2020 年11 月15 日， 第四次区域全面经济伙伴关系协定领导人会议签署了《区域全面经济伙伴关系协定》（ Regional Comprehensive Economic Partnership， RCEP）就关税减让等内容作出承诺，这一自贸协定也将对中国轮胎业产生深远影响。

The study on aerogel market emphasizes on various types of aerogel, their corresponding applications, available forms, and regions. The report covers study of aerogel raw materials, primarily based on silica, carbon, and alumina. The report further briefs about polymer forms of aerogel. Aerogel types are categorized as per raw materials and processing methods. In addition, the report discusses various forms of aerogel available in the market. Two types of aerogels are commonly available in the market, virgin aerogel and fabricated aerogel. However, market estimations for virgin aerogel and fabricated aerogels are not considered in the scope of this report. From application perspective, the report analyzes the market according to intent of application and domain of usage, for example, building insulations.

There is a fast-growing need for anti-viral paints and coatings to improve quality in residential, commercial, institutional, and industrial applications so as to control the growth of mold and/or reduce the risk of healthcare-associated infections or community-acquired infections. A number of paint products on the market claim anti-viral functions. However, the current products have significant shortfalls, including weak activities, risk of resistance from virus, and difficulty in monitoring and extending the anti-viral functions once the coatings are applied. Increased demand during COVID-19 outbreak from medical and indoor air/HVAC application acts as driving factors for the market growth. However, lack in R&D activities and few demonstrated effectiveness of the coatings hinders the market growth. Meanwhile, the current pandemic has offered opportunity for new product developments and several opportunities for the industry growth.

The rapidly evolving pattern and shifting from mass beauty products to luxury premium products specific to the need of the consumer has provided enormous opportunities for new products entering the market. Vendors need to continuously evolve their products offering and increasingly invests in R&D. Consumers are more conscious of the latest trends in the cosmetics industry and are willing to indulge in new products. Thus, goat milk cosmetics being a new entry in the market has been proven successful for many brands.

二季度以来，随着各行业全面复工复产以及外贸出口的恢复，我国宏 观经济逐步复苏，化工行业景气亦迎来改善。三季度中信基础化工板 块整体毛利率为 21.64%%，同比提升 1.77 个百分点，环比提升 0.87 个百分点，盈利能力连续两个季度上行。今年受疫情影响，化工行业 固定资产投资整体下滑，但龙头企业仍保持了扩产态势。未来行业集 中度预计将进一步提升。随着化工下游需求的有望逐步复苏，供给面 则在环保、安监等高压下保持收紧态势，化工行业景气度有望呈现复 苏态势。

今年上半年由于疫情和油价双重冲击，下游需求低迷导致行业库存水平 整体处于较高水平。经过 Q2-Q3 国内需求的稳步恢复，行业库存水平已 经明显下降，进入被动去库存阶段。当前随着国内地产基建、家电、汽 车、纺服、农业等主要下游的需求复苏，以及全球疫情有望进入可控阶 段，海内外需求有望共振，行业将迎来景气上行周期。

多数美妆企业数字化转型基因相对匮乏，引进人才、搭建团队、绑定利益对处于变革浪潮中的美妆企业至关重要。珀莱雅/拉芳家化/壹网壹创/上海家化/丸美股份等陆续推出股权激励方案，有助绑定员工利益、激发活力。覆盖广度、激励强度、业绩可实现度是衡量股权激励的重要维度，激励之外，企业文化/组织架构/晋升通道等也是影响人才去留的重要因素。

20 年疫情对线下消费和服务冲击严重，随疫情防控有效，消费者信心恢复，服务业开启渐进式修复。消费者服务指数年初至今(11 月13 日)涨54.08%，中国中免（117.23%）/中公教育(137.16%)带动板块涨幅居前，酒店中锦江酒店上涨65.58%。

中泰核心推荐：医美针剂龙头爱美客;切中成分护肤需求的华熙生物；市场敏锐度优秀的珀莱雅；眼霜细分龙头丸美股份;业绩迎来拐点的御家汇；建议关注管理层变更的上海家化；差异化头部TP 壹网壹创；美妆TP 龙头丽人丽妆；母婴保健垂直TP 若羽臣。