| 股份代號: | 00386 | | --- | --- | | 上市法國名稱: | 中國石油化工股份有限公司 - F | | 日期 (日 / 月 / 年): | 09/01/2026 - 09/02/2026 | 格隆汇2月9日丨根据联交所最新权益披露资料显示，2026年2月3日，中国石油化工股份(00386.HK)获FMR LLC在场内以每股均价5.2836港元增持2164.6万 股，涉资约1.14亿港元。 增持后，FMR LLC最新持股数目为1,195,004,549股，持股比例由4.93%上升至5.02%。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 份數量 | | | (請參閱上述*註解)有投票權股 (日 / 月 / 2 | | | | | | | | | 份自分比 | | | | | | | | | ( % ) | | | CS20260206E0 ...

操作评级 【原油】 上周五,美伊在阿曼举行会谈,旨在缓和伊核问题引发的紧张关系。双方均对会谈给予积极评价,并计划本周 继续磋商。市场短期认为局势失控风险降低,对冲突和供应中断的担忧有所缓解。这一判断也与政治现实相 符:考虑到低油价承诺及中期选举临近,美方在选前主动升级局势的可能性较低。然而伊朗态度依然强硬，其 外长强调承认轴浓缩权利是谈判关键，双方核心分歧显著,僵局可能持续。而特朗普在委内瑞拉的成功或增强 其对伊朗的施压信心,不愿轻易让步。因此短期内对峙难有突破。布伦特油价在68-70美元区间大幅震荡，反映 出在谈判前景不明、对峙持续的背景下，市场持续计入地缘风险溢价。预计油价将保持高波动性，且继续蕴含 显著的地缘政治风险溢价。 【燃料油&低硫燃料油】 燃料油市场整体仍以跟随原油波动为主。就其自身而言,高疏燃料油短期受地缘与现货双重支撑,短期韧性较 好。她缘上,中东局势不仅作用于原油成本,也因该地区高硫资源对亚洲市场具有难以替代的结构性地位,从 而直接支撑高硫价格。现货则因加注需求、国内对委内缺口替代采购及俄罗斯供应受阻而持续偏紧,新加坡 380cst现货升贴水已至季节性高位。中期来看，苦地缘风险缓和，在OP ...

Group 1 - The core point of the article highlights the recent performance of Maohua Shihua (000637), with a closing price of 4.82 yuan on February 9, 2026, reflecting a 0.84% increase and a trading volume of 141,100 hands, amounting to a total transaction value of 67.496 million yuan [1] - The net inflow of main funds on February 9 was 6.3534 million yuan, accounting for 9.41% of the total transaction value, while retail investors experienced a net outflow of 4.0412 million yuan, representing 5.99% of the total transaction value [1][2] - The company's financial performance for the first three quarters of 2025 shows a main revenue of 2.304 billion yuan, a year-on-year decrease of 19.24%, and a net profit attributable to shareholders of -93.7306 million yuan, which is an increase of 18.15% year-on-year [2] Group 2 - In Q3 2025, the company's single-quarter main revenue was 823 million yuan, down 11.88% year-on-year, while the single-quarter net profit attributable to shareholders was -11.0715 million yuan, reflecting a 45.76% increase year-on-year [2] - The company reported a debt ratio of 68.65%, with investment income of 2.4289 million yuan and financial expenses of 26.5739 million yuan, resulting in a gross profit margin of 2.51% [2] - Maohua Shihua's main business includes the production and sales of various petrochemical products such as polypropylene, liquefied gas, special white oil, MTBE, isobutane, ethanolamine, industrial hydrogen peroxide, and others [2]

Report Overview - The report is a fixed - income report released on February 9, 2026, focusing on high - frequency economic data analysis and providing investment - related insights [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - High - frequency economic data shows production heat differentiation, with rising coke oven, blast furnace, and PTA operating rates and falling asphalt and tire operating rates [2][31] - The commercial housing transaction area decreases, while the land supply area slightly increases [2][31] - Overall prices are declining, including energy, metal, and agricultural product prices [2][31] - As the holiday approaches, subway passenger volume and peak congestion index in first - tier cities decline, while domestic and international flight volumes grow rapidly [2][31] - Short - term focus should be on the implementation of fiscal and monetary coordinated policies [2][31] Summary by Directory 1. Production - **Steel**: Coke oven capacity utilization increases by 0.48 pct, blast furnace operating rate rises by 0.53 pct, and rebar production drops by 8.15 tons. The inventory increases by 4.52 tons [8] - **Petroleum Asphalt**: The operating rate drops by 1.0 pct to 24.5% [8] - **Chemical Industry**: PX operating rate remains flat, while PTA operating rate increases by 1.07 pct to 76.9% [8] - **Automobile Tires**: The full - steel tire operating rate drops by 1.74 pct to 60.7%, and the semi - steel tire operating rate drops by 2.08 pct to 72.76% [9] 2. Demand - **Real Estate**: The commercial housing transaction area decreases by 28.05 square meters to 123.24 square meters. The inventory - to - sales ratio drops by 1.83 to 114.86. The land supply area increases by 29.65 square meters to 1021.03 square meters, and the residential land transaction premium rate drops by 2.91 pct to 0.01% [13] - **Movie Box Office**: The box office drops by 0.2 billion yuan to 284 million yuan [13] - **Shipping Freight Rates**: The SCFI index drops by 3.81%, the CCFI index drops by 4.55%, and the BDI index drops by 10.47% [16] 3. Prices - **Energy**: Brent crude oil price drops by 3.73% to $68.05 per barrel, and coking coal futures price drops by 1.83% to 1154 yuan per ton [20] - **Metals**: LME copper, aluminum, and zinc futures prices change by - 0.08%, - 0.81%, and + 0.39% respectively, and domestic rebar futures price drops by 1.81% [21] - **Agricultural Products**: The agricultural product wholesale price 200 index drops by 0.70%. Pork, egg, and vegetable prices drop by 1.45%, 1.28%, and 1.78% respectively, while fruit prices increase by 0.25% [24] 4. Logistics - **Subway Passenger Volume**: In Beijing, it drops by 5.73 million person - times to 9.9066 million person - times, with a weekly change of - 0.57%. In Shanghai, it drops by 8.57 million person - times to 9.96 million person - times, with a weekly change of - 0.85% [27] - **Flight Volume**: Domestic (excluding Hong Kong, Macao, and Taiwan) flight volume increases by 1050.43 flights to 14699.14 flights, with a weekly change of 7.7%. Domestic (Hong Kong, Macao, and Taiwan) flight volume increases by 15.57 flights to 397.29 flights, with a weekly change of 4.08%. International flight volume increases by 107.43 flights to 1929.43 flights, with a weekly change of 5.9% [28] - **Urban Traffic**: The peak congestion index in first - tier cities drops by 0.07 to 1.58, with a weekly change of - 4.15% [28]

智通财经APP获悉，香港联交所最新资料显示，2月3日，FMR LLC增持中国石油化工股份(00386)2164.6万股，每股作价5.2836港元，总金额约为1.14亿港 元。增持后最新持股数目约为11.95亿股，最新持股比例为5.02%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月3日，FMR LLC增持中国石油化工股份(00386)2164.6 万股，每股作价5.2836港元，总金额约为1.14亿港元。增持后最新持股数目约为11.95亿股，最新持股比 例为5.02%。 ...

Core Viewpoint - The quality supervision and inspection results for automotive urea products in Hainan Province for Q4 2025 indicate that all 25 batches tested were compliant with relevant standards, reflecting a positive trend in product quality assurance in the region [2]. Group 1: Inspection Results - A total of 25 batches of automotive urea products were inspected, and all were found to be compliant with the standards [2]. - The inspection was conducted based on GB 29518-2013 and included tests for urea content, density, refractive index, alkalinity, biuret, aldehydes, insolubles, phosphates, and various metal contents [2]. Group 2: Product Details - The inspected products included various brands and specifications, such as: - Diesel vehicle exhaust treatment liquid with a net content of 10 kg from China Petroleum and Chemical Corporation [2]. - AUS 32 diesel exhaust purification liquid in 10 kg barrels from Shandong New Blue Environmental Technology Co., Ltd. [2]. - Multiple products branded as "悦泰海龙" and "咔咔酷优特" with specifications of 10 kg and 20 kg [3]. - The production dates for the inspected products ranged from July to September 2025, indicating recent market activity [3].

Investment Rating - The report maintains a positive outlook on the polyester filament industry, indicating a "Buy" recommendation for quality companies in this sector [5][14]. Core Insights - The cost support for polyester filament raw materials remains solid, with expectations for a post-holiday inventory replenishment trend. The industry is currently in a seasonal lull before the Spring Festival, but proactive supply adjustments are laying the groundwork for recovery after the holiday [5][6]. - As of February 6, 2026, the operating rate for downstream textile production has dropped to 25.15%, while the operating rate for polyester filament has decreased to 79.65%. This decline is attributed to seasonal maintenance and self-regulated production cuts, effectively alleviating supply pressure [5][6]. - Inventory levels for polyester filament (POY/FDY/DTY) are at historical lows, with respective days of inventory at 12.7, 15.8, and 19.4 days. Downstream raw material inventory has also fallen to a historical low of 8.74 days, indicating a clear need for replenishment post-holiday [5][7]. - The price spread for polyester filament has significantly improved since late January 2026, with POY/FDY/DTY spreads recovering to 1375, 1575, and 2475 CNY/ton respectively. The PTA cost support remains robust, with no major new PTA facilities expected to come online in 2026, suggesting a tight supply-demand balance that will continue to support filament prices [5][12]. Summary by Sections Upstream Sector - Brent crude oil prices have decreased, with the closing price on February 6, 2026, at 68.05 USD/barrel, down 3.73% from the previous week. The WTI price was 63.55 USD/barrel, down 2.55% [21]. - As of January 30, 2026, U.S. commercial crude oil inventories stood at 420 million barrels, a decrease of 3.455 million barrels from the previous week, marking a 4% decline compared to the past five years [23]. Refining Sector - The comprehensive price spread for major refined products in Singapore increased to 15.63 USD/barrel as of February 6, 2026, reflecting a rise of 6.2 USD/barrel from the previous week [60]. - The price spread for gasoline (RBOB) against WTI crude oil was 18.4 USD/barrel, up 1.8 USD/barrel from the previous week, although still below the historical average of 24.5 USD/barrel [63]. Polyester Sector - The profitability of PTA has increased, while the profitability of polyester filament has decreased. As of February 4, 2026, the average price of PX in Asia was 904.93 USD/ton, down 1.78% week-on-week [5][14]. - The overall performance of the polyester industry is currently average, with expectations for gradual improvement as new production capacities are expected to taper off in the coming years [5][14].

每日经济新闻 平安证券认为，面对国际油价剧烈震荡，国内油企通过上下游一体化布局和油气来源多元化降低了业绩 对油价的敏感性，并加快在国内海上油气资源开放方面的投入，以降低能源对外依赖程度。光大证券认 为，"三桶油"未来将继续维持高资本开支，不断加强天然气市场开拓，加快中下游炼化业务转型，有望 实现穿越油价周期的长期成长。 石化ETF（159731）及其联接基金（017855/017856）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。 截至2月9日14点30分，石化ETF（159731）涨1.09%，持仓股浙江龙盛、彤程新材、华峰化学涨幅居 前。从资金净流入方面来看，石化ETF（159731）近20个交易日资金净流入总计14.47亿元。石化ETF最 新份额达17.30亿份，最新规模17.48亿元，均创成立以来新高。 ...

摘要：【图】2025年1-9月黑龙江省原油产量统计分析 2025年1-9月原油产量分析： 据国家统计局数据，在2025年的前9个月，黑龙江省规模以上工业企业原油产量累计达到了2228.3万 吨，与2024年同期的数据相比，增长了0.4%，增速较2024年同期高0.3个百分点，继续保持增长，增速 较同期全国低1.3个百分点，约占同期全国规模以上企业原油产量16263.3万吨的比重为13.7%。 图表：黑龙江省原油产量分月（累计值）统计 图表：黑龙江省原油产量分月（当月值）统计 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 石油化工行业最新动态 石油行业监测及发展趋势 化工未来发展趋势预测 日化现状及发展前景 润滑油发展前景趋势分析 汽油的现状和发展趋势 柴油行业现状与发展趋势 橡胶市场现状及前景分析 塑料市场调研与发展前景 化妆品发展现状及前景预测清洁护肤市场调研及发展趋势 2025年9月原油产量分析： 单独看2025年9月份，黑龙江省规模以上工业企业原油产量达到了244.4万吨，与2024年同期的数据相 比，9月份的产量增长了 ...