格隆汇2月27日丨阳光油砂(02012.HK)公告， 内容有关(其中包括)公司根据特定授权进行最多1.14亿股 股份建议配售。 由于完成配发及发行配售股份需要额外时间，公司与配售代理于2026年2月27日(香港时间)签订了补充 协议，据此，双方同意把最后完成日期由2026年2月28日延长至2026年5月31日(或公司与配售代理同意 的一个较后日期)。 ...

沙特或将4月销往亚洲的原油价格上调，为5个月来首次涨价。 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In February 2026, affected by the geopolitical tensions between the US and Iran, international oil prices showed a strong and volatile pattern. The market priced in the possibility of an Iranian supply disruption, with Brent crude rising above $70 per barrel, and the current risk premium estimated to be as high as $8 - $12 per barrel. The WTI crude futures price closed at $65.42 per barrel on February 25, up about 7.9% from the same period last month, and Brent crude futures closed at $70.85 per barrel, up about 8% [4][8]. - In the short - term, the geopolitical situation will still dominate the market, and oil prices may remain volatile and strong. For the whole year of 2026, the market will face a re - balance between geopolitical risk premiums and global supply - demand fundamentals. The OPEC+ production policy and increased production in the Americas may bring supply surplus pressure, while seasonal demand recovery and global restocking may provide upward momentum [9]. - The crude oil surplus pattern is difficult to be falsified, and there is still pressure to accumulate inventory. Geopolitical risks are the main driving force for the upward movement of oil prices. The Brent price is expected to fluctuate in the range of $65 - $72 per barrel this month, with a pattern of high at the beginning and low at the end, and the downward risk mainly comes from the extrusion of geopolitical premiums [4][50]. Summary by Directory 1. Market Review - In February 2026, due to the geopolitical tensions between the US and Iran, international oil prices showed a strong and volatile pattern. The market priced in the possibility of an Iranian supply disruption, with Brent crude rising above $70 per barrel, and the current risk premium estimated to be as high as $8 - $12 per barrel. The WTI crude futures price closed at $65.42 per barrel on February 25, up about 7.9% from the same period last month, and Brent crude futures closed at $70.85 per barrel, up about 8% [4][8]. - Geopolitical risks are the core driving force this month. The US's increased pressure on Iran's nuclear issue, increased military deployments, and the repeated prospects of negotiations have led to repeated concerns about supply disruptions, driving short - term event - driven rebounds. Although the global supply surplus pressure persists, OPEC+ maintaining the policy of suspending production increases provides some support [4][8]. 2. Supply Overview - **OPEC**: In January 2026, OPEC's crude oil production was 28.453 million barrels per day, a month - on - month decrease of 135,000 barrels per day. The main production cuts came from Iran (- 81,000 barrels per day), Nigeria (- 19,000 barrels per day), and Venezuela (- 87,000 barrels per day). Iraq increased production by 38,000 barrels per day, and Saudi Arabia, the UAE, and Kuwait increased production by 13,000 barrels per day, 14,000 barrels per day, and 5,000 barrels per day respectively [13]. - **OPEC+**: OPEC+ plans to hold a regular meeting on March 1st to evaluate the production policy for the next month, and it is expected to maintain the production level in March. According to Reuters, OPEC is inclined to resume a small - scale production increase from April 2026, which may be related to the current strong price and the start of the summer demand peak. It is expected that by the end of 2026, OPEC will end the current production cut plan of 1.65 million barrels per day, and the supply will reach a high point. The subsequent supply increase is mainly expected to come from four Middle Eastern countries, with a total supply increase of about 1 million barrels per day [16]. - **US**: As of the week of February 20, the number of active US crude oil rigs was 409, unchanged from the previous week and slightly lower than the previous month. US crude oil production was 13.702 million barrels per day, a slight month - on - month decrease of 33,000 barrels per day and a year - on - year increase of about 200,000 barrels per day. The EIA expects the average US crude oil production to be 13.6 million barrels per day in 2026, the same as in 2025, and to drop to 13.3 million barrels per day in 2027 [19]. - **Russia**: As of February 22, Russia's average crude oil shipments in the four - week period were 3.44 million barrels per day, slightly up from the previous period and the fifth consecutive week of growth, but still about 420,000 barrels per day lower than the peak before Christmas. The UK announced new sanctions against Moscow, targeting 175 companies in the 2Rivers oil network [21]. - **Iran**: The confrontation between the US and Iran has directly driven the high volatility of the crude oil market through geopolitical risk premiums. The two sides are conducting military deployments and diplomatic negotiations at the same time. The current situation is at a crossroads between war and peace. The core contradictions between the two sides have expanded from the nuclear issue to broader issues such as Iran's missile program, regional influence, and the "absolute security" sought by the US and Israel. The possibility of the US launching a military strike on Iran in the long - term has increased significantly. If the situation escalates to military confrontation, it may lead to supply disruptions and a sharp rise in oil prices. In January, Iran's crude oil production was about 3.3 million barrels per day, and exports increased from 1.38 million barrels per day last month to about 1.6 million barrels per day [24][26]. 3. Demand Overview - **US**: In February, US gasoline demand bottomed out and rebounded, with demand around 8.484 million barrels per day at the end of the month, and the demand level was in a neutral state in the past five - year range. US gasoline inventories have been accumulating since early January, exceeding the seasonal level, with a year - on - year increase of 1%, and then falling back to around 250 million barrels in late February. US distillate demand also increased seasonally in February, with the demand level at a relatively high level in the same period of previous years. Distillate inventories declined slightly, and the destocking speed was relatively limited, with inventories around 120 million barrels at the end of February [29]. - **China**: In February, the operating rate of domestic refineries increased slightly. The operating rate of major refineries rose from 80.02% at the end of January to around 82.17%, which is at the historical average. The independent refineries changed little from the previous month. The domestic refined oil market closely follows the high - frequency fluctuations of crude oil. Affected by the post - poned demand, the supply and demand sides show structural differentiation characteristics. After the Spring Festival holiday, the performance of gasoline and diesel in Central China was weaker than expected, breaking the gasoline - diesel linkage rule. Gasoline is stronger than diesel, and the pattern of strong gasoline and weak diesel may continue in the first quarter [41]. 4. Profit and Valuation - In the profit aspect, in the past month, the cracking profit of overseas refined oil has shown a mild recovery from the low point. After mid - February, the refinery maintenance season and seasonal demand have become the main supporting factors. Diesel cracking is relatively strong and provides the main support, while gasoline cracking is weak or has limited recovery, so the recovery of the composite cracking is mainly driven by diesel. The strength of diesel is mainly due to the increased demand for heating oil in the northeastern US in the late winter, the maintenance of multiple devices in the US, Asia, and the Middle East, and the restricted heavy - oil exports [43]. - The market shows a complex pattern of "weak demand, strong supply, high inventory, and tense geopolitics". The IEA expects global oil demand to increase by 850,000 barrels per day in 2026, slightly higher than the 770,000 barrels per day in 2025, mainly contributed by non - OECD countries, especially China, India, and Southeast Asia. The growth driver has shifted from transportation fuels in 2025 to petrochemical raw materials in 2026. The supply is expected to increase by 2.4 million barrels per day to 108.6 million barrels per day in the whole year, with the increase evenly shared by OPEC+ and non - OPEC+ [47]. 5. Future Outlook and Strategy Recommendations - The crude oil surplus pattern is difficult to be falsified, and there is still pressure to accumulate inventory. In the short - term, the market is speculating on the possibility of the US launching a military strike on Iran. Geopolitical risks are the main driving force for the upward movement of oil prices. The Brent price is expected to fluctuate in the range of $65 - $72 per barrel this month, with a pattern of high at the beginning and low at the end, and the downward risk mainly comes from the extrusion of geopolitical premiums [50]. - Strategy recommendations: - **Unilateral**: High at the beginning and low at the end. - **Arbitrage**: Wait and see. - **Options**: Wait and see.

Group 1 - Saudi Arabia is expected to raise the official selling price of crude oil to Asia for April, marking the first price increase in five months, with Arab Light crude oil's price anticipated to rise by approximately $1 per barrel, returning to levels seen in December of the previous year [1] - The price adjustment is driven by two main factors: increased Indian demand for Middle Eastern crude to replace some Russian supply due to disruptions in Russian energy infrastructure, and escalating military tensions between the US and Iran, raising concerns over potential oil supply interruptions [1] - Saudi Arabia is preparing for possible supply disruptions by increasing oil production and export levels, with data showing that the average daily crude oil transport volume reached 7.3 million barrels in the first 24 days of February, the highest level since April 2023, and up by over 400,000 barrels from January [1] Group 2 - As a key supplier in the global oil market, Saudi Arabia's pricing decisions directly impact the procurement costs for Asian refiners, and the upcoming price increase indicates a shift in Saudi Arabia's outlook on Asian oil demand [2] - The OPEC+ meeting scheduled for this Sunday will further clarify the production policies for April, providing more insight into the arrangements of oil-producing countries [2]

格隆汇2月27日｜炼油消息人士称，随着印度需求增加以替代俄罗斯供应，且美伊军事冲突威胁加剧引 发供应中断担忧，沙特可能上调4月售往亚洲的原油售价，为五个月来首次。消息人士称，4月阿拉伯轻 质原油的官方售价可能上涨约1美元/桶，回升至去年12月的水平。预计沙特其他品级原油4月官方售价 也将同步上调。Sparta Commodities高级分析师June Goh表示，在印度寻求替代俄油而增加采购的带动 下，2月份现货市场出现了大幅上涨。沙特的原油官方售价通常在每月5日左右公布，这些价格会成为伊 朗、科威特和伊拉克油价的参考基准，影响约900万桶/日运往亚洲的原油。 ...

Core Viewpoint - The domestic gasoline and diesel market is experiencing a price increase, with expectations for a potential price adjustment on March 9, 2026, influenced by recent trends in crude oil prices and market sentiment regarding future price movements [1][3]. Price Trends - Current gasoline and diesel prices have increased by 170-175 yuan per ton, translating to a rise of approximately 0.14 yuan for 92 gasoline and 0.15 yuan for 95 gasoline per liter [1]. - As of February 27, 2026, the average price for 92 gasoline in Beijing is 7.08 yuan per liter, while 95 gasoline is priced at 7.53 yuan per liter [1][4]. Crude Oil Market Analysis - The recent trend in crude oil prices has shown a decline, with WTI crude oil priced at 65.21 USD per barrel and Brent crude at 70.75 USD per barrel as of February 26, 2026 [3]. - The average crude oil price for the new pricing cycle is reported at 68.11 USD per barrel, leading to a reduced forecast for gasoline and diesel price increases to around 100 yuan per ton [3]. Market Sentiment and Future Expectations - There is a growing sentiment in the market anticipating a potential "first drop" in gasoline and diesel prices by 2026, despite the current upward trend [1][3]. - The market is closely monitoring geopolitical developments in the Middle East, which could impact crude oil prices and subsequently affect domestic fuel prices [3]. Regional Price Variations - A detailed breakdown of gasoline prices across various regions shows significant variations, with prices for 92 gasoline ranging from 6.55 to 7.71 yuan per liter in different provinces [4].

Investment Chain - The prices of non-ferrous metals have risen significantly since February 2026, with copper, aluminum, zinc, lead, tin, nickel, gold, and silver all experiencing price increases. However, fixed asset investment growth has declined, with real estate development investment down by 17.20% year-on-year and manufacturing fixed asset investment growth at only 0.60% [10][11] - In February 2026, the average price of ordinary cement decreased, while the prices of steel and light soda ash also fell. The sales growth of large and light buses declined, but the sales growth of medium-sized buses increased [10][11] Consumption Chain - In January 2026, the year-on-year growth rate of automobile sales showed a slight recovery, increasing to -3.18%. However, the consumer confidence index fell to 89.50 in December 2025, and retail sales growth for home appliances decreased by 14.25% [11][12] - The total retail sales of consumer goods in December 2025 saw a nominal year-on-year growth rate drop to 0.90%, with a cumulative decline of 3.70% [11][12] - Tourism revenue in Beijing increased by 11.40% year-on-year in December 2024, while tourism revenue in Hainan decreased by 20.03% in March 2024 [11][12] Export Chain - In December 2025, exports to Japan and ASEAN countries increased, while exports to the US and EU saw a decline. The export growth rate for electronic products rose to 37.25%, while textile exports fell by 4.23% [12][13] - The cumulative year-on-year growth rate for exports of refined oil, coke, steel, and aluminum increased, while the export amounts for agricultural products, toys, furniture, and other categories decreased [12][13] - The OECD leading indicator for the US rose to 100.50 in January 2026, indicating potential economic improvement [12][13] Price Chain - In February 2026, pork prices decreased to 12.75 yuan per kilogram, while oil prices increased, with WTI rising to 65.63 USD per barrel [13][14] - The price of PVC rose to 4770 yuan per ton, while the price of MDI fell to 13950 yuan per ton [13][14] - The price of cotton increased, and the price of white sugar decreased during the same period [13][14]

2月27日，黄金股板块盘中上行，黄金股票ETF（517400）盘中涨超1.6%，美伊谈判反复，贵金属上行 持续。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 华西证券指出，资源品方面，贵金属和石油上涨，或与美伊谈判反复的背景相关。由于关键议题仍未达 成协议，美伊局势恶化，伦敦金现货价接连上涨，有色&石油板块的修复趋势有望延续。行业层面，关 注资源品，例如贵金属、工业有色和原油，由商品市场涨价逻辑推动。 展望后市，黄金的长期趋势仍然坚实。在货币超发及财政赤字货币化背景下，美元信用体系受到挑战； 加上全球地缘动荡频发推动资产储备多元化，黄金作为安全资产的需求持续提升，全球"去美元化"的趋 势使得黄金有望成为新一轮定价锚，使得贵金属有望具备上行动能。"美联储降息周期+海外不确定性 加剧+全球去美元化趋势"对于金价构 ...

欧尔班表示，匈牙利情报部门指出基辅正在"准备采取进一步行动，破坏匈牙利能源系统的运行"。但他 没有提供任何细节或证据来支持他的说法。欧尔班还补充道，匈牙利政府将部署士兵和必要装备，以击 退关键能源设施附近的袭击。匈牙利警方将在指定的发电厂、配电站和控制中心周围加强巡逻。 此外，匈牙利近日指责乌克兰蓄意阻断通过乌克兰领土的"友谊"输油管道向匈牙利输送的石油。乌克兰 官员否认了这些指控，称这条为匈牙利和斯洛伐克炼油厂供油的管道遭到了俄罗斯无人机的袭击。自俄 罗斯于2022年2月24日发起"特别军事行为"以来，欧洲几乎所有国家都大幅减少或完全停止了从俄罗斯 进口能源。然而，匈牙利和斯洛伐克虽然作为欧盟和北约成员国，却依然坚持从俄罗斯进口石油和天然 气，这一举措也得到欧盟禁止进口俄罗斯石油政策的暂时豁免。 根据外媒的报道，匈牙利总理欧尔班指责乌克兰试图破坏匈牙利的能源系统，并下令在关键能源基础设 施地点加强安保。此前，匈牙利总理欧尔班在社交媒体上发布了一段视频。他在视频中表示，乌克兰政 府正在利用"石油封锁"向匈牙利施压。 此前几天，匈牙利威胁要阻止欧盟向基辅提供约1060亿美元的援助贷款，并于2月23日否决了欧盟对 ...

分区域来看，黑龙江、四川、上海、河南汽油批发价格上涨，青海、内蒙古、湖北、江西、新疆、重 庆、浙江、天津、吉林、江苏汽油批发价格下跌；甘肃柴油批发价格上涨，青海、内蒙古、新疆、湖 北、江苏、黑龙江、江西、浙江、吉林、山西柴油批发价格下跌。山东地炼方面，汽油价格下跌，柴油 价格小幅上涨。 中国汽、柴油批发价格由中国经济信息社-中国石油经济技术研究院"能源大数据实验室"联合上海石油 天然气交易中心发布，基于对全国范围内主要经营单位和社会经营单位（不含炼厂）的批发价格数据采 集并计算形成，是反映中国汽、柴油批发市场整体情况的权威产品。 从市场整体情况来看，2月25日国际原油期货价格小幅波动，一揽子原油平均价格变化率正向区间发 展，消息面指引不稳。市场观望气氛浓郁，实际操作以刚需小单为主，购销气氛无明显改善。 （文章来源：新华财经） 新华财经北京2月27日电中国汽、柴油批发价格显示，2月26日，中国汽、柴油批发价格均下跌。全国 92#汽油平均批发价格为7521元／吨，较前一日下跌4元／吨；柴油（含低凝点）平均批发价格为6084元 ／吨，较前一日下跌8元／吨。 ...