Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the given content. 2. Core Viewpoints - The threat of the US to strike Iran has led to an upward oscillation in international oil prices [1]. - This week, the average weekly prices of Brent and WTI crude oil futures were $68.6 and $63.4 per barrel respectively, up $3.8 and $3.2 from last week [2]. 3. Summary by Directory 1. Crude Oil Weekly Data Briefing - The data sources include Bloomberg, WIND, EIA, TSA, Baker Hughes, and Dongwu Securities Research Institute [8][9]. 2. This Week's Performance Review of the Petroleum and Petrochemical Sector - **2.1 Performance of the Petroleum and Petrochemical Sector**: Information on the sector's performance and the performance of sub - industries, as well as the performance of the sector and the Shanghai - Shenzhen 300 Index, is presented, but specific data is not provided in the text [11][18]. - **2.2 Performance of Listed Companies in the Sector**: - The report provides the latest prices, total market values, and price changes in the past week, month, three months, one year, and since the beginning of 2026 for multiple listed companies such as CNOOC, PetroChina, and Sinopec [23]. - A valuation table shows the stock prices, total market values, net profits attributable to the parent company, PE, and PB of these companies from 2024 to 2027 [25]. 3. Crude Oil Sector Data Tracking - **3.1 Crude Oil Prices**: It includes the prices and price differences of Brent, WTI, Russian Urals, and ESPO crude oils, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price [29][31][40]. - **3.2 Crude Oil Inventory**: Analyzes the correlations between US commercial crude oil inventory and oil prices, the weekly destocking speed of US commercial crude oil and the increase or decrease of Brent oil prices, and presents the total, commercial, strategic, and Cushing crude oil inventories in the US [43][44][49]. - **3.3 Crude Oil Supply**: Covers US crude oil production, the number of active oil rigs, and the number of active fracturing fleets, as well as their relationships with oil prices [63][64][66]. - **3.4 Crude Oil Demand**: Focuses on US refinery crude oil processing volume, refinery operating rates, Shandong refinery seasonal operating rates, and the operating rates of major refineries in China [71][73][75]. - **3.5 Crude Oil Import and Export**: Details the import, export, and net import volumes of US crude oil and crude oil and petroleum products [79][81]. 4. Refined Oil Sector Data Tracking - **4.1 Refined Oil Prices**: Analyzes the relationship between international oil prices and domestic gasoline, diesel, and aviation kerosene prices and price differences, as well as the price differences between crude oil and refined oil in the US, Europe, and Singapore [86][109][114]. - **4.2 Refined Oil Inventory**: Presents the inventories of gasoline, diesel, and aviation kerosene in the US and Singapore [124][128][136]. - **4.3 Refined Oil Supply**: Covers the production volumes of gasoline, diesel, and aviation kerosene in the US [144][145]. - **4.4 Refined Oil Demand**: Focuses on the consumption volumes of gasoline, diesel, and aviation kerosene in the US and the number of airport security checks for passengers [148][149][153]. - **4.5 Refined Oil Import and Export**: Details the import, export, and net export volumes of gasoline, diesel, and aviation kerosene in the US [161][167][168]. 5. Oil Service Sector Data Tracking - It shows the average daily fees of self - elevating drilling platforms and semi - submersible drilling platforms in the industry [176][181].

Investment Rating - The report indicates a positive outlook for the oil and petrochemical sector, with the sector outperforming the Shanghai Composite Index by +8.40% this week [10]. Core Insights - Geopolitical factors remain the primary driver in the current oil market, with significant attention on the potential for conflict between the US and Iran. The market is pricing in a geopolitical risk premium of approximately $8-10 per barrel related to Iran [15][17]. - The report anticipates that if the situation with Iran does not escalate into a full-blown conflict, oil prices may revert to supply-demand fundamentals, potentially leading to a price decline [15][17]. - The report highlights that the recent cold wave and reduced production in Kazakhstan have slowed the accumulation of global inventories, with expectations of a return to a higher accumulation rate in the coming weeks [17][18]. Summary by Sections Market Review - The oil and petrochemical sector has shown a weekly increase of +7.95%, with specific indices such as the oil and gas resources index rising by +7.79% and the oil and gas extraction services index by +7.96% [10][11]. Oil Sector - As of January 29, WTI crude oil was priced at $65.42, up by $6.06, while Brent crude was at $72.57, up by $6.60. The EIA reported a decrease in commercial crude oil inventories by 2.295 million barrels [16][17]. - The report notes that US crude oil production stands at 13.696 million barrels per day, with a decrease in net imports by 61.8% [16]. Refining Sector - The average operating rate of domestic refineries was reported at 80.02%, with a slight increase of 1.24 percentage points from the previous week. The average refining margin for major refineries was 659.83 yuan per ton, down by 101.65 yuan per ton [16]. Polyester Sector - The PX-Naphtha spread has increased to approximately $340 per ton, with PTA processing fees at 374.32 yuan per ton. The report indicates a decline in profitability for polyester products, with average profit levels for various types of polyester showing negative margins [16]. Olefins Sector - The average price for ethylene in the domestic market was reported at 5769 yuan per ton, a slight decrease of 0.33%. The propylene market saw an increase in average transaction prices to 6400 yuan per ton, up by 3.64% [16].

Investment Rating - The report indicates a positive outlook for the oil and petrochemical sector, with the sector outperforming the Shanghai Composite Index by +8.40% this week [10]. Core Insights - The oil market is experiencing a rapid increase in prices due to geopolitical risks, particularly concerning Iran's potential actions in the Strait of Hormuz, with a risk premium estimated at $8-10 per barrel [15][16]. - The overall supply remains in excess, with previous supportive factors like cold weather and reduced production in Kazakhstan starting to stabilize [15]. - The report highlights a mixed performance across various segments of the petrochemical industry, with oil and gas resources showing a +7.79% increase, while the polyester index decreased by -1.82% [10]. Summary by Sections Market Review - The petrochemical sector has outperformed the Shanghai Composite Index, with various indices showing significant weekly changes, including the oil and gas extraction service index at +7.96% and the refining and chemical index at +6.75% [10][11]. Oil Market - As of January 29, WTI crude oil closed at $65.42, up $6.06 from the previous week, while Brent crude closed at $72.57, up $6.60 [16]. - The EIA reported a decrease in commercial crude oil inventories by 2.295 million barrels, with a notable drop in gasoline inventories as well [16]. Refining Sector - The average operating rate of domestic refineries increased to 80.02%, with a slight rise in gasoline demand due to seasonal travel [16]. - The average refining margin for major refineries was reported at 659.83 yuan per ton, down 101.65 yuan from the previous period [16]. Polyester Sector - The PX-Naphtha spread has risen to approximately $340 per ton, with PTA processing fees reported at 374.32 yuan per ton [15]. - The report notes a decline in profitability for various polyester products, with average profit levels for POY150D at -21.03 yuan per ton [15]. Olefins Market - The average price for ethylene in the domestic market was reported at 5769 yuan per ton, a slight decrease of 0.33% from the previous week [15]. - Propylene prices in Shandong increased by 225 yuan per ton, reflecting a 3.64% rise [15].

Group 1 - The core viewpoint emphasizes the strategic importance of Heilongjiang Province as a key node in the "China-Mongolia-Russia Economic Corridor," suggesting that policy guidance and resource integration can transform its geographical advantages into energy hub and industrial development advantages [1] - A proposal is made to highlight the strategic position of energy in the provincial "14th Five-Year Plan," advocating for the development of special plans to support enterprises at critical nodes such as cross-border logistics corridors and key industrial parks, including the establishment of multi-energy complementary comprehensive energy stations [5] - China Petroleum & Chemical Corporation (Sinopec) Heilongjiang Petroleum Branch is accelerating its transformation from a traditional oil supplier to a comprehensive energy service provider, embracing the new energy revolution and developing a charging and battery swap network [5] Group 2 - The rich ice and snow resources and renowned specialty agricultural products of Heilongjiang are highlighted, with suggestions for the government to establish a platform for regular "energy-industry" connections to support the development of ice and snow tourism and modern agriculture [5] - A recommendation is made to pilot the construction of comprehensive energy stations that integrate diesel, charging, agricultural supplies, and smart agriculture services in collaboration with agricultural groups, aiding the development of modern agriculture [5] - To ensure the healthy and orderly development of the refined oil market, a proposal is made to promote the construction of an integrated big data regulatory platform for the refined oil market in Heilongjiang, addressing issues of fragmented regulatory platforms and data barriers [6]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The agricultural chemical industry is entering a period of layout opportunities, driven by the increasing importance of food security amid geopolitical fluctuations. The focus is on enhancing planting efficiency through technological empowerment [8] - The report emphasizes the growth potential of leading companies in the agricultural chemical sector, particularly those focused on technology services, including plant growth regulators, compound fertilizers, and pesticide formulations [3][8] - The report highlights the recovery opportunities in various sub-sectors of the chemical industry, including MDI, PVC, and refining, with specific companies recommended for investment [3][8] Summary by Relevant Sections Agricultural Chemical Sector - The report identifies growth opportunities in the agricultural chemical sector, particularly for companies that provide technology-driven services. Key areas include: 1. Plant growth regulators, which are characterized by low usage, high effectiveness, and cost efficiency, are seen as essential for modern agriculture [8] 2. Compound fertilizers are crucial for providing precise nutrient ratios to crops, with room for growth in China's compound fertilizer application rates compared to developed countries [8] 3. The potential for Chinese pesticide formulation companies to expand internationally, breaking the monopoly of traditional multinational corporations [8] Chemical Industry Recovery - The report notes a positive outlook for the recovery of various chemical sub-sectors, including: - MDI leader Wanhua Chemical (600309, Buy) [3] - PVC industry players such as Zhongtai Chemical (002092, Not Rated) and Xinjiang Tianye (600075, Not Rated) [3] - Refining sector leaders like Sinopec (600028, Buy) and Rongsheng Petrochemical (002493, Buy) [3] - The report anticipates continued price increases for high-energy products, particularly in the PVC sector, due to supply constraints and structural demand shifts [8]

Report Information - Report Title: Synthetic Rubber Weekly Report [1] - Report Date: February 01, 2026 [1] - Analyst: Yang Honghan [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - The synthetic rubber market is expected to experience a high-level decline in the short term. This is due to the reduction of geopolitical conflict probability and weakening macro sentiment, as well as the approaching boundary of some valuation indicators and the increasing negative feedback expectation [3][4]. - The butadiene market has limited short-term drivers and is expected to decline in the short term but has support in the medium term. The overall domestic butadiene fundamentals are balanced [5]. Summary by Directory Synthetic Rubber Supply - During the cycle, the high-cis butadiene rubber unit of Maoming Petrochemical restarted, and the load of individual butadiene rubber units in North China decreased slightly. The total capacity utilization rate only fluctuated slightly. The output of high-cis butadiene rubber in this cycle was 30,700 tons, an increase of 104 tons compared to the previous cycle, with a month-on-month increase of 0.34%. The capacity utilization rate was 76.38%, a month-on-month increase of 0.27 percentage points [4]. - There is no news of new unit restart or shutdown for maintenance in the next cycle, but the load of private butadiene rubber units still needs to be carefully observed [4]. Demand - In terms of rigid demand, some semi-steel tire sample enterprises were supported by foreign trade orders during the cycle, and the unit production schedule increased slightly, which supported the capacity utilization rate of semi-steel tire sample enterprises. The shipment of all-steel tires was dull, and some enterprises still had production control, dragging the capacity utilization rate down slightly. It is expected that the capacity utilization rate of tire sample enterprises will decline in the next cycle [4]. - In terms of substitution demand, the spread between the NR-BR main contracts has turned from positive to negative, and it is expected that the substitution demand for synthetic rubber will gradually weaken [4]. Inventory - As of January 28, 2026, the inventory of domestic butadiene rubber sample enterprises was 34,400 tons, a decrease of 1,000 tons compared to the previous cycle, with a month-on-month decrease of 2.74%. The price of butadiene, the raw material, increased unexpectedly this cycle, significantly driving up the butadiene rubber market. The low-price negotiation center shifted significantly upward, but the buying follow-up was slow. At the same time, butadiene rubber production was still significantly in the red, and some private enterprises in North China reduced their loads to varying degrees. The inventory of sample production enterprises decreased, and the inventory of sample trading enterprises increased slightly overall [4]. Valuation - The current static valuation range of the butadiene rubber futures fundamentals is 12,500 - 13,200 yuan/ton. The speculation is relatively strong, and the upward valuation pressure is invalid. In terms of the downward valuation, the NR-BR spread has completely shrunk, and the spread's support for valuation has failed. The effective support level is the butadiene rubber cost line, and butadiene is expected to support the butadiene price from the cost side. The theoretical full cost of butadiene is estimated to be mainly based on the butadiene price * 1.02 + (auxiliary agents + labor) = 10,500 * 1.02 + 2,500 ≈ 13,200. In terms of the actual full cost, depending on the factory, the fixed cost ranges from 1,500 to 2,500 yuan/ton, so the minimum cost is about 12,500 yuan/ton (10,500 * 1.02 + 1,800) [4]. Strategy - Unilateral: After overbought, short at high levels according to the valuation; the upper pressure is 13,600 - 13,800 yuan/ton, and the lower support is 12,500 - 12,600 yuan/ton (supported by the NR-BR spread and butadiene cost) [4]. - Cross-variety: The NR-BR spread gradually enters a low-level shock, and it is recommended to pay attention to the position of expanding the spread in the future [4]. Butadiene Supply - In this cycle (20260123 - 0129), the estimated weekly output of Chinese butadiene industry sample enterprises was 113,500 tons, an increase of 2,900 tons compared to the previous cycle, with a month-on-month increase of 2.61%. During the week, the units of Nanjing Chengzhi, Sierbang, Yanshan Petrochemical, and Hainan Refining and Chemical remained shut down, and the units of Shanghai Petrochemical and Maoming Petrochemical restarted one after another. The output of Sinochem Quanzhou Petrochemical was relatively limited, and the weekly output increased month-on-month. Next week, it is expected that the weekly output of Chinese butadiene sample enterprises will be about 116,500 tons, a slight increase compared to this cycle. The units of Hainan Refining and Chemical and Sinochem Quanzhou Petrochemical may gradually resume production [5]. Demand - In terms of synthetic rubber, the operating rates of butadiene rubber and styrene-butadiene rubber will remain high in the medium term, and the demand for butadiene will remain at a high level year-on-year. In the short term, as the maintenance of butadiene units decreases, it is expected that the rigid demand for butadiene in synthetic rubber will remain at a high level [6]. - In terms of ABS, the inventory pressure is relatively large, and it is expected that the demand for butadiene will only maintain a constant level, with relatively limited incremental demand [6]. - In terms of SBS, the operating rate increased slightly, and the rigid demand for butadiene remained unchanged, with limited changes [6]. Inventory - In this cycle (20260122 - 0128), the domestic butadiene inventory increased, and the total inventory of samples increased by 11.25% compared to last week. Among them, the inventory of sample enterprises increased by 3.85% compared to last week. Some enterprises' inventory increased slightly due to the restart of sporadic units and market fluctuations. The inventory of sample ports increased by 17.39% compared to last week. Although the raw material inventory of downstream enterprises was normally digested and merchants expected a decrease in imports in February, there were imported ships arriving at the port during this cycle, which affected the phased increase in sample port inventory [6]. - According to the report on January 28, the latest inventory of butadiene in East China ports was about 40,500 tons, an increase of 6,000 tons compared to the previous cycle. Although the raw material inventory of downstream enterprises was normally digested and merchants expected a certain decrease in imports in February, there were imported ships arriving at the port during this cycle, which affected the phased increase in port inventory [6]. Viewpoint - The prices of butadiene in Asia and Europe are relatively strong. Overall, the domestic butadiene fundamentals are balanced. Butadiene will decline in the short term and has support in the medium term [5].

2026 年 2 月 1 日 行业研究 地缘政治不确定性驱动油价上行，坚定看好石化板块景气度 ——石油化工行业周报第 438 期（20260126—20260201） 要点 地缘局势紧张抬升油价，预计 26 年油价或在 60-80 美元/桶区间宽幅震荡。 本周伊朗地缘局势紧张程度加剧，原油的地缘政治风险溢价上升，油价上涨。 截至 2026 年 1 月 30 日，布伦特、WTI 原油期货价格分别报收 69.83、65.74 美元/桶，较上周收盘分别上涨 6.7%、7.3%。全球局势持续动荡，地缘政治 的不确定性有望为油价景气奠定基础。此外，考虑到：（1）美国页岩油边际 成本高企，25Q1 调查边际成本约为 65 美元/桶，有望成为原油供给端边际减 量；（2）OPEC+于 26Q1 暂缓增产，体现其平衡油价诉求，长期来看 OPEC+ 各国财政依赖原油销售收入，中高油价诉求有望持续；（3）26 年原油需求预 期向好，IEA 预计 2026 年全球原油需求增长 93 万桶/日，高于 2025 年的 85 万桶/日。我们认为油价未来将在 60-80 美元区间宽幅震荡，油价中高位运行 有望为石化板块景气奠定基础。 全球深 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the oil and gas sector, including China National Petroleum Corporation, China National Offshore Oil Corporation, China Petroleum & Chemical Corporation, Zhongman Petroleum, and New Natural Gas [2]. Core Insights - The report highlights that geopolitical tensions and cold weather have led to supply contraction expectations, driving oil prices up significantly. The U.S. oil production was impacted by a winter storm, resulting in a loss of up to 2 million barrels per day, approximately 15% of total U.S. production. Additionally, the report notes that geopolitical developments, particularly regarding Iran and the Middle East, will continue to influence short-term oil price fluctuations [8][11]. Summary by Sections 1. Weekly Insights - The oil and petrochemical sector saw a 6.9% increase, outperforming the CSI 300 index, which rose by 0.1% [16][19]. 2. Market Performance - The report indicates that the oil extraction sub-sector had the highest weekly increase of 12.3%, while the oil product sales and storage sub-sector had the smallest increase of 0.7% [19]. 3. Company Performance - Notable performers in the oil and petrochemical sector included PetroChina, which is recommended for its stable performance and high dividends, and CNOOC, which is highlighted for its low production costs and growth potential [14]. 4. Industry Dynamics - The report discusses OPEC+'s decision to maintain stable oil production levels amidst geopolitical risks and supply concerns. It also mentions the EU's approval to stop importing Russian natural gas by the end of 2027, which could impact global energy dynamics [24][25]. 5. Oil and Gas Prices - As of January 30, Brent crude oil futures settled at $70.69 per barrel, a 7.30% increase week-on-week, while WTI futures rose by 6.78% to $65.21 per barrel. The report also notes a decrease in U.S. oil production and refinery processing rates [12][13]. 6. Investment Recommendations - The report suggests three main investment lines: focusing on stable industry leaders like PetroChina and Sinopec, considering CNOOC for its strong earnings potential, and looking at growth companies like New Natural Gas and Zhongman Petroleum due to domestic encouragement for oil and gas production [14].

Group 1 - The core viewpoint of the article is that Anta Sports (2020.HK) plans to acquire a 29.06% stake in PUMA for a total consideration of 1.5 billion, marking a significant milestone in its multi-brand global strategy [3][4]. Group 2 - In FY26Q2, New Oriental-S (9901.HK) achieved a net revenue of 1.191 billion USD, representing a year-on-year increase of 14.7%, and a net profit attributable to shareholders of 45.45 million USD, up 42.3% year-on-year [9][10]. - The company has raised its net profit forecasts for FY26-28 to 497 million, 585 million, and 680 million USD, reflecting increases of 13%, 14%, and 17% respectively [10]. Group 3 - As of Q4 2025, the scale of convertible bonds held by funds was 308.256 billion, a decrease of 8.362 billion from Q3 [13]. - The largest increase in convertible bonds held by funds was in the banking sector, while the non-ferrous metals sector saw the most significant reduction [13]. Group 4 - China Petroleum & Chemical Corporation (Sinopec) held its 2026 work meeting on January 26, summarizing achievements from 2025 and outlining goals for the 14th Five-Year Plan, emphasizing its integrated industry chain advantages [19]. - The report suggests focusing on companies like Sinopec, Sinopec Oilfield Service, and others due to their strategic positioning [19]. Group 5 - In December, industrial enterprises' profits showed a significant year-on-year increase, driven by rising prices and improved profit margins, particularly in upstream non-ferrous metals and midstream equipment manufacturing [21]. - The outlook for 2026 indicates continued recovery in industrial profits, with a shift in profit distribution favoring midstream and upstream sectors [21]. Group 6 - Qingdao Bank (002948.SZ) reported a revenue of 14.6 billion for 2025, a year-on-year growth of 8%, and a net profit of 5.2 billion, up 21.7% year-on-year, marking the successful completion of its three-year strategic plan [22]. - The bank aims to enhance its regional value leadership through strategies focused on capability improvement and structural optimization [22]. Group 7 - The People's Bank of China reported that corporate loans acted as a stabilizing force in Q4 2025, with technology sectors maintaining double-digit growth, while real estate loans continued to decline [25]. - The report anticipates ongoing challenges for retail loans, with a slow recovery in demand expected [25].

中石化（大连）石油化工研究院有限公司，成立于2022年，位于大连市，是一家以从事专业技术服务业 为主的企业。企业注册资本338459.08万人民币。通过天眼查大数据分析，中石化（大连）石油化工研 究院有限公司共对外投资了1家企业，参与招投标项目2994次，专利信息5000条，此外企业还拥有行政 许可65个。 国家知识产权局信息显示，中国石油化工股份有限公司;中石化（大连）石油化工研究院有限公司申请 一项名为"废弃光伏板上贵金属识别方法、装置、电子设备及存储介质"的专利，公开号 CN121438279A，申请日期为2024年7月。 专利摘要显示，本发明提供一种废弃光伏板上贵金属识别方法、装置、电子设备及存储介质，涉及计算 机视觉技术领域，该方法首先获取废弃光伏板的待识别图像；然后将待识别图像输入至贵金属识别模 型，得到贵金属识别模型输出的废弃光伏板上的贵金属类别。该方法中采用的贵金属识别模型通过注意 力机制，采用金字塔卷积神经网络，可以准确提取出待识别图像中贵金属相关的目标特征图，并利用目 标特征图，确定贵金属类别。该方法通过贵金属识别模型，可以实现对贵金属类别的自动识别，提高识 别效率，提升识别结果的准确性， ...