Core Viewpoint - The oil and gas sector has shown strong performance, with multiple oil ETFs leading the market on the first trading day after the Spring Festival, reflecting a significant increase in investor interest and market activity [1][4][10]. ETF Performance Summary - On February 24, a total of 919 ETFs rose, with the highest increase reaching 9.73%. The leading oil ETFs included: - The S&P Oil & Gas ETF (513350) increased by 9.73%, with a trading volume of 1.117 billion and a turnover rate of 152.76% [2][8]. - The S&P Oil & Gas ETF by Harvest Fund (159518) rose by 9.66%, with a trading volume of 1.546 billion and a turnover rate of 99.88% [2][8]. - Other notable increases included the Silverhua Oil & Gas ETF (563150) at 9.53% and the Bosera Oil & Gas ETF (561760) at 8.42% [6][7]. Market Trends - The oil and gas sector's strong performance is attributed to geopolitical risks and a tight supply-demand situation, leading to a significant rise in related stock prices and indices [10]. - The market is currently driven by geopolitical factors rather than supply-demand dynamics, with expectations of high volatility in oil prices in the near term [10]. ETF Index Tracking - There are four main oil and gas indices tracked by ETFs in the domestic market: - CSI Oil and Gas Resource Index (931248) - CSI Oil and Gas Industry Index (H30198) - National Oil and Gas Index (399439) - S&P Oil & Gas Exploration and Production Select Industry Index (SPSIOP) [5][17]. - The ETFs tracking these indices have shown similar performance, with the same fee structure and relatively close year-to-date returns [19]. Investor Considerations - Investors are advised to be cautious as the S&P Oil & Gas ETF has issued a premium risk warning, indicating that its market price is significantly higher than its indicative net asset value (IOPV), which could lead to potential losses if investments are made blindly [10].

Group 1 - Tongyuan Petroleum is a leading company in oil and gas perforation and fracturing technology, providing integrated oilfield services and excelling in unconventional oil and gas development [1][21] - The company has a strong technical capability and competitive edge in perforation technology and operational efficiency, benefiting from rising international oil prices and increased exploration investments [1][21] - The company is advancing smart and digital operations to enhance construction efficiency and cost control, ensuring sustained performance in the current oil service market [1][21] Group 2 - Qianeng Huanxin focuses on oil and gas exploration and development technology services, with a strong proprietary exploration interpretation system [2][22] - The company employs an innovative "technology for equity" model, participating in various oil and gas blocks, which enhances its revenue structure as exploration results convert to production [2][22] - Increased global oil company capital expenditures during the oil price upcycle are driving demand for the company's technical services [2][22] Group 3 - China Oil Engineering is a core engineering construction platform under PetroChina, specializing in full-chain oil and gas engineering contracting [3][23] - The company has a robust order book and is expanding its business internationally, particularly under the Belt and Road Initiative [3][23] - The company is also diversifying into green low-carbon businesses, enhancing its long-term growth potential [3][23] Group 4 - Blue Flame Holdings is a leading company in coalbed methane exploration and development, with significant resource reserves and extraction capabilities [4][24] - The company benefits from supportive policies for clean energy and rising demand for coalbed methane, leading to improved sales and profit margins [4][24] - The company is expanding its production capacity and pipeline layout, ensuring stable growth in performance [4][24] Group 5 - Zhun Oil Co. specializes in oilfield technical services in Xinjiang, maintaining strong partnerships with local oil companies [5][25] - The company is well-positioned to benefit from increased oil production and maintenance demands due to rising oil prices [5][25] - The company has a flexible operating mechanism that allows it to adapt quickly to the needs of small oil fields and unconventional oil and gas development [5][25] Group 6 - Zhongman Petroleum is a private enterprise with a full industry chain in oil and gas, achieving dual-driven growth through technical services and resource development [6][26] - The company has seen significant improvements in production and sales revenue due to rising oil prices [6][26] - The company is recognized for its project management capabilities and is positioned for strong growth in the recovery phase of the industry [6][26] Group 7 - Huibo Pu specializes in oilfield ground engineering and environmental protection, with leading technology in oil-water separation and wastewater treatment [7][27] - The company is experiencing increased demand for its services due to rising oil and gas development investments [7][27] - The company is expanding its presence in overseas markets, enhancing its competitiveness [7][27] Group 8 - CNOOC Services is a leading offshore oil and gas exploration and development service provider, with a comprehensive service offering [8][29] - The company benefits from increased capital expenditures in offshore oil and gas due to rising oil prices [8][29] - The company is expanding its international market presence, enhancing its competitive position globally [8][29] Group 9 - Beiken Energy focuses on drilling engineering and has a strong competitive position in the drilling sector [9][30] - The company is experiencing significant growth in work volume and revenue due to rising oil prices [9][30] - The company is expanding its overseas business, particularly in the Middle East and Central Asia [9][30] Group 10 - Bomaike specializes in high-end marine engineering equipment manufacturing, with a strong international competitive edge [10][31] - The company is seeing increased demand for its modules due to the recovery of global offshore oil and gas development [10][31] - The company is also diversifying into offshore wind and new energy modules, enhancing its long-term growth potential [10][31] Group 11 - Intercontinental Oil and Gas focuses on overseas oil and gas development, with high-quality resource blocks [11][32] - The company is improving its financial performance due to rising oil prices and stable production growth [11][32] - The company is optimizing its asset structure and increasing operational efficiency [11][32] Group 12 - Sinopec Oil Services is a leading oil service provider in China, with a comprehensive service network across major oil and gas production areas [12][33] - The company is benefiting from increased capital expenditures in upstream operations due to rising oil prices [12][33] - The company is improving its profitability and operational efficiency, positioning itself for sustained growth [12][33] Group 13 - Shouhua Gas focuses on unconventional natural gas development, with stable resource reserves and customer channels [13][34] - The company is benefiting from rising natural gas prices linked to oil prices, leading to improved sales and profitability [13][34] - The company is expanding its urban gas business, enhancing its resilience and growth potential [13][34] Group 14 - China National Offshore Oil Corporation is the largest offshore oil and gas producer in China, with strong cost control and profitability [14][36] - The company is experiencing significant revenue and profit growth due to rising oil prices [14][36] - The company is committed to increasing production in key offshore areas, ensuring long-term growth [14][36] Group 15 - CNOOC Engineering is a leading marine oil and gas engineering construction company, with a strong order book and growth potential [15][37] - The company is benefiting from increased investments in offshore oil and gas development [15][37] - The company is also diversifying into offshore wind and renewable energy projects [15][37] Group 16 - Guanghui Energy is a comprehensive energy service provider with a diverse product portfolio [16][38] - The company is experiencing improved profitability due to rising oil prices and strong sales growth [16][38] - The company is also expanding into new energy and green chemical businesses, enhancing its long-term growth potential [16][38] Group 17 - CNOOC Development is a comprehensive energy service platform with a focus on oilfield technical services and energy logistics [17][39] - The company is seeing strong demand for its services due to increased offshore oil and gas investments [17][39] - The company is expanding into innovative businesses such as offshore renewable energy and carbon assets [17][39] Group 18 - New Natural Gas focuses on natural gas extraction and sales, with a complete upstream and downstream layout [18][40] - The company is benefiting from rising natural gas prices linked to oil prices, leading to improved profitability [18][40] - The company is expanding its production capacity and market reach, ensuring stable growth [18][40] Group 19 - ST Xinchao focuses on overseas oil and gas asset development, with significant resource value appreciation due to rising oil prices [19][41] - The company is improving its operational efficiency and cash flow through debt optimization [19][41] - The company is positioned for significant performance and valuation recovery in the current industry cycle [19][41] Group 20 - Shandong Molong is an important player in the oil machinery equipment sector, manufacturing key oil extraction equipment [20][42] - The company is experiencing increased demand for its products due to rising oil prices and investment in oil extraction [20][42] - The company is enhancing its competitiveness through technology upgrades and expanding into overseas markets [20][42] Group 21 - Jerry Holdings is a leading company in the oil and gas equipment and service industry, specializing in high-end oil and gas equipment manufacturing [21][44] - The company is benefiting from increased demand for its products due to the growth in unconventional oil and gas development [21][44] - The company is expanding its presence in international markets and diversifying into new energy equipment [21][44]

证券研究报告·宏观报告·宏观周报 金融产品周报 20260207 海外市场流动性有企稳迹象，情绪或会好转 【勘误版】 [Table_Summary] 基金规模统计：（2026.2.2-2026.2.6） 市场行情展望：（2026.2.9-2026.2.13） 基金配置建议： 2026 年 02 月 24 日 《商品流动性冲击之后，哪些品种被 "错杀"？》 2026-02-04 《黄金 ETF，2026 年 1 月复盘与 2 月 证券分析师 芦哲 展望》 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 2026-02-03 执业证书：S0600524120016 东吴证券研究所 1 / 20 tangyk@dwzq.com.cn 相关研究 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 权益类 ETF 基金规模变化统计：规模变化排名前三名的权益类 ETF 类 型分别为：规模指数 ETF（154.06 亿元），跨境行业指数 ETF（66.24 亿 元），策略指数 ETF（53.71 亿元）；基金规模变化排名后三名的权益 类 ETF 类型分别为：跨境规模 ...

Group 1 - The oil sector has collectively surged due to escalating tensions between the US and Iran, leading to higher oil prices and a significant increase in VLCC freight rates during the Spring Festival holiday [1] - Zhongyou Securities noted that the unclear situation between the US and Iran has granted crude oil a geopolitical premium, with expectations of marginal improvement in the supply-demand dynamics for PX and PTA this year [1] - The price spread between PX (China's main port) and naphtha (Japan) has stabilized around $300/ton after adjustments, with potential for further strengthening post-holiday [1] Group 2 - As of February 24, 2026, the National Petroleum and Natural Gas Index (399439) rose sharply by 5.83%, with significant gains in constituent stocks such as Potential Hengxin (up 16.23%), China Oil Engineering (up 10.13%), and Blue Flame Holdings (up 10.04%) [1] - The oil ETF Penghua (159697) increased by 5.97%, with the latest price reported at 1.42 yuan, closely tracking the National Petroleum and Natural Gas Index [1] - As of January 30, 2026, the top ten weighted stocks in the National Petroleum and Natural Gas Index accounted for 66.76% of the index, including major companies like China National Petroleum, China National Offshore Oil, and Sinopec [1]

Group 1: Market Overview - On the first trading day of the Year of the Horse (February 24), the three major indices in A-shares opened higher, with the Shanghai Composite Index up 1.15%, the Shenzhen Component Index up 1.52%, and the ChiNext Index up 1.70 [1] - The market saw strong performance in the gold and oil sectors, with active trading in energy metals, CPO, ultra-high voltage, consumer electronics, and semiconductor concept stocks [1] Group 2: Oil and Gas Sector - The recent strength in oil prices and the oil and gas sector is driven by a tight supply-demand balance, escalating regional conflicts, and insufficient long-term capital expenditure [1] - OPEC+ continues to maintain large-scale voluntary production cuts, strictly controlling crude oil exports, while the U.S. tightens restrictions on oil-producing countries like Iran and Venezuela, leading to a significant decrease in global crude oil supply elasticity [1] - International agencies like EIA have raised global crude oil demand forecasts for 2026, with steady recovery in industrial and transportation fuel demand, and global crude oil inventories at historically low levels [1] Group 3: Precious Metals - The precious metals market experienced heightened risk aversion due to new tariff policies announced by the Trump administration and recent U.S. economic data, with international gold prices significantly rising to $5,200 per ounce [2] - During the Spring Festival holiday (February 16-23), spot gold saw a cumulative increase of 3.64% [2] Group 4: Coal Market - The overseas coal market remained strong during the Spring Festival, with ICE Rotterdam coal futures closing at $113.0 per ton, up 5% from before the holiday and up 16% year-on-year [2] - Factors such as cold weather in Europe and the U.S. increasing electricity demand, along with Trump's proposals to revitalize the coal industry, have catalyzed this trend [2] - Domestic coal prices are expected to rise as the supply from Indonesia, the world's largest coal exporter, decreases, potentially leading to a significant tightening in the global coal market [2] Group 5: ETF Performance - The Shanghai Gold ETF (518600) saw a maximum intraday increase of over 4%, with a cumulative increase of 19.65% over the past three months as of February 13, 2026 [3] - The Energy ETF managed by Guangfa (159945) also saw a maximum intraday increase of over 5%, with significant gains in component stocks such as China National Offshore Oil Corporation and Guanghui Energy [3] - Analysts predict that the A-share market will continue its upward trend post-holiday, with a focus on policy-driven industry themes and rapid style switching [3][4] Group 6: Investment Strategies - Citic Securities emphasizes a dual focus on "technology and resource products," with key sectors including AI, humanoid robots, new energy, and innovative pharmaceuticals for technology, and precious metals, oil and petrochemicals, and basic chemicals for resources [4] - The current surge in global commodity prices is prompting a comprehensive investment strategy across various ETFs, including energy, gold, rare metals, materials, and grain [4]

Group 1 - Crude oil prices continue to rise, with WTI crude futures for March contracts up by 1.9% and Brent crude futures for April contracts up by 1.86% [1] - The oil sector is attracting significant investment, with the Penghua Oil ETF (159697) seeing a cumulative net subscription of 178 million shares since February [1] - Guosheng Securities notes that VLCC freight rates have unexpectedly increased during the Spring Festival, indicating a strong performance in an otherwise off-season for the industry [1] Group 2 - The Guozheng Oil and Gas Index (399439) has surged by 6.10%, with constituent stocks such as Potential Energy rising by 18.32%, China Oil Engineering by 10.13%, and Blue Flame Holdings by 10.04% [1] - The Penghua Oil ETF (159697) has increased by 6.26%, with the latest price at 1.43 yuan and a net subscription of 11 million shares during the trading session [1] - The Guozheng Oil and Gas Index reflects the price changes of publicly listed companies related to the oil and gas industry on the Shanghai and Shenzhen stock exchanges [1][2]

Group 1 - The core viewpoint of the article highlights the significant performance of the oil and gas ETF, Huatai Fu (159309), which rose by 7.21% to 1.472 yuan with a trading volume of 79.2584 million yuan as of the midday close [1] - Major holdings in the oil and gas ETF include China National Petroleum Corporation, which increased by 5.88%, China National Offshore Oil Corporation by 8.20%, and Sinopec by 3.45% [1] - The ETF's performance benchmark is the CSI Oil and Gas Resource Index return rate, managed by Huatai Fund Management Co., Ltd., with a return of 36.67% since its inception on May 31, 2024, and a return of 10.97% over the past month [1]

石油ETF（561360）业绩比较基准为中证油气产业指数收益率，管理人为国泰基金管理有限公司，基金 经理为苗梦羽，成立（2023-10-23）以来回报为43.80%，近一个月回报为11.02%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月24日，截止午间收盘，石油ETF（561360）涨6.52%，报1.536元，成交额3.01亿元。石油ETF （561360）重仓股方面，中国石油截止午盘涨5.88%，中国海油涨8.20%，中国石化涨3.45%，杰瑞股份 涨5.15%，招商轮船涨9.35%，广汇能源涨6.65%，中远海能涨9.20%，恒力石化涨5.01%，荣盛石化涨 4.66%，洲际油气涨9.92%。 ...

2026年2月24日早盘，A股油气股开盘领涨，截至10:48，石油天然气ETF(159588)上涨6.11%。成分股潜 能恒信上涨19.22%，中油工程、蓝焰控股10cm涨停，招商轮船，中曼石油等个股跟涨。 方正证券分析认为，本轮上涨由"强现实+强预期+新格局"三重驱动：基本面层面，美洲与中东增产共 振、委内瑞拉转向合规市场持续释放吨海里增量；此外，美伊紧张局势推升霍尔木兹海峡风险溢价；运 力结构层面，Sinokor控制近150艘VLCC，占主流合规运力37%，头部集中度提升显著增强议价能力。 石油天然气ETF(159588)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。前十大权重股分别为中国石油、中国海油、中国石化、杰 瑞股份、广汇能源、招商轮船、中远海能、洲际油气、九丰能源、新奥股份，前十大权重股合计占比 66.76%。场外联接(A：021822；C：021823)。 ...

消息面上，国际油价持续拉升，布伦特原油期货春节期间单周涨幅超5%。 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2026年1月30日，国证石油天然气指数(399439)前十大权重股分别为中国石油、中国海 油、中国石化、杰瑞股份、广汇能源、招商轮船、中远海能、洲际油气、九丰能源、新奥股份，前十大 权重股合计占比66.76%。 国金证券指出，原油市场当前脱离供需，转为地缘政治风险驱动。预计未来一个月内价格的高波动率将 不可避免。在美伊局势尚未明朗化前，原油价格处于易涨难跌的状态。短期原油价格如因地缘问题继续 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。 截至2026年2月24日 10:36，国证石油天然气指数(399439)强势上涨6.17%，成分股潜能恒信上涨 18.53%，中油工程上涨10.13%，蓝焰控股上涨10.04%，中远海能，招商轮船等个股跟涨。石油ETF鹏 华(159697)上涨6.64%，最新价报1.43元。 以上内容与数据，与有连云立场无关，不构成投资建议。据 ...