Core Insights - Pension funds have actively invested in the secondary market, appearing in the top ten circulating shareholders of 45 stocks by the end of Q3, with 23 new entries and 7 increased holdings [1][2] - The total shareholding amount of pension accounts reached 379 million shares, with a total market value of 10.011 billion yuan [1] - The most significant holdings include Haiyou Development and Shenzhen Airport, with respective holdings of 65.3843 million shares and 24.2047 million shares [1][2] Summary by Category Shareholding Details - Haiyou Development is the largest holding, with pension funds holding 65.3843 million shares, a 25.49% increase from the previous quarter [2][3] - Shenzhen Airport follows with 24.2047 million shares, maintaining its position [2] - Other notable holdings include Blue Sky Technology (20.7810 million shares, 6.78% of circulating shares) and Spring Wind Power (7.9514 million shares, 5.21% of circulating shares) [2][3] Performance and Sector Distribution - Among the stocks held by pension funds, 30 companies reported net profit growth in Q3, with the highest increase seen in Zhi De Mai, achieving a net profit of 13.4486 million yuan, a 253.49% year-on-year increase [2] - The stocks are primarily distributed across the main board (25 stocks), ChiNext (16 stocks), and STAR Market (4 stocks), with a focus on the machinery equipment and pharmaceutical industries, each having 7 stocks represented [2][3] New Entrants and Changes - A total of 23 new stocks were added to the pension fund's portfolio, with notable new entries including North Copper Industry and Hubei Yihua [3] - The pension fund's longest-held stock is Jiajiayue, which has been in the top ten shareholders for 28 consecutive reporting periods, holding 13.3027 million shares [2]

Core Viewpoint - The overall valuation of the Hong Kong stock market is at a historically high level, with expectations of wide fluctuations in the future. The report suggests focusing on certain sectors due to rising market risk aversion and changing market styles [1]. Market Performance - During the week of October 20 to October 24, major global stock indices mostly rose, with the Hang Seng Index increasing by 3.62%, the Hang Seng Tech Index by 5.20%, and the Hang Seng China Enterprises Index by 3.91% [2]. - Among the primary industries, nine sectors rose while two fell. The energy, information technology, and consumer discretionary sectors saw the highest gains, increasing by 5.26%, 4.83%, and 4.15% respectively [2]. - In terms of liquidity, the average daily trading volume on the Hong Kong Stock Exchange was HKD 240.846 billion, a decrease of HKD 118.507 billion from the previous week [2]. Valuation and Risk Appetite - As of October 24, the PE and PB ratios for the Hang Seng Index were 12.04 and 1.23, reflecting increases of 3.84% and 3.80% respectively, placing them at the 86% and 89% percentile levels since 2019 [3]. - The risk premium for the Hang Seng Index was calculated at 4.29%, which is significantly below the historical average, indicating a low risk appetite among investors [3]. Investment Outlook - The U.S. CPI rose by 3% year-on-year in September, the highest since January, but below market expectations, leading to increased expectations for interest rate cuts by the Federal Reserve [4]. - China's GDP grew by 5.2% year-on-year in the first three quarters, with a slight decline in growth rate in the third quarter [4]. - The 20th Central Committee's Fourth Plenary Session highlighted key economic goals for the 14th Five-Year Plan, emphasizing high-quality development and technological self-reliance [4].

Report Information - Report Title: Crude Oil Weekly Report: US Sanctions Two Russian Oil Companies, International Oil Prices Rise [1] - Report Date: October 26, 2025 [1] - Analysts: Chen Shuxian, Zhou Shaowen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $63.4/$59.3 per barrel, up $1.4/$1.0 per barrel from last week. Various data on US crude oil and refined oil, including inventory, production, demand, and import/export, showed different changes [2]. - Recommended related listed companies include CNOOC, PetroChina, Sinopec, etc.; companies to be concerned about include Sinopec Oilfield Service, CNPC Engineering, etc. [3] Summary by Directory 1. Crude Oil Weekly Data Briefing - **Upstream Key Company Performance**: The stock prices of companies such as CNOOC, PetroChina, and Sinopec showed different percentage changes in the recent week, month, three - month, one - year, and year - to - date periods. Their valuations, including total market value, net profit attributable to the parent company, PE, and PB, also varied [9]. - **Crude Oil Price**: Brent, WTI, Russian Urals, and Russian ESPO crude oil had different weekly average prices and percentage changes. The LME copper spot price and the US dollar index also had corresponding fluctuations [9]. - **Inventory**: US crude oil total inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory had different inventory levels and changes [9]. - **Production**: US crude oil production, the number of active crude oil rigs, and the number of active fracturing fleets had corresponding changes [9]. - **Refinery**: US refinery crude oil processing volume and operating rate, as well as the operating rates of Chinese local and major refineries, showed different changes [9]. - **Import/Export**: US crude oil import, export, and net import volumes had corresponding changes [9]. 2. This Week's Petroleum and Petrochemical Sector Market Review - **Petroleum and Petrochemical Sector Performance**: The report presents the performance of the petroleum and petrochemical sector, but specific data is not detailed here [12]. - **Sector Listed Company Performance** - **Refined Oil Price and Spread**: The weekly average prices and spreads of gasoline, diesel, and jet fuel in China, the US, Europe, and Singapore showed different changes [22]. - **Inventory**: The inventories of gasoline, diesel, and jet fuel in the US and Singapore had different inventory levels and changes [22]. - **Production**: The production of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Consumption**: The consumption of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Import/Export**: The import, export, and net export volumes of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Oil Service Sector**: The daily rates of offshore jack - up drilling platforms and semi - submersible drilling platforms had different changes [22]. 3. Crude Oil Sector Data Tracking - **Crude Oil Price**: Analyzes the prices and spreads of various crude oils, as well as the relationship between the US dollar index, LME copper price, and WTI crude oil price [28][35]. - **Crude Oil Inventory**: Discusses the relationship between US commercial crude oil inventory and oil prices, as well as the inventory levels and changes of US total crude oil, commercial crude oil, strategic crude oil, and Cushing crude oil [41][54]. - **Crude Oil Supply**: Analyzes US crude oil production, the number of crude oil rigs, and the number of fracturing fleets and their relationship with oil prices [57][61]. - **Crude Oil Demand**: Analyzes US refinery crude oil processing volume, operating rate, and the operating rates of Shandong and Chinese major refineries [65][69]. - **Crude Oil Import/Export**: Analyzes US crude oil import, export, and net import volumes [75]. 4. Refined Oil Sector Data Tracking - **Refined Oil Price**: Analyzes the relationship between international oil prices and domestic gasoline, diesel retail prices, as well as the prices and spreads of crude oil and refined oil in different regions [80][107]. - **Refined Oil Inventory**: Analyzes the inventory levels and changes of gasoline, diesel, and jet fuel in the US and Singapore [121][133]. - **Refined Oil Supply**: Analyzes the production of gasoline, diesel, and jet fuel in the US [140]. - **Refined Oil Demand**: Analyzes the consumption of gasoline, diesel, and jet fuel in the US and the number of US airport passenger security checks [143]. - **Refined Oil Import/Export**: Analyzes the import, export, and net export volumes of gasoline, diesel, and jet fuel in the US [150][153]. 5. Oil Service Sector Data Tracking - Analyzes the average daily rates of self - elevating drilling platforms and semi - submersible drilling platforms in the oil service sector [165][169].

2025 年 10 月 26 日 多项情绪指标情绪转正，情绪 间分化加剧 量化择时周报 20251024 相关研究 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 (8621)23297818× shensy@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 证券分析师 ○ 市场情绪周内小幅回升: 截至 10 月 24 日, 市场情绪指标数值为 2.2, 较上周五的 1.9 出 现小幅回升，市场情绪得到一定程度修复，从情绪角度来看观偏多。从所有分项指标分数 之和的变化来看，本周情绪指数综合得分周内快速上升，但当前市场整体情绪波动水平较 高。 本周市场情绪整体呈现分化加剧态势：价量一致性继续回落，表明资金活跃度下降；科创 ○ 50 相对全 A 成交占比基本保持稳定，行业间交易波动率快速回升，表明资金在行业间切 换频率提升、短期情绪有所修复:行业涨跌趋势性继续回落,显示市场分歧加剧、主线不 突出，行业轮动加快；融资余额占比保持上升， ...

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The oil price has seen an increase due to intensified sanctions by the U.S. and Canada on Russian oil companies, with WTI crude futures rising by 6.53% and Brent crude futures by 7.09% from October 17 to October 24, 2025 [6]. - Geopolitical tensions, particularly regarding the fragile ceasefire in Gaza and the ongoing conflict between Russia and Ukraine, continue to impact oil prices [6]. - The U.S. government plans to purchase 1 million barrels of oil to replenish its strategic reserves, which may provide short-term support for oil prices [6]. - In the fluorochemical sector, the supply of popular refrigerants is tight, leading to sustained price increases, with domestic demand for refrigerants expected to rise in the fourth quarter [6]. - The semiconductor materials sector is experiencing a positive trend with inventory reduction and improving fundamentals, driven by domestic substitution [7]. Summary by Sections Oil and Petrochemicals - The report highlights the impact of U.S. sanctions on Russian oil companies and geopolitical tensions on oil prices [6]. - Basic data tracking indicates a slight decrease in U.S. commercial crude oil inventories, while gasoline and jet fuel inventories continue to decline [6][15]. - The report suggests that domestic oil companies are diversifying their oil and gas sources to reduce sensitivity to oil price fluctuations [7]. Fluorochemicals - The supply of second-generation refrigerants is decreasing due to policy restrictions, while demand for third-generation refrigerants is expected to grow, driven by government incentives [6]. - The report notes that the production of household air conditioners is projected to increase significantly in the last quarter of 2025, which will boost demand for refrigerants [6]. Semiconductor Materials - The semiconductor materials sector is witnessing an upward cycle, with inventory reduction trends and improving end-market conditions [7]. - The report recommends focusing on companies in the semiconductor materials sector that are benefiting from domestic substitution and cyclical recovery [7].

证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] 行业评级 ——看好 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 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：俄乌局势扰动，[Table_T 油价itle低位反弹 ] [Table_ReportDate0] 2025 年 10 月 26 日 本期内容提要： [Table_Author] [Table_Summary] ➢ 【油价回顾】截至 2025 年 10 月 24 日当周，国际油价反弹。本周， 特朗普表示中美有望达成贸易协议，美印接近达成贸易协议，贸易局 势有所缓和；特朗普取消与普京的会面，且美国和欧盟对俄实施新制 裁，俄乌局势再起波澜；同时上周美国库存利好支撑，国际油价 ...

2025 年 10 月 26 日 多项情绪指标情绪转正，情绪指标 间分化加剧 ——量化择时周报 20251024 相关研究 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 权 益 量 化 研 究 量 化 策 略 证 - 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 (8621)23297818× shensy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 市场情绪周内小幅回升：截至 10 月 24 日，市场情绪指标数值为 2.2，较上周五的 1.9 出 现小幅回升，市场情绪得到一定程度修复，从情绪角度来看观偏多。从所有分项指标分数 之和的变化来看，本周情绪指数综合得分周内快速上升，但当前市场整体情绪波动水平较 高。 ⚫ 本周市场情绪整体呈现分化加剧态势：价量一致性继续回落，表明资金活跃度下降；科创 50 相对全 A 成交占比基本保持稳定，行业间交易波动率快速回升，表明资金在行业间切 换频率提升、短期情绪有所修复 ...

公募基金业绩比较基准规则征求意见稿发布在即 —— 量化市场追踪周报（2025W43） [Table_ReportTime] 2025 年 10 月 26 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [Table_ReportType] 金工点评报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W43)：公募基金业绩比较 基准规则征求意见稿发布在即 [Table_ReportDate] 2025 年 ...

Report Investment Rating No relevant content provided. Core Viewpoints - The overall economic situation shows that China is in a marginal de - leveraging process. The growth rate of the real - sector's liabilities is expected to decline, and the government's liability growth rate is also trending down. The economic growth rate needs further observation, and the risk preference has increased recently, with the stock - bond ratio favoring stocks [1][2][6]. - It is recommended to use the equity growth style instead of the bond position this week, suggesting an allocation of 60% in the Shanghai Composite 50 Index and 40% in the CSI 1000 Index. In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and value stocks are more likely to outperform. A + H and A - share dividend portfolios are recommended, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [8][9][10]. Summary by Directory 1. National Balance Sheet Analysis - **Liability Side**: In September 2025, the real - sector's liability growth rate was 8.9%, expected to remain stable around 8.9% in October and then decline to about 8.5% by the end of the year. The government's liability growth rate was 14.5% in September, expected to drop to around 14.0% in October and 13.0% by the end of the year. The central bank's policies reinforce the judgment of stabilizing the macro - leverage ratio [1][2]. - **Monetary Policy**: Last week, the money market was generally stable. The one - year Treasury yield rose to 1.47% at the weekend, with an estimated lower limit of about 1.3%. The term spread between the ten - year and one - year Treasuries was stable at 38 basis points. The future yield ranges of the ten - year and thirty - year Treasuries are estimated to be around 1.6% - 1.9% and 1.8% - 2.3% respectively [3]. - **Asset Side**: The physical quantity data in September continued to weaken compared to August. The full - year nominal economic growth target for 2025 is around 4.9%, and it remains to be seen whether this will become the central target for China's nominal economic growth in the next 1 - 2 years [3]. 2. Stock - Bond Cost - effectiveness and Stock - Bond Style - **Overall Outlook for 2025**: China's asset prices are mainly affected by changes in the national balance sheet. The real GDP growth rate on the asset side is expected to fluctuate between 4 - 5%, and the liability growth rate of the real sector is expected to decline. The stock - bond cost - effectiveness generally favors bonds, but recently, due to the increase in risk preference, it has shifted towards stocks [21][6]. - **Recent Market Performance**: Last week, the money market was stable, risk preference increased significantly over the weekend, resulting in rising stocks and falling bonds. The equity style shifted to growth - oriented, and the stock - bond cost - effectiveness favored stocks. The ten - year Treasury yield rose by 2 basis points to 1.85%, and the one - year Treasury yield rose by 3 basis points to 1.47% [6]. - **Investment Recommendations**: This week, it is recommended to use the equity growth style instead of the bond position, suggesting an allocation of 60% in the Shanghai Composite 50 Index and 40% in the CSI 1000 Index [8]. 3. Industry Recommendations 3.1 Industry Performance Review - This week, the A - share market rose with shrinking trading volume. The Shanghai Composite Index rose 2.9%, the Shenzhen Component Index rose 4.7%, and the ChiNext Index rose 8.1%. Among the Shenwan primary industries, communication, electronics, power equipment, machinery, and petroleum and petrochemicals had the largest increases, while agriculture, forestry, animal husbandry, food and beverage, and beauty care had the largest declines [30]. 3.2 Industry Crowding and Trading Volume - As of October 24, the top five industries in terms of crowding were electronics, power equipment, machinery, computer, and communication, while the bottom five were beauty care, comprehensive, textile and apparel, social services, and steel. The trading volume of the entire A - share market decreased compared to last week [33][34]. 3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, communication, electronics, power equipment, machinery, and petroleum and petrochemicals had the largest increases in PE(TTM), while agriculture, forestry, animal husbandry, food and beverage, beauty care, and others had the smallest increases. Industries with high 2024 full - year earnings forecasts and relatively low current valuations include banking, insurance, petroleum and petrochemicals, transportation, and others [38][39]. 3.4 Industry Prosperity - **External Demand**: There were mixed trends. The global manufacturing PMI declined from 50.9 in September to 50.8, and most major economies' PMIs decreased. The CCFI index rose by 2.02% in the latest week, and port cargo throughput increased. South Korea's export growth rate decreased in October, while Vietnam's increased [43]. - **Domestic Demand**: The second - hand housing price decreased in the latest week, and quantity indicators showed mixed trends. Highway truck traffic increased, the capacity utilization rate of ten industries declined from September to October, automobile sales were at a relatively high level, and new - home sales were at a historical low [43]. 3.5 Public Fund Market Review - In the third week of October (October 20 - 24), some active public equity funds outperformed the CSI 300. As of October 24, the net asset value of active public equity funds was 4.2 trillion yuan, slightly higher than 3.66 trillion yuan in Q4 2024 [60]. 3.6 Industry Recommendations - In the de - leveraging cycle, the stock - bond cost - effectiveness favors equities to a limited extent, and value stocks are more likely to outperform. The recommended A + H dividend portfolio consists of 20 A + H stocks, and the A - share portfolio consists of 20 A - shares, mainly concentrated in banking, telecommunications, petroleum and petrochemicals, and transportation industries [64].

Group 1 - The A-share market has shown a strong performance year-to-date, with the ChiNext Index leading at a 48.09% increase, followed by the Sci-Tech 50 at 47.86% [1] - The communication sector index has the highest weekly gain at 11.55%, while the agriculture, forestry, animal husbandry, and fishery index saw the largest decline at 1.36% [2] - Approximately 59% of respondents reported making profits in the A-share market this week, with 50% of them earning within 10% [6] Group 2 - There is a growing optimism among investors regarding the A-share market, with 79% of respondents believing that the Shanghai Composite Index could reach 4000 points next week [6][8] - The technology sector has seen a significant increase in investor interest, with the proportion of respondents favoring it rising from 32% to 64% [9][10] - The overall risk perception of the A-share market has shifted, with only 16% of respondents considering it high risk, a decrease of 7 percentage points [8]