1. Report Industry Investment Rating - The investment view on the synthetic rubber industry is bullish [3] 2. Core View of the Report - The conflict has led to a significant reduction in the operation of cracking units. As a by - product, the supply of butadiene has been passively contracted. Asian cracking units have declared force majeure, and Chinese butadiene rubber plants are also facing raw material shortages and product adjustment issues. Cost increases have pushed up the prices of butadiene rubber and styrene - butadiene rubber. The downstream negative feedback is gradually materializing, with the theoretical profit of butadiene rubber showing a large - scale inversion of over 2,000 yuan/ton. The capacity utilization rate is expected to plummet from 80% to 57.4%. If the blockade persists, the risk of raw material supply disruption will exacerbate industry tensions [3] 3. Summary by Related Catalogs 3.1 Market Review - This cycle, the price of butadiene rubber in the Shandong market fluctuated at a high level, with the spot price ranging from 15,000 to 15,800 yuan/ton. The military conflict in the Middle East has led to a short - term supply shortage of crude oil and downstream energy - chemical products. The continuous procurement of Chinese butadiene resources by Japan and South Korea has kept the production cost of domestic butadiene rubber high. Under the pressure of large - scale losses, most domestic butadiene rubber units have reduced their operations to varying degrees, resulting in a significant decline in production and capacity utilization. In the spot market, downstream terminal procurement is cautious, and the negotiation atmosphere is still relatively light [4] 3.2 Supply Analysis - **Butadiene**: Last week, the domestic butadiene production was [data missing] tons, with a capacity utilization rate of [data missing]%. During the week, some plants such as Sierbang and Yanshan Petrochemical remained shut down, and some plants in Shandong also carried out maintenance, leading to a significant decline in production [3] - **Butadiene Rubber**: During the cycle, most butadiene rubber plants in the Northeast, Shandong, Zhejiang, and Guangdong regions reduced their loads to varying degrees. The Zhejiang Chuanhua butadiene rubber plant started its regular rotation inspection plan [3] 3.3 Demand Analysis - **Semi - steel Tires**: During the cycle, some tire manufacturers issued price increase announcements, but the follow - up from other enterprises was limited. There was no obvious inventory - building phenomenon in the domestic market due to price increases. Currently, the Northeast and Inner Mongolia regions are in the peak demand season for all - season tires, and agents are slightly more active in stocking up. Other regions are in a normal stocking state, and the market transaction price has not changed [3] - **All - steel Tires**: The first batch of enterprises that increased prices on March 16 have implemented the price increase. Before the price increase, the stocking enthusiasm of market agents significantly increased, and the stocking enthusiasm of agents of other brands also increased significantly. The market circulation of popular models has accelerated compared to before. Although the actual terminal demand still needs time to recover, due to the unexpected increase in raw material costs, the market's bullish sentiment towards the tire price trend of being easy to rise and difficult to fall has increased [3] 3.4 Inventory Analysis - **Butadiene**: Last week, the butadiene port inventory was 27,600 tons, a month - on - month decrease of 10.97%. During the week, the arrival of imported vessels at the port was limited, and downstream consumption was normal, resulting in a decline in inventory [3] - **Butadiene Rubber**: Last week, the inventory of high - cis butadiene rubber enterprises + traders was 42,610 tons, a month - on - month decrease of 4.10%. Due to the tight supply and significant price increase of raw materials, butadiene rubber production enterprises faced large losses. Coupled with the reduction in the load of some units or upcoming maintenance, the available supply of goods was tight, and the inventory of sample production enterprises decreased [3] 3.5 Price and Spread Analysis - **Basis**: The basis of butadiene rubber in North China is - 735 yuan/ton, in East China is - 635 yuan/ton, and in South China is - 635 yuan/ton [3] - **Spread/Price Ratio**: The RU - BR spread is 15 yuan/ton, the NR - BR spread is - 3,120 yuan/ton, and the BR - SC price ratio is - 0.18% [3] 3.6 Profit Analysis - The production profit of butadiene through oxidative dehydrogenation is 5,050 yuan/ton, and the production profit through C4 extraction is 4,112.48 yuan/ton. The production profit of butadiene rubber is - 2,680 yuan/ton, with a gross profit margin of - 14.12% [3] 3.7 Geopolitical and Macroeconomic Analysis - The military conflict between the US, Israel, and Iran has seriously escalated. The blockade of the Strait of Hormuz has led to panic - buying price increases in downstream olefin products, resulting in a temporary shortage of resource supply. The IEA has coordinated the release of 400 million barrels of strategic oil reserves to deal with the shipping interruption crisis in the Strait of Hormuz caused by the military strike on Iran [3] 3.8 Trading Strategy - **Single - sided Trading**: Adopt a strategy of buying on dips and grasp the market and capital rhythm - **Arbitrage**: Arrange a long - BR and short - NR/RU position [3]

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [1] Core Views - International oil prices have risen, impacting the prices of methanol and methionine due to ongoing geopolitical conflicts affecting oil and some petrochemical product supplies and transportation [1] - The current P/E ratio for the SW basic chemical sector is 28.03, at the 81.52 percentile historically, while the P/B ratio is 2.53, at the 70.98 percentile historically [1] - The report anticipates that the current round of industry expansion is nearing its end, with measures like "anti-involution" expected to catalyze a recovery in industry profits [1] - The new materials sector is expected to benefit from rapid downstream demand growth, potentially initiating a new phase of high growth [1] Summary by Sections Industry Dynamics - As of March 22, 2026, the SW petrochemical sector's P/E ratio is 16.74, at the 50.60 percentile historically, and the P/B ratio is 1.62, at the 55.15 percentile historically [1] - The report highlights the need to focus on large energy state-owned enterprises, leading companies in coal chemical with stable and relatively low-cost raw material supply, and leading fine chemical companies with favorable supply-demand dynamics [1] Investment Recommendations - Short-term focus on large energy state-owned enterprises, coal chemical leaders, and fine chemical leaders with good cost transmission [1] - Long-term investment themes include traditional chemical leaders showing resilience, continuous improvement in supply-demand dynamics in sub-sectors like refining, polyester, dyes, organic silicon, pesticides, refrigerants, and phosphorous chemicals [1] - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical, Hengli Petrochemical, and others [1] Price Trends - For the week of March 16-22, 2026, 60 out of 100 tracked chemical products saw price increases, with notable rises in vitamin A, ethylene, naphtha, TDI, and methionine [28] - Methanol prices increased to 2,432 RMB/ton, up 7.04% week-on-week and 27.93% month-on-month [30] - Methionine prices rose to 39.5 RMB/kg, up 25.4% week-on-week and 111.23% month-on-month [31]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而産生或因倚賴該等內 容而引致的任何損失承擔任何責任。 中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED （於中華人民共和國註冊成立之股份有限公司） (股份代號：857) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 茲載列中國石油天然氣股份有限公司在上海證券交易所網站刊登的《中國石油天然氣股份有限 公司關於召開 2025 年度業績説明會的公告》，僅供參閱。 特此公告 中國石油天然氣股份有限公司董事會 一、说明会类型 本次业绩说明会通过网络互动形式召开，公司将介绍2025年度的 经营成果及财务指标的具体情况，并在信息披露允许的范围内就投资者 普遍关注的问题进行交流。 中國北京 2026 年 3 月 20 日 於本公告日，本公司董事會由戴厚良先生擔任董事長，由周心懷先生擔任副董事長及非執行董事， 由段良偉先生、周松先生及謝軍先生擔任非執行董事，由任立新先生、張道偉先生及宋大勇先生擔 任執 ...

证券代码：601857 证券简称：中国石油 公告编号：临 2026-002 中国石油天然气股份有限公司 关于召开 2025 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次业绩说明会通过网络互动形式召开，公司将介绍2025年度的 经营成果及财务指标的具体情况，并在信息披露允许的范围内就投资者 普遍关注的问题进行交流。 会议召开时间：2026 年 3 月 30 日（星期一）下午 17:30-18:30 会议召开方式：通过上海证券交易所上证路演中心（以下简称上 证路演中心，网址：https://roadshow.sseinfo.com/）进行网络互动。 投资者可于 2026 年 3 月 29 日（星期日）17:00 前登录上证路演 中心网站首页点击"提问预征集"栏目或通过中国石油天然气股 份有限公司（以下简称公司）邮箱 ir@petrochina.com.cn 进行提问。 二、说明会召开的时间、方式 （一）会议召开时间：2026年3月30日（星期一）下午17:30-18:30 （二）会议召 ...

Core Viewpoint - China National Petroleum Corporation (CNPC) has announced a centralized procurement tender for lithium iron phosphate energy storage systems for 2026, with a total capacity of 772.5 MWh [3][4]. Group 1: Tender Details - The project consists of 8 packages with a total capacity of 772.5 MWh, including 750 MWh at a 0.5C rate and 22.5 MWh at a 0.33C rate [4]. - Each package is quoted in "Yuan/Wh" and requires battery cells with a capacity of at least 314Ah and battery modules of at least 5MWh [5][8]. Group 2: Package Specifications - Package 1 includes a 2.5MW/5MWh system with a 0.5C liquid cooling requirement, expected to be delivered by June 1, 2026, at locations in Longqing Oilfield and Qingyang [5][6]. - Package 2 has a larger capacity of 200MWh, with a delivery date set for July 10, 2026, located in Turpan City [5][6]. - Package 4 is expected to deliver 140MWh by August 10, 2026, in Karamay City [5][6]. Group 3: Bidder Qualifications - Bidders must be registered suppliers in CNPC's resource database and must not participate in joint bids [6][9]. - Bidders are required to submit a commitment letter confirming no major quality incidents from 2023 to 2025 [6][9]. Group 4: Timeline - The tender document acquisition period is from March 17 to March 24, 2026, with the bid submission deadline set for April 8, 2026, at 8:30 AM Beijing time [7][10].

Investment Rating - The industry investment rating is maintained as "Accumulate" [1] Core Insights - The 2026-2027 China National Petroleum Corporation (CNPC) pipeline natural gas purchase and sale contract policy has been officially released, with sales prices remaining unchanged year-on-year. The pricing policy includes an 18.5% increase over the provincial gate prices for regulated gas, and a 70% increase for fixed non-regulated gas in certain regions [7] - The stable pricing from CNPC is expected to stabilize domestic gas prices and promote steady downstream demand growth. CNPC holds a dominant position in domestic natural gas supply, which may influence other gas source companies to follow its pricing strategy [7] - The report highlights investment opportunities in resource production capabilities due to rising gas prices driven by geopolitical conflicts. Recommended companies include Shouhua Gas and New Natural Gas, with a focus on those with long-term cost advantages and flexible scheduling [7] Summary by Sections Industry Trends - The report indicates that the pricing policy for the 2026-2027 period shows no adjustments in resource allocation ratios or price increases compared to the previous year [7] - The resource allocation ratios for regulated gas are 60% in the off-season and 55% in the peak season, while for non-regulated gas, the ratios are 33% and 38% respectively [5] Investment Recommendations - The report recommends focusing on companies with gas source production capabilities, such as Shouhua Gas, and those with advantageous long-term contracts like New Energy and Jiufeng Energy [7] - It also suggests paying attention to city gas companies that are adjusting their pricing structures, with specific recommendations for New Energy and China Gas [7]

Group 1 - PetroChina will keep its contract prices largely unchanged this year to protect industrial consumers from rising global energy prices due to the Middle East conflict [2] - The company will maintain last year's upper price limit to support the long-term growth of the domestic gas industry, as noted by Chinese consultancy OilChem [2] - China is well-positioned to handle ongoing gas disruptions from the war, thanks to higher-than-usual inventories built up last year when demand was softer [3] Group 2 - Spot liquefied natural gas prices for May delivery to China have increased by about one-third this month to $17.13 per million British thermal units, but cheaper onshore gas and coal have limited price increases [4] - China is pushing to liberalize its gas market, allowing suppliers to pass on some costs to consumers while preventing sharp price spikes that could harm the economy [5] - Domestic producers are expected to increase gas production as oil demand plateaus, which should help mitigate global geopolitical and energy disruptions [5]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical industry [5] Core Views - The ongoing US-Iran conflict highlights the importance of energy security, with the "14th Five-Year Plan" emphasizing the need for energy resource supply guarantees [1][10] - The "Three Oil Giants" (China National Petroleum, Sinopec, and CNOOC) are positioned as key players in domestic energy supply, with plans for significant capital expenditures and production increases [2][11] - The conflict threatens the supply of petrochemical raw materials, necessitating attention to state-owned refining enterprises like Huajin [3][13] - The rise in agricultural product prices due to the conflict underscores the importance of agricultural chemical products like methionine and vitamins [2][12] - The coal chemical industry is highlighted as a core direction for growth, benefiting from the current high oil prices [3][14] Summary by Sections Energy Security and Supply Chain - The US-Iran conflict continues to disrupt global energy supply chains, particularly affecting oil prices, which have seen significant increases [1][9] - The "14th Five-Year Plan" stresses the need for a robust energy supply system, focusing on domestic production and strategic reserves [10] Domestic Energy Supply - The "Three Oil Giants" are expected to maintain high capital expenditures, with planned upstream capital expenditures of CNY 210 billion for China National Petroleum, CNY 72.9 billion for Sinopec, and CNY 130 billion for CNOOC in 2025 [2][11] - Production plans for 2025 indicate a year-on-year increase of 1.6% for China National Petroleum, 1.5% for Sinopec, and 5.9% for CNOOC [2][11] Petrochemical Raw Material Supply - The conflict has led to decreased transportation efficiency through the Strait of Hormuz, impacting the supply of petrochemical raw materials [3][13] - State-owned refining enterprises are expected to leverage their integrated supply chain advantages to ensure stable resource availability [3][13] Agricultural Chemical Products - The rise in food prices due to the conflict has elevated the importance of agricultural security, with a focus on chemical products like methionine [2][12] Coal Chemical Industry - The coal chemical sector is positioned as a key growth area, with advantages in cost and resource availability highlighted amid rising oil prices [3][14]

Investment Rating - The report suggests a positive investment outlook for the oil industry, particularly highlighting companies like China National Petroleum Corporation and CNOOC as key players in the sector [6]. Core Insights - The oil market is influenced by three main attributes: commodity characteristics, geopolitical factors, and financial aspects. The price formation mechanism is complex, with supply and demand, geopolitical events, and dollar interest rates playing significant roles. The report indicates that the oil price has been trending downward in 2023 due to a loosening supply-demand balance [4]. - Supply is heavily concentrated in the Middle East, which holds nearly 60% of global reserves. Major suppliers include Saudi Arabia, the United States, and Russia. The report notes that OPEC plays a crucial role in controlling international oil prices through production management [4][5]. - Demand for oil is closely tied to global economic growth, with the U.S., Europe, China, and India being the primary consumers. The report forecasts that by 2024, the demand shares will be 19.7% for the U.S., 15.9% for China, and 13.8% for Europe [5]. - The Strait of Hormuz is highlighted as a critical chokepoint for global oil transport, with potential disruptions leading to significant production cuts in Gulf countries. The report emphasizes that if the Strait remains blocked, the scale of production cuts and the difficulty of resuming production will increase rapidly [5]. Summary by Sections Geopolitical and Financial Impact on Oil Prices - The report discusses how geopolitical tensions and financial factors significantly influence oil prices, with recent conflicts causing rapid price increases. It emphasizes that while short-term fluctuations are common, the long-term price trends are primarily driven by supply-demand fundamentals [21][24]. Oil Supply Situation - The global distribution of oil reserves is uneven, with the Middle East holding a significant portion. The report states that as of 2024, OPEC countries will control 79.2% of global oil reserves, with Saudi Arabia, Iran, and Venezuela being the top three countries [33]. - The U.S. has become the largest oil producer due to the shale oil revolution, but production growth is slowing as companies focus on investment returns rather than volume [36][51]. Oil Demand Situation - The report indicates that oil demand is expected to grow primarily in developing countries, with projections for 2025 showing an increase in global oil demand. The U.S. and China are expected to remain the largest consumers, with significant shifts in consumption patterns due to economic and structural changes [87][93]. - The report also notes that the refining capacity in Europe is declining, while the U.S. maintains a stable demand for refined products, indicating a shift in the global refining landscape [93].

Core Viewpoint - Morgan Stanley has identified resilient "winners" in the current rising oil price environment, specifically focusing on Hong Kong stocks, all of which are rated as "overweight" [1] Group 1: Company Targets - China Petroleum & Chemical Corporation (00857) has a target price set at HKD 13 [1] - China Hongqiao Group Limited (01378) has a target price set at HKD 40 [1] - Aluminum Corporation of China Limited (601600) (02600) has a target price set at HKD 16 [1] - Yanzhou Coal Mining Company Limited (600188) (01171) has a target price set at HKD 12 [1]