研发能力、产业链验证门槛、服务能力等，随着政策支持，国内化工新材料行业有望迎来加速成长期。我们推荐处于核心供应链、研发能力较强、管理优异的化工新材料优质标的，主要包括电子化学品（半导体材料、显示材料、5G 材料等）、新能源材料、医药中间体等领域。

Wood vinegar is produced by using the destructive distillation process. It is also known as pyroligneous acid or wood acid. It is a dark liquid produced by wood and other biomass materials. The main ingredients of wood vinegar include methanol, acetone, and acetic acid. Wood vinegar was used as a commercial source for acetic acid. Furthermore, it majorly comprises around 70-90% water with some organic content. It is also used for food preservation application for meat, fish, and others. This is attributed to its antimicrobial contents such as acetate, methyl ethyl ester, alcohol, aldehyde, ketone, and others. The report focuses on pyrolysis methods of wood vinegars pyrolysis methods such as slow pyrolysis, fast pyrolysis, and intermediate pyrolysis. The applications covered in the study include agriculture, animal feed, food, medicinal & consumer products, and others. Furthermore, the study evaluates the current market trends and suggests future growth opportunities by analyzing government regulations & policies. The report further covers the strategies adopted by the key players to sustain the competitive environment and increase their market share.

The importance of handwashing in personal and public setups has gained humungous attention over the centuries. The market today is occupied with countless varieties of soaps in the form of bars and liquid for personal hygiene. Even though soap bars are used widely due to low affordability and lack of awareness in several low-income countries, the demand for liquid soaps of liquid handwash is witnessing significant growth since the last few decades. Infectious diseases are a serious public health threat, and handwashing with liquid handwash and water has emerged as an essential public health recommendation. Cholera, typhoid, diarrhea, Hepatitis A, and certain respiratory diseases are the most prevalent communicable diseases spread due to poor hand hygiene.