经济增长是拉动行业景气的主要因素··········································································································································1
消费需求持续扩大，行业景气度维持································································································································1
供需缺口加大 行业经营环境优越······································································································································1
行业景气回升 周期性特征弱化··················································································································································3
石油行业的周期性弱化·······················································································································································3
全球石油化学工业发展的四个新特点································································································································4
未来油价判断：油价或在100 美元/桶止步·································································································································5
世界油价高位运行·······························································································································································5
供需基本面对油价影响弱化，投机炒作成主因················································································································5
国际油价的金融属性进一步增强········································································································································8
行业未来走势分析········································································································································································· 11
油价走向影响石化企业的盈利··········································································································································11
石油开采业情况分析·························································································································································11
炼油业情况分析·································································································································································12
成品油销售业情况分析·····················································································································································12
行业面临的挑战和机遇·····················································································································································12
估值及行业评级：国家石油公司的估值溢价····························································································································13
主要上市石油公司比较·····················································································································································13
国家石油公司成为石油舞台的主角··································································································································14
政策变化驱动的投资机会·················································································································································15
国内三大石油公司对比································································································································································16
业务结构比较·····································································································································································16
原油加工能力对比·····························································································································································17
化工业务对比·····································································································································································18
行业投资策略·················································································································································································18
重点公司推荐·················································································································································································19