Core Viewpoint - The demand for asphalt in China remains strong due to ongoing economic development and infrastructure construction, but the industry is entering a new phase characterized by supply surplus and limited capacity growth [2]. Group 1: Industry Overview - The asphalt industry in China has seen a steady increase in production capacity, reaching 79 million tons in 2023, with an annual increase of 8 million tons, representing a growth of 11.27% year-on-year [2]. - The average operating rate of refineries has remained low at around 50%, indicating a persistent supply surplus in the domestic asphalt market [2]. - The production profit for asphalt is expected to drop to its lowest point in recent years in 2024, which will further inhibit refineries from increasing production capacity [2]. Group 2: Demand and Supply Factors - The overall demand for asphalt is projected to decline due to local fiscal pressures and stricter approvals for infrastructure projects [2]. - Potential implementation of a consumption tax policy could significantly increase production costs, further weakening the willingness of refineries to expand production [2]. Group 3: Industry Development History - The asphalt industry in China began to develop significantly in the 1980s with the construction of high-grade highways, leading to increased demand for asphalt [7]. - The "Twelfth Five-Year Plan" period saw rapid development in various transportation modes, which further stimulated the asphalt industry [7]. - The "Thirteenth Five-Year Plan" period is characterized by a focus on supporting major national strategies, indicating a broad market potential for the asphalt industry [7]. Group 4: Industry Chain - The upstream of the asphalt industry chain includes raw materials such as coal, emulsifiers, modifiers, and petrochemicals [9]. - The midstream involves the production and manufacturing of asphalt, while the downstream applications include highways, waterproof building materials, municipal road construction, and airport construction [9]. Group 5: Future Outlook - The asphalt industry is expected to face stagnation in capacity growth due to multiple factors, including declining demand and rising production costs [2]. - The continuous expansion of the highway network and periodic maintenance needs will provide stable and sustained market demand for the asphalt industry in the future [14].

Market Overview - The refining and trading sector experienced a decline of 0.77% on February 3, with ST Shenhua leading the drop [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Notable gainers in the refining and trading sector included: - Runbei Hangke (001316) with a closing price of 56.33, up 10.00% [1] - Heshun Petroleum (603353) at 38.65, up 5.83% [1] - Tongkun Co. (601233) at 20.99, up 4.48% [1] - Conversely, ST Shenhua (000698) saw a decline of 3.04%, closing at 3.83 [2] Trading Volume and Capital Flow - The total trading volume for the refining and trading sector showed a net outflow of 79.01 million yuan from main funds, with retail investors contributing a net inflow of 244 million yuan [2] - The capital flow for individual stocks indicated that: - Guanghui Energy (600256) had a net inflow of 48.13 million yuan from main funds [3] - China Petroleum (601857) recorded a net inflow of 45.05 million yuan from main funds [3] - Runbei Hangke (001316) had a net inflow of 46.34 million yuan from main funds [3]

证券之星消息，截至2026年2月3日收盘，和顺石油(603353)报收于38.65元，上涨5.83%，换手率6.5%， 成交量11.07万手，成交额4.17亿元。 2月3日的资金流向数据方面，主力资金净流入3679.88万元，占总成交额8.83%，游资资金净流出 1849.73万元，占总成交额4.44%，散户资金净流出1830.15万元，占总成交额4.39%。 近5日资金流向一览见下表： 注：主力资金为特大单成交，游资为大单成交，散户为中小单成交 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。 该股主要指标及行业内排名如下： | 指标 | 和顺石油 | 石油行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 66.44亿元 | 2348.56亿元 | 61 OT | | 净资产 | 16.54亿元 | 1921.21亿元 | 61 ET | | 净利润 | 2180.62万元 | 136.37亿元 | 61 ET | | 市盈率(动) | 228.52 | 41.51 | 14 19 | ...

2月2日主力资金净流出420.16万元，占总成交额0.85%；游资资金净流出2288.91万元，占总成交额 4.64%；散户资金净流入2709.07万元，占总成交额5.49%。 龙虎榜上榜 沪深交易所2026年2月2日公布的交易公开信息显示，和顺石油（603353）因有价格涨跌幅限制的日价格 振幅达到15%的前五只证券登上龙虎榜。此次是近5个交易日内第1次上榜。 交易信息汇总 资金流向 截至2026年2月2日收盘，和顺石油(603353)报收于36.52元，上涨1.05%，换手率7.86%，成交量13.39万 手，成交额4.94亿元。 当日关注点 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。 来自交易信息汇总：2月2日和顺石油因日价格振幅达到15%登上龙虎榜，为近5个交易日内首次上 榜。 来自交易信息汇总：当日主力资金净流出420.16万元，游资资金净流出2288.91万元，散户资金净 流入2709.07万元。 ...

经营范围含集成电路芯片及产品制造；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广；集成电路芯片及产品销售；集成电路芯片设计及服务；集成电路设计；集成电路制造；集成电路销 售；国内贸易代理；贸易经纪；数据处理服务；信息技术咨询服务；计算机软硬件及辅助设备批发；软 件开发；软件外包服务；计算机软硬件及外围设备制造；信息系统集成服务。（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动） 企业名称和芯微（上海）电子有限公司法定代表人吴立宇注册资本3000万人民币国标行业制造业>计算 机、通信和其他电子设备制造业>电子器件制造地址上海市闵行区沪青平公路277号5楼（集中登记地） 企业类型有限责任公司（自然人投资或控股的法人独资）营业期限2026-2-2至无固定期限登记机关闵行 分局 天眼查显示，近日，和芯微（上海）电子有限公司成立，法定代表人为吴立宇，注册资本3000万人民 币，由湖南和顺石油股份有限公司全资持股。 序号股东名称持股比例1湖南和顺石油股份有限公司100% 来源：市场资讯 ...

资金流向 1月30日主力资金净流出641.72万元，占总成交额1.23%；游资资金净流出374.98万元，占总成交额 0.72%；散户资金净流入1016.71万元，占总成交额1.96%。 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。 来自交易信息汇总：1月30日和顺石油收盘报36.14元，跌8.41%，当日成交1405.67万元。 来自资金流向：主力资金当日净流出641.72万元，占总成交额1.23%。 截至2026年1月30日收盘，和顺石油(603353)报收于36.14元，下跌8.41%，换手率8.25%，成交量14.06万 手，成交额5.2亿元。 当日关注点 交易信息汇总 1月30日和顺石油（603353）收盘报36.14元，跌8.41%，当日成交1405.67万元。前10个交易日资金流向 情况：主力资金累计净流入1.53亿元，股价累计上涨11.9%。 ...

Group 1 - The core point of the article is that Heshun Petroleum (sh603353) experienced a significant drop, hitting the limit down price of 35.51 yuan, with a decline of 10.01%, resulting in a total market value of 6.104 billion yuan and a circulating market value of 6.052 billion yuan, with a total transaction amount of 355 million yuan as of the report date [1] Group 2 - The company reported a substantial decline in performance, with a net profit decrease of 49.44% year-on-year for Q3 2025, and a non-recurring net profit drop of 65.95%. The 2025 annual report forecast indicates a loss, with a net profit attributable to shareholders expected to be between -22 million and -17.6 million yuan [1] - The company is facing significant cross-industry operational risks due to its acquisition of control over Kuixin Technology, which involves entering the semiconductor IP industry. The management challenges are considerable due to the vast difference between oil trading and the semiconductor IP sector. The acquisition is still in the intention stage, and there is uncertainty regarding its completion. If the acquisition is finalized and performance does not meet expectations, the 540 million yuan transaction price may lead to substantial goodwill impairment [1] - There is potential pressure from the upcoming unlock of restricted shares, with 1.488 million shares set to be released on July 20, 2026, accounting for 0.87% of the total share capital. Although the unlock ratio is relatively small and there is currently no significant price fluctuation due to the unlock expectation, the increase in market circulation shares may lead to some shareholders reducing their holdings, posing potential pressure on the stock price [1]

Market Overview - The refining and trading sector increased by 0.14% compared to the previous trading day, with Runbei Hangke leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Stock Performance - Runbei Hangke (001316) closed at 51.30, up 7.55% with a trading volume of 97,700 shares and a transaction value of 473 million [1] - Daqing Huake (000985) closed at 21.85, up 2.25% with a trading volume of 61,000 shares and a transaction value of 132 million [1] - Wanbangda (300055) closed at 8.35, up 2.20% with a trading volume of 255,100 shares and a transaction value of 209 million [1] - Other notable stocks include Heshun Petroleum (603353) at 35.56, up 1.80%, and Dongfang Gan (000301) at 12.46, up 1.30% [1] Capital Flow - The refining and trading sector experienced a net outflow of 166 million from main funds, while retail investors saw a net inflow of 105 million [2] - The sector's main funds saw significant movements, with China Petroleum (601857) having a net inflow of 97.27 million, while Runbei Hangke (001316) had a net inflow of 48.87 million [3] - Shanghai Petrochemical (600688) also saw a net inflow of 37.44 million, indicating strong interest from main funds [3]

Core Viewpoint - The refining and trading sector experienced a significant increase of 4.04% on January 26, with Heshun Petroleum leading the gains, while the overall Shanghai Composite Index fell by 0.09% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4132.61, down 0.09% [1]. - The Shenzhen Component Index closed at 14316.64, down 0.85% [1]. - Heshun Petroleum saw a closing price of 34.93, with a rise of 10.02% [1]. - Guanghui Energy closed at 5.54, up 5.73% [1]. - China Petroleum closed at 10.39, up 5.70% [1]. - China Petrochemical closed at 6.38, up 3.74% [1]. Group 2: Trading Volume and Value - Heshun Petroleum had a trading volume of 117,000 shares and a transaction value of 397 million yuan [1]. - Guanghui Energy had a trading volume of 4,368,200 shares and a transaction value of 2.388 billion yuan [1]. - China Petroleum had a trading volume of 4,385,900 shares and a transaction value of 4.498 billion yuan [1]. - The total net inflow of funds in the refining and trading sector was 32.9155 million yuan, with retail investors showing a net outflow of 305 million yuan [2][3]. Group 3: Fund Flow Analysis - Guanghui Energy had a net inflow of 2.94 billion yuan from major funds, while retail investors had a net outflow of 1.41 billion yuan [3]. - Heshun Petroleum experienced a net inflow of 67.0971 million yuan from major funds, with a net outflow of 27.7657 million yuan from retail investors [3]. - China Petrochemical had a net inflow of 66.2535 million yuan from major funds, while retail investors had a net outflow of 1.15 billion yuan [3].

Core Viewpoint - The oil and gas sector is experiencing a significant rise, with various stocks and ETFs showing substantial gains, indicating a positive market sentiment towards the industry. Group 1: Stock Performance - Tongyuan Petroleum saw a rise of over 13%, while Heshun Petroleum, Intercontinental Oil & Gas, and Zhongman Petroleum reached their daily limit up [1] - The oil and gas ETFs, including Huatai-PB Oil & Gas ETF, increased by over 4%, with several others also showing gains of more than 3% [1] Group 2: ETF Performance - The Huatai-PB Oil & Gas ETF increased by 4.27% year-to-date, reflecting a 16.39% annual gain [2] - The Oil & Gas Resource ETF rose by 3.97% on the day and 15.70% year-to-date [2] - The Petroleum ETF from Penghua also saw a daily increase of 3.97% and a year-to-date increase of 12.56% [2] Group 3: Industry Insights - The China Securities Oil and Gas Resource Index, which tracks companies involved in oil and gas extraction, services, and equipment manufacturing, rose by 13.11% in the fourth quarter, outperforming the overall A-share market [6] - The global oil market is facing supply-demand imbalances, with OPEC+ increasing production by nearly 3 million barrels per day starting April 2025, primarily from major oil-producing countries [6] - Despite a 6.5% year-on-year increase in China's crude oil imports in October and November, the increase mainly contributed to strategic reserves and port inventory rather than actual consumption [6] Group 4: Company Strategies - Companies in the oil and gas sector are focusing on cost reduction and efficiency improvements, such as digital management to lower extraction costs while maintaining stable cash flow generation [7] - The sector's resilience in fundamentals provides investment value even when oil prices are under pressure [7] - The China National Offshore Oil Corporation (CNOOC) is positioned as a leading player in offshore resource development, aiming to strengthen its oil and gas business and explore marine mineral resources [7]