1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Core Viewpoints - This week, the weekly average prices of Brent/WTI crude oil futures were $71.3/$65.9 per barrel, up $1.3/$1.1 per barrel from last week [2]. - The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.5/4.4/4.2/0.2 billion barrels, with a week - on - week increase of 15.99/15.99/0/0.88 million barrels respectively [2]. - US crude oil production was 13.7 million barrels per day, a week - on - week decrease of 30,000 barrels per day. The number of active US crude oil rigs this week was 407, a week - on - week decrease of 2. The number of active US fracturing fleets this week was 160, a week - on - week increase of 7 [2]. - US refinery crude oil processing volume was 15.66 million barrels per day, a week - on - week decrease of 420,000 barrels per day; the US refinery crude oil utilization rate was 88.6%, a week - on - week decrease of 2.4 percentage points [2]. - US crude oil imports, exports, and net imports were 6.66/4.31/2.35 million barrels per day, with a week - on - week change of +140,000/ - 280,000/+410,000 barrels per day respectively [2]. - The weekly average prices of US gasoline, diesel, and jet fuel were $84/$112/$89 per barrel, with a week - on - week change of +$2.7/+$8.6/ - $5.1 per barrel respectively; the price spreads with crude oil were $13/$41/$17 per barrel, with a week - on - week change of +$1.0/+$6.9/ - $6.9 per barrel respectively [2]. - US gasoline, diesel, and aviation kerosene inventories were 2.5/1.2/0.4 billion barrels, with a week - on - week change of - 1.01/+0.25/ - 1.44 million barrels respectively [2]. - US gasoline, diesel, and aviation kerosene production were 9.22/4.75/1.67 million barrels per day, a week - on - week decrease of 220,000/140,000/120,000 barrels per day respectively [2]. - US gasoline, diesel, and aviation kerosene consumption were 8.73/3.90/1.72 million barrels per day, with a week - on - week change of - 20,000/ - 860,000/+130,000 barrels per day respectively [2]. - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be noted include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Mechanical & Electrical Equipment Co., Ltd. (000852.SZ) [3]. 3. Summary by Directory 2. This Week's Performance of the Petroleum and Petrochemical Sector 2.1 Performance of the Petroleum and Petrochemical Sector No specific performance data is provided in the content. 2.2 Performance of Listed Companies in the Sector - The table shows the latest prices, total market values, and price changes in the past week, month, three months, and year of multiple listed companies in the petroleum and petrochemical sector, such as CNOOC Limited, PetroChina Company Limited, and Sinopec [22]. - The valuation table presents the stock prices, total market values, net profits attributable to the parent company, PE, and PB of multiple listed companies from 2024 to 2027 [24]. 3. Crude Oil Sector Data Tracking 3.1 Crude Oil Prices - Analyzes the price relationships and spreads between various crude oils, such as Brent, WTI, Russian Urals, and ESPO crude oils, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price [29][34][38]. 3.2 Crude Oil Inventory - Discusses the correlation between US commercial crude oil inventory and oil prices from 2010 to February 2026, and shows the data of US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory [40][45][52]. 3.3 Crude Oil Supply - Shows the US crude oil production, the number of crude oil rigs, and the number of fracturing fleets [58][60][61]. 3.4 Crude Oil Demand - Presents the US refinery crude oil processing volume, refinery utilization rate, and the seasonal utilization rates of Shandong and Chinese major refineries [66][68][71]. 3.5 Crude Oil Import and Export - Displays the US crude oil imports, exports, and net imports, as well as the imports, exports, and net imports of crude oil and petroleum products [75][77]. 4. Refined Oil Sector Data Tracking 4.1 Refined Oil Prices - When the international crude oil price is above $80 per barrel, the increase in domestic gasoline and diesel prices slows down, and enterprises bear the profit reduction caused by cost changes. When the international crude oil price is at $80 per barrel, the spreads between domestic gasoline/diesel and crude oil reach their phased highs [82]. - Analyzes the relationships between international crude oil prices and domestic gasoline, diesel, and aviation kerosene prices and spreads from 2017 to February 2026 [85][87][102]. 4.2 Refined Oil Inventory - Shows the inventory data of US gasoline, diesel, aviation kerosene, and Singapore gasoline and diesel [120][125][135]. 4.3 Refined Oil Supply - Presents the production data of US gasoline, diesel, and aviation kerosene [137][139]. 4.4 Refined Oil Demand - Displays the consumption data of US gasoline, diesel, and aviation kerosene, as well as the number of US airport passenger security checks [143][144][152]. 4.5 Refined Oil Import and Export - Shows the import, export, and net export data of US gasoline, diesel, and aviation kerosene [154][159][160]. 5. Oilfield Services Sector Data Tracking - Analyzes the average daily rates of self - elevating and semi - submersible drilling platforms in the industry [170][174].

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [6] Core Viewpoints - The escalation of geopolitical tensions in the Middle East, particularly the recent airstrikes by the US and Israel on Iran, has heightened the long-term value of oil, gas, oil services, and shipping sectors [1][10] - Oil prices have surged due to concerns over the disruption of the Iran nuclear deal negotiations and increased risks in oil transportation, with Brent and WTI crude oil prices rising by 20.2% and 17.2% respectively since the beginning of the year [2][11] - The geopolitical conflict is expected to alleviate supply-demand concerns in the oil market, potentially leading to sustained increases in oil prices [3][16] - The "Three Barrel Oil" companies and oil service sectors are highlighted as having significant investment value due to their performance elasticity during rising oil prices [4][18] - The report suggests a focus on investment opportunities in the oil transportation sector due to ongoing tensions affecting shipping routes in the Middle East [19] Summary by Sections Geopolitical Tensions and Oil Prices - The geopolitical situation in the Middle East has escalated, with significant military actions impacting oil transportation routes, particularly the closure of the Strait of Hormuz [1][10] - Oil prices have increased sharply, with Brent and WTI prices reaching $73.21 and $67.29 per barrel respectively, reflecting a significant rise since the start of the year [2][11] Supply and Demand Dynamics - The International Energy Agency (IEA) has adjusted its forecast for global oil demand growth in 2026 to 850,000 barrels per day, down by 80,000 barrels from previous estimates [3][16] - Despite macroeconomic uncertainties, geopolitical risks are expected to maintain upward pressure on oil prices, with OPEC+ likely to pause production increases to balance market conditions [3][17] Investment Opportunities - The report emphasizes the long-term growth potential of the "Three Barrel Oil" companies, which are expected to maintain high capital expenditures and expand their market presence in natural gas and refining sectors [4][18] - The oil service sector is poised to benefit from increased upstream capital expenditures, enhancing operational quality and international competitiveness [4][18] - The report recommends focusing on investment in oil transportation due to rising shipping rates and ongoing geopolitical tensions [19]

Current Strategy Viewpoints - The capital market experienced fluctuations in early February but rebounded later in the month, primarily due to reduced trading activity before the Spring Festival and short-term policy guidance [1] - The market is expected to enter a phase of economic data and policy verification, with a seasonal increase in trading activity post-Spring Festival, laying a foundation for future market performance [1] - Upcoming economic and corporate profit data, along with the National People's Congress in March, will be crucial for setting the annual policy tone and economic targets, which are significant for the capital market [1] Sector Focus - Short-term focus on safe-haven assets and resource products due to tensions in the Middle East, including precious metals and oil sectors [2] - Long-term focus on growth and cyclical sectors, with particular attention to small-cap stocks that typically perform well in spring [2] - Key sectors to watch include humanoid robots, computing, and AI, benefiting from sustained industry enthusiasm and increased risk appetite among investors [2] Macro Overview - The upcoming National People's Congress will set the tone for the annual economy, with GDP growth targets expected to be set between 4.5% and 5% [8] - Fiscal policy is anticipated to include a deficit rate of 4.0% and new special bonds totaling 5 trillion yuan, indicating a significant increase in fiscal deficit compared to last year [8] Financial Engineering - The A-share market has seen a rise in industry crowding, particularly in media and resource sectors, with the media sector showing a crowding degree of 98.25% [12][14] - The resource sector continues to perform well, with price fluctuations leading to a decrease in crowding indicators, suggesting a potential for continued upward movement [13] Electronic Communication Industry - The upcoming GTC conference is expected to showcase new chip developments from NVIDIA, reinforcing AI as a core investment theme [24] - The demand for storage products is projected to rise significantly, driven by strong AI customer needs and price increases in the DRAM market [25] Computer Industry - The rapid iteration of domestic AI large models is expected to drive significant growth in computing power investments, with a focus on world model technology advancements [28] - The demand for AI-driven applications is anticipated to increase, leading to a surge in computing needs and infrastructure investments [29] New Energy Industry - Focus on hydrogen and ammonia projects, with government support for integrated energy bases expected to drive growth in this sector [32] - The electric power equipment sector is poised for growth due to ongoing global energy demands and potential easing of import restrictions in India [32] High-end Manufacturing Industry - The humanoid robot sector is entering a phase of mass production, with significant advancements showcased during the Spring Festival [35] - The North American AI supply chain remains robust, with ongoing demand for advanced equipment and materials expected to drive growth [36]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1]. Core Insights - The U.S.-Iran conflict may disrupt shipping through the Strait of Hormuz, potentially increasing oil prices due to heightened geopolitical risks. The Strait accounts for over 25% of global maritime oil trade, with a daily flow of 20.9 million barrels, representing about 20% of global liquid oil consumption, primarily directed towards Asian markets [5]. - If the conflict leads to shipping disruptions, even partial, it could significantly elevate international oil prices due to increased shipping costs and insurance premiums [5]. - The conflict may also tighten the olefin market, as Iran and Saudi Arabia are major ethylene producers. Disruptions in propane exports from the Middle East could impact China's domestic PDH facilities, which rely on these imports [5]. - International prices for methanol and urea may rise due to the conflict. Iran, being the second-largest methanol producer, could see its exports significantly affected, leading to a contraction in China's methanol imports and a subsequent increase in global methanol prices [5]. - The report suggests focusing on high-dividend oil and gas companies such as China National Petroleum, China National Offshore Oil, and Sinopec, as well as leading firms in the chemical sector like Hengli Petrochemical and Rongsheng Petrochemical, which may benefit from supply tightness and rising product prices [5]. Summary by Sections - **Geopolitical Impact**: The U.S.-Iran conflict could lead to shipping disruptions in the Strait of Hormuz, affecting oil supply and prices [5]. - **Market Dynamics**: The conflict may create supply constraints in the olefin market and impact methanol and urea prices due to reduced exports from Iran [5]. - **Investment Recommendations**: The report recommends investing in companies that are likely to benefit from the anticipated price increases in oil and chemical products [5].

Investment Rating - The report maintains a "Buy" rating for the following companies: China National Offshore Oil Corporation (CNOOC), Zhongman Petroleum, China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and New Natural Gas [2][3]. Core Insights - The geopolitical tensions between the US and Iran are likely to impact oil supply, with potential disruptions in the Middle East oil supply chain. Iran's oil production could drop by 300,000 to 1,000,000 barrels per day compared to the projected 3.26 million barrels per day in 2025 [7][11]. - The report anticipates a short-term upward trend in oil prices due to geopolitical influences, with a focus on the OPEC+ meeting scheduled for March 1 [11][12]. - Major oil agencies predict an oversupply of crude oil in 2026, with the EIA forecasting a surplus of 3.06 million barrels per day, while OPEC and IEA also project varying levels of oversupply [12][13]. Summary by Sections 1. Weekly Insights - The report highlights the impact of geopolitical events on oil prices and supply dynamics, particularly focusing on the US-Iran situation and OPEC+ production decisions [10][11]. 2. Market Performance - As of February 27, the oil and petrochemical sector increased by 4.9%, outperforming the Shanghai Composite Index, which rose by 2.0% [17][20]. 3. Industry Dynamics - The report discusses the recent military actions in the Middle East and their implications for oil supply, emphasizing the need to monitor OPEC+ production adjustments [10][11]. 4. Company Dynamics - The report provides updates on various companies within the sector, including stock performance and significant corporate announcements, such as share buybacks and changes in management [32][39]. 5. Petrochemical Industry Data Tracking - The report includes detailed tracking of oil and gas prices, with Brent crude futures settling at $72.48 per barrel, reflecting a 1.00% increase week-over-week [43].

Core Viewpoint - The announcement details the resignation of Mr. Guo Xusheng, the Chief Geologist of Sinopec, due to age-related reasons, effective February 27, 2026, with no pending commitments to the company [1]. Group 1: Resignation Details - Mr. Guo Xusheng submitted his resignation report on February 27, 2026, and was originally scheduled to serve until June 2027 [1]. - Following his resignation, Mr. Guo will not hold any positions within Sinopec or its subsidiaries [1]. - The company confirms that Mr. Guo has no disagreements with the board regarding his departure and no matters requiring shareholder attention [1]. Group 2: Acknowledgment of Contributions - The board expresses sincere gratitude for Mr. Guo's diligent work and contributions during his tenure [1].

Group 1 - The company reported a cumulative new contract amount of 10.989 billion yuan for January 2026, representing a year-on-year increase of 9.15% [2] - In January 2026, the company signed two major contracts, each exceeding 1 billion yuan, with a total contract value of 2.442 billion yuan [2] - The new contract amount data is a preliminary statistic and may not fully match future revenue due to various factors such as project implementation changes and financial accounting [2] Group 2 - In January 2026, the company provided a bank credit guarantee amounting to approximately 1.3709 million yuan [5] - The company approved a total guarantee limit of up to 46.945 billion yuan for 2026, which includes guarantees for subsidiaries with varying debt ratios [6][8] - As of January 31, 2026, the total guarantee balance was approximately 42.712 billion yuan, accounting for 161.11% of the company's audited net assets as of December 31, 2024, with no overdue guarantees reported [11]

证券之星消息，根据天眼查APP数据显示中国石油（601857）新获得一项发明专利授权，专利名为"一 种全纤维复合驱油组合物及其制备方法和应用"，专利申请号为CN202311217455.4，授权日为2026年2 月27日。 专利摘要：本发明提供了一种全纤维复合驱油组合物及其制备方法和应用，以质量百分比计，所述全纤 维复合驱油组合物的组分包括：纳米纤维素0.01wt％‑0.1wt％、纤维素衍生物0.05wt％‑0.5wt％，水 90wt％‑99.9wt％。本发明提供的全纤维复合驱油组合物，能够大幅提高乳液的稳定性和粘度。该组合 物基于纤维素纳米材料与原油通过氢键、CH2‑π相互作用等吸附于油水界面，在油水界面形成立体屏 障，阻碍液滴聚并，从而稳定乳液状态，提高原油粘度，提高采收率。 数据来源：天眼查APP 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310104345710301240019号），不构成 投资建议。 今年以来中国石油新获得专利授权362个，较去年同期增加了34.57%。结合公司2025年中报财务数据， 2025上半年公司在研发方面投入了98.99亿元，同比增2.51%。 通过天眼查 ...

Group 1 - The core point of the article highlights that China National Petroleum Corporation (CNPC) has registered two new software copyrights, indicating a focus on technological development and innovation [1] - In 2023, CNPC registered a total of 184 software copyrights, which is an increase of 84% compared to the same period last year [1] - For the first half of 2025, CNPC invested 9.899 billion yuan in research and development, reflecting a year-on-year increase of 2.51% [1] Group 2 - CNPC has made investments in 1,300 enterprises and participated in 381 bidding projects [1] - The company holds 111 trademark registrations and 48,588 patents, showcasing its extensive intellectual property portfolio [1] - Additionally, CNPC possesses 168 administrative licenses, indicating its compliance and operational capabilities [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) announced the resignation of Mr. Guo Xusheng from his position as Chief Geologist due to age reasons, effective February 27, 2026 [1] Company Summary - The resignation of Mr. Guo Xusheng is attributed to age, indicating a potential shift in leadership within Sinopec's geological department [1] - This change may impact the company's strategic direction in geological exploration and resource management [1]