1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Views of the Report - Due to the continuous geopolitical conflicts in the Middle East, international crude oil prices have soared again. The Strait of Hormuz, the world's most crucial oil chokepoint, has almost come to a standstill due to the US - Iran conflict, leading to a continuous rise in international oil prices. WTI and Brent crude oil have recorded their largest weekly increases since 1983 and 1991 respectively [1][11]. - A 10% increase in oil prices may push up the PPI by about 0.4 percentage points. Crude oil, as a basic production material, is widely used in the upstream, mid - stream, and downstream industrial chains. The relevant industries account for about 12.4% of the PPI [1][12]. - The actual impact of oil prices on China's inflation depends on how the conflict develops. Bloomberg Economics has made three scenario analyses: cease - fire (medium - high probability), continuous war (medium - high probability), and regime change in Iran (low probability). Different scenarios will have different impacts on China's PPI [2][18]. - The bond market may remain volatile. It is recommended to moderately extend the duration when there are adjustments. The bond supply shock trading may come to an end. The probability of interest rate decline is higher from the Two Sessions to the Politburo meeting in April. However, after the 10 - year Treasury bond rate breaks below 1.80%, the market is cautious, waiting for the increase in interest rate cut expectations [2][21]. 3. Summary According to Relevant Catalogs 3.1 Review Summary and Bond Market Outlook - This week, the bond market successively traded risk appetite and expectations of the Two Sessions. Yields remained volatile overall, with short - end performance stronger than long - end. The yields of 10Y and 30Y Treasury bonds both rose by 1bp [10]. - International oil prices soared due to the Middle East geopolitical conflicts. As of Friday's close, WTI crude oil futures rose by more than 36% this week, and Brent crude oil futures rose by about 29% [11]. 3.2 Bond Market Review 3.2.1 Funding Situation - The central bank had a net withdrawal of funds, and funding rates declined. From March 2nd to March 6th, the central bank's open - market net withdrawal was 136.34 billion yuan. R007 and DR007 decreased by 2bp and 9bp respectively compared with February 28th [22][24]. 3.2.2 Secondary Market Trends - Yields remained volatile this week, with short - end performance being strong. Except for 10Y and 30Y, the yields of other key - term Treasury bonds declined. Except for the 50Y - 30Y spread, other key - term Treasury bond spreads widened [31]. 3.2.3 Bond Market Sentiment - As of March 6th, the weekly turnover rate of 30Y Treasury bonds rebounded to 31%, the 50Y - 30Y Treasury bond spread narrowed by 2bp compared with February 28th, and the 30Y - 10Y Treasury bond spread widened by 0.3bp to 50bp. The inter - bank leverage ratio rose to 107.7%, and the median duration of medium - and long - term pure bond funds increased by 0.03 years to 2.56 years. The implied tax rate of 10 - year CDB bonds narrowed [35][39]. 3.2.4 Bond Supply - This week, the net financing of interest - rate bonds decreased. The net financing of Treasury bonds changed from net financing to net repayment, the net financing of local government bonds increased, and the net repayment of policy - financial bonds decreased. Next week, the issuance scale of Treasury bonds will increase, while the issuance scale of local government bonds will decrease. This week, inter - bank certificates of deposit changed from net repayment to net financing, and the average issuance rate continued to decline [49][53]. 3.3 Economic Data - In February, the manufacturing PMI declined seasonally, and the export sector was under pressure. Since March, travel has been stronger than the Spring Festival seasonality, and industrial production has improved marginally. Real - estate transactions, consumption, export, and industrial production indicators have shown different trends [57]. 3.4 Overseas Bond Market - The US non - farm payrolls data in February was disappointing. The 2Y and 10Y US Treasury bond rates both rose by 18bp. The 10Y - 2Y US Treasury bond spread remained flat at 59bp. European bond markets declined, the Chinese bond market rose, and the South Korean bond market declined. Emerging - market bond markets also declined [65][66]. 3.5 Major Asset Classes - The CSI 300 index adjusted this week. The Nanhua Crude Oil Index rose significantly by 31%, the US dollar index rose, while the Nanhua Live Pig Index and Shanghai Copper declined. The performance of major asset classes this week was: crude oil > US dollar > rebar > Chinese bonds > Shanghai gold > Chinese - funded US dollar bonds > CSI 300 > convertible bonds > Shanghai copper > live pigs > CSI 1000 [70]. 3.6 Bond Market Calendar - The calendar from March 9th to March 13th, 2026, includes information on liquidity投放 and maturity, government bond supply, fundamental data, and important domestic and international events [76].

Group 1 - The core point of the article is that Dalian Fookia Chemical Co., Ltd. has obtained a patent for a "Cooling System and Method for Adsorption Tower Shutdown" with the authorization announcement number CN115779633B, applied for on December 2022 [1] - Dalian Fookia Chemical Co., Ltd. was established in 2006 and is located in Dalian City, primarily engaged in the petroleum, coal, and other fuel processing industries [1] - The company has a registered capital of 1,495.362748 million RMB and has made investments in 8 enterprises, holding a total of 415 patents and 747 administrative licenses [1]

Group 1 - The core point of the article is that Ge Yuan Electronic Technology (Shanghai) Co., Ltd. has obtained a patent for a device and method for processing battery cell lead terminals, with the patent number CN121238186B and an application date of December 2025 [1] - Ge Yuan Electronic Technology (Shanghai) Co., Ltd. was established in 2005 and is located in Shanghai, primarily engaged in the petroleum, coal, and other fuel processing industries [1] - The company has a registered capital of 200,000 USD and has participated in 33 bidding projects, holds 51 patent records, and possesses 26 administrative licenses according to data from Tianyancha [1]

Core Viewpoint - The report by Zhiyan Consulting highlights the current state and investment prospects of the petroleum and petrochemical industry in China from 2026 to 2032, indicating a slight growth in the number of enterprises in the sector [1] Industry Overview - As of January to December 2025, there are 2,470 enterprises in the petroleum, coal, and other fuel processing industries, which is an increase of 27 enterprises compared to the previous year, reflecting a year-on-year growth of 1.11% [1] - These enterprises represent 0.47% of the total industrial enterprises in China [1] Company Insights - The report lists several companies in the sector, including Hengyi Petrochemical, Yueyang Xingchang, Daqing Huake, Donghua Energy, Guochuang Gaoxin, Qixiang Tengda, Baomo Co., Rongsheng Petrochemical, Yuxin Co., China Petroleum, Compton, Meijin Energy, Antai Group, and Shanxi Coking [1] Research and Consulting - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in deep industry research reports, business plans, feasibility studies, and customized services, aimed at providing comprehensive industry solutions to empower investment decisions [1]

Group 1 - The core point of the article is that Tangshan Shougang Jingtang Xishan Coking Co., Ltd. has obtained a patent for a method to eliminate vibrations in a dry coke auxiliary coal heater, with the patent number CN116004256B and application date in January 2023 [1] - The company was established in 2009 and is located in Tangshan, primarily engaged in the processing of petroleum, coal, and other fuel industries [1] - The registered capital of the company is 2 billion RMB [1] Group 2 - According to data from Tianyancha, the company has participated in 5,000 bidding projects and holds 177 patents [1] - Additionally, the company possesses 83 administrative licenses [1]

Group 1 - The core point of the article is that Hengli Petrochemical (Dalian) Refining Co., Ltd. has obtained a patent for a "Cooling Device for Synthetic Ammonia," with the authorization announcement number CN115451747B, applied for on August 2022 [1] - Hengli Petrochemical (Dalian) Refining Co., Ltd. was established in 2014 and is located in Dalian, primarily engaged in the petroleum, coal, and other fuel processing industries [1] - The company has a registered capital of 1,759,633,000 RMB and has made investments in 13 enterprises, participated in 329 bidding projects, and holds 193 patents, along with 5,089 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent for "carbon fiber core optical fiber composite ground wire" to Hebei Silicon Valley Chemical Co., Ltd. and Handan Silicon Valley New Materials Co., Ltd., with the announcement number CN120932988B and application date in October 2025 [1] - Hebei Silicon Valley Chemical Co., Ltd. was established in 2001 in Handan City, focusing on the petroleum, coal, and other fuel processing industries, with a registered capital of 100 million RMB. The company has invested in 7 enterprises, participated in 653 bidding projects, holds 34 trademark registrations, 222 patents, and has 38 administrative licenses [1] - Handan Silicon Valley New Materials Co., Ltd. was founded in 2003 in Handan City, primarily engaged in the manufacturing of chemical raw materials and products, with a registered capital of 150 million RMB. The company has 11 patents and 2 administrative licenses [1]

Group 1 - The core point of the article is that Hebei Xinxinyuan Energy Co., Ltd. has obtained a patent for a flame-retardant material and its preparation method, with the patent announcement number CN120648217B and an application date of June 2025 [1] - Hebei Xinxinyuan Energy Co., Ltd. was established in 2014 and is located in Shijiazhuang City, primarily engaged in the petroleum, coal, and other fuel processing industries [1] - The company has a registered capital of 352.4 million RMB [1] Group 2 - According to data analysis from Tianyancha, Hebei Xinxinyuan Energy Co., Ltd. has participated in 57 bidding projects [1] - The company has 1 trademark information and 74 patent information records, along with 63 administrative licenses [1]

Group 1 - The core point of the article is that Deep Blue (Tianjin) Intelligent Manufacturing Co., Ltd. has obtained a patent for a "convenient mobile positioning continuous oil pipe drilling downhole system," with the patent announcement number CN116752899B and an application date of July 2023 [1] - Deep Blue (Tianjin) Intelligent Manufacturing Co., Ltd. was established in 2019 and is located in Tianjin, primarily engaged in the petroleum, coal, and other fuel processing industries [1] - The company has a registered capital of 30 million RMB and has participated in four bidding projects, holds 42 patent pieces of information, and possesses 20 administrative licenses according to data analysis from Tianyancha [1]

Group 1 - The State Intellectual Property Office of China has granted a patent to Luoyang Refining and Chemical Co., Ltd. for a method and system for controlling the operation of a reactor used in resin production, with the announcement number CN120993759B and an application date of October 2025 [1] - Luoyang Refining and Chemical Co., Ltd. was established in 2010, located in Luoyang City, and primarily engages in the petroleum, coal, and other fuel processing industries, with a registered capital of 39.190494 million RMB [1] - The company has made investments in 4 enterprises, participated in 63 bidding projects, holds 3 trademark registrations, and has 52 patents, along with 173 administrative licenses [1] Group 2 - Jiyuan Haiwan Industrial Co., Ltd. was established in 2012, located in a county-level administrative region, and primarily focuses on the manufacturing of chemical raw materials and products, with a registered capital of 100 million RMB [1] - The company has participated in 6 bidding projects, holds 2 trademark registrations, has 34 patents, and possesses 47 administrative licenses [1]