点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 一、踏上新征程、勇担新使命、开创新局面，奋力打造具有鲜明海洋特色的世界一流能源资源集团 中国海油集团党组书记、董事长张传江代表集团党组作题为《踏上新征程勇担新使命开创新局面奋力打造具有 鲜明海洋特色的世界一流能源资源集团》的讲话。张传江指出，"十四五"时期，中国海油坚定不移地砥砺奋 进、攻坚克难，坚持固根基、强主业，能源保障能力迈上新台阶；坚持转方式、调结构，发展质量效益实现新 提升；坚持破瓶颈、补短板，关键核心技术装备攻坚取得新突破；坚持优机制、添活力，治理现代化水平得到 新加强；坚持夯基础、强管理，风险防范能力建设取得新进步，圆满完成"十四五"规划主要目标任务。2025 年，公司坚持稳中求进工作总基调，沉着应对严峻 ...

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [5] Core Views - Geopolitical tensions, particularly regarding Iran, have driven significant fluctuations in oil prices, providing a favorable backdrop for oil price recovery [1] - OPEC+ is expected to cautiously increase production in 2026, which may help alleviate the oversupply situation in the oil market [2] - Global oil demand is projected to improve, with the chemical raw material demand expected to dominate the growth in 2026 [3] - The report expresses a positive long-term outlook for major Chinese oil companies and the oil service sector, emphasizing their resilience during price fluctuations [4] Summary by Sections Oil Supply and Demand - OPEC forecasts a demand increase of 1.38 million barrels per day in 2026, with a cautious production increase expected to improve the supply-demand balance [2] - The IEA has raised its 2026 global oil demand growth forecast to 860,000 barrels per day, attributing this to improved macroeconomic conditions [3] Price Trends - As of January 16, 2026, Brent and WTI crude oil futures closed at $64.20 and $59.22 per barrel, reflecting increases of 1.9% and 0.7% respectively from the previous week [1] Investment Recommendations - The report recommends focusing on major Chinese oil companies, including China National Petroleum Corporation, Sinopec, and CNOOC, as well as their associated oil service engineering firms [4]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) disclosed the salary information of over 80 central enterprise leaders for the year 2024, indicating a stable salary range without extreme high salaries, showcasing significant industry differentiation [1][5]. Group 1: Salary Disclosure - The disclosure of salary information is part of SASAC's ongoing efforts to enhance transparency in key areas and respond to public concerns [2]. - The overall salary of central enterprise leaders in 2024 remains within a stable range, characterized by "top leaders leading, median concentration, and low compliance," with no extreme high salary phenomena observed [5]. Group 2: Salary Rankings - The top tier of salaries is dominated by leaders from telecommunications and energy central enterprises, with China Mobile's former chairman Yang Jie leading with a pre-tax salary of 1.2582 million yuan, followed by China Telecom and China Unicom chairmen with salaries of 1.2160 million yuan and 1.2101 million yuan respectively [6]. - In the energy sector, PetroChina's chairman Dai Houliang and general manager Hou Qijun both have an annual salary of 978,500 yuan, ranking first among energy central enterprises [7]. - Other notable salaries include China Huaneng Group's chairman Wen Shugang at 961,700 yuan and State Power Investment Corporation's chairman Yu Bing at 953,700 yuan, both of whom are also in the top tier [8]. Group 3: Salary Distribution - The second tier includes core central enterprises in electricity, construction, and automotive industries, with notable figures such as State Grid's chairman Zhang Zhigang earning 735,000 yuan and China National Nuclear Corporation's chairman Yang Changli earning 930,000 yuan [15]. - The third tier consists of central enterprises with strong public welfare attributes, such as China Forestry Group's chairman Shan Zhongli and Overseas Chinese Town Group's chairman Zhang Zhenggao, both earning 438,500 yuan, which is below the average level for central enterprises [16]. Group 4: Salary Variability - Within the same industry, the salary differences among central enterprise executives are manageable, with the highest annual salary for energy central enterprise chairmen (PetroChina at 978,500 yuan) and the lowest (National Pipeline Network at 872,900 yuan) showing a difference of about 100,000 yuan [20].

Core Viewpoint - The recent disclosure of salary information for over 80 central enterprises by the State-owned Assets Supervision and Administration Commission (SASAC) highlights the structure, level, and distribution of executive compensation, reflecting a commitment to transparency and accountability in state-owned enterprises [2][3]. Salary Structure and Distribution - The highest annual salary for a central enterprise leader in 2024 is 978,500 yuan, held by the chairman of PetroChina, Dai Houliang, followed closely by the former chairman of China Mobile at 972,100 yuan and the former chairman of CNOOC at 966,900 yuan, all from the energy and communication sectors [3]. - Overall, the salary distribution among central enterprise leaders shows a clear stratification, closely related to the industry characteristics and operational challenges, with energy and communication sectors leading in compensation [4]. - Leaders of energy and power central enterprises, such as Huaneng Group and China Southern Power Grid, have salaries exceeding 950,000 yuan, while those in construction, manufacturing, and logistics typically earn between 600,000 and 950,000 yuan, and those in public service sectors earn between 400,000 and 600,000 yuan [3][4]. Industry Differences - There are significant salary disparities among central enterprises based on industry, with energy and communication sectors commanding higher salaries due to their monopolistic nature and substantial impact on the national economy, while sectors like forestry and pharmaceuticals, which focus on social welfare, tend to have lower compensation levels [4]. - Some central enterprises involved in overseas operations, such as China Resources Group, have additional overseas allowances that increase their overall compensation, with the highest total compensation reaching 1,351,200 yuan [4]. Salary Reform and Mechanism - The salary structure for central enterprise leaders consists of a basic salary, performance-based salary, and long-term incentive income, with performance evaluations directly influencing compensation [5][9]. - The 2024 salary determination aligns with the SASAC's performance reform direction, ensuring that compensation is closely tied to performance, with a significant portion of salaries being variable based on performance outcomes [9][10]. - The mechanism for salary determination includes comprehensive assessments of various factors, including safety, social responsibility, and innovation, with penalties for significant operational failures [10]. Transparency and Accountability - The recent salary disclosure is part of ongoing efforts to enhance transparency and accountability in central enterprises, with detailed public reporting of executive names, positions, salaries, and benefits [10]. - To improve public trust, it is suggested that the disclosure should also include the rationale behind salary structures and performance evaluations, not just the figures [10].

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) disclosed the 2024 salary information for 87 central enterprises, revealing that 20 of them have annual salaries exceeding 900,000 yuan, primarily in the energy and power sector [1][4]. Group 1: Salary Disclosure - SASAC published salary data for 87 central enterprises, with notable omissions such as China Aerospace Science and Technology Corporation and China Shipbuilding Industry Corporation [1]. - Among the disclosed enterprises, 20 have annual salaries exceeding 900,000 yuan, with a concentration in the energy and power industries [1][4]. - Nine enterprises headquartered in the Guangdong-Hong Kong-Macao Greater Bay Area also reported salaries, with four exceeding 900,000 yuan [1][9]. Group 2: Top Earners - The highest reported salary is 980,000 yuan for Zhang Zhigang, Chairman of State Grid Corporation, whose salary is split due to a change in position during the year [4][7]. - Other top earners include Dai Houliang from China National Petroleum Corporation at 978,500 yuan, and Wang Dongjin from China National Offshore Oil Corporation at 966,900 yuan [4][7]. - A total of nine enterprises have salaries exceeding 950,000 yuan, all primarily in the energy sector [4][7]. Group 3: Performance Metrics - State Grid Corporation reported a total revenue of 3,945.928 billion yuan and a net profit of 77.298 billion yuan for 2024 [7]. - China Telecom achieved a revenue of 523.6 billion yuan in 2024, marking a 3.1% year-on-year increase [7]. - The performance of these enterprises aligns with SASAC's A-grade assessment for operational performance for the 2024 fiscal year [7]. Group 4: Regional Insights - In the Greater Bay Area, China Southern Power Grid, China Resources Group, China Merchants Group, and China General Nuclear Power Group reported salaries exceeding 900,000 yuan [9][10]. - China Southern Power Grid's Chairman earned 958,300 yuan, while China Resources Group's Chairman received 951,200 yuan, including overseas allowances [9][10]. - China Merchants Group's Chairman reported a salary of 946,400 yuan, also including overseas work allowances [10].

中国海洋石油有限公司是一家主要从事原油和天然气勘探、开发、生产及销售的中国公司。该公司通过 三个分部开展业务。勘探及生产分部从事上游石油业务，主要包括常规油气业务，页岩油气业务，油砂 业务和其他非常规油气业务。贸易业务分部从事原油贸易业务，主要包括石油产品分成合同下销售归属 于外国合作方的原油及天然气以及第三方原油贸易业务。公司业务分部从事总部管理、资金管理,以及 研究开发等业务。该公司主要在国内及海外市场开展业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，1月16日南向资金增持542.0万股中国海洋石油（00883.HK）。近5个交易日中，获南向 资金增持的有4天，累计净增持2907.0万股。近20个交易日中，获南向资金减持的有11天，累计净减持 1221.11万股。截至目前，南向资金持有中国海洋石油（00883.HK）102.71亿股，占公司已发行普通股 的21.6%。 ...

从连续性进行统计， 有2只股获南向资金连续3天以上净买入，连续净买入天数较多的有腾讯控股、阿 里巴巴-W，连续净买入天数分别为8天、5天。以其间净买入金额统计，净买入金额最多的是腾讯控 股，合计净买入为96.85亿港元，其次是阿里巴巴-W合计净买入为44.24亿港元。（数据宝） 1月16日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | 570236.85 | 108401.22 | 2.39 | | 01810 | 小米集团-W | 470068.85 | 86704.08 | -2.01 | | 01347 | 华虹半导体 | 269679.07 | 58509.58 | 7.39 | | 09992 | 泡泡玛特 | 342964.15 | 14181.56 | -5.60 | | 02050 | 三花智控 | 94099.67 | 12986.42 | 2.67 | | 09988 | 阿里巴巴-W | 695230.42 | 3959.6 ...

Group 1 - On January 16, 2026, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 40.30 billion, 34.43 billion, and 33.48 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also ranked as the top three, with transaction amounts of 29.23 billion, 23.54 billion, and 22.23 billion respectively [1] Group 2 - The top active companies in the Southbound Stock Connect included Alibaba-W (09988) with a net buying amount of +56.02 million, Tencent Holdings (00700) with +57.91 million, and SMIC (00981) with +510 million [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net selling amount of -16.43 million, while SMIC (00981) recorded a net buying amount of +574 million [2]

南向资金净买入0.94亿港元，中芯国际、小米集团-W、华虹半导体净买入额位列前三，分别获净买入 10.84亿港元、8.67亿港元、5.85亿港元。净卖出方面，中国移动、阿里健康、中国海洋石油分别遭净卖 出10.74亿港元、4.62亿港元、1.08亿港元。 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 93.5808 million HKD today [1] - Notable net purchases include SMIC at 1.084 billion HKD, Hua Hong Semiconductor at 585 million HKD, Pop Mart at 141 million HKD, and Sanhua Intelligent Control at 129 million HKD [1] - Significant net sales were observed in China Mobile at 1.074 billion HKD, Alibaba Health at 461 million HKD, and CNOOC at 108 million HKD [1] Group 2 - Southbound funds have net bought Tencent for 8 consecutive days, totaling 9.68457 billion HKD [1] - Alibaba has seen net purchases for 5 consecutive days, amounting to 4.42446 billion HKD [1] - China Mobile has experienced net sales for 10 consecutive days, totaling 8.06248 billion HKD [1]