1. Report Industry Investment Rating There is no information provided about the industry investment rating in the given content. 2. Core Viewpoints of the Report - The cease - fire of the Israel - Iran conflict led to a significant decline in international oil prices [1] - The report provides a comprehensive analysis of the weekly data of the US crude oil and refined oil markets, including prices, inventories, production, demand, and import - export volumes [2] - It also presents the performance of the petroleum and petrochemical sector and related listed companies, along with their valuations [21][24] 3. Summary According to Relevant Catalogs 3.1 Crude Oil Weekly Data Briefing - The data sources include Bloomberg, WIND, EIA, TSA, Baker Hughes, and the Dongwu Securities Research Institute [8][9] 3.2 This Week's Petroleum and Petrochemical Sector Market Review 3.2.1 Petroleum and Petrochemical Sector Performance - Information on the sector's performance includes the sector's sub - industry price changes and the trend of the sector's sub - industries and the CSI 300 index [17] - Data sources are WIND and the Dongwu Securities Research Institute [15][20] 3.2.2 Performance of Listed Companies in the Sector - The report shows the price changes of major companies in the upstream sector in different time periods (last week, last month, last three months, last year, and since the beginning of 2025) [22] - A valuation table for listed companies is provided, including share prices, total market values, net profits attributable to the parent company, PE, and PB ratios from 2024 to 2027 [24] 3.3 Crude Oil Sector Data Tracking 3.3.1 Crude Oil Price - Analyzes the prices and price differences of Brent, WTI, Urals, ESPO crude oils, and the relationships between crude oil prices and the US dollar index, copper prices [29][39][43] - Data sources are WIND and the Dongwu Securities Research Institute [30][32][34] 3.3.2 Crude Oil Inventory - Examines the correlation between US commercial crude oil inventory and oil prices, and the relationship between the weekly destocking rate of US commercial crude oil and the price change of Brent crude oil [45][46] - Presents data on US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory [48][49][53] - Data sources are WIND and the Dongwu Securities Research Institute [45][48][49] 3.3.3 Crude Oil Supply - Analyzes US crude oil production, the number of active crude oil rigs, and the number of active fracturing fleets, as well as their relationships with oil prices [57][58] - Data sources are WIND and the Dongwu Securities Research Institute [57][59] 3.3.4 Crude Oil Demand - Analyzes US refinery crude oil processing volume, refinery operating rate, and Shandong refinery operating rate [62][64] - Data sources are WIND and the Dongwu Securities Research Institute [63][64] 3.3.5 Crude Oil Import and Export - Analyzes US crude oil import volume, export volume, net import volume, and the import - export volume of crude oil and petroleum products [67][70] - Data sources are WIND and the Dongwu Securities Research Institute [68][69][70] 3.4 Refined Oil Sector Data Tracking 3.4.1 Refined Oil Price - Analyzes the prices and price differences between crude oil and domestic/US/European/Singapore gasoline, diesel, and jet fuel, as well as the wholesale - retail price differences of domestic gasoline and diesel [75][84][90] - Data sources are WIND and the Dongwu Securities Research Institute [75][77][82] 3.4.2 Refined Oil Inventory - Presents data on US gasoline, diesel, aviation kerosene inventories, and Singapore gasoline and diesel inventories [102][105][111] - Data sources are WIND and the Dongwu Securities Research Institute [102][106][112] 3.4.3 Refined Oil Supply - Analyzes US gasoline, diesel, and aviation kerosene production [117][118][120] - Data sources are WIND and the Dongwu Securities Research Institute [119][120] 3.4.4 Refined Oil Demand - Analyzes US gasoline, diesel, aviation kerosene consumption, and the number of airport security checks for passengers [122][125][129] - Data sources are WIND and the Dongwu Securities Research Institute [123][126][130] 3.4.5 Refined Oil Import and Export - Analyzes the import - export situation and net export volume of US gasoline, diesel, and aviation kerosene [132][135][136] - Data sources are WIND and the Dongwu Securities Research Institute [133][136][137] 3.5 Oil Service Sector Data Tracking - Analyzes the average daily rates of self - elevating and semi - submersible drilling platforms in the industry [146][147][149] - Data sources are WIND and the Dongwu Securities Research Institute [146][148][150]

Investment Rating - The report maintains a positive outlook on the polyester industry, particularly for polyester filament yarn, anticipating a recovery in demand due to improving Sino-US trade relations [3][4]. Core Insights - The report highlights the expectation of a recovery in polyester filament yarn demand as Sino-US trade restrictions are anticipated to ease, potentially restoring textile and apparel exports to the US [4][5]. - It notes that US apparel wholesalers have been depleting their inventories since Q4 2022, and with the overseas economy recovering, a replenishment phase is expected to begin in 2025, further boosting filament yarn demand [4][7]. - The report emphasizes that downstream inventories for polyester filament yarn are at historically low levels, which supports a stable demand outlook despite external trade pressures [11]. - The report indicates that the valuation of polyester filament yarn companies is currently at historical lows, suggesting potential for upward movement during the seasonal peak periods [14]. Summary by Sections Upstream Sector - Brent crude oil prices fell to $67.77 per barrel, a decrease of 12% week-on-week, while WTI prices dropped to $65.52 per barrel, down 11.27% [22]. - US commercial crude oil inventories decreased to 415 million barrels, down 5.84 million barrels from the previous week, and are 11% lower than the five-year average [24]. - The report anticipates a widening supply-demand trend for crude oil, with expectations of price fluctuations but overall stability due to OPEC+ production cuts [4][22]. Refining Sector - The report notes an increase in the Singapore refining margin to $16.47 per barrel, up $4.89 from the previous week, indicating improved refining profitability [56]. - The report suggests that refining product margins are still low but are expected to improve as economic recovery progresses [4][53]. Polyester Sector - PTA prices have been rising, with the average price in East China reaching 5,139 RMB per ton, up 1.08% week-on-week [4]. - The report highlights a positive outlook for leading polyester companies such as Tongkun Co. and Wankai New Materials, anticipating a recovery in profitability as supply-demand dynamics improve [18]. Investment Recommendations - The report recommends focusing on leading polyester companies, refining firms, and offshore oil service companies, citing potential for performance improvement as market conditions stabilize [18].

Group 1 - The State Council, led by Premier Li Qiang, held a meeting to discuss the implementation of the national science and technology conference and to enhance the mechanism for efficiently handling key tasks [3] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1%, the S&P 500 up 0.52%, and the Nasdaq up 0.52%, marking historical highs for the S&P 500 and Nasdaq [3] - International gold prices fell, with spot gold down 1.63% to $3273.34 per ounce, and COMEX gold futures down 1.85% to $3286.10 per ounce [4] - International oil prices slightly decreased, with WTI crude oil down 0.26% to $65.07 per barrel [5] - European stock indices closed higher, with Germany's DAX up 1.62%, France's CAC40 up 1.78%, and the UK's FTSE 100 up 0.72% [6] Group 2 - The Chinese government emphasized the importance of high-quality party building in the financial system to promote high-quality financial development [7][8] - The Ministry of Commerce confirmed that China and the U.S. reached a consensus on a framework to enhance trade relations, including China's commitment to expedite rare earth exports to the U.S. [9] - Wang Yi, China's Foreign Minister, is set to visit the EU headquarters, Germany, and France for high-level strategic dialogues [9] - The People's Bank of China discussed monetary policy adjustments to enhance liquidity and align monetary supply with economic growth targets [10] Group 3 - From January to May, profits of state-owned enterprises in China totaled 165.145 billion yuan, a year-on-year decrease of 2.8% [10] - The Shanghai and Shenzhen stock exchanges proposed to adjust the price fluctuation limit for risk-warning stocks to 10% [11] - The State Council's plan for modern agricultural product circulation aims to enhance sales capabilities and improve logistics by 2027 [11] Group 4 - Xiaomi's new SUV, the YU7, received significant consumer interest with over 240,000 orders within 18 hours of launch, indicating strong market demand [17][18] - China Petroleum and Chemical Corporation appointed a new chairman, which may lead to strategic changes within the company [19] - The approval of a new GLP-1 weight loss drug by the National Medical Products Administration is expected to positively impact the obesity treatment market [20][21] - Li Auto revised its Q2 delivery forecast to approximately 108,000 vehicles, down from a previous estimate of 123,000 to 128,000 vehicles [22][23] - GF Securities (Hong Kong) became the first broker in Hong Kong to issue tokenized securities, marking a significant step in financial technology [24] Group 5 - The recent legal actions taken by Seres against individuals spreading false information about the company are aimed at protecting its brand reputation [25][26] - CITIC Trust won a bid for bankruptcy restructuring services for Jin Ke, with an expected scale exceeding 150 billion yuan, which is significant for the real estate sector [27][28] - NVIDIA's CEO has sold 225,000 shares, raising concerns about the company's future outlook [29][30] - Honda's recall of over 240,000 vehicles due to potential fuel pump issues highlights ongoing safety concerns in the automotive industry [31]

Group 1 - The article reports the appointment of Hou Qijun as the Chairman and Party Secretary of China Petroleum and Chemical Corporation (Sinopec), replacing Ma Yongsheng [2][3] - Hou Qijun has a strong background in the energy sector, having held various senior positions within China National Petroleum Corporation (CNPC) and Sinopec, indicating a continuity in leadership within the industry [3] - Sinopec is transitioning from a traditional energy and chemical company to a high-end chemical materials enterprise, ranking second globally in the 2024 Global Chemical Industry Top 50, just behind BASF [3] Group 2 - In 2024, Sinopec reported a total revenue of RMB 3.07 trillion, with the chemical division generating RMB 523.9 billion, reflecting a year-on-year growth of 1.7% [3]

Core Viewpoint - The article discusses the leadership transition at Sinopec Group, highlighting the appointment of Hou Qijun as the new chairman, succeeding Ma Yongsheng, who has been instrumental in the company's upstream oil and gas exploration efforts [1][2]. Group 1: Leadership Transition - On June 27, Sinopec Group announced the removal of Ma Yongsheng from the position of chairman and party secretary, with Hou Qijun taking over [1]. - Ma Yongsheng had a significant career at Sinopec, contributing to the development of the company's upstream exploration capabilities and was recognized as an academician of the Chinese Academy of Engineering in 2009 [2]. - Hou Qijun, the new chairman, has extensive experience within the oil industry, having held various positions in China National Petroleum Corporation (CNPC) and Sinopec [3]. Group 2: Contributions of Ma Yongsheng - Ma Yongsheng played a crucial role in the early management of Sinopec's upstream business, overseeing significant projects such as the discovery of the Puguang gas field and the Yuanba gas field [2]. - His academic contributions to sedimentology and petroleum geology were acknowledged with the naming of an asteroid after him, reflecting his impact on the field [2]. Group 3: Background of Hou Qijun - Hou Qijun has a long-standing career in the oil sector, having served in various capacities, including vice general manager of Daqing Oilfield and general manager of Jilin Oilfield [3]. - His experience includes leadership roles in CNPC's planning and natural gas divisions, showcasing his comprehensive understanding of the industry [3].

Core Viewpoint - The leadership transition at Sinopec Group involves the removal of Ma Yongsheng as Chairman and Party Secretary, with Hou Qijun appointed as his successor, marking a significant change in the company's management structure [1][3]. Group 1: Leadership Changes - Ma Yongsheng has been a key figure in Sinopec's upstream exploration and development, particularly in marine carbonate rock oil and gas exploration theory [1][3]. - Hou Qijun, the new Chairman, has extensive experience within the China National Petroleum Corporation (CNPC) system, having held various positions since 1984 [3][5]. Group 2: Contributions and Achievements - Ma Yongsheng played a crucial role in the discovery of major gas fields such as the Puguang and Yuanba gas fields and was involved in the "West-to-East Gas Transmission" project [3]. - In recognition of his contributions to oil and gas exploration, an asteroid was named "Ma Yongsheng Star" in 2017 [3]. Group 3: Background of New Chairman - Hou Qijun has held several significant positions, including Deputy Chief Geologist and General Manager at Daqing Oilfield, and has been involved in various leadership roles within CNPC [4][5].

Group 1 - The core viewpoint of the news is that the combustible ice concept sector has experienced a decline of 1.88%, ranking among the top declines in concept sectors, with companies like Xinjin Power, Qianeng Hengxin, and Shenkai Co. leading the losses [1][2] - The combustible ice concept sector saw a net outflow of 279 million yuan in main funds today, with ten stocks experiencing net outflows, and five stocks seeing outflows exceeding 30 million yuan [2] - The stock with the highest net outflow is Sinopec, with a net outflow of 93.81 million yuan, followed by Shenkai Co., Xinjin Power, and Qianeng Hengxin, with net outflows of 40.08 million yuan, 35.17 million yuan, and 31.84 million yuan respectively [2] Group 2 - The top gainers in today's concept sectors include Copper Cable High-Speed Connection, which rose by 3.22%, and Metal Zinc, which increased by 3.11% [2] - The stocks with the highest net inflow in the concept sector include Nanjing Steel and Guangzhou Development, with net inflows of 7.09 million yuan and 1.50 million yuan respectively [2] - The detailed outflow list for the combustible ice concept includes Sinopec, Shenkai Co., Xinjin Power, and Qianeng Hengxin, all showing significant declines in their stock prices [2]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Explosion Overpressure Assessment Method, Device and Storage Medium" to Sinopec Limited and its affiliated companies, with the application date being November 2019 [1] - Sinopec Limited, established in 2000 and headquartered in Beijing, primarily engages in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [1] - Sinopec Limited has invested in 263 companies, participated in 5,000 bidding projects, holds 45 trademark registrations, and possesses 5,000 patents, along with 40 administrative licenses [1] Group 2 - Sinopec Safety Engineering Research Institute Co., Ltd., founded in 2021 and located in Qingdao, focuses on research and experimental development, with a registered capital of 499 million RMB [2] - The institute has invested in 4 companies, participated in 1,191 bidding projects, holds 15 trademark registrations, and has 1,737 patents, along with 15 administrative licenses [2] Group 3 - Sinopec National Petrochemical Project Risk Assessment Technology Center Co., Ltd., also established in 2021 and based in Qingdao, primarily engages in business services, with a registered capital of 30 million RMB [2] - The center has participated in 83 bidding projects, holds 4 trademark registrations, and possesses 79 patents, along with 4 administrative licenses [2]

Core Viewpoint - The FTSE China A50 Index components showed a decline across various sectors, with banking stocks mostly in the red and significant drops in insurance, liquor, and semiconductor sectors [1][6]. Banking Sector - Most banking stocks experienced a decline, contributing to the overall negative performance of the index [1]. Insurance Sector - Major insurance companies like China Pacific Insurance, Ping An Insurance, and China Life Insurance saw market capitalizations of 390.94 billion, 359.61 billion, and 1,045.27 billion respectively, with declines of -0.26 (-0.69%), -0.18 (-0.31%), and -0.16 (-1.78%) [3]. Liquor Industry - Key players in the liquor industry, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, reported market capitalizations of 1,778.15 billion, 217.75 billion, and 464.59 billion respectively, with price changes of -4.50 (-0.32%), -1.16 (-0.65%), and -0.04 (-0.03%) [3]. Semiconductor Sector - Semiconductor companies such as Northern Huachuang, Cambricon Technologies, and Hygon reported market capitalizations of 233.53 billion, 249.53 billion, and 326.76 billion respectively, with price changes of -1.01 (-0.23%), -12.76 (-2.09%), and -1.17 (-0.83%) [3]. Automotive Sector - In the automotive sector, BYD and Great Wall Motors had market capitalizations of 282.79 billion and 1,834.50 billion respectively, with price changes of -3.57 (-1.06%) and +0.07 (+0.33%) [3]. Energy Sector - Companies in the energy sector, including China Shipping and Sinopec, reported market capitalizations of 686.25 billion and 1,584.96 billion respectively, with price changes of +0.03 (+0.20%) and -0.05 (-0.88%) [3]. Coal Industry - In the coal industry, China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 186.24 billion and 795.34 billion respectively, with price changes of -1.98 (-0.78%) and -0.01 (-0.02%) [3]. Power Industry - The power sector, represented by companies like Yangtze Power and China Nuclear Power, had market capitalizations of 192.31 billion and 745.30 billion respectively, with price changes of -0.65 (-2.09%) and -0.03 (-0.32%) [4]. Internet Services - Internet service companies such as Dongfang Caifu reported a market capitalization of 371.40 billion, with a price change of +0.37 (+1.60%) [4]. Food and Beverage Sector - In the food and beverage sector, companies like Citic Securities and Haitian Flavoring reported market capitalizations of 414.23 billion and 342.55 billion respectively, with price changes of +0.38 (+1.38%) and -0.10 (-0.26%) [4]. Consumer Electronics - Companies in the consumer electronics sector, including Industrial Fulian and Luxshare Precision, had market capitalizations of 426.17 billion and 246.39 billion respectively, with price changes of +0.42 (+2.00%) and -0.35 (-0.67%) [4]. Home Appliances - In the home appliance sector, Gree Electric and Haier Smart Home reported market capitalizations of 255.76 billion and 234.57 billion respectively, with price changes of +0.16 (+0.35%) and +0.28 (+1.13%) [4]. Logistics Sector - The logistics sector, represented by companies like SF Holding, had a market capitalization of 276.36 billion, with a price change of +0.60 (+1.13%) [4]. Construction Industry - In the construction industry, China State Construction and XD China Communications reported market capitalizations of 240.07 billion and 527.30 billion respectively, with price changes of -0.02 (-0.34%) and +0.05 (+0.95%) [4].

Core Viewpoint - The article highlights the performance and growth of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF, indicating a bullish outlook on bank stocks driven by low interest rates and a long-term market trend [3][4]. Performance Summary - As of June 27, 2025, the Zhongzheng Dividend Low Volatility 100 Index rose by 0.31%, with constituent stocks such as Lanzhou Bank and Guizhou Bank showing significant gains [3]. - The Zhongzheng Dividend Low Volatility 100 ETF (159307) has seen a recent price increase of 0.38%, marking its sixth consecutive rise, with a latest price of 1.05 yuan and a trading volume of 484.03 million yuan [3]. - Over the past year, the ETF's net value increased by 14.89%, ranking first among comparable funds [4]. Fund Growth and Inflows - The ETF experienced a substantial increase in shares, growing by 7.26 million shares over the past year, placing it second among comparable funds [4]. - Despite a recent net outflow of 209.37 million yuan, the ETF has seen net inflows on 8 out of the last 10 trading days, totaling 3.35 million yuan [4]. Risk and Return Metrics - The ETF's maximum drawdown this year was 6.18%, with a recovery period of 36 days, indicating relatively low risk compared to peers [4]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5]. Index Composition - The Zhongzheng Dividend Low Volatility 100 Index includes 100 stocks characterized by high liquidity, continuous dividends, high dividend yields, and low volatility [5]. - The top ten weighted stocks in the index account for 19.64% of the total index weight, with notable companies including Jizhong Energy and Daqin Railway [5][6].