Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - This week, the near - term of Singapore 380cst continued to strengthen, reaching a five - year high year - on - year. The crack spread increased and then fluctuated. Short - term arbitrage logistics tightened, and Singapore residue inventory decreased significantly. [3] - The low - sulfur crack spread of MF0.5 declined, reaching a historical low year - on - year, and the monthly spread was at a historical low for the same period. [3] - In terms of inventory, Singapore fuel oil inventory decreased significantly, EIA residue inventory continued to decline, ARA residue inventory increased, and Fujairah inventory accumulation accelerated. [4] - Under the new situation in Venezuela, heavy - oil logistics tilted towards the United States. Canadian heavy oil was seeking new buyers, and the price of Merey crude oil increased. Recently, the situation in Iran and arbitrage logistics affected 380. High - sulfur spot tightened, the crack spread rebounded, and high - sulfur had the strongest driving force in oil products in the short term. The low - sulfur external market remained weak. [4] 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 27, 2026, to February 2, 2026, the price of Rotterdam 3.5% HSF O swap M1 decreased by 18.54, Rotterdam 0.5% VLS FO swap M1 decreased by 18.54, Rotterdam HSFO - Brent M1 increased by 1.24, Rotterdam 10ppm Gasoil swap M1 decreased by 68.27, Rotterdam VLSFO - Gasoil M1 increased by 49.73, LGO - Brent M1 decreased by 3.82, and Rotterdam VLSFO - HSFO M1 remained unchanged. [1] Singapore Fuel Oil Swap Data - From January 27, 2026, to February 2, 2026, the price of Singapore 380cst M1 decreased, Singapore 180cst M1 decreased, Singapore VLSFO M1 decreased, Singapore Gasoil M1 decreased, Singapore 380cst - Brent M1 changed, and Singapore VLSFO - Gasoil M1 changed. [1] Singapore Fuel Oil Spot Data - From January 27, 2026, to February 2, 2026, FOB 380cst decreased by 12.53, FOB VLSFO decreased by 15.56, the 380 basis increased by 4.35, the high - sulfur internal - external price difference decreased by 3.0, and the low - sulfur internal - external price difference decreased by 4.9. [2] Domestic FU Data - From January 27, 2026, to February 2, 2026, FU 01 decreased by 109, FU 05 decreased by 134, FU 09 decreased by 122, FU 01 - 05 increased by 25, FU 05 - 09 decreased by 12, and FU 09 - 01 decreased by 13. [2] Domestic LU Data - From January 27, 2026, to February 2, 2026, LU 01 decreased by 184, LU 05 decreased by 139, LU 09 decreased by 149, LU 01 - 05 decreased by 45, LU 05 - 09 increased by 10, and LU 09 - 01 increased by 35. [3]

Core Viewpoint - The high dividend sector showed signs of recovery in January, driven by strong demand for dividend assets from insurance companies and the performance of cyclical high dividend stocks like oil, petrochemicals, and steel [2][4]. Market Overview - The overall market risk appetite continued to decline in January, with the full A ERP falling below one standard deviation of the past five-year average, indicating a challenging environment for market risk premium recovery [1][3]. - The volatility in cyclical stocks has impacted the market's profit-making ability, leading to a potential "small plateau" in investor risk appetite [3]. High Dividend Strategy - The configuration value of high dividend stocks has marginally increased compared to the previous month, suggesting a focus on stable high dividend stocks with defensive attributes and some potential high dividend varieties [1][3]. - The high dividend strategy's cost-effectiveness has improved, with the current full A ERP positioned at a historically significant level, requiring fundamental recovery or strong capital support for a breakthrough [3]. Sector Investment Opportunities - **Insurance**: The market sentiment remains strong, with expectations for continued positive performance in the insurance sector [5]. - **Oil and Petrochemicals**: Geopolitical tensions have raised concerns about global oil supply risks, leading to a rebound in oil prices. The Brent crude oil price forecast for 2026 has been raised to $65 per barrel [5]. - **Construction Materials**: The construction sector is expected to improve post-Spring Festival, with price increases in fiberglass, waterproof materials, and gypsum boards anticipated [5]. - **Utilities**: The electricity supply side is expected to stabilize, with coal prices remaining steady, indicating a bottoming out of electricity stock valuations [6]. - **Transportation**: The logistics sector is seeing a slight uptick in activity, particularly in road freight, as the Spring Festival travel season approaches [6]. - **Banking**: Banks are actively increasing lending, with profit margins expected to improve, particularly in light of a manageable impact from the real estate sector [7]. - **Real Estate**: The Hong Kong residential market has seen significant growth, with transaction volumes and prices rebounding, indicating a recovery trend [7]. - **Consumer Staples**: Leading companies in the consumer staples sector are expected to maintain stable cash flows and increase dividend payouts, benefiting from structural upgrades and international expansion opportunities [8].

登录新浪财经APP 搜索【信披】查看更多考评等级 格隆汇2月2日丨恒逸石化(000703.SZ)公布，近日，公司取得中国工商银行股份有限公司浙江省分行出 具的《关于对恒逸石化股份有限公司股票回购专项贷款项目的承诺函》，银行承诺为公司本次回购股份 提供专项贷款支持，承诺函有效期自签发之日起一年。主要内容如下：1、贷款银行：中国工商银行股 份有限公司浙江省分行；2、金额：不超过人民币90,000万元；3、期限：不超过3年。 截至2026年1月30日，公司尚未回购股份。公司后续将根据市场情况在回购期限内继续实施本次回购股 份方案，并将根据相关法律、法规和规范性文件的规定及时履行信息披露义务。 ...

恒逸石化公告称，2026年1月22日公司董事会同意以集中竞价交易方式回购股份，资金总额不低于5亿 元、不超10亿元，回购价不超15元/股，期限12个月。近日，公司获中国工商银行浙江省分行出具的承 诺函，银行将为本次回购提供不超9亿元、期限不超3年的专项贷款。截至1月30日，公司尚未回购股 份，后续将按市场情况继续实施回购方案。 ...

金、银贵金属市场的波动风险，正在迅速蔓延整个大宗商品市场。 2月2日，除了上周末大跌的黄金、白银以外，铜、铝、锌等基本金属与原油、燃料油等品种也出现大幅下跌。截至当日收盘，沪金2604合 约大跌15.73%，沪银、铂、钯、铜、铝等多达12个商品期货出现跌停。 如此大范围的集体跌停走势十分少见，而以上"国际定价"类商品的系统性回落，也显然受到了一些共性的影响。 其中最为明显的，当属近两日美元指数的短期上行。1月30日，凯文·沃什被提名为下一任美联储主席，其主张的"缩表+降息并行"颠覆了市 场对货币宽松的预期，使得美元指数阶段性止跌反弹，引发了包括贵金属、原油等大宗商品的剧烈波动。 不过，就国内期货市场而言，因为前期以黄金为代表的商品出现快速拉涨，整体风险相对可控。 仅以某头部期货公司为例，2月2日的金、银期货投机保证金比例已经上调至30%和32%，其他工业金属也增加至18%以上，多保持在相关 品种单日涨跌幅的2倍左右。 这意味着，即便出现类似于伦敦银单日下跌26%的极端行情，多头持仓的投资者也不至于出现"爆仓"。 "国际定价"品种领跌 这是一次以黄金、白银暴跌为开端，并逐步向工业金属、石油化工等领域蔓延的系统性 ...

本文来自格隆汇专栏：一凌策略研究，作者：牟一凌、王况炜 摘要 如何看待有色金属的高波动？ 本轮有色金属的行情背后是：美元信用松动+流动性宽松预期+新增产业需求叙事，金融资本由于此前对实物资产欠配，所以在上述三个催化下快速涌 入。我们是实物资产投资逻辑在国内市场最早的构建者，但在近期市场过于流行的一致预期也让我们担心一切看起来"太过容易"。本周四、周五有色金属 商品和股票调整的原因则在于上述"美元信用松动+流动性宽松预期"的叙事因为美联储主席提名人选的确定出现了逆转，再加上有色金属价格达到历史新 高后的获利了结。特朗普对沃什的提名尽管不直接意味着流动性的收紧，但至少让市场看到了一个"重塑美元信用"的蓝图，这对于前期的拥挤交易产生了 冲击：第一，美联储"缩表"回收市场多余流动性，压低通胀；第二，在通胀得到控制的前提下，跟随自然利率的下降而降息，支持高效率的企业生产培育 经济增长的内生动能，这是美元信用可持续的核心支撑。而为了平滑上述两个环节带来的市场波动——美联储作为本土最大买家逐步减持美债将带来债券 收益率大幅上行，美国政府需要想方设法重塑美债买盘，"石油美元"循环在此时的重要性提升：历史上，原油每上升1美元， ...

Core Viewpoint - The year 2025 saw significant fluctuations in the pure benzene market, characterized by an initial price surge followed by a prolonged decline, with various factors contributing to a new market landscape [3][21]. Price Trends - In 2025, pure benzene prices fluctuated, with an average price of 6189.22 yuan/ton, down 25.51% from 8308 yuan/ton in 2024. The highest price was 7790 yuan/ton on February 12, while the lowest was 5275 yuan/ton on November 11 [3][21]. - The price range for pure benzene in 2025 was between 5300 and 7800 yuan/ton, with most months falling below the average prices of the past five years [5][24]. Seasonal Deviations - The seasonal price patterns in 2025 deviated significantly from historical trends, particularly in March to May, where prices were notably lower than seasonal indices due to underperformance in domestic terminal recovery and widespread losses in downstream sectors [7][26]. Import and Inventory Dynamics - The traditional correlation between import volumes and inventory levels at the East China main port broke down in 2025, as imports increased while inventory levels remained stable, only slightly rising at year-end [8][27]. - The East China main port's inventory was generally at the average level of the past five years, influenced by high operational loads in downstream industries, which shifted pure benzene into solid forms within the supply chain [10][29]. Profitability and Operational Trends - The negative correlation between downstream profitability and operational rates weakened in 2025, with significant losses reported in the first half of the year despite high operational rates [11][30]. - By the fourth quarter, both operational rates and profitability improved due to increased exports of styrene and coordinated production cuts in the caprolactam industry, leading to a relative high point in downstream profitability [12][31]. Inventory-Price Relationship - The expected negative correlation between inventory levels and prices of pure benzene was disrupted in 2025, as high inventory levels did not lead to expected price declines, indicating a shift in market dynamics [15][34]. - The structural changes in inventory and price relationships suggest that the transmission of market signals through the supply chain was not functioning effectively, leading to a different form of inventory transfer [17][36]. Future Outlook - In January 2026, pure benzene prices rose to an average of 5596.05 yuan/ton, with expectations for the year to see a price range between 5200 and 6500 yuan/ton, and an average price of approximately 5860 yuan/ton [19][39].

Group 1: AI and Robotics Investment Funds - Kunshan established a 5 billion RMB AI industry fund, focusing on core hardware, computing infrastructure, and AI+ manufacturing [2] - Luoyang's industrial development fund plans to set up a 2 billion RMB humanoid robot fund, targeting investments in the entire humanoid robot industry chain [2] - A 6.6 billion RMB intelligent robot industry fund was jointly established by UBTECH and the Liuzhou government, focusing on the entire industry chain [12] Group 2: Aerospace and Space Technology Funds - Sichuan Liangshan plans to establish a commercial aerospace special fund of no less than 4 billion RMB, supporting rocket and satellite development [2] - Beijing Yizhuang Star Arrow Technology established a 1 billion RMB aerospace industry fund, focusing on reusable rockets and satellite applications [3] Group 3: Regional and Sector-Specific Funds - Urumqi's Midong District set up a 200 million RMB industrial fund to boost five key industries, including petrochemicals and new energy [3] - Jiangsu's Wuxi Huishan District launched its first S fund with a total scale of 500 million RMB, focusing on private equity secondary markets [8] - The Jiangsu province's guiding fund successfully established a 500 million RMB results transformation fund to promote technology transfer [5] Group 4: Renewable Energy and New Materials Funds - Zhejiang Zhengtai Electric plans to invest 150 million RMB in a 1 billion RMB household photovoltaic investment fund [11] - Hunan Keli Yuan plans to lead a 2 billion RMB energy storage industry fund, focusing on new energy storage projects [17] Group 5: Healthcare and Biomedicine Funds - The first CVC biomedicine sub-fund in Yangzhou was established with a total scale of 500 million RMB, focusing on medical technology [13] - Liaoning He’s Eye Hospital Group plans to invest 80 million RMB in a biomedicine fund, targeting biotechnology and healthcare projects [15] Group 6: Government and Policy Initiatives - Hangzhou Yuhang District released a new investment fund management method to enhance investment efficiency and support emerging industries [18]

Core Viewpoint - The wholesale prices of gasoline and diesel in China have increased as of January 30, with gasoline averaging 7423 yuan per ton and diesel averaging 6133 yuan per ton, reflecting a rise of 49 yuan and 38 yuan per ton respectively from the previous day [1] Market Overview - On January 29, international crude oil futures prices rose, positively impacting the average price change rate of a basket of crude oils, which contributed to a favorable market sentiment [1] - There has been a moderate replenishment in the mid-to-downstream sectors, leading to an overall improvement in the purchasing and sales atmosphere [1] Regional Price Changes - Gasoline wholesale prices increased in regions including Chongqing, Fujian, Guangdong, Hubei, Qinghai, Shanghai, Shaanxi, Zhejiang, Tianjin, and Guangxi [1] - Diesel wholesale prices rose in regions such as Chongqing, Hubei, Qinghai, Shanghai, Henan, Inner Mongolia, Guangdong, Jiangxi, Tianjin, and Beijing, while prices in Gansu and Guizhou decreased [1] - In Shandong, both gasoline and diesel prices saw significant increases [1] Data Source - The wholesale price data is published by the China Economic Information Agency and the China Petroleum Economic and Technological Research Institute, in collaboration with the Shanghai Petroleum and Natural Gas Trading Center, and is based on data collection from major operating units across the country [1]

格隆汇2月2日｜今日石化板块回调，鲁西化工、华峰化学分别跌8.9%和6.8%，带动石化ETF下跌 2.6%，但资金选择继续抢筹，盘中获净申购3200万份，冲击"19连吸金"。 事实上，近期资金持续流入石化ETF(159731)，从1月7日起已经连续18个交易日获资金净申购，合计净 流入13.51亿元，居同标的产品第一。 相关产品： 消息面上： 石化ETF(159731)跟踪石化产业指数，基础化工+石油石化双轮驱动，占比超91%，细分领域覆盖炼油化 工 (25.4%)、聚氨酯 (10.6%)、钾肥 (8.6%)、磷肥及磷化工(7.1%) 等关键细分领域，直接受益于反内卷显 效下，石化行业出清带来的涨价预期，权重股包括万华化学（全球 MDI龙头）、中国石油（国内油气 龙头）、中国石化（国内炼化龙头）、盐湖股份（国内钾肥龙头）等。 光大证券指出，2025年以来，石化行业从简单的"减油增化"到强调明确未来高附加值转化的方向，标志 着政策进入新阶段，随着全球石化产能的调整与重组及国内治理"内卷式"竞争行动的展开，未来低价恶 性竞争有望被遏制。 ①伊朗地缘局势紧张程度加剧，原油的地缘政治风险溢价上升，油价上涨。"欧佩克+ ...