Core Viewpoint - The report highlights the trends and investment potential in China's petroleum coke industry from 2026 to 2032, indicating a projected increase in production despite a slight decline in cumulative output for 2025 [1] Industry Summary - According to the National Bureau of Statistics, China's petroleum coke production in December 2025 is expected to reach 2.96 million tons, representing a year-on-year growth of 9.1% [1] - The cumulative production of petroleum coke in China for the year 2025 is projected to be 31.73 million tons, showing a cumulative decrease of 2.8% [1] - The report is based on extensive industry research and aims to provide insights for investment decisions in the petroleum coke sector [1] Company Summary - Listed companies in the petroleum coke sector include Huajin Co., Ltd. (000059), Yuanxing Energy (000683), Shanghai Petrochemical (600688), Huaxi Energy (002630), Wanhua Chemical (600309), Hengli Petrochemical (600346), Rongsheng Petrochemical (002493), Xin'ao Co., Ltd. (600803), and China National Petroleum Capital (000617) [1]

上市企业：中国石油（601857）,中国石化（600028）,广汇能源（600256）,新天然气（603393）,首华燃 气（300483）,蓝焰控股（000968）,新潮能源（600777） 相关报告：智研咨询发布的《中国天然气市场运行态势及发展潜力研判报告（2026版）》 根据国家统计局数据显示：2025年12月中国天然气产量为230亿立方米，同比增长5.1%；2025年中国天 然气累计产量为2618.9亿立方米，累计增长6.2%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年中国天然气产量统计图 数据来源：国家统计局，智研咨询整理 ...

根据国家统计局数据显示：2025年12月中国燃料油产量为339万吨，同比下降8.2%；2025年中国燃料油 累计产量为4192.8万吨，累计下降2.8%。 上市企业：中国石化（600028）,中国石油（601857）,上海石化（600688）,恒逸石化（000703）,荣盛石 化（002493）,华锦股份（000059）,龙宇股份（603003）,泰山石油（000554）,国际实业（000159）,广 聚能源（000096） 相关报告：智研咨询发布的《2026-2032年中国燃料油行业市场全景调研及投资前景研判报告》 2020-2025年中国燃料油产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

2026 年化工策略报告汇报 化工进入击球区：看好全球供 给反内卷大周期，看好全球 AI 需求大周期 20260128 摘要 基础化工行业产能扩张放缓，在建工程与固定资产比值降至低位，叠加 行业协会和龙头企业推动反内卷，有望扭转亏损局面，双碳政策也限制 了新增产能，预示行业盈利能力将恢复。 全球流动性宽松及新兴产业发展驱动需求增长，化工品消费具全球性， 下游产业对海外消费依赖度高，人工智能、机器人等新兴产业对新材料 需求增加，共同推动化工行业景气度提升。 基础化工行业价差虽有复苏但仍处底部，安全度较高，自由现金流自 2022 年以来逐渐改善，预计 2025 年全年转正，预示行业拐点出现， 为投资者带来分红等回报机会，潜在股息率普遍超过 10%。 化工行业估值提升受益于自由现金流转正、投资放缓约束、库存低位和 开工率良好，反内卷及能耗政策约束，以及欧洲企业退出市场，共同推 动化工产品价格上涨。 欧洲化工企业因能源成本、人工成本及供应链效率等问题，长期低开工 率难以恢复，高成本产能逐步退出市场，将导致聚烯烃、有机硅等产品 供应减少，推升全球价格。 Q&A 2026 年至 2030 年化工行业的整体趋势如何？ 从 ...

Core Viewpoint - The petrochemical sector is experiencing mixed performance, with the China Petroleum and Chemical Industry Index showing a slight decline, while the Petrochemical ETF has seen significant inflows and growth in net value over the past two years [1][2]. Group 1: Market Performance - As of January 29, 2026, the China Petroleum and Chemical Industry Index decreased by 0.27%, with stocks like Sankeshu and Zhongfu Shenying leading gains, while companies like Hebang Bio and China Petroleum faced declines [1]. - The Petrochemical ETF (159731) fell by 0.47%, with a latest price of 1.05 yuan and a trading volume of 2.12 billion yuan, indicating active market participation with a turnover rate of 17.99% [1]. Group 2: Fund Flows and Performance Metrics - The Petrochemical ETF has seen continuous net inflows for 16 days, totaling 838 million yuan, with the latest share count reaching 1.106 billion and a total scale of 1.166 billion yuan, marking a new high [2]. - Over the past two years, the net value of the Petrochemical ETF has increased by 66.80%, with the highest single-month return recorded at 15.86% and the longest consecutive monthly gain spanning 8 months, achieving a maximum increase of 41.6% [2]. - The average return during the rising months of the Petrochemical ETF is 5.25%, and as of January 23, 2026, the one-year Sharpe ratio stands at 2.22 [2]. Group 3: Industry Trends and Outlook - According to Guosen Securities, the petrochemical sector is strictly implementing capacity reduction and replacement requirements for new refining projects, focusing on upgrading old facilities and demonstrating new technologies [2]. - The refining capacity in China is approaching the policy threshold of 1 billion tons, leading to the gradual consolidation and elimination of smaller capacities, while larger refineries are expected to increase their market share, optimizing the industry structure [2]. - With limited growth in refined oil demand, the transition towards "reducing oil and increasing chemicals" will be essential for refineries [2]. Group 4: Key Stocks in the Index - The top ten weighted stocks in the China Petroleum and Chemical Industry Index as of December 31, 2025, include Wanhua Chemical, China Petroleum, and China Petrochemical, collectively accounting for 56.73% of the index [2].

石油ETF鹏华紧密跟踪国证石油天然气指数，国证石油天然气指数反映沪深北交易所石油天然气产业相 关上市公司的证券价格变化情况。 数据显示，截至2025年12月31日，国证石油天然气指数(399439)前十大权重股分别为中国石油、中国石 化、中国海油、杰瑞股份、广汇能源、招商轮船、新奥股份、九丰能源、中远海能、大众公用，前十大 权重股合计占比67.11%。 石油ETF鹏华(159697)，场外联接(A：019827；C：019828；I：022861)。 消息面上，伊朗区域局势升温，特朗普28日在社交媒体上说，一支庞大的舰队正前往伊朗，已准备好迅 速履行其使命。他还称，希望伊朗能够迅速坐到谈判桌前。国际油价升至四个月新高。WTI3月原油期 货收于每桶63.21美元，创去年9月底以来最高，涨幅为1.31%；布伦特3月原油期货收于每桶68.40美 元，涨幅为1.23%。 东方证券指出，近期地区冲突持续发生，此外在供给端，美国严寒天气也影响了炼油产出。由于市场担 忧产油国区域冲突或导致油气供给减少，因此近期布伦特油价出现持续回升。若油价继续上升并保持更 高水平，预计行业资本开支将边际提升，油服的景气度有望边际上升。 截 ...

Group 1: Market Overview - The total scale of convertible bonds held by funds decreased to 308.256 billion yuan at the end of Q4 2025, down by 8.362 billion yuan from Q3 2025 [2] - The banking sector continues to have a large scale of convertible bonds held by funds, with significant holdings in the power equipment, basic chemicals, electronics, and agriculture sectors [2] - The largest increase in individual convertible bonds held by funds was seen in the Xingye convertible bond, while the non-ferrous metals sector experienced the most significant reduction in holdings [2] Group 2: Banking Sector Insights - Corporate loans acted as a stabilizing force, with double-digit growth maintained in technology sectors, while real estate loans continued to show negative growth [3] - Qingdao Bank reported a revenue of 14.6 billion yuan for 2025, representing an 8% year-on-year increase, and a net profit of 5.2 billion yuan, up 21.7% year-on-year, marking the successful completion of a three-year strategic plan [3] - The bank's asset expansion intensity has increased, with loans maintaining double-digit growth and a reduction in non-performing loans, indicating strong risk compensation capabilities [3] Group 3: Energy Sector Developments - China National Petroleum Corporation emphasized its role in energy supply security and outlined key tasks for the current and future periods during its 2026 work meeting [4] - The integrated advantages of the China National Petroleum Corporation's entire industry chain suggest investment opportunities in companies such as China National Petroleum, Kunlun Energy, and others [4]

Price Trends - The latest price of isooctanol as of January 28 is 7700.00 CNY per ton, reflecting a significant increase over various time frames: 6.70% over the last 5 days, 9.48% over the last 10 days, 9.74% over the last 15 days, 11.86% over the last 30 days, and 17.26% over the last 60 days [2][4] Related Producers - Key producers in the isooctanol market include: - Luxi Chemical (000830) - Chengzhi Co., Ltd. (000990) - Huachang Chemical (002274) - Zhengdan Co., Ltd. (300641) - Hualu Hengsheng (600426) - China Petroleum (601857) - Jianye Co., Ltd. (603948) [2][4]

天眼查资料显示，中国石油天然气股份有限公司，成立于1999年，位于北京市，是一家以从事石油和天 然气开采业为主的企业。企业注册资本18302097万人民币。通过天眼查大数据分析，中国石油天然气股 份有限公司共对外投资了1299家企业，参与招投标项目443次，财产线索方面有商标信息38条，专利信 息5000条，此外企业还拥有行政许可168个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，中国石油天然气股份有限公司申请一项名为"一种枯竭带油环气藏型储气库 储层评价方法"的专利，公开号CN121414164A，申请日期为2024年7月。 专利摘要显示，本发明属于天然气存储和生产技术领域，具体涉及一种枯竭带油环气藏型储气库储层评 价方法，包括：建立基于储气特征、注采特征和风险特征的储层评价体系模型；确定储气特征、注采特 征和风险特征的下级指标权重；确定每个下级指标和不同储层等级的关联度；根据下级指标权重和所述 关联度，确定枯竭带油环气藏型储气库的储层等级。本发明涵盖了储气特征、注采特征和风险特征，反 映枯竭带油环气藏型储气库的真实 ...

Group 1 - The article presents the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 28, 2026 [1][6] - China Gold (600916.SH) leads with a daily increase of 10.04% and a year-to-date increase of 50.55%, with a dividend yield of 3.14% [1][6] - Other notable performers include Cai Zi Co. (605599.SH) and Tianshan Aluminum (002532.SZ), both showing daily increases of 9.98% and year-to-date increases of 32.62% and 28.06%, respectively [1][6] Group 2 - The list includes various sectors, with significant representation from the aluminum industry, including Nanshan Aluminum (600219.SH) with a daily increase of 9.94% and a year-to-date increase of 45.91% [1][6] - The energy sector is also highlighted, with Yanzhou Coal (600188.SH) showing a daily increase of 3.81% and a year-to-date increase of 9.81% [1][6] - The data indicates a strong performance across multiple sectors, suggesting potential investment opportunities in these stocks [1][6]