两化农业资产整合打响今年两化协同第一枪，此次整合将种子、农药、化肥三大农业投入品核心资产纳入同一主体，形成我国农业全产业链巨头。我们认为此次整合对提升我国农业竞争力实现农业自主可控有重大意义，并看好协同增效对参与个体的赋能。

Welan gum is used as an additive in the cement system, owing to its low viscosity, which reduces the fluid loss of the composition. It enhances the suspension properties of cement suspensions and is much effective at low concentrations. Welan gum enhances the cement workability when it rapidly hydrates, and the admixture is often used in post-tensioning grout, proportioning underwater concrete, and self-consolidating concrete. China was the major producer of cement with the production of 2,370 million metric ton, in 2018. As per the National Bureau of Statistics of China, the revenue of the construction sector registered a CAGR of 3.75% between 2013-2017 and was valued at CNY 39,765 million in 2017. In 2019, the country’s construction industry is expected to rise by almost 6%. The real estate investment, which includes investments in the residential and commercial sector and office spaces, rose by 11.6% between January-February, in 2019, compared to the same period in the previous year. The robust investment in the property sector was supported by the steady housing prices and an increase in property construction, which would stimulate the usage of cement and enhance the demand for welan gum in the country. The construction industry in the United States continued to expand in 2019, owing to a strong economy and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings. Additionally, other factors, such as Tax Cuts and Jobs Act of 2017 and the hurricane rebuilding in the southeastern region of the United States, contributed to the increasing activities in the construction sector of the country.

Indian economy witnessed a growth of 7.3% in 2018, as compared to 6.7% last year. In the last few years, the GDP growth rate trend of Indian economy has changed from being steady to strong and now to fastest in the world. Indian economic growth is fueled by the upswing in private consumption expenditure in the past few years. It is projected to remain robust and the investment growth is also expected to continue in the coming years. As per the analysis, the non-resilient segment holds the major share of the market, followed by resilient flooring and textiles (carpet and area rugs). The Indian textile industry has a noteworthy presence in both the Indian economy and in the international textile economy. The growth in the disposable income of the middle and lower middle-class sections of the society has led to continuous growth of the demand of textile in India. Home textile usually includes products, such as bedsheets, pillowcases, blankets, terry towels, upholstery, table clothes, carpets, and rugs. India provides a cost-effective model of manufacturing for textile players. As compared to the key competing countries, India has competitive labor cost, power cost, and water cost. The higher finance cost, compared to competing countries, is partially mitigated through various government policies, thus the effective cost of capital becomes comparable.

ncreasing construction activity in the infrastructure sector is the primary driver for the growth of the Indian construction sector. According to the IBEF, India needs infrastructural investments worth INR 50 trillion by 2022, to have sustainable development in the countr y. In India, the infrastructure sector is a key driver for the country’s economy and is highly responsible for propelling the country’s overall development. The Indian government has played an important role in developing world-class infrastructure in the country. Investments from the private sector are expected to show moderate- to-high growth, owing to the factors, such as increased stability in infrastructure projects, corporate deleveraging, and implementation of the Goods and Services Tax (GST). In 2018, the infrastructure sector in India witnessed private equity and venture capital investments worth USD 1.97 billion. The private equity and venture capital investments are expected to surpass USD 65 billion in 2025. In June 2018, the Asian Infrastructure Investment Bank (AIIB) announced its decision to invest USD 200 million in India’s National Investment and Infrastructure Fund (NIIF).

The reverse osmosis membrane is a semipermeable separating laminate used in purification of water from contaminants and excess of dissolve salts. Reverse osmosis removes many types of dissolved and suspended species from water, including bacteria, and is used in both industrial processes and the production of potable water. The result is that the solute is retained on the pressurized side of the membrane, and the pure solvent is allowed to pass to the other side. The reverse osmosis system does not require heat for the process to be performed, hence aids in conservation of energy. The report covers various types of materials, filter modules, and applications of the reverse osmosis membrane market. In addition, the report has been analyzed across North America, Europe, Asia-Pacific, and LAMEA region.

12 月份，化工行业运行整体依旧缓慢，工业增加值增速有所回升；1～12 月，化学原料和化学制品制造业工业增加值同比增长4.7%；出厂价格指数总体延续上年末下滑趋势，12 月化学原料和化学制品制造业出厂价格指数为94.6 点；行业投资增速连续回落，1～12 月化学原料和化学制品制造业固定资产投资同比增长4.2%；化工行业营收增速止增转降后降幅继续扩大，利润终结增长开启下滑走势，1～12 月行业利润同比大幅减少25.6%，较1～11 月扩大2.3 个百分点。

“成分党”的兴起标志着中国化妆品消费者正从粗放式购买向关注产品本质进阶，对护肤品的需求由基础向专业升级。广义上，有效活性成分浓度较高的护肤品均可称为功效护肤品，部分品牌具有皮肤科/药品/原料商研发背景，形成独特的品牌基因，被称为功能性护肤品，成为本轮护肤消费升级的最大受益者。

关注新冠肺炎疫情（以下简称疫情）和东非蝗灾对中期资产价格波动的影响。基于宏观自上而下的视角，目前我们的长期结论未变：全球经济潜在增长率受困于技术革新缺乏、人口红利消失等多重因素停滞不前。因此，在对大宗商品价格的长期判断上，相较微观供需结构呈现的基本面，我们会更悲观一些。短期全球出现了两个事件冲击：新冠肺炎疫情（以下简称疫情）和东非蝗灾，我们认为对全球经济的中期增长都有偏负面的影响。当前中国参与全球产业链分工角色更广泛，经济短期停滞对全球的冲击会在接下来几个月里显现；过去一个月，全球主要经济体长端的实际利率再度下行进入负值区间，部分反应了对中期经济增长的悲观。