原油日报 | 2026-02-27 美伊谈判出现转折，油价剧烈波动 市场要闻与重要数据 1、 纽约商品交易所4月交货的轻质原油期货价格下跌21美分，收于每桶65.42美元，跌幅为0.32%； SC原油主力 合约收涨0.74%，报490元/桶。（来源：Bloomberg） 2、 2月27日，乌克兰国家石油天然气公司26日在官网发表声明说，乌克兰将首次通过立陶宛克莱佩达港接收美国 液化天然气。声明说，乌国家石油天然气公司与立陶宛Ignitis集团进行合作，将于今年2月至3月期间通过克莱佩达 港接收9000万立方米美国液化天然气。乌能源部长什梅加尔说，在当前俄罗斯几乎每天都攻击乌能源和天然气基 础设施的情况下，实现能源供应路线多元化、加强能源安全至关重要。（来源：Bloomberg） 3、 2月26日，最近，近期和较远期的布伦特原油合约之间的价格差异有所缩窄，这表明现货市场供应状况正在逐 渐改善。通过里海管道联盟终端出口的哈萨克斯坦石油在之前出现中断后已恢复正常供应。与此同时，浮式储存 设施的规模正在缩小，这表明此前滞留、受制裁的石油现在已找到了买家，据荷兰国际集团的分析师称。他们表 示："如果美国和伊朗之间的紧张 ...

这真是倒反天罡了？大家都知道，在俄乌冲突的漩涡中，美国和欧洲一向站在乌克兰一方，坚决支持乌克兰对抗俄罗斯，尤其是在军事打击上，越狠越是它 们所期望的。可奇怪的是，为何美国在乌克兰的战略行动中，却突然反对乌方攻击俄罗斯的某些能源设施，比如输油气管道或炼油厂呢？这种态度简直让人 百思不得其解。 据《北京日报》2月25日的报道，2月24日，乌克兰驻美国大使奥莉加·斯特凡尼希娜在一次新闻发布会上透露了一个重要信息。她说，由于乌克兰去年11月 袭击了俄罗斯新罗西斯克的里海管道联盟（CPC）设施，这一举动对美国的相关企业投资造成了影响，美国国务院因此向乌克兰发出了警告，要求避免针对 美国利益展开进一步的攻击。然而，令人吃惊的是，美国并没有要求乌克兰完全停止打击俄罗斯的能源设施，只是明确表示，不能伤害到美国的经济利益。 截至目前，美国国务院尚未对这条消息做出正式回应。 俄乌冲突已经打了四年，乌克兰在美国等西方国家的支持下艰难应战。按理说，美国应该是乌克兰最坚实的后台，可是现在，这个后台却突然给乌克兰划了 道红线：打俄罗斯可以，但不能动到我的钱包！这一波操作让人不禁发问：所谓的盟友情谊，到底有没有意义？怎么到头来，还是美国的 ...

Group 1 - The geopolitical tensions between the US and Iran are increasing, leading to a normalization of risk premiums in oil transportation and raising freight rates [1] - In the short term, the crisis in the Strait of Hormuz is expected to trigger a large-scale rush for oil transport, resulting in a spike in oil and freight prices [1] - In the medium to long term, Iran may shift towards compliant markets, improving the supply-demand dynamics for VLCCs (Very Large Crude Carriers) [1] Group 2 - Sinokor, a South Korean shipowner, is significantly increasing its VLCC capacity, controlling/operating 120 VLCCs, which accounts for 18% of the compliant VLCC market capacity and 14% of the global VLCC capacity [1] - By the end of 2026, Sinokor's capacity is expected to reach approximately 158 VLCCs, representing 24% of the compliant VLCC market capacity [1] - The VLCC market is transitioning from a relatively fragmented structure to an oligopoly, with stricter sanctions from the US and Europe on non-compliant capacities, making compliant capacity a core asset and enhancing shipowners' bargaining power [1] Group 3 - As of February 27, 2026, the Guozheng Oil and Gas Index (399439) has risen by 0.86%, with significant increases in stocks such as Shun Oil (+10.00%) and Zhenwei (+6.30%) [2] - The Guozheng Oil and Gas Index reflects the price changes of publicly listed companies related to the oil and gas industry in the Shanghai and Shenzhen stock exchanges [2] - The top ten weighted stocks in the Guozheng Oil and Gas Index account for 66.76% of the index, including major companies like China National Petroleum, CNOOC, and Sinopec [2]

Core Insights - The geopolitical situation is intensifying, leading to a continuous inflow of funds into the oil sector, with the Penghua Oil ETF (159697) seeing a net subscription of 14 million units during trading [1] Group 1: Industry Overview - Domestic oil and gas dependency is high, prompting the government to prioritize marine energy as a strategic focus for energy security [1] - Tax incentives are being implemented to reduce the import costs of marine oil and gas exploration equipment, aiming to enhance domestic oil and gas supply capabilities [1] - A VAT rebate on imported natural gas is being offered to stabilize price fluctuations and ensure energy supply stability [1] Group 2: Market Performance - As of February 27, 2026, the Guozheng Oil and Gas Index (399439) increased by 0.59%, with significant gains in constituent stocks such as Shun Oil (+10.00%), Diwei Er (+6.45%), and Hupu Co. (+6.07%) [1] - The Penghua Oil ETF (159697) rose by 0.70%, with the latest price reported at 1.44 yuan [1] - The Guozheng Oil and Gas Index reflects the price changes of listed companies related to the oil and gas industry on the Shanghai and Shenzhen stock exchanges [1] Group 3: Major Holdings - As of January 30, 2026, the top ten weighted stocks in the Guozheng Oil and Gas Index include China National Petroleum, China National Offshore Oil, and Sinopec, collectively accounting for 66.76% of the index [1]

Group 1 - The core viewpoint of the articles highlights the ongoing geopolitical tensions between the US and Iran, which are significantly impacting the oil market, leading to increased volatility and a shift from supply-demand dynamics to geopolitical risk-driven factors [1] - Iran has rejected transferring its enriched uranium abroad during indirect negotiations with the US, insisting on its right to peaceful nuclear technology and the ability to produce nuclear fuel, while demanding the lifting of US sanctions [1] - The market is expected to experience high volatility in oil prices over the next month, with a tendency for prices to rise due to geopolitical issues, suggesting a focus on upstream companies with oil and gas resources and offshore oil and gas service engineering sectors [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include major companies such as China National Petroleum, China National Offshore Oil, and Sinopec, collectively accounting for 66.76% of the index [2] - The National Petroleum and Natural Gas Index reflects the price changes of publicly listed companies related to the oil and gas industry on the Shanghai and Shenzhen stock exchanges [1][2]

Group 1 - The core viewpoint of the news is that China National Offshore Oil Corporation (CNOOC) experienced a decline in stock price and trading volume, with a notable net financing outflow on February 26 [1] - On February 26, CNOOC's stock fell by 2.53%, with a trading volume of 1.603 billion yuan, and a net financing outflow of 53.43 million yuan [1] - As of February 26, the total financing and securities lending balance for CNOOC was 1.731 billion yuan, with a financing balance of 1.722 billion yuan, accounting for 1.62% of the circulating market value [1] Group 2 - CNOOC was established on August 20, 1999, and listed on April 21, 2022, primarily engaged in the exploration, production, and sales of crude oil and natural gas [2] - The company's revenue composition includes 82.73% from oil and gas sales, 14.96% from trading, and 2.31% from other activities [2] - For the period from January to September 2025, CNOOC reported a revenue of 312.503 billion yuan, a year-on-year decrease of 4.15%, and a net profit attributable to shareholders of 101.971 billion yuan, down 12.59% year-on-year [2] Group 3 - CNOOC has distributed a total of 255.995 billion yuan in dividends since its A-share listing, with 179.051 billion yuan distributed over the past three years [3] - As of September 30, 2025, the number of CNOOC shareholders was 216,500, a decrease of 7.02% from the previous period [3] - The largest circulating shareholder, Hong Kong Central Clearing Limited, has exited the top ten shareholders list [3]

放眼东北沃野，在中国石油吉林油田45万千瓦风光发电项目建设现场，作业人员正开展风机吊装工作。 该项目不仅是实现老油田绿色转型的重要力量，且在中国石油吉林石化气电调峰配套中发挥着重要作 用。 "我们计划于4月完成35万千瓦风电项目全部风机的安装。"吉林油田新能源建设项目部经理曲乃涛介绍 称，届时，风电与已投运光伏项目将协同发力，实现绿电规模外送。预计年发电量超8亿千瓦时，年减 排二氧化碳约64万吨，生态效益与社会效益显著。 神州大地上，一批体量大、质态优、带动力强的重大项目正全速推进。项目集中开工、加快建设的背 后，是国资央企在稳投资、稳增长、惠民生中发挥的中流砥柱作用。国务院国资委发布的数据显示，截 至2025年底，中央企业资产总额突破95万亿元，2025年实现利润总额2.5万亿元，完成固定资产投资5.1 万亿元，上缴税费2.5万亿元。 （来源：经济参考报） 昆明长水国际机场改扩建工程建设热火朝天、中国石油吉林油田45万千瓦风电项目高速推进、中国铜业 旗下众多冶炼企业均全面复工……春节过后，全国重大工程项目掀起复工复产热潮，各地以开足马力的 建设态势，按下项目推进"快进键"，跑出有效投资"加速度"，为全年经济 ...

大家好，今天犀哥这财经评论，主要来聊聊节后A股一开盘，资源板块直接杀疯了。石油天然气相关的 那些板块，比如油服工程、油气开采，直接领涨全场，黄金有色也跟着凑热闹，涨得特别显眼，为何石 油黄金猛涨？ 这就是春节那9天长假，国际上大宗商品涨价带起来的连锁反应，咱们放假的时候，国外的石油、天然 气、黄金、白银可没闲着，集体涨了一波，A股只是节后补了个行情而已。 黄金、石油的涨幅 先给大家报组实实在在的数据，纽约原油价格，放假前大概是62美元一桶，等咱们收假回来，2月24号 中午的时候，已经涨到66美元一桶以上了。 还有伦敦现货黄金，放假前还在5000美元一盎司附近晃悠，能不能站稳都不好说，结果24号开盘中午， 直接冲到5180美元以上，离5200美元就差一点点，白银也跟着涨了不少。 而黄金白银涨价，跟中东关系不大，主要是美国自己那边出了政策变动，春节放假期间，美国最高法院 把之前推行的对等关税政策给推翻了，这政策可是当初很重要的一个经济调控手段，说推翻就推翻，直 接把全球贸易格局和美国的宏观政策都搞乱了。 普通投资者该怎么做？ 中东那点紧张情绪，对金银虽然有一点点支撑，但跟美国政策变动比起来，根本不算啥，而且这种靠 ...

Group 1 - The article highlights the top and bottom AH premium rates for various stocks, with Northeast Electric (00042) leading at 527.91% and Ningde Times (03750) at -15.33% [1][2] - The top three stocks with the highest AH premium rates are Northeast Electric (00042), Zhejiang Shibao (01057), and Sinopec Oilfield Service (01033) [1] - The bottom three stocks with the lowest AH premium rates include Ningde Times (03750), Zhaoyi Innovation (03986), and China Merchants Bank (03968) [1] Group 2 - The article provides detailed tables showing the AH premium rates and deviation values for the top and bottom stocks, indicating significant discrepancies between H-shares and A-shares [1][2] - Sinopec Oilfield Service (01033) has the highest deviation value at 25.11%, while Northeast Electric (00042) has the lowest at -270.69% [1][2] - The data is generated based on the Hong Kong Stock Exchange and reflects the current premium rates compared to the average rates over the past 30 days [2]

Core Viewpoint - The article highlights the active trading of the Hong Kong Stock Connect Dividend ETF Guangfa (520900) and emphasizes the attractiveness of high dividend assets and growth-oriented stocks in the current low macro interest rate environment [1] Group 1: Market Conditions - The macro interest rates are at historical lows, prompting a focus on companies with strong technical capabilities and excellent cash flow, as well as undervalued high-dividend quality state-owned enterprises [1] - The trend of low interest rates and policies encouraging long-term capital inflow into the market supports the view that dividend assets remain a worthwhile long-term investment direction [1] Group 2: Investment Strategy - The Hong Kong Stock Connect Dividend ETF Guangfa (520900) and its offshore links (022719/022720) closely track the CSI China New Hong Kong Stock Connect Central Enterprise Dividend Index (931722.CSI) [1] - The ETF has a significant allocation to leading state-owned enterprises such as the three major oil companies, the three major telecommunications operators, and China Shenhua, showcasing notable value style and defensive characteristics [1] - This investment vehicle provides investors with a convenient entry point to allocate to Hong Kong dividend assets, balancing stable returns with long-term value [1]