经公司自查，并向公司控股股东和实际控制人书面函证核实，截至本公告 披露日，公司、控股股东、实际控制人不存在应披露而未披露的重大信息。 证券代码：603619 证券简称：中曼石油 公告编号：2026-007 中曼石油天然气集团股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 中曼石油天然气集团股份有限公司（以下简称"公司"）股票于 2026 年 3 月 2 日、3 月 3 日连续 2 个交易日内收盘价格涨幅偏离值累计超过 20%。根据《上 海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 （一）生产经营情况 经公司自查，公司目前生产经营活动正常，市场环境、行业政策未发生重大调 整，内部经营秩序正常。 一、股票交易异常波动的具体情况 公司股票交易于 2026 年 3 月 2 日、3 月 3 日连续 2 个交易日内收盘价格涨幅 偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规定，属于股票交 易异常波动情形。 二、公司关注并核实的相关情况 经公司自查，并向公司 ...

关于《中曼石油天然气集团股份有限公司股票交易异常波动 问询函》的回复 关于《中曼石油天然气集团股份有限公司股票交易异常波动 问询函》的回复 中曼石油天然气集团股份有限公司： 本公司已收到《中曼石油天然气集团股份有限公司股票交易异常波动问询函》， 经认真核查，现回复如下： 本公司作为中曼石油天然气集团股份有限公司控股股东，截至目前，不存在影 响公司股票交易波动的重大事项，不存在其他应当披露而未披露的重大信息，包括 但不限于涉及上市公司的重大资产重组、债务重组、业务重组、资产剥离、资产注 入等重大事项。 本公司在中曼石油股票交易异常波动期间不存在买卖公司股票的情况。 特此回复。 控股股东：上海中曼投资控股有限公司 2026 年 3 月 3 日 中曼石油天然气集团股份有限公司： 本人已收到《中曼石油天然气集团股份有限公司股票交易异常波动问询函》， 经认真核查，现回复如下： 本人作为中曼石油天然气集团股份有限公司的实际控制人，截至本函签署时， 不存在影响公司股票交易波动的重大事项，不存在其他应当披露而未披露的重大信 息，包括但不限于涉及上市公司的重大资产重组、债务重组、业务重组、资产剥离、 资产注入等重大事项。 本人 ...

Core Viewpoint - The recent escalation of conflict in the Middle East is seen as a potential "super black swan" event that could disrupt global financial markets, with sectors such as oil and gas, gold, military, shipping, nuclear pollution prevention, and coal expected to benefit from the situation [1][6]. Beneficial Sectors - Oil and Gas Exploration: The conflict has directly driven up oil prices, enhancing profits for upstream companies. High oil prices are expected to stimulate increased capital expenditure in oil and gas firms, benefiting oil service equipment [2][6]. - Gold: The military conflict is likely to heighten market risk aversion, which in turn is expected to push up gold prices [2][7]. - Defense and Military: The escalation of geopolitical tensions is anticipated to increase demand for military supplies, including missiles, drones, and air defense systems [2][8]. - Shipping: The conflict may impact oil transportation routes, such as the Strait of Hormuz, leading to increased shipping rates [2][9]. - Nuclear Pollution Prevention: The conflict's focus on nuclear issues is expected to drive demand for nuclear pollution monitoring and protective equipment [3][9]. - Coal: In the context of rising international oil prices and supply constraints, coal's value as an energy substitute is expected to increase significantly [3][10]. Institutional Insights - The impact of the Middle East conflict on equity assets is primarily seen in terms of risk preference and structural changes, with limited substantive effects on the fundamentals of the A-share market. As geopolitical shocks subside and domestic policy discussions intensify, risk preferences are expected to recover [4][11]. - In a scenario of a quick resolution, risk preferences may initially decline but then recover, with assets like gold, shipping, and military experiencing volatility. Conversely, if the conflict drags on, risk preferences may remain low, leading to sustained volatility in these assets [4][11]. - The military actions taken by the U.S. and Israel against Iran will significantly influence global markets and asset prices, depending on the objectives and duration of these actions [4][11]. Investor Recommendations - Investors are advised to maintain a rational approach and focus on structural opportunities, prioritizing sectors that directly benefit from the conflict, such as oil and gas, gold, and military [12]. - It is recommended to avoid sectors under pressure, such as aviation and oil refining, which may suffer from reduced profit margins due to rising oil prices [12]. - Long-term strategies should focus on domestic economic recovery and industry upgrades, using short-term volatility to invest in high-certainty core assets while balancing risk and return [12].

Core Viewpoint - The article highlights the significant surge in oil and gas stocks in the A-share market due to escalating tensions in the Middle East, with Brent crude oil futures experiencing a near 13% increase and WTI crude oil futures rising over 10% [2][4]. Group 1: Market Reactions - Following the geopolitical tensions, A-share oil and gas sector stocks saw a broad increase, with Tongyuan Petroleum hitting a 20% limit up, and several other stocks like Zhongman Petroleum and Zhonghai Oilfield Services also reaching their daily limits [2][4]. - Brent crude oil futures peaked at $81.57 per barrel, while WTI crude oil futures reached $75 per barrel during the trading session [4]. - The Chicago Mercantile Exchange (CME) reported that the New York Mercantile Exchange triggered a trading halt due to extreme volatility, delaying the market opening by two minutes [4][2]. Group 2: Geopolitical Context - The article emphasizes the critical role of the Strait of Hormuz, which is a vital passage for approximately 20% of global oil transportation, amid the current Middle Eastern tensions [5][4]. - Analysts from Goldman Sachs indicated that a significant risk scenario involves a "sustained complete disruption" of oil flows through the Strait of Hormuz, which has already begun to manifest [5]. Group 3: Shipping and Market Dynamics - Shipping traffic in the Strait of Hormuz has significantly decreased, with many vessels halting operations due to market fears rather than a physical blockade [7][8]. - The decline in shipping volume is attributed to insurance companies retracting coverage and industry pauses following U.S. Navy requests [9]. - Despite the fears, there has been no actual closure of the Strait, and some oil tankers have continued to pass through safely [8][9]. Group 4: Economic Implications - The potential for disruptions in the Strait could lead to oil prices soaring to $80 to $90 per barrel, which would create a tug-of-war between safe-haven demand and inflation expectations in the long-term bond market [9]. - The interconnectedness of energy markets means that even the possibility of supply interruptions could have widespread effects on production costs, consumer prices, monetary policy expectations, and overall economic growth [9].

Group 1: Metal Sector - Hongda Co. (600331.SH) is projected to have a net profit of 0.36 billion CNY in 2024, but is expected to incur a loss of 0.80 billion CNY in 2025, with a significant recovery to 4.00 billion CNY in 2026, resulting in a PE ratio of 131.36[17] - Zijin Mining (601899.SH) is forecasted to achieve a net profit of 320.51 billion CNY in 2024, increasing to 913.17 billion CNY by 2026, with a PE ratio dropping from 32.86 to 11.53[17] - Huaxi Nonferrous (600301.SH) is expected to see net profits rise from 6.58 billion CNY in 2024 to 12.69 billion CNY in 2026, with a PE ratio of 32.29[17] Group 2: Construction Materials - Oriental Yuhong (002271.SZ) is projected to have net profits of 1.08 billion CNY in 2024, increasing to 21.94 billion CNY by 2026, with a PE ratio of 19.60[17] - China Jushi (600176.SH) is expected to grow its net profit from 24.45 billion CNY in 2024 to 47.80 billion CNY in 2026, with a PE ratio of 22.65[17] - The construction materials sector is facing a significant supply exit, with 2024 commodity housing sales expected to decline by approximately 47% compared to 2021[44] Group 3: Transportation - YTO Express (600233.SH) is forecasted to achieve net profits of 40.12 billion CNY in 2024, increasing to 50.84 billion CNY by 2026, with a PE ratio of 13.20[17] - COSCO Shipping Energy (600026.SH) is expected to see net profits rise from 40.37 billion CNY in 2024 to 98.19 billion CNY in 2026, with a PE ratio of 10.94[17] Group 4: Chemical Sector - Boyuan Chemical (000683.SZ) is projected to have net profits of 18.11 billion CNY in 2024, decreasing to 23.43 billion CNY by 2026, with a PE ratio of 14.87[17] - Xingfa Group (600141.SH) is expected to see net profits rise from 16.01 billion CNY in 2024 to 24.54 billion CNY in 2026, with a PE ratio of 19.62[17] Group 5: Power and Coal - Longyuan Power (001289.SZ) is forecasted to achieve net profits of 63.45 billion CNY in 2024, with a slight decrease to 61.52 billion CNY by 2026, maintaining a PE ratio of 17.20[17] - Electric Power Investment (002128.SZ) is expected to see net profits rise from 53.42 billion CNY in 2024 to 68.98 billion CNY in 2026, with a PE ratio of 9.98[17]

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report highlights that international oil prices have slightly increased due to ongoing tensions between the US and Iran, with Brent and WTI prices reaching $72.87 and $67.02 per barrel respectively as of February 27, 2026 [2][9] - The report indicates a cautious market outlook regarding the third round of negotiations between the US and Iran, alongside an increase in US crude oil inventories and floating storage due to oil exports from multiple Middle Eastern countries [2][9] - The report emphasizes the need to monitor potential disruptions in oil transportation following military actions against Iran, which could lead to significant price volatility [2][9] Summary by Sections Oil Price Review - As of February 27, 2026, Brent crude futures settled at $72.87 per barrel, up $1.57 (+2.20%) from the previous week, while WTI crude futures settled at $67.02 per barrel, up $0.54 (+0.81%) [2][22] - The report notes that the Urals crude price remained stable at $65.49 per barrel, and the ESPO crude price increased by $0.72 (+1.27%) to $57.35 per barrel [22] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms reached 375, an increase of 2 from the previous week, while the number of floating drilling platforms remained stable at 132 [28] US Crude Oil Supply - As of February 20, 2026, US crude oil production was 13.702 million barrels per day, a decrease of 33,000 barrels per day from the previous week [38] - The active rig count in the US was 407, down by 2 rigs, while the number of fracturing fleets increased by 7 to 167 [38] US Crude Oil Demand - US refinery crude processing averaged 15.661 million barrels per day, down by 416,000 barrels per day, with a refinery utilization rate of 88.60%, a decrease of 2.4 percentage points [49] US Crude Oil Inventory - Total US crude oil inventories reached 851 million barrels, an increase of 15.989 million barrels (+1.91%) from the previous week, with commercial inventories rising by 15.989 million barrels (+3.81%) [59] Related Stocks - Key stocks mentioned include China National Offshore Oil Corporation (CNOOC), PetroChina, Sinopec, and others, with notable price movements observed in companies like Tongyuan Petroleum (+41.10%) and Qianeng Holdings (+26.71%) [14][15]

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 article highlights Han Chuang as a prominent fund manager in the public fund industry, known for his unique investment logic of "cyclical + growth" and his successful management of the Dachen Industry Trend Mixed Fund, which has shown significant performance despite market fluctuations [1][22]. Group 1: Fund Manager Profile - Han Chuang has 13 years of experience in the securities industry, including 7 years in fund management, and is recognized for his keen insight into industry trends and abundant resources [2][23]. - He joined Dachen Fund Management in June 2015 and currently serves as the Deputy Director and Managing Director of the Equity Investment Department [2][23]. Group 2: Investment Strategy - Han specializes in selecting industries with beta and identifying companies with alpha, while ensuring reasonable valuations, covering sectors such as finance, real estate, non-ferrous metals, chemicals, and high-end manufacturing [4][25]. - His investment framework focuses on "hard assets," which are scarce and irreplaceable, emphasizing supply constraints rather than demand [11][31]. Group 3: Fund Performance - The Dachen Industry Trend Fund has achieved a cumulative return of 127.85% since its inception, significantly outperforming its benchmark and the CSI 300 index [7][27]. - The fund ranks in the top 3% of its category over the past four years, demonstrating strong historical performance [27][38]. Group 4: Portfolio Composition - As of the fourth quarter of 2025, the fund's top holdings include companies in the non-ferrous metals sector, such as Xinyi Silver Tin and Shandong Gold, with significant allocations to financial and transportation sectors as well [33][39].

证券之星消息，截至2026年2月25日收盘，中曼石油(603619)报收于37.8元，上涨3.25%，换手率 11.98%，成交量55.4万手，成交额21.05亿元。 2月25日的资金流向数据方面，主力资金净流出1617.23万元，占总成交额0.77%，游资资金净流入18.78 万元，占总成交额0.01%，散户资金净流入1598.44万元，占总成交额0.76%。 近5日资金流向一览见下表： 中曼石油融资融券信息显示，融资方面，当日融资买入2.02亿元，融资偿还1.67亿元，融资净买入 3497.3万元。融券方面，融券卖出3900.0股，融券偿还1.44万股，融券余量8.83万股，融券余额333.77万 元。融资融券余额6.58亿元。 近5日融资融券数据一览见下表： 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成交金额计算主力资金流向、游资资金 ...

Industry Overview - Oil and gas equipment plays a crucial role in the exploration, production, transportation, storage, and processing of petroleum and natural gas resources [1][35]. Company Performance 中油工程 (China Oil Engineering) - Main business revenue reached 21.242 billion yuan, a year-on-year increase of 12.84% [3][37]. - Gross margin is 7.42%, net margin is 0.27%, and net profit attributable to shareholders is 53.2571 million yuan, down 49.19% year-on-year [5][39]. 中曼石油 (Zhongman Petroleum) - Main business revenue is 1.003 billion yuan, a year-on-year decrease of 11.44% [6][42]. - Net profit is 153 million yuan, with a year-on-year decline of 36.38%, and gross margin is 45.8% [6][44]. 准油股份 (Zhunyou Co., Ltd.) - Main business revenue is 91.7559 million yuan, with a year-on-year decrease of 20.2% [11][47]. - Net profit is -12.9405 million yuan, a significant decline of 983.39% year-on-year, and gross margin is -2.37% [12][49]. 惠博普 (HBP) - Main business revenue is 729 million yuan, a year-on-year increase of 115.5% [15][51]. - Gross margin is 6.29%, net margin is -4.76%, and net profit is -33.8646 million yuan, up 68.47% year-on-year [17][53]. 贝肯能源 (Beiken Energy) - Main business revenue is 282 million yuan, a year-on-year increase of 19.1% [19][55]. - Net profit is 15.193 million yuan, with a year-on-year growth of 8.73%, and gross margin is 19.01% [21][57]. 新锦动力 (Xinjindongli) - Main business revenue is 191 million yuan, a year-on-year increase of 279.13% [23][59]. - Net profit is 53.3474 million yuan, with a year-on-year growth of 247.12%, and gross margin is 35.96% [25][61]. 通源石油 (Tongyuan Petroleum) - Main business revenue is 308 million yuan, a year-on-year decrease of 2.31% [27][63]. - Net profit is 17.5887 million yuan, with a year-on-year growth of 31.16%, and gross margin is 25.47% [29][65]. 潜能恒信 (Qian Neng Heng Xin) - Main business revenue is 196 million yuan, achieving a year-on-year growth of 63.54% [31][67]. - Net profit is 9.618 million yuan, with a year-on-year growth of 181.36%, and gross margin is 36.52% [33][69].