Polyurethane foam protective shipping pads and shaped cushioning (peanuts, disks, etc.) Industry: Urethane and other foam product (except polystyrene) manufacturing

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below:

Three types of displays are used in aircraft digital cockpit, including primary flight display, multifunctional display, and engine indicating crew alerting system display

EDTA serves as an anticoagulant in a vacutainer blood collection tube. Therefore, it averts clot formation. Ethylene Diamine Tetra Acetic Acid (EDTA) tube has a lavender cap as per International Standard and a red cap as per European Standard. It is the anticoagulant utilized for most hematology processes like recognizing and counting blood cells and blood typing. The EDTA blood sample can effortlessly last for at least 4 hours at room temperature and for a few days within the freezer. Also, it assists to conserve the morphology of the blood cells. EDTA tubes are utilized for most hematology treatments. The application of vinyl plastic blood bags and tubing in transfusion medicine is beneficial in the accumulation, processing, repository, and distribution of blood constituents.

Mining lubricants are essential to improve the performance of mining equipment and heavy-duty vehicles during mining. Mining lubricants enable the smooth functioning of the engine block, piston assembly, crankshaft, transmission assembly, gearbox, chain assembly, and other moving parts. Mining lubricants form a protective film between moving parts, such as pistons, engine blocks, crankshafts, transmission components, valves, gears, and others, when mining equipment and heavy-duty vehicles are in operation. Low lubricant levels in mining equipment and heavy-duty vehicles can lead to engine jamming, thus affecting the proper functioning of mining equipment and heavy-duty vehicles.

本轮锂价上涨的主要逻辑在于供需端的阶段性错配。新能源车和储能放量引领锂需求高增长，而上游受资源禀赋限制，锂矿扩产相对缓慢，从而限制了碳酸锂的供给放量。新增产能大多于2023年后投产，碳酸锂供需错配有所改善，但整体供需仍呈紧平衡。此外，市场普遍低估了海外劳工紧缺、环保限产、疫情等供应端扰动因素。而近期海外矿产政策收紧，我们认为碳酸锂价格中枢有望维持高位。

Transmission fluids are essential to improve vehicles’ performance as transmission transfers the power generated in engines to vehicles’ wheels. Therefore, transmission fluids enable the smooth functioning of transmission assemblies. Transmission fluids act as lubricants and protect the moving parts, such as clutches, gearboxes, propeller shafts, differentials and axles, and live axles, when transmission assemblies are in operation. Transmission fluids are essential for automatic transmission as they deliver engine power to the wheels. If transmission fluids are not maintained up to a certain level, it can lead to vehicle malfunctioning and gearbox jamming, thus affecting the proper functioning of vehicles.

2022 年全球经济增长放缓。2022 年1-9 月，化学原料与化学制品制造业、化学纤维制 造业、橡胶和塑料制品业等一级子行业营收及利润总额增速均有所回落。相比于此 前的库存周期，当前库存水平更高，且国内外需求均较弱，本轮主动去库存的周期 或延长。2022 年国际大宗商品价格大幅上涨后由高位波动下行，行业PPI 持续回落。 截至2022 年11 月18 日，重点跟踪的化工产品中2022 年年内均价较2021 年均价上涨 的产品占59.4%。

年度策略观点：明年整体景气 度存在下行可能性，部分产品价格存 在下行风险，重点关注细分赛道 选股思路：选取细分行业股票（重点 关注维生素、甜味剂、消费电子相 关、半导体材料、轮胎等赛道）

我国消费产品娱乐化趋势明显，医美行业发展空间较大。2014-2020 年， 我国医美市场规模由480 亿元增长至1795 亿元，CAGR 达到25%，是同期 美国医美市场复合增速的2.7 倍。对标美、韩医美高速发展阶段，我国医美 行业增速有望保持CAGR12%，到2025 年行业规模达到3478 亿元。