Market Overview - As of February 24, 2026, the China Petroleum and Chemical Industry Index (H11057) increased by 4.10%, with significant gains from companies such as Andong Biological (up 10.08%), Xingfa Group (up 10.01%), Yuntianhua (up 10.01%), Chuanfa Longmang (up 10.00%), and China National Offshore Oil Corporation (up 8.23%) [1] - The Petrochemical ETF (159731) rose by 4.14%, with a latest price of 1.06 yuan, and recorded a turnover rate of 9.16% during the trading session. Over the past 20 trading days, the ETF attracted a total of 1.239 billion yuan in capital inflow [1] Key News Highlights - The main crude oil futures on the INE rose by 28.70 yuan per barrel, a 6.18% increase, closing at 493.30 yuan per barrel. Related refined oil futures also saw gains, with high-sulfur fuel oil up by 79.00 yuan per ton (2.76%) and low-sulfur fuel oil up by 192.00 yuan per ton (5.84%) [1] - The main synthetic rubber futures increased by 3.74%, with mainstream prices in Shandong rising to 13,300 yuan per ton. The market outlook for synthetic rubber is expected to remain strong due to high raw material costs and recovering demand [1] - The PTA2605 main contract saw an increase of 2.88%. Supply-side data indicates that several facilities are undergoing maintenance, with expectations for operating rates to rise to around 78% post-holiday [2] Institutional Insights - Guotou Securities notes a "rise of the East and fall of the West" trend in the global chemical industry, with European companies reducing production due to high energy and environmental costs. Chinese private refining enterprises are gaining a competitive edge through cost advantages and integrated supply chains [3] - The "PX-PTA-Polyester Filament" industry chain is expected to see improved supply-demand dynamics, leading to enhanced investment elasticity [3] Popular ETFs - The Petrochemical ETF (159731) and its linked funds closely track the China Petroleum and Chemical Industry Index, with the basic chemical industry accounting for 60.02% and the oil and petrochemical industry for 32.43%. This positioning allows for participation in the profit recovery of downstream chemical products [4] - The long-term narrative for the industry is improving due to structural adjustments in supply and demand [4]

对于国际油价后市走势，业内机构预计其不会单边上涨，而是受地缘局势影响波动会加大。对投资者而 言，短期油价如因地缘问题继续上行，建议关注拥有油气资源的上游企业以及长期受益于行业高景气度 的海上油气服务工程板块；若地缘风险溢价回落，中下游化工龙头企业的长期配置价值则值得关注。 油气股表现亮眼 2月24日，A股三大股指集体上涨，从行业板块表现看，油气概念板块掀起涨停潮。 数据显示，截至收盘，31个申万一级行业板块中有24个上涨，其中石油石化板块以5.53%的涨幅高居第 一，油气开采、天然气等概念板块在全部市场概念板块中涨幅居前。从个股情况看，当天通源石油 （300164）、潜能恒信（300191）双双实现20%涨停，中油工程（600339）、蓝焰控股（000968）、中 曼石油（603619）、准油股份（002207）、中海油服（601808）、贝肯能源（002828）等十余只标的集 体涨停。 部分标的股价刷新历史新高。以万亿市值行业巨头——中国海油（600938）为例，公司A股股价在2月 24日盘中一度创出37.26元/股的历史新高，截至收盘涨幅收窄至8.23%，报37.22元/股，其今年以来累计 涨幅已超过23 ...

部分标的股价刷新历史新高。以万亿市值行业巨头——中国海油为例，公司A股股价在2月24日盘中一 度创出37.26元/股的历史新高，截至收盘涨幅收窄至8.23%，报37.22元/股，其今年以来累计涨幅已超过 23%，远远跑赢上证指数等市场主要股指同期涨幅。 ● 本报记者 胡雨 2月24日，A股三大股指集体收涨，迎来马年开门红。从行业板块表现看，地缘局势不确定性加剧推动 国际油价大涨，从而带动A股油气板块掀起涨停潮，一些标的今年以来还获得融资客加仓，显示出杠杆 资金对相关标的投资价值的认可。 对于国际油价后市走势，业内机构预计其不会单边上涨，而是受地缘局势影响波动会加大。对投资者而 言，短期油价如因地缘问题继续上行，建议关注拥有油气资源的上游企业以及长期受益于行业高景气度 的海上油气服务工程板块；若地缘风险溢价回落，中下游化工龙头企业的长期配置价值则值得关注。 油气股表现亮眼 2月24日，A股三大股指集体上涨，从行业板块表现看，油气概念板块掀起涨停潮。 Wind数据显示，截至收盘，31个申万一级行业板块中有24个上涨，其中石油石化板块以5.53%的涨幅高 居第一，油气开采、天然气等概念板块在全部市场概念板块中涨幅居 ...

Economic Growth - The GDP of the Beijing-Tianjin-Hebei region is projected to increase from 8.96 trillion yuan in 2020 to nearly 12 trillion yuan by 2025, crossing three trillion yuan milestones [1][3] - The average annual growth rates for the three areas during the "14th Five-Year Plan" period are expected to be 5.2% for Beijing, 4.4% for Tianjin, and 5.4% for Hebei [3] Industrial Transformation - The proportion of the tertiary industry in the region has surpassed 70%, with the three industries' structure changing from 4.7:27.7:67.6 in 2020 to 4.1:25.8:70.1 by 2025 [6] - The added value of high-tech manufacturing in Beijing and Tianjin is expected to account for 32.1% and 16.6% of the industrial output, respectively, by 2025 [6] Investment and Consumption - Fixed asset investments in the three regions are projected to grow by 5.5% in Beijing, 1.6% in Tianjin, and 6.1% in Hebei by 2025 [7] - The total retail sales of consumer goods in the region are expected to rise from 29,809.8 billion yuan in 2020 to 33,299.8 billion yuan by 2025, with an average annual growth rate of 2.2% [7] Innovation and Technology - The total value of technology contracts in the region is expected to reach 1.4 trillion yuan by 2025, which is 1.8 times that of 2020 [9] - The number of invention patents in the region is projected to reach 141,000 by 2025, which is 1.9 times that of 2020 [10] Infrastructure and Public Services - The construction of a "1-1.5 hour traffic circle" among major cities in the region has been largely achieved, with significant improvements in public transportation [11] - Collaborative projects in healthcare and elderly care have been established, enhancing the quality of public services across the region [12]

摘要 建筑业新签合同总额去年同比下降 6.6%至 31.5 万亿元，但八大央企市 占率逆势提升约 10 个百分点，达到 51%，上游材料商市占率提升可能 更为显著，行业正经历供给出清和业务重组。 尽管建筑总需求大幅增加难度大，但结构上"两栋"项目比例上升，利 好头部央国企及其合作的头部材料商。今年作为"十五"开局之年，重 大项目资金倾斜，专项债提前下达，施工工作量有望由负转正。 有色金属方面，春节期间海外金属价格普遍上涨，带动国内有色金属股 票走强。尽管美联储鹰派会议纪要压制贵金属价格，但伊朗局势紧张提 供上涨催化，有色板块短期调整后具备基本面支撑，能源金属标的值得 关注。 煤炭行业，印尼减产计划仍在落实，国内春节后淡季可能继续推进减产。 春节前价格倒挂导致海外进口煤减少，国内供应量下降。港口库存低于 去年同期，电厂、钢厂、焦化厂或面临补库行情，看好节后国内煤炭价 格上涨。 春节期间，多地试点国企收购存量商品房用于保障性租赁住房，新房市 场开发商推出优惠活动。重点城市二手房成交稳中有升，但需观察元宵 周期板块节后开工及行情展望 20260223 节后数据。地产板块总体仍需摸底，看好现金流稳健的商管类公司及基 ...

Core Insights - The Beijing-Tianjin-Hebei region's GDP is projected to increase from 8.96 trillion yuan in 2020 to nearly 12 trillion yuan by 2025, crossing three trillion yuan milestones [1][4] - The region is experiencing significant industrial transformation and collaborative innovation, with the tertiary industry accounting for over 70% of the GDP by 2025 [1][7] Economic Growth - The GDP growth rates for the three areas are projected at 5.4% for Beijing, 4.8% for Tianjin, and 5.6% for Hebei, with an average annual growth rate of 5.2% for the region during the 14th Five-Year Plan [4][5] - The annual average growth rate for the GDP in the Tongzhou District, where Beijing's sub-center is located, is expected to exceed 6% [5] Industrial Transformation - The structure of the three industries in the region is shifting from 4.7:27.7:67.6 in 2020 to 4.1:25.8:70.1 by 2025, indicating a significant increase in the tertiary sector [7] - The added value of high-tech manufacturing in Beijing and Tianjin is projected to account for 32.1% and 16.6% of the industrial output, respectively, by 2025 [7] Investment and Consumption - Fixed asset investments in the three areas are expected to grow by 5.5% in Beijing, 1.6% in Tianjin, and 6.1% in Hebei by 2025 [8] - The total retail sales of consumer goods in the region are projected to rise from 29,809.8 billion yuan in 2020 to 33,299.8 billion yuan by 2025, with an average annual growth rate of 2.2% [8] Innovation and Technology - The total value of technology contracts in the region is expected to reach 1.4 trillion yuan by 2025, which is 1.8 times that of 2020 [9] - The number of invention patents in the region is projected to reach 141,000 by 2025, nearly double the amount in 2020 [10] Infrastructure and Public Services - The construction of a "1-1.5 hour traffic circle" among major cities in the region is nearing completion, with significant improvements in public transportation [11] - Collaborative initiatives in healthcare and elderly care are enhancing public service quality, benefiting residents across the three areas [12]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Material, Sinopec, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun Co., and Dao Tong Technology [11]. Core Insights - The report highlights significant price increases for industrial-grade lithium carbonate (up 7.58%) and battery-grade lithium carbonate (up 7.46%), while liquid chlorine and nitric acid experienced substantial declines [4][18]. - The report suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high-dividend stocks, particularly in light of fluctuating international oil prices [6][18]. - The chemical industry is currently facing a mixed performance, with some sectors showing resilience while others struggle due to overcapacity and weak demand [21]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring price trends in key chemical products, noting both significant increases and decreases in various sectors [4][18]. - It recommends focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand and import substitution potential [21]. Price Trends - Key products that saw price increases include industrial-grade lithium carbonate, battery-grade lithium carbonate, PVC, and ammonium chloride, while products like liquid chlorine and nitric acid saw significant price drops [4][5][18]. - The report indicates that the overall chemical industry remains weak, with performance varying across sub-sectors due to past capacity expansions and weak demand [21]. Market Outlook - The report predicts that international oil prices will stabilize around $65 per barrel, influenced by geopolitical uncertainties and expectations of price declines [6][18]. - It highlights the potential for certain sectors, such as the lubricants and chemical fertilizers, to benefit from domestic demand and import substitution strategies [21].

机构持仓方面，截止2025年9月30日，中国海油十大流通股东中，香港中央结算有限公司退出十大流通 股东之列。 资料显示，中国海洋石油有限公司位于北京市东城区朝阳门北大街25号,香港花园道1号中银大厦65层， 成立日期1999年8月20日，上市日期2022年4月21日，公司主营业务涉及中国海洋石油有限公司是一家主 要从事原油和天然气的勘探、生产及销售的中国公司。该公司经营三个分部。勘探及生产分部从事常规 油气业务、页己油气业务、油砂业务和其他非常规油气业务。贸易业务分部从事原油转口贸易业务。公 司业务分部从事总部管理、资金管理以及研究开发等业务。该公司主要在中国、加拿大、美国、英国、 尼日利亚以及巴西等地开展业务。主营业务收入构成为：油气销售82.73%，贸易14.96%，其他(补 充)2.31%。 中国海油所属申万行业为：石油石化-油气开采Ⅱ-油气开采Ⅲ。所属概念板块包括：油气设备服务、天 然气、增持回购、风能、国企改革等。 截至9月30日，中国海油股东户数21.65万，较上期减少7.02%；人均流通股13922股，较上期增加 7.62%。2025年1月-9月，中国海油实现营业收入3125.03亿元，同比减少 ...

Group 1 - The net buying of Southbound funds includes significant amounts in Southern Hang Seng Technology (1.585 billion), Meituan-W (0.687 billion), Xiaomi Group-W (0.437 billion), Kuaishou-W (0.304 billion), UBTECH (0.242 billion), and SMIC (0.220 billion), while there was a net sell of Pop Mart (0.205 billion) [1] - Southbound funds have continuously net bought Meituan for five days, totaling 2.62343 billion HKD, and Xiaomi for three days, totaling 2.66892 billion HKD [4] Group 2 - Xiaomi Group-W's vehicle delivery is expected to exceed forecasts, potentially reaching 650,000 units by 2026, with a strategy to counteract declining smartphone ASP through stable IoT and internet business [5] - UBTECH's humanoid robot gained significant popularity during the Spring Festival, with institutions predicting a substantial growth phase for the industry this year [6] - SMIC's revenue for Q4 2025 is expected to exceed forecasts, maintaining high capital expenditure [7] - Pop Mart announced the launch of a new IP "After School Merodi" on February 26, featuring 12 regular and 1 hidden model, with pricing set at 69 RMB per blind box and 828 RMB per complete set [7]

Market Overview - A total of 93 stocks hit the daily limit up, while 42 stocks faced limit down, resulting in a limit-up rate of 69%. The market saw a significant increase in trading volume, with a total turnover of 2.2 trillion yuan, up by 219.4 billion yuan from the previous trading day [1] - The Shanghai Composite Index rose by 0.87%, the Shenzhen Component Index increased by 1.36%, and the ChiNext Index gained 0.99% [1] Sector Performance - The oil and gas, chemical, and cultivated diamond sectors led the market, while the film, AI applications, and computing power leasing sectors experienced declines [1] - The chemical sector saw a strong performance, driven by rising commodity prices during the Spring Festival, with multiple stocks hitting the limit up [3][5] Stock Analysis - The advancement rate for consecutive limit-up stocks reached 60%, but only three stocks had three or more consecutive limit-ups. The film and AI application sectors, which had performed well before the holiday, faced a downturn [3] - Notable stocks included: - YN Energy Holdings and Meibang Co., both achieving four consecutive limit-ups [4] - Hanlan Co. and Xinyuan Technology, both in the electrical equipment sector, achieved three consecutive limit-ups [4] - Xiexin Integration and Han Jian Heshan, both in the photovoltaic and chemical sectors, achieved five consecutive limit-ups over nine days [4] Key Trends - International oil prices surged due to ongoing negotiations between the U.S. and Iran regarding nuclear issues, with Brent crude oil futures stabilizing above $70 per barrel. This led to significant gains in the oil and gas transportation sector [5] - The gold price also saw a rise, with several gold-related stocks hitting the limit up, reflecting the impact of geopolitical tensions on market dynamics [5] - The storage chip industry is transitioning to a seller's market, with major companies like SK Hynix reporting low inventory levels. This has led to increased interest in semiconductor stocks, with several reaching historical highs [7] Future Outlook - The market is expected to maintain a range-bound trend, with a focus on sectors showing strong logical trends. The overall trading volume indicates limited willingness for aggressive buying from external funds [9] - The ongoing trends in the oil and gas, chemical, and semiconductor sectors are likely to continue attracting investor interest, although caution is advised regarding potential volatility in these areas [5][9]