中国低硫燃料油供需和政策概况

1.1

中国燃料油需求与政策周期紧密相关Chinafueloildemandcyclecloselyrelatedtopolicies-30-20-1001020304050600100020003000400050006000中国燃料油需求量（统计局年度口径）China

Fuel

Oil

Demand总量,万吨 AnnualDemand,10000

Tons同比,右轴

YOY,

Right

Axis数据来源：

国家统计局

中信期货研究所 DataSource：NationalBureauofStatistics,CITICFutures

ResearchGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM QualificationNo.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.2000-2004中国经济带动燃油发电和工业需求ElectricitygenerationandIndustrialdemand

increasewithChina

economy2005-2008节能减排政策需求大幅回落Energysaving

policyreduceFO

demand2009-2014地炼以燃料油作为原料加工需求增加PrivateRefineriesincreasingly

useFOas

feedstock2015-2018燃料油消费税上调需求放缓FOtax

rateincrease,demand

slowdown2019-2022低硫政策和海运发展推升船燃需求LowSulfurpolicyandshippingindustrydevelopment

increasebunker

demand*

统计局年度数据截至2020年。月度数据口径2021和2022年表观需求同比增速为22%和18%。电力需求：2005年后环保限制持续回落石油加工：2010年随地炼发展快速崛起交通运输：随船运贸易量持续增长其他行业：高耗能工业需求减少0%10%20%30%40%50%60%中国燃料油需求行业占比ChinaFuelOilDemand

Percentage交通运输Transportation石油加工Oil

Refining电力Electricity其他Others1.2

国内需求由发电转向炼化再到船燃Domesticdemandshiftedfromelectricitytorefiningto

bunker0100020003000400050006000中国燃料油需求行业ChinaFuelOilDemand

Area万吨10,000

tons*仅为国内燃料油需求，不含保税船燃需求。Domestic

demand

only,

bounded

bunker

notincluded.数据来源：

国家统计局

中信期货研究所 DataSource：NationalBureauofStatistics,CITICFutures

ResearchGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM QualificationNo.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.交通运输Transportation石油加工Oil

Refining电力Electricity其他OthersElectricitydemand：Droppedsignificantlyafter2005

duetoenergysavingandenvironmental

policies.OilProcessing：

Feedstockusageincreasedafter2010withthedevelopmentofprivateowned

refineriesTransportation：

ContinuousgrowthwithtradingvolumeDecreasingdemandofotherhigh

energy-consumingindustries2000s：电力和工业需求集中在广东2010s：地炼原料加工需求山东最多2020s：需求重心随船燃转移至沿海0%70%60%50%40%30%20%10%80%90%100%

中国燃料油需求地区

ChinaFuelOil

Demand1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019山东 广东 上海 浙江 辽宁 其他Shandong Guangdong Shanghai Zhejiang Liaoning Others*仅为国内燃料油需求，不含保税船燃需求。Domestic

demand

only,

bounded

bunker

notincluded.数据来源：

国家统计局

中信期货研究所 DataSource：NationalBureauofStatistics,CITICFutures

ResearchGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM QualificationNo.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.1.3

国内需求由广东转向山东再到沿海港口DomesticdemandshiftedfromGuangdongtoShandongto

coasts2000s：Electricityandindustrial

demandconcentratedin

Guangdong2010s：Shandonghasthelargestfeedstock

demandwiththemostprivateowned

refineries2020s：

Bunkerdemandincreasecoastalcitiesshare0%10%20%30%40%50%60%0100020003000400050006000新加坡船燃销量Bondedbunkersalesin

SingaporeHSFO VLSFO MGO OTHERS VLSFO/TOTAL100%90%80%70%60%50%40%30%20%10%0%0500100015002000250020172018中国保税船燃销量Bondedbunkersalesin

ChinaVLSFO2019

2020

2021HSFO MGO2022 2023Q1VLSFO/TOTAL万吨10,000

tons万吨10,000

tons2014201520162017201820192020202120222023

Q11.4

中国保税船燃加注行业快速发展数据来源：

新加坡海事局

隆众资讯

中信期货研究所 DataSource：MPA,OilChem,CITICFuturesResearch

InstitutionGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM QualificationNo.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.Bondedbunkersalesincreaserapidlyin

China2019-2022年，中国保税船燃销量由1196万吨增至2186万吨，复合增速22；其中低硫船燃占比目前接近90。同期新加坡销量由4746增至4788万吨，低硫占比约50。2019-2022,Chinabondedmarinefuelsalesincreasedfrom11.96milliontonsto21.86milliontons,CAGR22%;LSFOaccountsfornearly90%.Inthesameperiod,salesinSingaporeincreasedfrom47.46milliontonsto47.88milliontons,LSFOaccountsforabout

50%.中国保税船供油企业市场份额(2022年）Chinabondedbunkermarketsharein

2022中石化浙江舟山中国船舶燃料中石油燃料油中石化中海中石化长江燃料浙江海港国贸中石油上港舟山中油泰富信力石油（舟山）其他SINOPECZhou

ShanChinaMarineBunker1.5

牌照政策推动保税加油企业数量增加Bondedbunkercompaniesincreasewith

policies2006年，中国保税船燃由之前的独家经营增至5家。2017年牌照许可下放至地方政府，保税船供油企业迅速增加。目前已有30家全国连锁和地方经营企业。In2006,Chinabondedbunkerlicenseexpandedfromonetofiveenterprises.In2017,licensingauthoritywastransferredtolocalgovernment,thenumberofbondedbunkerenterpriseincreasedrapidly.Therearenow30licensed

companies.PetroChinaFuel

OilChinaShipping&Sinopec

Suppliers0数据来源：

隆众资讯

中信期货研究所 DataSource：OilChem,CITICFuturesResearch

InstitutionGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM QualificationNo.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.510152025303520062017201820192020202120222023中国保税船供油企业数量NumberofChinabondedbunker

companies2000-2004

需求增加带动产量增长2005-2008

节能减排深化加工产量减少2009-2013

地炼加工需求推升燃料油供应2014-2018

消费税大幅上调统计产量回落2019-2022

排放和税收政策推升快速增产-40-200204060010002000300040005000中国燃料油产量（万吨）ChinaFuelOilProduction(10,000

tons)燃料油产量FuelOil

Output数据来源：

国家统计局

中信期货研究所 DataSource：NationalBureauofStatistics,CITICFutures

ResearchGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM QualificationNo.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.同比YoY%2.1

中国燃料油产量伴随需求周期变化Chinafueloilproductiondevelopswithdemand

cycle*

统计局月度数据口径。2000-2004Productiongrewwithelectricity

demand2005-2008Outputdroppedduetoconstrained

policies2009-2013Supplyincreasedwithrefinery

demand2014-2018consumptiondutyrosecausedoutput

drop2019-2022Emissionandtaxpolicypromoted

production2.2

税收和行业政策影响燃料油相对出率Taxandindustrypoliciesaffectfueloilrelativeoutput

rate0.00.81.01.21.410%9%8%7%6%5%4%3%2%1%0%中国燃料油出率ChinaFuelOilOutput

Rate航煤Kerosene石脑油Naphtha燃料油Fuel

oil沥青Bitumen燃料油/沥青Fueloil/Bitumen

ratio0.00.51.01.52.02.50%5%10%15%20%25%30%35%40%45%中国汽柴油出率ChinaGasoline/DieselOutput

Rate柴油Gasoline汽油Diesel数据来源：

国家统计局

中信期货研究所 DataSource：NationalBureauofStatistics,CITICFutures

ResearchGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM QualificationNo.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.柴油/汽油Diesel/Gasoline

ratio2014年燃料油消费税由0.8元/升增至1.2元/升，沥青免征消费税；使燃料油出率下降，沥青出率增加。近年税务稽查趋严和国营转产低硫，燃料油出率回升，沥青出率下降。In

2014,

fuel

oil

consumption

tax

increased

from

0.8

to

1.2

Yuan/Liter.

Exemption

of

bitumen

consumption

taxledtothedecreaseoffueloiloutputrateandincreaseofbitumenoutputrate.Since2019,state-enterprisesswitch

to

LSFO

and

stricter

tax

audit

led

to

the

sharp

increase

of

fuel

oil/bitumen

output

ratio.0%5%10%15%20%25%30%35%0100020003000400050006000201920202023Q1中国保税低硫燃料油产量Chinalowsulfurfueloil

production万吨10,000

tons100%90%80%70%60%50%40%30%20%10%0%2000180016001400120010008006004002000202020212022中国保税低硫燃料油自给率Chinalowsulfurfueloilself-sufficiency

rate万吨10,000

tons数据来源：国家统计局

隆众资讯

中信期货研究所 DataSource：NationalBureauofStatistics,OilChem,CITICFutures

ResearchGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM QualificationNo.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.低硫销量LSFO

Sales低硫产量LSFO

Production自给自足率Production/Sales2023

Q1低硫产量LSFO

production总量-低硫FO-LSFO2021 2022燃料油总产量Fueloil

production低硫占比LSFO/FO2.3

中国低硫燃料油产量迅速增长Chinalowsulfurfueloilproductiongrowing

fast2019年中国全面实施船燃硫含量排放控制政策，2020年推出低硫燃料油出口退税政策。2022年用于保税船燃加注的低硫燃料油产量增至约1550万吨，自给率已达到约九成。Since

2019,

China

has

fully

implemented

sulfur

emission

control

policy

for

marine

fuel.

In

2020,

the

export

taxrebatepolicyforLSFOwasintroduced.In2022,theproductionofLSFOincreasedtoapproximately15.5milliontons,self-sufficiencyratenearly

90%.020040060080010001200140016001800中国低硫燃料油产量Chinabondedlowsulfurfueloil

production2020PETROCHINA中石油2021SINOPEC中石化2022CNOOC中海油2023OTHERS其他万吨10,000

tons020040060080010001200140016001800中国低硫燃料油出口配额Chinabondedlowsulfurfueloilexport

quota2020PETROCHINA中石油数据来源：

隆众资讯

中信期货研究所 DataSource：OilChem,CITICFuturesResearch

InstitutionGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM QualificationNo.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.2021SINOPEC中石化2022CNOOC中海油2023OTHERS其他2.4

国营石油公司主导低硫燃料油产量份额Nationaloilcompaniesdominatelowsulfurfueloil

production万吨10,000

tons因出口配额限制，中国保税低硫燃料油生产基本来自国家石油公司。2022年中石油/中石化/中海油/中化/浙石化产量份额分别为41

/49

/8

/1

/1。目前产能约为2900万吨。Duetoexportquotarestrictions,ChinaLSFOproductionmainlycomefromnationaloilcompanies.In

2022,productionshareofCNPC/SINOPEC/CNOOC/SINOCHME/ZPCCwas41%/49%/8%/1%/1%,respectively.Currentlowsulfurfueloilproductioncapacityisabout29million

tons.2.5

中国低硫燃油主要生产企业名录数据来源：

国家统计局

中信期货研究所 DataSource：NationalBureauofStatistics,CITICFutures

ResearchGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM QualificationNo.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.Chinalowsulfurfueloilproductionrefineries

list所属集团生产企业Refineries中石油

CNPC辽宁省：辽河石化、辽阳石化、锦州石化、锦西石化、大连石化、大连西太、抚顺石化吉林省：吉林石化河北省:

华北石化、大港石化、中油秦皇岛陕西省：长庆石化浙江省：中油温州广东省：中油高富广西省：广西石化Liaoning:CNPCLIAOHE,LIAOYANG,JINZHOU,JINXI,DALIAN,FUSHUN,WEPECJilin:CNPCJILINHebei:CNPCHUABEI,DAGANG,

QINHUANGDAOShanxi:CNPC

CHANGQINGZhejiang:CNPC

WENZHOUGuangdong:CNPCGAOFUGuangxi:CNPC

GUANGXI中石化

SINOPEC山东省：齐鲁石化、青岛石化、青岛炼化、济南炼厂、胜利石化江苏省：金陵石化江西省：九江石化湖南省：长岭石化安徽省：安庆石化上海市：上海石化、高桥石化浙江省：镇海石化广东省：湛江东兴、广州石化、茂名石化、中科炼化海南省：海南炼化Shandong:SINOPECQILU,QINGDAO,SHENGLI,QINGDAO,JINANJiangsu:SINOPECJINLINGJiangxi:SINOPECJIUJIANGHunan:SINOPEC

CHANGLINGAnhui:SINOPEC

ANQINGShanghai:SINOPECSHANGHAI,

GAOQIAOZhejiang:SINOPEC

ZHENHAIGuangdong:SINOPECGUANGZHOU,MAOMING,GANJINGDONGXING,

ZHONGKEHainan:SINOPECHAINANRefining&

Chemical中海油

CNOOC江苏省：中海油泰州、浙江省：中海油舟山石化广东省：中海油惠州Jiangsu:CNOOC

TAIZHOUZhejiang:CNOOCZHOUSHAN

PetrochemicalGuangdong:CNOOC

HUIZHOU中化

SINOCHEM福建省：中化泉州Fujian:SINOCHEM

QUANZHOU其他

OTHERS浙江省：浙江石化Zhejiang:ZHEJIANGPetroleum&

Chemical-1000-5000500100015002000050010001500200025003000中国燃料油进出口ChinaFuelOilImport&

Export净进口Import进口Export出口Net

Import万吨10,000

tons数据来源：

海关总署

中信期货研究所 DataSource：ChinaCustoms,CITICFuturesResearch

Institution05001000150020002500201320142015201620172018201920202021

20222023中国燃料油进口模式ChinaFuelOilImport

Type一般贸易进口（吨）GeneralTrade

ImportGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.保税进口Bonded

Import合计Total3.1

中国由燃料油净进口转为净出口Chinaturnedfromfueloilnetimportertonet

exporter万吨10,000

tons近年来中国燃料油进口依赖度持续回落。2019年后随中国低硫燃料油产量和出口增加，保税船燃进口快速下降，2020年中国由燃料油净进口国转为净出口国。Chinafueloilimportdependencecontinuouslydeclineinrecentyears.After2019,bondedbunkerimportdropped

rapidly

with

the

increase

of

domestic

LSFO

output

and

export.

In

2020,

China

changed

from

a

fuel

oilnetimportcountrytoanetexport

country.0%10%20%30%40%50%60%70%80%90%100%2017201820192020202120222023中国燃料油进口结构StructureofChinaFuelOil

ExportVLSFO LSFO FO SRFO LSSRFO HSSRFO HSFO数据来源：

海关总署

Kepler

中信期货研究所 DataSource：ChinaCustoms,Kepler,CITICFuturesResearch

Institution100%90%80%70%60%50%40%30%20%10%0%中国燃料油进口结构StructureofChinaFuelOil

Import新加坡 韩国 其他 俄罗斯 委内瑞拉 马来西亚SingaporeKoreaOthersRussiaVenezuela

MalaysiaGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.Chinafueloilimportsourceschangewith

quality3.2

进口来源国家伴随进口品质变化中国燃料油进口主要用于船燃和炼化原料等。新加坡是船燃主要来源地，随中国低硫产量增加进口占比大幅下降。而作为原料加工的俄罗斯、马来西亚等进口占比增加。Chinafueloilimportismainlyusedforbunkerandoilrefineryfeedstock.Singaporeisthemainsourceofbunker

import,

and

the

import

share

decreased

with

the

increase

of

ChinaLSFO

output.

The

import

share

ofRussiaandMalaysiaasrefineryfeedstockhasincreased

correspondently.数据来源：

海关总署

中信期货研究所0500100015002000250020092010201120122013201420152016201720182019202020212022中国燃料油出口（万吨）ChinaFuelOilExport(10,000

tons)低硫产量保税船燃加注量100%90%80%70%60%50%40%30%20%10%0%巴拿马 中国香港 利比里亚 马绍尔群岛 韩国 其他Panama Hong

Kong Liberia MarshallIslandsKorea

OthersDataSource：ChinaCustoms,CITICFuturesResearch

InstitutionGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.3.3

国产出口大幅增加推动保税船燃发展Increasingdomesticfueloilexportpromotebondedbunker

sales中国燃料油出口（受油船的国籍）ChinaFuelOil

Export(NationalityofFuelled

ship)

保税进口

Bonded

import

(≈bonded

export) LSFOproduction(≈generaltrade

export)出口量

Total

export

(bonded

+general

trade)Bondedbunker

sales中国燃料油出口包括一般贸易出口和保税出口。一般贸易出口主要为国产低硫燃料油，2020年以来大幅增加。而来自保税进口后再出口的海外船燃数量持续回落。Chinafueloilexportincludegeneraltradeexportandbondedexport.GeneraltradeexportismainlydomesticallyproducedLSFO,whichhasincreaseddramaticallysince2020.Bondedexportcomes

frombondedimportdecreasedwiththedecreaseofimport

volume.40%700舟山保税船燃销量Bondedbunkersalesin

ZhoushanGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.60035%202250030%202125%40020%202030020015%10%20191005%2018020172018 2019 20202021 20222023Q10%2017舟山销量Zhoushan

Sales占比Percentage0 2 4 6 8 10 12舟山港保税船燃销量世界排名BondedBunkerSalesWorldwideRankingof

Zhoushan万吨10,000

tons数据来源：

隆众资讯

中信期货研究所DataSource：OilChem,CITICFuturesResearch

Institution3.4

中国港口保税船燃销量全球排名逐渐上移Chinabondedbunkersalesglobalmarketshare

climbing中国保税船燃加注业务发展迅速。其中舟山地区尤为显著。2017年设浙江自贸区以来，舟山船燃销量约翻三番，占全国总销量三分之一，全球港口排名由10名以外进入前5。Chinabondedbunkerbusinessgrowsfast.SincetheestablishmentofZhejiangFreeTradeZonein2017,Zhoushan

bunker

fuel

sales

have

nearly

tripled,

accounting

for

one-third

of

the

total

sales

in

China,

and

theworldwiderankingclimbedtotop5fromoutsideoftop

10.3.5

多项创新政策推动保税船燃业务发展跨关区直供：供油企业跨舟山海关辖区到其他海关开展国际航行船舶保税油直供业务，包括宁波、南京、上海等及关区内的嘉兴、温州、台州等。一库多供：同一公用型保税仓库同时存储多家供油企业的保税油。一船多供：单艘供油船舶在一个作业航次内对多艘受油船舶供应保税油。外锚地供油：供油船对尚未进入港口内，在港口外锚地停泊的国际航行船舶供应保税油。先供后报：从事国际航行船舶保税油供应的企业采用"先供油，后报关"模式开展业务。保税油品调和：允许自贸区内企业开展不同税号保税油品混兑调和。Cross-regiondirectsupply：BunkerenterprisesofZhoushanCustomscarryoutdirectsupplyof

bondedbunker

for

international

ships

in

other

Customs,

including

Ningbo,

Nanjing,

Shanghai,

etc.Multiplesupplyfromonewarehouse：Differentcompaniessharethesamepublicbonded

warehouse.Multiplesupplybyoneship：Onebunkervesselcanservemultipleshipswithinoneoperation

voyage.Fueling

at

outer

anchorage：Bunker

companies

can

supply

bunker

to

international

ships

that

have

not

yetenteredtheportatspecificouteranchorage

sites.Fueling

before

custom

clearance：

Enterprises

fuel

bonded

bunker

before

custom

clearance.Blendingofdifferentgradesofbondedoil：AllowenterprisesintheFreeTradeZonetocarryout

themixingandblendingofbondedoilproductswithdifferenttax

codes.GuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.Innovativepoliciespromotebondedbunkersales1.1

节能

Energy

SavingGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.2005年《国务院关于做好建设节约型社会近期重点工作的通知》，研究提出《十大重点节能工程实施方案》，明确主要目标、重点内容、保障措施、实施主体，以及分年度实施计划、国家支持的重点。2005年启动节约和替代石油、热电联产、余热利用、建筑节能、政府机构节能、绿色照明、节能监测和技术服务体系建设等7项工程。【

Notice

on

Building

aEconomized

Society】#

2005,

State

Council

#‘ImplementationPlanofTenKeyEnergyConservationProjects’includes:mainobjectives,keycontents,safeguardmeasures,implementationsubjects,annualplanandnationalsupport.In2005,sevenprojectswerelaunched:savingandreplacingoil,cogeneration,residualheatutilization,buildingenergyefficiency,governmentagencyenergyconservation,greenlighting,energyconservationmonitoringandtechnicalservicesystem

construction.2009年1月起《中华人民共和国循环经济促进法》实施，其中第21条：国家鼓励和支持企业使用高效节油产品：电力、石油加工、化工、钢铁、有色金属和建材等企业，必须在国家规定的范围和期限内，以洁净煤、石油焦、天然气等清洁能源替代燃料油、停止使用不符合国家规定的燃料油发电机组和燃油锅炉。【TheCircularEconomyPromotionLawofthePeople‘sRepublicofChina】

#2009#Thecountryencourageandsupportsenterprisestouseefficientoil-savingproducts.Industriessuchaselectricitygeneration,oilprocessing,chemical,steel,non-ferrousmetalsandbuildingmaterials,shallreplacefueloilwithcleanenergysuchascleancoal,petroleumcokeandnaturalgaswithintherequiredtimeperiod.Andstopusingfueloilgeneratorsandfueloilboilersthatdonotcomplywithnational

regulations.GuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.1.2

减排

EmissionReduction1.3

硫含量

Sulfur

Content2015年交通运输部印发【珠三角、长三角、环渤海水域船舶排放控制区实施方案】。2016年起，排放控制区内有条件港口，可以实施高于现行排放控制要求的措施，包括船舶靠岸停泊期间使用硫含量不高于0.5的燃油。2017年起，船舶在排放控制区内的核心港口区域靠岸停泊期间，应使用硫含量不高于0.5的燃油。2018年起，扩大至排放控制区内所有港口内靠岸停泊的船舶。2019年起扩大至进入排放控制区的所有船舶。【ImplementationPlanforShipEmissionControlZonesinPearlRiverDelta,

YangtzeRiverDeltaandBohaiRimWaters】#2015,MinistryofTransport

#From2016,conditionalportsintheemissioncontrolzonecanimplementmeasureshigherthanthecurrentemissioncontrolrequirements,includingusageoffuelwithsulfurcontent≤0.5%duringtheberthingofships.From2017,shipsberthinginthecoreportareawithinthecontrolzoneshallusefuelwithsulfurcontent≤0.5%.From2018,thiswillextendtoallshipsberthinginportswithinthecontrolzone.From2019,itwillextendtoallshipsenteringthecontrol

area.GuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.1.3

硫含量

SulfurContent2019年交通运输部印发【船舶大气污染物排放控制区实施方案】：2019年1月1日起，海船进入排放控制区，应使用硫含量不大于

0.5的船用燃油2020年1月1日起，海船进入内河控制区，应使用硫含量不大于

0.1

的船用燃油。【ImplementationofShips’AirPollutantEmissionControlZone】#2019,MinistryofTransport#From2019,whenenteringtheemissioncontrolarea,shipsshouldusemarinefueloilwithsulfurcontent≤

0.5%.From2020,whenenteringtheinlandrivercontrolarea,seagoingshipshouldusemarinefueloilwithsulfurcontent≤

0.1%.沿海控制区范围

Emission

control

areaGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.2.1消费税

ConsumptionTax0.1GuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.0.80.90.51.01.52006/4/12009/1/12014/11/292014/12/132015/1/132006年财政部、国家税务总局印发【关于调整和完善消费税政策的通知】。取消汽油、柴油税目，增列成品油税目。包括：汽油、柴油、航空煤油、石脑油、溶剂油、润滑油、燃料油七个子目。柴油、燃料油、航空煤油税额0.1元/升，其余均为0.2元/升。此后经过多轮调整，目前最新消费税额为1.2元/升。【

Notice

on

Adjusting

and

Improving

Consumption

TaxPolicies

】#

2006,

Ministry

ofFinance&StateAdministrationofTaxation#Cancelthetaxitemsofgasolineanddiesel.Thetaxitemsofrefinedoilproductsareadded,including:gasoline,diesel,aviationkerosene,naphtha,solventoil,lubricatingoilandfueloil.Thetaxondiesel,fueloilandaviationkeroseneis0.1yuan/liter,andtherestis0.2

yuan/liter.Thelatestconsumptiontaxis1.2yuan/liter,afterseveralroundsof

adjustment.燃料油消费税（元/升)

Fuel

oil

consumption

tax

(yuan/liter)2.2油企自用

Self-Used

Fuel

OilGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.2009年【关于对成品油生产企业生产自用油免征消费税的通知】对成品油生产企业在生产成品油过程中，作为燃料、动力及原料消耗掉的自产成品油，免征消费税。【NoticeonExemptionofConsumptionTaxonSelfUseOilbyRefineries】#2009#Forself-producedoilproductsconsumedasfuel,powerandrawmaterialsintheproductionprocessbyrefineries,consumptiontaxshallbe

exempted.2009年【关于对油气田企业生产自用成品油先征后返消费税的通知】对油气田企业在开采原油过程中耗用的内购成品油，全额返还所含消费税。【NoticeonRefundingconsumptionTaxonSelfUseOilProductsbyOilandGas

FieldEnterprises】

#2009#Fullyrefundtheconsumptiontaxonpurchasedoilproductsconsumedbycrudeoilandgasproducingenterprisesintheproducing

process.2.3

加工环节

Refinery

Feedstock

Fuel

OilGuiChenxi CFA PhDQualificationNo.F3023159Investmentconsulting

No.

Z0013632 Zhou

Chen FRM Qualification

No.F03110609Allcontentsinthisreportisforreferenceonly.Thisreportdoesnotconstituteinvestmentadviceto

anyone.进口产品用途

UsageofImported

FuelOil征收进口消费税 Consumption

Tax生产乙烯、芳烃类化工产品Productionofethyleneandaromaticchemical

products可退还Refundable生产汽柴煤等成品油Productionofrefinedoilproductssuchasgasoline,diesel

andcoal销售环节抵扣SalesChain

Deduction生产沥青类产品Productionofbitumen

products自行承担Self-funded2008年财政部、国家税务总局【关于调整部分成品油消费税政策的通知】：以外购或委托加工收回的已税燃料油为原料生产的应税消费品，准予从消费税应纳税额中扣除原料已纳的消费税税款。【NoticeonAdjustingtheConsumptionTaxPoliciesforSomeOilProducts

】#2008,MinistryofFinance,StateAdministrationofTaxation#Fortaxableconsumergoodsproducedwithtaxedfueloilasrawmaterials,theconsumptiontaxpaidonrawmaterialsisallowedtobedeductedfromtheconsumptiontax

payable燃料油现行进口消费税退税政策

Current

import

consumption

tax

rebate

policy

for

fuel

oil2.5

进口环节

Import

Tax燃料油进口成本=【(MOPS价格+贴水)*汇率*(1+关税)+消费税】*(1+增值税)+其他费用Fuel

oil

import

cost=【(MOPS

+d