智通财经APP获悉，1月22日,阿里巴巴-W（09988）、中国海洋石油（00883）、中国人寿（02628）南 向资金净流入金额位列市场前三，分别净流入14.11 亿、5.90 亿、5.08 亿 中国移动（00941）、腾讯控股（00700）、中国宏桥（01378）南向资金净流出金额位列市场前三，分 别净流出-8.48 亿、-6.71 亿、-4.32 亿 在净流入比方面，长江基建集团（01038）、优然牧业（09858）、海天味业（03288）以56.47%、 56.41%、51.11%位列市场前三。 在净流出比方面，中教控股（00839）、中国中药（00570）、碧桂园服务（06098） 以-62.38%、-57.48%、-55.30%位列市场前三。 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 14.11 亿 | 14.34% | 164.800（+0.98%） | | 中国海洋石油(00883) | 5.90 亿 | 21.89% | 22.740（+2.52%） | | 中 ...

WTI 3月原油 期货收跌0.44美元，跌幅0.72%，报60.63美元/桶。布伦特3月原油期货收跌0.29美元，跌幅 0.44%，报65.59美元/桶。NYMEX 2月 天然气期货收涨将近28.91%，报6.8000美元/百万英热单位，北京 时间01:36曾达到7.439美元。NYMEX 2月汽油期货收报1.8201美元/加仑，NYMEX 2月取暖油期货收报 2.5680美元/加仑。 ...

数据来源：Wind ◎林玉莲 记者 徐锐 1月26日收盘，石油天然气板块上涨4.32%，领涨A股。最近一个多月以来，油气板块整体呈现震荡上行 趋势。综合各方面观点来看，本轮行情主要与海外地缘冲突加剧、寒潮带动美国天然气期货价格暴涨有 关。 从价格角度来看，油价短期小幅走高。1月23日，纽约商品交易所3月交货的轻质原油期货价格收于每桶 61.07美元；3月交货的伦敦布伦特原油期货价格收于每桶65.88美元。 2026年以来国际油价走势 "继续关注中东局势发展，短期依然风险较大，一旦发生冲突，则原油价格可能上涨到每桶65美元甚至 70美元附近。"卓创资讯成品油分析师王雪琴对记者表示。 此外，不少机构近日提示，从经济周期来看，在康波萧条期内，按照商品周期的轮动规律，石油板块值 得重点关注。在这一阶段，主导国货币信用出现裂痕、全球地缘不确定性上升，往往会推动黄金率先上 涨；随后，各国战略补库需求会带动工业金属走强；而油价通常会紧随其后，迎来阶段性机会。 天然气方面，在2025年末国际市场结束了漫长跌势，迎来罕见强势反弹。Wind数据显示，截至1月26日 20时35分，NYMEX天然气期货合约上涨16.80.%，报6. ...

据香港交易所披露，摩根大通(JPMorgan)对中国石油天然气股份有限公司-H股的多头持仓比例于2026年 1月21日从5.29%增至5.34%。 ...

Core Viewpoint - JPMorgan has increased its long position in PetroChina Company Limited - H shares from 5.29% to 5.34% as of January 21, 2026 [1] Group 1 - JPMorgan's long position in PetroChina reflects a slight increase in investor confidence [1]

消息面上，据新华社报道，美国总统特朗普于1月22日在"空军一号"上宣布，美国正调集重兵前往伊 朗，多艘军舰已向该区域行进。这一表态引发国际市场对中东局势的深度担忧。此外，受侵袭美国大部 分地区的冬季风暴影响，美国天然气价格25日大幅飙升，期货价格自2022年以来首次突破每百万英热单 位6美元关口。 华泰期货认为，短期中东局势依然紧张，美国持续在中东地区布兵，对伊朗的打击可能箭在弦上，伊朗 不同于委内，由于其地缘位置的重要性，可能波及周边重要产油国以及霍尔木兹海峡，因此油价对伊朗 局势的敏感性远大于委内瑞拉。 山东墨龙（002490）(00568)一度涨超7%，截至发稿，涨5.13%，报4.3港元，成交额2.85亿港元。 ...

1月26日，液化石油气期货行情呈现震荡上行走势，截至发稿主力合约大幅上涨3.73%，报4306.00元/ 吨。 【消息面汇总】 国际能源署（IEA）称，欧洲今年预计将进口创纪录高的液化天然气，因全球供应预期飙升。 机构观点 瑞达期货（002961）：周内受大范围雨雪天气以及供应增加影响，部分地区厂家出货不畅，导致炼厂库 容率出现上涨。综合来看，短期整体供需压力边际提升，美国寒潮带动天然气价格走高，原油高位震 荡，液化气预计宽幅震荡为主。PG主力合约隔夜报4254元/吨，上方关注4300附近压力，下方关注4150 附近支撑。 新湖期货：国际市场2月至3月现货基本面偏紧，一方面是科威特和美国现货供应紧张，另一方面是中国 买家合同货采购量下降，转而增加了现货采购。远东地区丙烷到岸价处于高位，部分PDH工厂减少了采 购需求，未来PDH开工率有继续下降的预期。随着化工需求的下降，进口量预期环比减少。临近农历春 节，炼厂有意保持低库存，推涨动力不强。2月CP即将出台，市场预期环比上涨20美元/吨，进口成本存 支撑。综合来看，基本面上涨驱动不强，但在进口成本支撑下，PG下方空间不大，需留意仓单动态。 美国商品期货交易委员会 ...

Core Viewpoint - The oil and gas sector is positioned as a core asset with strategic value and investment potential, expected to perform steadily through market fluctuations from 2021 to 2025, serving as a "safe haven" for investors due to its high dividends and stable growth [1]. Group 1: Market Dynamics - Oil and gas remain essential as a primary energy source, accounting for over 60% of global consumption, with domestic production expected to grow under energy independence strategies [2]. - China's oil import dependency is projected to reach 71.9% by 2024, highlighting significant supply pressure [2]. - The top three constituents of the National Oil and Gas Index—China National Petroleum Corporation, Sinopec, and CNOOC—collectively account for over 90% of domestic production, reinforcing their role as key supply providers [2]. Group 2: Natural Gas Demand - Natural gas is increasingly recognized as a transitional energy source amid global energy transformation, with a compound annual growth rate (CAGR) of 8.35% in China's natural gas consumption from 2015 to 2024 [5]. - The peak consumption of natural gas is expected around 2040, reaching approximately 6000-7000 billion cubic meters [6]. Group 3: Policy and Market Environment - The implementation of the Energy Law and other reforms is expected to enhance industry efficiency and reduce extreme volatility risks, while state-owned enterprises are anticipated to increase dividend payouts [8]. - The National Oil and Gas Index has shown a consistent positive return over five years, with annual returns of 33.93%, 0.05%, 7.01%, 10.90%, and 10.13% from 2021 to 2025 [9][10]. Group 4: Index Characteristics - The National Oil and Gas Index is heavily weighted towards the "Big Three" oil companies, which together account for over 40% of the index, ensuring significant exposure to leading firms [12]. - The index includes a balanced distribution across the oil and gas sectors, with 61.5% in oil and petrochemicals and 15.8% in utilities, providing stable cash flow through gas companies [14]. - The index's current dynamic price-to-earnings ratio is 13.42, indicating reasonable valuation, with a dividend yield of 3.92%, making it attractive in a low-interest-rate environment [16]. Group 5: Current Investment Timing - International oil prices are stabilizing, with a price range of $50-60 per barrel, which is close to the main extraction cost line, limiting downside potential and supporting profit improvement [18]. - The index's return on equity (ROE) reached 9.8% in Q3 2025, significantly exceeding the overall A-share market average of 7.9%, indicating a shift towards high-quality development in the sector [22].

Group 1 - The core viewpoint of the news highlights the significant rise in oil and gas stocks, particularly China National Offshore Oil Corporation (CNOOC), which reached a historical high due to a winter storm impacting the U.S. and causing natural gas prices to surge above $6 per million British thermal units for the first time since 2022 [1] - The U.S. government has reportedly extracted 50 million barrels of oil from Venezuelan tankers and plans to send it to U.S. refineries, indicating a strategic move in the oil market amidst ongoing geopolitical tensions [1] - The China Securities Index for oil and gas (399439) saw a strong increase of 3.50%, with significant gains in constituent stocks such as Shun Oil (+10.02%), Potential Energy (+7.75%), and Zhongman Oil (+7.65%) [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Securities Index for oil and gas (399439) include major players like China National Petroleum, Sinopec, and CNOOC, collectively accounting for 67.11% of the index [2] - The oil ETF Penghua (159697) closely tracks the China Securities Index for oil and gas, reflecting the price changes of listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1][2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The overall supply and demand of crude oil still tend to be in surplus, but recent trends are still affected by geopolitical factors between the US and Iran and weather conditions in Europe and the US. The medium - to long - term outlook is still bearish, but short - term attention should be paid to the pulsed bullish impact of geopolitics. It is recommended to hold long call option positions for protection, with the resistance level of the SC2603 contract at 450 - 460 yuan/barrel [8] Summary by Directory Supply - **Drilling Quantity**: As of December last year, the global active oil and gas rig count was 1,782, a decrease of 30 from the previous month and 82 from the same period last year. Among them, the number of US rigs was 546, a decrease of 3 from the previous month and 43 from the same period last year [27] - **OPEC and Saudi Arabia's Crude Oil Production**: In December, the total OPEC+ crude oil production was 42.831 million barrels per day, a decrease of 238,000 barrels per day from the previous month. OPEC's crude oil production was 28.564 million barrels per day, an increase of 105,000 barrels per day from the previous month. Saudi Arabia's crude oil production was 10.078 million barrels per day, an increase of 27,000 barrels per day from the previous month [8][31] - **US Crude Oil Production**: As of the week of January 16, US crude oil production was 13.732 million barrels per day, a decrease of 21,000 barrels per day from the previous week and an increase of 248,000 barrels per day from the same period last year. US shale oil production in December was 9.22 million barrels per day, accounting for about 66% of total crude oil production [47] - **China's Crude Oil Production and Imports**: In 2025, China's cumulative crude oil production was 216 million tons, a 2.1% decrease from the previous month and a 1.54% increase from the same period last year. Cumulative crude oil imports were 522 million tons, a 4.4% increase from the previous year [51] Demand - **Crude Oil Demand**: In 2025, the global crude oil demand was 104 million barrels per day, a 0.43% increase from the previous month and a 1.10% increase from the same period last year. China's apparent crude oil consumption in 2025 was 791 million tons, a 3.44% increase from the previous year [58] - **Refinery Utilization Rates**: As of the week of January 16, the US refinery utilization rate was 93.3%, a decrease of 2 percentage points from the previous week and an increase of 7.4 percentage points from the same period last year. The US refineries will enter the spring maintenance period, and the utilization rate may gradually decline. China's refinery utilization rate was 71.42%, an increase of 0.8 percentage points from the previous week and an increase of 1.75 percentage points from the same period last year [62] - **Refined Oil Production and Exports**: In 2025, China's cumulative gasoline production from January to December was 162.8 million tons, a 5.07% decrease from the previous year; cumulative gasoline exports were 8.0128 million tons, a 17.7% decrease from the previous year. Cumulative diesel production was 209.6 million tons, a 4.55% decrease from the previous year; cumulative diesel exports were 6.68 million tons, a 16.6% decrease from the previous year. Cumulative kerosene production was 61.6166 million tons, a 5.76% increase from the previous year; cumulative kerosene exports were 21.8231 million tons, a 14.61% increase from the previous year [70][76][80] - **Automobile and Truck Production**: In 2025, China's cumulative automobile production was 34.531 million, a 10.4% increase from the previous year. Among them, cumulative new energy vehicle production was 16.626 million, a 29% increase from the previous year. The new energy vehicle industry in China has developed rapidly since 2020, having a certain substitution effect on traditional oil product demand [85] Inventory - **OECD and Global In - Transit Crude Oil Inventory**: According to the OPEC monthly report in January, OECD's commercial oil inventory in November increased by 4 million barrels month - on - month (with crude oil increasing by 8.1 million barrels and refined oil decreasing by 4.1 million barrels), 77.6 million barrels higher than the same period last year and slightly 0.3 million barrels higher than the five - year average. The global in - transit crude oil inventory remained at a high level [91] - **US Crude Oil and Refined Oil Inventory**: As of the week of January 16, US commercial crude oil inventory increased by 3.602 million barrels, and Cushing crude oil inventory increased by 1.478 million barrels. The EIA gasoline inventory increased by 5.977 million barrels, and distillate fuel oil inventory increased by 3.348 million barrels. Due to the weakening of refinery utilization rates and weak terminal consumption, refined oil inventories continued to accumulate [93][96] - **China's Crude Oil Inventory**: China's crude oil port inventory continued to decline, and the inventory was higher than the same period last year. The exchange warehouse receipt inventory remained stable at a low level [101] Market - **International and Domestic Crude Oil Prices**: Last week, international crude oil prices first rose and then fell, and the main contracts were at the lowest level in recent years during the same period. The domestic SC crude oil mainly followed the trend of international crude oil. The B - W spread weakened slightly last week and was higher than the same period last year. The SC - Oman spread rebounded and was lower than the same period last year [16][21][23]