行 业 研 究 | 看好/维持 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 石油石化 | 2025 | 年 行业报告 | 10 | 月 | 28 | 日 | 国内 LNG 出厂价格月环比上升，到岸价环比上升；美加英天然气 期货价格环比上升。截至10月24日，国内LNG出厂价格为4274.00 元/吨，环比上升 257 元/吨，涨幅为 6.40%；同比下跌 662.00 元/ 吨，跌幅 13.41%；中国天然气到岸价为 11.23 美元/百万英热单位， 环比上升 0.08 美元/百万英热单位，涨幅为 0.69%；美国 NYMEX 天然气期货收盘价为 3.34 美元/百万英热单位，环比上升 0.46 美元 /百万英热单位，涨幅为 16.07%；加拿大天然气期货价格为 1.43 加 元/千兆焦耳，环比上升 0.66 加元/千兆焦耳，涨幅为 85.84%。英 国天然气期货价格为 80.51 便士/色姆，环比涨幅为 1.28%。 供需：9 月，中国天然气产量环比下降；中国天然气表观消费量环 比下降，同比增长。9 月，中国天然气单月产量为 596 ...

策 略 研 究 融资资金重回流入，公募基金发行提速 [Table_Authors] 方奕(分析师) 投资者微观行为洞察手册·10 月第 3 期 本报告导读： 本期市场成交热度有所下降，资金层面上偏股基金发行边际抬升，融资资金流入加 速，而外资资金小幅流出 A 股与港股。 投资要点： 策略研究 /[Table_Date] 2025.10.27 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 郭胤含(分析师) | | | 021-38031691 | | | guoyinhan@gtht.com | | 登记编号 | S0880524100001 | | | 田开轩(分析师) | | | 021-38038673 | | | tiankaixuan@gtht.com | | 登记编号 | S0880524080006 | [Table_Report] 相关报告 | 成交活跃度下降，创业板指领涨 2025.10.25 | | --- | | 电子产业链景气延续，耐用品需求透支 | | 2025 ...

以幅度进行统计，通信行业融资余额增幅最高，最新融资余额为1122.59亿元，环比增长3.11%，其次是 电子、机械设备、纺织服饰行业，环比增幅分别为2.65%、1.43%、1.22%；融资余额环比降幅居前的行 业有石油石化、社会服务、建筑材料等，最新融资余额分别有244.42亿元、125.91亿元、137.05亿元， 分别下降0.85%、0.59%、0.54%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 10月27日各行业融资余额环比变动 | | 最新融资 | | | | --- | --- | --- | --- | | 代码 | | 较上一日增减（亿元） | 环比增幅（%） | | | 余额（亿元） | | | | 电子 | 3710.40 | 95.64 | 2.65 | | 通信 | 1122.59 | 33.81 | 3.11 | | 电力设备 | 2040.01 | 21.99 | 1.09 | | 机械设备 | 1301.89 | 18.37 | 1.43 | | 非银金融 | 1944.39 | 15.00 | 0.78 | | 计算机 | 1830.50 | 1 ...

◼ 内容要点：上周（10.16-10.22）A 股市场两融余额减少，换手率普跌。 主要指数 PE 估值分位跌多涨少，其中中证 500 领跌。主要风格 PE 估值分 位跌多涨少，其中成长风格领跌。全行业估值分位数银行领涨，有色金属 领跌。（*本篇报告根据研究需要，"上周"统一为非自然周。） 情绪：两融余额减少，市场换手率普跌，成交额普跌 策略研究/策略周报 市场交易情绪降温，银行 PE 估值分位领涨 ——情绪与估值 10 月第 2 期 估值：指数 PE 估值分位跌多涨少，成长风格领跌，银行领涨 ◼ 风险提示 上市公司业绩不及预期、市场波动超预期、海外经济增速不及预期。 | 日期： | yxzqdatemark 2025年10月27日 | | --- | --- | | 分析师： | 唐文卿 | | E-mail： | tangwenqing@yongxi | | | ngsec.com | | SAC编号： | S1760524050001 | 相关报告： 《国债收益率下行，南向资金 大幅流入银行》 ——2025 年 10 月 22 日 《宽基指数成交额提升，大金 融估值分位回升》 ——2025 年 10 月 ...

金融工程 证 券 研 究 报 告 市场情绪监控周报（20251020-20251024） 本周热度变化最大行业为煤炭、石油石化 本周市场热度跟踪 本周宽基热度变化方面：热度变化率最大的为"其他"，相比上周提高 11.95%， 最小的为沪深 300，相比上周降低 13.87%。 本周申万行业热度变化方面，一级行业中热度变化率正向变化前 5 的一级行 业分别为煤炭、石油石化、交通运输、银行、综合，负向变化前 5 的一级行业 分别为钢铁、汽车、非银金融、有色金属、电力设备；申万二级行业中，热度 正向变化率最大的 5 个行业是焦炭Ⅱ、油服工程、航运港口、煤炭开采、国有 大型银行Ⅱ。 本周概念热度变化最大的 5 个概念为可燃冰、页岩气、赛马概念、天然气、特 色小镇。 本周市场估值跟踪 本周宽基和行业估值： 沪深 300、中证 500、中证 1000 的滚动 5 年历史分位数分别为 90%、98%、 94%。 申万一级行业中，从 2015 年开始回溯，当前估值处于历史分位数 80%以上的 一级行业有：钢铁、电子、电力设备、银行、轻工制造、国防军工、计算机、 医药生物、煤炭、建筑材料、商贸零售；位于估值历史 20%以下的有 ...

【能源ETF(159930)标的指数前十大成分股】 | 序号 | 代码 | | | | | --- | --- | --- | --- | --- | | 1 | 601088 | 中国神华 | 14.76% | 0.40% | | 2 | 601857 | 甲国石油 | 14.22% | 1.21% | | 3 | 601225 | 陕西煤业 | 12.33% | 0.44% | | 4 | 600028 | 中国石化 | 11.24% | 0.90% | | ਦ | 600938 | 中国酒店 | 9.11% | 1.61% | | 6 | 002353 | 本瑞股份 | 4.21% | 0.48% | | 7 | 600188 | 究矿能源 | 3.74% | 0.87% | | 8 | 601898 | 中煤能源 | 3.32% | 3.39% | | ਰੇ | 000983 | 山西焦煤 | 2.89% | -0.67% | | 10 | 601699 | 潞安环能 | 2.48% | 0.67% | 截至14:53，成分股仅做展示使用，不构成投资建议 消息面上，据中国铁路太原局集团有限公司处获悉， ...

（文章来源：每日经济新闻） 光大证券认为，在突破"卡脖子"领域、实现替代方面，我国石化龙头企业如中国石油、中国石化、中国 石化、恒力石化等深耕新材料研发布局，在茂金属聚乙烯、碳纤维、高端膜材料等领域取得一系列重大 突破。随着政策层面不断加强对石化行业高端材料转型的支持，石化龙头新材料转型有望深化，长期有 望受益于材料领域替代带来的行业竞争力提升。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行业分 布来看，基础化工行业占比为61.93%，石油石化行业占比为30.84%。前十大权重股分别为万华化学、 中国石油、盐湖股份、中国石化、中国海油、巨化股份、藏格矿业、金发科技、华鲁恒升和宝丰能源， 前十大权重股合计占比55.12%。 10月27日，中证石化产业指数震荡上行，现涨约1.2%，成分股涨多跌少，彤程新材领涨超6%，凯赛生 物、盐湖股份、中复神鹰等跟涨。相关ETF方面，石化ETF（159731）跟随指数上行，布局价值凸显。 ...

Core Insights - Pension funds have actively invested in the secondary market, appearing in the top ten circulating shareholders of 45 stocks by the end of Q3, with 23 new entries and 7 increased holdings [1][2] - The total shareholding amount of pension accounts reached 379 million shares, with a total market value of 10.011 billion yuan [1] - The most significant holdings include Haiyou Development and Shenzhen Airport, with respective holdings of 65.3843 million shares and 24.2047 million shares [1][2] Summary by Category Shareholding Details - Haiyou Development is the largest holding, with pension funds holding 65.3843 million shares, a 25.49% increase from the previous quarter [2][3] - Shenzhen Airport follows with 24.2047 million shares, maintaining its position [2] - Other notable holdings include Blue Sky Technology (20.7810 million shares, 6.78% of circulating shares) and Spring Wind Power (7.9514 million shares, 5.21% of circulating shares) [2][3] Performance and Sector Distribution - Among the stocks held by pension funds, 30 companies reported net profit growth in Q3, with the highest increase seen in Zhi De Mai, achieving a net profit of 13.4486 million yuan, a 253.49% year-on-year increase [2] - The stocks are primarily distributed across the main board (25 stocks), ChiNext (16 stocks), and STAR Market (4 stocks), with a focus on the machinery equipment and pharmaceutical industries, each having 7 stocks represented [2][3] New Entrants and Changes - A total of 23 new stocks were added to the pension fund's portfolio, with notable new entries including North Copper Industry and Hubei Yihua [3] - The pension fund's longest-held stock is Jiajiayue, which has been in the top ten shareholders for 28 consecutive reporting periods, holding 13.3027 million shares [2]

Core Viewpoint - The overall valuation of the Hong Kong stock market is at a historically high level, with expectations of wide fluctuations in the future. The report suggests focusing on certain sectors due to rising market risk aversion and changing market styles [1]. Market Performance - During the week of October 20 to October 24, major global stock indices mostly rose, with the Hang Seng Index increasing by 3.62%, the Hang Seng Tech Index by 5.20%, and the Hang Seng China Enterprises Index by 3.91% [2]. - Among the primary industries, nine sectors rose while two fell. The energy, information technology, and consumer discretionary sectors saw the highest gains, increasing by 5.26%, 4.83%, and 4.15% respectively [2]. - In terms of liquidity, the average daily trading volume on the Hong Kong Stock Exchange was HKD 240.846 billion, a decrease of HKD 118.507 billion from the previous week [2]. Valuation and Risk Appetite - As of October 24, the PE and PB ratios for the Hang Seng Index were 12.04 and 1.23, reflecting increases of 3.84% and 3.80% respectively, placing them at the 86% and 89% percentile levels since 2019 [3]. - The risk premium for the Hang Seng Index was calculated at 4.29%, which is significantly below the historical average, indicating a low risk appetite among investors [3]. Investment Outlook - The U.S. CPI rose by 3% year-on-year in September, the highest since January, but below market expectations, leading to increased expectations for interest rate cuts by the Federal Reserve [4]. - China's GDP grew by 5.2% year-on-year in the first three quarters, with a slight decline in growth rate in the third quarter [4]. - The 20th Central Committee's Fourth Plenary Session highlighted key economic goals for the 14th Five-Year Plan, emphasizing high-quality development and technological self-reliance [4].

Report Information - Report Title: Crude Oil Weekly Report: US Sanctions Two Russian Oil Companies, International Oil Prices Rise [1] - Report Date: October 26, 2025 [1] - Analysts: Chen Shuxian, Zhou Shaowen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $63.4/$59.3 per barrel, up $1.4/$1.0 per barrel from last week. Various data on US crude oil and refined oil, including inventory, production, demand, and import/export, showed different changes [2]. - Recommended related listed companies include CNOOC, PetroChina, Sinopec, etc.; companies to be concerned about include Sinopec Oilfield Service, CNPC Engineering, etc. [3] Summary by Directory 1. Crude Oil Weekly Data Briefing - **Upstream Key Company Performance**: The stock prices of companies such as CNOOC, PetroChina, and Sinopec showed different percentage changes in the recent week, month, three - month, one - year, and year - to - date periods. Their valuations, including total market value, net profit attributable to the parent company, PE, and PB, also varied [9]. - **Crude Oil Price**: Brent, WTI, Russian Urals, and Russian ESPO crude oil had different weekly average prices and percentage changes. The LME copper spot price and the US dollar index also had corresponding fluctuations [9]. - **Inventory**: US crude oil total inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory had different inventory levels and changes [9]. - **Production**: US crude oil production, the number of active crude oil rigs, and the number of active fracturing fleets had corresponding changes [9]. - **Refinery**: US refinery crude oil processing volume and operating rate, as well as the operating rates of Chinese local and major refineries, showed different changes [9]. - **Import/Export**: US crude oil import, export, and net import volumes had corresponding changes [9]. 2. This Week's Petroleum and Petrochemical Sector Market Review - **Petroleum and Petrochemical Sector Performance**: The report presents the performance of the petroleum and petrochemical sector, but specific data is not detailed here [12]. - **Sector Listed Company Performance** - **Refined Oil Price and Spread**: The weekly average prices and spreads of gasoline, diesel, and jet fuel in China, the US, Europe, and Singapore showed different changes [22]. - **Inventory**: The inventories of gasoline, diesel, and jet fuel in the US and Singapore had different inventory levels and changes [22]. - **Production**: The production of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Consumption**: The consumption of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Import/Export**: The import, export, and net export volumes of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Oil Service Sector**: The daily rates of offshore jack - up drilling platforms and semi - submersible drilling platforms had different changes [22]. 3. Crude Oil Sector Data Tracking - **Crude Oil Price**: Analyzes the prices and spreads of various crude oils, as well as the relationship between the US dollar index, LME copper price, and WTI crude oil price [28][35]. - **Crude Oil Inventory**: Discusses the relationship between US commercial crude oil inventory and oil prices, as well as the inventory levels and changes of US total crude oil, commercial crude oil, strategic crude oil, and Cushing crude oil [41][54]. - **Crude Oil Supply**: Analyzes US crude oil production, the number of crude oil rigs, and the number of fracturing fleets and their relationship with oil prices [57][61]. - **Crude Oil Demand**: Analyzes US refinery crude oil processing volume, operating rate, and the operating rates of Shandong and Chinese major refineries [65][69]. - **Crude Oil Import/Export**: Analyzes US crude oil import, export, and net import volumes [75]. 4. Refined Oil Sector Data Tracking - **Refined Oil Price**: Analyzes the relationship between international oil prices and domestic gasoline, diesel retail prices, as well as the prices and spreads of crude oil and refined oil in different regions [80][107]. - **Refined Oil Inventory**: Analyzes the inventory levels and changes of gasoline, diesel, and jet fuel in the US and Singapore [121][133]. - **Refined Oil Supply**: Analyzes the production of gasoline, diesel, and jet fuel in the US [140]. - **Refined Oil Demand**: Analyzes the consumption of gasoline, diesel, and jet fuel in the US and the number of US airport passenger security checks [143]. - **Refined Oil Import/Export**: Analyzes the import, export, and net export volumes of gasoline, diesel, and jet fuel in the US [150][153]. 5. Oil Service Sector Data Tracking - Analyzes the average daily rates of self - elevating drilling platforms and semi - submersible drilling platforms in the oil service sector [165][169].