证券研究报告·行业跟踪周报·建筑装饰 建筑装饰行业跟踪周报 继续推荐景气赛道的洁净室工程板块 2025 年 09 月 14 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 周观点： （1）财政部介绍截至 2025 年 6 月末超六成的融资平台实现退出，下一 步继续落实好一揽子化债举措，提前下达部分 2026 年新增地方政府债 务限额，靠前使用化债额度，多措并举化解存量隐性债务，结合今年政 府债融资前置的情况来看，提前下达的额度有望对政府债务融资形成部 分支撑。从上半年建筑板块中报情况来看，收入和利润仍然承压，现金 流有所改善，基建和地产投资弱势下使得板块整体承压，部分专业工程 领域表现相对较好；短期跟踪数据来看，行业景气依然相对弱势，8 月 建筑业 PMI 下降至收缩区间，建筑业施工有所放缓，新订单指数仍然低 迷，基建投资端增速有所放缓，稳增长政策仍有加力的潜在空间，继续 关注财政政策的加力节奏、以及城市更新推动和重点工程项目对区域需 求拉动；我们建议关注估值仍处历史低位、业绩稳健的基建龙头央企和 地方国企估值持续修复机会，推荐中国交建、中国电建、中国中铁，建 议关注中 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The convertible bond market was mainly volatile this week (0908 - 0912), with valuations hovering at high levels. High - priced bonds were better than medium - priced ones, and medium - priced were better than low - priced. Small - cap bonds were better than mid - cap ones, and mid - cap were better than large - cap [1][35] - The opportunities in the current convertible bond market are highly structured, rooted in the highly structured equity market. The technology - themed (core is AI computing power) market has not effectively driven the rotation and supplementary rise of the cyclical sectors due to the relatively lagging marginal improvement of the overall economic fundamentals [1][35] - The market index may show a pattern of grinding at the top and oscillating. The CSI Convertible Bond Index has risen by more than 30% since the low in August 2024, and the parity premium rate has increased by about 8 - 12 pct during the same period. In the short term, the rise of medium - and low - priced cyclical targets is slow and the elasticity is low, and the strong redemption demand of high - priced thematic targets will suppress the further rise of the index. In the long term, the index's oscillation center may move up [1][36] - In the short - term strategy, it is still not recommended to significantly reduce positions, but the structure needs to be adjusted. Reduce high - volatility technology - themed targets and increase the proportion of balanced targets to control drawdowns, and increase the allocation proportion of cyclical sectors such as non - ferrous metals, lithium batteries, and chemicals in the medium - and low - price ranges [1][36] Group 3: Summary According to the Directory 1. Week - on - Week Market Review 1.1 Equity Market Overall Rise, Most Industries Rise - From September 8th to September 12th, the equity market overall rose. The Shanghai Composite Index rose 1.52%, the Shenzhen Component Index rose 2.65%, the ChiNext Index rose 2.10%, and the CSI 300 rose 1.38%. The average daily trading volume of the two markets decreased by about 2708.96 billion yuan to 22986.80 billion yuan compared with last week, a week - on - week decrease of 10.54% [6][9] - Among the 31 Shenwan primary industries, 25 industries closed up, with 11 industries rising more than 2%. Electronics, agriculture, forestry, animal husbandry and fishery, media, non - ferrous metals, and steel led the gains, rising 6.15%, 4.81%, 4.27%, 3.76%, and 3.72% respectively. Banking, petroleum and petrochemicals, pharmaceutical biology, social services, and household appliances led the losses [13] 1.2 Convertible Bond Market Overall Rise, Some Industries Rise - From September 8th to September 12th, the CSI Convertible Bond Index rose 0.43%. Among the 29 Shenwan primary industries, 13 industries closed up, with 3 industries rising more than 2%. Food and beverage, non - ferrous metals, electronics, communications, and agriculture, forestry, animal husbandry and fishery led the gains, rising 5.78%, 3.12%, 2.52%, 1.72%, and 1.51% respectively. Media, petroleum and petrochemicals, non - bank finance, household appliances, and banking led the losses [15] - The average daily trading volume of the convertible bond market this week was 869.91 billion yuan, a significant reduction of 59.05 billion yuan, a week - on - week change of - 6.36%. The top ten convertible bonds in terms of trading volume had an average trading volume of 102.49 billion yuan, and the first - ranked one reached 174.00 billion yuan. About 53.29% of individual bonds rose, about 25.17% of individual bonds rose in the 0 - 1% range, and 18.14% of individual bonds rose more than 2% [15] - The overall market conversion premium rate continued to decline this week, with an average daily conversion premium rate of 36.11%, a decrease of 0.59 pct compared with last week. In terms of price ranges, except for bonds below 90 yuan, the average daily conversion premium rates of bonds in other price ranges widened. In terms of parity ranges, the situation was similar [21] - 20 industries' conversion premium rates widened, with 9 industries widening by more than 2 pcts. Household appliances, media, petroleum and petrochemicals, national defense and military industry, and pharmaceutical biology led the widening. 23 industries' parity increased, with 17 industries increasing by more than 2% [25][29] 1.3 Comparison of Stock and Bond Market Sentiments - This week, the weekly weighted average and median of the convertible bond and underlying stock markets were positive, and the underlying stocks had a larger weekly increase. The trading volume of the underlying stock market increased more significantly and was at a higher quantile level. More underlying stocks closed up, and the individual underlying stocks could achieve higher returns. Overall, the trading sentiment of the underlying stock market was better this week [32] - On different trading days, the trading sentiment of the underlying stock market was better on Monday, Tuesday, and Wednesday, while the trading sentiment of the convertible bond market was better on Thursday and Friday [33] 2. Outlook and Investment Strategy - The convertible bond market may show a pattern of grinding at the top and oscillating in the short term, and the oscillation center may move up in the long term [1][36] - In the short - term strategy, do not significantly reduce positions, but adjust the structure. Reduce high - volatility technology - themed targets and increase the proportion of balanced targets and the allocation of cyclical sectors in the medium - and low - price ranges [1][36] - The top ten convertible bonds with the highest predicted downward - revision probability next week are Lanfan Convertible Bond, Dongshi Convertible Bond, Baolai Convertible Bond, etc. The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for parity premium rate repair next week are Pufa Convertible Bond, Fenghuo Convertible Bond, Jinneng Convertible Bond, etc. [1][36]

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 2025 年 WCLC 国产肺癌新药显锋芒，临床数 据亮眼引关注 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 诺华重磅肺癌药物卡马替尼获批新适应症。强生全球首创 KLK2/CD3 双抗 启动 III 期临床。9 月 11 日，诺华宣布其重磅抗肿瘤药物卡马替尼在中 国成功获批新适应症，用于治疗携带间质上皮转化因子（MET）外显子 14 跳跃突变的局部晚期或转移性非小细胞肺癌（NSCLC）成人患者。9 月 10 日，全球临床试验收录网站显示，强生启动了 Pasritamig （JNJ-78278343）的首个全球 III 期临床试验（KLK2-comPAS），用于治 疗前列腺癌。 ◼ 具体配置建议：看好的子行业排序分别为：创新药>科研服务>CXO>中药> 医疗器械>药店等。具体标的选择思路，从 GLP1 角度，建议关注博瑞医 药、歌礼制药、联邦制药、众生药业及信达生物等。从 PD1/VEGF 双抗 角度，建议关注：康方生物、神州细胞、华海药业、荣昌生物等。从 AI 制药角度，建议关注晶泰控股、成都先导等。从创新药角 ...

证券研究报告 大炼化周报：成本端支撑较弱，长丝价格承压 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2 。 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2579元/吨，环比+97元/吨（环比+4%）；国外 重点大炼化项目本周价差为1197元/吨，环比+63元/吨（环比+6%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6789/7079/8021元/吨，环比分别-82/-68/-29元/吨， POY/FDY/DTY行业周均利润为108/34/63元/吨，环比分别-5/+5/+31元/吨，POY/FDY/DTY行业库存为 19.3/27.6/31.1天，环比分别+1.9/+1.2/+1.4天，长丝开工率为91.3%，环比-0.2pct。下游方面，本周织机开工 率为62.4%，环比+0.0pct，织造企业原料库存为14.4天，环比+1.9天，织造企业成品库存为26.2天，环比- ...

Economic Indicators - The weekly ECI supply index is at 50.04%, up 0.01 percentage points from last week, while the demand index is at 49.91%, also up 0.01 percentage points[6] - The monthly ECI supply index decreased by 0.03 percentage points from August, while the demand index increased by 0.01 percentage points[7] - The construction sector shows improvement with a significant increase in infrastructure workload in early September, with a year-on-year improvement in construction activity[6] Market Trends - The ELI index remains stable at -0.69%, indicating rising market expectations for the resumption of government bond trading[11] - Despite seasonal recovery in August financial data, new loan demand remains weak, posing risks to social financing growth and M2 supply[14] - The real estate market shows signs of recovery, with a 6.8% increase in transaction area in major cities compared to a -9.9% decline in August[6] Consumer Behavior - Passenger car retail sales in early September show a decline of 10.0% year-on-year, with average daily sales recorded at 43,483 units[21] - The consumer price index for key monitored vegetables is at 5.11 yuan/kg, reflecting a slight increase[38] Investment Insights - The operating rate for asphalt plants increased by 6.80 percentage points to 34.90%, indicating a recovery in infrastructure investment[26] - The average price of ordinary Portland cement is recorded at 272.80 yuan/ton, showing a slight increase[27] Export Performance - The export growth rate for South Korea in early September is at 3.80%, recovering from a previous decline[32] - The Shanghai export container freight index decreased to 1398.11 points, down 46.33 points from the previous week[33] Monetary Policy - The central bank conducted a net monetary injection of 196.1 billion yuan this week, with a total reverse repurchase operation of 1.2645 trillion yuan[41] - The 10-year government bond yield increased slightly to 1.8650% from 1.8466% at the beginning of the week[41] Risk Factors - Uncertainties remain regarding U.S. tariff policies and the sustainability of real estate market improvements[48]

Report Investment Rating - There is no information about the industry investment rating in the report. Core Viewpoints - This week, the average prices and gross profits of pure MDI, polymeric MDI, and TDI in the polyurethane sector decreased compared to the previous week [2]. - In the oil, gas, and olefin sector, the average prices of ethane, propane, and naphtha increased slightly, while the average prices of polyethylene and polypropylene decreased. The theoretical profits of various production processes also decreased [2]. - In the coal chemical sector, the average prices of synthetic ammonia, urea, and DMF decreased, while the average price of acetic acid increased. The gross profits of these products also showed corresponding changes [2]. Summary by Directory 1. Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking** - The Basic Chemical Index rose by 2.4% in the past week, 6.1% in the past month, 17.5% in the past three months, 50.4% in the past year, and 25.1% since the beginning of 2025 [8]. - Among the related companies, Wanhua Chemical rose by 2.9% in the past week, Baofeng Energy fell by 0.7%, Satellite Chemical rose by 0.6%, Huaxin Chemical rose by 0.5%, and New Hope Liuhe rose by 4.7% [8]. - The report also provides the total market value, net profit attributable to the parent company, PE, and PB of these companies [8]. - **Polyurethane Industry Chain** - The average prices of pure MDI, polymeric MDI, and TDI were 17,779 yuan/ton, 14,929 yuan/ton, and 13,585 yuan/ton respectively, with week-on-week decreases of 71 yuan/ton, 143 yuan/ton, and 702 yuan/ton respectively [2][8]. - The gross profits of pure MDI, polymeric MDI, and TDI were 4,533 yuan/ton, 2,683 yuan/ton, and 2,716 yuan/ton respectively, with week-on-week decreases of 51 yuan/ton, 122 yuan/ton, and 220 yuan/ton respectively [2][8]. - **Oil, Gas, and Olefin Industry Chain** - The average prices of ethane, propane, and naphtha were 1,302 yuan/ton, 4,259 yuan/ton, and 4,266 yuan/ton respectively, with week-on-week increases of 8 yuan/ton, 12 yuan/ton, and 15 yuan/ton respectively [2][8]. - The average price of polyethylene was 7,707 yuan/ton, a week-on-week decrease of 61 yuan/ton. The theoretical profits of ethane cracking, CTO, and naphtha cracking to produce polyethylene were 1,122 yuan/ton, 1,866 yuan/ton, and -125 yuan/ton respectively, with week-on-week decreases of 57 yuan/ton, 40 yuan/ton, and 46 yuan/ton respectively [2]. - The average price of polypropylene was 6,800 yuan/ton, a week-on-week decrease of 50 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were -330 yuan/ton, 1,463 yuan/ton, and -352 yuan/ton respectively, with week-on-week decreases of 37 yuan/ton, 33 yuan/ton, and 40 yuan/ton respectively [2]. - **Coal Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,129 yuan/ton, 1,707 yuan/ton, 3,982 yuan/ton, and 2,287 yuan/ton respectively, with week-on-week changes of -10 yuan/ton, -25 yuan/ton, -154 yuan/ton, and +48 yuan/ton respectively [2]. - The gross profits of synthetic ammonia, urea, DMF, and acetic acid were 179 yuan/ton, 13 yuan/ton, -193 yuan/ton, and 25 yuan/ton respectively, with week-on-week changes of -9 yuan/ton, -31 yuan/ton, -90 yuan/ton, and +5 yuan/ton respectively [2]. 2. Basic Chemical Weekly Report - **Basic Chemical Index Trend** - There is no specific content about the basic chemical index trend in the provided text. - **Polyurethane Sector** - The average prices and gross profits of pure MDI, polymeric MDI, and TDI decreased this week [2]. - **Oil, Gas, and Olefin Sector** - The prices of raw materials such as ethane, propane, and naphtha changed slightly, while the prices of polyethylene and polypropylene decreased. The profits of various production processes also decreased [2]. - **Coal Chemical Sector** - The prices and gross profits of coal chemical products such as synthetic ammonia, urea, and DMF showed different degrees of change [2].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - In the domestic bond market, due to the "stock - bond seesaw" and concerns about the increased redemption fees for bond funds in the new regulations, the 10 - year Treasury bond yield has risen. The passive index non - ETF bond funds and short - term pure bond funds are expected to be most affected, and investors are advised to shorten the duration. The yield curve is expected to steepen [1][16]. - In the overseas market, gold has strong allocation value currently. The U.S. PPI and CPI data in August 2025, along with the "dovish" speech of Powell, indicate that the Fed is likely to restart interest rate cuts in the September meeting, and the long - term U.S. bonds may show higher volatility [1][17][27]. 3. Summary by Related Catalogs 3.1 One - Week Views - **Impact of new regulations on bond funds**: The new regulations on public offering fund sales fees have increased the short - term redemption costs of bond funds. Passive index non - ETF bond funds and short - term pure bond funds are most affected. The former can be replaced by government financial bond ETFs, and the latter can turn to inter - bank certificate of deposit index funds [16]. - **Analysis of U.S. economic data and bond market**: The U.S. PPI and core PPI in August were significantly lower than expected, and the CPI showed a mild rebound with stable core inflation. Combined with the "dovish" speech of Powell, the Fed is likely to restart interest rate cuts in September, and the long - term U.S. bonds may have higher volatility [18][23][27]. 3.2 Domestic and Overseas Data Aggregation 3.2.1 Liquidity Tracking - **Open - market operations**: From September 5 to 12, 2025, the total net investment in open - market operations was 1961 billion yuan [33]. - **Interest rate indicators**: The money market interest rates, bond yields, and term spreads showed different degrees of changes during the week [34][46][49]. 3.2.2 Domestic and Overseas Macroeconomic Data Tracking - **Domestic data**: The total commercial housing transaction area decreased, steel prices fluctuated, and LME non - ferrous metal futures official prices generally increased [57][59]. - **Overseas data**: The U.S. consumer confidence index, CPI, PPI, and unemployment benefit claims data were released. Gold prices rose, and the U.S. bond yield curve moved down in parallel [17][21][23]. 3.3 Local Bond One - Week Review 3.3.1 Primary Market Issuance Overview - **Issuance scale**: A total of 53 local bonds were issued in the primary market this week, with a total issuance of 3016.72 billion yuan, a repayment of 1088.93 billion yuan, and a net financing of 1927.79 billion yuan [85]. - **Regional distribution**: 12 provinces and cities issued local bonds, with Guangdong, Guizhou, Guangxi, Sichuan, and Hunan ranking in the top five in terms of issuance volume. Hunan issued 20 billion yuan of special refinancing bonds for replacing hidden debts [88][90]. 3.3.2 Secondary Market Overview - **Trading volume and turnover rate**: The stock of local bonds was 53.29 trillion yuan, the trading volume was 4145.76 billion yuan, and the turnover rate was 0.78%. The top three provinces with active trading were Guangdong, Jiangsu, and Hebei [98]. 3.3.3 Local Bond Issuance Plan for This Month - The local bond issuance plan shows the planned issuance scale of different provinces and cities from September 15 to 19, 2025 [105]. 3.4 Credit Bond Market One - Week Review 3.4.1 Primary Market Issuance Overview - **Total issuance and net financing**: A total of 297 credit bonds were issued in the primary market this week, with a total issuance of 2812.62 billion yuan, a total repayment of 1893.91 billion yuan, and a net financing of 918.71 billion yuan, an increase of 1471.38 billion yuan compared with last week [106]. - **Sub - category issuance**: The net financing of urban investment bonds was 146.43 billion yuan, and that of industrial bonds was 772.29 billion yuan [107]. 3.4.2 Issuance Interest Rates - The issuance interest rates of short - term financing bills increased by 3.16 BP, medium - term notes decreased by 12.09 BP, and corporate bonds increased by 22.38 BP [115]. 3.4.3 Secondary Market Transaction Overview - The total trading volume of credit bonds in the secondary market was 4727.84 billion yuan, with different trading volumes for different bond types and credit ratings [117]. 3.4.4 Maturity Yields - The maturity yields of various credit bonds, including national development bonds, short - term financing bills, medium - term notes, corporate bonds, and urban investment bonds, generally increased [119][120][123][125]. 3.4.5 Credit Spreads - The credit spreads of short - term financing bills and medium - term notes showed a differentiated trend, the credit spreads of corporate bonds generally narrowed, and the credit spreads of urban investment bonds also showed a differentiated trend [128][131][135]. 3.4.6 Grade Spreads - The grade spreads of short - term financing bills and medium - term notes generally widened, the grade spreads of corporate bonds generally widened, and the grade spreads of urban investment bonds showed a differentiated trend [140][144][147].

证券研究报告·宏观报告·宏观周报 海外周报 20250914 weiy@dwzq.com.cn 研究助理 王茁 9 月 FOMC 前瞻：降息已成定局，关注点阵 图指引与美联储独立性 ◼ 美国 8 月 CPI：基本符合预期，关税冲击影响渐弱。本周四公布的美国 8 月 CPI 同比+2.9%，预期+2.9%，前值+2.7%；环比+0.4%，预期+0.3%， 前值+0.2%。核心同比+3.1%，预期+3.1%，前值+3.1%；核心环比+0.3%， 预期+0.3%，前值+0.3%。数据公布后，市场押注降息加码，美债利率与 美元指数下降，黄金、美股与美铜上涨。从结构上看，①核心商品中对 关税更敏感，6、7 月大幅上涨的家具、服饰、休闲商品在本次表现不佳， 进一步强化了"关税的冲击是一次性"的论点。②高利率环境下美国房 价保持低位震荡，这意味着居住通胀未来的趋势亦是低位震荡，而本期 居住通胀的主要分项自住房折算 OER 和租金 RPR 的反弹更像是震荡趋 势中的"插曲"。③剔除掉机票酒店后的超核心通胀本次基本没有增长， 反映出需求的疲软，也与近期劳务市场的下行相对应。向前看，在不同 通胀环比中枢路径下，未来 2 个月美国 ...

电力设备行业跟踪周报 [Table_Tag] [Table_Summary] 投资要点 证券研究报告·行业跟踪周报·电力设备 储能需求超预期，固态和人形加速产业化 2025 年 09 月 14 日 增持（维持） 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -1% 6% 13% 20% 27% 34% 41% 48% 55% 62% 2024-9-13 2025-1-12 2025-5-13 2025-9-11 电力设备 沪深300 相关研究 《逆变器持续增长，风电排产高增， 光伏主链分化、辅链持续承压》 2025-09-10 《锂电旺季行情来临，储能需求超预 期》 2025-09-08 东吴证券研究所 1 / 50 请务必阅读正文之后的免责声明部分 ◼ 电气设备 9107 上涨 0.53%，表现弱于大盘。（本周，9.8-9.12）光伏跌 3.7%，新能源汽车涨 3.61%，核电 涨 2.43%，锂电 ...

Report Title - "Crude Oil Weekly Report: OPEC+ Rapidly Increases Production, International Oil Prices Decline" [1] Report Date - September 14, 2025 [1] Report Authors - Energy and Chemical Chief Securities Analyst: Chen Shuxian, CFA [1] - Energy and Chemical Analyst: Zhou Shaowen [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $66.7/$62.7 per barrel, down $0.8/$1.2 from last week respectively. In the US, crude oil production, inventory, and the number of active rigs and fracturing fleets increased, while refinery processing volume decreased, and import and export volumes changed. US refined oil prices, inventory, production, and demand also showed various changes. [2] Summary by Relevant Catalogs 1. Crude Oil Weekly Data Briefing - **Upstream Key Company Performance**: For example, China National Offshore Oil Corporation (600938.SH) had a weekly increase of 2.2%, and China National Petroleum Corporation (601857.SH) had a weekly decrease of 2.4%. [8][9] - **Crude Oil Price**: Brent, WTI, Russian Urals, and Russian ESPO crude oil prices had different degrees of decline compared to last week. [9] - **Crude Oil Inventory**: US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.2/4.1/0.2 billion barrels respectively, with weekly changes of +445/+394/+51/-37 million barrels. [2][9] - **Crude Oil Production**: US crude oil production was 13.5 million barrels per day, up 70,000 barrels per day from last week. The number of active crude oil rigs was 416, up 2, and the number of active fracturing fleets was 164, up 5. [2][9] - **Refinery Data**: US refinery crude oil processing volume was 16.82 million barrels per day, down 50,000 barrels per day, and the refinery operating rate was 94.9%, up 0.6 pct. [2][9] - **Import and Export Volume**: US crude oil imports, exports, and net imports were 6.27/2.75/3.53 million barrels per day, with weekly changes of -47/-114/+67 million barrels per day. [2][9] - **Refined Oil Data**: US gasoline, diesel, and jet fuel had weekly average prices of $83/$97/$90 per barrel, down $1.8/$1.5/$4.1 from last week respectively. Inventory, production, demand, and import and export volumes also changed. [2][11] 2. This Week's Petroleum and Petrochemical Sector Market Review - **Petroleum and Petrochemical Sector Performance**: Not detailed in the given content - **Sector Listed Company Performance**: Many listed companies in the petroleum and petrochemical sector showed different degrees of rise and fall this week. For example, Sinopec Oilfield Service Corporation (600871.SH) had a weekly increase of 3.4%, and China Petroleum & Chemical Corporation (600028.SH) had a weekly decrease of 1.2%. [24] 3. Crude Oil Sector Data Tracking - **Crude Oil Price**: Analyzed the price relationships and spreads among various types of crude oil, such as Brent, WTI, Russian Urals, and Russian ESPO, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price. [9][38] - **Crude Oil Inventory**: Studied the correlations between US commercial crude oil inventory and oil prices, and changes in US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory. [45][49] - **Crude Oil Supply**: Focused on US crude oil production, the number of oil rigs, and the number of fracturing fleets, and their relationships with oil prices. [60][62] - **Crude Oil Demand**: Mainly looked at US refinery processing volume and operating rate. [9] - **Crude Oil Import and Export**: Analyzed US crude oil import, export, and net import volumes. [78] 4. Refined Oil Sector Data Tracking - **Refined Oil Price**: Analyzed the price adjustment rules of domestic refined oil based on international oil prices, and the price relationships and spreads between crude oil and refined oil in the US, Europe, and Singapore. [89][116] - **Refined Oil Inventory**: Studied the inventory changes of US gasoline, diesel, jet fuel, and Singapore gasoline and diesel. [11][130] - **Refined Oil Supply**: Focused on US gasoline, diesel, and jet fuel production. [152] - **Refined Oil Demand**: Mainly looked at US gasoline, diesel, and jet fuel consumption and the number of US airport passenger security checks. [156][157] - **Refined Oil Import and Export**: Analyzed US gasoline, diesel, and jet fuel import, export, and net export volumes. [170][173] 5. Oil Service Sector Data Tracking - **Day Rate**: Presented the average daily rates of self - elevating drilling platforms and semi - submersible drilling platforms. [187][188] Recommended Companies - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be concerned about include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Machinery Co., Ltd. (000852.SZ) [3]