中共中央总书记、国家主席、中央军委主席、中央财经委员会主任习近平 近日主持召开中央财经委员会第一次会议，强调加强党中央对经济工作的集中统一领导，并研究打好全面建成小康社会三大攻坚战的思路和举措。会议释放的一系列重要信号，吹响了加速向‚第一个百年目标‛冲刺的号角。

Bulgaria's energy market remains a comparatively challenging place to operate with continued cases of fraud being investigated in both the upstream issuance of licences, and in the transparency of downstream exports. Bulgaria's Commission for Protection of Competition (CPC) opened a formal investigation in February 2016 against seven petrol and diesel fuel retailers in addition to the Neftochim refinery. These retailers are suspected of entering a price-fixing cartel and abusing its dominant market position on the wholesale market. Following the eight month investigation, the CPC said in October 2016 that it had found evidence of a cartel agreement between fuel retailers Shell Bulgaria, OMV Bulgaria, NIS Petrol, Eco Bulgaria, Lukoil Bulgaria and local petrol distributor Petrol. Nevertheless, no mention was made of the Lukoil Neftochim refinery. In May 2017, Neftochim was cleared from the investigation, with no signs of wrongdoing.

Croatia approved a legal framework for exploration of oil and production of oil and gas in 2013. The Hydrocarbons Exploration and Production Act (ZIEU) framework was aligned with EU oil and gas regulations. The Mining Act (ZR), which also came into effect in 2013, is another key regulatory framework governing the oil and gas sector.

Colombia's business environment in the oil and gas sector improved over the past decade, particularly due to the partial privatisation of state-owned Ecopetrol in 2003. The government's attempts to improve the country's security situation, particularly regarding the Fuerzas Armadas Revolucionarias de Colombia (FARC) guerrilla group, also led to increased foreign investment into the country over the past decade, translating into record oil and gas production growth. Continued progress, however, has grown increasingly tenuous as a result of weak below-ground rewards amid a lower oil price environment. With large direct investments still needed to ensure growth within the sector, we note that less favourable project economics will undermine private sector investment over the coming decade. Furthermore, while attacks on oil pipelines have declined versus years past as a result of the ongoing FARC disarmament, such disturbances continue to negatively impact the investment appeal of Colombia's hydrocarbon resources.

重点推荐 2018年无新增产能，产品价格 仍在上涨通道的有机硅龙头新安股份；民营大炼化前期调整较多，涤纶长丝 价差修复显著的桐昆股份等；海外不可抗力陆续解除，产品价格仍维持高位 并且仍在上行通道的神马股份；从行业配置角度，其他化工白马龙头仍可关 注；成长股方面，国家政策不断对科技创新加码，集成电路等行业反复提 及，我们继续强烈看好平面显示以及半导体化学品的投资机会，属于典型的 趋势性资产，重点关注飞凯材料、三孚股份等（详见我们 5篇电子化工品系 列报告）。

从重点监测的产品价格变化来看，有机化工、无机化工、聚氨酯等板块相关产 品在 1 季度的景气度较高，其中 1 季度产品均价同比涨幅较大产品主要集中在 氟化工、有机硅、醋酸、聚氨酯、甲醇、磷化工、钾肥（含复合肥）、聚醚、 环氧丙烷、烧碱等子行业。考虑到相关公司业绩的持续改善，我们推荐关注氟 化工（巨化股份）、有机硅（新安股份）、醋酸和己二酸（华鲁恒升、鲁西化工）、 聚氨酯（万华化学）、 PTA（恒力股份）等行业和公司