图1：大庆市的磕头机，从地下抽取原油 资料来源：经济 专题：分析师回乡见闻 探寻中国经济多层次发展脉络 作者：申万宏源研究农林牧渔团队 胡静航 儿时，家乡是作文中最常出现的载体，如今，再次写起家乡，离家已十余年。乡音虽已淡薄，但昼夜不 停的磕头机、天空中高耸的烟囱、漫天的飞雪依旧存在着，构成了故乡最美的风景。 观察报，申万宏源研究 源研究 一、新中国石油工业的长子 1959年9月26日松基三井喷出工业油流，恰逢新中国成立十周年之际，故命名为大庆油田，取"大喜大 庆、普天同庆"之意，纪念油田发现与国庆10周年双重盛事。同年，黑龙江省正式设立大庆区，1979 年，国务院批准更名为大庆市。 说起大庆，一定离不开另一个名字，铁人王进喜，也是每一个大庆人从小就熟知的名字。作为新中国第 一代钻井工人，王进喜立下誓言"宁肯少活二十年，拼命也要拿下大油田"。1960年石油大会战启动，王 进喜率队参战来到大庆，无吊车，率队人拉肩扛3天3夜，把钻机运到井场。无水管线，破冰取水，5天4 小时打出会战第一口井。井喷危急时，为保住油井，王进喜不顾腿伤跳进浆池，用身体搅拌水泥3个多 小时，最终成功压制井喷，但身体却被碱性很大的泥浆烧起了 ...

地面工程研究部公用工程和经济评价项目组二级工程师曾冠鑫，刚走进办公室，就打开软件，对"北水 南调"输水主管线及山前气田排水支线等进行水力模拟核算。 【锦绣中国年】 光明日报记者 赵明昊 姚昆 黄小异 正月初六，年味犹浓。中国石油塔里木油田油气工艺研究院办公楼内，却是一番忙碌景象：键盘敲击声 不停，交流讨论声此起彼伏…… 此刻的荒原大漠，60多口油气井正挺进地层深处，20多口已进入目的层。钻井远程管控支持系统维护者 陈龙，正紧盯着屏幕上的数据和曲线。 "实时监测预警必须准、必须快，我们一刻也不能松劲。"陈龙指着屏幕上重点关注的高风险井说。 解决生产难题，攻克技术难关……这个新春，塔里木油田科研人正以科技为笔，勾勒着创新图景。正如 陈龙所言："马年新气象，科研攻关更要'马力十足'！" 《光明日报》（2026年02月23日 01版） [ 责编：孙宗鹤 ] "春节一过，施工黄金期就到了，必须编制好方案，满足节后油气生产需求。"曾冠鑫说，眼下库车山前 气田水侵形势严峻，输水后路必须畅通，他和同事一刻不敢耽搁。 不远处，采油气研究部提高采收率项目组同样忙碌。项目副经理庹维志正和同事坐在电脑前，逐口井核 对工况数据。 前不 ...

Core Viewpoint - The Tarim Oilfield's Shangkuxin High-tech Industrial Development Zone is successfully operating a 1.3 million kilowatt photovoltaic project, contributing to the generation of clean energy in the region [2][3]. Group 1: Project Overview - The photovoltaic project has been operational for over a year, generating a total of 826 million kilowatt-hours of electricity [3]. - The project is the largest single photovoltaic project operated by China National Petroleum Corporation (CNPC), covering an area of 4.6 kilometers by 4.9 kilometers and consisting of 260,000 solar panels, 4,273 inverters, and 397 box transformers [7][8]. - The project includes two 220 kV booster stations and a super-large energy storage station with a capacity of 130,000 kilowatts/260,000 kilowatt-hours [7]. Group 2: Operational Management - The operation and maintenance team consists of only 22 personnel, relying on both intelligent technology and dedicated manual inspections to ensure smooth operations [7]. - Daily inspections are conducted, with engineers checking critical parameters such as voltage, power, and energy storage status [3][5]. - The use of drones equipped with thermal imaging technology enhances inspection efficiency, allowing for the identification of potential issues that are not visible to the naked eye [7]. Group 3: Workforce and Training - The project emphasizes the importance of safety, with a focus on establishing a robust safety management system [5]. - The Tarim Oilfield is committed to expanding its renewable energy footprint, with plans to continue developing new projects during the 14th Five-Year Plan period [8]. - The company is actively recruiting talent through various initiatives, including campus recruitment and skill training, to build a strong foundation for its renewable energy sector [8].

Group 1 - The Hong Kong stock market experienced a decline on the first trading day of the Year of the Horse, with the Hang Seng Index falling by 1.10% and the Hang Seng Tech Index dropping by 2.91% [1] - AI applications, robotics, and oil stocks saw gains, while internet technology stocks generally fell, with Baidu down over 6% and Alibaba down nearly 5% [1] - Semiconductor stocks weakened, with Hua Hong Semiconductor down nearly 6% and SMIC down over 3% [1] Group 2 - The Hong Kong Legislative Council member Wu Jiezhuang announced that the first batch of stablecoin issuer licenses is expected to be issued in March, suggesting that eligible citizens could receive stablecoin airdrops or consumption vouchers to stimulate local consumption [1] - CITIC Securities believes that fiat-backed stablecoins may become the most accepted and secure mainstream stablecoin form, maintaining core functions of value measurement, transfer, storage, and inter-temporal value in the Web3 world [1] - Concerns about the impact of stablecoins on fiat currencies and their minting rights depend on their support for economic activities and the strength of the fiat they are pegged to [1] Group 3 - Analysts predict that Hong Kong tech stocks will remain weak in the near term due to intense competition in delivery and red envelope services around the Spring Festival, with expectations for stabilization only after Tencent and other companies report earnings in March [2] - Everbright Securities noted that tech stocks are currently not a major focus for investors, with concerns about the business development of companies like Alibaba and Baidu leading to significant declines in related stocks [2] - Recent reports from招商证券 indicate that the AI application sector is experiencing simultaneous technological breakthroughs and intensified commercialization competition, supported by national strategies for long-term development [2] Group 4 - China Galaxy Securities suggests focusing on sectors such as precious metals and energy, which may experience upward fluctuations due to uncertainties surrounding Fed rate cut expectations and geopolitical tensions [3] - The technology sector remains a long-term investment focus, with reduced valuation pressure following recent corrections, and potential rebounds expected in the context of accelerated AI model updates and applications [3]

Core Viewpoint - Hong Kong oil stocks have shown strong performance against the market trend, driven by rising international oil prices and escalating tensions between the US and Iran in the Middle East [1] Group 1: Stock Performance - China Petroleum & Chemical Corporation (00857) increased by 4.47%, reaching a latest price of 9.590 with a total market capitalization of 1.76 trillion, marking a year-to-date increase of 14.44% [2] - CNOOC Services (02883) rose by 3.81%, with a latest price of 10.070 and a market cap of 48.05 billion, reflecting a year-to-date increase of 44.06% [2] - Yanchang Petroleum International (00346) saw a 3.75% increase, with a latest price of 0.415 and a market cap of 0.457 billion, showing a year-to-date increase of 13.70% [2] - China National Offshore Oil Corporation (00883) increased by 3.26%, with a latest price of 25.960 and a market cap of 1.23 trillion, resulting in a year-to-date increase of 21.88% [2] - China Petroleum & Chemical Corporation (00386) had a modest increase of 0.74%, with a latest price of 5.480 and a market cap of 662.67 billion, reflecting a year-to-date increase of 17.34% [2]

Group 1 - The core viewpoint of the news is that Hong Kong oil stocks are performing strongly against the market trend, driven by rising international oil prices and escalating tensions between the US and Iran in the Middle East [1] Group 2 - China Petroleum & Chemical Corporation (00857) saw a price increase of over 4.47%, with a latest price of 9.590 and a total market capitalization of 1.76 trillion, reflecting a year-to-date increase of 14.44% [2] - CNOOC Services (02883) rose by 3.81%, reaching a price of 10.070 and a market cap of 48.05 billion, with a year-to-date increase of 44.06% [2] - Yanchang Petroleum International (00346) increased by 3.75%, with a latest price of 0.415 and a market cap of 0.457 billion, showing a year-to-date increase of 13.70% [2] - China National Offshore Oil Corporation (00883) experienced a 3.26% rise, with a price of 25.960 and a market cap of 1.23 trillion, marking a year-to-date increase of 21.88% [2] - Sinopec Limited (00386) had a modest increase of 0.74%, with a latest price of 5.480 and a market cap of 662.672 billion, reflecting a year-to-date increase of 17.34% [2]

Group 1 - The core message of the article emphasizes the importance of companies with high cash reserves in the A-share market, which can support the optimistic sentiment of "immediate wealth" during the New Year [2][9] - As of the end of Q3 2025, the total cash reserves of A-share companies (excluding banks and non-bank financial companies) reached 13.7 trillion yuan, indicating a substantial scale [2][9] - There are 19 companies with cash reserves exceeding 100 billion yuan, with China State Construction leading at 345.02 billion yuan, followed by CATL at 324.24 billion yuan, and both China Petroleum and China National Offshore Oil Corporation exceeding 200 billion yuan [2][11] Group 2 - Companies with cash reserves over 100 billion yuan are primarily concentrated in the construction and oil & gas sectors, predominantly among state-owned enterprises [3][10] - A detailed table lists companies with cash reserves exceeding 100 billion yuan, including China State Construction, CATL, China Petroleum, and others, highlighting their respective industries [4][11] - The article notes that the ratio of cash reserves to total assets is a more precise measure of a company's financial health, with higher ratios indicating lower operational risks and stronger debt repayment capabilities [5][11] Group 3 - A selection of 20 companies, termed "cash cows," has been identified based on their cash reserves exceeding 5 billion yuan and a cash-to-asset ratio above 30%, with consistent increases over three quarters [12] - Tonghuashun has the highest cash-to-asset ratio at 85.07%, indicating strong liquidity and low risk of cash flow issues [12][13] - Other companies like Shanghai Steel Union, Lianqi Technology, and Hengrui Medicine also show high cash-to-asset ratios, significantly above the average for A-share companies [12][13]

Group 1 - The core theme of the news is the initiative by China Petroleum to provide warmth and support for travelers during the Spring Festival, transforming gas stations into "warm stations" for millions of returning home [1][2] - Since the start of the Spring Festival travel rush on February 2, China Petroleum has utilized over 22,000 gas stations, more than 6,000 charging and swapping stations, 3,900 love stations, and over 200 driver homes to create a nationwide energy supply and service network [1] - In Sichuan's Ganzi New Dujiao, gas stations are referred to as "health stations on the lifeline," where staff assist drivers in distress, showcasing the commitment to safety and support during travel [1] Group 2 - Gas stations are evolving from mere refueling points to comprehensive energy supply stations that connect regional culture, facilitate convenient consumption, and convey good wishes [2] - Across China, gas stations serve as beacons of warmth, ensuring vehicle endurance, travel safety, and the deep-rooted desire for reunion and happiness among the people [2]

Group 1: Spring Festival Travel Overview - The Spring Festival travel period is a significant event for millions of families in China, emphasizing the importance of safe and smooth transportation for reunions [1] - During the Spring Festival, Beijing West Station is expected to send 5.155 million passengers, with popular destinations including Zhengzhou, Xi'an, Wuhan, and Changsha [4] - The capital airport anticipates transporting 7.89 million passengers during the Spring Festival, with a daily average of 197,000 passengers, marking a 1.5% increase in passenger flow compared to the previous year [7] Group 2: Transportation Infrastructure and Services - The maintenance and operation of the Jingxiong Expressway are prioritized, with 32 road surface issues repaired before the Spring Festival to ensure safety [2] - Emergency response teams are on standby with 23 personnel and 17 pieces of equipment ready to address snow and ice conditions during the travel period [2] - The introduction of smart travel solutions at Beijing West Station, such as inquiry robots and check-in kiosks, enhances the travel experience for elderly passengers [4][5] Group 3: Airline and Airport Enhancements - Air China has expanded its fleet by adding 25 aircraft, planning to operate over 70,000 passenger flights during the Spring Festival, a 10.1% increase from the previous year [7] - The airport has implemented new services, including winter clothing storage and special packages for traveling with pets, to cater to passenger needs [6][7] - The integration of air and rail services allows passengers to check in for flights at the train station, streamlining the travel process [5] Group 4: Community Support and Services - China Petroleum has transformed over 22,000 gas stations into "warm stations" to provide food and support for drivers during the Spring Festival [12] - The gas stations serve as cultural hubs, offering local products and gifts, enhancing the travel experience for customers [13] - The commitment of staff at gas stations to ensure safety and support for travelers reflects the broader community effort to facilitate smooth travel during the holiday season [12][13]

Group 1 - The core theme of the news is the initiative by China Petroleum to provide warmth and support for travelers during the Spring Festival, transforming gas stations into "warm stations" for millions of returning home [1][2] - Since the start of the Spring Festival travel rush on February 2, China Petroleum has utilized over 22,000 gas stations, more than 6,000 charging and swapping stations, 3,900 love stations, and over 200 driver homes to create a nationwide energy supply and service network [1] - In Sichuan, a gas station is referred to as a "health station on the lifeline," where staff assist drivers in distress by providing oxygen and other support, showcasing the commitment to traveler safety [1] Group 2 - Gas stations are evolving from mere refueling points to comprehensive energy supply stations that connect regional culture, facilitate convenient consumption, and convey good wishes [2] - The 24-hour operation of gas stations serves as a beacon for travelers, ensuring vehicle endurance, journey safety, and the deep-rooted desire for reunion and happiness among the Chinese people [2]