Hot Rolled P&O as it is often called, is Carbon steel that has had the 'scale', that typically coats the steel after being formed, removed through the process of an acid bath. In order to prevent surface rust from forming after the process, the hot rolled steel is coated in an oil. The process of the acid bath is the 'pickling' Hot Rolled Coil are the Coil produced from liquid/crude steel. The process for the production of HR Coil is Melting and Reforming, also known as Hot-Rolling. HR Coil are made by uninterrupted rolling of steel at a high-temperature range, generally at 538 °C – 650 °C. The process is done by passing the metal sheet through rollers at high temperature, or above the recrystallization temperature of the metal. This hot rolled steel is also passed through a solution having a pH of less than 7. The metal sheets are passed through rollers several times to achieve the required thickness of the coil. Getting a desired hot-rolled product is difficult because steel starts shrinking as it gets cooled. After getting the product, pickling is done. Pickling is the process to remove the impurities and inorganic contaminants from Hot-Rolled Coil.

化妆品行业2022年1月1日~5月19日累计下跌3.06%、跑赢沪深300指数15.98PCT。从行业代表公司来看，13家代表公司2022年初至今均为下跌，其中跌幅位居前三位的分别为青松股份、名臣健康、丽人丽妆，分别下跌47.74%、40.85%、37.78%；跌幅位居后三位的分别为珀莱雅、贝泰妮、华熙生物，分别下跌7.22%、10.70%、19.27%。估值方面，当前（2022年05月19日）美妆公司、个护公司、代运营商估值水平（PE TTM）分别为51倍、56倍、20倍，估值均低于19年以来的历史平均水平（原料及制造商PE TTM为负值）。

我们认为磷酸铁锂的竞争格局存在形成资源—前驱体—正极的一体化商业模式的可行性。磷酸铁锂产品差异化相对较低，是成本驱动产品，下游较为分散，特别是储能领域方兴未艾，集中度较低。磷酸铁锂的应用特点有望为产业链上游构建话语权提供先机。

618大促擂响战鼓，供应链保障供货发货助力消费。2022年初至今，全国疫情多点散发，4月上海地区疫情态势严峻，居民出行受限，消费需求被抑制，社零数据美妆同比下降-22.3%，跌幅达近五年最大；受物流管控影响，叠加抖音、免税分流，4月线上天猫护肤GMV同比-11.8%。

2022 年4 月，化妆品（护肤、彩妆）线上平台数据表现不佳，其中淘系平台成交额为162 亿元，同比-22%。①上市公司方面：4 月头部美妆公司贝泰妮、珀莱雅等线上平台数据表现亮眼，珀莱雅/贝泰妮/鲁商发展/毛戈平的淘系平台成交额分别同比+34%/+22%/+23%/+11%；华熙生物/珀莱雅/贝泰妮京东平台成交额分别同比+91%/+66%/+39%。

磷酸铁工艺较为成熟，扩产难度较小，具备显著成本加成属性。由于磷源占磷酸铁成本50%以上，拥有磷源企业具备更好的成本管控能力。率先扩产，绑定下游客户或与成熟磷酸铁锂企业共同合作的一体化龙头公司具备先发优势，能够受益于行业高景气阶段的超额收益，并最终在成本战中脱颖而出。推荐：新洋丰、云天化；建议关注：川恒股份、兴发集团等。

农业景气周期，磷肥需求稳定增长。磷肥为磷矿石最重要的下游需求，占比超过65%，磷肥需求是磷矿石需求的压舱石。当前全球农业进入景气周期，预期磷肥需求稳定增长。1）国内磷肥的表观需求量或将趋稳。我国自2015 年以来持续开展化肥农药施用量零增长行动，磷铵表观消费量自2017 年以来不断下降，但下降速度已逐渐趋缓，考虑到当前的农业高景气以及国家重点强调粮食安全，预计22 年国内磷铵表观需求将趋稳。2）海外需求将是主要拉动力。2021 年我国20%磷酸一铵、46%磷酸二铵用于出口，海外农产品持续高价，带动磷肥需求量上涨，预计后续将拉动我国磷肥出口需求。3）当前在开工率维持高位的同时，一铵、二铵库存均快速下行至低位区间。

我们持续推荐以三氯氢硅、EVA、纯碱等为代表的光伏上游材料的投资方向。去年年底以来，随着多套多晶硅装置的投产，大幅拉动了三氯氢硅的需求，根据百川盈孚消息，三氯氢硅继续大幅调涨，光伏级产品价格上涨至27000 元/吨以上，商家报价达到28000-30000 元/吨。目前单月多晶硅月度产量已经达到5 万吨以上，未来还将保持较高的环比增速，因此多晶硅新装置投产和存量产能的日常补氯将大幅拉升三氯氢硅的需求，而今年光伏级三氯氢硅的供给非常有限，我们看好未来多晶硅产能持续投放下三氯氢硅的行业高景气度。

Ceramide is a type of lipid complex, which can be found in various glycolipids. Natural sources of ceramide include various plants such as rice, wheat, and soybean plants. It is widely used in cosmetics products to improve skin appearance and skin hydration rate. This study provides information on the application of ceramide in cosmetics, food, and other applications. The study is segmented on the basis of type (natural and synthetic), process (fermentation ceramide and plant extract ceramide), and application (cosmetics, food, and others). Additionally, the report also includes key drivers, restraints, and opportunities in the market. The study also includes in-depth information of value chain analysis and patent analysis in the market.

Imaging CRO: An imaging contract research organization also known as iCRO is an organization that provides medical imaging services during the process of drug development. Imaging CROs are the CROs dedicated to providing imaging trials services for different indications. These CROs also act as a third-party or outsourcing body when working in collaboration with another CRO that does not offer imaging trial services. Such organizations provide services to pharma, biotech, and medical device companies based on their own or their consumers' designs, formulas, and specifications.