此外，公司并未止步于珠海，而是积极向全国辐射。托管项目三亚湾壹号商业项目落地，标志着公司在 海南自贸港这一全球免税高地的战略落子。依托华发集团的资源优势，珠免集团在资金、渠道、品牌等 方面获得强力支撑，正加速形成立足珠海、辐射全国的战略格局。 虽然报表端仍有亏损，但同比大幅减亏的趋势释放了更为积极的信号，有力彰显公司经营质量的边际改 善。特别是更能反映主业经营能力的扣除非经常性损益后的净利润，预计减亏幅度高达39.42%至 53.42%。 这一减亏成果一方面得益于免税主业盈利的稳定贡献，免税业务板块逐步成为稳定公司经营基本盘的核 心力量；另一方面，随着管理效能提升及降本增效策略落地，有效对冲了地产业务的残留亏损。 根据公司公告，公司已于2025年12月24日披露《重大资产出售暨关联交易实施情况报告书》，完成珠海 格力房产有限公司100%股权的出售。 剥离地产后，珠免集团的业务版图变得非常清晰，即聚焦以免税为核心的大消费产业发展。 目前，珠免集团已构建起陆路、水路、机场全类型口岸免税网络。在珠海大本营，公司实现了对珠海拱 北口岸、港珠澳大桥珠海公路口岸、横琴口岸、青茂口岸、湾仔口岸、九洲港等各大核心口岸枢纽的全 ...

石油石化行业今日上涨2.08%，全天主力资金净流入3.81亿元，该行业所属的个股共47只，今日上涨的 有41只，涨停的有1只；下跌的有5只。以资金流向数据进行统计，该行业资金净流入的个股有21只，其 中，净流入资金超3000万元的有6只，净流入资金居首的是恒力石化，今日净流入资金1.37亿元，紧随 其后的是渤海化学、中国石化，净流入资金分别为8697.07万元、7439.93万元。石油石化行业资金净流 出个股中，资金净流出超千万元的有8只，净流出资金居前的有仁智股份、中海油服、中国海油，净流 出资金分别为3967.09万元、3182.58万元、2899.67万元。（数据宝） 石油石化行业资金流向排名 沪指1月19日上涨0.29%，申万所属行业中，今日上涨的有23个，涨幅居前的行业为基础化工、石油石 化，涨幅分别为2.70%、2.08%。石油石化行业位居今日涨幅榜第二。跌幅居前的行业为计算机、通 信，跌幅分别为1.55%、0.96%。 资金面上看，两市主力资金全天净流出357.14亿元，今日有13个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨1.84%，全天净流入资金75.97亿元， ...

从资金流向上来看，当日油气开采板块主力资金净流出5619.15万元，游资资金净流入8376.1万元，散户 资金净流出2756.95万元。油气开采板块个股资金流向见下表： 证券之星消息，1月19日油气开采板块较上一交易日上涨0.31%，蓝焰控股领涨。当日上证指数报收于 4114.0，上涨0.29%。深证成指报收于14294.05，上涨0.09%。油气开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000968 | 蓝焰控股 | 6.99 | 1.90% | 10.54万 | 7341.32万 | | 600759 | 洲际油气 | 3.39 | 0.89% | 273.00万 | 9.17亿 | | 600938 | 與奧圖士 | 29.43 | 0.34% | 31.94万 | 9.41亿 | | 600777 | *ST新潮 | 4.12 | -0.48% | 28.12万 | 1.17亿 | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备31010434 ...

7.63%，单吨毛利为670.38元，上周为224.31元。展望后市，预计短期内环氧丙烷市场将延续供需偏紧 下的偏强运行。 行业动态 本周（01.12-01.18）均价跟踪的100个化工品种中，共有49个品种价格上涨，20个品种价格下跌，31个 品种价格稳定。跟踪的产品中49%的产品月均价环比上涨，39%的产品月均价环比下跌12%的产品月均 价环比持平。周均价涨幅居前的品种分别是环氧丙烷（华东）、醋酐（华东）、煤焦油（山西）、丙酮 （华东）、WTI原油；周均价跌幅居前的品种分别是NYMEX天然气、硝酸(华东地区)、R22（巨化）、 乙烯（东南亚CFR）、TDI（华东）。 本周（01.12-01.18）国际油价上涨，WTI原油期货价格收于59.44美元/桶，收盘价周涨幅0.54%布伦特原 油期货价格收于63.76美元/桶，收盘价周涨幅0.66%。宏观方面，美国财政部15日宣布对伊朗实施新制 裁。美媒报道称，美国正向中东地区增派航母等，引发地区局势持续紧张。伊朗外长阿拉格齐15日就伊 朗骚乱致信联合国秘书长古特雷斯，谴责美国官员的煽动和威胁性言论供应方面，根据EIA数据，截至 1月9日当周，美国原油日均产量1,3 ...

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 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 一、踏上新征程、勇担新使命、开创新局面，奋力打造具有鲜明海洋特色的世界一流能源资源集团 中国海油集团党组书记、董事长张传江代表集团党组作题为《踏上新征程勇担新使命开创新局面奋力打造具有 鲜明海洋特色的世界一流能源资源集团》的讲话。张传江指出，"十四五"时期，中国海油坚定不移地砥砺奋 进、攻坚克难，坚持固根基、强主业，能源保障能力迈上新台阶；坚持转方式、调结构，发展质量效益实现新 提升；坚持破瓶颈、补短板，关键核心技术装备攻坚取得新突破；坚持优机制、添活力，治理现代化水平得到 新加强；坚持夯基础、强管理，风险防范能力建设取得新进步，圆满完成"十四五"规划主要目标任务。2025 年，公司坚持稳中求进工作总基调，沉着应对严峻 ...

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].

石油石化 2026 年 1 月 18 日 石油石化周报 中东局势不确定性加大，油价短期震荡偏强 强于大市（维持） 行情走势图 -40% -20% 0% 20% 40% 60% 24/01 24/03 24/05 24/07 24/09 24/11 25/01 25/03 25/05 25/07 25/09 25/11 26/01 沪深300 石油石化 基础化工 证券分析师 核心观点： 行 业 报 告 行 业 报 告 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 告 告 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 石油石化：中东局势不确定性加大，油价短期震荡偏强。据 ifind 数 据，2026 年 1 月 9 日-2026 年 1 月 16 日，WTI 原油期货收盘价上涨 1.02%，布伦特油期货收盘价上涨 1.87%。地缘政治局势：中东方 面，1 月 12 日特朗普称对伊朗所有贸易伙伴征收 25% ...

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].