Graphene composites feature superior mechanical properties, electrical, optical, dimensional stability with high temperature, along with impact, and flame resistance. Graphene can also be mixed with polymers, metals, and others, to develop composites that are resistant to extreme temperature, conductive, and others. For instance, inclusion of graphene with rubber enhances its conductivity, impermeability, and strength. The major applications of graphene composites are engineering materials for aerospace, renewables, and others. The report focuses on various product types of graphene composites such as polymer based, metal based, ceramic based, and others. Furthermore, the different applications are also analyzed in the study. These include sports & wearable goods, aerospace & defense, automotive, building & construction, energy storage & generation, and others.

全球能源消费结构均衡，可再生能源发展迅速。我国能源消费总量消费增速放缓。我国能源结构煤炭占比下降，非化石能源、天然气快速发展。天然气成为减碳过程中重要的过渡能源。成品油需求逐步见顶，化工需求成主要增长动能。控制煤炭消费总量，推进清洁利用。

页岩油产量占美国原油产量比例逐年增加。美国能源安全政策推动页岩油产业蓬勃发展。疫情影响叠加油价暴跌，页岩油公司自 2020 年起大幅削减资本开支。拜登能源政策或对页岩油企业产生制约。我们认为美国原油产量短期内增产幅度有限。

我们首次发布中金石化月报，有利于投资者更好的按月度频率详细跟踪原油、炼油、烯烃、芳烃与聚酯产业链上的重要指标，包括但不限于价格、价差、盈利指数、库存和需求数据。同时，我们亦就近期市场焦点与投资者展开讨论。

美债收益率快速上行，A 股迎来估值回调。2 月以来，10 年期美债利率大幅上行，先后升破1.1%和1.5%，超过了美国疫情集中爆发前水平。10 年期美债利率的快速上行，主要与海外经济加快修复、通胀预期升温等因素有关。作为全球资产定价的锚，截至2021 年3 月11 日，10 年期美债利率涨至1.53%，高估值资产持续调整，A 股市场估值迎来较大幅度的调整。

自春节后第一个交易日（2 月19 日）以来，石油化工板块和基础化工板块经历了大幅回调，石油化工板块下跌10.1%，基础化工板块下跌6.9%。3 月4 日，荣盛石化、华鲁恒升、扬农化工、龙蟒佰利、宝丰能源股价较2 月19 日分别下跌23.2%、20.6%、20.5%、20.1%、19.1%，一大批优质化工龙头企业自年后以来均出现了较大幅度的调整，估值也大幅回调。我们认为市场近期调整已基本到位，从板块估值角度看，经历了春节以来的市场调整，不论是PE 估值还是PB 估值，当前石油石化、基础化工估值分位均处于历史中等水平，相较于食品饮料、医药等高估值板块，石油石化、基础化工板块估值性价比更高，化工板块的反弹随时可能开启。

本文就加油站核心竞争力和国内加油站企业发展情况分析了加油站行业的竞争格局。就加油站的核心竞争力而言，低油价环境下，成品油的批零价差推动产业链利润向成品油零售行业转移，未来利润空间依旧可观。另外，加油站行业逐渐向零售消费类转型，优质服务和加油站规模化连锁的发展巩固了品牌加油站的竞争优势。就加油企业发展情况而言，国内加油站重资产和轻资产并行的格局中长期并行存在，在重资产发展的同时，拥有品牌优势的企业拥有向轻资产模式转型，向全国范围内快速扩张的底牌。展望2021 年，国内炼油产能增加，批发市场竞争加剧，终端成品油零售行业占据批零价差优势，获取较大产业链利润空间。我们坚定看好A 股加油站行业的投资价值，继续给予行业“看好”评级，推荐关注：和顺石油。

The major function of a seal is to optimize the performance of the machine, thereby increasing efficiency. These seals are predominantly used for commercial purposes in several industrial manufacturing machinery that involve high pressure and heat. The demand for oil and gas is high for robust sealing solutions owing to its versatile applications and harsh environment. Seals used in the oil and gas industry are expected to be strong and sturdy and so as to have reliable and efficient operations.

The global pump market is expected to grow continuously during the forecast period. Regions such as APAC and Europe are expected to witness significant demand in the market, followed by North America. However, the Middle East and Latin America are likely to develop opportunities with the opening of new water management, construction, oil & gas, and mining projects. Major economices, which include APAC, the Middle East, and North America are expected to take the most competitive industrial initiatives. Moreover, several manufacturing plants for LNG liquefaction and large plant for gas-to-liquids are in the planning stage in several countries, which are expected to generate a high demand for pumps in the oil & gas sector in the future with growth in the infrastructure.

储能产业过去几年处于0-1 的低基数发展初期，2020 年以来，政策的大力支持、新能源发电和电化学储能成本快速下降、商业模式的创新，促进产业快速发展。