China’s cement industry is characterised by relatively low concentration and severe overcapacity. In 2018, China had about 3,500 cement enterprises. However, restrictions on adding new cement capacity have recently pushed cement manufacturers to expand their production through M&As. The economic imbalance between the coastal and inland parts of China is the reason for the unequal performance of cement producers from different regions. Most of them are located in the regions of the Yangtze River Delta, the Pearl River Delta and Southwest China.

Urea formaldehyde adhesives are widely used in the bonding/gluing agent in medium density fiber board applications. Rising demand for MDF from various wood working applications is driving the market studied. The wood furniture industry has witnessed a significant rise in demand, owing to the increasing trend of eco-friendly furniture. This is driving the demand for medium-density furniture in the global market, owing to the homogeneous density profile of MDF, which allows manufacturers of furniture to perform intricate and precise machining and finishing techniques for superior finished products. Residential construction is the major driving factor for the MDF market and is expected to remain the same over the forecast period, owing to robust demand from the residential sector.

Lubricant is a substance used to control or reduce the friction between two surfaces of engine component or machinery. Synthetic lubricants are formulated from synthetic base oil that replaces mineral oil from crude oil such as esters, Poly Alpha Olephine (PAO), and others. They are generally characterized as oily and liquid material not directly derived from petroleum but shows similar properties to petroleum lubricants. These lubricants help control the vehicle temperature by absorbing the heat generated by moving parts of the vehicle and transferring it to the sump or cooler. Collectively these factors help in enhancing the overall vehicle life cycle.

2019 年板块业绩呈下滑趋势，行业整体盈利能力大幅下滑。 2019 年全年中信基础化工行业实现整体营业总收入为 14646.57 亿元，同比增长 2.63%，整体增幅有所放缓；实现归 母净利润 297.56 亿，同比下降 70%，去除 ST 盐湖营收数据 后，基础化工实现归母净利润 763.18 亿元，同比下降 26%， 仍处于历史低位。2019 年中信基础化工行业 ROE 为 2.94%，同 比下降 72%，去除 ST 盐湖营收数据后，ROE 为 6.60%，同比下 降 31%；资产负债率为 50.27%,上升 1.54%。

化妆品大盘：社零当月同比转正，线上增长提速。2020 年 4 月限额以上化妆品 零售额同比+3.5%，在可选消费中率先转正，跑赢社零。从电商渠道看， 4 月 阿里全网护肤 GMV 为 139 亿元，同比+58.02%，增速同环比均有所提升；其中， 量+21.44%，价+30.12%。

4月护肤类阿里系GMV达124.95亿元，同增42.05%；本月阿里系GMV前十中，国产品牌有一个、国际品牌 有九个，本月国际护肤品牌整体表现较好。

化妆品板块上市公司 Q1 基本面虽然不可避免的受到了疫情影响的冲击， 但多数公司受影响程度好于此前市场预期，且板块龙头通过深耕线上， 优化供应链，强化营销，整体表现好于行业平均水平，在一季度化妆品 社零销售额总体下滑 13.2%的情况下，板块营收同比下降约 9.1%。而进 入 4 月，各品牌依托线上渠道，复苏势头靓丽，多数上市品牌的天猫旗 舰店 GMV 增速均有翻倍以上表现，远好于天猫大盘的整体水平。

2020年1月，中化集团和中国化工集团陆续将旗下农业业务资产注入新设立的先正达集团股份有限公司（2019年6月注册），其中 包括中国化工集团旗下的先正达股份公司（Syngenta A.G.，100%）、安道麦（74.02%）；中化集团旗下的扬农化工（扬农集团的 39.88%股权）、中化化肥（52.65％）、荃银高科，以及两化旗下其它农业板块资产等。我们初步测算，2019年先正达集团重组后 的年营收达230亿美元，其农药业务营收达155亿美元（Syngenta105.58亿美元），占全球作物用农药市场份额26.8%，跃升全球第 一，形成“种子、农药、化肥”现代化、一体化农业服务产业链。拜耳作物科学（121.74亿美元，原108.66亿欧元，21.1%）、巴 斯夫农业（71.26亿美元，原63.6亿欧元，12.3%）、科迪华（62.56亿美元，10.8%）分别位列全球第二至第四。

家居方面，竣工增速修复将驱动行业景气回暖，精装房渗透率 提升将使工程业务为家居企业提供增长动力，推荐欧派家居、 顾家家居；文娱用品方面，行业终端需求稳健，推荐零售端具 备渠道护城河、文创产品提升盈利能力以及新业务科力普、生 活馆快速发展的晨光文具；化妆品方面，受益“颜值经济”， 国内化妆品行业保持高景气度，国货龙头大有可为，有望通过 多产品、多品类、多品牌战略持续提升份额，推荐珀莱雅、丸 美股份、上海家化。

The bonding characteristic of adhesives can used to bind or affix different parts of medical devices such as bandage to human body, syringes, dialysis filters, blood bags and few others. In addition to their mechanical bond strength of medical devices, rapid curing of adhesives is used to allow high volume production of these devices. The rising market for medical sector is expected to remain a driving factor in the coming years. Further, the demand for healthcare industry is growing, owing to the rising income level, growing health awareness, increased precedence of lifestyle diseases and improved access to insurance. For instance, the hospital industry in India is expected to grow at a CAGR of around 16-17% to reach INR 8.6 Trillion by the year 2022, as compared to INR 4 trillion in 2017. Various lifestyle diseases and increasing health awareness would be the major contributors to the growth.