行业基本面：供需格局持续改善，化工行业高景气度延续。2018年上半年化工行业供需格局持续改善，产能扩张缓慢，且持续的环保压力导致部分中小产能出清；需求端房地产、汽车、家电等行业增速保持相对稳定；成本端化工原材料原油、天然气、煤炭价格不断上扬，对化工产品价格维持高价位形成支撑，行业维持在较高景气度。在我们所跟踪的重点化工产品中，2018年上半年115个化工产品价格相比于2017年同期上涨，占比78.8%，30个品种的价格同比增长超过20%。2018年第二季度59个产品环比继续上涨，占比40.4%。

行业维持高景气，净利率创新高：2018年上半年化工板块营收入合计达21,995.73亿元，同比增长15.35%；归母净利润1,082.16亿元，同比增长52.10%；板块毛利率、净利率分别为19.29%和5.69%；ROE为5.50%，净利率创近年新高。主要源于供给侧改革持续推进以及下游需求向好，部分产品量价齐涨带来业绩提升。

7 月，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7.4%，增速和上年同期相比加快0.8 个百分点，原油加工量5075 万吨，同比增长11.6%，增速比上月提高3.6 个百分点，原油生产1585.5 万吨，同比下降2.6%；进出口方面，成品油出口量457.0 万吨，同比增长0.4%；进口原油3601.9 万吨，同比增长3.9%；价格方面，国际油价小幅回落，国内成品油价格一涨一跌；效益方面，1～7 月规模以上工业企业利润总额累计同比增长36.1%；投资方面继续疲软，1～7 月固定资产投资额累计同比下降5.0%。

Croatia approved a legal framework for the exploration of oil and the production of oil and gas in 2013. The Hydrocarbons Exploration and Production Act (ZIEU) framework was aligned with EU oil and gas regulations. An updated Hydrocarbons Law was approved in 2018. The Mining Act (ZR), which also came into effect in 2013, is another key regulatory framework governing the oil and gas sector.

The Ministry of Industry and Trade is the central state agency that deals with policy regarding the use of mineral resources, energy, gas, mining, crude oil and trade. The Ministry of the Environment enforces environmental laws in the mining sector and has the right to revoke exploration and mining leases if laws are violated.

6 月，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6.5%，增速和上年同期相比加快3.8 个百分点，原油加工量4978 万吨，同比增长8.0%，增速比上月下降0.2 个百分点，原油生产1585.0 万吨，同比下降2.3%；进出口方面，成品油出口量478.0 万吨，同比增长14.9%；进口原油3434.6 万吨，同比下降4.9%；价格方面，国际油价小幅回落，国内成品油价格两次下调；效益方面，1～6 月规模以上工业企业利润总额累计同比增长34.3%；投资方面继续疲软，1～6 月固定资产投资额累计同比下降7.9%。

As part of a broader energy sector reform to boost the competitiveness and efficiency of the domestic oil & gas sector longdominated by large state-owned enterprises (SOEs), Beijing is gradually opening up the sector to more private and foreign participation. The pace of reforms to date has been carefully managed. Despite calling for broader SOE reforms in the 13th Five-Year Plan, the government has since campaigned for a bigger, better and stronger SOEs, and in certain instances, have introduced policies derailing private sector growth. A case in point is the domestic refining sector. After being allowed to grow rampantly over much of 2015-2016, the country's independent teapot refineries are coming under increasingly government scrutiny amid allegations of tax evasion and the need to comply with stricter environmental regulations. Although they retain the option to import crude directly from international suppliers, the teapots remain banned from exporting surplus fuels, which leave many of these players largely at the mercy of the health of the overall economy and fuels demand.

A high degree of government intervention and an opaque business environment will erode Chad's attractiveness to foreign investors. Despite this, the 2010 production sharing agreements are reasonable in their proposals and clear in their framework.

Brunei has plans to expand exploration and production in the upstream sector. For the downstream sector, the new refinery and petrochemical complex at Pulau Muara Besar will support the further diversification of Brunei's economy from crude oil exports, creating new revenue streams from more specialised products.

中国化工品价格指数（CCPI）：本周涨幅2.0%，本月涨幅9.0%，年内涨幅6.6%，相比去年同期涨幅18.9%。一周涨幅较大的产品：尿素（大颗粒，美国海湾），+15.7%；维生素B12液相1%（国产），+13.2%；液氨（山东），+9.3%；PTA（华东），+8.4%；丁二烯（华东），+8.1%。一周跌幅较大的产品：硫酸（98%，长三角），-28.8%；PVA（1799絮状，安徽皖维），-21.3%；维生素D3（50万UI/g，国产），-7.6%；醋酸乙烯（华东），-6.7%；硝酸（华东），-6.6%。