光大证券分析指出，在地缘政治仍存在不确定性的前提下，中长期原油供需格局仍具备景气基础，在长 期主义视角下，持续看好"三桶油"及油服板块。此外，宏观经济恢复提振化工需求，长期来看化工品产 能出清利好龙头企业。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，聚焦"大能源"安全逻 辑。不仅能分享下游化工品的利润修复，此外通过高配"三桶油"等炼化龙头，锁定能源上游资源价值， 在油价上行周期具备更强的业绩韧性。 每日经济新闻 2月13日，原油价格延续走低，截至午间收盘，石化ETF（159731）跌2.21%，其持仓股涨跌分化，其中 彤程新材领涨2.43%，金发科技上涨0.58%，中复神鹰上涨0.55%；中国石油领跌4.53%，宝丰能源下跌 4.29%，三棵树下跌4.20%。值得注意的是，近20个交易日有18个交易日获资金布局，累计获净申购13.5 亿，截至2月12日，石化ETF（159731）最新规模18.37亿，创成立以来新高。 从大宗周期品价格对比来看，金银铜价均已有较大涨幅，而油价已震荡多年，目前看向下空间有限，上 涨空间仍有较大潜力，估值更有性价比。 ...

1. Report Industry Investment Rating - Overall, the report presents a cautious view on the energy and chemical industries, with many commodities having a "cautious" or "bearish" outlook [5]. 2. Core Views - The geopolitical impact on oil prices is weakening, and prices are returning to fundamental pricing. Most energy and chemical commodities are facing various challenges such as oversupply, seasonal demand weakness, and high inventory [1][2][3]. - Some commodities like PX/PTA have a positive outlook in terms of future demand and valuation, while others like LPG, L, PP, etc., are expected to face downward pressure or remain in a weak - balanced state [1][2]. 3. Summary by Commodity Crude Oil - **Core View**: Cautiously bearish. Geopolitical uncertainty remains high, and the supply - demand imbalance persists with oversupply and a coming demand淡季 [1]. - **Price Data**: WTI主力 at $62.84/barrel (-2.77%), Brent主力 at $67.52/barrel (-2.71%), SC主力 at 481 yuan/barrel (+1.07%) [8]. - **Supply - Demand**: IEA expects 2026 global oil supply to increase by 2.5 million barrels per day (down 0.1 million from last month), and demand to grow by 0.85 million barrels per day (up from last month). US crude and product inventories are increasing [11]. - **Strategy**: In the long - term, the supply - demand situation will improve after the first quarter. In the short - term, prices will fluctuate, and attention should be paid to geopolitical developments. SC is recommended to be watched in the range of [450 - 460] [12]. LPG - **Core View**: Bearish consolidation. It lacks short - term drivers and follows oil price fluctuations. Cost support is weakening, and inventory is rising [1]. - **Price Data**: PG2603 at 4295 yuan/ton (+0.75%), PG2604 at 4564 yuan/ton (-0.09%), PG2605 at 4476 yuan/ton (-0.11%) [13]. - **Supply - Demand**: Supply and demand are both increasing, but the inventory is bearish with rising port inventory [1]. - **Strategy**: In the long - term, the price is expected to decline due to oversupply of upstream crude oil. In the short - term, due to oil price uncertainty, the fundamental is bearish. PG is recommended to be watched in the range of [4200 - 4300] [16]. L (Linear Low - Density Polyethylene) - **Core View**: Bearish consolidation. The cost of crude oil is falling, and the basis is weak. Supply is expected to increase, and it is recommended to be cautious during the holiday [1]. - **Price Data**: L05 (主力) at 6734 yuan/ton (-0.8%) [18]. - **Supply - Demand**: Linear production is at a high level, and supply is expected to continue to increase with the restart of some devices [20]. - **Strategy**: Light - position operation during the holiday, and pay attention to post - holiday inventory accumulation and demand verification. L is recommended to be watched in the range of [6650 - 6800] [20]. PP (Polypropylene) - **Core View**: Bearish consolidation. There is a lack of supply - demand drivers before the holiday, and the supply pressure has eased with a certain cost support [1]. - **Price Data**: PP05 (主力) at 6648 yuan/ton (-0.7%) [22]. - **Supply - Demand**: The current supply - demand is weak, and the parking ratio is 17.5%. PDH profit is low, providing cost support [24]. - **Strategy**: Light - position operation during the holiday, and pay attention to post - holiday inventory accumulation and demand verification. PP is recommended to be watched in the range of [6550 - 6700] [24]. PVC - **Core View**: Range - bound. The cost support is weakening, and high inventory restricts the upside. It is expected to fluctuate before the holiday [1]. - **Price Data**: V05 (主力) at 4938 yuan/ton (-1.0%) [26]. - **Supply - Demand**: Short - term export rush continues, but high inventory is difficult to reverse [28]. - **Strategy**: Light - position operation, and PVC is recommended to be watched in the range of [4850 - 5000] [28]. PX/PTA - **Core View**: Bullish. Valuation is relatively reasonable, and the future outlook is positive despite short - term seasonal demand weakness [2]. - **Price Data**: TA05 at 5166 (at the 85.7% percentile in the past 3 months) [30]. - **Supply - Demand**: Supply is affected by device maintenance, and demand is seasonally weak with some inventory accumulation in January - February [30]. - **Strategy**: The fundamental outlook is positive. Pay attention to capital actions, and consider buying on significant pullbacks for TA05 in the range of [5168 - 5268] [31]. MEG (Ethylene Glycol) - **Core View**: Cautiously bearish. Valuation is low, and the short - term demand is weak, but the situation is expected to improve in March - April [2]. - **Price Data**: EG05 at 3959 yuan/ton [32]. - **Supply - Demand**: Domestic supply is increasing, and demand is seasonally weak with inventory accumulation in January - February [33]. - **Strategy**: The price is bottom - grinding, and long positions can be considered on dips for EG05 in the range of [3690 - 3760] [34]. Methanol - **Core View**: Short - term bearish. The de - stocking slope is slowing, and the fundamental is slightly loose [3]. - **Price Data**: Methanol主力 at a high valuation (73% in the past 3 months), comprehensive profit at - 250.9 yuan/ton [37]. - **Supply - Demand**: Domestic supply is at a high level, and overseas supply is expected to increase. Demand has stopped falling [37]. - **Strategy**: There is a game between weak reality and strong expectation. Long positions can be held for MA05 in the range of [2225 - 2255] [39]. Urea - **Core View**: Cautiously avoid chasing long. Valuation is not low, and the short - term demand is weakening [4]. - **Price Data**: URO5 at 1777 yuan/ton, URO9 at 1754 yuan/ton, URO1 at 1690 yuan/ton [40]. - **Supply - Demand**: Supply is under pressure with high production, and demand is entering a holiday off - season [41][42]. - **Strategy**: Be cautious about chasing long. UR05 is recommended to be watched in the range of [1790 - 1820] [43]. LNG - **Core View**: Range - bound. The impact of the cold wave is weakening, and exports are increasing [7]. - **Price Data**: NG主力 at $3.234/million British thermal units (+2.24%) [44]. - **Supply - Demand**: US export decreased in January, and the rig count increased. Japanese import decreased in 2025 [46]. - **Strategy**: The demand support is weakening as the cold wave fades. NG is recommended to be watched in the range of [2.900 - 3.400] [47]. Asphalt - **Core View**: Cautiously bearish. The demand is in the off - season, and the valuation is high [7]. - **Price Data**: BU2603 (主力) at 3327 yuan/ton (-0.92%) [48]. - **Supply - Demand**: Supply is decreasing in February, and inventory is increasing [50]. - **Strategy**: Pay attention to the import of asphalt raw materials. Be aware of geopolitical risks. BU is recommended to be watched in the range of [3200 - 3300] [51]. Glass - **Core View**: Low - level oscillation. The daily melting volume is declining, and the supply - demand is in a weak balance [7]. - **Price Data**: FG05 (主力) at 1065 yuan/ton (-0.6%) [53]. - **Supply - Demand**: Demand is in the off - season, and high inventory needs further supply reduction [55]. - **Strategy**: Be cautious about short - selling. FG is recommended to be watched in the range of [1040 - 1090] [55]. Soda Ash - **Core View**: Bearish consolidation. The enterprise inventory is increasing, and the demand support is insufficient [7]. - **Price Data**: SA05 (主力) at 1162 yuan/ton (-1.4%) [57]. - **Supply - Demand**: Floating glass demand is falling, and new production capacity is added. Supply is under pressure [59]. - **Strategy**: Short - sell on rallies before further intensification of maintenance. SA is recommended to be watched in the range of [1150 - 1200] [59].

Report Information - Report Title: Asphalt Daily Report [1] - Date: February 13, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Investment Rating - Not provided Core Viewpoints - The asphalt market continues to have a pattern of weak supply and demand. The supply side may see a decline in the operating load rate of asphalt plants, and raw material supply is expected to tighten after the Spring Festival, which may support the spot market. The demand side is seasonally weak, and asphalt is expected to follow the trend of oil prices [6]. Summary by Section 1. Market Review and Operation Suggestions - Futures Market: The opening, closing, highest, and lowest prices, as well as the trading volume and price changes of BU2604 and BU2606 contracts are presented. BU2604 closed at 3343 yuan/ton with a decline of 0.24%, and the trading volume was 17.51 million lots. BU2606 closed at 3348 yuan/ton with a decline of 0.18%, and the trading volume was 3.54 million lots [6]. - Spot Market: The asphalt spot prices in the Northeast and Shandong regions increased, while those in other regions remained stable. The supply and demand in the asphalt spot market are both weak, and prices fluctuate slightly. The supply side may see a decline in the operating load rate, and raw material supply may tighten after the Spring Festival. The demand side is seasonally weak due to low temperatures and project shutdowns [6]. 2. Industry News - South China Market: The mainstream transaction price of 70A grade asphalt is 3290 - 3350 yuan/ton, remaining stable. Most projects have stopped, and the rigid demand is low. However, the inventory is limited, and the supply side has no pressure, so the price remains stable [7]. - East China Market: The mainstream transaction price of 70A grade asphalt is 3250 - 3280 yuan/ton, remaining stable. Although the increase in crude oil prices supports the cost, the weak terminal demand restricts the market, and the price is expected to remain stable before the Spring Festival [7]. 3. Data Overview - Includes various data charts such as asphalt cracking, social inventory, daily operating rate, comprehensive profit in Shandong, spot price in South China, basis in Shandong, manufacturer inventory, and warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [12][13][18]

2025年8月原油加工量统计： 摘要：【图】2025年1-8月河南省原油加工量数据分析 原油加工量：96.4 万吨 2025年1-8月原油加工量统计： 同比增长：20.7% 增速较上一年同期变化：低10.3个百分点 据统计，2025年8月河南省规模以上工业企业原油加工量与上年同期相比增长了20.7%，达96.4万吨，增 速较上一年同期低10.3个百分点，增速放缓，增速较同期全国高13.1个百分点，约占同期全国规模以上 企业原油加工量6346.5万吨的比重为1.5%。 详见下图： 图1：河南省原油加工量分月（当月值）统计图 石油化工行业最新动态 石油现状及发展前景 化工发展前景趋势分析 日化的现状和发展趋势 润滑油行业现状与发展趋势汽油市场现状及前景分析 柴油市场调研与发展前景 橡胶发展现状及前景预测 塑料市场调研及发展趋势 化妆品行业监测及发展趋势清洁护肤未来发展趋势预测 增速较上一年同期变化：低34.0个百分点 据统计，2025年1－8月，河南省规模以上工业企业原油加工量与上年同期相比增长了0.8%，达677.7万 吨，增速较上一年同期低34.0个百分点，增速放缓，增速较同期全国低2.4个百分点，约占同期全 ...

| 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2026-02-12 | 75.75亿 | -1660.20万 | -0.22% | | 2026-02-11 | 75.92亿 | -2998.00万 | -0.39% | | 2026-02-10 | 76.22亿 | 2305.00万 | 0.30% | | 2026-02-09 | 75.99亿 | 310.20万 | 0.04% | | 2026-02-06 | 75.96亿 | 3850.20万 | 0.51% | 证券之星消息，2月12日南向资金减持1660.2万股中国石油化工股份（00386.HK）。近5个交易日中，获南向资金增持的有3天，累计净增持1807.2 万股。近20个交易日中，获南向资金增持的有14天，累计净增持4.0亿股。截至目前，南向资金持有中国石油化工股份（00386.HK）75.75亿股， 占公司已发行普通股的31.84%。 市盈率：8.22倍 资金流向: 最新份额为7.2亿份，增加 了0.0份, 净申赎0.0元。 估值分位: 74.45% 中国石油化 ...

Core Insights - The tenfold stocks of the 1990s are a historical slice resonating with institutional reforms, economic takeoff, and the nascent market, primarily linked to urbanization, industrialization, and technological advancement, and are difficult to exist independently of a bull market environment [1] - Short-term bull stocks rely on the bull market environment and restructuring speculation, while long-term bull stocks benefit from economic upturns and the Kondratiev wave's era beta [1] - The successful journey of bull stocks can be attributed to five key elements: institutional dividends, bull market environment, Kondratiev upturn, mergers and acquisitions, and high performance growth [1] Group 1: Characteristics of Tenfold Stocks in the 1990s - The occurrence rate of tenfold stocks in the 1990s was approximately 9.6%, with the shortest journey taking only 0.27 years and the longest 8.68 years, averaging 4.52 years [2][18] - The maximum increase was 123 times, the minimum was 10 times, and the average cumulative return was 21.3 times, with a median annualized return of 82.8% [2][18] - The industries with the most tenfold stocks were primarily related to urbanization and technological advancement, with real estate, pharmaceuticals, and computer industries leading [2][21] Group 2: Short Tenfold Journey Analysis - Stocks achieving tenfold growth in 1-2 years were primarily driven by the bull market environment, event-driven factors, and funding sentiment, with high performance growth also playing a significant role [3][42] - Typical cases include Chuangyuan Technology and Guotou Electric, both achieving significant growth due to high performance growth, market conditions, and industry reform expectations [27][31] Group 3: Long Tenfold Journey Analysis - Stocks achieving tenfold growth in 5-8 years were more influenced by economic upturns and systemic opportunities provided by the bull market environment [4][43] - Representative cases include Fangzheng Technology and Zhongankai, which benefited from institutional dividends, overall market upturns, and business improvements following new shareholder involvement [43][50] Group 4: Five Key Genes of Tenfold Stocks - Institutional dividends played a dual role, with market reforms opening supply constraints and demand doors, leading to active market trading and significant stock price increases [5] - The bull market environment acted as a necessary accelerator, with all 72 tenfold stocks experiencing at least one bull market [5] - The Kondratiev wave period created heroes, particularly benefiting hardware manufacturing and electronic processing companies [5] - Major events opened up imagination space and upward elasticity, with significant events quickly reversing investor expectations and leading to substantial valuation expansions [5] - High performance growth was a crucial core, with limited stock supply in the early stages leading to high demand for quality companies [5]

香港本地股方面，长实集团涨0.77%，收报47.18港元；新鸿基地产涨2.85%，收报133.5港元；恒基 地产跌0.67%，收报32.74港元。 中资金融股方面，中国银行无升跌，收报4.72港元；建设银行跌0.86%，收报8.08港元；工商银行 跌0.91%，收报6.5港元；中国平安跌0.83%，收报71.9港元；中国人寿涨0.64%，收报34.34港元。 石油石化股方面，中国石油化工股份涨2.72%，收报5.66港元；中国石油股份涨0.85%，收报9.46港 元；中国海洋石油涨1.29%，收报25.12港元。 新华社香港2月12日电 香港恒生指数12日跌233.84点，跌幅0.86%，收报27032.54点。全日主板成交 2387.05亿港元。 国企指数跌93.0点，收报9175.18点，跌幅1.0%。恒生科技指数跌91.01点，收报5408.98点，跌幅 1.65%。 蓝筹股方面，腾讯控股跌2.28%，收报535.5港元；香港交易所跌0.96%，收报414港元；中国移动跌 0.32%，收报78.2港元；汇丰控股跌0.21%，收报139.5港元。 ...

中石化冠德港股市值106.41亿港元，在石油化工行业中排名第4。主要指标见下表： 中石化冠德(00934.HK)发布公告，于2026年2月12日，本公司全资附属公司经贸冠德已与曹妃甸港集团 订立独家营运协议，曹妃甸实华将向经贸冠德或经贸冠德指定的客户独家提供原油码头营运服务。尽管 经贸冠德及曹妃甸港集团持有的曹妃甸实华股权仍保持分别为90%及10%不变，于订立独家营运协议后 及根据适用会计准则重新评估本集团与曹妃甸实华的关系后，曹妃甸实华已成为本公司的间接非全资附 属公司及其财务业绩将并表至本集团的合并财务报表。 截至2026年2月12日收盘，中石化冠德(00934.HK)报收于4.3港元，上涨0.47%，成交量100.6万股，成交 额429.43万港元。投行对该股关注度不高，90天内无投行对其给出评级。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In the short - term, the domestic pure benzene supply - demand is expected to remain in a relatively balanced state. In the medium - to - long - term, as the number of spring maintenance units of petroleum benzene increases in the second quarter and the downstream caprolactam enters the peak season, there is a certain support for the domestic pure benzene price. Technically, the daily K - line of BZ2603 should focus on the support around 6000 and the resistance around 6260 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of pure benzene is 6071 yuan/ton, a decrease of 53 yuan; the settlement price is 6118 yuan/ton, an increase of 38 yuan. The trading volume of the main contract is 12797 lots, an increase of 415 lots; the open interest is 16541 lots, a decrease of 2310 lots [2] 3.2 Spot Market - The mainstream price of pure benzene in the East China market is 6060 yuan/ton, unchanged; in the North China market, it is 6060 yuan/ton, unchanged; in the South China market, it is 6150 yuan/ton, unchanged; in the Northeast region, it is 6075 yuan/ton, an increase of 15 yuan. The mainstream price of hydrogenated benzene in Jiangsu and Shanxi regions is unchanged. The FOB mid - price of pure benzene in South Korea is 777 US dollars/ton, an increase of 13 US dollars; the CFR mid - price of pure benzene in China is 778.02 US dollars/ton, an increase of 12.13 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 73.12 US dollars/barrel, an increase of 0.69 US dollars; the CFR mid - price of naphtha in the Japanese region is 617.13 US dollars/ton, an increase of 4.75 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 75.4%, an increase of 2.4 percentage points; the weekly output is 44.31 tons, an increase of 1.41 tons. The port inventory of pure benzene is 30.5 tons, unchanged. The production cost is 5331.4 yuan/ton, an increase of 185.4 yuan; the production profit is 647 yuan/ton, an increase of 114 yuan [2] 3.5 Downstream Situation - The开工率 of styrene is 69.96%, an increase of 0.68 percentage points; the capacity utilization rate of caprolactam is 73.16%, a decrease of 0.41 percentage points; the capacity utilization rate of phenol is 86%, a decrease of 2.29 percentage points; the capacity utilization rate of aniline is 89.04%, an increase of 0.51 percentage points; the capacity utilization rate of adipic acid is 69.1%, an increase of 0.6 percentage points [2] 3.6 Industry News - From January 30th to February 5th, the operating rate of petroleum benzene increased by 2.40% to 75.40% year - on - year, and the operating rate of hydrogenated benzene increased by 0.21% to 56.47% year - on - year. From January 31st to February 6th, the weighted operating rate of pure benzene downstream increased by 0.02% to 74.95% year - on - year. As of February 9th, the port inventory of pure benzene in East China was 29.7 tons, an increase of 0.34% compared with last week. From January 30th to February 5th, the profit of domestic petroleum benzene increased by 114 yuan/ton to 647 yuan/ton [2]

周三（2 月 11 日）大盘缩量震荡，走势分化。截至收 盘，上证综指收于 4131.99 点，上涨 0.09%；深成指 收于 14160.93 点，下跌 0.35%；科创 50 下跌 1.11%； 创业板指下跌 1.08%，万得全 A 成交额共 20010 亿元， 较前一日有所下降。 1. 国务院办公厅印发《关于完善全国统一电力市场体 系的实施意见》 国内市场综述 缩量震荡 走势分化 行业方面，30 个中信一级行业有 13 个上涨，其中建 材、有色金属及石油石化涨幅居前，而通信、传媒及 国防军工则跌幅较大，概念方面，玻璃纤维、稀有金 属精选及钴矿等指数表现活跃。 海外市场综述 美国三大股指小幅收跌，IBM 跌超 6% 周三（2 月 11 日），美国三大股指小幅收跌，道指跌 0.13%，标普 500 指数基本持平，纳指跌 0.16%。IBM 跌超 6%，赛富时跌逾 4%，领跌道指。万得美国科技七 巨头指数跌 0.57%。纳斯达克中国金龙指数跌 0.65%。 新闻精要 2. 长征十号与梦舟飞船首次飞行试验任务成功 3. 20.5 亿元"新春礼包"将在春节期间惠及消费者 4. 国家统计局：1 月份 CPI 环比上涨 ...