Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic futures market on January 22nd had more declining contracts than rising ones. Platinum dropped over 4%, PTA over 3%, and other commodities also had significant drops. On the upside, silver rose over 7%, and palm oil over 2%. Different futures contracts showed various price trends and capital flows, and each commodity had its own supply - demand and market - influencing factors [5][7]. 3. Summary by Commodity Copper - The Shanghai copper futures opened high and closed low. The exchange adjusted the price limit and margin ratio. Supply was affected by a strike at a Chilean copper mine, and TC/RC fees were weak. The expected domestic electrolytic copper production in January decreased month - on - month but increased year - on - year. Demand was affected by the approaching Spring Festival and high copper prices. The C - L spread was converging, and the overall supply might improve marginally. In the short term, copper prices were expected to fluctuate at a high level, and there was a possibility of a cooling market in the second half of the year [9]. Lithium Carbonate - Lithium carbonate opened low and closed high. The average price of battery - grade and industrial - grade lithium carbonate decreased. The production rate was high, and the inventory was decreasing. The export tax - rebate policy for batteries was adjusted, and the demand for batteries was strong. After a period of shock adjustment, the price was expected to be strong, but caution was needed due to high volatility [12]. Crude Oil - OPEC+ decided to maintain the production plan. The US crude oil inventory increased, and the demand was in the off - season. The US called for an increase in global oil production. The demand concern was alleviated, but the global crude oil floating storage was high, and the supply was in surplus. Geopolitical risks in Iran and other regions increased, and the price was expected to fluctuate [13][14]. Asphalt - The asphalt production rate decreased, and the expected production in January 2026 decreased both month - on - month and year - on - year. The downstream industry's production rate mostly declined, and the inventory rate decreased slightly. The supply of Venezuelan heavy oil was restricted, which affected domestic asphalt production. It was recommended to use the reverse arbitrage strategy before March [15][17]. PP - The downstream PP production rate increased slightly, and the enterprise production rate decreased. The petrochemical inventory was at a low level. The cost was affected by the rising oil price. The PP price was expected to be strong in the short term, but the sustainability of the rebound was questionable. The L - PP spread was expected to decline [18]. Plastic - The plastic production rate decreased, and the downstream production rate was at a low level. The petrochemical inventory was low. New production capacity was put into operation. The price was expected to be strong in the short term, and the L - PP spread was expected to decline [19][20]. PVC - The PVC production rate decreased slightly, and the downstream production rate increased. The export orders increased due to the export tax - rebate policy. The social inventory was high, and the real - estate market was still in adjustment. The PVC price had limited upward momentum [21]. Coking Coal - Coking coal opened high and closed low. The Mongolian coal customs clearance was high, and the domestic production increased. The inventory of coking coal mines and downstream enterprises increased, and the winter - storage replenishment slowed down. The coking coal price was expected to be weak in the short term [22][23]. Urea - Urea opened low and closed high. The spot price was stable with a slight increase. The supply pressure increased as gas - based plants resumed production. The compound fertilizer factory's production rate increased, but the downstream demand was insufficient. The inventory was decreasing, and the price was expected to fluctuate at a high level [24].

智通财经APP获悉，随着今年并购交易活动强势启动，矿业巨头嘉能可在并购专家眼中成为2026年最有 可能被收购的欧洲企业。在媒体本月对30家风险套利交易台、交易员和分析师进行的一项非正式调查 中，正在与力拓(RIO.US)洽谈合并、以打造全球最大矿业公司的嘉能可被提及8次。 此外，调查结果显示，来自广泛行业的公司纷纷上榜，反映出随着全球经济动能增强，潜在收购方正将 目光投向更广阔的领域。法国生物科技公司Abivax SA被提及5次。该公司股价在2025年因潜在收购前景 以及积极的药物试验结果而暴涨逾1600%。英国石油(BP.US)、德国在线外卖订餐服务平台Delivery Hero SE、英国廉价航空公司EasyJet Plc和英国老牌房地产开发商Great Portland Estates则各被提及4次。 受访者还表示，全球并购环境正变得日益活跃。数据显示，今年以来截至1月23日，全球已宣布的并购 交易总额已超过630亿美元，是2025年同期记录金额的三倍以上。Neuberger Berman首席策略组负责人 约瑟夫·罗特表示："并购交易量尚处于回升的初期阶段。相比以往几年更偏向特定行业，如今的前景似 乎正 ...

智通财经APP获悉，1月27日港股市场，北水成交净卖出6.35亿港元，其中港股通(沪)成交净卖出13.74亿港元，港股通(深)成交净买入7.39亿港元。 北水净买入最多的个股是腾讯(00700)、中国人寿(02628)、长飞光纤光缆(06869)。北水净卖出最多的个股是中国移动(00941)、紫金矿业(02899)、盈富基金 (02800)。 | 十大成交活躍證券 | | | | | | --- | --- | --- | --- | --- | | 排名 | 股票代碼 | 名稱 | 買入金額 (HKD) | 賣出金額 (HKD) | | 1 | 09988 | 阿里巴巴 - W | 2.334.368.700 | 2,391,597. | | 2 | 00700 | 騰訊控股 | 2,128,731,950 | 1,259,649, | | 3 | 00941 | 中國移動 | 521,496,700 | 2,114,277, | | র্ব | 00981 | 中芯國際 | 1,007,532,750 | 1,093,525, | | 5 | 02628 | 中國人壽 | 1,116,347,980 | ...

欧洲加大了拒绝从俄罗斯进口石油的力度，并且将打击的范围不断扩大。这一举措让一些极度依赖俄罗斯能源的国家，如匈牙利，面临着巨大的压力与挑 战。 根据路透社的报道，欧盟决定彻底切断与俄罗斯石油的所有联系，不仅禁止成员国直接进口俄方的石油，还要求停止从印度等国家手中购买俄罗斯的石油产 品。这意味着，欧洲不仅在打击俄罗斯，实际上还在扩大制裁的范围，开始打击那些与莫斯科能源有密切联系的国家。事实上，欧盟计划断绝与俄罗斯石油 的关系早在去年就已提出，进入2026年，这一趋势愈发明显。 此外，三个月后，欧盟还将开始逐步全面禁止俄罗斯的天然气供应。预计到2027年前后，欧洲与俄罗斯的能源纽带将彻底切断。 值得一提的是，泽连斯基最近在达沃斯的演讲中猛烈批评了欧尔班，后者愤怒回应，声称要在一百年内阻止乌克兰加入欧盟。这种言论显得有些讽刺，因为 根据目前的民调，欧尔班很有可能会在今年的匈牙利大选中落败，那么一百年的承诺，究竟能有多少实际意义呢？ 从决心与力度上来看，欧洲确实下了大力气。毕竟，在俄乌冲突爆发前，欧洲对俄罗斯的能源依赖极为严重。俄方曾试图利用能源作为威胁手段，逼迫欧洲 停止对乌克兰的援助，其中最具代表性的威胁就是那句切 ...

Group 1 - The Mexican state oil company, Pemex, has suspended its plan to transport crude oil to Cuba [3] - A tanker named "Swift Galaxy," registered under the Panama flag, was scheduled to load oil and gas off the coast of Mexico in early January and arrive in Cuba by the end of the month, but this transport task has been canceled [3] - Since 2023, Mexico has been supplying oil and fuel to Cuba to address its energy crisis, maintaining a consistent volume of oil shipments [3] Group 2 - Mexican President López Obrador stated that the amount of crude oil supplied to Cuba has remained unchanged and has not exceeded historical averages [3] - There are indications that the Mexican government considered completely halting oil shipments to Cuba to avoid friction with the Trump administration [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Short - term fuel oil exports and production are expected to be continuously disturbed by geopolitical and macro - strategic factors, and the unilateral fluctuations of fuel oil will intensify. Geopolitical factors are the main bullish drivers. High - sulfur fuel oil shows a weak fundamental situation of stable supply and weak demand in the first quarter, while low - sulfur fuel oil has a significant increase in near - end supply exports [7]. Group 3: Summary by Directory First Part: Related Data - **Futures Prices and Changes**: On January 26, 2026, the FU main contract price was 2791, up 148 from the previous day; the LU main contract price was 3206, up 90 from the previous day [3]. - **Futures Positions and Changes**: The FU main contract position was 226,000 lots, up 39,000 lots from the previous day; the LU main contract position was 122,000 lots, up 7,000 lots from the previous day [3]. - **Warehouse Receipts and Changes**: The FU warehouse receipts were 66,550 tons, unchanged from the previous day; the LU warehouse receipts were 6,530, down 4,950 from the previous day [3]. - **Spreads and Changes**: The FU5 - 9 spread was 99, up 38 from the previous day; the LU3 - 4 spread was 6, up 5 from the previous day; the LU - FU main contract spread was 415, down 58 from the previous day; the FU05 - outer - market 04 spread was 15.6, up 1.8 from the previous day; the LU03 - outer - market 02 spread was 16.4, up 0.6 from the previous day [3]. Second Part: Market Research and Judgment - **Market Overview**: In the Singapore paper - cargo market, the high - sulfur Feb/Mar month - spread rose 1.50 to 11.75 US dollars/ton, and the low - sulfur Feb/Mar month - spread rose 0.25 to 2.00 US dollars/ton [5]. - **Important Information**: Venezuela's interim president Delcy Rodriguez said on Monday that the country expects to invest about 1.4 billion US dollars in government - promoted oil production - sharing contract projects this year, compared with about 900 million US dollars last year [6]. - **Market Judgment**: High - sulfur fuel oil has high - price transactions in the Singapore spot window, and the high - sulfur spot discount has risen rapidly recently. The high - sulfur fuel oil cracking is at a neutral and seasonal low level in the same period, reflecting the weak fundamental situation of stable supply and weak demand in the first quarter. The near - end Singapore fuel oil inventory is still high, and the logistics of exports from major supply regions is stable in the short term. Geopolitical factors are the main bullish drivers. The near - end supply and export of low - sulfur fuel oil have increased significantly. The gasoline unit of the Dangote refinery has a delayed return from maintenance, and the low - sulfur supply remains at a high level during this period. The Kuwaiti Al - Zour refinery has fully resumed production after a long - term unplanned shutdown, and its low - sulfur exports in January reached a record high, and the exports to the pan - Singapore area also reached a new high. South Sudan has taken over the main security control of the Heglig oilfield, and the energy supply is expected to gradually recover. A new low - sulfur crude oil tender for February has been issued [7]. Third Part: Related Attached Figures - The report includes figures such as Singapore high - sulfur cracking, Singapore low - sulfur cracking, Singapore gasoline cracking, Singapore 10ppm diesel cracking, high - low sulfur spread, and LSFO - GO, with data sources from Galaxy Futures and Reuters [10][14][16].

1月26日，委内瑞拉代总统罗德里格斯在一会上称，没有任何外部势力能让委内瑞拉屈服，委内瑞拉政 府不接受任何外部命令。罗德里格斯批评美国财政部长贝森特近期的声明"不合时宜且具有侮辱性"。罗 德里格斯还强调，只要遵守国际法和委内瑞拉历史，委方不惧怕与美国建立相互尊重的关系。此前贝森 特声称，美国将"管理委内瑞拉"控制其石油等资源销售，并将在适当时机在该国举行"自由公正的选 举"。 ...

隔夜，纽约商品交易所3月交货的轻质原油期货价格下跌44美分，收于每桶60.63美元，跌幅为0.72%。 (责任编辑：张海蛟) 中国经济网北京1月27日讯 今日，上海国际能源交易中心日间盘原油期货主力合约震荡收跌，成交下 降，持仓减少。主力2603合约收报446.7元，跌0.93%或4.2元;成交量为121039手;持仓为48163手，日盘 持仓减少4272手。 ...

一、同意成立能源行业电力安全治理标准化技术委员会、能源行业电力温室气体排放管理标准化技 术委员会、能源行业二氧化碳捕集运输利用与封存标准化技术委员会、能源行业氢能基础与通用标 准化技术委员会、能源行业氢能制取标准化技术委员会、能源行业氢能储存与运输标准化技术委员 会、能源行业氢能应用标准化技术委员会，其编号、职责范围、秘书处承担单位、委员名单等详见 附件。 二、相关能源行业标准化管理机构要根据《能源行业标准化技术委员会管理实施细则》和《国家能 源局关于进一步完善能源行业标准化技术委员会管理的通知》（国能发科技〔2021〕9号）有关要 求，对新成立的标准化技术委员会加强指导和管理。要充分发挥秘书处承担单位的主动性，调动各 方面积极性，建设开放式的标准化工作平台。 三、能源行业标准化管理机构和各新设标准化技术委员会要按照《国家能源局 国家标准化管理委员 会关于加快能源领域新型标准体系建设的指导意见》（国能发科技〔2020〕54号）有关要求，扎 实推进标准体系建设，严格按照各类标准的属性定位开展相关标准制修订工作。要避免标准之间、 标准化技术委员会之间、能源行业标准化管理机构之间交叉重复，确保标准体系协调统一。 四 ...

Group 1 - The core point of the article highlights that China Petroleum & Chemical Corporation and Sinopec Shanghai Petrochemical Company have obtained a patent for a method to prevent corrosion in regeneration towers, with the patent number CN115990395B and application date in October 2021 [1] Group 2 - China Petroleum & Chemical Corporation, established in 2000 and based in Beijing, primarily engages in oil and gas extraction, with a registered capital of 12,173,968.9893 thousand RMB [1] - The company has invested in 269 enterprises, participated in 5,000 bidding projects, holds 45 trademark registrations, 5,000 patents, and possesses 41 administrative licenses [1] Group 3 - Sinopec Shanghai Petrochemical Company, founded in 1993 and located in Shanghai, focuses on the oil, coal, and other fuel processing industries, with a registered capital of 1,054,261.75 thousand RMB [1] - The company has invested in 21 enterprises, engaged in 5,000 bidding projects, holds 51 trademark registrations, 1,356 patents, and has 12,814 administrative licenses [1]