Phosphoric acid serves as a popular ingredient in sodas, precisely in cola drinks. Along with its aptitude to preserve the integrity of the soda's recipe blend, the ingredient drastically reduces the bacterial growth while infusing the exceptional tangy taste to the cola soft drinks, fostering its desirability amongst food manufacturers. Despite rising concern against the detrimental attributes of soft drinks, the sector lays vast scope for the niche ingredients like phosphoric acid, pertaining to robust consumption share of cola-drinks in the overall soft drink industry. According to the Beverage Digest, the companies PepsiCo and Coca Cola together constituted about 68% of total carbonated soft drink market share, in the United States, in 2018. Since the companies primarily offer cola based soft drinks, the statistic portrays promising application of phosphoric acids in the end-product. Moreover, companies in order to promote their products and supplement their sales are constantly emphasizing on the fact that phosphorus acid when taken in small quantities causes no harm. For instance, Pepsi, in response to several epidemiological studies, stated a research finding about health-effectiveness of phosphoric acids. Additionally, companies like Coca-Cola are even comparing the incorporated phosphorus content with food products, including milk, rice, chicken, to gain consumer ’s confidence.

公司以“薇诺娜”品牌为核心，专注于应用纯天然的植物活性成分提供温和、专业的皮肤护理产品。公司以“打造中国皮肤健康生态”为使命，深入洞察消费者需求，以皮肤学理论为基础，结合生物学、植物学等多学科技术，持续进行产品研发和技术创新，不断向消费者提供符合不同皮肤特性需求的专业型化妆品，目前公司已成为全国领先的化妆品生产企业之一。

7 月10 日，国家发改委再次发布《关于扎实推进塑料污染治理工作的通知》，要求各省于8 月中旬前出台省级实施方案。由于成本较高，可降解塑料国内市场渗透率较低，此次地方政策陆续出台及剩餐打包有望推动国内市场打开。

海外钛白粉企业业绩同比大幅下滑。我们跟踪了海外主要钛白粉企业Q2业绩情况，同我们预期一致，20Q2海外市场冲击开始充分显现，海外钛白粉巨头业绩全面下滑，主因销量下滑的拖累。

上周基础化工板块下跌1.8%，沪深300 指数下跌0.1%，基础化工板块跑输大盘1.7 个百分点，涨跌幅居于所有板块第23 位。涨幅居前：沧州明珠、史丹利、金牛化工、龙星化工、海达股份；跌幅居前：安利股份、君正集团、航锦科技、宏大爆破、山东海化。

受空气、环境、压力、紫外线、刺激性食物等多种因素的影响，肌肤敏感等皮肤问题发生率也在逐渐提高，频繁化妆卸妆、滥用护肤品、微整医美等因素也为皮肤屏障带来一定压力，加之护肤意识提升，皮肤屏障修护需求预计仍将快速增加。随着垂直KOL 影响力增大，消费者教育日益成熟，习惯养成，电商又提高了产品可获得性，过去声量决定销量的现象也在转变，功效性化妆品渐受青睐，修护类化妆品凭借其扎实的功效具有高度粘性、复购率高，也更容易产生大单品。

近年来，环境保护已经成为全社会普遍关注的焦点，环境监测和环境治理成为环境保护的重要手段。而环境监测和治理，离不开一系列的专用材料、设备和仪器等环保装备的支撑。环保装备产业兴起于20 世纪60 年代中后期的工业发达国家，目前整体行业呈现蓬勃发展态势

Honeycomb sandwich is a structure with three layers, which offers high strength, stiffness, corrosive resistance, minimum raw material requirement. Increase in space and aviation activities across the world drives the market growth. These materials are widely used in the construction, automotive, and marine industries, as these provide remarkable mechanical properties and are lightweight, thus conserving fuel and reducing the weight of the marine vehicle. However, capital-intensive nature due to high cost of production and raw materials hampers the growth of the honeycomb sandwich material market. Meanwhile, 3D printing of honeycomb panels is expected to provide lucrative opportunities to the honeycomb material manufacturers.

未来全球乙烷供给的主要增量来自于美国页岩油气的伴生 液 NGL。我们在本文中梳理了美国乙烷的整个生产链，回 溯了各个环节近年产能，并对其生产瓶颈所在进行了分 析。2018-2019 年美国乙烷供应瓶颈集中在乙烷分馏环 节，2020 年美国大量分馏产能的投产将解决该瓶颈，新增 的码头产能也足够供应美国以外新增的乙烷需求。同时， 我们对美国当地及其海外的新增乙烷裂解项目进行了梳 理，得到中长期全球乙烷将保持供应充足，价格有望保持 低位的结论。

煤化工产品价格上涨，继续看好华鲁恒升。由于印度尿素供应短缺，7 月以来印 度两次进行尿素进口招标，带动国际尿素和国内尿素价格上涨，上周山东尿素价 格环比上涨 6.4%至 1,750 元/吨。目前尿素企业/港口库存分别为 25.6 万吨/15.8 万吨，处于近几年低位水平，同时企业持有预收订单，叠加国际尿素价格在印度 招标带动下继续向好，我们预计国内尿素价格短期有望继续上涨。由于行业内部 分企业装置停车检修及 DMF 企业转产盈利更好的甲胺产品等，导致 DMF 装置开 工率下降，市场供应偏紧且厂商挺价意愿较强，以及在下游刚需支撑下，7 月底 以来华鲁恒升 DMF 出厂价上调 1,000 元至 6,450 元/吨。上周 Brent 原油价格环比 上涨 3.4%至 44.4 美元/桶，但原油-煤炭价格比仍处于历史低位，我们预计随着 原油价格回升和化工品需求改善，煤化工盈利将继续回升，看好华鲁恒升。