Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has approved the equity cooperation between China Petroleum and State Grid, involving the transfer of shares and acquisition of a futures company [2][12]. Group 1: Share Transfer Announcement - China Petroleum Group plans to transfer 379,262,372 A-shares, representing 3.00% of the total share capital, to State Grid Yingda Group through a state-owned share transfer agreement signed on December 26, 2025 [2][6]. - The transfer has received approval from the SASAC [6][12]. Group 2: Acquisition of Yingda Futures - China Petroleum's wholly-owned subsidiary, China Petroleum Capital Co., intends to acquire 100% of Yingda Futures for a price of RMB 1,129,286,232.00 [12]. - This acquisition was also approved by the SASAC [12]. - The qualification of China Petroleum Capital as the controlling shareholder of Yingda Futures requires approval from the China Securities Regulatory Commission, indicating potential uncertainty regarding the successful implementation of the transaction [12].

【美官员：#美方正向委内瑞拉移交一被扣油轮##美方正向委移交索菲亚号油轮#】据新华社报道，路透 社28日报道援引两名匿名美国官员的说法称，美国正向委内瑞拉移交本月初在委附近国际水域被美方扣 押的一艘油轮。这艘油轮当时悬挂巴拿马旗帜，被美方控制后驶向美国境内。这两名官员说，这艘油轮 是本月7日被美国海岸警卫队和美军在国际水域拦截扣押的"索菲亚"号。美方称该船为"无国籍、且受制 裁的'影子船队'油轮"。不清楚这艘油轮当时载有多少石油以及目前船上是否仍有石油。委内瑞拉方面 尚未证实这一报道内容。这两名美国官员没有解释美方"还船"的缘由。按照路透社的说法，自2025年年 底以来，美军在委附近海域共扣押7艘油轮，这些美方所称"关联委内瑞拉"的油轮多数船龄超过20年， 而安全认证和航运保险不足。航运和保险业人士说，这意味着这些油轮一旦出现碰撞或漏油事故，很难 索赔或追责。一家总部设于阿联酋迪拜、从事船舶回收业务的企业已经向美国政府申请许可证，准备收 购并报废这些遭美方扣押的油轮。美国本月3日凌晨对委内瑞拉发动大规模军事打击，强行控制委总统 马杜罗夫妇并将他们带到美国。美国总统特朗普随后宣称美国将"管理"委内瑞拉，并开采其 ...

风险提示：投资有风险，投资需谨慎。 从四小时技术图形来看，价格整体仍运行在清晰的中期上升通道之中，通道结构保持完好，回调节奏受控。近期价格沿通道中轴震荡抬升，并成功突破此前 震荡区间上沿，显示多头结构依旧占据主导。63美元附近已由前期阻力转化为重要支撑区域，下方62.30至61.30区间构成短线关键防守带，只要价格维持在 该区域上方，整体趋势并未遭到破坏。上方来看，64.90附近构成阶段性阻力，若在成交配合下有效突破，油价有望沿通道上轨进一步上探69至70美元区 域，该区域同时也是图表所显示的中期目标阻力区。综合来看，WTI原油当前处于趋势偏多但高位敏感的阶段，地缘政治风险溢价为油价提供了重要支撑， 但基本面分化限制了上涨的持续性。本周走势将高度依赖中东局势是否继续升级以及美元走势变化，在趋势结构未被破坏之前，多头仍占据主动，但短线追 高需警惕回调风险，关注关键支撑区域对价格的再度验证。 来源：ATFX 本周国际原油市场在多重因素交织下再度成为资金关注焦点。随着中东地缘政治风险明显升温、美国原油库存出现阶段性下降以及美元走势趋弱，原油价格 延续震荡上行节奏，并一度升至四个月高位，价格重返63美元上方。从市场定 ...

EIA数据显示,美国1月23日当周商业原油库存减少229.5万桶,主要因净进口减少170.6万桶/ 日。同期美国原油产量减少3.6万桶/日,炼厂开工率由93.3%加速回落至90.9%,但仍处同期高位, 原油加工量下降39.5万桶/日,寒潮影响在本期数据的体现较为有限。炼厂开工率下滑后美国汽柴 油累库压力有所放缓,美国原油与石油产品总库存高位小幅回落,单周数据指向有限。 风险因素:关税政策调整,地缘局势,OPEC+产量政策。 中信期货 EIA周度数据:炼厂加速降负,汽柴累库放缓 | 2026年1月29日 | 能源化工组 李云旭 | 重要提示:本报告非期货交易咨询业务项下服务,其中的观点 | | --- | --- | --- | | 投资咨询业务资格: | 从业资格号 | 和信息仅作参考之用,不构成对任何人的投资建议。我司不会 因为关注、收到或阅读本报告内容而视相关人员为客户;市场 | | 证监许可【2012】669号 | F03141405 | 有风险,投资需谨慎。 | | | 投资咨询号 Z0021671 | | | 单位: 万桶 | 公布值 | 前值 | 单位:万桶/日 | 公布值 | 前值 | | -- ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Due to geopolitical situations and cold weather, crude oil prices are expected to fluctuate strongly [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - On January 4, OPEC+ decided to maintain the production plan set in early November 2025 and continue to suspend production increases in February and March 2026 [1] - In the off - season of crude oil demand, affected by winter storms, EIA data showed that U.S. crude oil inventories decreased more than expected, while refined oil inventories increased slightly, and the overall oil product inventory decreased [1] - U.S. oil producers lost up to 2 million barrels per day of production last weekend due to winter storms, about 15% of the national production [1] - The International Monetary Fund recently raised the 2026 world economic growth rate by 0.2 percentage points, and cold weather boosted diesel heating demand, alleviating demand concerns [1] - Global crude oil floating storage is high, and the crude oil market is still in a supply - surplus pattern. The EIA's latest January monthly report raised the 2026 crude oil supply - surplus margin [1] - Chevron is increasing the transportation of Venezuelan crude oil, but currently Venezuela has little impact on global crude oil supply and demand [1] - The U.S. Treasury announced a new round of sanctions on Iran on the 23rd, and there is a possibility of military action. The U.S. aircraft carrier strike group has arrived in the Middle East, and Iranian armed forces are on full alert. Iranian geopolitical risks are rising [1] - Zelensky said that the talks between Ukraine, the U.S., and Russia in the UAE were constructive. The U.S. trade representative said that India needs to do more to eliminate U.S. concerns about its purchase of Russian oil and obtain tariff exemptions [1] - The Kazakhstan Energy Ministry said that the safety restart of the Tengiz oil field's power supply system has been confirmed, and the CPC No. 3 offshore mooring terminal's maintenance is completed, but the operator said that only half of the field's production capacity can be restored before February 7 [1] 3.2 Futures and Spot Market Conditions - Today, the main crude oil futures contract, the 2603 contract, rose 3.69% to 472.5 yuan/ton, with a minimum price of 461.1 yuan/ton, a maximum price of 475.5 yuan/ton, and the open interest increased by 145 to 48,382 lots [2] 3.3 Fundamental Tracking - The EIA monthly report raised the 2026 WTI crude oil price by $0.79/barrel to $52.21/barrel, lowered the 2026 global oil demand from the previous forecast of 105.2 million barrels per day to 104.8 million barrels per day, and raised the 2026 global oil production from the previous forecast of 107.4 million barrels per day to 107.7 million barrels per day [3] - The IEA raised the 2026 global oil demand growth rate by 70,000 barrels per day to 930,000 barrels per day, but raised the 2026 global oil production growth rate by 100,000 barrels per day to 2.5 million barrels per day [3] - On the evening of January 28, U.S. EIA data showed that for the week ending January 23, U.S. crude oil inventories decreased by 2.295 million barrels (expected to increase by 1.848 million barrels), 2.94% higher than the five - year average; gasoline inventories increased by 223,000 barrels (expected to increase by 1.009 million barrels); refined oil inventories increased by 329,000 barrels (expected to decrease by 583,000 barrels); heating oil inventories increased by 26,000 barrels (expected to increase by 279,000 barrels); Cushing crude oil inventories decreased by 278,000 barrels [3] 3.4 Supply and Demand - OPEC's latest monthly report showed that its November 2025 crude oil production was lowered by 21,000 barrels per day to 28.459 million barrels per day, and its December 2025 production increased by 105,000 barrels per day month - on - month to 28.564 million barrels per day [4] - U.S. crude oil production in the week of January 23 decreased by 36,000 barrels per day to 13.696 million barrels per day, and is near the historical high [4] - According to the latest data from the U.S. Energy Administration, the four - week average supply of U.S. crude oil products increased to 20.271 million barrels per day, a decrease of 0.08% compared with the same period last year, and the decline compared with the same period last year has decreased [4] - Gasoline weekly production increased by 11.78% month - on - month to 8.757 million barrels per day, with a four - week average production of 8.266 million barrels per day, a decrease of 0.39% compared with the same period last year [4] - Diesel weekly production increased by 15.47% month - on - month to 4.069 million barrels per day, with a four - week average production of 3.721 million barrels per day, a decrease of 4.78% compared with the same period last year [4] - The week - on - week increase in gasoline and diesel production drove the week - on - week increase of the single - week supply of U.S. crude oil products by 2.49% [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - As of the close on January 29, most domestic futures main contracts rose, with significant increases in precious metals and base metals, while some contracts like polysilicon and lithium carbonate declined. In the stock index futures market, some contracts rose and some fell, and in the bond futures market, most contracts showed slight increases. Considering geopolitical situations, weather impacts, and supply - demand relationships, it is expected that crude oil prices will fluctuate strongly, and various chemical products will also show different trends based on their own supply - demand and cost factors [6][7][9]. 3. Summary by Related Catalogs 3.1. Futures Market Overview - As of January 29, most domestic futures main contracts rose, with沪银up over 8%,沪金nearly 8% up, and international copper over 7% up. In terms of declines, polysilicon dropped over 4% and lithium carbonate over 3%. In the stock index futures market, IF rose 1.00%, IH rose 1.88%, IC fell 1.14%, and IM fell 0.52%. In the bond futures market, TS remained flat, TF rose 0.01%, T rose 0.06%, and TL rose 0.09%. As of 15:18 on January 29, funds flowed into contracts such as中证1000 2603 and沪铜2603, and flowed out of沪铝2603 and碳酸锂2605 [6][7]. 3.2. Market Analysis of Each Variety 3.2.1. Crude Oil - OPEC + decided to maintain the production plan in February and March 2026. Although it is the off - season for oil demand, due to winter storms, U.S. crude inventories decreased more than expected. The IMF raised the global economic growth forecast for 2026, and cold weather pushed up diesel heating demand, alleviating demand concerns. However, the global floating oil storage is high, and the supply is still in excess. The U.S. imposed sanctions on Iran, and the geopolitical risk is rising. Considering these factors, it is expected that crude oil prices will fluctuate strongly [9][10]. 3.2.2. Asphalt - Last week, the asphalt operating rate decreased by 0.4 percentage points to 26.8%, and the expected production in January 2026 decreased. The downstream operating rates mostly declined, and the national shipments increased slightly. The refinery inventory rate decreased slightly. Venezuelan heavy crude supply is restricted, and some refineries in Shandong stopped production. It is expected that asphalt will fluctuate strongly in the short term, and the arbitrage strategy is mainly reverse - arbitrage [11]. 3.2.3. PP - As of the week of January 23, the PP downstream operating rate increased slightly, and the enterprise operating rate was about 79%. The petrochemical inventory was at a low level. Due to the rise in crude oil prices and improved market sentiment, PP will fluctuate strongly in the short term, but the sustainability of the rebound should be treated with caution. It is expected that the L - PP spread will narrow [12][15]. 3.2.4. Plastic - On January 29, the plastic operating rate was about 89%. As of the week of January 23, the PE downstream operating rate decreased. The petrochemical inventory was at a low level. New production capacity was put into operation in January 2026. It is expected that the downstream operating rate will decline. Plastic will fluctuate strongly in the short term, but the sustainability of the rebound should be treated with caution. It is expected that the L - PP spread will narrow [13][15]. 3.2.5. PVC - The calcium carbide price in the northwest region is stable. The PVC operating rate decreased slightly, and the downstream operating rate increased slightly. The export orders increased significantly, but the inventory pressure is still large. The real - estate market is still in adjustment. PVC has insufficient upward momentum in the short term [16]. 3.2.6. Urea - Today, urea prices opened low and closed high. The spot price continued to rise, and some factories stopped selling. In early February, there will be gas - head plants resuming production, and the output is sufficient. Agricultural dealers are taking goods actively, but the compound fertilizer factory operating rate has decreased. The inventory is slightly decreasing. The overall fundamentals are supportive, but a callback should be watched out for [17][18].

周四市场呈现红绿盘震荡的格局，投资者可以看到，早盘沪指高开4点于4155点，创业板低开1点于3322 点，开盘以后有色、石油板块急速跳水翻绿，带领指数快速回落，两市仅900多股上涨，之后跳水翻绿 最低4138点后回稳，盘面指数红绿盘震荡，盘尾冲高确认4170点反压以后遇阻，白酒板块涨停潮，但两 市个股跌多涨少，各大指数涨跌很小！最终沪指收涨10点于4162点，创业板收跌5点于3318点！那么对 于这种行情 ...

Core Viewpoint - Oil prices have risen for the third consecutive day due to increased military threats from the U.S. against Iran, with Brent crude surpassing $70 per barrel for the first time since September of the previous year [1][2]. Group 1: Oil Price Movements - Brent crude futures rose approximately 2.7%, reaching over $70 per barrel, while WTI crude futures exceeded $65 per barrel [1]. - As of the latest update, Brent crude futures were up 1.89% at $69.69 per barrel, and WTI crude futures increased by 1.27% to $64.48 per barrel [2]. Group 2: Geopolitical Tensions - President Trump issued a "last ultimatum" to Iran, indicating a potential military strike, which has heightened geopolitical risks and contributed to the rise in oil prices [2]. - Iran has responded strongly, stating that any military action from the U.S. would be considered the start of a war [2]. Group 3: Market Reactions and Trends - The recent threats from Trump have injected a risk premium into oil prices, with traders seeking to hedge against potential U.S.-Iran conflict [3]. - Call options have been priced higher than put options for approximately 14 months, indicating a sustained concern over geopolitical risks [3]. - Hedge funds have increased their net long positions in crude oil to the highest level since August of the previous year, reflecting growing confidence in rising oil prices despite earlier expectations of oversupply [6]. Group 4: Supply Chain Risks - The potential for U.S. military action against Iran could threaten oil supplies from the Middle East, which accounts for about one-third of global oil supply [6]. - The probability of significant disruptions in energy flows in the Gulf region due to Iranian retaliation has been raised from 15% to 20% by energy consulting firm Rapidan Energy Group [6].

Core Insights - The "Yuegou Yangzhou · New Year Goods" promotional event successfully concluded, generating nearly 8 million yuan in sales over five days, significantly boosting consumer activity in Yangzhou during the Spring Festival [1][3][9] Group 1: Event Overview - The event featured nearly 160 merchants and over 2,000 unique products, creating a diverse shopping experience that included traditional goods, local delicacies, and cultural experiences [1][3] - The event was part of Yangzhou's broader "Come to Yangzhou · Celebrate the New Year · Prosperity" campaign aimed at enhancing consumer engagement during the festive season [1][9] Group 2: Sales Performance - The total sales during the event reached approximately 8 million yuan, with a notable increase in consumer participation and enthusiasm [3][9] - A significant highlight was the recharge area by Sinopec, which attracted over 1.8 million yuan in recharge transactions, showcasing the diverse spending habits of consumers [3] Group 3: Product Highlights - The event showcased a variety of local specialties, including Yangzhou's famous hairy crabs, geese, and various agricultural products, which were well-received by attendees [6][9] - Popular items included traditional snacks and innovative food products, with some brands reporting high sales volumes, such as over 500 chickens sold in a single day [3][6] Group 4: Consumer Engagement Strategies - The event integrated online and offline shopping experiences, with live streaming and promotional discounts enhancing consumer engagement [8][9] - Various promotional activities, such as trade-in subsidies for automobiles and home appliances, were implemented to encourage larger purchases [5][9] Group 5: Cultural Integration - The "I Am Chef" culinary competition featured 27 local delicacies, allowing consumers to experience Yangzhou's rich culinary heritage while shopping [9] - The event successfully combined traditional and modern elements, enriching the festive atmosphere and stimulating the local economy [9]

Core Viewpoint - WTI crude oil futures have reached $65 per barrel, marking a 2.83% increase and the highest level since September 2025, while Brent crude oil's March contract has surpassed $70 per barrel for the first time since September, amid concerns of a potential U.S. attack on Iran [1] Group 1 - WTI crude oil futures increased by 2.83% to touch $65 per barrel [1] - This price level is the highest since September 2025 [1] - Brent crude oil's March contract has risen above $70 per barrel for the first time since September [1] Group 2 - Market concerns are growing regarding a possible U.S. military action against Iran [1]