Core Viewpoint - The petrochemical industry is experiencing fluctuations in stock performance, with significant policy changes expected to optimize supply-side dynamics and enhance the competitive advantages of leading enterprises [2]. Group 1: Market Performance - As of February 2, 2026, the China Securities Petrochemical Industry Index has decreased by 2.78%, with mixed performance among constituent stocks [1]. - The top-performing stock is Sanmei Co., which increased by 1.75%, while Luxi Chemical led the decline with an 8.18% drop [1]. - The Petrochemical ETF (159731) has fallen by 2.79%, with a latest price of 1.01 yuan and a turnover rate of 6.58% [1]. Group 2: Fund Flows and ETF Performance - The Petrochemical ETF has seen continuous net inflows over the past 18 days, with a peak single-day net inflow of 348 million yuan, totaling 1.351 billion yuan [1]. - As of January 30, 2026, the Petrochemical ETF's net value has increased by 69.05% over the past two years [2]. - The ETF has achieved a maximum monthly return of 15.86% since its inception, with the longest streak of monthly gains lasting 9 months and an average monthly return of 5.59% [2]. Group 3: Policy Impact - Recent government policies aimed at "decarbonization," "environmental protection," and "cancellation of export tax rebates" are expected to suppress low-level redundant construction and disorderly expansion in the chemical industry [2]. - The policies are part of a broader strategy to optimize supply-side dynamics and enhance the competitive advantages of leading enterprises in the petrochemical sector [2]. Group 4: Index Composition - As of January 30, 2026, the top ten weighted stocks in the China Securities Petrochemical Industry Index account for 55.71% of the index, with Wanhua Chemical and China Petroleum being the top two [2].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Oil and Gas Sector in China - **Focus**: Opportunities in deep-sea exploration and oil price recovery Core Insights 1. **Deep-Sea Exploration Growth**: The acceleration in the deep-sea exploration permitting framework in the US has attracted investor interest in deep-sea mining and oil & gas exploration. Notably, order intake for FPSOs has significantly increased, driven by deepwater and ultra-deepwater oilfield exploration in South America and Africa [2][2] 2. **Guyana's Oilfields**: The Stabroek oilfield in Guyana, developed by ExxonMobil (45%), Chevron (30%), and CNOOC (25%), is highlighted as a key area of growth. Four additional projects are under construction, with expected production ramp-ups leading to higher returns by 2030 [2][2] 3. **Oil Price Forecasts**: UBS has revised its oil price forecasts, lowering the 2026 estimate to US$62/bbl due to anticipated oversupply of 1.9Mb/d. However, a gradual recovery is expected as supply and demand improve [3][3] 4. **Impact of US Sanctions on Venezuela**: If US sanctions on Venezuela are lifted, production could recover to 1Mb/d, potentially increasing to 1.2-1.3Mb/d. This could exert additional pressure on the oil market in 2026, but the overall supply-demand dynamics are not expected to change significantly [4][4] Company-Specific Insights 1. **PetroChina and CNOOC Price Target Adjustments**: - PetroChina's price target raised to Rmb14.0/HK$11.5 from Rmb12.9/HK$10.3, reflecting a re-rating of the oil and chemical sector [5][5] - CNOOC's price target increased to HK$30.0 from HK$26.5, based on a higher EV/EBITDA multiple [5][5] 2. **Valuation Comparisons**: China's oil majors are trading at lower valuation multiples compared to their overseas peers, with an average 2026E PE/PBV of 11/1.0x versus 13/1.6x for global counterparts. This suggests potential upside for Chinese oil companies [5][5] Additional Insights 1. **Dividend Yield**: The average dividend yield for A+H shares of China's oil majors is projected at 5.2%, which is above the overseas peer average of 4.8% [5][5] 2. **Market Dynamics**: Teapot refineries in China, which typically import Venezuelan crude, may shift to cheaper alternatives like Russian crude, indicating a limited impact from potential Venezuelan oil supply increases [4][4] Conclusion - The oil and gas sector in China is poised for growth, particularly in deep-sea exploration, with favorable long-term price recovery expectations. Companies like PetroChina and CNOOC are well-positioned to benefit from these trends, despite short-term challenges related to oil supply dynamics and geopolitical factors.

资料显示，中国石油天然气股份有限公司位于北京市东城区东直门北大街9号,香港金钟道89号力宝中心 2座3705室，成立日期1999年11月5日，上市日期2007年11月5日，公司主营业务涉及(i)原油及天然气的 勘探、开发、生产、输送和销售以及新能源业务;(ii)原油及石油产品的炼制,基本及衍生化工产品、其他 化工产品的生产和销售以及新材料业务;(iii)炼油产品和非油品的销售以及贸易业务;及(iv)天然气的输送 及销售业务。主营业务收入构成为：炼油产品69.64%，原油43.27%，天然气39.98%，化工产品8.78%， 其他7.00%，加油站非油品销售0.86%，其他收入0.04%，管输业务0.03%。 截至9月30日，中国石油股东户数50.39万，较上期增加4.46%；人均流通股324618股，较上期减少 4.33%。2025年1月-9月，中国石油实现营业收入21692.56亿元，同比减少3.86%；归母净利润1262.79亿 元，同比减少4.71%。 融资方面，中国石油当日融资买入3.98亿元。当前融资余额22.15亿元，占流通市值的0.12%，融资余额 低于近一年40%分位水平，处于较低位。 融券方 ...

Core Insights - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 30, 2026, showcasing significant price movements and dividend yields [1][5]. Group 1: Stock Performance - China Gold (600916.SH) leads with a daily increase of 8.74% and a year-to-date increase of 80.12%, with a dividend yield of 2.59% [1][5]. - Jian Sheng Group (603558.SH) follows with a daily rise of 4.01% and a year-to-date increase of 6.23%, offering a dividend yield of 4.91% [1][5]. - China National Foreign Trade Transportation Group (601598.SH) shows a daily increase of 3.10% but a year-to-date decline of 1.32%, with a dividend yield of 5.00% [1][5]. Group 2: Dividend Yields - The average dividend yield for the index is reported at 4.76%, with an expected price-to-earnings ratio of 11.07 times [2]. - Notable dividend yields include Semir Apparel (002563.SZ) at 9.12% and China Shenhua Energy (601088.SH) at 7.83% [1][5]. Group 3: Market Signals - The article mentions the formation of a MACD golden cross signal, indicating positive momentum for the stocks listed [4][8].

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Buy" rating due to the current geopolitical risks and potential for price recovery in the medium to long term [1]. Core Insights - The report highlights that the recent surge in oil prices reflects geopolitical risk premiums, particularly due to ongoing tensions between the U.S. and Iran, which significantly impact global oil supply security [4][7]. - It is anticipated that oil prices will exhibit characteristics of being "geopolitically driven with fundamental support" around the Chinese New Year, with potential further increases if conflict expectations materialize [7]. - The medium to long-term outlook suggests a return to fundamental pricing logic as the oil supply-demand balance is expected to loosen, limiting upward price movement without sustained geopolitical conflict [7]. Summary by Sections Upstream Sector - As of January 30, Brent crude oil futures closed at $70.69 per barrel, a 7.30% increase from the previous week, while WTI futures rose by 6.78% to $65.21 per barrel [15]. - U.S. commercial crude oil inventories decreased to 424 million barrels, down 2.296 million barrels week-on-week, which is 3% lower than the five-year average [17]. - The report notes a trend of increasing oil service activity, with drilling day rates remaining stable despite low levels, indicating potential for future increases as global capital expenditures rise [15][35]. Refining Sector - The Singapore refining margin for major products fell to $9.40 per barrel, a decrease of $2.69 from the previous week [54]. - The report indicates that while refining profitability has improved, the current product price differentials remain low, with expectations for gradual improvement as economic recovery progresses [51]. Polyester Sector - The report observes an increase in PTA profitability, with prices rising to 5,271.4 CNY per ton, a 4.66% increase week-on-week [1]. - The overall performance of the polyester industry is deemed average, with a need to monitor demand changes closely [1]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in cost structures and competitive advantages [1][10]. - It also suggests maintaining a neutral outlook on oil companies, with a focus on those offering high dividend yields, such as China National Petroleum and China National Offshore Oil [10].

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Buy" rating due to the current geopolitical risks and potential for price recovery in the medium to long term [1]. Core Insights - The report highlights that the recent surge in oil prices is primarily driven by geopolitical risks, particularly the ongoing tensions between the US and Iran, which have led to Brent crude oil prices exceeding $70 per barrel [1][4]. - It is anticipated that oil prices will exhibit characteristics of being "geopolitically driven with fundamental support" around the Chinese New Year, with potential further increases if conflict expectations materialize [7]. - The medium to long-term outlook suggests a return to fundamental pricing logic, with oil supply and demand expected to be in a loose balance, limiting upward price movement unless geopolitical tensions persist [7]. Summary by Sections Upstream Sector - As of January 30, Brent crude oil futures closed at $70.69 per barrel, reflecting a week-on-week increase of 7.30%, while WTI futures rose by 6.78% to $65.21 per barrel [15]. - US commercial crude oil inventories decreased to 424 million barrels, down by 2.296 million barrels from the previous week, marking a 3% decline compared to the past five years [17]. - The report notes a trend of increasing oil service activity, with drilling day rates remaining stable despite low levels, indicating potential for future increases as global capital expenditures rise [15]. Refining Sector - The report indicates a decline in overseas refined oil crack spreads, with Singapore's refining margin dropping to $9.40 per barrel, down by $2.69 from the previous week [54]. - The report anticipates that refining profitability may improve as oil prices adjust, with expectations of gradual recovery in refining product margins as economic conditions stabilize [51]. Polyester Sector - The report highlights an increase in PTA profitability, with prices rising to 5,271.4 CNY per ton, reflecting a week-on-week increase of 4.66% [1]. - The overall performance of the polyester industry is described as average, with a need to monitor demand changes, but a gradual improvement is expected as new production capacities taper off [1]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical, which are expected to benefit from improved cost structures and competitive advantages [1][10]. - It also suggests maintaining a neutral outlook on oil companies, with a preference for those offering higher dividend yields, such as China National Petroleum and China National Offshore Oil Corporation [10].

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1]. Core Insights - International oil prices have significantly strengthened due to escalating geopolitical risks in Iran and adverse weather conditions affecting U.S. oil production. As of January 30, 2026, Brent and WTI prices were reported at $69.32 and $65.21 per barrel, respectively, marking increases of 6.53% and 6.78% from the previous week [2][9]. - The oil and petrochemical sector has shown strong performance, with the sector index rising by 7.95% as of January 30, 2026, compared to a slight increase of 0.08% in the broader market index [10]. - The report highlights a notable increase in the number of active offshore drilling platforms, with a total of 376 self-elevating platforms and 134 floating platforms as of January 26, 2026 [26]. Summary by Sections Oil Price Review - Brent crude futures settled at $69.32 per barrel, up $4.25 (+6.53%) from the previous week, while WTI crude futures rose to $65.21 per barrel, an increase of $4.14 (+6.78%) [23]. - The Urals crude price remained stable at $65.49 per barrel, while ESPO crude increased by $4.42 (+8.66%) to $55.46 per barrel [23]. Offshore Drilling Services - The global count of self-elevating drilling platforms remained at 376, while floating platforms increased by one to a total of 134 [26]. U.S. Oil Supply - U.S. crude oil production was reported at 13.696 million barrels per day, a decrease of 36,000 barrels from the previous week. The number of active drilling rigs remained stable at 411 [32]. - The U.S. fracking fleet decreased by 15 units to a total of 148 [32]. U.S. Oil Demand - U.S. refinery crude processing averaged 16.209 million barrels per day, down by 395,000 barrels from the previous week, with a refinery utilization rate of 90.90%, a decline of 2.4 percentage points [40]. U.S. Oil Inventory - Total U.S. crude oil inventories stood at 839 million barrels, a decrease of 1.78 million barrels (-0.21%) from the previous week. Strategic reserves increased by 515,000 barrels (+0.12%), while commercial inventories fell by 2.295 million barrels (-0.54%) [49]. Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [3].

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the given content. 2. Core Viewpoints - The threat of the US to strike Iran has led to an upward oscillation in international oil prices [1]. - This week, the average weekly prices of Brent and WTI crude oil futures were $68.6 and $63.4 per barrel respectively, up $3.8 and $3.2 from last week [2]. 3. Summary by Directory 1. Crude Oil Weekly Data Briefing - The data sources include Bloomberg, WIND, EIA, TSA, Baker Hughes, and Dongwu Securities Research Institute [8][9]. 2. This Week's Performance Review of the Petroleum and Petrochemical Sector - **2.1 Performance of the Petroleum and Petrochemical Sector**: Information on the sector's performance and the performance of sub - industries, as well as the performance of the sector and the Shanghai - Shenzhen 300 Index, is presented, but specific data is not provided in the text [11][18]. - **2.2 Performance of Listed Companies in the Sector**: - The report provides the latest prices, total market values, and price changes in the past week, month, three months, one year, and since the beginning of 2026 for multiple listed companies such as CNOOC, PetroChina, and Sinopec [23]. - A valuation table shows the stock prices, total market values, net profits attributable to the parent company, PE, and PB of these companies from 2024 to 2027 [25]. 3. Crude Oil Sector Data Tracking - **3.1 Crude Oil Prices**: It includes the prices and price differences of 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][31][40]. - **3.2 Crude Oil Inventory**: Analyzes the correlations between US commercial crude oil inventory and oil prices, the weekly destocking speed of US commercial crude oil and the increase or decrease of Brent oil prices, and presents the total, commercial, strategic, and Cushing crude oil inventories in the US [43][44][49]. - **3.3 Crude Oil Supply**: Covers US crude oil production, the number of active oil rigs, and the number of active fracturing fleets, as well as their relationships with oil prices [63][64][66]. - **3.4 Crude Oil Demand**: Focuses on US refinery crude oil processing volume, refinery operating rates, Shandong refinery seasonal operating rates, and the operating rates of major refineries in China [71][73][75]. - **3.5 Crude Oil Import and Export**: Details the import, export, and net import volumes of US crude oil and crude oil and petroleum products [79][81]. 4. Refined Oil Sector Data Tracking - **4.1 Refined Oil Prices**: Analyzes the relationship between international oil prices and domestic gasoline, diesel, and aviation kerosene prices and price differences, as well as the price differences between crude oil and refined oil in the US, Europe, and Singapore [86][109][114]. - **4.2 Refined Oil Inventory**: Presents the inventories of gasoline, diesel, and aviation kerosene in the US and Singapore [124][128][136]. - **4.3 Refined Oil Supply**: Covers the production volumes of gasoline, diesel, and aviation kerosene in the US [144][145]. - **4.4 Refined Oil Demand**: Focuses on the consumption volumes of gasoline, diesel, and aviation kerosene in the US and the number of airport security checks for passengers [148][149][153]. - **4.5 Refined Oil Import and Export**: Details the import, export, and net export volumes of gasoline, diesel, and aviation kerosene in the US [161][167][168]. 5. Oil Service Sector Data Tracking - It shows the average daily fees of self - elevating drilling platforms and semi - submersible drilling platforms in the industry [176][181].

Investment Rating - The report indicates a positive outlook for the oil and petrochemical sector, with the sector outperforming the Shanghai Composite Index by +8.40% this week [10]. Core Insights - Geopolitical factors remain the primary driver in the current oil market, with significant attention on the potential for conflict between the US and Iran. The market is pricing in a geopolitical risk premium of approximately $8-10 per barrel related to Iran [15][17]. - The report anticipates that if the situation with Iran does not escalate into a full-blown conflict, oil prices may revert to supply-demand fundamentals, potentially leading to a price decline [15][17]. - The report highlights that the recent cold wave and reduced production in Kazakhstan have slowed the accumulation of global inventories, with expectations of a return to a higher accumulation rate in the coming weeks [17][18]. Summary by Sections Market Review - The oil and petrochemical sector has shown a weekly increase of +7.95%, with specific indices such as the oil and gas resources index rising by +7.79% and the oil and gas extraction services index by +7.96% [10][11]. Oil Sector - As of January 29, WTI crude oil was priced at $65.42, up by $6.06, while Brent crude was at $72.57, up by $6.60. The EIA reported a decrease in commercial crude oil inventories by 2.295 million barrels [16][17]. - The report notes that US crude oil production stands at 13.696 million barrels per day, with a decrease in net imports by 61.8% [16]. Refining Sector - The average operating rate of domestic refineries was reported at 80.02%, with a slight increase of 1.24 percentage points from the previous week. The average refining margin for major refineries was 659.83 yuan per ton, down by 101.65 yuan per ton [16]. Polyester Sector - The PX-Naphtha spread has increased to approximately $340 per ton, with PTA processing fees at 374.32 yuan per ton. The report indicates a decline in profitability for polyester products, with average profit levels for various types of polyester showing negative margins [16]. Olefins Sector - The average price for ethylene in the domestic market was reported at 5769 yuan per ton, a slight decrease of 0.33%. The propylene market saw an increase in average transaction prices to 6400 yuan per ton, up by 3.64% [16].

Investment Rating - The report indicates a positive outlook for the oil and petrochemical sector, with the sector outperforming the Shanghai Composite Index by +8.40% this week [10]. Core Insights - The oil market is experiencing a rapid increase in prices due to geopolitical risks, particularly concerning Iran's potential actions in the Strait of Hormuz, with a risk premium estimated at $8-10 per barrel [15][16]. - The overall supply remains in excess, with previous supportive factors like cold weather and reduced production in Kazakhstan starting to stabilize [15]. - The report highlights a mixed performance across various segments of the petrochemical industry, with oil and gas resources showing a +7.79% increase, while the polyester index decreased by -1.82% [10]. Summary by Sections Market Review - The petrochemical sector has outperformed the Shanghai Composite Index, with various indices showing significant weekly changes, including the oil and gas extraction service index at +7.96% and the refining and chemical index at +6.75% [10][11]. Oil Market - As of January 29, WTI crude oil closed at $65.42, up $6.06 from the previous week, while Brent crude closed at $72.57, up $6.60 [16]. - The EIA reported a decrease in commercial crude oil inventories by 2.295 million barrels, with a notable drop in gasoline inventories as well [16]. Refining Sector - The average operating rate of domestic refineries increased to 80.02%, with a slight rise in gasoline demand due to seasonal travel [16]. - The average refining margin for major refineries was reported at 659.83 yuan per ton, down 101.65 yuan from the previous period [16]. Polyester Sector - The PX-Naphtha spread has risen to approximately $340 per ton, with PTA processing fees reported at 374.32 yuan per ton [15]. - The report notes a decline in profitability for various polyester products, with average profit levels for POY150D at -21.03 yuan per ton [15]. Olefins Market - The average price for ethylene in the domestic market was reported at 5769 yuan per ton, a slight decrease of 0.33% from the previous week [15]. - Propylene prices in Shandong increased by 225 yuan per ton, reflecting a 3.64% rise [15].