雷曼兄弟-Global Call July 2008-20080729

Table of Contents

Feature topic: China apparent demand will likely fall in 2H08...........3
Monthly commentary...............................................................................12
Oil prices.................................................................................................12
Refining...................................................................................................15
Petrochemicals......................................................................................19
Top stock picks......................................................................................21
Chevron (CVX; 1-Overweight; Target price: US$117.00).................21
ENI (ENI.MI; 1-OW; Target price: EUR32)...........................................22
Global oil prices.......................................................................................23
Recent Research.....................................................................................28
 Global......................................................................................................28
Asia...........................................................................................................28
Americas..................................................................................................28
Europe......................................................................................................29
Energy Economist...................................................................................30
Valuation Methodologies........................................................................32