据悉，《关于加快推进天然气利用的意见》 (下称《意见》)已经结束意见征求，有望于近期出台。而河北、河南、山东等地政府也纷纷酝酿或已出台包含天然气在内的价格改革指导意见或者专门的天然气利用发展规划。在大气污染防治趋严、能源体制改革落地在即的大环境下，今年天然气新政将密集出炉。与以往相比，这一系列政策更为明确提出天然气改革措施，如 2017年将研究制定天然气干线管道价格、酝酿煤改气、油改气的补贴和财税优惠政策，鼓励在重庆、江苏、上海、河北等地开展油气体制改革试点等。

2 月4日，国务院对外印发《全国国土规划纲要(2016—2030 年)》，《纲要》对国土空间开发、资源环境保护、国土综合整治和保障体系建设等作出总体部署与统筹安排，是我国首个全国性国土开发与保护的战略性、综合性、基础性规划。在能源领域，《纲要》着墨颇多，并明确提出要构建能源安全保障体系。

我们看好城市燃气行业未来 2~3 年的投资机会。我们判断，中国天然气产业链的整体盈利规模，可能在未来三年间显著扩大。根据国家能源“十三五”发展规划，天然气可能将是“十三五”期间，唯一一个实现消费增速提速的一次能源。天然气消费量的加速增长，可能足以抵消产业链毛差的压力。而监管新政策，会在鼓励新投资和规范旧项目之间取得平衡，对城市燃气公司的负面影响可能有限。目前燃气板块低廉的估值水平，在长期利润趋势下很有吸引力。盈利增长再提速如果兑现，估值修复有望开启，板块龙头企业的远期市盈率可能重返 15 倍以上。

Operations in the oil and gas industry are divided into three major sectors: upstream, midstream, and downstream. Oil and gas companies in this industry are specialized in operations related to either of the three sectors. However, there are large integrated oil and gas companies, such as ExxonMobil, BP, and Chevron that have operations in all three sectors.

Stringent emission standards across the world are driving the adoption of electric fuel injectors (EFI) in two wheelers. These regulations have played a vital role in driving innovations in technology and have encouraged manufacturers to develop low-cost EFI systems. This trend has resulted in the adoption of the said technology in the entry-level two-wheeler market.Although most premium and high-performance two wheelers are equipped with EFI systems, the next target for manufacturers will be the high-volume mid and entrylevel two wheeler segment. This segment remains a price sensitive market and so Technavio expects manufacturers to refine the manufacturing processes to optimize cost.Advances in technology in the areas of mechatronics and compact designing will be the key focus areas from the perspective of OEMs.The market for two wheeler EFI systems is expected to peek until 2016. After which, it will witness declining growth rates until 2020, as the influence of adoption rates gradually fades. After 2016, the market will be directly correlated to twowheeler production by the end of the forecast period.Another factor influencing the market negatively is the rapidly-developing ecosystem for electric two wheelers, especially in China, which is the second largest market for two wheelers (after India). Although internal combustion engines (ICE)-powered two wheelers will hold high volumes by 2020, the market will have little impact.

中信建投石油化工最新观点： OPEC 达成 2008 年以来首个减产协议，拟将产量削减 120 万桶/日至 3250 万桶/日，协议将于 2017 年 1月开始执行，有效期限为 6 个月；同时，OPEC 与非 OPEC 产油国在维也纳达成了 15 年来首个联合减产协议，非 OPEC 产油国同意每日减产 55.8 万桶原油以配合 OPEC 产油国的减产行动。

16 年化工品价格出现整体性反弹，但氨纶价格和价差却分别下滑了 15%和 30%，期间价格甚至跌破 30000 元/吨，创出几年来的新低，无疑成为表现最弱的品种之一。但近期氨纶厂商连续提高报价，引发市场关注。我们以下将从供需、成本、价格三个方面分享一下我们对氨纶的研究观点，供大家参考。