Globally, aerospace industry is witnessing restructuring process to achieve maximum efficiency and greater performance. The aerospace & defense materials market is poised for a positive growth owing to the factors such as rising passenger traffic, accelerated fleet replacement cycle, and rising need for lightweight materials to increase the aircraft efficiency. After nearly a decade of dominance, metals are witnessing an increased competition from composite materials. However, the buy-to-fly ratio of metals isn’t very attractive. Usually, only 10–20% of the total purchased metals is used in the manufacturing of aircraft. With complex designs, the buy-to-fly ratio deteriorates. However, composites represent a complete opposite case, as the wastage during processing is very less. Composites can be easily modified to alter their properties to obtain flexible designs. Increased demand for composites has stimulated the demand for titanium as aluminum corrodes rapidly when comes in contact with composite panels. However, composites won’t be able to entirely replace metals because composites cannot be used for many complex designs where metals are a suitable choice.

美国市场是仿制药替代品牌药的成功典范，但同时仿制药竞争激烈价格明显偏低，相比全球其他国家，仿制药处方量占比高而收入占比低，激烈竞争下，美国仿制药行业依然诞生了一批大型企业。Teva、Mylan、Sandoz是美国仿制药排名前3 的企业，2017 年仿制药收入分别为80 亿美元、64亿美元、46 亿美元，在美国的仿制药市场份额为13.30%、10.70%、7.8%

传统周期行业整体面临盈利压力。投资机会上整体看好新兴成长和部分渗透率逐渐提升的精细化工。

石油和化工行业作为中游行业和周期性行业，供给和需求的相对强弱，是主导行业景气度的主要因素。

17 年我国化妆品人均消费金额38 美元， 低于美国/日本/韩国的264/284/244 美元； 高端市场占比23% ， 低于美国/ 日本/ 韩国的33%/39%/45%；彩妆市场占比9%，低于美国/日本/韩国的18%/18%/16%。伴随消费者需求进阶，行业有望长期繁荣。