Core Viewpoint - The Hong Kong Stock Connect Dividend ETF (520900) has shown significant performance, with a notable increase in both share volume and profits, indicating strong investor interest in high-dividend assets amid a favorable economic environment [1][2][6]. Financial Performance - In Q4 2025, the Hong Kong Stock Connect Dividend ETF (520900) reported a profit of 48.31 million yuan, contributing to an annual profit of 228 million yuan for the year [2][4]. - The fund's share volume increased from 1.592 billion to 1.875 billion, marking a growth rate of 17.78% [2][4]. Market Trends - The demand for high-dividend assets is bolstered by the stable and continuous dividend policies of state-owned enterprises (SOEs), which are now key performance indicators for state-owned enterprises [6][13]. - The index tracking the ETF focuses on SOEs with stable dividend levels and high dividend yields, primarily in sectors like energy and telecommunications [7][9]. Sector Analysis - The top five sectors in the index include Oil & Petrochemicals (28.63%), Telecommunications (21.75%), Coal (11.80%), Transportation (10.47%), and Public Utilities (7.94%) [7]. - The top ten constituent stocks account for 66.88% of the index, featuring major players in the energy and telecommunications sectors [9][10]. Historical Performance - Since its inception, the index has achieved a cumulative return of 120.79%, outperforming the Hang Seng Index and the CSI Dividend Index [11][12]. - The dividend yield has increased significantly from 3%-4% in 2015 to 5%-9% in 2023-2025, reflecting the enhanced dividend capacity of SOEs [12]. Investment Outlook - Analysts suggest that the current market conditions may present a favorable window for investing in high-dividend assets, particularly through the Hong Kong Stock Connect Dividend ETF [13][14]. - The ETF provides a convenient entry point for investors looking to capitalize on stable returns and long-term value in the Hong Kong market [14].

Core Viewpoint - The energy sector, particularly oil and coal, is experiencing significant upward momentum, with substantial capital inflows into energy ETFs, indicating strong investor interest and potential for growth [1][3]. Group 1: Market Performance - As of January 28, energy ETFs (159930) surged by 3.36%, attracting over 94 million yuan in capital, marking a total net inflow of over 200 million yuan over the past five days [1]. - Key stocks within the energy ETF saw varied performance, with China National Offshore Oil Corporation and Jereh Group both rising over 7%, while Shanxi Coking Coal and China Petroleum also posted gains [2][3]. Group 2: Component Stocks - The top ten component stocks of the energy ETF include: - China National Petroleum (3.16% increase, 15.06% weight) - China Shenhua Energy (1.43% increase, 14.26% weight) - China Petroleum & Chemical Corporation (0.16% increase, 12.09% weight) - Shaanxi Coal and Chemical Industry (2.76% increase, 10.82% weight) - Other notable stocks include Jereh Group and Shanxi Coking Coal, both showing significant gains [4]. Group 3: Oil Market Insights - According to Huatai Securities, geopolitical factors have led to a rebound in oil prices during the off-season, with Brent crude oil prices expected to average $65 per barrel by mid-2026, up from a previous estimate of $62 [5]. - The report suggests that energy companies with the ability to increase production and reduce costs may present attractive investment opportunities as oil prices stabilize [5]. Group 4: Coal Market Insights - According to Kaiyuan Securities, coal prices are at historical lows, providing room for a rebound, especially with supply-side policies constraining production and increased demand during the heating season [6]. - The report indicates that both thermal and coking coal prices have upward elasticity, with the coal sector poised for improvement as the market conditions shift [6].

Group 1: Market Overview - The non-ferrous metal sector experienced a significant rise, with major companies like Zijin Mining and Luoyang Molybdenum seeing substantial gains [1][4] - The oil and gas extraction sector also strengthened, with "three major oil companies" collectively rising, including China National Offshore Oil Corporation increasing over 7% [8] - The overall market sentiment towards resource stocks extended to other cyclical sectors such as chemicals, steel, and coal, all of which saw upward movement [1][11] Group 2: Specific Sector Performance - Precious metals led the gains in the non-ferrous metal sector, with stocks like Zhaojin Mining, Sichuan Gold, and Hunan Gold hitting the daily limit [5][7] - The chemical sector benefited from price increase themes, with specific products like epoxy propylene and glyphosate seeing price hikes [11][12] - The semiconductor sector was also active, with companies like Zhongwei Semiconductor rising over 14% after announcing price increases of 15%-50% for certain products due to supply chain pressures [14] Group 3: Economic Indicators - The US dollar index fell significantly, reaching a near four-year low, influenced by market speculation regarding potential currency interventions by the US and Japan [10] - Analysts predict that oil prices may see a bottoming out and potential recovery in mid-2026, driven by demand recovery and global inventory accumulation [10]

Market Overview - A-shares experienced a narrow range of consolidation with resource stocks showing a broad-based increase, as of January 28, the Shanghai Composite Index rose by 0.49% to 4160.01 points, while the Shenzhen Component Index increased by 0.09% [1] - The total trading volume in A-shares reached 1.93 trillion yuan [1] Economic Indicators - The People's Bank of China conducted a 7-day reverse repurchase operation of 377.5 billion yuan at a fixed rate of 1.4%, with a net injection of 14 billion yuan for the day [2] Energy Sector Insights - The National Energy Administration reported that by the end of 2025, the cumulative installed power generation capacity in China is expected to reach 3.89 billion kilowatts, a year-on-year increase of 16.1%. Solar power capacity is projected to reach 1.2 billion kilowatts, up 35.4%, while wind power capacity is expected to reach 640 million kilowatts, up 22.9% [3] - The State-owned Assets Supervision and Administration Commission emphasized the importance of central enterprises in strategic security and public service, promoting professional integration and innovation [3] Commodity Market Performance - International gold prices surpassed $5,200 per ounce, leading to a surge in the gold and non-ferrous metal sectors, with several companies, including China Gold and Sichuan Gold, hitting their daily price limits [3] - International oil prices reached a new high, with the oil and gas sector performing strongly, particularly China National Offshore Oil Corporation, which saw a price increase of over 7% [3] Sector Performance - The oil sector led with an average increase of 5.18%, followed by non-ferrous metals at 4.54% and coal at 2.52%. In contrast, the healthcare sector saw a decline of 2.02% [4] Company Insights - **Sinopec Oilfield Service**: Benefiting from the "increasing reserves and production" policy, the company is expected to maintain high capital expenditure from its parent company, providing support for workload and profitability [8] - **Zhongman Petroleum**: The company is expected to continue good performance due to rapid growth in oil and gas production [8] - **China National Offshore Oil Corporation**: The company shows resilience in performance during oil price downturns, with a focus on both oil and gas and renewable energy businesses [8] - **CNOOC Oilfield Services**: As a leader in offshore oil and gas equipment, the company is expected to enjoy valuation premiums due to steady growth in oilfield technology and ongoing expansion in deep-sea technology [8]

2020-2025年中国原油产量统计图 上市企业：中国石油（601857）,中国石化（600028）,大庆华科（000985）,广汇能源（600256）,潜能恒 信（300191）,ST海越（600387） 相关报告：智研咨询发布的《2026-2032年中国石油行业发展策略分析及投资前景研究报告》 根据国家统计局数据显示：2025年12月中国原油产量为1780万吨，同比下降0.6%；2025年中国原油累 计产量为21604.7万吨，累计增长1.5%。 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Group 1 - The oil sector is experiencing significant activity, with companies like PetroChina and Sinopec seeing substantial stock price increases, and CNOOC reaching a historical high [1] - A large winter storm has caused natural gas prices in the U.S. to surge, reaching a three-year high, with Henry Hub natural gas futures for February delivery peaking at $7.43 per million British thermal units, marking a 140% increase since January 16 [1] - Huatai Securities forecasts that the average Brent crude oil price for 2026 will be $65 per barrel, with quarterly averages of $64, $66, $68, and $63 per barrel for Q1 to Q4 respectively, an increase from a previous estimate of $62 per barrel [1] Group 2 - As of January 28, 2026, the National Petroleum and Natural Gas Index (399439) has risen by 3.06%, with significant gains in constituent stocks such as Potential Energy rising by 13.50% and Sinopec by 10.11% [2] - The oil ETF Penghua (159697) has increased by 3.26%, with a latest price of 1.36 yuan and a net subscription of 54 million units, marking 14 consecutive days of net inflow [2] - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 67.11% of the index, including major companies like PetroChina, Sinopec, and CNOOC [2]

证券研究报告 基础材料/能源 1 月下旬以来，美国遭遇冬季风暴极端天气已造成部分受灾地区天然气/电力 供应中断、能源价格上涨等影响，其中作为美国化工重要供给区的得克萨斯 州墨西哥湾沿岸炼油、化工等部分工厂开工已受影响。考虑到美国较多大宗 化工品占全球产能比重仍较高，因而本轮寒潮导致的潜在供给下滑或对相关 产品的供应稳定性造成一定冲击。同时，由于我国大宗化工品已步入产能周 期和库存周期双重拐点，海外供给的潜在下滑或助力国内相关化工品开工率 提升及景气率先修复。关注炼油、乙烯、醋酸、MDI、TDI 等，推荐万华化 学、华谊集团、中国石化（A/H）。 美国遭遇寒潮极端天气，部分大宗化工品供给或受到冲击 据财联社、中新网等，美东时间 1 月 23 日以来，美国遭遇大规模冬季风暴， 已致逾 20 个州进入紧急状态，极端天气已造成部分受灾地区人员伤亡、天 然气/电力供应中断、能源价格上涨等影响，且得克萨斯州墨西哥湾沿岸多 家炼油厂、化工厂和制造商已被迫停产。同时，据美国国家气象局，极寒天 气或将持续到 2 月初。由于美国本土炼油、乙烯、醋酸、MDI、TDI 等较多 化工品产能占全球比重较高（2025 年多种产品产能占比在 ...

中化新网讯 1月26日14时56分，甘肃甘南州迭部县发生5.5级地震(震源深度10千米)。地震发生后，石油 石化企业迅速启动应急响应，全力保障地震波及区域内各加能站运行正常、油品供应稳定，筑牢震区能 源生命线。 中国石油甘肃销售公司所属甘南分公司火速成立应急指挥领导小组，10分钟内完成震中50千米范围内3 座加油站——迭部云峰加油站、迭山加油站、代古寺加油站的全覆盖安全排查。经核查，所有站点设备 完好、无油品泄漏，员工与顾客零伤亡。3站同步开通抗震救灾绿色通道，优先保障救援车辆"即到即 加"。截至目前，沿线及震区油品供应全线畅通，3座核心加油站已实现满库存运行，首台自有流动加油 车已抵达迭部支援，8台后备流动加油车整装待命、随时响应。 地震发生后，中国石化甘肃石油公司立即启动地震应急预案，全面部署隐患排查和应急处置工作。定 西、兰州、天水分公司及实化交通公司迅速响应，组织专人对油罐区、加油机、站房等关键设施开展拉 网式排查，确保人员和财产安全。为保障地震期间的能源供应和民生需求，甘肃石油在地震影响沿线的 高速公路及国省道干线加能站开通绿色加油通道，优先保障应急救援车辆和民生运输车辆用油，为抗震 救灾提供坚实的 ...

截至1月28日10点整，石化ETF（159731）涨1.26%，持仓股浙江龙盛涨停，宝丰能源、和邦生物等涨幅 居前。从资金净流入方面来看，石化ETF连续15个交易日获得资金净流入，合计"吸金"7.45亿元。石化 ETF最新份额达10.18亿份，最新规模10.45亿元，均创成立以来新高。 国信证券认为，工信部印发石化化工行业稳增长方案，行业"减油增化"稳步推进。国际油价窄幅波动， 沙特OSP升水下调，炼化成本端逐步改善。近期，全球外部环境急剧变化，但考虑到OPEC+的财政平衡 油价成本，以及美国页岩油较高的新井成本，预计2026年布油中枢在55-65美元/桶窄幅波动，处于炼厂 成本舒适区。此外2025年10月来，沙特连续下调对亚洲OSP油价，将进一步减少对国内炼厂成本端压 力。后续随着俄乌关系缓和，VLCC运价有望降低波动，炼厂成本端将逐步改善。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行业分 布来看，指数以基础化工和石油石化行业为主，权重占比合计超91%，前十大重仓股中涵盖了"三桶 油"——中国石油、中国石化、中国海油，权重占比合计超20%。 每 ...

国家知识产权局信息显示，中国石油化工股份有限公司取得一项名为"脱氢催化剂及制备方法与应用以 及丁烯氧化脱氢制丁二烯的方法"的专利，授权公告号CN119972071B，申请日期为2023年11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。 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 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。 ...