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]

（科技日报 潘宇菲 操秀英 何沛苁）责任编辑：李梦一 相关稿件： 光伏组件、汽车轻量化部件刚需的POE（聚烯烃弹性体），进口依存度曾超95%。这一局面终于被打 破！中国石油旗下独山子石化公司2025年共生产POE产品近6万吨，标志着国内首创POE气相聚合工艺 实现工业化量产与规模化供应。详情点击视频！ ...

Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index up by 0.06% closing at 26,765.52 points, while the Tech Index fell by 1.24% to 5,725.99 points, and the National Enterprises Index decreased by 0.15% to 9,147.21 points [1][2]. Sector Performance - Traditional cyclical stocks such as oil, coal, and non-ferrous metals performed strongly, indicating a shift in market focus towards value assets. In contrast, previously popular sectors like commercial aerospace and brain-computer interface technologies experienced a pullback [2][11]. Oil Sector - Oil stocks saw significant gains, with China National Offshore Oil Corporation (CNOOC) rising by 4.01%, China Petroleum & Chemical Corporation (Sinopec) increasing by 3.68%, and China Oilfield Services Limited up by 3.23%. This strength is attributed to a recent extreme cold wave in North America, which caused a 63% spike in U.S. natural gas prices from January 20 to 22, subsequently boosting prices of light hydrocarbons and supporting domestic petrochemical prices [4][5]. Coal Sector - Coal stocks also showed robust performance, with Mongolian Energy up by 5.80%, China Shenhua Energy rising by 4.42%, and China Qinfa up by 3.74%. The increase in coal prices is linked to heightened demand due to cold weather, with daily coal output from the Bohai Rim ports averaging 1.682 million tons, a week-on-week increase of 14.2 tons or 9.19% [6][7]. Non-Ferrous Metals Sector - Non-ferrous metal stocks were active, with Rusal rising by 12.31%, China Nonferrous Mining increasing by 9.87%, and Chifeng Jilong Gold Mining up by 7.44%. Citigroup's report indicates a structural bull market in aluminum, predicting a 61,000-ton structural deficit by early 2026 and raising the price target for aluminum from $2,950 to $3,400 per ton [8][9]. Gold Market - Morgan Stanley's research indicates that gold prices have surpassed their forecast of $4,750 per ounce for the second half of the year, with expectations of further increases due to geopolitical risks, central bank purchases, and ETF inflows. A bullish scenario suggests a target price of $5,700 per ounce for the second half [10]. Weakness in Tech Sectors - Commercial aerospace stocks faced collective declines, with Asia Pacific Satellite down by 11.53%, Goldwind Technology down by 7.14%, and JunDa Co. down by 6.56%. This adjustment is attributed to short-term profit-taking pressures [11]. Brain-computer interface stocks also showed weakness, with Nanjing Panda Electronics down by 6.15% and Brainstorming Technology down by 5.35%, partly due to a recent share placement announcement [13][14]. Individual Stock Movements - Zhizhuo (02513.HK) surged by 13.02% following a significant increase in subscription service users after the launch of its flagship model GLM-4.7, indicating strong market interest in its AI capabilities [15]. Lao Pu Gold (06181.HK) rose by 7.80% due to increased customer traffic during a promotional event, with expectations of substantial revenue growth during the upcoming Spring Festival [16].

Core Viewpoint - China National Petroleum Corporation (CNPC) has made significant progress in the domestic production of Polyolefin Elastomer (POE) through its subsidiary, Dushanzi Petrochemical Company, which is expected to produce nearly 60,000 tons of POE products by 2025, reducing reliance on imports for strategic emerging industries such as photovoltaics and new energy vehicles [1][4]. Group 1: Production and Technology - Dushanzi Petrochemical Company has achieved industrial-scale production of POE using a gas-phase polymerization process, marking a first in China [1][3]. - The main product, UL0588, has achieved international advanced levels in key indicators such as light transmittance, and its quality stability ranks among the top in domestic POE [3][4]. - The gas-phase method is more environmentally friendly, with energy consumption at approximately 60% of that of the solution method, and it produces low volatile compounds and minimal odor [3][4]. Group 2: Industry Development and Strategic Initiatives - Since 2015, Dushanzi Petrochemical has focused on high-end polyolefin research, laying a solid foundation for POE industrialization [4]. - The company has completed a full set of POE technology process packages and is promoting this technology internally within CNPC, aiming to accelerate the formation of an industrial cluster effect [4]. - During the 14th Five-Year Plan, CNPC has accelerated the construction of a "refining and chemical materials" industry structure, achieving over 50% growth in new material production for four consecutive years, which supports the transformation and upgrading of the refining and chemical industry [4].

Core Viewpoint - China National Petroleum Corporation (CNPC) has achieved a significant milestone with shale oil production exceeding 7 million tons annually, marking a new phase in the large-scale development of continental shale oil, which is crucial for national energy security [1] Group 1: Unconventional Oil and Gas Development - Unconventional oil and gas, including shale oil, tight oil, and coalbed methane, require new technologies for economic extraction, as traditional methods are insufficient [2] - China ranks third globally in shale oil recoverable reserves and has substantial shale gas resources, with the potential for significant contributions to energy security as conventional oil fields mature [2][3] - Since the 14th Five-Year Plan, CNPC has intensified exploration and development of unconventional oil and gas, achieving remarkable production growth and reshaping the energy security landscape [2] Group 2: Production Achievements - In the Ordos Basin, the Changqing Oilfield has reached a cumulative shale oil production of over 20 million tons, becoming the first continental shale oil field to achieve large-scale development [3] - The Jimsar National Shale Oil Demonstration Zone in the Junggar Basin has produced over 1.7 million tons of shale oil annually, addressing major challenges in resource identification and development [3] - The Sichuan Basin's shale gas production has surpassed 16 billion cubic meters annually, accounting for 60% of China's total shale gas output, with cumulative production exceeding 100 billion cubic meters [4] Group 3: Technological Innovations - CNPC has developed a unique theoretical framework for coalbed methane and implemented innovative technologies that enhance production efficiency, overcoming challenges posed by geological conditions [5][6] - The Changqing Oilfield has shifted from traditional North American extraction methods to a self-developed multi-stage fracturing technique that aligns better with local geological conditions, resulting in increased production [5][6] Group 4: Green Development Initiatives - CNPC has reached a "clean replacement" phase in its renewable energy business, integrating green low-carbon principles into unconventional oil and gas development [9] - The company has implemented land-saving and clean production practices, significantly reducing water usage and carbon emissions through advanced drilling technologies [9][10] - The establishment of solar power systems across oilfields has contributed to substantial reductions in carbon emissions, supporting the transition to a low-carbon energy structure [10][11] Group 5: Future Goals and Strategies - CNPC aims to enhance its management and operational efficiency through innovation and digital transformation, focusing on the sustainable development of unconventional resources [11] - The company is committed to achieving significant production capabilities in coalbed methane by 2035, which is expected to play a vital role in ensuring national energy security [4][11]

中新网乌鲁木齐1月26日电 记者26日从中国石油独山子石化公司获悉，国产POE(聚烯烃弹性体)适应性 改造项目取得重大进展，2025年共生产POE产品5.8万吨。这标志着国内首创POE气相聚合工艺实现工 业化量产与规模化供应，有效缓解我国光伏、新能源汽车等战略性新兴产业对进口产品的依赖，为国内 下游产业降本增效、增强国际竞争力注入强劲动能。 技术突破并非一蹴而就。自2015年起，独山子石化公司聚焦高端聚烯烃研发，先后在茂金属聚乙烯等高 端材料领域实现产业化，为POE产业化奠定了坚实基础。2024年4月，团队完成从实验室到工业生产的 转化，成功实现POE气相法技术"从0到1"的跨越。目前，公司已完成POE成套技术工艺包，在中国石油 内部技术推广，正在加速形成产业集群效应。 （文章来源：中国新闻网） 据了解，独山子石化公司采用自主开发的气相法工艺，属国内首家，填补了相关领域的技术空白。经检 测，其主力牌号UL0588的核心指标——透光率达到国际先进水平，质量稳定性位居国产POE前列。由 该产品制成的光伏胶膜，展现出更优的耐候性、更强的水汽阻隔性和更长的寿命。 相较国际主流的溶液法，气相法工艺还具备更加环保的优势， ...

最终，专家组一致同意项目通过现场核查，具备向集团公司科技管理部申请最终会议验收的条件。 此次核查的顺利通过，不仅验证了榆林公司在高端新材料柔性生产技术上的硬实力，更为榆林公司进一 步延伸产业链、提升产品市场竞争力奠定了坚实基础。（翟德宏 齐国徽） 责任编辑：李靓 核查期间，专家组深入榆林公司生产一线，对《工业试验总结报告》《开工方案》《标定报告》及全流 程运行记录等技术资料进行了严谨、细致的审阅。 自2021年9月装置成功实现丁烯工况开车以来，榆林公司科学规划、精准施策，于2022年8月成功攻克技 术难题，实现了向己烯工况的平稳切换。目前，装置已能够稳定产出高品质的1-丁烯及1-己烯系列产 品，并于2022年6月和2025年7月顺利完成丁烯及己烯工况下的"72小时连续标定"任务。 经过核查，专家组一致认为，项目组严格按照计划任务书要求开展工作，实物工作量充足，相关原始数 据真实可靠，各项技术经济考核指标均已达标。同时，专家组高度认可了榆林公司在技术开发过程中的 各项工作。 1月23日记者获悉，由兰州石化榆林公司负责实施的中国石油集团公司重点工业试验项目——"1-丁烯/1- 己烯灵活切换技术工业应用试验"，顺利 ...

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]

Group 1 - The Hong Kong stock market is experiencing a rise in oil stocks, with notable increases in share prices for major companies [1] - CNOOC Limited (02883.HK) saw a rise of 5.63%, reaching HKD 8.82 [1] - China National Offshore Oil Corporation (00883.HK) increased by 4.55%, trading at HKD 23.46 [1] - PetroChina Company Limited (00857.HK) rose by 3.33%, with shares priced at HKD 8.7 [1] - Sinopec Limited (00386.HK) experienced a 2.94% increase, with shares at HKD 5.26 [1]

Group 1 - Oil stocks continued to rise in early trading, with CNOOC Limited (02883) up 5.75% at HKD 8.83 [1] - CNOOC (00883) increased by 4.72%, reaching HKD 23.50 [1] - PetroChina (00857) rose by 3.80%, trading at HKD 8.74 [1] - Sinopec (00386) saw an increase of 3.52%, priced at HKD 5.29 [1]