权益市场回顾：近两周（2023.4.11-2023.4.25），沪深300 指数 下跌3.46%，收于3963 点。SW 基础化工指数下跌7.46%，收于 3799.28 点。国际油价截止4 月24 日，WTI 原油和布伦特原油分别 为78.76 和82.73 美元/桶，较两周前分别下降3.40%和3.36%。 可转债市场回顾： 近两周化工行业可转债市场以跌为主，有60 只 个券出现下跌，仅有4 只个券上涨，分别是：天铁转债 （36.5%）、水羊转债（25.0%）、道氏转02（12.1%）、福新转债 （1.0%）。

随着疫情结束后消费者信心的不断恢复，2023 年3 月消费品市场复苏，社会消费品零售总额同比上升10.6%至37855 亿元。3 月化妆品零售总额为393亿元，同比上升9.6%。未来随线下零售环境回暖以及天气回暖，期待化妆品相关消费进一步恢复增长。近日浙江省政府新政策支持医美企业发展，行业进一步规范化。

本周，上证综合指数下跌1.11%，创业板指数下跌3.58%，沪深300 下跌1.45%，中信基础化工指数下跌4.29%，申万化工指数下跌3.65%。化工各子行业板块涨跌幅：本周，化工板块涨幅前五的子行业分别为印染化学品(0.96%)、合成树脂(-0.63%)、复合肥(-2.21%)、纯碱(-2.4%)、轮胎(-2.46%)；化工板块跌幅前五的子行业分别为橡胶助剂(-7.72%)、其他化学原料(-7.47%)、涂料油墨颜料(-7%)、钛白粉(-6.2%)、电子化学品(-5.75%)。

西南地区周期性停减产或成常态，云南气候干旱或致复产时间推迟、复产规模减小。今年以来，云南省平均降水量较往年同期偏少六成，为近10年同期最少，全省四成以上地区累计降水不足10 毫米；据云南省气象局监测，云南省85%的站点出现气象干旱，大部分地区维持中度到重度气象干旱，东部地区有特旱。据百川盈孚统计，一季度全国已减产量约120 万吨，其中90%以上位于西南地区；随着5 月份雨季的到来，电解铝产能会逐渐复产，考虑到云南今年干旱气候，电解铝复产时间和复产规模可能会受到影响，我们预计2023 年电解铝总供应量约4200 万吨，同比增长3%左右。

Home fragrances can create a pleasant atmosphere as well as mask odors. Scented candles; reed diffusers; room sprays; essential oils & wax melts; incense sticks & cones; and other products, such as potpourris, sacks & sachets, and scented ceramics, are types of home fragrances. These products are available in various colors, designs, and types, which can enhance the aesthetic of homes. Furthermore, the popularity of aromatherapy increases the demand for home fragrance products. Essential oils offer a comprehensive range of medicinal and therapeutic properties to help relieve headaches, aching joints, and stress and enhance skin conditions. Candles are the most common tools for aromatherapy. Lighting a candle is one of the easiest ways to scent a room and create a relaxing environment.

算力提升促使数据中心功率密度提高，对制冷系统提高更高要求；较 风 冷 技术，液冷技术具备多项优势，将成为未来主流；液冷数据中心市场规模快速增长，预计 2025 年浸没式液冷数据中心占比将达 40%；冷却液为液冷技术关键材料，国内企业迎发展机遇。

In recent years, environmental regulations have focused on reducing dependence on fossil fuel materials, and the importance of developing sustainable products has generated a tremendous demand for bio-based adhesives that are based on renewable materials, such as proteins, starch, and other natural resins. In the adhesive industry, bio-based adhesives are used as binding substances. Several vendors in the packaging, construction, wood panels, and OEM industries are seeking environment-friendly adhesive products. Therefore, it is important for adhesive manufacturers to deliver products with a lower environmental impact.

The growth of the beauty industry is being driven by the rapid expansion of digital channels that are attracting new customers willing to pay high prices for high-quality products. The rise in purchasing power in emerging economies offers international companies the chance to enter these markets with high-quality products, otherwise not available locally. Based on geography, APAC and North America dominated the industry, accounting for over 60% of the global active cosmetics market in 2021.

本周（4.3-4.7）石油石化板块上涨1.58%,市净率LF1.10xPB，基础化 工板块下跌0.84%，19.7xPE，全A市场热度周度+20%至日均交易额为12066亿元。截 至4月7日，美元指数下降0.48%至102.11，3月22日美联储加息25bps，符合市场预期,5 月加息预期25bps。国际油价方面，截至4月6日，WTI与Brent原油期货结算价分别为 80.70、85.12美元/桶，分别较上周+6.6%、+6.7%，两地价差本周有所放大。本周聚酯、 丙烯酸丁酯、芳烃及醋酸制取价差周度有所扩张，建议积极关注。