Bunker fuel is the term given to any fuel oil used in marine vessels. It is poured into the ship bunkers to power its engines. The global bunker fuel market is segmented into type, commercial distributors, end user, and region. Based on type, the market is classified into marine gas oil (MGO) and residual fuel oil (RFO). Based on the commercial distributors, it is divided into oil majors, large independent, and small independent. Based on end user, it is categorized into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, and gas tanker. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The report also covers the strategies adopted by the key players in the market to sustain the competitive environment and to increase their market share. Sinopec group, Exxon Mobil, Royal Dutch Shell, BP PLC, and Total SA are some of the major players discussed in this report, which cater to the global bunker fuel market.

完全不同于当前市场对大炼化项目本身以及终端需求的悲观预期，我们认为国内民营板块的历史性结构利润飞跃即将到来，预期差巨大！

丙烯市场景气向上，看好PDH高盈利。丙烯需求端，全球丙烯需求增量主要来自亚太地区，聚丙烯进一步推动丙烯需求稳健上升。

从节前库存、节后开工恢复、库存去化三方面判断我国长丝景气已经开始恢复；产业链中游PTA库存低位，开工接近去年高位；加上上游炼化项目支撑，Q2积极推荐民营炼化龙头。另外，建议把握国家管网公司即将成立带来的三个方面投资机会。

我们回顾了2018 年PX-PTA-涤纶长丝产业链情况，并展望未来发展。我们认为，涤纶新增供给低于PTA 和PX，产业链盈利将向下游转移，看好涤纶行业供需改善，产品价差与估值同步修复，推荐龙头公司桐昆股份、恒逸石化。