4 月，石化行业生产平稳，但消费较为低迷。市场价 格小幅上涨促进营收增长，利润环比有所改善。具体来看，生产方 面，石油加工、炼焦及核燃料加工业规模以上工业增加值同比增长 4.7%；原油加工量 5210.3 万吨，同比增长 5.1%；汽油、煤油产量同 比继续增长，柴油产量同比下滑，汽煤柴产量环比均下跌。进出口 方面，成品油出口量为 617 万吨，同比增长 20.5%。需求方面，宏 观经济压力和汽车行业低迷导致成品油表观消费量呈持续下滑态 势。投资方面，投资增速明显回升，固定资产投资额累计同比增长 17.40%，而上年同期为同比下降 7.7%。 

Fuel cells are currently one of the most efficient technologies that converts fuel to electricity. Fuel cells are used in a wide range of applications, including transport and emergency backup power applications. Typically, a conventional combustion-based power plant generates electricity at efficiencies of 33% to 35%, while fuel cells can generate electricity at efficiencies up to 60% and even higher with co-generation. Fuel cells are expected to be a major driver of distributed power, allowing homes and businesses to generate/produce their energy efficiently, as, and when, required.

The world economy is expected to underpin a solid increase in oil demand. Strong economies are anticipated to consume more oil, and the demand is expected to grow at an average of 1.2 mb/d per year during 2018-2023, oil demand reaching 104.7 mb/d, up by 6.9 mb/d from 2018. India and China, together, are expected to contribute around 50% of the global oil demand by 2023. During the period of downturn, capital budgets were remarkable lower than pre- 2014 level. Many of the integrated oil and gas companies and state-owned firms shifted their focus toward efficiency and adopting best practices.

Brent原油上涨35%、WTI原油上涨41%，主要受供给侧驱动，影响因素包括OPEC超预期减产、地缘政治紧张局势（利比亚战事、美国制裁伊朗）等 。

2018年5月开始美国宣布拟对伊朗实施制裁，2019年1月美国宣布不再向委内瑞拉出售石脑油，并禁止使用美国金融服务体系购买其原油；4月22日美国政府宣布在5月2日之后，将不再允许进口伊朗原油或凝析油的国家获得制裁豁免。

2019 年上半年，原油反弹，布伦特和 WTI 分别比去年底反弹 23%、27%。然而主要成品油和主要化工品价格表现较弱，大部分下跌，尤其是乙烯跌幅大。一体化和炼化上市公司盈利水平以 ROE 衡量，Q1 虽环比 18Q4 好转（因18Q4 跌价损失影响大），但相比 18Q3 的高点已经有所下行。