证券时报·2026-03-03 04:30Core Viewpoint - The A-share market has seen a significant surge in oil stocks due to the impact of the US-Iran conflict, with the Shenwan Oil and Petrochemical Index reaching a 10-year high [1][3]. Group 1: Market Performance - On March 3rd, the A-share market's oil stocks experienced a substantial increase, with the Shenwan Oil and Petrochemical Index rising over 7% and surpassing its 2021 peak [3]. - China National Petroleum Corporation (CNPC) has reached a 10-year high in A-share price, and its adjusted price has hit a 17-year high since 2009 [1][6]. - China National Offshore Oil Corporation (CNOOC) has also seen its A-shares hit a historical high for the second consecutive trading day [4]. Group 2: Individual Stock Movements - The oil and petrochemical sector has witnessed a wave of stocks hitting the daily limit, including Tongyuan Petroleum and Qianeng Hengxin, with over ten stocks reaching the limit [5]. - China Petroleum's A-shares have also been on a limit-up streak for two consecutive days, achieving a recent 10-year high [6]. Group 3: Futures Market - Domestic oil-related futures have shown remarkable growth, with the main fuel futures contract hitting the daily limit with a 12% increase, totaling over 20% in two trading days [10]. - The main crude oil futures contract has also reached the daily limit with a similar 12% increase, accumulating over 20% in two days [11]. - Other related futures, such as low-sulfur oil and liquefied gas, have also experienced significant gains [12]. Group 4: Institutional Insights - Huazhang Futures believes that the US-Iran conflict has evolved into a regional crisis affecting global oil supply, with key variables including the production capacity of Iran and surrounding oil-producing countries, as well as the navigability of the Strait of Hormuz [15]. - Dongwu Securities suggests that while the initial phase of the conflict may exert downward pressure on global markets, the impact on the A-share market may be pulse-like and not lead to a systemic shift, with China's stable industrial trends continuing to drive A-share performance [16].