化工行业 2020 中报业绩预告统计分析整体结论。根据 WIND 资讯， 截至 2020 年 7 月 15 日，化工行业有 128 家 A 股上市公司公布了 2020 年上半年业绩预告或者业绩快报，据此样本分析得出整体结论：（1） 行业整体归母净利润预计同比增长 12%；（2）单季度同比方面，Q2 行业归母净利润同比预增 66%；（3）单季度环比方面，Q2 行业归母 净利润环比预增 287%。

2020 年以来行业受疫情冲击较大。展望下半年，国内外需求或呈现不同程度 的复苏，供给端延续分化，油价大幅波动的概率很小。目前行业估值处于底 部区域。维持行业强于大市评级。

上月（2020.06）上证综指、深证成指、沪深 300 分别涨 4.64%、11.60%、 7.68%，化妆品板块涨 7.08%，跑输沪深 300 指数 0.60PCT。化妆品涨幅居 A 股全行业上游，华熙生物、上海家化、珀莱雅等涨幅居前。

2020 年 06 月淘系平台化妆品类（美容护肤+彩妆）成交额合计为 270.20 亿元，同比增长 50.20%。其中美容护肤类成交额 201.39 亿 元，同比增长 51.38%；彩妆类成交额为 68.81 亿元，同比增长 46.84%。

化妆品行业高速发展，ODM 尽享产业链红利。我国化妆品行业市场空间广阔，彭博数据显示 2019 年我国化妆品 市场规模约 4500 亿，近五年复合增速 8.6%，成长为仅次于美国的第二大化妆品消费国。化妆品行业的繁荣带动 了化妆品代工行业的发展，随着国产品牌的崛起，我国化妆品代工行业市场规模将进一步扩大，但行业格局分散， 集中度有待提升。

行业景气度复苏延迟，产业链利润进一步下移 2020 年上半年行业受到新冠肺炎和油价暴跌的双重影响，化工行业受到 严重冲击，具体表现在化工品价格和行业盈利能力都大幅下滑，供需错 配下库存处于高位，工业品主动去库存阶段被延长。需求端疫情短期冲 击明显，供给端新增投资断崖式下跌，但是上游龙头扩产依旧保持较快 增速，产业链利润进一步下移，特别是下游行业塑料、化肥农药、涂漆 涂料、电子化学品等子行业盈利状况继续延续 19 年以来良好趋势。

上半年水泥价格高开低走，全国水泥均价448 元/吨，同比下跌1%。全国水泥风向标的华东市场也呈现出高开低走的走势。六大区域市场中，西北涨幅最大、西南和东北跌幅最大。

The packaging industry is the largest consumer of hot-melt adhesives across the world, and this trend is estimated to continue during the forecast period. This is primarily due to the robust demand for packaging applications in both developed and developing countries. Hot-melt adhesives is one of the most common bonding mechanisms used in the packaging industry. EVA-based hot-melt adhesives are the majorly used adhesives in the packaging industry. It is applied along with paper, board, and plastic substrate-based packaging. They are applied in carton box sealing, paper bag assembly, and book-binding applications. They are also used in labeling beverage bottles and bonding tags and labels. The increasing organized retail sale, FMCG product sales, processed food products, and e-commerce sales are expected to increase the demand for EVA based hotmelt adhesives. Metallocene-based adhesives are used majorly in packaging of frozen food products. These are the another majorly used adhesives in the packaging adhesives market.  Amorphous polyolefin adhesives are majorly used in pallet stabilization, bottle stabilization, and in shipping tape. However, their presence in the developing market is limited due to their high-cost nature but significant in developed nations.

Liquid crystal polymer (LCP) is a super engineering plastic, with a combination of high strength, modulus and impact proper ties, flame retardance, resistance to a wide range of aggressive chemicals, very low and tailorable coefficients of thermal expansion (CTE), excellent dimensional stability, thin-wall flowability, and unique processability. This balance of characteristics is the main reason for electrical and electronics applications to have one of the major commercial end uses for these thermoplastics. With the miniaturization trend of many electronic products,manufacturers are streamlining devices to pack more features into smaller packages. For instance, the pitch (spacing) between contacts in electrical connectors is narrower than ever before, and as small as 0.2 mm, when compared to older-style power connectors, with pitches exceeding 12.0 mm. Nominal wall stocks have also thinned considerably, as the overall size of connectors has shrunk. These thin-wall designs pose a challenge during the injection molding of micro connectors for devices, such as iPads, robots, computers, cell phones, and satellites. A suitable material must withstand reflow soldering without distor ting, melting, or blistering, and (LCPs) prove to be the much-needed ticket when compared to other traditional polymers. For the same reasons, LCPs are also injection molded into integrated circuit (IC) sockets, high-frequency (HF) network switches, power modules for wind and solar inverters and converters, custom high-power electrical connectors, and many other precision devices.