本报告中的洗护发品类包含：洗发水、护发素、洗护套装、护发精华（含护发精油、发膜、免洗护发喷雾等）以及其它形态的洗护发产品，不含头发造型、染发、洗护发工具等产品。香氛洗护发品类：特指含有香水、香氛、持久留香、沁香、香发等任一功效或成份的洗发护产品。线上数据范围：B2C+C2C整体，淘宝、天猫、京东、苏宁、国美、当当、亚马（中国）、1号店、唯品会等综合电商平台以及考拉、小红书等垂直平台和微店、拼多多等社群电商平台。指标说明：本报告中的销量单位：件SKU；销售额=SKU销售件数*商品页面价；TGI：目标群体指数，[目标群体中具有某一特征的群体所占比例/总体中具有相同特征的群体所占比例]*标准数100，以100为强弱表现分界，数值越大特征越强。

In the perspective of the world reaching more than 9 billion by 2050, and the need to alleviate persistent hunger, nutrient management shall ensure the continuous increase in agricultural production. The need to improve food security has strongly influenced world high-efficiency fertilizers to demand over the years. Moreover, future demand is likely to be driven by a broader set of considerations, including the need to reduce the environmental impacts of nutrient losses. The yield and production of cereals and fruits have grown at comparatively higher rates when compared to the area under cultivation indicating a higher adoption rate of high-efficiency fertilizers. International Fertilizer Association (IFA) anticipates that in the next five years, world liquid fertilizer demand is likely to increase by 1.5% per year.

防水材料行业集中度不断提升，源自于三方面：1）环保政策淘汰落后产能，优化整个行业的产品结构；2）房地产行业集中度不断提升，集中采购力度加大，防水材料龙头企业受益；3）政府采购越来越严格，部分最低价中标被取消，政府优先采购清单也有利于鼓励企业生产更多优质产品。

当前国内疫情基本控制，但是下游需求仍未完全恢复，海外疫情持续发 酵，对国内化工品出口产生较大影响。一季度国际油价断崖式下跌，全 球化工品需求不振，国内化工行业库存明显提升，建议重点关注化工下 游刚需和新材料环节的投资机会。

近期受疫情和油价暴跌影响，化工品价格普遍进入下跌通道，然而蛋氨酸却成为 逆势上涨的“少数派”，价格较年初上涨 30%。我们认为这是因为其背后有强大 的供需格局支撑，并且随着供需边际改善，蛋氨酸的强势有望维持。

L 草铵膦浪潮来临，农户草铵膦使用成本将下降，估计市场规模达 10 亿美元，是草铵膦的 4-5 倍，同时 L 草铵膦行业集中度只会更高。

Cosmetic dyes are color additives that are used as coloring agent in various cosmetic products such as facial make-up, nail products, eye make-up, and other type of products. Lip products soluble in the medium in which they are used. According to The Ecological and Toxicological Association of Dyes and Organic Pigments Manufacturers defined dyes as “intensely colored or fluorescent organic substances only, which impart color to a substrate by selective absorption of light. They are soluble and/or go through an application process, which at least temporarily, destroys any crystal structure by absorption, solution, and mechanical retention, or by ionic or covalent chemical bonds”.

Agrochemicals are the chemicals used in the management of agricultural ecosystems and micro-organisms in the farming area. The use of agrochemicals is critical in increasing the crop yield. Agrochemicals include various fertilizers, herbicides, insecticides, fungicides, soil conditioners, and others. Fertilizers are used in the agricultural lands to increase the growth of plants and crop yield. The term agrochemicals may also include synthetic fertilizers, hormones, and other chemical growth agents, as well as concentrated stores of raw animal manure. The global agrochemicals market is segmented into type and region. Based on type, it is categorized into fertilizers and pesticides. Based on fertilizers, the market is bifurcated into synthetic and biofertilizers. Whereas, pesticides are categorized as insecticides, herbicides, fungicides, and other pesticides. Based on region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

Farmers are considered to be the backbone of the agricultural economy. Both the Indian and Chinese governments have been helping their farmers by providing subsidies toward farm machinery and equipment, which has helped farmers easily avail tractors and other farm machinery. Rising consumption of machinery and tractors drives the market for agricultural lubricants in these regions and will follow suit through 2024. The Indian government, in order to promote agricultural mechanization, launched the “Tractor Subsidy,” under which the government provides 25% subsidy for buying a tractor, power tiller, self-propelled reaper, paddy transplantation, and other similar self-propelled machines, specialized power-driven equipment, such as zero-till- seed drill, raised bed planter, sugarcane cutter planter, potato planter, potato digger, groundnut digger, straw reaper, strip-till drill, tractor-drawn reaper, cleaner-cum- grader, dryer, stubble shaver, mobile fruit harvester, and power weeder, etc. The ministry of agriculture, Government of India, has approved the list of tractor models up to 35 HP eligible for this subsidy program, and this scheme is open to all categories of farmers.

Acetic acid and ethylene when reacted with oxygen, in presence of palladium catalyst, produces vinyl acetate monomer (VAM). Approximately 80% of the VAM manufactured is used in the production of polyvinyl alcohol (PVA) and polyvinyl acetate (PVAc). Polyvinyl alcohol is used in the production of coatings, adhesives, textile warp sizing, and water-soluble packaging, whereas polyvinyl alcohol is used in adhesives, paints, textile treatments, and paper coatings. Increasing usage of VAM to make polyvinyl butyral (PVB) for laminated safety glasses in buildings and cars have propelled the demand for acetic acid. VAM is also used in the making of ethylene vinyl acetate and ethylene vinyl alcohol resins. Ethylene vinyl acetate resins are used in the manufacturing of heavy-duty bags, packaging film, wires and cable jacketing, extrusion coating, cross-linked foam, and hot-melt adhesives, whereas ethylene-vinyl alcohol resins are used as a barrier layer in automobile tanks and a gas barrier in multi-layered food and beverage packages.