3 月,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 8.2%，增速较上年同期提高 7.0 个百分点；原油加工量 5151.3 万吨，同比增长 8.3%，增速较上年同期提高 2.4 个百分点；原油生产 1595.6 万吨，同比下降 2.2%。进出口方面，3 月我国成品油出口 669 万吨，同比增长 43.5%；原油进口 3917 万吨，同比增长 0.6%。从价格来看，国际油价小幅上涨，国内成品油价格进行了一次上调。投资方面，石油加工、炼焦及核燃料行业固定资产投资额累计同比下降 8.8%，投资疲软。消费方面，成品油消费放缓，同比小幅增长 2.2%。

1～2 月，石油加工、炼焦及核燃料加工业规模以上工业增加值累计同比增长 7.1%，增速较上年同期提高 7.0 个百分点；原油加工量 9340 万吨，同比增长 7.3%，增速较上年同期提高 3.0 个百分点。进出口方面，1～2 月我国成品油出口量累计 760.79 万吨，同比增长 4.6%，增速较上年同期大幅下降 17.0 个百分点；原油进口量累计 7289.96 万吨，同比增长 10.8%。从价格来看，国际油价区间震荡，国内成品油价格进行了 2 次上调和 2 次下调。

Several memorable events occurred and a number of important meetings were held in the oil sector of the region over the last 15 days of March: Iran and Azerbaijan have discussed the terms of a draft agreement on cooperation in developing some oil blocks located in the Caspian Sea. Among the blocks, there could be the Araz-Alov-Sharg project, which is frozen until the Caspian Sea status is agreed upon between Azerbaijan and Iran. The work on construction of the Trans Anatolian Natural Gas Pipeline (TANAP) to Eskisehir in Turkey is 99 percent complete. The announcement was made during the general meeting of TANAP Management Board in Ankara. The work on TANAP's section from Eskisehir to the Greek border is 80 percent complete.

In 2010, Turkey outlined five strategic energy themes it would work towards to lower energy costs and improve security of supply by 2023. Key aspects of the plan include improving energy efficiency by 20% and increasing renewable power generation to 30% of supply. Nuclear and coal power will also play a key role.

产业债利差变动：4月产业债拉长久期较为明显，后半月短端利差有所反弹。超短久期中，电气设备和建筑上行幅度相对较小；中等久期中，水泥、汽车和航运港口等利差下行；长久期中，航空机场、地产和汽车利差收窄。整体而言，上游和下游行业表现强于中游，中游行业一定程度上受到贸易战影响。行业比较模型的产业轮动规律显示，未来在经济底部上行的回调期，中性偏紧的流动性+紧信用的环境下，中游制造类行业（机械、电子、电力设备制造、汽车、航空、造纸、商贸）基本面改善，利差层面也具有较好的绝对收益。

我们共统计 325 家化工公司，2017 年化工行业收入同比增加 32.3%、营业利润同比增加 35.1%，归属母公司股东的净利润同比增加36.8%。2018 年一季度化工行业盈利能力进一步增强，营业利润和归母净利润进一步增长，一季度化工行业收入同比增加 20.3%，营业利润同比增加 32.5%，归属母公司股东的净利润同比增加 24.3%，虽然 2018Q1 化工行业营业收入同比增速略低于 23.6%的 A 股整体增速，但营业利润、归母净利润增速均高于 A 股整体增速。

Despite being a key oil and gas transit country, Slovakia has very limited domestic oil and natural gas resources and remains a small consumer of gas for power generation when compared to its larger Western neighbours. This is unlikely to change in the short term, with the outlook for oil and gas power generation very weak. The power infrastructure project pipeline remains dominated by nuclear power at present, with few other investments on the horizon.

The Saudi petrochemicals industry had 18.2mn tonnes per annum (tpa) of ethylene capacity and 7.0mn tpa of propylene capacity in 2017, providing feedstock for polymer derivatives such as polyethylene (12.22mn tpa), polypropylene (5.7mn tpa), polystyrene (375,000tpa) and polyvinyl chloride (405,000tpa). Saudi Arabia is, therefore, the world's third largest petrochemicals producer after China and the US.

The Supreme Council for Petroleum and Mineral Resources has been absorbed within the Council of Economic Development, which is headed by the Deputy Crown Prince, Mohamed bin Salman. The national oil company, Saudi Aramco, has been separated from the Ministry of Petroleum & Mineral Resources. Saudi Aramco is under the supervision of the Supreme Council of the Saudi Aramco Oil Company (SCSA). The SCSA is formed of 10 members: five from the board of Aramco and five others. The SCSA is chaired by the Deputy Crown Prince Mohamed bin Salman.

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