巴斯夫关闭30 万吨TDI 装置，TDI 供给收缩。近期万华福建年产10 万吨TDI 装置永久关停，再加上巴斯夫关闭30 万吨TDI 装置，全球TDI 总产能从349.5 万吨缩减至309.5 万吨，缩减11%。TDI 新增产能方面，万华化学万华福建TDI10 万吨产能置换成25 万吨产能的扩建工作预计2023 年完成，沧州大化26.5 万吨新建产能暂无明确投产时间，除此之外TDI 几乎没有新增产能。目前TDI 供应情况，甘肃银光12 万吨装置重启时间继续推迟；烟台巨力5 万吨和3 万吨装置尚未重启；上海科思创装置降负运行。

长期维度下，光伏产业链由政策外生驱动转向由项目IRR内生驱动，长期景气度由需求主导。2015年以前，欧洲光伏补贴 上下调、欧美双反、欧债危机等因素阶段性主导光伏需求，进而推动板块演化；2015-2017年，成本逐步下降，政策面相 对稳定，板块超额收益拐点略早于需求拐点；2018年“531”新政后，光伏产业需求减弱扩产放缓，多晶硅价格持续下跌 至8美元/kg，长期景气度走低；2020年至今，平价预期充分打开板块空间，2021年硅料价格快速上涨，2022年化石能源 价格高企，光伏需求再上台阶，长期景气度上行。

化妆品板块：行业需求修复+格局优化，精选强α属性标的。1）需求 端：2023 年防疫政策优化叠加经济复苏，化妆品可选消费需求有望边际恢 复；线上化趋势延续，抖音优于淘系，功效护肤红利仍存。2）供给端：渠 道格局重塑、政策监管趋严背景下，具备研发/产品/渠道/营销/灵活组织等 综合优势的头部企业份额有望持续提升。建议重点关注：①重组胶原蛋白 产业链龙头-巨子生物；②国货美妆龙头-珀莱雅；③透明质酸产业链龙头- 华熙生物；④国货皮肤学级护肤龙头-贝泰妮；⑤国货美妆二线龙头-上海上 美。

The market study aims at estimating the market size and the growth potential of this market. Topics analyzed within the report include a detailed breakdown of the global markets for aviation lubricant by geography and historical trend. The scope of the report extends to sizing of the aviation lubricant market and global market trends with market data for 2021 as the base year, 2022 and 2022 as the estimate years and forecast for 2024 with projection of CAGR from 2024 to 2029.

The market study aims at estimating the market size and the growth potential of this market. Topics analyzed within the report include a detailed breakdown of the global markets for propene (propylene) by geography and historical trend. The scope of the report extends to sizing of the propene (propylene) market and global market trends with market data for 2021 as the base year, 2022 and 2022 as the estimate years and forecast for 2024 with projection of CAGR from 2024 to 2029.

The market study aims at estimating the market size and the growth potential of this market. Topics analyzed within the report include a detailed breakdown of the global markets for ethylene by geography and historical trend. The scope of the report extends to sizing of the ethylene market and global market trends with market data for 2021 as the base year, 2022 and 2022 as the estimate years and forecast for 2024 with projection of CAGR from 2024 to 2029.

The market study aims at estimating the market size and the growth potential of this market. Topics analyzed within the report include a detailed breakdown of the global markets for alpha-methylstyrene by geography and historical trend. The scope of the report extends to sizing of the alpha-methylstyrene market and global market trends with market data for 2021 as the base year, 2022 and 2022 as the estimate years and forecast for 2024 with projection of CAGR from 2024 to 2029.

The market study aims at estimating the market size and the growth potential of this market. Topics analyzed within the report include a detailed breakdown of the global markets for automotive engine oil by geography and historical trend. The scope of the report extends to sizing of the automotive engine oil market and global market trends with market data for 2021 as the base year, 2022 and 2022 as the estimate years and forecast for 2024 with projection of CAGR from 2024 to 2029.

The market study aims at estimating the market size and the growth potential of this market. Topics analyzed within the report include a detailed breakdown of the global markets for aerogel by geography and historical trend. The scope of the report extends to sizing of the aerogel market and global market trends with market data for 2021 as the base year, 2022 and 2022 as the estimate years and forecast for 2024 with projection of CAGR from 2024 to 2029.