2017年开年以来成品油消费增速总体持稳。在原油配额支持下,地炼成品油产量增长较快,国内资源总体过剩,给出口带来较大压力。2月份净出口量增长较快,但仍未能足额消化过剩资源,国内库存水平大幅上涨。随着国际油价震荡下行,国内油品价格两次下调,市场批零价差也略有缩窄。4月份来看,在汽车购置优惠力度退坡的影响下,汽油消费增速降中趋稳。工业基本面 Since the beginning of 2017, the growth rate of refined oil consumption has generally remained steady. With the support of crude oil quotas, refined oil production to refining has been growing rapidly with over-all domestic resources, putting more pressure on exports. Net export volume increased rapidly in February, but it still did not fully absorb excess resources and the domestic stock level rose sharply. With the international oil price shocks going down, the domestic oil prices dropped twice, the market wholesale and retail spreads also slightly narrowed. In April, under the influence of the retrogression of automobile purchase incentives, the growth of gasoline consumption slowed down and stabilized. Industrial fundamentals