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 ...

Core Viewpoint - Domestic oil prices are experiencing significant increases following a period of decline, with expectations of further hikes after the Spring Festival due to rising international oil prices and market speculation [4][6][15]. Group 1: Price Changes - Domestic oil prices were reduced by 1325 yuan/ton last year, bringing diesel and gasoline prices down to nearly 1 yuan per liter [2]. - As of February 24, domestic oil prices are set to increase by 205 yuan/ton, marking a consecutive rise in prices at gas stations [4]. - Current prices at gas stations in Guangzhou are 6.58 yuan/liter for diesel and 6.96 yuan/liter for 92-octane gasoline [2]. Group 2: International Market Influence - International oil prices surged to 71.33 USD per barrel, reaching a six-month high, which directly influences domestic price adjustments [4][6]. - The Brent crude oil futures price has risen significantly, leading to expectations of domestic price increases [6]. Group 3: Speculation and Market Dynamics - Speculation in the oil market is driven by geopolitical tensions in the Persian Gulf and financial market dynamics, with hedge funds betting on rising oil prices [8][11]. - The New York Mercantile Exchange saw an 8% increase in open interest for U.S. crude oil futures, indicating a growing speculative position [8]. Group 4: Regional Price Variations - A detailed table shows the highest retail prices for gasoline and diesel across various provinces, with significant regional differences [9][12]. - Provinces like Beijing and Guangdong have specific prices for gasoline and diesel, reflecting the implementation of a provincial pricing system [9]. Group 5: Consumer Impact - Consumers are facing the burden of rising oil prices, with a portion of each liter purchased contributing to the speculative activities in the oil market [10][11].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - International oil prices have dropped significantly. Geopolitical situation is the main short - term driver of oil prices, and the Iran situation has cooled rapidly. The US cancelled its planned military strike on Iran at the last minute. The market generally expects an oversupply of international crude oil. The IEA predicts a record - high increase in global crude oil inventories in Q1 2026, with a possible increase of 5 million barrels. Short - term oil prices will mainly fluctuate widely, and the current operation strategy is to wait and see [3]. - As of the week ending January 14, Singapore's residue fuel oil inventories increased by 65,000 barrels to a two - week high of 25,473,000 barrels. The supply of fuel oil in Asia in January is still sufficient, exceeding 5 million tons. The Asian low - sulfur fuel oil spot differential has turned into a premium, showing a certain degree of recovery. The high - sulfur fuel oil market has a pattern of "loose supply and weak demand", and the operation strategy is to wait and see [3]. Summary by Relevant Catalogs Crude Oil - **Fundamentals**: Geopolitical situation affects short - term oil prices. The Iran situation has cooled, but the Middle East situation may become more tense. The market expects an oversupply of crude oil, and the IEA predicts a record - high increase in global crude oil inventories in Q1 2026 [3]. - **Operation Strategy**: Temporarily wait and see [3]. - **Futures Prices**: SC crude oil closed at 445.5 yuan/barrel, down 0.6 yuan or 0.13% from the previous value; WTI crude oil was at 61.02 dollars/barrel, unchanged; Brent crude oil was at 65.39 dollars/barrel, unchanged [3]. - **Spread Data**: SC - WTI spread was 2.51 yuan/barrel, down 0.03 yuan or 1.39%; SC - Brent spread was - 1.86 yuan/barrel, up 0.03 yuan or 1.88%; Brent - WTI spread was 4.37 dollars/barrel, unchanged [3]. - **Spot Prices**: Oman crude oil was at 62.49 dollars/barrel, up 0.61 dollars or 0.99%; Russian ESPO was at 50.58 dollars/barrel, up 0.05 dollars or 0.10%; Brent Dtd was at 68.76 dollars/barrel, up 2.97 dollars or 4.51% [4]. - **US EIA Data**: Crude oil commercial inventories increased by 3,391 thousand barrels to 422,447 thousand barrels, up 0.81%; gasoline inventories increased by 8,977 thousand barrels to 251,013 thousand barrels, up 3.71%; distillate inventories decreased by 29 thousand barrels to 129,244 thousand barrels, down 0.02%; US production decreased by 58 thousand barrels/day to 13,753 thousand barrels/day, down 0.42%; refined oil inventories increased by 1,482 thousand barrels to 47,722 thousand barrels, up 3.21% [4]. - **Exchange Warehouse Receipts**: SC crude oil warehouse receipts were 3,464,000, unchanged; FU fuel oil warehouse receipts decreased by 4,900 to 74,550, down 6.17%; LU fuel oil warehouse receipts were 18,280, unchanged [4]. Fuel Oil - **Fundamentals**: Singapore's fuel oil inventories increased. The supply of fuel oil in Asia in January is sufficient. The low - sulfur fuel oil market shows a recovery, while the high - sulfur fuel oil market has a pattern of "loose supply and weak demand" [3]. - **Operation Strategy**: Temporarily wait and see [3]. - **Futures Prices**: FU high - sulfur fuel oil closed at 2,586 yuan/ton, unchanged; LU low - sulfur fuel oil closed at 3,098 yuan/ton, down 11 yuan or 0.36% [3]. - **Spread Data**: FU - SC spread was - 47 yuan/ton, up 1 yuan or - 1.26%; LU - SC spread was 31 yuan/ton, down 1 yuan or - 3.51%; LU - FU spread was 512 yuan/ton, down 11 yuan or - 2.15% [4]. - **Spot Prices**: Singapore high - sulfur fuel oil was at 359 dollars/ton, up 13 dollars or 3.76%; Singapore low - sulfur fuel oil was at 435.5 dollars/ton, up 7 dollars or 1.63% [4]. - **Singapore ESG Data**: Fuel oil inventories increased by 850 thousand barrels to 25,559 thousand barrels, up 3.44% [4]. Macro and Other Data - **Exchange Rates and Interest Rates**: The US dollar index was 99.1842, down 0.1089 or 0.11%; the US 10 - year Treasury yield was 4.18%, down 0.03 percentage points or 0.72%; the RMB/US dollar exchange rate was 7.2545, unchanged [4]. - **Macro Indexes**: The Baltic BDI index was 1,566, down 42 or 2.61%; the crude oil freight rate BDTI index was 1,410, up 63 or 4.68%; the refined oil freight rate BCTI index was 777, up 68 or 8.75% [4].