Core Viewpoint - The China Petroleum and Chemical Industry Federation has announced the results of the 11th Petroleum and Chemical Enterprise Brand Story Writing Competition, aimed at promoting brand development in the oil and chemical industry through the enhancement of product variety, quality, and brand creation [1] Group 1: Competition Results - A total of 15 first prizes, 25 second prizes, and 30 third prizes were awarded in the graphic category, while the video category saw 10 first prizes and 20 second prizes awarded [1] - Notable winners in the graphic category include Hubei Xingfu Electronic Materials Co., Ltd. with "Awakening of Light, Eternal Flame of 'Chip'", China Chemical Engineering Group Co., Ltd. with "Three Times Advancing to the Poles, Creating the Legend of Iron Army", and China National Petroleum Corporation's Natural Gas Sales Sichuan-Chongqing Branch with "The Guardian of the Lamp at Mount Shengdeng" [1] - In the video category, first prize winners include Shaanxi Yanchang Petroleum (Group) Co., Ltd. with "Spark" and CNOOC (China) Limited Hainan Branch with "Deep Sea No. 1 Phase II Project Tour" [1]

Group 1 - The core point of the article is that China National Petroleum Corporation (CNPC) has applied for a patent for a method and device for evaluating well spacing in shale gas wells, indicating a focus on improving efficiency in shale gas extraction [1] Group 2 - The patent application, published as CN121302947A, was filed on July 2024 and outlines a method that includes obtaining original formation pressures of new and adjacent old wells to assess whether the spacing meets preset requirements [1] - CNPC, established in 1999 and headquartered in Beijing, primarily engages in oil and gas extraction, with a registered capital of 18,302,097,000 RMB [1] - The company has invested in 1,296 enterprises, participated in 443 bidding projects, and holds 38 trademark records and 5,000 patent records, along with 168 administrative licenses [1]

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600309 | 万华化学 | -1.42% | 10.47% | | 601857 | 中国石油 | -0.20% | 7.63% | | 000792 | 盐湖股份 | 2.46% | 6.44% | | 600028 | 中国石化 | -3.73% | 6.44% | | 600938 | 甲国海海 | -0.56% | 5.22% | | 600160 | 巨化股份 | -3.91% | 4.51% | | 000408 | 藏格矿业 | -1.41% | 3.82% | | 600143 | 金发科技 | 3.25% | 3.69% | | 600426 | 华鲁恒升 | -1.53% | 3.31% | | 600989 | 宝幸能源 | -1.77% | 3.27% | 截至1月9日，石化ETF近2年净值上涨49.64%。从收益能力看，截至2026年1月9日，石化ETF自成立以来，最高单月回报为15.86%，最长连涨月数为8个月， 最长连涨涨幅为41.60%，上涨月份平均收益率为5.25 ...

Core Viewpoint - The sulfur market is experiencing a strong upward trend in prices due to tightening supply and demand dynamics, with significant price increases reported from major exporting countries in the Middle East [1][2]. Supply and Demand Dynamics - The sulfur supply-demand balance in China for 2026 is expected to be tight, with a structural gap continuing to widen, leading to a "tight balance" as the main theme for the year [2]. - Only two new or expanded sulfur production facilities are planned for 2026, adding a total capacity of 500,000 tons per year, with uneven production schedules [2]. - Downstream demand is projected to grow significantly, with 15 new facilities planned, resulting in an additional sulfur consumption capacity of approximately 3.29 million tons per year [2][3]. Price Trends - The latest sulfur prices from Qatar and the UAE for January 2026 are reported at $517 and $520 per ton, respectively, reflecting increases of $22 and $25 per ton from the previous month [1]. - The domestic sulfur price is expected to rise, with predictions that it could exceed 5,000 yuan per ton and potentially reach 6,000 yuan per ton in optimistic scenarios [5]. Market Structure - The sulfur industry in China is highly concentrated, with major players like Sinopec, PetroChina, and Rongsheng Petrochemical dominating the market, collectively holding over 70% of the total production capacity [4]. - The total sulfur production capacity in China has reached approximately 16.79 million tons, but future capacity expansion is limited due to government policies on crude oil processing [4]. Profitability Outlook - The increase in sulfur prices is expected to significantly enhance profits for leading companies, with estimates suggesting that a price increase of 100 yuan per ton could yield billions in profit for top firms [5]. - Rongsheng Petrochemical, with its substantial production capacity and low-cost structure, is projected to achieve a gross profit of around 3.4 billion yuan from its sulfur business [5].

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1]. Core Insights - The international oil prices experienced a rebound due to geopolitical tensions, particularly involving Venezuela and Iran, with Brent and WTI prices reaching $63.34 and $59.12 per barrel, respectively, as of January 11, 2026 [2][9]. - The report highlights a significant increase in U.S. crude oil imports, which rose by 27.98% to 6.339 million barrels per day, while exports increased by 23.92% to 4.263 million barrels per day, resulting in a net import increase of 37.21% [47]. - The oil and petrochemical sector showed a mixed performance, with the sector rising by 0.29% while the broader market (CSI 300) increased by 2.79% [10]. Summary by Sections Oil Price Review - As of January 9, 2026, Brent crude futures settled at $63.34 per barrel, up $2.59 (+4.26%) from the previous week, while WTI crude futures rose to $59.12 per barrel, an increase of $1.80 (+3.14%) [26]. Offshore Drilling Services - The number of global offshore self-elevating drilling rigs remained stable at 376, and floating drilling rigs also held steady at 129 as of January 5, 2026 [32]. Crude Oil Supply - U.S. crude oil production was reported at 13.811 million barrels per day, a decrease of 16,000 barrels from the previous week, with active drilling rigs down to 409 [42]. Crude Oil Demand - U.S. refinery crude processing increased to 16.909 million barrels per day, with a refinery utilization rate of 94.70%, unchanged from the previous week [50]. Crude Oil Inventory - Total U.S. crude oil inventories decreased by 3.587 million barrels (-0.43%) to 833 million barrels as of January 2, 2026, with commercial inventories down by 3.832 million barrels (-0.91%) [62]. Refined Oil Products - As of January 9, 2026, U.S. average prices for diesel, gasoline, and jet fuel were $88.99, $72.69, and $78.96 per barrel, respectively, with varying price changes compared to the previous week [85].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to experience an upward cycle due to the implementation of "anti-involution" policies in China and the accelerated exit of some European facilities [29] - The report highlights the potential for domestic substitution of semiconductor materials from Japan due to rising geopolitical tensions, which could benefit various companies in the sector [5] - The chromium salt industry is undergoing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [8] Summary by Sections Industry Performance - The chemical industry has shown strong relative performance with a 1-month increase of 10.7%, 3-month increase of 9.6%, and a 12-month increase of 45.1%, outperforming the CSI 300 index [3] Price Trends - Key products such as lithium carbonate and polysilicon have seen significant price increases, supported by policy guidance and industry self-discipline [12] - The price of chromium salts has remained stable, with metal chromium priced at 82,000 CNY/ton as of January 9, 2026 [15] Investment Opportunities - Focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Hualu Hengsheng, as well as those in sectors with improving market conditions like chromium salts and phosphates [6][9] - High dividend yield opportunities are identified in state-owned enterprises like China Petroleum and China National Chemical [10] Key Company Tracking - Companies such as Dongfang Shenghong and Huabei Yihua are highlighted for their earnings potential, with projected EPS growth for 2026 [30] - The report tracks specific price movements for various chemicals, including a notable increase in the price of ammonium phosphate and a stable price for urea [17][19]

Core Viewpoint - The article discusses the aggressive stance of the United States towards Venezuela's oil trade, highlighting the imposition of unilateral demands and the underlying motives of U.S. actions in the region [1][3][5]. Group 1: U.S. Actions and Demands - The U.S. has arrested Venezuelan President Maduro and appointed Secretary of State Rubio as the governor of Venezuela, demanding that Venezuelan oil be prioritized for U.S. interests [1]. - The U.S. requires Venezuela to sever economic ties with China, Russia, Iran, and Cuba, and to expel spies from these countries [1]. - The U.S. claims that its refineries can only process heavy crude oil, which is why it seeks to partner with Venezuela, despite previously relying on Canada for heavy crude imports [3]. Group 2: International Reactions and Implications - Countries like Cuba and Mexico have condemned the U.S. actions as blatant violations of international law, indicating a growing global opposition to U.S. imperialism [3]. - The U.S. has previously seized a Chinese oil tanker, further escalating tensions and drawing protests from China, which has vowed to defend its rights [5]. - The article suggests that the U.S. is attempting to undermine China's energy interests by demanding that Venezuela redirect oil orders from China to the U.S. [5]. Group 3: Future Outlook - The article posits that the U.S. will face consequences for its aggressive actions, as the international community's opposition to such behavior is likely to intensify [5][7]. - It emphasizes that the notion of U.S. oil hegemony is challenged by principles of sovereignty and multilateral justice, suggesting that the U.S. ambitions may ultimately fail [7].

人民财讯1月11日电，据中国石油（601857）报，1月9日，中国石油集团董事长、党组书记戴厚良在合 肥会见安徽省委书记、省人大常委会主任梁言顺，省委副书记、省长王清宪，双方就加强合作进行交 流。 ...

Core Viewpoint - The report highlights the growth of China's petroleum asphalt industry, with a projected production increase and significant year-on-year growth rates for 2025 [1] Industry Summary - According to the National Bureau of Statistics, China's petroleum asphalt production in November 2025 is expected to reach 342 million tons, reflecting a year-on-year increase of 3.9% [1] - Cumulatively, from January to November 2025, the total production of petroleum asphalt in China is projected to be 3,478.6 million tons, marking a cumulative growth of 10.6% [1] Company Summary - Listed companies in the petroleum asphalt sector include Guochuang High-tech (002377), Baoli International (300135), Senyuan Co., Ltd. (300210), Luchang Technology (002813), Longzhou Co., Ltd. (002682), Guolian Aquatic Products (300094), Ningbo Fubang (600768), Binhua Co., Ltd. (601678), Yueyang Xingchang (000819), and Hengyi Petrochemical (000703) [1]

Core Viewpoint - During the "14th Five-Year Plan" period, Daqing Oilfield has achieved significant milestones in energy security and high-quality transformation, maintaining stable production of crude oil and natural gas while also developing unconventional resources and clean energy [3][4] Group 1: Energy Production and Resources - Daqing Oilfield has maintained a stable production of 30 million tons of crude oil for 11 consecutive years and has increased natural gas production to 6.1 billion cubic meters annually [3] - The company has achieved a historical high in reserves, with the SEC reserve replacement rate rising from 0.43 at the beginning of the "14th Five-Year Plan" to 1.0 [3] Group 2: Technological Advancements - Daqing Oilfield has developed five key technologies that have enabled the annual production of shale oil to increase from zero to over 1 million tons within five years, marking a milestone in China's shale revolution [3] - The company has established six national-level platforms, including key laboratories, and aims to authorize over 100 invention patents by 2025, achieving the highest level in history for the same period [4] Group 3: Green and Low-Carbon Development - The company has implemented multi-energy integration projects, achieving a cumulative production of 1.06 million tons of standard coal equivalent in renewable energy during the "14th Five-Year Plan" [4] - Daqing Oilfield has accelerated reforms, completing 72 tasks of the three-year action plan eight months ahead of schedule [4] Group 4: Cultural and Operational Excellence - The company promotes the "Daqing Spirit" and has innovated practices to enhance responsibility and performance under pressure and challenges [4] - Daqing Oilfield is transitioning from traditional oil fields to shale oil new areas, contributing significantly to the construction of an energy powerhouse [4]