投资建议。化工整体价格低迷，中性评级。建议关注：（1）基建受益标的天铁 股份、苏博特等。（2）农化受益通胀，农产品价格上涨，拉动农民种植积极性， 有利于提升农化行业景气度，建议关注：国光股份、中化化肥（港股）等。（3） 新材料建议关注：万润股份、濮阳惠成等。化工转债建议关注：博特转债、天 铁转债、光华转债等。

行业展望： 年初至今化工行业盈利加速下滑，主要受行业景气周期向下、疫 情影响需求、油价暴跌三重利空因素所致。中期来看需求仍将是最大变量， 建议关注内生增长动力强劲的行业龙头，及业绩持续增长确定性强且有估值 优势的优质成长股，推荐农化、电子化学品、尾气处理材料、食品添加剂、 钛白粉等细分行业。

5 月化工价格指数上涨4.5%，主要由于同期Brent 原油价格上涨40%以及国内复工拉动化工品需求改善。展望6 月，随着产油国继续执行减产，全球疫情缓解与复工继续深化，我们预计原油、化工品价格有望继续上涨。板块方面，看好涨价周期品：MDI、煤化工与农药；以及科技与产业升级主线的新材料：受益国产替代的半导体材料、国六标准带动需求快速增长的沸石与蜂窝陶瓷等。

合格证口径下，2020 年 4 月动力电池共装机 3.6GWh，同比-33.3%，环比+30.3%； 其中三元装机 2.5GWh，同比-26.4%，环比+16.6%；铁锂装机 896MWh，同比-39.5%， 环比+76.1%。

网创相关的天猫旗舰店5月gmv增长出现分化，宝洁/丸美官旗表现突出，同比增长40%以上，佰 草集/百雀羚/Olay官旗稍为逊色，分别同比增长-1%/-32%/-12%。

According to the CXOs, the waste management sector is anticipated to witness intense competition. This is attributed to rise in concerns regarding waste generation. Competitive and efficient waste management in developing regions has resulted in lower prices for customers/consumers. In addition, the fact that the waste management sector is a highly regulated sector acts as a major challenge for new entrants. The growth of the market is driven by factors such as increase in generation of waste and rise in insect population. Most of the waste management companies are using insecticides in large quantities, which in turn is expected to fuel their demand. To prevent the transmission of diseases through flies, the waste management companies are using insecticides.

本周大盘及轻工板块下跌。本周，上证综指下跌1.91%，轻工制造指数 下跌1.56%，跑赢上证综指0.35%，在申万28 个版块中排名第9。轻工 制造板块细分行业涨跌幅由高到低分别为：家用轻工Ⅱ（-0.47%）、造纸 Ⅱ（-2.22%）、包装印刷Ⅱ（-2.94%）。上周板块成交量上升10.88 万手， 周环比0.28%。个股方面，惠达卫浴（+40.18%）、开润股份（+9.98%）、 博汇纸业（+9.55%）涨幅靠前；*ST 金洲（-23.08%）、*ST 宜生（-18.18%）、 安妮股份（-13.35%）跌幅靠前。

CBD (known as cannabidiol) is an intoxicating compound extracted from marijuana or hemp plants. It is generally extracted in the form of powder and is usually mixed with various types of oils such as olive, coconut, or hemp oil, to increase the effectiveness of CBD in varied applications. CBD based products possess anti-inflammatory, antioxidant, and skin soothing properties. The presence of such outstanding properties in a single blend makes CBD as one of the key components in skin care and personal care products. The report scope includes market only for “cannabidiol” based skin care products. The scope does not include skin care products with labels other than “cannabidiol”. The report includes various type of skin care products manufactured with cannabidiol, namely, oils, cleansers, masks & serums, creams & moisturizers, and others. The others product type segment includes hair care, shave creams, shower foams, and bath bombs.

2020年1季度，化工行业相关政策密集出台，保障行业稳健运行。一是工信部开展工业节能监察工作，对石化行业的重点用能企业开展强制性单位产品能耗限额标准执行情况专项监察。二是塑料污染治理新政出台，不仅对消费端提出“限塑”要求，而且对生产、流通、消费、回收利用全过程中的各个环节都有相应规定，对行业而言，新材料、可降解塑料等环保行业将迎来利好。三是加强危化品安全生产工作意见出台，全面、系统地对危化品安全工作作出部署，为危化品安全治理开启新篇章。四是生态环境部发布10项行业《排污许可证申请与核发技术规范》，包括煤炭加工—合成气和液体燃料生产、化学纤维制造业、专用化学品制造业、日用化学品制造业等4个涉化行业。五是中办国办提出构建现代环境治理体系，从指导思想、基本原则、责任体系、监管体系、市场体系、信用体系、法律法规政策体系等方面都做出了明确部署。六是部分化工品出口退税率上调，将有效降低出口企业成本，提高化工企业出口积极性。