民营炼化成为国内炼化行业主要扩产方向，炼化一体化程度持续加强的趋势不变。我们梳理了国内炼化行业的五大趋势：1）国内炼油产能继续增长，民营炼厂持续崛起；2）国内炼厂结构性过剩，平均规模仍较小，优化空间巨大；3）国内炼厂开工率上升，炼油单吨毛利下降；4）炼化一体化趋势持续加强，化工品产率快速增加；5）民营大炼化项目集中投产，行业话语权提升。

Graphite is a mineral of carbon used in the various applications such as electrical vehicle, refractories, foundry, lubricating agent, construction applications, and others. The increasing use of graphite in the above-mentioned industries is owing to its several advantages such as reduces wear, easy to machine, thermal shock resistant, high metal removal rate, and others. Graphite is a non-metal but possess metallic properties such as high stiffness, strength, good conductor of electricity & heat, and others. There are two different forms of graphite, which include natural graphite and synthetic graphite. The global graphite market is segmented on the basis of type, application, and region. Depending on type, the market is bifurcated into natural graphite and synthetic graphite. The natural graphite segment is further subcategorized into flake graphite, amorphous graphite, and vein graphite. The synthetic graphite segment is further classified into graphite electrode, graphite block, carbon fiber, graphite powder, and others. Based on the application, the global graphite market is segmented into lubrication, refractories, foundry, battery production, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

截止2020 年9 月3 日，布伦特原油期货结算价为44.07 美元/桶，WTI 原油期货结算价为44.37 美元/桶。2020 年受疫情影响及供给过剩，油价大幅下跌。展望后市，我们判断国际油价在需求回暖、协议减产等背景下全年有望保持中位运行，预计布伦特中枢在40 美元/桶左右。

化工品需求增速大于油品需求增速刺激原油直接制化学品技术发展：受经济增速、经济结构变化和新能源等因素的影响，长期来看全球石油需求增速呈下行趋势。同时，石油消费结构发生变化，用于化工产品生产的石油占比呈上行趋势。化工产品的需求增速远大于油品需求增速是炼油行业产品调整的源动力，是原油直接制化学品技术（COTC）诞生的根本原因。炼油技术会随着产品需求结构的变化而演化，目前中国民营大炼化是全球最先进的一批炼厂，化工产品的收率可以达到50%以上。我国的炼化企业正从生产成品油向多产高附加值石化产品转变。

8 月份，在货币宽松的大背景下，全球市场持续上涨。A 股在经历了7月份的大涨以后，在高位震荡调整。上证综指上涨2.59%，深成指上涨0.88%，创业板指下跌2.40%。

2020H1 行业业绩回顾：受疫情油价双重影响业绩下滑明显。上半年石油石化行业实现营收23716.37 亿元，同比下滑23.65%，归母净利润亏损380.13 亿元，同比下滑150.21%。业绩增速大幅下降主要系国际油价大幅波动及受新冠肺炎疫情的严重影响所致。行业销售毛利率下滑9.16pct 至15.66%，净利率下滑138.82pct 至-1.18%。净资产收益率为-1.67%，同比下滑150.91%。

化工品国内需求总体平稳，而电子化学品、新材料等化工品进口替代进程 延续；供给端新增产能总体可控，且主要由龙头企业扩产，行业供给侧面 临重构；国际油价深跌之后企稳反弹，有望带动化工品价格探底回升，部 分偏下游的子行业伴随需求企稳回升，在低油价条件下盈利有望明显改观。

本周受美国墨西哥沿岸飓风等因素影响，原油市场升温，油价小幅收涨，布伦特和WTI 原油期货价格分别收于45.09 美元/桶和43.04 美元/桶。美元指数交投于93.01 附近。

The propane is used as an alternative transportation fuel owing to the high-energy density, clean-burning qualities, and relatively low cost than gasoline, diesel fuel. As the gasoline prices are rising, propane offers viable option as an alternative-fuel source. For instance, on May 2019, the national average price per gallon of propane autogas was USD 1.45. The national average cost of regular grade gasoline was USD 2.86. Owing to such increasing price in the gasoline, the demand for propane is likely to increase in the transportation sector. Also, various proposals has been initiated to replace the diesel vehicles. For instance, a Request for Proposals (RFP) for USD 12,961,400 introduced for school bus replacements by replacing diesel school buses to propane school buses. Such initiatives are boosting the demand for the propane market over the forecast period. Furthermore, in the residential sector, propane is widely used for heating and powering certain appliances. Applications, such as barbeques, water heaters, clothes dryers, stoves, etc., run by propane. As propane is affordable, cleaner alternative to oil, cheaper than electricity and more effective than natural gas, the demand for propane in residential sector is surging.

Graphene, the first 2-D carbon material in the world, also known as the "wonder material," is well suited for many applications. Graphene is resistant to fire, an effective conductor, extremely versatile and 200 times stronger than steel and a substance of ultra-lightness. In addition, graphene is regarded in the chemical industry as an effective catalyst because of its properties such as high surface area and adsorption power. Growing demand for chemicals worldwide is expected to increase graphene demand and thus, drive the growth of the global graphene industry. The report on graphene exclusively focuses on current market trends and future growth opportunities of various types of graphene such as mono-layer & bi-layer graphene, few layer graphene, graphene oxide, and graphene nano platelets. Based on application, the market is divided into RFID, composites, sensors, research & development, energy storage, functional ink, and polymer additives. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.