TJX 作为品牌折扣零售龙头，壁垒在于优秀的模式和高效的运营。TJX 立于1976 年，其坚持正品折扣的运营模式，在全美零售业低迷时期销售额持续增长。TJX 对于国内百货业的两点启发。1）从平台思维到自营思维的转变。2）小型城市奥特莱斯或有发展机遇。

1 月淘系平台化妆品（含美容护肤类和彩妆类）成交额为189.22 亿元，同比+42%，主要因为去年1 月疫情导致基数较低，以及今年春节错位影响。其中美容护肤类同比+55%，彩妆类同比+20%。上市公司主品牌中，华熙生物旗下的润百颜增速亮眼。颜值时代下，化妆品近年来需求日益增长，加之国潮风起、新兴营销手段的推广，化妆品行业高景气度持续，维持行业“强于大市”投资评级。近期国内疫情控制良好，化妆品社零数据及线上数据持续高增，建议关注积极拓展品牌和品类矩阵、注重多元化营销以及全渠道布局的A 股化妆品公司。

Land survey equipment products, such as GNSS systems, total stations & theodolites, levels, 3D laser/laser scanners, unmanned aerial vehicles, and other equipment, are used for inspection & monitoring, volumetric calculations, and layout points in industries, including construction, oil & gas, agriculture, mining, disaster management, and others. The land survey equipment market is segmented into product, industry, and application. On the basis of product, the market is divided into GNSS systems, total stations & theodolites, levels, 3D laser/laser scanners, unmanned aerial vehicles (UAVs), and others. Depending on industry, it is classified into construction, oil & gas, agriculture, mining, disaster management, and others. Based on application, it is segregated into inspection & monitoring, volumetric calculations, and layout points.

本报告追踪的数据来源于阿里线上渠道的第三方爬虫数据，行业及品牌数据的统计范围是阿里线上数据（含天猫/淘宝/天猫超市/天猫国际），本报告数据主要反映阿里线上渠道的销售情况。2021 年1 月销售额保持高速增长的行业：膳食营养补充剂/婴幼儿奶粉/调味品/饮料，销售额同比增长约+77.9%/66.4%/56.6%/51.5%。我们认为消费者对产品的健康属性重视度提升，且可选消费场景亦有明显恢复，利好具有健康/便捷/社交属性的食品的中长期发展。

Industrial flooring is a chemical substance that is applied on floor. When dry, these chemical substances turn into hard substances, thereby providing walking surface. Industrial floor offers resistance to abrasion, water, and chemicals. They are waterproof, anti-vibration, and anti-static. In addition, these offer attractive finish to the floor and bare concrete. Industrial flooring is available in various options related to colors, material, and styles, thus increasing their adoption in warehouses, offices, hotels, and houses. They are used across aviation & transportation, manufacturing industries, healthcare facilities, and others. The report on the global industrial flooring market presents a detailed analysis of the trends, future estimations, and thorough study of the market depending on thickness, material, end user industry, and region. The report provides details about the various types of industrial flooring available in the market, which include light duty, medium duty, and heavy duty. The material covered in the study include epoxy, polyaspartic, polyurethane, anhydrite, and others. chemical, food & beverages, healthcare, transportation & aviation, and others are the major end-user industry in the industrial flooring market.

我们认为电商行业兼具效率和规模优势，对全球电商长期成长性和渗透率提升、龙头公司利润率爬坡具有充分信心。在有限分散的格局下，用户红利外溢将推动具备品类杀手特质的垂直赛道继续成长。从全球视角来看，重点推荐平台型龙头公司。

电商渗透率持续保持增长，信息技术推动零售行业不断变革。社零总额增速疲软，智慧零售是十四五时期数字经济发展的重要推动力。零售行业新业态新发展，电商直播等新渠道带来数据使用新场景。目前国内AI+零售产业格局大致可以分为互联网巨头和细分领域AI 技术服务商两大阵营。我们认为当前在政策、互联网巨头、AI 技术服务商等各方推动下，数字化和智能化正在颠覆零售行业。从发展阶段来讲，智能零售起步较晚当前还处于较为初级的阶段，但市场规模正在快速增加；从竞争格局来讲，阿里腾讯等巨头基于流量和支付优势正在迅速做大规模。

Hybrid fabrics is multilayer laminate that consists of more than one type of structural fiber. The hybrid fabrics consist of multiple fabrics including carbon/glass, glass/aramid, and carbon/aramid. The selection of hybrid fabrics solely depends on the specific application, such as for aerospace & defense and carbon/aramid fabrics are preferred for high temperature applications. The report focuses on hybrid fabrics and its major applications, including aerospace & defense, automotive, and wind energy. It analyzes the current market trends of hybrid fabrics and related products in different geographies and suggests the future growth opportunities for key market players. In addition, it highlights numerous factors that influence the growth of the global market such as key drivers, restraints, growth opportunities, and the role of different key players. Market segmentation based on fabric types of hybrid fabrics such as carbon/glass, glass/aramid, and carbon/aramid is also included, along with the quantitative data in terms of both value and volume.

A surge in the number of autonomous vehicles can be witnessed in recent years. The need to increase drivers’ safety and ease their driving experience has resulted in an increased number of autonomous vehicles. These vehicles are integrated with multiple sensors and data processors, such as cameras, to perform driver-assisted features. Therefore, an increase in the number of autonomous vehicles ultimately drives the adoption of high precision asphere lens in the cameras used in those vehicles. The usage of fully autonomous vehicles allows the drivers to utilize their journey time in performing additional activities like working, accessing entertainment, and thereby increasing the drivers’ comfort. Also, using fully autonomous cars may solve the industry’s manpower shortage. For instance, according to American Trucking Associations, the U.S. fell short of 48,000 truck drivers in 2016, and this number can grow up to 170,000 in the next ten years. With the help of driverless trucks, this shortage of labor can be slowed. The addition of self-driven vehicle fleet may lead to innovative modes of traveling/transporting. Users may use cars based on pay-per-use models, including car-pooling, cab sharing, and peer-to-peer car rentals. These factors are expected to reduce vehicle owners’ efforts and will, therefore, contribute to the growth in the demand for autonomous vehicles. Thus, given the advantages of autonomous vehicles, an upward-facing trend is anticipated in the coming years that would certainly increase the demand and consumption of the aspherical lens as they provide improved accuracy of the focal point, greater focal length range, and sharper and clearer image formation.

Heat transfer fluids (HTFs) are gases or liquids specifically manufactured for the purpose of transmitting heat from one system to another. These fluids are manufactured from highly refined petroleum, synthetically formulated hydrocarbons or siloxanes (silicone). They provide high temperatures at very low system pressures and also offer safety, low maintenance, and extended operating lifetimes as major benefits. The report mainly emphasizes on heat transfer fluids and their types, which include mineral oil, synthetic fluids, glycols, and others. The report also analyzes the current trends and future opportunities in several end-use industries such as chemical, oil & gas, food & beverages, pharmaceuticals, renewable energy, automotive, HVAC & refrigeration, and others.