2020年上半年行业营收保持微增。SW化工板块（剔除SW石油化工） 2020H1实现营业收入9304.67亿元。上半年化工品价格出现较大程度下滑， 但由于2016-2018年化工景气周期内新增在建产能逐步转固转产，量增价减 带动行业营收同比微增0.3%。

我们的投资主线可以分为传统和新材料两条主线，传统主线中我 们建议关注低估值优质龙头（产业链一体化）及近消费端细分领域（钛 白粉、高倍甜味剂），新材料主线中建议关注国产替代的优质子行业（胶 粘剂行业、碳纤维、半导体材料、尾气处理材料等）。基于行业整体现 状，我们维持基础化工行业“中性”评级。

阿里全网：8 月护肤同比增长 23%。2020 年 8 月美容护肤/美体/精油品类 GMV 为 141.1 亿元，同比+23%，8 月淡季增速环比下降 10pct。 分品类看：乳液面霜、面部精华增速快。乳液面霜、面部精华同比+57%、5 4%，洁面、化妆水 GMV 同比增长超 30%。面部精华、化妆水、乳液面霜、眼 部护理维持升级趋势。

20H1 化妆品行业恢复速度优于社零，线上渠道高增长支撑多数龙头经 受住疫情考验，Q2 普遍展现良好复苏态势，建议积极关注行业各环节 优质龙头。

The firefighting foams are mixture of air, water, and concentrates that suppress fire by forming a layer that shield between fuel/source and oxygen. Significant increase in fire related accidents especially in the oil & gas industry surges demand for efficient safety measures such as firefighting foam, which drives the market growth. Furthermore, stringent rules & regulations by government that mandate fire safety measures also boosts the demand for firefighting foam acting as driving factor for market growth. However, rise in awareness toward presence of PFOS and PFAS in firefighting foam contaminating drinking water sources have led to introduction of acts and laws that restricts the usage of fluorine-based firefighting foam use, which hampers the market growth. Meanwhile, R&D activities regarding fluorine-free firefighting foam is expected to offer lucrative opportunity for industry growth.

Expanded polypropylene foam is an environmentally-friendly product, it can be recycled easily, and is 100% non-toxic. Recycling of polypropylene is emerging as an important, and economically viable option on a large scale. The recycling process involves five steps, namely collection, sorting, cleaning, reprocessing by melting and producing new products from recycled PP. Thus, the first three steps are the same as recycling most other commodities. However, the last two are critical. In the reprocessing phase, collected PP products are fed into an extruder, where it is melted at 2,400 °C and cut into granules. These pellets are then ready for use in the production of new products.  Efforts to improve polypropylene recycling have been ongoing which will aid the EPP foam market to expand during the forecast timeframe. Nextek Ltd, a UK-based plastic design and recycling consulting company has invented an innovative process to decontaminate food grade polypropylene for reuse in a closed loop back into food packaging. The Nextek developed process involves two steps: The first phase involves melting PP at nearly 250 °C to get rid of contaminant molecules. The second and last step includes removing residual molecules during under vacuum and solidification at about 140 °C. The products made following this process can be blended with virgin PP at a rate up to 50%.

金九银十，当前化工行业进入了需求旺季，基建地产上半年高资本开支逐渐落地，汽车和家电等需求逐步恢复正轨，国内行业库存消化PPI 上行，海外出口显著恢复，多因素催生下，部分化工品基本面出现反转。

前言：2020 年H1，钛白粉行业上市公司相继披露中报，尽管受疫情影响，放眼全球，我们看到中国钛白粉龙头企业的崛起。

中ma国ry＃化 工品价格指数（CCPI）：本周 CCPI延续涨势，较上周上涨 3.3%，较上月同期上涨6.2%，年内跌幅8.3%，相比去年同期下跌13.2%。

Chemicals or substances that are added to the asphalt in order to alter the final outcome of concrete are known as asphalt additives. Benefits of these additives include reduction in stripping, life cycle costs, cracking, raveling, permanent deformation and pavement thickness. Different types of these additives include PAC, multi grade asphalt cement, polyester modifier and novophalt. They are generally used in sidewalks, road surfaces, parking lots and airports The report on asphalt additives focuses on various trends associated with growth factors of the asphalt additives market. Moreover, it provides information on various types of asphalt additives such polymerized asphalt cement, novophalt, multigrade asphalt cement, polyester modifier and others, and focuses on their market potential. In addition, the report includes analysis of applications, which include road construction, road paving, airport runway, parking lots, roofing and others. Furthermore, the report analyzes the various drivers, restraints, and opportunities in the asphalt additives market, which further increase consumer acceptance across various regions. In addition, the volume and revenue of the market is provided in the report in terms of kilotons and $million.