核心观点：上周煤炭指数下降1.5%，沪深指数持平，煤炭板块表现弱于大盘。动力煤：本周动力煤价格大幅上涨至560 元/吨附近。目前来看一方面随着夏季高温到来下游电厂日耗在不断攀升，另一方面为准备迎峰度夏下游电厂库存也在累积，但目前位置相比去年同期仍有一定差距。后续在高日耗+中等库存的支撑下，短期动力煤价格可能会继续小幅惯性上涨。炼焦煤：当前下游仍以按需采购为主，产地各矿仍有不同程度库存积累，价格上调短期看较为乏力，炼焦煤价格短期预计偏稳为主。焦炭：当前焦炭市场保持强势，但近期铁矿、焦炭轮番涨价，钢厂成本压力陡增，后续若钢市继续走弱，钢厂盈利回落，生产积极性将会受到影响，从而制约焦炭上涨力量。短期焦炭价格预计以稳为主。投资策略：日耗攀升拉动煤价强劲上涨，看好高分红、低估值标的。

5 月份原煤产量3.19 亿吨，同比下降0.1%，日均原煤产量1028.52 万吨，环比下降4.2%。国家统计局公布， 2020 年5 月份全国规模以上原煤产量3.19 亿吨，同比下降0.1%，增速比1-4 月下降6.1 个百分点，5 月份日均原煤产量1028.52 万吨，环比4 月下降4.2%。1-5 月累计产量14.7 亿吨，同比增加0.9%。

2020年2月底至5月初，动力煤急速下跌，低点下探至红色区间。原因主要在于供需错配：受新冠疫情冲击影响，全社会用煤需求严重下滑；而在疫情控制后复工复产阶段，在国家能源保供的政策要求下，煤矿复工率率先恢复，煤炭产量快速提升，同时进口煤通关力度加大，造成煤炭供给严重过剩。

5 月煤炭供需迅速从3/4 月的严重供过于求扭转为供不应求，下游复工及来水偏枯导致需求同比大增，而供给方面的进口限制终于在量上体现，5 月港口及电厂去库，动力煤价快速反弹。

Air emission regulations and legislations, globally, have lasting effects on various markets of the world. The markets that predominantly use fossil fuels were the worst affected with these regulations, and these markets have started to adopt alternative fuel sources that show lesser environment impact. In such a context (with LNG being a relatively cleaner fuel), the market studied was valued USD 250.47 million in 2018, and it is projected to reach USD 760.31 million by 2024, at a CAGR of 15.91% over 2019-2024 (henceforth referred as ‘the forecast period’). The market studied has evolved over the past decade, driven by the growth in the global LNG usage, clean energy demand, and its ability to reduce greenhouse gases emissions. The order and delivery of LNG-powered vessels are growing and the reduced natural gas prices in 2014 have marked the beginning of expanding opportunities for such vessels. A gradual shift to LNG for propulsion is more advantageous, as compared to the traditional methods of fuelling ships with heavy fuel oil, marine gas oil, marine diesel oil, and others. LNG-based propulsion reduces carbon footprint significantly and increases the ship’s operational efficiency.

This report on the global tubing spools market presents a detailed analysis of the trends, future estimations, and thorough study of the market based on type, application, and region. The study estimates the revenue generated from the sales of various types of tubing spools, which include single tubing and dual tubing. In addition, the report focuses on tubing spool applications such as onshore and offshore. Moreover, the regional coverage of this market includes North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). It further provides insights on the drivers, restraints, and opportunities to understand the dynamics and potential of the market. Furthermore, the report provides information about the strategies adopted by the key players to sustain the competition and increase their market shares.

我们之前探讨过低油价下，烯烃成本曲线的改变。放在更大的范围内，能否用类似的“平价”思路或者“成本曲线”思路，对比不同能源类型的比价关系，以及低油价对成本曲线的重塑？

2020年1-4月，我国石油行业运行呈现以下特征。一是国际油价持续下跌对国内油气开采业产生了一定压制作用，开采业固定资产投资增速下降明显，跌入负值区间，加工业投资增速持续负增长但降幅有所收窄。二是原油价格下跌致使油气开采活跃度下降，生产活动减弱，开采业增加值增速持续放缓。国内实现整体上的复工复产，生产活动逐步恢复，加工业增加值虽持续负增长但降幅有所收窄。原油累计产量保持增长。临时停工或降负荷生产的炼油装置逐步向正常水平靠拢，原油加工量出现一定回升。三是减产规模不足以弥补需求下降的幅度，在需求疲软、供应过剩、存储空间短缺等多重利空因素叠加的作用下，国际油价“不升反降”。国内成品油价格受原油价格影响经历两次搁浅。四是原油累计进口量稳定增长，但增速下滑。2020年4月原油没有出口。成品油累计进口量持续负增长且降幅持续扩大，累计出口量保持增长。五是两大子行业企业经营困难。开采业的营收增速下降，利润增速大幅下降。加工业营收增速延续上月下降趋势且降幅扩大，利润总额依然为负，降幅明显。

Zeolites were first discovered in the 18th century as a natural mineral which has an exceptional adsorption property. Zeolites are crystalline solids structures made of aluminosilicates with variable Si/Al ratio, that form a framework with cavities and channels inside, where cations, water, and small molecules could get adsorbed or desorbed. Synthetic zeolite could be produced from natural minerals, such as natural zeolite, silica, and alumina. Due to their large pore volume, zeolite molecular sieves have an impeccable adsorption capacity and catalysis properties. Since the birth of synthetic zeolite, the application of synthetic zeolite has been greatly expanding. Zeolites molecular sieves are currently used in a wide range of industries, such as oil and gas, petrochemicals, wastewater treatmen t, environmental, automotive, pharmaceuti cal, a griculture, and aquaculture for the application of catalysis, separation processes, adsorption of Sulphur and nitrogen, prevent air pollution, etc. Zeolite catalyst consumption is dominated by the Fluid Catalytic Cracker (FCC) and desulphurization application in refineries, which accounts for more than 70% in value.