港股开盘，恒指开跌0.31%，科指开跌0.95%；紫金矿业(02899.HK)涨超3%，中国海洋石油 (00883.HK)、中国石油股份(00857.HK)均涨超2%。 ...

Group 1 - The oil price is expected to remain in a neutral range, with Brent crude oil projected to be between $55 and $70 per barrel in the second half of 2025, indicating limited downside potential [4][10][11] - Global GDP growth is forecasted at 2.8%, leading to stable but slightly slowing growth in oil demand, influenced by geopolitical uncertainties and trade policies [4][12] - Non-OPEC countries are expected to lead the increase in crude oil production, while OPEC+ may exceed production expectations, contributing to a significant supply increase [4][12][15] Group 2 - Refining profitability is anticipated to improve due to a decline in domestic refining rates and the exit of overseas refineries, despite ongoing supply pressures [5][79] - The refining sector is nearing the end of new capacity additions, with most projects expected to come online between 2025 and 2026, which may alleviate some supply-side pressures [5][74] - The cost structure in the refining and petrochemical sectors is expected to improve, providing a better margin outlook for key players [5][79] Group 3 - The polyester industry is seeing a slowdown in capital expenditure growth, which may lead to an improved market structure as supply and demand dynamics stabilize [6][74] - The production capacity for polyester bottle chips is nearing completion, with expectations for a rebound in the industry by the second half of 2025 [6][74] Group 4 - Investment recommendations include focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as offshore oil service companies like CNOOC Services and Haiyou Engineering [7][74] - The report suggests that the long-term outlook for the polyester sector remains positive, with a focus on leading companies like Tongkun Co. and Wankai New Materials [7][74]

成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为41.89亿港元，成交金额居 首；其次是泡泡玛特、小米集团-W，成交金额分别为40.61亿港元、39.29亿港元。以净买卖金额统计， 小鹏汽车-W净买入额为5.94亿港元，净买入金额居首，该股收盘股价下跌6.66%。净卖出金额最多的是 阿里巴巴-W，净卖出11.80亿港元，收盘股价下跌3.21%。 深市港股通前十大成交活跃股中，成交额居首的是泡泡玛特，成交金额22.63亿港元；其次是小米集团- W、阿里巴巴-W，成交金额分别为19.21亿港元、17.89亿港元。以净买卖金额统计，有7只股为净买 入，净买入金额最多的是信达生物，净买入4.37亿港元，该股收盘上涨1.00%。净卖出金额最多的是快 手-W，净卖出7.50亿港元，收盘股价下跌5.87%。（数据宝） 6月12日港股通成交活跃股 6月12日恒生指数下跌1.36%，报收24035.38点，全天南向资金通过港股通渠道合计净买入55.85亿港 元。 证券时报·数据宝统计，6月12日港股通全天合计成交金额为1297.36亿港元，成交净买入55.85亿港元。 具体来看，沪市港股通成交金额829.40 ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 41.89 亿元 | -11.80 亿元 | | 泡泡玛特(09992) | 40.61 亿元 | -5804.06 万元 | | 小米集团-W(01810) | 39.29 亿元 | +1.53 亿元 | | 建设银行(00939) | 20.81 亿元 | +3.98 亿元 | | 美团-W(03690) | 20.70 亿元 | -2.96 亿元 | | 快手-W(01024) | 16.87 亿元 | -6675.04 万元 | | 腾讯控股(00700) | 16.32 亿元 | -1.39 亿元 | | 小鹏汽车-W(09868) | 16.00 亿元 | +5.94 亿元 | | 中国银行(03988) | 15.35 亿元 | +1.39 亿元 | | 中国海洋石油(00883) | 15.25 亿元 | -3.91 亿元 | 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 泡泡玛特(09992) | ...

*免责声明：文章内容仅供参考，不构成投资建议 此外，从行业角度看，2020-2024年中国对外能源行业投资建设项目达1680亿美元，其中沙特阿拉伯、 伊拉克、阿联酋、科威特、卡塔尔、安哥拉（非洲）6国能源行业投资&建设项目累计达502.8亿美元， 其中主要的油气项目为291.5亿美元，且呈逐年上升趋势。 *风险提示：股市有风险，入市需谨慎 根据Techsci Research，中东油服市场规模为千亿美元级，油服设备市场至少为百亿美元级。中国油服设 备公司目前在中东尚处于起步阶段，市场份额占比较低，具备高度成长性受行业β影响较小。 隔夜美油布油双双大涨，布油两个多月以来首次涨穿70美元关口。 杰瑞股份：国内民营油服设备龙头，完井设备全球领先。 消息上，央视报道，美官员称将减少美国驻伊拉克使团规模。中东紧张局势升级。 潜能恒信：我国领先的第三方民营油气探采企业。 国内方面，目前俄乌、巴以、美伊等地缘政治事件仍存不确定性，我国能源安全受到较多外部挑 战。"三桶油"响应国家"增储上产"号召，中国石油、中国石化、中国海油2025年上游资本开支计划分别 为2100、767、1300亿元，油气当量产量预计分别增长1.6%、 ...

6月11日恒生指数上涨0.84%，报收24366.94点，全天南向资金通过港股通渠道合计净买入13.76亿港 元。 6月11日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 01810 | 小米集团-W | 港股通(沪) | 366409.32 | -93025.66 | 1.22 | | 09992 | 泡泡玛特 | 港股通(沪) | 287696.38 | -12429.71 | 4.25 | | 03690 | 美团-W | 港股通(沪) | 219270.17 | -21295.66 | -0.42 | | 01810 | 小米集团-W | 港股通(深) | 197916.00 | -90216.47 | 1.22 | | 00700 | 腾讯控股 | 港股通(沪) | 197516.42 | -86526.84 | 0.88 | | 03988 | 中国银行 | 港股通(沪) | 182116.67 | -31070.64 | 1.08 | | 0 ...

6月11日恒生指数上涨0.84%，南向资金全天合计成交金额为1129.72亿港元，其中，买入成交571.74亿 港元，卖出成交557.98亿港元，合计净买入金额13.76亿港元。具体来看，港股通（深）累计成交金额 418.53亿港元，买入成交214.65亿港元，卖出成交203.88亿港元，合计净买入金额10.77亿港元；港股通 （沪）累计成交金额711.19亿港元，买入成交357.10亿港元，卖出成交354.10亿港元，合计净买入金额 3.00亿港元。 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 00939 | 建设银行 | 130445.67 | 70673.76 | 2.14 | | 03690 | 美团-W | 338296.01 | 36999.64 | -0.42 | | 01801 | 信达生物 | 88159.52 | 21572.70 | -1.42 | | 00883 | 中国海洋石油 | 171779.62 | 16013.29 | 1.29 | | 01530 | 三生 ...

智通财经APP获悉，6月11日港股市场，北水成交净买入13.76亿港元，其中港股通(沪)成交净买入3亿港 元，港股通(深)成交净买入10.77亿港元。 北水净买入最多的个股是建设银行(00939)、美团-W(03690)、信达生物(01801)。北水净卖出最多的个股 是小米集团-W(01810)、腾讯(00700)、阿里巴巴-W(09988)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 13.67 亿 | 22.97 亿 | 36.64亿 | | HK 01810 | | | -9.30 亿 | | 泡泡玛特 | 13.76 Z | 15.01 乙 | 28.77 亿 | | HK 09992 | | | -1.24 Z | | 美团-W | 9.90亿 | 12.03亿 | 21.93亿 | | HK 03690 | | | -2.13 Z- | | 腾讯控股 | 5.55 Z | 14.20亿 | 19.75亿 | | HK 00700 | | | -8.65 C | | 中国银行 | 7. ...

Investment Rating - The report maintains an "Overweight" rating for the chemical industry, particularly focusing on nylon and specialty nylon supply chains [5]. Core Insights - Recent accidents in chemical enterprises have disrupted the supply of chemical products such as caprolactam. A significant incident occurred on June 8, 2025, at China Pingmei Shenma Group's nylon technology company, affecting its production capabilities [1]. - The report emphasizes the robust demand for nylon, which is widely used in various applications, with notable consumption increases in nylon 6 and nylon 66, projected to grow by 22.2% and 41.2% respectively in 2024 [2]. - The report suggests monitoring companies involved in the nylon and specialty nylon sectors, including PolyOne and Taihua New Materials, as well as caprolactam producers like Luxi Chemical and Hualu Hengsheng [3]. Summary by Sections Chemical Industry Overview - The report highlights the recent frequency of accidents in the chemical sector, leading to stricter regulations on high-risk chemical reactions, which may impact supply chains [1]. - The current domestic caprolactam production capacity stands at 7.1 million tons per year, with the recent accident potentially affecting 5.6% of the supply [3]. Nylon and Specialty Nylon - Nylon, known for its excellent mechanical strength and wear resistance, has a significant market presence, with nylon 6 and nylon 66 accounting for approximately 90% of total consumption [2]. - The report identifies key players in the specialty nylon market, including DuPont and Arkema, while noting the trend towards domestic substitution in production [2]. Investment Recommendations - The report recommends focusing on undervalued, high-dividend companies in the oil and gas sector, as well as material companies benefiting from domestic substitution trends [3]. - Specific companies to watch include China Petroleum, China Petrochemical, and Wanhu Chemical, among others [3].

己内酰胺用于制备尼龙 6，我国现有产能 710 万吨/年。己内酰胺是重要的有 机化工原料之一，主要用途是通过聚合生成尼龙 6 切片，可进一步加工成锦 纶纤维、工程塑料、塑料薄膜。产能布局方面，根据百川盈孚统计，目前我 国共有己内酰胺产能 710 万吨/年，其中鲁西化工具备 65 万吨/年产能，华 鲁恒升具备 40 万吨/年产能，恒逸石化具备权益产能 22.5 万吨/年。该事故 的发生或将影响行业内 5.6%的己内酰胺供应。己内酰胺相关企业中，我们 建议关注：鲁西化工、华鲁恒升、恒逸石化等。 投资建议：（1）持续看好低估值、高股息、业绩好的"三桶油"及油服板 块。建议关注：中国石油、中国石化、中国海油、中海油服、海油工程、海 油发展；（2）持续看好国产替代趋势下的材料企业，国产半导体材料、面 板材料有望受益，建议关注：晶瑞电材、彤程新材、奥来德；（3）积极的 货币及财政政策陆续出台，地产链及龙头公司有望率先受益，看好农药化肥 及民营大炼化板块，建议关注：万华化学、华鲁恒升、华锦股份；（4）看 好维生素及蛋氨酸板块，建议关注：安迪苏、浙江医药、新和成。 2025 年 6 月 11 日 行业研究 化工企业近期事故频 ...