Economic Policy and Market Outlook - Recent economic policies, including structural interest rate cuts, are expected to support economic growth, potentially leading to a "good start" in the first quarter of 2026, although final performance will depend on forthcoming data [5] - The financial market policies have moderated previously overheated sectors, indicating that the market may not sustain its rapid upward trend and could transition into a more volatile phase [5] Fund Market Trends - The Hong Kong stock market saw an overall increase, while domestic equity markets experienced fluctuations; TMT-themed funds performed well, whereas defense and military-themed funds faced net value declines [5] - There was a notable reduction in passive fund holdings across various broad-based ETFs, with over 130 billion yuan flowing out of large-cap ETFs, while TMT and cyclical theme ETFs attracted over 60 billion yuan in net inflows [5] Economic Data Insights - The economic landscape in 2025 is characterized by a "high before low" trend, with supply outpacing demand and external demand exceeding internal demand [6] - In December 2025, industrial production growth rates increased year-on-year and month-on-month, while fixed asset investment saw a widening decline, and retail sales growth continued to decrease [6] Oil and Geopolitical Factors - Heightened geopolitical tensions in Iran have increased the geopolitical risk premium on oil, contributing to rising oil prices; as of January 16, 2026, Brent and WTI crude oil prices were reported at $64.20 and $59.22 per barrel, reflecting increases of 1.9% and 0.7% respectively [7] - The ongoing international instability is likely to provide a favorable foundation for oil price trends in the long term [7] Infrastructure Investment - The State Grid has announced a planned fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan period, marking a 40% increase compared to the previous plan, focusing on power grid and energy storage sectors [8] - Key projects for 2026 will concentrate on ultra-high voltage and pumped storage, indicating potential opportunities in power infrastructure orders and renewable energy consumption [8] Power Consumption and Digitalization - In 2025, the total electricity consumption in society increased by 5.0% year-on-year [9] - The State Grid's investment in new power systems is expected to enhance capacity pricing, with projected capacity prices for 2026 estimated at 6.3 cents per kilowatt-hour, a 4-cent increase from the previous year [9] Pharmaceutical Sector Innovations - The pharmaceutical and biotechnology sectors are experiencing a surge driven by innovation, including overseas expansion, AI applications, and new technologies, alongside policy support and seasonal market dynamics [9] - Key focus areas include innovative drugs, CXO services, AI healthcare, brain-computer interfaces, and small nucleic acid drugs, with ongoing attention required on post-JPM conference collaborations and clinical data outcomes [9]

Group 1 - The core point of the article highlights that southbound funds increased their holdings in Shanghai Petrochemical Company by 1.56 million shares on January 19, while experiencing a net reduction of 23.63 million shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have reduced their holdings in the company for 17 days, resulting in a total net reduction of 45.74 million shares [1] - As of now, southbound funds hold 1.019 billion shares of Shanghai Petrochemical Company, accounting for 31.69% of the company's total issued ordinary shares [1] Group 2 - Shanghai Petrochemical Company, a subsidiary of Sinopec, primarily engages in the petrochemical business through three segments: refining products, chemical products, and petrochemical product trading [1] - The refining products segment includes facilities for producing qualified refined gasoline, kerosene, diesel, heavy oil, and liquefied petroleum gas [1] - The chemical products segment mainly produces paraxylene, benzene, ethylene oxide, polyethylene resin, polypropylene resin, acrylic fiber, and carbon fiber [1] - The petrochemical product trading segment focuses on the import and export trade of petrochemical products [1] - The company also engages in leasing, providing services, and various other commercial activities, operating in both domestic and international markets [1]

中国石化上海石油化工股份有限公司 2025年业绩预亏公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本期业绩预告适用于净利润为负值的情形。 ● 按照中国企业会计准则，本集团预计2025年实现归属于母公司股东的净亏损约为人民币12.89亿元到 人民币15.76亿元。 ● 按照中国企业会计准则，本集团预计2025年归属于母公司股东的扣除非经常性损益的净亏损约为人民 币12.80亿元到人民币15.64亿元。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600688 股票简称：上海石化 公告编号：临2026-004 一、本期业绩预告情况 1、业绩预告期间：2025年1月1日至2025年12月31日。 2、业绩预告情况：经中国石化上海石油化工股份有限公司（"公司"）财务部门初步测算，预计公司及 其附属公司("本集团")截至2025年12月31日止归属于母公司股东的净亏损约为人民币12.89亿元到人民币 15.76亿元，与2024年同期（法定披露数据）相比将出现亏损；预计归属于母公司股东的扣除非经 ...

Core Viewpoint - Shanghai Petrochemical is expected to report a significant net loss for the year 2025, primarily due to declining international crude oil prices, weak product demand, and a major maintenance shutdown in the fourth quarter [2][3]. Trading Information Summary - On January 19, 2026, Shanghai Petrochemical's stock closed at 2.94 yuan, up 3.16%, with a turnover rate of 1.02%, a trading volume of 747,200 shares, and a transaction value of 217 million yuan [1]. - The net inflow of main funds was 8.95 million yuan, accounting for 4.12% of the total transaction value, while retail investors saw a net inflow of 6.17 million yuan, representing 2.84% of the total [1]. Earnings Disclosure Highlights - The company forecasts a net loss attributable to shareholders of 12.89 billion to 15.76 billion yuan for 2025, with a non-recurring loss of 12.80 billion to 15.64 billion yuan [2][3]. - The previous year's net profit was 3.165 billion yuan, indicating a significant downturn in financial performance [2]. Company Announcement Summary - The anticipated losses are attributed to several factors: the downturn in international crude oil prices, weak market demand for products, and a reduction in total commodity output due to a major maintenance shutdown in the fourth quarter [2][3]. - The company also disclosed key operational data for 2025, including production and sales figures for various refined and chemical products, along with average price changes for major products and raw materials [2].

（来源：劳动午报） 转自：劳动午报 "给换热旁路调节阀做个优化，一年就能省下350万元。"1月14日，吉林石化公司炼油厂加氢一车间三级 工程师孙谦手捧优秀合理化建议证书，难掩喜悦。此前，该厂催柴改质装置更换新催化剂后，温度不稳 定等问题一直困扰着正常生产，正是孙谦这一"金点子"精准破解了生产难题。这是该厂深耕全员创新创 效、激活内生动力的缩影。（1月19日《工人日报》） 一个小小调节阀的优化，就能带来数百万元的成本节约。吉林石化炼油厂的实践，生动展现了职工智慧 的深厚力量，也印证了一个朴实的道理：来自一线职工的"金点子"，无疑是推动企业高质量发展的"金 钥匙"。 笔者以为，让"金点子"真正结出沉甸甸的"金果子"，需要一套行之有效的制度保障。其一，要健全常态 化征集渠道，通过"我为企业献一计" 等活动，激发职工主人翁意识，让建言献策有渠道。其二，要建 立科学评审机制，精准识别有价值的好建议，让优质"金点子"脱颖而出。其三，要落实长效激励措施， 对提出优秀建议的职工给予奖励，调动大家建言献策的积极性。 企业发展离不开职工的积极性、主动性和创造力。对企业来说，职工的"金点子"堪称无价之宝，既能实 现降本增效的立竿见 ...

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, and Daotong Technology [10]. Core Insights - Domestic gasoline and natural gas prices have seen significant increases, while products like liquid chlorine and hydrochloric acid have experienced substantial declines. The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities [6][19]. - The international oil prices are expected to stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties and expectations of price declines. Companies with high dividend characteristics, such as Sinopec, are viewed positively due to their benefits from lower raw material costs [6][19]. - The chemical industry is currently in a weak state, with mixed performance across sub-sectors. However, certain sectors like lubricants are performing better than expected. The report highlights investment opportunities in glyphosate, fertilizers, and companies with strong domestic demand [22]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of focusing on sectors that are likely to enter a recovery phase, such as glyphosate, which is currently facing operational difficulties but shows signs of improvement [22]. - It recommends selecting stocks with strong competitive positions and growth potential, particularly in the lubricant additives sector and the coal-to-olefins industry [22]. - The report also highlights the resilience of domestic chemical fertilizer sectors, which are expected to maintain stable demand due to self-sufficiency [22]. Market Performance - The report notes significant price increases for domestic gasoline (11.38%), natural gas (8.68%), and TDI (7.03%), while products like liquid chlorine (-18.02%) and hydrochloric acid (-13.79%) have seen notable declines [19][20]. - The overall performance of the chemical industry remains weak, influenced by past capacity expansions and weak demand, although some sectors are outperforming expectations [22]. Price Trends - The report provides insights into the price trends of various chemical products, indicating a mixed performance with some products rebounding while others continue to decline [20][22]. - It highlights the fluctuations in international oil prices, which are expected to impact the chemical sector significantly [23][24].

1月19日的资金流向数据方面，主力资金净流入28.63万元，占总成交额0.59%，游资资金净流出614.29 万元，占总成交额12.77%，散户资金净流入585.66万元，占总成交额12.17%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 4.42 3.27% | 28.63万 | | 0.59% | -614.29万 | -12.77% | 585.66万 | - 12.17% | | 2026-01-16 | 4.28 -1.83% | -647.73万 | | -11.93% | 461.91万 | 8.51% | 185.82万 | 3.42% | | 2026-01-15 | 4.36 -2.02% | -495.46万 | | -8.48% | 622.60万 | 10.65% | -127.13万 | -2.17% | | 2026-01-14 | ...

智通财经APP讯，上海石油化工股份(00338)发布公告，预计集团截至2025年12月31日止归属于母公司股 东的净亏损约为人民币12.89亿元到人民币15.76亿元，与2024年同期相比将出现亏损;预计归属于母公司 股东的扣除非经常性损益的净亏损约为人民币12.80亿元到人民币15.64亿元，与2024年同期相比将出现 亏损。 集团于2025年业绩预计出现亏损的主要原因如下：2025年国际原油价格总体震荡下行，产品市场需求未 有明显改善，集团主要炼化产品毛利空间缩减，叠加四季度集团生产装置大修影响，商品总量下降，上 述原因综合导致本集团经营亏损。 ...

格隆汇1月19日丨上海石油化工股份(00338.HK)公告，业绩预告情况：经公司财务部门初步测算，预计 公司及其附属公司截至2025年12月31日止归属于母公司股东的净亏损约为人民币12.89亿元到人民币 15.76亿元，与2024年同期(法定披露数据)相比将出现亏损；预计归属于母公司股东的扣除非经常性损益 的净亏损约为人民币12.80亿元到人民币15.64亿元，与2024年同期(法定披露数据)相比将出现亏损。 ...

上海石油化工股份(00338)发布公告，截至2024年12月31日止年度，柴油产量246.97万吨，柴油销量 244.74万吨，柴油销售收入154.79亿元;汽油产量312.13万吨，汽油销量312.19万吨，汽油销售收入 246.56亿元。 ...