Group 1 - On October 13, a total of 9 companies were investigated by institutions, with 6 companies being surveyed by funds, indicating a strong interest in these firms [1] - LiuGong was the most popular among the surveyed companies, with 15 funds participating in its investigation, while QingNiao Fire and KeLu Electronics attracted 4 and 2 funds respectively [1] - Among the surveyed companies, 4 were from the Shenzhen Main Board and 2 from the ChiNext Board, highlighting the diversity in market segments [1] Group 2 - The total market capitalization of the surveyed A-share companies included 2 firms with a market value of less than 10 billion yuan, specifically Anli Co. and Baoli International [2] - In terms of market performance over the past 5 days, 3 stocks among the surveyed companies saw an increase, with KeLu Electronics leading at a rise of 7.49%, followed by LiuGong at 1.97% and Baoli International at 0.46% [2] - Conversely, 2 stocks experienced declines, with QingNiao Fire and Anli Co. showing decreases of 1.88% and 1.30% respectively [2]

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Views - The Israeli government's approval of the Gaza ceasefire agreement has led to a continued decline in oil prices, with WTI crude futures dropping by 4.15% and Brent crude by 3.53% during the specified period [6]. - Geopolitical tensions remain, particularly with the U.S. halting diplomatic engagement with Venezuela and potential military escalations, which could disrupt Venezuelan oil supplies [6]. - OPEC+ plans a cautious production increase of 137,000 barrels per day in November 2025, but Russia advocates for maintaining current production levels to avoid downward pressure on oil prices [6]. - The EIA has raised its short-term price forecasts for WTI to $65 per barrel and Brent to $68.64 per barrel, while also slightly increasing U.S. oil production expectations to 13.53 million barrels per day [6]. - The report highlights a tightening supply in the fluorochemical sector, with prices for popular refrigerants like R32 and R134a remaining stable at high levels due to production constraints and increasing demand from the air conditioning and automotive sectors [6]. Summary by Sections Oil and Petrochemicals - The report discusses the impact of geopolitical events on oil prices, noting a significant drop in both WTI and Brent crude prices following the ceasefire agreement [6]. - It tracks OPEC+ production strategies and U.S. oil production forecasts, indicating a cautious approach to increasing supply amidst fluctuating demand [6][7]. Fluorochemicals - The fluorochemical market is experiencing a tight supply for popular refrigerants, with stable high prices due to production limitations and recovering demand in the domestic market [6]. - The report notes a projected increase in production for household air conditioners and automotive refrigerants, driven by government incentives [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, particularly on companies with resilient earnings such as China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, it recommends companies leading in third-generation refrigerant production and upstream fluorite resources [7]. - The semiconductor materials sector is also highlighted, with a positive outlook due to inventory reduction trends and domestic substitution [7].

石油石化股方面，中国石油化工股份跌0.24%，收报4.1港元；中国石油股份涨0.41%，收报7.3港 元；中国海洋石油跌0.11%，收报18.84港元。 【纠错】 【责任编辑:张樵苏】 香港本地股方面，长实集团跌2.14%，收报37.58港元；新鸿基地产跌0.05%，收报96.75港元；恒基 地产涨0.22%，收报27.4港元。 中资金融股方面，中国银行跌0.48%，收报4.18港元；建设银行跌0.27%，收报7.32港元；工商银行 无升跌，收报5.66港元；中国平安跌2.69%，收报52.45港元；中国人寿跌2.18%，收报21.58港元。 新华社香港10月13日电 香港恒生指数13日跌400.84点，跌幅1.52%，收报25889.48点。全日主板成 交4903.66亿港元。 国企指数跌135.78点，收报9222.54点，跌幅1.45%。恒生科技指数跌114.24点，收报6145.51点，跌 幅1.82%。 蓝筹股方面，腾讯控股跌1.92%，收报639港元；香港交易所跌2.65%，收报432.8港元；中国移动涨 0.12%，收报84.9港元；汇丰控股跌0.87%，收报102.6港元。 ...

Market Overview - The Shanghai Composite Index fell by 1.30% today, with a trading volume of 977.15 million shares and a total transaction value of 1,590.694 billion yuan, a decrease of 3.91% compared to the previous trading day [1] Industry Performance - The banking sector showed the smallest decline with a change of 0.02%, leading to a transaction value of 26.969 billion yuan, which is an increase of 5.62% from the previous day. The top-performing stock in this sector was Pudong Development Bank, which rose by 4.48% [1] - The automotive sector experienced the largest decline at 3.26%, with a transaction value of 81.481 billion yuan, down by 5.28% from the previous day. The leading stock in this sector was RY Electronics, which fell by 10.00% [2] - Other sectors with significant declines included electric power equipment (-2.71%), communication (-2.65%), and non-bank financials (-1.99%) [1][2] Notable Stocks - In the banking sector, Pudong Development Bank was the standout performer with a gain of 4.48% [1] - In the automotive sector, RY Electronics led the decline with a drop of 10.00% [2] - In the electric power equipment sector, Mingzhi Electric fell by 8.33% [2]

摘要 指数上涨后因去杠杆担忧回落，双创指数跌破上升趋势线。若未来两日 无法修复缺口，可能继续下跌，预示短期市场风险。 市场板块分化明显，科技股趋弱，周期和红利板块受资金青睐，显示资 金避险情绪上升，高低切换明显。 科技股内部出现分化，光模块等已显疲态，创业板指数需关注上升趋势 线支撑，若无法修复可能继续下跌。 市场方向频繁变化，投资者需灵活调整策略，控制风险，关注最新市场 动态，及时调整投资组合。 市场在关税冲突前已显疲态，A50、纳斯达克等指数大幅下跌，表明市 场在脆弱时易受利空消息打击。 创业板指数或将进入 ABC 结构调整，预计持续 4-6 周，上证指数虽相对 坚挺，但可能受双创指数拖累。 短期市场或经历 4-6 周调整，但中长期系统性慢牛行情未结束，上证指 数支撑位较强，关注金融、红利和中字头基建板块的防御性。 廖市无双：外部影响下，市场风格作何改变？20251012 Q&A 当前市场是否处于牛市？短期内是否会出现调整？ 当前市场的中线趋势仍然向好，预计四季度上证指数将冲击 4,000~4,100 点 区域。然而，短期内市场可能会出现调整。10 月 9 日科创 50 带动大盘全线上 攻，双创指数强势上 ...

胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 原油周报：中东地缘风险降温 [Table_T ， itle油价周内 ] 下跌 证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] | | | 上次评级——看好 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com [Table_ReportDate0] 2025 年 10 月 12 日 本期内容提要： [Table_Author] [Table_Summary] ➢ 【油价回顾】截至 2025 年 10 月 10 日当周，国际油价下跌。国庆期 间，欧佩克计划 11 月继续增产及库尔德地区原油出口恢复引发供应 过剩担忧，加之美国政府停摆引发经济担忧，国际油价下跌；而后， 特朗普为哈马斯设定最后期限，引发地缘风险担忧，欧佩 ...

转自：北京日报客户端 中国石化2026年度毕业生招聘正式启动，感兴趣的同学们不要错过~ 中国石化将围绕保障传统产业转型升级、新兴产业培育壮大、未来产业前瞻布局，重点引进石油石化主 体专业以及新能源、新材料、人工智能等领域急需紧缺专业毕业生。 近期，中国石化将到有关高校开展校园招聘集中宣讲，敬请广大毕业生关注，热忱欢迎大家踊跃报名。 来源：国资小新 ...

石化周报 加沙停火，原油地缘溢价效应减弱 2025 年 10 月 11 日 ➢ 加沙停火，原油地缘溢价效应减弱。由于特朗普 9 月 29 日宣布以色列总理 已同意美方就结束加沙冲突提出的"20 点计划"，从而十一假期期间油价表现走 弱；10 月 10 日，以色列国防军发表声明，加沙停火第一阶段协议已于当地 10 日中午 12 时（北京时间 17 时）生效，中东局部停火导致原油所包含的地缘溢价 效应减弱。OPEC+方面，10 月 1 日第 62 次 JMMC 会议召开，伊朗、科威特、 阿联酋、哈萨克斯坦、阿曼、俄罗斯更新了 25 年 9 月至 26 年 6 月的补偿减产 计划，其中，25 年 9~12 月计划补偿减产 23.2、20.3、26.6、30.3 万桶/日，第 63 次 JMMC 会议将于 11 月 30 日举行；10 月 5 日，此前自愿减产的八个 OPEC+ 国家宣布将逐步取消 165 万桶/日的减产，11 月份将率先进行 13.7 万桶/日的增 产，且下一次八国会议将于 11 月 2 日举行。我们认为，目前的地缘形式下， OPEC+的补偿减产仍需持续跟踪，若补偿减产能够有效兑现，则油价仍具备较强 ...

Core Conclusions - The overall valuation of A-shares has expanded this week, with the non-ferrous metals industry continuing to lead the market [1] - During the National Day holiday, favorable factors for the non-ferrous industry have emerged, contributing to its ongoing leadership [1] - The current overall PB (LF) of the non-ferrous metals industry is at the historical 87.8 percentile, with specific sectors like copper, aluminum, lithium, and gold at 92.1%, 96.3%, 40.7%, and 83.6% percentiles respectively, indicating greater valuation upside potential for lithium [1] A-share Valuation Overview - The overall PE (TTM) of A-shares increased from 22.36 times last week to 22.78 times this week, while PB (LF) rose from 2.17 times to 2.21 times [10] - The PE (TTM) of the ChiNext board increased from 81.61 times to 82.22 times, while its PB (LF) remained stable at 4.88 times [19] - The PE (TTM) of the Sci-Tech Innovation Board rose from 272.77 times to 276.66 times, with PB (LF) increasing from 6.72 times to 6.81 times [21] Industry Valuation Levels - From a static PE (TTM) perspective, major industries such as consumer discretionary, midstream manufacturing, and cyclical sectors have absolute and relative valuations above historical medians, with consumer discretionary and midstream manufacturing exceeding the 90th percentile [27] - In terms of PB (LF), TMT, midstream manufacturing, and consumer discretionary also show absolute and relative valuations above historical medians, while financial services and consumer staples are below historical medians [29] - The overall valuation of key companies in A-shares based on dynamic PE increased from 15.17 times to 15.19 times this week [14] Relative Valuation Expansion - The relative PE (TTM) for computing infrastructure, excluding operators and resource categories, decreased from 5.80 times to 5.66 times, while relative PB (LF) fell from 5.69 times to 5.54 times [23] - The current comparison of odds (PB historical percentiles) and win rates (ROE historical percentiles) indicates that industries like oil and petrochemicals, as well as agriculture, forestry, animal husbandry, and fishery, exhibit characteristics of low valuation and high profitability [2] ERP and Equity-Debt Yield Spread - The non-financial ERP of A-shares decreased from 0.80% to 0.76%, while the equity-debt yield spread fell from -0.19% to -0.24% [60] - The dynamic ERP of key non-financial companies in A-shares increased from 2.76% to 2.77% this week [64]

Core Insights - The report indicates that the Shanghai Composite Index broke through 3900 points but faced a pullback, leading to increased market volatility. The outlook remains optimistic for a systematic "slow bull" market, with potential adjustments viewed as opportunities for increased allocation [1][4][58] - The report suggests a strategic focus on large financials, real estate, and infrastructure sectors, while tactical operations should monitor the performance of the ChiNext Index and key moving averages [1][5][59] Market Overview - The major indices experienced fluctuations, with the Shanghai Composite Index showing a slight increase of 0.37% over the week, while the ChiNext Index and the STAR Market saw declines of 3.86% and 2.85% respectively [12][56] - The report highlights a significant rise in cyclical sectors, with non-ferrous metals up by 4.35%, and coal and electricity sectors also performing well. Conversely, technology sectors showed weakness, with declines in media, electronics, and communications [15][57] Market Sentiment and Capital Flow - The average daily trading volume in the Shanghai and Shenzhen markets increased to 2.59 trillion yuan, indicating heightened market activity. The margin trading balance also continued to rise, reaching 2.44 trillion yuan [24][29] - The report notes that the stock ETF saw a net inflow of 10.4 billion yuan, with the securities ETF leading in inflows, while the medical ETF experienced the largest outflow [31][39] Future Market Outlook - The report anticipates that if the ChiNext Index does not recover its upward trend in the short term, it may undergo a weekly level consolidation. The Shanghai Composite Index, having formed a five-wave structure, is expected to continue its upward trajectory unless external shocks disrupt this trend [4][58] - The report emphasizes the importance of monitoring the performance of key sectors, particularly large financials and cyclical stocks, as the market may shift focus away from technology [58][59]