声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了269家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可41个。 中石化（上海）石油化工研究院有限公司，成立于2022年，位于上海市，是一家以从事研究和试验发展 为主的企业。企业注册资本49800万人民币。通过天眼查大数据分析，中石化（上海）石油化工研究院 有限公司共对外投资了2家企业，参与招投标项目2837次，专利信息873条，此外企业还拥有行政许可 133个。 国家知识产权局信息显示，中国石油化工股份有限公司和中石化（上海）石油化工研究院有限公司取得 一项名为"一种电池隔膜及其制备方法和含有该隔膜的锂硫电池"的专利，授权公告号CN119581794B， 申请日期为2023年9月。 ...

中国石化上海石油化工股份有限公司，成立于1993年，位于上海市，是一家以从事石油、煤炭及其他燃 料加工业为主的企业。企业注册资本1054261.75万人民币。通过天眼查大数据分析，中国石化上海石油 化工股份有限公司共对外投资了21家企业，参与招投标项目5000次，财产线索方面有商标信息51条，专 利信息1356条，此外企业还拥有行政许可12814个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，中国石油化工股份有限公司、中国石化上海石油化工股份有限公司取得一项 名为"一种再生塔腐蚀防控方法"的专利，授权公告号CN115990395B，申请日期为2021年10月。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了269家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可41个。 ...

Core Viewpoint - The establishment of seven standardization technical committees in the energy sector aims to enhance the standardization framework in line with the Energy Law of the People's Republic of China, focusing on safety governance, greenhouse gas emissions management, carbon capture, hydrogen energy, and more [2][3]. Group 1: Establishment of Technical Committees - Seven standardization technical committees have been approved, including those for electricity safety governance, greenhouse gas emissions management, carbon capture, hydrogen energy basics, hydrogen production, hydrogen storage and transportation, and hydrogen applications [2][3]. - The committees will be responsible for developing and managing standards related to their respective fields, ensuring a coordinated and unified standard system [3]. Group 2: Management and Implementation - Energy industry standardization management organizations are required to guide and manage the newly established committees according to existing regulations, promoting an open standardization work platform [3]. - The committees are tasked with integrating efforts from enterprises, social organizations, educational institutions, and research institutions to advance technological innovation and standardization in their fields [3]. Group 3: Committee Composition - The first committee for electricity greenhouse gas emissions management consists of 46 members, with Wang Zhixuan as the chairperson and several vice chairpersons from various organizations [10][11]. - The carbon capture, utilization, and storage (CCUS) committee includes 50 members, with Yuan Shiyi as the chairperson, focusing on standards for carbon capture, transportation, and storage [15][19].

2026 年 1 月 27 日 行业研究 开启二次创业新征程， 构建"一基两翼三链四新"产业新格局 ——中国石化集团跟踪报告之六 石油化工 增持（维持） 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com 二、引领石化事业新发展，2026 年做好六项工作 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 两大石化集团实施战略重组，提升成品 油、贸易全产业链竞争力——中国石化集 团跟踪报告之五（2026-01-09） 要点 事件： 2026 年 1 月 26 日，中国石化集团公司 2026 年工作会议在京召开，总结 2025 年工作和"十四五"发展成就，研究提出"十五五"发展思路和目标任务，部署 2026 年重点工作。 点评： 一、全面开启二次创业新征程，奋力谱写新时代振兴石化新篇 ...

Investment Rating - The report maintains an "Accumulate" rating for the petrochemical industry [1] Core Insights - The report emphasizes the initiation of a "second entrepreneurship" journey for China Petroleum & Chemical Corporation (Sinopec), focusing on high-quality development as the central task during the 14th Five-Year Plan period [4] - The strategic framework proposed includes "One Foundation, Two Wings, Three Chains, and Four New" to enhance the industry structure and competitiveness [4] - Sinopec aims to strengthen its core capabilities in oil, gas, and coal resources while promoting the development of new energy and materials [4][5] Summary by Sections Industry Overview - Sinopec's 2026 work meeting highlighted the achievements of 2025 and outlined the goals for the 15th Five-Year Plan, focusing on high-quality development and strategic initiatives [3] Strategic Initiatives - Six strategic initiatives will be implemented during the 15th Five-Year Plan: 1. Innovation-driven strategy to enhance technological independence and market responsiveness [5] 2. Transformation and upgrading strategy focusing on high-end, intelligent, and green development [5] 3. Resource assurance strategy to strengthen the oil and gas supply chain [5] 4. Market expansion strategy centered on customer needs [5] 5. Cost leadership strategy to improve cost competitiveness [5] 6. Open cooperation strategy to enhance international operations [5] Key Focus Areas for 2026 - The report identifies six key battles for 2026, including safety and environmental protection, energy security, market marketing, quality and efficiency improvement, innovation in finance and technology, and governance reform [6] Financial Performance - In 2024, Sinopec reported total revenue of 3,138.8 billion yuan, a decrease of 3.3% year-on-year, and a net profit of 57.8 billion yuan, down 13.0% year-on-year [7] Competitive Advantages - Sinopec's integrated business model across the entire industry chain is highlighted as a competitive advantage, with significant investments in upstream, midstream, and downstream operations [8] Investment Recommendations - The report suggests focusing on several key companies within the industry, including Sinopec, Sinopec Engineering, and others, due to their strong market positions and growth potential [9]

石油ETF鹏华紧密跟踪国证石油天然气指数，国证石油天然气指数反映沪深北交易所石油天然气产业相 关上市公司的证券价格变化情况。 数据显示，截至2025年12月31日，国证石油天然气指数(399439)前十大权重股分别为中国石油、中国石 化、中国海油、杰瑞股份、广汇能源、招商轮船、新奥股份、九丰能源、中远海能、大众公用，前十大 权重股合计占比67.11%。 消息面上，美国天然气期货涨超33%，突破7美元/百万英热，创下自2022年12月以来的最高水平。因气 温骤降导致油井冻结，美国天然气产量降至两年来最低水平。 华泰证券指出，2026年1月以来，委内瑞拉、伊朗等区域紧张局势再次引发市场供应风险担忧，1月23日 WTI/Brent期货价格收于61.07/65.88美元/桶，较2025年12月末上涨6.4%/8.3%。区域溢价已导致淡季油价 筑底反弹，随着需求回升及全球性储备性累库，2026年第二季度至第三季度油价有望见底上探，叠加美 联储降息对需求拉动，亚非拉地区成品油需求或景气上行，上调2026年布伦特均价为65美元/桶（前值 62美元/桶）。长期而言，考虑主要产油国边际成本及"利重于量"诉求，油价中枢存60美元 ...

Group 1: Natural Gas Market Insights - US natural gas prices saw a significant increase on January 25, with futures prices reaching $6 per million British thermal units for the first time since 2022 [1] - EIA forecasts a natural gas average price of $3.46 and $4.59 per million British thermal units for 2026 and 2027, respectively, indicating a downward adjustment in price expectations [2] - Companies involved in the natural gas industry include Sinopec, which engages in the entire value chain from extraction to end supply [3] Group 2: Oil Market Insights - Three major institutions have raised their oil supply forecasts, with EIA predicting a surplus of 2.83 million barrels per day in global crude oil supply by 2026 [2] - The average crude oil prices are projected to be $56 and $54 per barrel for 2026 and 2027, respectively [2] - Sinopec is involved in upstream oil resource development, while Shanghai Petrochemical focuses on refining and production of refined oil products [5][6] Group 3: Petrochemical Industry Insights - Sinopec manufactures basic petrochemical products such as olefins and aromatics, covering multiple segments of the petrochemical value chain [8] - Hengli Petrochemical operates in an integrated refining and petrochemical business model, processing raw materials into manufactured products [8] - Hongchuan Wisdom provides storage and logistics services for petrochemical products, participating in the warehousing and distribution segment of the petrochemical industry [9]

1月26日，中国石化涨5.04%，截至发稿，报6.46元/股，成交22.25亿元，换手率0.37%，总市值7811.79 亿元。 汇安中证红利低波动100指数A（024220）成立日期2025年9月5日，最新规模6378.16万。今年以来亏损 0.11%，同类排名5125/5580；成立以来亏损0.01%。 资料显示，中国石油化工股份有限公司位于北京市朝阳区朝阳门北大街22号,香港湾仔港湾道1号会展广 场办公大楼20楼，成立日期2000年2月25日，上市日期2001年8月8日，公司主营业务涉及石油与天然气 勘探开采、管道运输、销售;石油炼制、石油化工、化纤、化肥及其它化工生产与产品销售、储运;石 油、天然气、石油产品、石油化工及其它化工产品和其它商品、技术的进出口、代理进出口业务;技 术、信息的研究、开发、应用。主营业务收入构成为：汽油27.87%，柴油19.05%，原油13.21%，其他 (i)12.69%，煤油7.30%，基础有机化工品6.87%，合成树脂4.55%，天然气3.52%，其他业务收入2.03%， 合成纤维单体及其聚合物1.51%，化工原料类1.39%。 从基金十大重仓股角度 数据显示，汇安基 ...

Market Overview - The Hong Kong stock index showed mixed performance with the Hang Seng Index rising by 0.09% to 26,773.97 points, while the Hang Seng Tech Index fell by 1.31% to 5,721.82 points [1] - Major tech stocks experienced varied movements, with Alibaba down by 1.25%, Tencent up by 0.92%, and JD.com up by 1.39% [1] - Gold stocks led the rise in the metals sector, with companies like Lingbao Gold and Shandong Gold reaching new highs, while China Nonferrous Mining surged over 11% [1] - Oil stocks strengthened, with CNOOC rising by over 4% [1] - Commercial aerospace stocks generally declined, with Asia Pacific Satellite down over 8% [1] Corporate News - Road King Infrastructure (01098.HK) plans to sell several property rights in the Road King New World commercial project in Ningbo for 100.3 million yuan [2] - Asia Cement (00743.HK) expects a net profit of approximately 85.6 million yuan for 2025 [3] - Zijin Mining (02899.HK) announced the completion of the second phase of the Julong Copper Mine, which will become the largest copper mine in China [4] - Minmetals Capital (01141.HK) anticipates a net profit of 130 million to 170 million HKD for 2025, representing a year-on-year increase of 155.9% to 234.6% [4] - Everbright Securities (06178.HK) projects a revenue of 10.863 billion yuan for 2025, a year-on-year growth of 13.18%, with a net profit of 3.729 billion yuan, up 21.92% [4] - China Merchants Bank (03968.HK) reported a revenue of 337.532 billion yuan for 2025, with a slight increase of 0.01%, and a net profit of 150.181 billion yuan, up by 1.21% [4] - Shanghai Fudan (01385.HK) expects a revenue of approximately 3.93 billion to 4.03 billion yuan for 2025, with a net profit decrease of about 66.82% to 50.58% [4] - China Life Insurance (02628.HK) plans to invest 4 billion yuan to establish a partnership focused on AI-driven technological innovation and industrial upgrades in the Yangtze River Delta [5] - Xinda International Holdings (00111.HK) issued a profit warning, expecting a net profit of approximately 74 million to 82 million HKD [6] - Huadian International Power (01071.HK) reported a cumulative power generation of 262 million MWh for 2025, a decrease of about 6.99% year-on-year [7] - CNOOC Services (02883.HK) released a strategic guideline for 2026, expecting capital expenditure of approximately 8.44 billion yuan [8] - Sinopec (00386.HK) forecasts an oil production of 39.7 million tons for 2025, a slight increase of 0.2%, and a natural gas production of 41.253 billion cubic meters, up 4.02% [8] Institutional Insights - Galaxy Securities noted that the short-term interest rate cut expectations by the Federal Reserve have decreased, leading to a forecast of narrow fluctuations in the Hong Kong stock market [9] - The technology sector remains a long-term investment focus, benefiting from price increases in the supply chain, domestic substitution, and accelerated AI applications [9] - Consumption sectors are expected to continue benefiting from policy support, with attention needed on policy implementation and improvements in consumption data [9] - Dongxing Securities highlighted that the number of satellite launches in China is expected to accelerate by 2026, creating market opportunities in satellite manufacturing and rocket launches [10] - Guangfa Securities indicated that space photovoltaics are likely to benefit from the global commercial aerospace boom, with existing low-orbit satellite plans potentially creating nearly 10 GW of demand for space photovoltaics [10]

Group 1 - China Aluminum International (02068) saw a mid-day increase of over 2.4% after announcing a joint venture to undertake a new electrolytic aluminum project with an annual capacity of 394,000 tons, with the first phase set at 294,000 tons [1] - CGN Mining (01164) rose over 8.3% following the submission of a preliminary prospectus for a trust that plans to issue up to $2 billion in transferable, non-redeemable trust shares over 25 months, with annual uranium procurement not exceeding 9 million pounds [1] - China Shengmu Organic Milk (01432) increased nearly 6% after a joint announcement regarding a potential conditional cash offer to acquire all issued shares of the company [1] Group 2 - Yijun Group Holdings (02442) surged over 18%, with a cumulative increase of nearly 500% since its resumption of trading in December, following the sale of shares by its controlling shareholder [2] - China Rare Earth Holdings (03788) rose over 10%, reaching a historical high of 5.49 HKD, after announcing the termination of its gold spin-off plan to focus on gold business [2] - Laopuqin Gold (06181) increased over 7.3% as consumer demand is expected to rise during the upcoming Spring Festival, driven by higher gold prices and anticipated price increases [2] Group 3 - Oil stocks continued to rise, with CNOOC (02883) up 4.19%, Sinopec (00386) up 2.54%, and PetroChina (00857) up 3.68%, amid escalating geopolitical tensions in Iran and Cuba [3] - Changfei Optical Fiber (06869) saw a rise of over 15.4% due to significant price increases and supply tightness in the G.652.D optical fiber market, with major manufacturers unable to meet their own orders [3] Group 4 - Nanshan Aluminum International (02610) increased over 2.6% after announcing plans to start construction on a 250,000-ton electrolytic aluminum project in 2026, with an investment of $437 million [4] - Xindong Company (02400) saw a slight increase of 0.43% as its mobile game "Xindong Town" surpassed 10 million downloads, indicating strong user growth [4] Group 5 - EquipmentShare.com (EQPT.US) debuted on the US stock market with an IPO price of $24.5, closing up 32.9% on its first day [5] - The solar energy sector saw initial gains, with JinkoSolar (JKS.US) up 9.03% and Canadian Solar (CSIQ.US) up 4.57%, following discussions at the Davos Forum [5] - Silver-related stocks experienced gains, with First Majestic Silver (AG.US) rising 5.04% as spot silver prices surpassed $100 [5] Group 6 - Lithium mining stocks mostly rose, with Sigma Lithium (SGML.US) up 17.54% after announcing additional sales of high-purity lithium powder [6] - Bank stocks declined, with Goldman Sachs (GS.US) down 3.75% amid legal issues involving President Trump and JPMorgan [6] - Redwire (RDW.US) increased by 4.51% following comments from Elon Musk about SpaceX's plans for reusable rocket technology [6] Group 7 - Semiconductor stocks showed strength, with AMD (AMD.US) up 2.35% and Nvidia (NVDA.US) up 1.53%, as Nvidia's CEO visited China to discuss future plans [7] - Ericsson (ERIC.US) rose 8.87% after reporting strong fourth-quarter earnings, with adjusted EBITA reaching 12.7 billion SEK, a 24% increase year-over-year [8] - Intel (INTC.US) fell 17.03% due to disappointing performance outlooks and manufacturing issues [8]