8月4日，上证指数涨0.66%，收报3583.31点，恒生指数涨0.92%，收报24733.45点。 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 本文源自：金融界 作者：行情君 中国海油AH溢价达52.0%，位居AH股溢价率第75位。当日收盘，中国海油A股报25.79元，跌幅 0.58%，H股报18.56港元，下跌0.54%。 资料显示，中国海洋石油有限公司为沪港两地上市公司,代码分别为600938和00883。本公司是中国最大 的海上原油及天然气生产商,也是全球最大的独立油气勘探及生产企业之一,主要业务为勘探、开发、生 产及销售原油和天然气。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600777 | *ST新潮 | 4.05 | 0.75% | 33.52万 | 1.36亿 | | 000968 | 蓝焰控股 | 7.07 | 0.43% | 10.86万 | 7650.28万 | | 600759 | 洲际油气 | 2.38 | -0.42% | 85.72万 | 2.03亿 | | 600938 | 與奧圖于 | 25.79 | -0.58% | 26.62万 | 6.84亿 | 证券之星消息，8月4日油气开采板块较上一交易日下跌0.23%，中国海油领跌。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。油气开采板块个股涨跌见下表： 从资金流向上来看，当日油气开采板块主力资金净流出4387.09万元，游资资金净流入2528.49万元，散户 资金净流入1858.6万元。油气开采板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | | | 主力净占比 游资净 ...

Group 1 - The oil industry experienced a slight increase of 0.08% on August 4, with a net outflow of main funds amounting to 4.0268 million yuan [1] - Among the constituent stocks, 11 rose while 9 fell, indicating mixed performance within the sector [1] - The top net outflows were recorded for China National Offshore Oil Corporation (CNOOC) at 27.5103 million yuan, followed by *ST Xinchao at 15.0106 million yuan, and Guangju Energy at 9.3863 million yuan [1] Group 2 - China National Petroleum Corporation (CNPC) shares were priced at 8.47 yuan, with a decrease of 0.47% and a net inflow of 3.88638 million yuan, representing 4.0% of the main fund [1] - China Petroleum & Chemical Corporation (Sinopec) shares were priced at 5.65 yuan, down 0.72%, with a net inflow of 0.42157 million yuan, accounting for 2.59% of the main fund [1] - Shanghai Petrochemical Company shares were priced at 2.83 yuan, down 0.77%, with a net inflow of 0.07935 million yuan, representing 7.68% of the main fund [1]

Group 1 - The core viewpoint of the news is the performance of the China Securities Hong Kong 300 Energy Index, which has shown significant growth over the past month, three months, and year-to-date [1] - The China Securities Hong Kong 300 Energy Index reported a value of 2542.83 points, with a monthly increase of 7.18%, a three-month increase of 14.57%, and a year-to-date increase of 2.36% [1] - The index is designed to reflect the overall performance of different industries in the Hong Kong market, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The index is composed entirely of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - The sector composition of the index includes fuel refining at 42.22%, integrated oil and gas companies at 32.67%, coal at 22.80%, oilfield services at 1.58%, and coke at 0.73% [1] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Group 1: Oil Price Overview - As of the week ending August 1, 2025, oil prices have generally increased, influenced by a trade agreement between the US and Europe, and concerns over tightening supply due to potential sanctions on Russian oil buyers [2][3] - Brent crude futures settled at $69.67 per barrel, up $2.01 per barrel (+2.97%) from the previous week, while WTI crude futures settled at $67.33 per barrel, up $2.17 per barrel (+3.33%) [1][2] Group 2: Oil Supply and Demand in the US - As of the week ending July 25, 2025, US crude oil production was 13.314 million barrels per day, an increase of 41,000 barrels per day from the previous week [3] - The number of active drilling rigs in the US decreased by 5 to 410 rigs as of August 1, 2025, while the number of hydraulic fracturing fleets decreased by 1 to 167 [3] - US refinery crude processing volume was 16.911 million barrels per day, down 25,000 barrels per day from the previous week, with a refinery utilization rate of 95.40%, a decrease of 0.1 percentage points [3] Group 3: US Oil Inventory - As of the week ending July 25, 2025, total US crude oil inventory increased by 7.936 million barrels (+0.97%) to 829 million barrels, with strategic oil inventory rising by 238,000 barrels (+0.06%) and commercial crude inventory increasing by 7.698 million barrels (+1.84%) [3] - Cushing, Oklahoma crude oil inventory rose by 690,000 barrels (+3.16%) to 22.553 million barrels [3] Group 4: Related Companies - Relevant companies in the oil sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [4]

8月4日午后，国证自由现金流指数小幅回调，成分股方面涨跌互现，捷佳伟创、凌云股份、欧派家居等 领涨%；南京新百、华人健康、红旗连锁等领跌。自由现金流ETF（159201）跟随指数调整，最新报价 1.05元。拉长时间看，截至2025年8月1日，自由现金流ETF近1月累计上涨2.45%，涨幅排名可比基金首 位。 方正证券认为，自由现金流是衡量企业真实盈利能力与分红潜力的前瞻性指标，高股息的长期维持必须 以高自由现金流为基础，长期具备高自由现金流的企业更能保障未来持续分红，实现对股东的稳定回 报。随着长线资金投资策略的不断迭代，自由现金流契合风险规避与收益稳定性需求，或将成为险资等 长线重要配置方向。 数据显示，截至2025年7月31日，国证自由现金流指数前十大权重股分别为上汽集团、中国海油、美的 集团、格力电器、洛阳钼业、中国铝业、厦门国贸、上海电气、正泰电器、中国动力，前十大权重股合 计占比57.66%。 自由现金流ETF（159201）紧密跟踪国证自由现金流指数，自由现金流策略弥补了传统红利策略在行业 覆盖广度和未来表现预判方面的不足，聚焦于内生增长能力，强调财务健康与可持续性，更契合追求长 期成长与资本增值 ...

Group 1 - The first successful offshore material transportation using a 2-ton eVTOL named "Kai Rui Ou" marks a significant advancement in low-altitude logistics applications in China [4] - The eVTOL has a range of 200 kilometers, a maximum speed of 200 kilometers per hour, and a payload capacity of 400 kilograms [4] - The low-altitude logistics market in China is expected to exceed 100 billion yuan in the next five years, indicating strong growth potential for the industry [4] Group 2 - eVTOL concept stocks have seen an average price increase of 17.69% this year, with Meili Technology's stock rising by 127.4% [5] - Companies like Yongyue Technology, Shanhe Intelligent, and Ruikeda have also experienced significant stock price increases, all exceeding 60% [5] - Beidouxing's projected net profit for the first half of the year is estimated to be between 1 million to 1.5 million yuan, benefiting from rapid growth in emerging fields [6]

Core Insights - China's independently developed 2-ton eVTOL "Kairuiou" successfully completed the world's first material transport flight to an offshore oil platform, marking a significant advancement in low-altitude logistics applications [1][3] Group 1: Technological Breakthrough - The successful test flight was a collaboration between China National Offshore Oil Corporation (CNOOC), CITIC Offshore Helicopter, and Fengfei Aviation, showcasing the first eVTOL to receive necessary certifications [3][4] - The eVTOL transported fresh fruits and emergency medical supplies from a land point in Shenzhen to the Huizhou 19-3 platform, located 150 kilometers offshore, completing the journey in 58 minutes [3][4] Group 2: Operational Advantages - Traditionally, CNOOC relied on ships for material transport, which took approximately 10 hours, and helicopters for urgent supplies, which were costly. The eVTOL offers significant advantages in operational costs, response speed, environmental impact, comfort, and suitability for limited takeoff and landing spaces [4][6] - The "Kairuiou" features a compound wing design, with a range of 200 kilometers, a maximum speed of 200 kilometers per hour, and a payload capacity of 400 kilograms, demonstrating its capability in challenging maritime conditions [6] Group 3: Future Prospects - The development of eVTOL technology is expected to enhance operational efficiency and safety for offshore oil platforms, providing innovative solutions for personnel rotation, emergency medical rescue, and rapid transport of high-value components and materials [7] - The low-altitude economy in China is projected to reach 3 trillion yuan by 2030, with innovative applications in marine scenarios anticipated to be a significant growth driver [7]

Report Industry Investment Rating - The investment view on butadiene rubber is a bearish oscillation, indicating that the price of butadiene rubber is expected to fluctuate at a low level in the short term [4]. Core View of the Report - The sentiment has declined, and there are negative factors on the cost side. The price of butadiene rubber (BR) is oscillating at a low level. The supply of butadiene rubber is expected to increase in August, while the demand shows a neutral trend. The inventory and basis show a positive trend, and the profit and geopolitical - macro factors are negative [4]. Summary According to Relevant Catalogs Market Review - This week, the price of high - cis butadiene rubber of Sinopec Chemical Sales has been reduced by 400 yuan/ton in total, and that of major sales companies of PetroChina has been reduced by 100 yuan/ton in total. As of July 24, 2025, the mainstream ex - factory price of high - cis butadiene rubber in China is between 11,800 and 12,100 yuan/ton. The market sentiment has changed, and the prices of butadiene rubber, raw material butadiene, and related natural rubber have gradually declined [7]. Supply and Demand Analysis Supply - Last week, the domestic butadiene production was 1.034 million tons, with a capacity utilization rate of 69.97%. The production of high - cis butadiene rubber was 910,000 tons, with a capacity utilization rate of 72.46%. Some butadiene devices were shut down or under maintenance, and the production of butadiene rubber is expected to continue to increase in August [4]. Demand - For semi - steel tires, the replacement market's sales performance has continued the weak trend of last week, and the terminal demand has not improved significantly. For all - steel tires, the market transactions have increased slightly compared with last week, and some brands may raise prices next month [4]. Inventory - Last week, the butadiene port inventory was 104,000 tons, a month - on - month decrease of 33.76%. The inventory of high - cis butadiene rubber enterprises + traders was 31,320 tons, a month - on - month decrease of 3.09%. The overall inventory of sample enterprises has limited fluctuations [4]. Basis - The basis of butadiene rubber in North China is - 55 yuan/ton, in East China is 45 yuan/ton, and in South China is 95 yuan/ton. The futures price is higher than the spot price [4]. Spread/Price Ratio - The RU - BR spread is 2,855 yuan/ton (a decrease of 9.72%), the NR - BR spread is - 2,044 yuan/ton (a decrease of 20.44%), and the BR - SC price ratio is 0.94% [4]. Profit - The production gross profit of butadiene by oxidative dehydrogenation is 176 yuan/ton, and that by C4 extraction is 1,988 yuan/ton. The production gross profit of butadiene rubber is - 176 yuan/ton, and the gross profit margin is - 1.47% [4]. Geopolitical and Macroeconomic Factors - The fundamentals of crude oil are continuously loose, the demand in the refined oil market is weak, and the international crude oil price is oscillating downward. The market's optimistic sentiment towards the "anti - involution" policy has weakened, and the premium of the coal chemical and new energy chains has been given back. Trump signed an executive order to impose "reciprocal tariffs" on multiple countries and regions, but the market generally believes that China - US tariffs may ease [4]. Device Information - In 2025, many refineries in China have carried out or planned to carry out device overhauls, including major state - owned refineries and local refineries. Some butadiene and butadiene rubber production devices are also in a state of overhaul or shutdown [12][13]. Price Trend Charts - The report provides various price trend charts, including the price trends of butadiene rubber, butadiene, and other related products, as well as the seasonal charts of prices, production, consumption, and inventory [15][21][32]. Trading Strategy - Unilateral trading: Oscillation; Arbitrage trading: Pay attention to going long on BR and short on NR/RU. Also, pay attention to downstream demand, cost changes, device overhauls, and geopolitical factors [4].

Core Viewpoint - The successful test flight of China's self-developed 2-ton electric vertical take-off and landing aircraft "Kairiou" marks a significant advancement in low-altitude logistics applications, particularly in maritime supply scenarios [1] Group 1: Technological Innovation - The "Kairiou" aircraft successfully transported fresh fruits and emergency medical supplies from a land take-off point in Shenzhen to an offshore oil and gas platform located 150 kilometers from the Shenzhen coastline [1] - The flight took 58 minutes, demonstrating the aircraft's capability in cross-sea logistics [1] Group 2: Industry Impact - This breakthrough not only innovates the maritime supply model but also highlights the potential of low-altitude economic technologies to empower traditional energy industries [1] - The integration of innovative aviation technology, mature operational experience, and real maritime operational needs creates a closed-loop application for low-altitude logistics [1]