Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - As of January 23, 2026, international oil prices have seen a slight increase due to multiple favorable factors, including temporary production halts in Kazakhstan, an upward revision of global economic growth forecasts, the cancellation of tariffs on eight European countries by Trump, and extreme cold weather potentially affecting supply and demand [2][9] - Brent and WTI crude oil prices were reported at $65.07 and $61.07 per barrel, respectively, marking increases of 1.47% and 2.92% from the previous week [2][20] - The oil and petrochemical sector outperformed, with a 7.71% increase, while the broader Shanghai and Shenzhen 300 index fell by 0.62% [10][13] Summary by Sections Oil Price Review - Brent crude futures settled at $65.07 per barrel, up $0.94 (+1.47%) from the previous week, while WTI crude futures rose to $61.07 per barrel, an increase of $1.73 (+2.92%) [2][20] Offshore Drilling Services - As of January 19, 2026, the number of global offshore self-elevating drilling platforms was 376, a decrease of 1 from the previous week, while floating drilling platforms increased by 3 to a total of 133 [29] Oil Supply - U.S. crude oil production was reported at 13.732 million barrels per day as of January 16, 2026, a decrease of 21,000 barrels from the previous week [39] - The number of active drilling rigs in the U.S. increased by 1 to 411 as of January 23, 2026 [39] Oil Demand - U.S. refinery crude oil processing volume was 16.604 million barrels per day as of January 16, 2026, down by 354,000 barrels from the previous week, with a refinery utilization rate of 93.30%, a decrease of 2.0 percentage points [47] Oil Inventory - As of January 16, 2026, total U.S. crude oil inventories stood at 841 million barrels, an increase of 4.408 million barrels (+0.53%) from the previous week [48] Related Stocks - Key stocks in the sector include China National Offshore Oil Corporation (CNOOC), PetroChina, Sinopec, and China Oilfield Services [3]

Core Insights - The CCG50 Forum released the 2025 annual rankings of Chinese listed companies' governance and ESG performance, evaluating 5,292 companies based on various governance indices and ESG criteria [1][3][13]. Governance Rankings - The governance rankings include 11 core lists, with the top 100 companies ranked based on a comprehensive index. Notable companies include: - Health元, 唐山港, and 西部证券 leading the overall governance list [2][8]. - 中煤能源 topped the small investor protection list, evaluated on 36 indicators across four dimensions [2][15]. - 唐山港 ranked first in the board governance category, assessed on 38 indicators [2][21]. - 埃斯顿 led the financial governance list, evaluated on 31 indicators [2][39]. ESG Rankings - The ESG rankings are divided into non-financial and financial sectors: - In the non-financial sector, 中国石油, 中国石化, and 中国中铁 ranked highest, evaluated on 132 indicators with weights of 55% for governance, 35% for social responsibility, and 10% for environmental protection [3]. - The financial sector's top ten ESG companies include 工商银行 and 农业银行, evaluated based on industry-specific criteria [3]. Risk Awareness - The forum also published a list of 50 companies with governance risks, including *ST 广道 and ST 中迪, providing a reference for investors [3][19]. Methodology - The rankings were developed using scientific modeling and quantitative calculations rather than traditional voting methods, referencing international standards to showcase the differences in governance levels and ESG performance among Chinese listed companies [3][13][19].

Investment Rating - The report indicates a positive outlook for the petrochemical sector, with the oil and petrochemical index outperforming the Shanghai Composite Index by 6.87% this week [10]. Core Insights - The report highlights that geopolitical risks are the primary drivers of oil price fluctuations, with current prices reflecting a rebound due to tensions involving Iran and production delays in Kazakhstan [15][16]. - The report notes that while supply fundamentals remain weak, geopolitical factors are currently dominating market sentiment, suggesting that unless there is a miscalculation regarding Iran, price increases driven by geopolitical conflicts may not be sustainable [15]. Market Overview - The oil and petrochemical sector indices showed significant weekly gains, with the petrochemical index rising by 8.16% and the refining and chemical index increasing by 7.58% [10]. - As of January 23, WTI crude oil was priced at $61.07 per barrel, up by $1.63, while Brent crude was at $68.73, up by $0.95 [16]. - The EIA reported a weekly increase in commercial crude oil inventories by 3.602 million barrels, with gasoline inventories also rising [16]. Oil Sector Analysis - The report indicates that U.S. crude oil production is at 13.732 million barrels per day, with a slight decrease in net imports [16]. - The active oil rig count in the U.S. increased by one to 411 rigs as of January 23 [16]. Refining Sector Insights - The average operating rate of domestic refineries increased to 78.78%, while independent refineries in Shandong saw a slight decrease in operating rates [16]. - The average refining margin for major refineries was reported at 761.48 yuan per ton, reflecting a slight decrease from the previous period [14]. Petrochemical Sector Insights - The PX-Naphtha spread has decreased to $330 per ton, while PTA processing fees have increased to 402 yuan per ton [15]. - The report notes that polyester production margins are showing signs of recovery, with POY150D average profit levels rising significantly [15]. Olefins Market Overview - The average price of ethylene decreased to 5,788 yuan per ton, while propylene prices in Shandong increased to 6,175 yuan per ton [15].

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has reported its production and operational performance for 2025, showing mixed results in various segments, with some production increases and some declines in key products [1][2]. Group 1: Stock Performance - As of January 23, 2026, Sinopec's stock closed at 6.15 yuan, reflecting a 5.31% increase from the previous week's 5.84 yuan [1]. - The highest intraday price for Sinopec on January 23 was 6.28 yuan, while the lowest was 5.80 yuan on January 19 [1]. - Sinopec's current total market capitalization is 743.69 billion yuan, ranking 2nd in the refining and trading sector and 18th among all A-shares [1]. Group 2: Production and Operational Performance - Sinopec's crude oil production for 2025 is projected at 39.70 million tons, a year-on-year increase of 0.20% [1][2]. - Natural gas production is expected to reach 41.25 billion cubic meters, marking a 4.02% increase year-on-year [1]. - Crude oil processing volume is forecasted at 250.33 million tons, showing a decline of 0.78% compared to the previous year [1]. - Gasoline production is anticipated to be 62.61 million tons, down 2.40% year-on-year [1][2]. - Diesel production is projected at 52.64 million tons, reflecting a 9.10% decrease [1]. - Kerosene production is expected to be 33.71 million tons, with a year-on-year increase of 7.25% [1][2]. - Ethylene production is forecasted at 15,279 thousand tons, representing a 13.46% increase [1][2]. - Total domestic refined oil sales volume is projected at 177.56 million tons, down 2.88% year-on-year [1].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The PVC industry is expected to undergo continuous revaluation due to its high energy consumption and carbon emissions, particularly as China approaches its carbon peak during the 14th Five-Year Plan. The supply side may face strict controls, leading to potential reductions in production quotas. The demand for PVC in developing regions such as Africa and Latin America is anticipated to drive growth, despite the challenges posed by domestic production constraints [2][7] - The petrochemical industry is experiencing an upward trend in profitability, driven by significant price increases in key products such as butadiene rubber, PX, PTA, styrene, and ethylene glycol. The market's expectations for improved demand in 2026 are contributing to this positive outlook, with potential adjustments in operational strategies by leading companies likely to reshape supply and demand dynamics [7] Summary by Relevant Sections Investment Suggestions and Targets - The report recommends several companies across various sub-sectors, including: - MDI leader: Wanhua Chemical (600309, Buy) - PVC-related companies: Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), Chlor-alkali Chemical (600618, Not Rated), Tianyuan Co., Ltd. (002386, Not Rated) - Refining sector leaders: Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), Hengli Petrochemical (600346, Buy) - Phosphate chemical companies benefiting from energy storage growth: Chuanheng Co., Ltd. (002895, Not Rated), Yuntianhua (600096, Not Rated) - Oxalic acid sector: Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), Wankai New Materials (301216, Buy) [3]

Investment Rating - The report maintains a "Buy" rating for major companies in the petrochemical sector, including China National Petroleum Corporation, China National Offshore Oil Corporation, China Petroleum & Chemical Corporation, Zhongman Petroleum, and New Natural Gas [2][4]. Core Insights - The geopolitical situation in the Middle East is influencing oil prices, with expectations of supply surplus in 2026. The report suggests that geopolitical developments will continue to dominate oil price movements, with potential for narrow fluctuations before any escalation [8][10]. - Major oil institutions predict a surplus in global oil supply for 2026, with the EIA forecasting a surplus of 2.83 million barrels per day, OPEC indicating a surplus of 70,000 barrels per day, and IEA adjusting its surplus forecast to 3.84 million barrels per day [11][12]. - The report highlights a decrease in U.S. crude oil production and refinery processing rates, with crude oil production at 13.73 million barrels per day, down by 20,000 barrels week-on-week [12][13]. Summary by Sections 1. Weekly Market Review - The petrochemical sector saw a 7.8% increase as of January 23, outperforming the CSI 300 index, which fell by 0.6% [16][19]. - Among sub-sectors, other petrochemical segments had the highest weekly increase of 11.9%, while oil extraction had the lowest at 4.5% [19]. 2. Company Performance - Notable stock performances include Runbei Hangkai with a 33.40% increase, followed by Intercontinental Oil and Gas at 30.95% [21]. - The largest decline was seen in Baomo Co., which fell by 6.33% [21]. 3. Industry Dynamics - Natural gas production in China showed steady growth, with December output at 23 billion cubic meters, a 5.1% year-on-year increase [24]. - The report notes a decrease in oil exports through the Caspian Pipeline Consortium, dropping from 5.09 million tons in November to 3.98 million tons in December [24]. 4. Investment Recommendations - The report recommends focusing on industry leaders with stable performance and high dividends, such as China National Petroleum and China Petroleum & Chemical Corporation [15]. - It also suggests monitoring companies like China National Offshore Oil Corporation, which has low production costs and is expected to see valuation increases due to stable oil prices [15].

国家知识产权局信息显示，中国石化集团共享服务有限公司申请一项名为"一种成品油需求敏感度预测 方法及装置"的专利，公开号CN121391314A，申请日期为2025年9月。 专利摘要显示，本发明公开了一种成品油需求敏感度预测方法及装置，其中该方法包括：获取成品油的 统计数据；其中，所述统计数据包括历史成品油销量数据和历史成品油价格变化参数；对所述历史成品 油销量数据和所述历史成品油价格变化参数进行量价关系建模，得到成品油销量预测模型；通过所述成 品油销量预测模型确定成品油的需求敏感度；上述方法充分利用多个油价调整周期内的统计数据，并结 合汽油与柴油在市场响应特性上的差异性，分别构建适配的销量预测模型，能够准确反映不同成品油类 型在不同价格调整幅度下的销量变化趋势，有效克服了传统依赖人工经验判断或静态平均估算方法所带 来的主观性和不确定性，显著提升了需求敏感度分析的精度与实用性。 天眼查资料显示，中国石化集团共享服务有限公司，成立于2017年，位于北京市，是一家以从事商务服 务业为主的企业。企业注册资本30000万人民币。通过天眼查大数据分析，中国石化集团共享服务有限 公司共对外投资了1家企业，参与招投标项目81 ...

Core Viewpoint - The AI Fund Ping An Hong Kong Stock Connect Dividend Select Mixed Fund A (021046) reported a profit of 11.96 million yuan for Q4 2025, with a net asset value growth rate of 3.5% during the period [3]. Fund Performance - As of January 22, the fund's unit net value was 1.286 yuan, with a fund size of 389 million yuan [3][17]. - The fund's performance over the past three months showed a return of -0.63%, ranking 588 out of 621 comparable funds; over the past six months, it returned -0.69%, ranking 607 out of 621; and over the past year, it achieved a return of 19.68%, ranking 525 out of 613 [4]. Investment Strategy - The fund manager indicated that in the context of declining cash yields, high-dividend assets have shown a "quasi-fixed income" characteristic, becoming a dominant investment style in Q4. In contrast, growth sectors faced increased volatility and pressure due to market sentiment and fluctuating fundamental expectations [3]. - The fund will continue to focus on stable high-dividend stocks, particularly in the financial, telecommunications, energy, and public utility sectors, which are expected to provide visibility and stable profits during the economic recovery [3]. Risk Metrics - The fund's Sharpe ratio since inception is 1.3198, indicating a favorable risk-adjusted return [9]. - The maximum drawdown since inception is 10.87%, with the largest quarterly drawdown occurring in Q2 2025 at 9.1% [12]. Portfolio Composition - The average stock position since inception is 85.49%, with a peak of 89.53% at the end of H1 2024 and a low of 71.51% at the end of Q3 2024 [15]. - The fund has a high concentration of holdings, with the top ten stocks including China National Offshore Oil, China Mobile, CITIC Bank, Bank of China, and others [20].

Investment Rating - The report maintains a "Buy" rating for major companies in the petrochemical sector, including China National Petroleum Corporation, China National Offshore Oil Corporation, China Petroleum & Chemical Corporation, Zhongman Petroleum, and New Natural Gas [2]. Core Insights - The geopolitical situation in the Middle East is influencing oil prices, with expectations of supply surplus leading to narrow fluctuations in oil prices [8][10]. - Major oil institutions predict a surplus in global oil supply for 2026, with the EIA forecasting a surplus of 2.83 million barrels per day, OPEC indicating a surplus of 70,000 barrels per day, and IEA adjusting its surplus forecast to 3.84 million barrels per day [11][12]. - The report suggests three main investment themes: focusing on stable, high-dividend companies like China National Petroleum and China Petroleum & Chemical; investing in China National Offshore Oil Corporation due to its low production costs; and considering growth-stage companies like New Natural Gas and Zhongman Petroleum [15]. Summary by Sections Industry Investment Rating - The report recommends a "Buy" rating for key companies in the petrochemical sector [2]. Market Performance - As of January 23, the petrochemical sector increased by 7.8%, outperforming the Shanghai Composite Index, which decreased by 0.6% [19]. Oil and Gas Prices - Brent crude oil prices rose by 2.73% to $65.88 per barrel, while WTI prices increased by 2.74% to $61.07 per barrel [12]. - The NYMEX natural gas price surged by 72.18% to $5.35 per million British thermal units [12]. Supply and Demand Dynamics - U.S. crude oil production decreased to 13.73 million barrels per day, while refinery throughput fell to 16.60 million barrels per day [12]. - U.S. crude oil inventories rose, with strategic reserves increasing by 810,000 barrels [13]. Company Performance - The report highlights significant stock price movements, with companies like Runbei Hangke and Zhongjie Oil experiencing substantial gains [21][22]. - Conversely, Baomo Co. saw the largest decline in stock price [22]. Industry Developments - The report notes stable growth in natural gas production, with a year-on-year increase of 6.2% [24]. - It also mentions fluctuations in oil exports from the Caspian Pipeline Consortium [24]. Investment Recommendations - The report emphasizes the importance of focusing on industry leaders with stable earnings and high dividends, as well as companies with growth potential in the domestic market [15].

重要提示：本公司提示并请投资者注意，上表所列的2025年生产经营数据反映本公司目前的统计结果， 尚未经过审计。本公司将在年度报告中披露经审计的数据，如与以上数据存在差异，以年度报告披露为 准。 中国石油化工股份有限公司 2025年生产经营业绩提示性公告 中国石化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。 ■ 注：境内合资企业产品产量按100%口径统计 股票代码：600028 股票简称：中国石化 公告编号：2026-02 特此公告。 承董事会命 副总裁、董事会秘书 黄文生 2026年1月23日 ...