石油化工行业周报第389期：推动成品油流通高质量发展，利好炼化龙头企业

Investment Rating - The report maintains an "Overweight" rating for the petrochemical industry [5] Core Viewpoints - The State Council has issued an opinion to promote the high-quality development of refined oil circulation, which is expected to benefit leading refining enterprises [1][2] - The refined oil market management is becoming more standardized, which will favor large refining and chemical companies [2] - The transformation and upgrading of gas stations are supported, with the "Three Barrels of Oil" companies likely to see positive developments in their gas station businesses [3] - The demand for refined oil is expected to improve marginally in 2025, driven by economic recovery and changes in fuel pricing dynamics [3] Summary by Sections Refined Oil Market Management - The refined oil industry policies at the provincial level are primarily based on national policies, focusing on tax revenue and regulatory enforcement [2] - The recent tax policy changes are aimed at enhancing market order and promoting healthy competition within the industry [2] Gas Station Transformation - The report emphasizes the need for gas stations to optimize land use and layout, promoting the development of professional and vertical chain brands [3] - The "Three Barrels of Oil" companies are actively developing non-oil businesses and transitioning to comprehensive energy service providers [3] Demand Forecast - In 2024, gasoline and diesel demand is expected to be weak due to the impact of new energy vehicles, with projected consumption changes of +0.9% for gasoline and -4.0% for diesel [3] - For 2025, a stable macroeconomic environment and lower crude oil prices are anticipated to support a rebound in diesel demand and an increase in kerosene demand due to recovering air travel [3]