证券研究报告 能源/基础材料 美印协议下国内炼厂成本优势或凸显 华泰研究 2026 年 2 月 09 日│中国内地 动态点评 当地时间 2 月 2 日，美国总统特朗普表示美印已达成贸易协议，将美国对印 度商品的关税从 50%削减至 18%，同时印度将停止购买俄罗斯石油并转而 从美国等购买石油。由于欧盟针对俄罗斯的第 18 轮制裁包括从 26 年初起 禁止进口由俄油加工得到的产品，印度自 25 年 11 月起已逐步减少俄罗斯 石油进口量，导致俄油折价水平显著扩大，1 月末 ESPO 较 Brent 折价较 25 年 10 月末已显著提升超 10 美元/桶至 17.15 美元/桶。我们认为美印"石 油换关税"协议达成或将导致印度俄油进口量进一步下滑，俄油折价水平或 将维持高位，叠加人民币升值潜力，均有望带动我国炼厂原油采购成本优势 进一步凸显。 欧盟制裁叠加美印"石油换关税"协议，俄油折价水平显著提升 据海关总署，2025 年我国原油进口量同比增长 4.6%至 5.8 亿吨，自俄罗斯 /沙特/伊拉克/马来西亚/巴西进口量占比分别为 17%/14%/11%/11%/8%，其 中 25 年 12 月我国原油进口量/俄 ...

"省政府工作报告求真务实、催人奋进。报告中提出的'推进成渝地区东出北上开放走廊''川东北地区以 工业振兴引领高质量发展'等，为川东北革命老区巴中提供了重要机遇"。四川省人大代表、巴中市发展 和改革委员会主任罗中荣在省两会期间接受记者采访时说。 罗中荣表示，巴中全域富气含油，矿权面积覆盖全市82.5%地域。近年来，市委市政府主动创新作为， 全面深化改革开放，国、省政策支撑全面构建，综合交通网络全面形成，产业承载平台全面夯实，石油 天然气组分品质优良。当前，全市已启动油气大会战，打造拉动全市经济增长的重要驱动力。为更好推 动资源优势转化为经济优势和发展胜势，建议从省级层面强化政策协同布局，支持巴中依托资源优势发 展油气产业集群。 一是省经济和信息化厅在编制《四川省"十五五"新型工业化规划》《化工园区高质量发展行动方案》 《四川省石化化工行业稳增长工作方案（2025—2026年）》等重点专项规划（方案）时，将巴中石油天 然气产业明确列为全省能源化工战略布局的重要组成部分，从省级层面统筹资源配置与产业协同，支持 巴中加快打造川东北清洁能源与化工新材料重要增长极，为促进区域协调发展注入强劲动力。 （来源：中国改革报） ...

通过天眼查大数据分析，中国石油天然气股份有限公司共对外投资了1298家企业，参与招投标项目443 次；财产线索方面有商标信息105条，专利信息48442条；此外企业还拥有行政许可168个。 数据来源：天眼查APP 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。 证券之星消息，根据天眼查APP数据显示中国石油（601857）新获得一项发明专利授权，专利名为"一 种自主灭火机器人及灭火方法"，专利申请号为CN202311238417.7，授权日为2026年2月6日。 专利摘要：本说明书实施例提供一种自主灭火机器人及灭火方法。所述自主灭火机器人包括运动模块、 侦检模块、灭火模块和控制模块；所述运动模块用于带动所述自主灭火机器人移动；所述侦检模块用于 获取目标区域内的图像信息和/或传感信息；所述灭火模块用于向特定方向喷出灭火剂；所述控制模 块，用于根据所述图像信息和/或传感信息确定火点位置，并控制所述运动模块和灭火模块以将灭火剂 喷向所述火点位置。上述自主灭火机器人，可以直接根据机器人本身采集到的信息进行分析并执行对应 的灭火操作，保证了在 ...

Group 1 - The core point of the article highlights that southbound funds have increased their holdings in China Petroleum & Chemical Corporation (00857.HK) by 14.90 million shares on February 6, with a total net increase of 21.97 million shares over the last five trading days [1] - Over the past 20 trading days, southbound funds have increased their holdings on 14 occasions, resulting in a cumulative net increase of 111 million shares [1] - As of now, southbound funds hold 7.284 billion shares of China Petroleum, accounting for 34.51% of the company's total issued ordinary shares [1] Group 2 - China Petroleum & Chemical Corporation primarily engages in the production and distribution of oil and gas, operating through five segments [1] - The oil and gas and new energy segment focuses on the exploration, development, production, transportation, and sales of crude oil and natural gas, as well as new energy businesses [1] - The refining, chemical, and new materials segment is involved in the refining of crude oil and petroleum products, production and sales of basic and derivative chemical products, and new materials [1] - The sales segment handles the sales and trading of refined products and non-oil products [1] - The natural gas sales segment is responsible for the transportation and sales of natural gas [1] - The headquarters and other segments manage funds, financing, headquarters management, research and development, and provide business services to other operating segments of the group [1]

当地时间2月6日20时，北京时间7日凌晨3点，2026年米兰—科尔蒂纳冬季奥运会将正式拉开帷幕。 开幕式上，肯尼亚马拉松传奇基普乔格将担任执旗手护送奥林匹克会旗入场，中国钢琴家郎朗也将参与表演。从体育精神到文化艺术，这场全球顶级盛会 再度搭建起连接不同文明与产业体系的重要桥梁。 但聚光灯之外，这届冬奥会更被视为一次关于奥运经济模式的关键实验。 在全球大型体育赛事屡屡面临财政争议的背景下，米兰冬奥会从申办之初就提出目标——打造一届"更经济、更可持续、更具长期价值"的奥运会。 通过复用存量场馆、多城市联合办赛、优化融资结构及强化商业运营，米兰冬奥正积极探索一条弱化政府财政依赖的新型办赛之路。国际奥委会主席考文 垂表示，2026米兰-科尔蒂纳冬奥会将作为一次关键的"压力测试"，国际奥委会将深入评估分散布局在可持续性方面的收益与伴随的成本和复杂度增加， 为未来奥运会的举办模式提供重要参考。 米兰打造"最分散冬奥会" 长期以来，奥运会高昂的办赛成本一直是全球关注焦点。索契冬奥会的总开销高达510亿美元（约合人民币3672亿元），成为历史上最昂贵的奥运会。相 比之下，平昌冬奥会的预算约为130亿美元（约合人民币936亿元 ...

Group 1 - On February 6, southbound funds recorded a net purchase of HKD 14.859 billion, with Tencent Holdings and Alibaba receiving net buys of HKD 4.324 billion and HKD 1.656 billion respectively [1] - Kangfang Biotech and Changfei Optical Fiber Cable experienced net sales of HKD 306 million and HKD 79 million respectively [1] - Tencent Holdings closed at HKD 547.50, down 1.97%, while Alibaba closed at HKD 155.00, down 2.88% [2][3] Group 2 - Tencent and Alibaba faced further restrictions on their AI applications, impacting their competitive positioning in the consumer AI sector [4] - Bubble Mart announced London as its European headquarters and plans to open seven new stores in the UK, creating over 150 jobs [4] - China National Offshore Oil Corporation (CNOOC) is expected to see a rebound in oil and industrial metal prices by 2026, despite current commodity market volatility [4] Group 3 - China Mobile, along with other major telecom operators, launched Beidou SMS services, which may help mitigate profit pressures from increased VAT rates [5] - Morgan Stanley maintains a positive outlook on China Mobile due to its high profit margins and attractive dividend yield [5]

洲际油气公告称，公司股票于2026年2月4 - 6日连续3个交易日内日收盘价格涨幅偏离值累计达20%，属 异常波动。公司基本面未变，股价或存在市场情绪过热、非理性炒作情形，短期内较大涨幅后可能大幅 下跌。2025年前三季度公司净利润8307.61万元，同比减少46.61%。经自查，公司、控股股东及实控人 不存在应披露未披露重大信息，相关人员在异常波动期间无买卖公司股票行为。 ...

Group 1 - The core viewpoint of the article indicates that the deep earth economy sector experienced a rise of 0.61% compared to the previous trading day, with Junyou Co., Ltd. leading the gains [1] - On the same day, the Shanghai Composite Index closed at 4065.58, down 0.25%, while the Shenzhen Component Index closed at 13906.73, down 0.33% [1] - The net capital flow in the deep earth economy sector showed a net outflow of 278 million yuan from main funds and a net outflow of 109 million yuan from speculative funds, while retail investors contributed a net inflow of 387 million yuan [1] Group 2 - The article provides a detailed table of the individual stock performance within the deep earth economy sector, highlighting the fluctuations in stock prices [1] - The data is compiled from public information and generated by AI algorithms, indicating a reliance on technology for data analysis [1]

Market Overview - The three major A-share indices experienced slight declines, with the Shanghai Composite Index down 0.25% to 4065 points, the Shenzhen Component Index down 0.33%, and the ChiNext Index down 0.73% [1] - The total market turnover was 2.16 trillion yuan, a decrease of 30.8 billion yuan compared to the previous trading day, with over 2700 stocks rising [1] Sector Performance - The mining and oil sectors saw gains, with stocks like Tongyuan Petroleum and Zhun Oil Co. hitting the daily limit [1] - The fluorochemical sector strengthened, with Tianji Co. also reaching the daily limit [1] - Lithium mining and battery sectors were active, with Enjie Co. hitting the daily limit [1] - Jewelry, organic silicon, and chemical raw materials sectors had notable gains [1] - Conversely, liquor stocks fell sharply, with Huangtai Liquor hitting the daily limit down [1] - Retail and duty-free concepts declined, with Baida Group also hitting the daily limit down [1] - The tourism sector weakened, with Dalian Shengya dropping over 8% [1] - The Kimi concept, aerospace, and newly listed economy sectors experienced the largest declines [1] Top Gainers - The top sectors by net capital inflow included: - Chemical and fine chemical: +2.28% - Oil and natural gas: +2.64% - Fertilizer and agriculture: +1.54% - Oil refining: +2.08% - Energy equipment: +1.249% [2]

Group 1 - The core viewpoint of the articles highlights the rising oil prices due to regional risks and geopolitical uncertainties, with WTI and Brent crude oil futures increasing by 1% to $63.92 and $68.239 per barrel respectively [1] - Guosen Securities anticipates that the Brent crude oil price will stabilize between $55 and $65 per barrel, while WTI crude oil is expected to range from $52 to $62 per barrel by 2026, considering the high fiscal balance oil price costs of OPEC+ and the elevated new well costs of U.S. shale oil [1] - As of February 6, 2026, the Guozheng Oil and Gas Index (399439) rose by 0.97%, with significant increases in component stocks such as Intercontinental Oil and Gas (up 8.60%) and Potential Energy (up 7.90%) [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the Guozheng Oil and Gas Index (399439) include major companies like China National Petroleum, China National Offshore Oil, and Sinopec, collectively accounting for 66.76% of the index [2] - The Oil ETF Penghua (159697) closely tracks the Guozheng Oil and Gas Index, reflecting the price changes of listed companies in the oil and gas industry on the Shanghai and Shenzhen stock exchanges [1][3]