消息面上，原油的区域政治风险溢价上升，油价上涨。截至2026年1月16日，布伦特、WTI原油期货价 格分别报收64.20、59.22美元/桶，较上周收盘分别上涨1.9%、0.7%。 光大证券指出，本轮伊朗事件导致的油价上涨或将结束。但区域冲突仍存升级的潜在风险。2025年1-12 月伊朗原油月均产量为326万桶/日，若伊朗局势进一步升级，可能对伊朗原油生产和出口造成重大影 响。长期来看，国际局势持续动荡，区域政治的不确定性有望为油价景气奠定基础。 截至2026年1月19日 09:57，国证石油天然气指数(399439)强势上涨1.31%，成分股九丰能源上涨4.34%， 招商轮船上涨4.10%，厚普股份上涨4.08%，中远海能，中泰股份等个股跟涨。石油ETF鹏华(159697)上 涨1.39%，最新价报1.24元。 石油ETF鹏华紧密跟踪国证石油天然气指数，国证石油天然气指数反映沪深北交易所石油天然气产业相 关上市公司的证券价格变化情况。 数据显示，截至2025年12月31日，国证石油天然气指数(399439)前十大权重股分别为中国石油、中国石 化、中国海油、杰瑞股份、广汇能源、招商轮船、新奥股份、九丰能源、中 ...

该充电站是中国石化销售股份有限公司北京石油分公司首个采用EPC模式自主建设的充电场站，也是石 景山区率先落地的油电一体化综合能源服务站。除了提供传统加油服务外，站内还配置10个快充终端与 2个超充终端，可高效满足各类新能源车辆的快速补能需求。运营以来，单日最高服务车辆达156辆，日 均服务121车次，有效缓解了周边充电压力，提升了设施利用效率与用户充电体验。 新京报讯 据"北京石景山"微信公众号消息，为深入贯彻落实国家"双碳"战略部署，加快完善城市新能 源汽车充电基础设施网络，石景山区持续推进综合能源服务体系建设。近日，位于体育场南路北侧中国 石化鲁谷加油站内的鲁谷充电站正式投入运营。 项目建成投运是政企协同、共促能源转型的重要成果，标志着石景山区在构建一体化综合能源服务网络 方面取得新进展，为区域绿色低碳出行提供了有力支撑，对优化能源结构、补齐充电设施短板、提升城 市综合服务功能具有重要意义。 石景山区城市管理委立足行业主管职责，结合周边充电需求，积极协调相关部门优化流程，做好服务保 障，全力推进该充电站建设。同时加强安全管理，指导该站严格落实安全管理制度，实现充电区与加油 区物理隔离、独立运行，配备完善的 ...

2022年以来随着新增产能陆续投放，叠加原油价格自高位回落，大部分化工产品价格持续下跌，造成部 分化工产品价格持续下跌，国内企业为了争夺市场份额，实行以价换量策略，导致整体盈利水平下降。 2024年以来，多数化工品价格底部盘整，企业盈利水平仍处于承压状态。随着后续稳增长工作方案的出 台，招商证券认为部分落后产能有望被淘汰，行业整体供需格局将发生边际改善，产品盈利能力有望提 高。 华泰证券认为大宗化学品正处于产能及库存周期双拐点，随着2026年国内外需求恢复，有望进入上行 期。同时由于中国化学（601117）品销售量全球全占比过半，未来企业资本开支强度较2015—2025年将 显著下降，股息支付率将攀升。 广发证券指出，化工作为典型周期性行业，通常5年一轮周期，经历"盈利上行-产能扩张-盈利触底-产能 出清/需求预期改善"四个阶段。伴随资本开支增速转负、反内卷、海外降息、扩内需，我们看好十五五 开局阶段化工"破晓时分"。此外，全球技术革命持续提速，材料变革迎新机遇。 化工产业链相关港股： 中国石化（600028）(00386)、石化油服（600871）(01033)、中石化炼化工程(02386)、上海石化 （6 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The report highlights that geopolitical tensions, particularly regarding Iran, are significant factors influencing oil prices. The Brent and WTI oil prices were reported at $64.13 and $59.34 per barrel, respectively, as of January 16, 2026 [2][9]. Oil Price Overview - As of January 16, 2026, Brent crude futures settled at $64.13 per barrel, up $0.79 (+1.25%) from the previous week. WTI crude futures settled at $59.34 per barrel, up $0.22 (+0.37%). The Urals crude price remained stable at $65.49 per barrel, while ESPO crude rose by $0.49 (+0.98%) to $50.39 per barrel [2][26]. Offshore Drilling Services - As of January 12, 2026, the global number of offshore self-elevating drilling platforms was 377, an increase of 1 from the previous week. The number of floating drilling platforms was 130, also up by 1 [2][35]. U.S. Oil Supply - As of January 9, 2026, U.S. crude oil production was reported at 13.753 million barrels per day, a decrease of 58,000 barrels from the previous week. The number of active drilling rigs in the U.S. was 410, with an increase of 1 rig [2][49]. U.S. Oil Demand - U.S. refinery crude processing was 16.958 million barrels per day as of January 9, 2026, an increase of 49,000 barrels from the previous week. The refinery utilization rate was 95.30%, up 0.6 percentage points [2][57]. U.S. Oil Inventory - As of January 9, 2026, total U.S. crude oil inventories were 836 million barrels, an increase of 3.605 million barrels (+0.43%) from the previous week. Strategic oil inventories were 414 million barrels, up 214,000 barrels (+0.05%) [2][67]. Related Companies - Key companies mentioned include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina [2][3].

Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Viewpoints - The uncertainty in the Middle East has increased, leading to a short-term strong fluctuation in oil prices. WTI crude futures closed up by 1.02% and Brent oil futures by 1.87% during the week of January 9 to January 16, 2026 [6]. - Geopolitical tensions, particularly involving Iran and the U.S., are significant factors affecting oil prices. Iran's oil inventory has reached record levels, equivalent to about 50 days of production, due to Western sanctions [6]. - The fluorochemical sector is expected to maintain high prosperity due to supply quota constraints and favorable demand driven by policy support. The production quota for HFCs in 2026 has increased by 5,963 tons year-on-year [6]. Summary by Sections Oil and Petrochemical - The report highlights the increased uncertainty in the Middle East, which is likely to impact oil prices in the short term. The geopolitical situation, including U.S. sanctions and military movements, is a critical factor [6][7]. - The report notes that domestic oil companies are diversifying their oil sources and integrating upstream and downstream operations to mitigate the impact of volatile international oil prices [7]. Fluorochemical - The fluorochemical sector is experiencing a favorable environment due to supply constraints and policy-driven demand. The production quotas for HFCs have been adjusted, with significant increases in specific categories [6][7]. - The report indicates that the demand for refrigerants is expected to grow, supported by national subsidy policies, with production of household air conditioners projected to increase by 11% year-on-year in January 2026 [6]. Semiconductor Materials - The semiconductor materials sector is on an upward cycle, with improving fundamentals and domestic substitution trends. The report suggests that there is potential for further price increases in this sector [7].

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]

Report Overview - Report Title: Crude Oil Weekly Report: International Oil Prices Fluctuated and Rose Supported by Concerns over Iranian Supply - Report Date: January 18, 2026 - Chief Analyst: Chen Shuxian, CFA - Analyst: Zhou Shaowen 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report Core View The report mainly presents the weekly data of crude oil and refined oil in the United States, including prices, inventories, production, demand, and import and export volumes. It also provides the performance and valuation of related listed companies, and recommends a number of oil - related companies [2][3]. 3. Summary by Directory 3.1 Crude Oil Weekly Data Briefing - **Upstream Key Company Performance**: The report shows the recent performance of upstream key companies such as CNOOC, PetroChina, and Sinopec, including stock price changes in the past week, month, quarter, year, and year - to - date. It also provides the valuation of these companies, including total market value, net profit attributable to the parent company, P/E ratio, and P/B ratio [8]. - **Crude Oil Market**: Brent and WTI crude oil futures had average weekly prices of $64.8 and $60.3 per barrel respectively, up $3.2 and $2.6 from the previous week. The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.4 billion, 4.2 billion, 4.1 billion, and 0.2 billion barrels respectively, with a week - on - week increase of 361, 339, 21, and 75 barrels. US crude oil production was 13.75 million barrels per day, down 60,000 barrels per day week - on - week. The number of active US crude oil rigs was 410, up 1 week - on - week, and the number of active fracturing fleets was 156, up 4 week - on - week. US refinery crude oil processing volume was 16.96 million barrels per day, up 50,000 barrels per day week - on - week, and the refinery operating rate was 95.3%, up 0.6 percentage points week - on - week. US crude oil imports, exports, and net imports were 7.09 million, 4.31 million, and 2.79 million barrels per day respectively, up 750,000, 40,000, and 710,000 barrels per day week - on - week [2][8]. - **Refined Oil Market**: The average weekly prices of US gasoline, diesel, and jet fuel were $76, $92, and $89 per barrel respectively, with a week - on - week change of +$3.0, +$3.5, and -$5.1. The inventory of US gasoline, diesel, and jet fuel was 250 million, 130 million, and 40 million barrels respectively, with a week - on - week change of +8.98 million, -30,000, and -890,000 barrels. The production of US gasoline, diesel, and jet fuel was 9.03 million, 5.3 million, and 1.85 million barrels per day respectively, with a week - on - week change of +30,000, -20,000, and -20,000 barrels. The consumption of US gasoline, diesel, and jet fuel was 8.3 million, 4.1 million, and 1.88 million barrels per day respectively, with a week - on - week change of +130,000, +900,000, and +180,000 barrels. The import, export, and net export of US gasoline were 130,000, 860,000, and 730,000 barrels per day respectively, with a week - on - week change of +30,000, -110,000, and -130,000 barrels. Similar data is also provided for diesel and jet fuel [2][9]. - **Oil Service Market**: The average weekly daily rates of self - elevating offshore drilling platforms and semi - submersible offshore drilling platforms remained unchanged week - on - week, month - on - month, and quarter - on - quarter [9]. 3.2 This Week's Petroleum and Petrochemical Sector Market Review - **Petroleum and Petrochemical Sector Performance**: The report presents the performance of the petroleum and petrochemical sector, including the sector's overall performance and the performance of its sub - industries. However, specific numerical data is not fully presented in the provided text [11]. - **Listed Company Performance in the Sector**: The report shows the stock price changes of upstream companies in the sector, including CNOOC, PetroChina, Sinopec, and other companies, in the past week, month, quarter, year, and year - to - date. It also provides the valuation of these companies, including total market value, net profit attributable to the parent company, P/E ratio, and P/B ratio [22][23]. 3.3 Crude Oil Sector Data Tracking - **Crude Oil Price**: The report shows the prices of various crude oils such as Brent, WTI, Russian Urals, and Russian ESPO, as well as their price differences. It also analyzes the relationship between the US dollar index, LME copper price, and WTI crude oil price [8][9]. - **Crude Oil Inventory**: It presents the inventory data of US crude oil, including total inventory, commercial inventory, strategic inventory, and Cushing inventory, and analyzes the relationship between US commercial crude oil inventory and oil prices [8][41]. - **Crude Oil Supply**: It shows the production data of US crude oil, including production volume, the number of drilling rigs, and the number of fracturing fleets, and analyzes the relationship between the number of drilling rigs, fracturing fleets, and oil prices [8][60]. - **Crude Oil Demand**: It presents the crude oil processing volume and operating rate of US refineries, as well as the operating rates of Chinese local and major refineries [8]. - **Crude Oil Import and Export**: It shows the import, export, and net import data of US crude oil and petroleum products [8]. 3.4 Refined Oil Sector Data Tracking - **Refined Oil Price**: It analyzes the relationship between international oil prices and domestic gasoline, diesel, and jet fuel prices, and presents the prices and price differences of refined oils in different regions such as the US, Europe, and Singapore [9][91]. - **Refined Oil Inventory**: It shows the inventory data of US and Singapore gasoline, diesel, and jet fuel [9]. - **Refined Oil Supply**: It presents the production data of US gasoline, diesel, and jet fuel [9]. - **Refined Oil Demand**: It shows the consumption data of US gasoline, diesel, and jet fuel, as well as the number of airport security checks of US passengers [9][150]. - **Refined Oil Import and Export**: It shows the import, export, and net export data of US gasoline, diesel, and jet fuel [9]. 3.5 Oil Service Sector Data Tracking The report presents the average daily rates of self - elevating and semi - submersible offshore drilling platforms [9]. 3.6 Related Listed Companies - **Recommended Companies**: CNOOC/China National Offshore Oil Corporation (600938.SH/0883.HK), PetroChina/PetroChina Company Limited (601857.SH/0857.HK), Sinopec/China Petroleum & Chemical Corporation (600028.SH/0386.HK), CNOOC Energy Technology & Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), CNOOC Development Co., Ltd. (600968.SH) [3]. - **Companies to Watch**: Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), Sinopec Machinery Co., Ltd. (000852.SZ) [3].

Core Viewpoint - The merger between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Holding Company (China Aviation Oil) aims to create a powerful entity in the aviation fuel industry, enhancing supply chain control and competitiveness in line with China's dual carbon goals [3][24]. Industry Overview - The aviation fuel supply chain, valued at several hundred billion yuan, is undergoing significant restructuring, impacting upstream suppliers, midstream refining companies, independent traders, and downstream airlines [2][4]. - The merger is not merely a scale expansion but focuses on "professional integration," shifting competition from channel-based to efficiency and cost across the entire supply chain [4][5]. Merger Implementation - Following the merger announcement, both companies initiated the integration of production and procurement systems, aiming to optimize the supply chain from refineries to airports [3][6]. - A joint working group has been established to assess logistics, customer contracts, and supplier lists, with a focus on ensuring stable market supply during the transition [6][7]. Market Reactions - The merger has raised concerns among midstream small and medium-sized refining companies and independent traders, who fear losing business as Sinopec's capacity may cover most of China Aviation Oil's needs [13][14]. - Some companies are exploring alliances with other large refiners or considering direct supply to airports to maintain market presence [13][14]. User Perspective - Airlines, as the end users of aviation fuel, are closely monitoring the merger's impact on fuel costs, which constitute over 30% of their operational expenses [18][19]. - While the integration may enhance supply stability and reduce costs, airlines are concerned about diminished bargaining power against a unified supplier [18][19]. Future Considerations - The merger is expected to accelerate the green transition in the aviation sector, with both companies collaborating on sustainable aviation fuel (SAF) initiatives [24][25]. - Regulatory scrutiny is anticipated to ensure fair competition and prevent monopolistic practices, with the National Market Supervision Administration likely to review the merger [23][25].

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil (China National Aviation Fuel Group) aims to create a powerful national entity capable of competing with international energy giants, driven by the dual goals of carbon neutrality and supply chain autonomy [2][4][6]. Group 1: Restructuring Overview - The merger combines Sinopec's extensive refining capabilities with China Aviation Oil's nationwide airport network, creating a comprehensive supply chain from refinery to fuel pump [2][3]. - The restructuring is not merely a scale expansion but focuses on "professional integration" to enhance efficiency and cost competitiveness across the entire aviation fuel industry [4][5]. - A clear timeline and task requirements have been set by the State-owned Assets Supervision and Administration Commission (SASAC) to ensure effective integration and realization of synergies [6]. Group 2: Operational Changes - Following the announcement, both companies initiated immediate actions, including establishing daily information sharing mechanisms and forming joint teams to identify overlapping and complementary resources [8][9]. - The integration aims to streamline logistics and production planning, potentially optimizing supply chain efficiency by reducing intermediary steps [10][12]. - In regions with existing infrastructure, such as the Guangdong-Hong Kong-Macao Greater Bay Area, teams are conducting on-site assessments to create direct supply networks from refineries to airports [14]. Group 3: Market Impact on Midstream Players - The merger has raised concerns among midstream players, including small refining companies and independent traders, who fear losing market share as China Aviation Oil may prioritize Sinopec's supply [17][18]. - Some companies are exploring alliances with other large refiners to enhance their bargaining power and are reassessing direct supply options to airports [19][21]. - The restructuring is expected to lead to a market reshuffle, pushing smaller firms towards specialization and service-oriented business models [24]. Group 4: User Perspective - Major airlines are closely monitoring the restructuring, as aviation fuel costs represent over 30% of their total operating expenses [27]. - While the integration may enhance supply stability and reduce costs, airlines are concerned about diminished bargaining power against a unified supplier [28][29]. - Airlines are exploring alternative supply channels and considering sustainable aviation fuel (SAF) as a strategic component in future negotiations [32][33]. Group 5: Regulatory and Environmental Considerations - The new entity's dominance in the aviation fuel market raises concerns about potential anti-competitive practices, prompting expectations of regulatory scrutiny [35][36]. - The merger is anticipated to accelerate the aviation industry's transition to greener fuels, with both companies leveraging their respective strengths in SAF development and distribution [37][38]. - SASAC views this restructuring as a model for deeper state-owned enterprise reform, emphasizing the need for effective regulatory oversight to ensure fair competition and environmental responsibility [38].

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].