Group 1: Report Title and Date - The report is titled "Crude Oil and Refined Oil Morning Report" and was released on April 1, 2026 [2] Group 2: Oil Price Data WTI, BRENT, and Related Spreads - WTI prices ranged from $90.32 on March 25, 2026, to $102.88 on March 30, 2026, and ended at $101.38 on March 31, 2026, with a change of -$1.50 [3] - BRENT prices ranged from $102.22 on March 25, 2026, to $112.78 on March 30, 2026, and ended at $103.97 on March 31, 2026, with a change of -$8.81 [3] - The BRENT 1 - 2 month spread increased from $4.96 on March 25, 2026, to $7.80 on March 31, 2026, with a change of $2.41 [3] Other Oil - Related Indices - SC prices had a change of -22.90, OMAN prices had a change of 19.76, and the SC - BRT spread had a change of 5.54 from March 25 - 31, 2026 [3] - Japanese naphtha CFR changed by $1.00, and its spread with BRT changed by -$39.94 from March 25 - 31, 2026 [3] Group 3: Daily News Statements on the Iran - US War - Trump said the US would end the war with Iran in two to three weeks, hinting that the US had achieved its military goals and might leave the issue of the Strait of Hormuz to other countries. He also said the US might reach an agreement with Iran before the end of the war [3] - Iranian President Pezeshkian said Iran had the "necessary will" to end the war if the other side met Iran's demands, especially providing a guarantee of no more aggression [4] Impact on Oil Prices - Statements from the US and Iran about ending the war led to a decline in oil prices, partially eliminating the long - standing price risk premium in the market. However, traders were still worried that the solution might not eliminate the existing chaos in the global energy system [4] Negotiation Status - Iranian Foreign Minister Araqchi said there was no negotiation but only information exchange, and Iran had not responded to the US's 15 proposals and had not set any negotiation principles yet. Iran's condition for ending the war was to "completely end the war in the entire region" [4] Group 4: Weekly Inventory - In the week of March 20, US crude oil exports decreased by 1.576 million barrels per day to 3.322 million barrels per day [4] - US domestic crude oil production decreased by 0.011 million barrels to 13.657 million barrels per day in the week of March 20 [4] - Commercial crude oil inventory (excluding strategic reserves) increased by 6.926 million barrels to 456 million barrels, a 1.54% increase in the week of March 20 [4] - The four - week average supply of US crude oil products was 20.678 million barrels per day, a 2.37% increase compared to the same period last year [4] - The US Strategic Petroleum Reserve (SPR) inventory remained at 415.4 million barrels in the week of March 20 [4] - US commercial crude oil imports (excluding strategic reserves) were 6.464 million barrels per day in the week of March 20, a decrease of 0.73 million barrels per day compared to the previous week [4] Group 5: Weekly View - This week, oil prices fluctuated at a high level. On Friday, due to the tense situation between the US and Iran, the absolute price strengthened again. The Brent month - spread reached a new high, and the Oman crude oil discount weakened significantly. Crude oil spot prices around the world converged [4] - The US did not rule out a ground offensive, and it was unclear to what extent Trump approved the Pentagon's action plan. The passage of VLCCs through the Strait of Hormuz remained interrupted, and Saudi Arabia fully switched to exporting from Yanbu Port, with a maximum export volume of 5 million barrels per day. Currently, there has been no supply interruption in Saudi Arabia, and the subsequent export situation of Yanbu Port should be monitored [4] - In the refined oil market, the European diesel crack spread reached a new high, European ARA refined oil inventories decreased significantly, and US refined oil inventories increased. Before the passage through the strait is restored, the fundamental supply interruption will continue. With the recent escalation of the situation, the absolute price may rise, but the risk of price fluctuations caused by Trump's actions should be watched out for [4]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 STRONG PETROCHEMICAL HOLDINGS LIMITED 海 峽 石 油 化 工 控 股 有 限 公 司* （於開曼群島註冊成立的有限公司） (1)有關復牌進度之季度更新； 及 (2)繼續暫停買賣 本 公 佈 乃 由 海 峽 石 油 化 工 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09 條及香港法例第571章證券及期貨條例第XIVA部內幕消息條文（ 定義見上市規則 ） 而作出。 茲提述本公司於二零二四年十月二日至二零二五年十二月三十一日作出的多份公 佈（「該等公佈」），內容有關（ 其中包括 ）：(1)本公司股份（「股份」）自二零二四年十 二月三十一日上午九時正起暫停買賣（「暫停買賣」）及聯交 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company demonstrated resilient performance despite a decline in oil prices, with a focus on optimizing its business structure and expanding its market presence [8] - The company achieved a total revenue of 2,864.47 billion yuan in 2025, a year-on-year decrease of 2.5%, and a net profit attributable to shareholders of 157.30 billion yuan, down 4.5% year-on-year [8] - The company plans to distribute a total dividend of 0.47 yuan per share for 2025, maintaining the absolute level of dividends from the previous year, with a payout ratio of 54.7% [8] Financial Performance Summary - Revenue and Profit Forecast: - 2025: Revenue of 2,864,469 million yuan, net profit of 157,302 million yuan, EPS of 0.86 yuan - 2026E: Revenue of 3,555,816 million yuan, net profit of 175,315 million yuan, EPS of 0.96 yuan - 2027E: Revenue of 3,353,690 million yuan, net profit of 173,475 million yuan, EPS of 0.95 yuan - 2028E: Revenue of 3,376,785 million yuan, net profit of 178,599 million yuan, EPS of 0.98 yuan [7][9] - Business Segment Performance: - The refining and sales segments showed strong profit growth, with refining profits up 19.1% year-on-year [8] - Natural gas sales increased by 7.0% year-on-year, achieving a profit of 608.0 billion yuan [8] - The company’s oil and gas equivalent production reached 1,842 million barrels, a year-on-year increase of 2.5% [8] Dividend Policy - The company proposed a final dividend of 0.25 yuan per share, totaling 457.6 billion yuan, alongside an interim dividend of 0.22 yuan per share, totaling 402.6 billion yuan [8]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - This week, oil prices fluctuated at high levels. On Friday, the situation between the US and Iran was tense, and the absolute price strengthened again. The Brent monthly spread reached a new high, the Oman crude oil discount weakened significantly, and the spot prices of crude oil around the world converged. The US does not rule out planning a ground offensive, and it is unclear to what extent Trump has approved the Pentagon's action plan. The passage of VLCCs in the Strait of Hormuz remains interrupted, and Saudi Arabia has fully shifted its exports to Yanbu Port, with a maximum export volume of 5 million barrels per day. Currently, there is no supply interruption in Saudi Arabia, and attention should be paid to the subsequent export situation at Yanbu Port. In the refined oil market, the cracking spread of European diesel reached a new high, the refined oil inventory in ARA in Europe decreased significantly, and the refined oil inventory in the US increased. Before the passage of the strait is restored, the fundamental interruption volume continues. Recently, the situation has escalated, and the absolute price has increased, but attention should be paid to the price fluctuation risk caused by Trump's TACO [4]. Group 3: Summary Based on Relevant Catalogs 1. Daily News - European officials revealed that Iran is pressuring the Houthi armed forces to prepare for a new round of shipping attacks in the Red Sea if the US takes any further escalation actions in the war against Iran. There are differences within the Houthi leadership regarding the level of radical strategy to adopt. The Houthi armed forces said they will continue military operations until the US and Israel stop attacking Iran and its proxy organizations, without specifically mentioning targeting oil tankers or other vessels in the Red Sea. US and Saudi officials believe the Houthi armed forces currently hope to avoid further escalation of the situation and attacks on US and Saudi assets, but the longer the US and Israel's war against Iran lasts, the greater the possibility of Houthi attacks in the Red Sea [3]. - The White House said that negotiations with Iran are still ongoing and progressing smoothly, but there is a difference between Iran's public statements and what it privately tells US officials [3]. - US President Trump confirmed that the US is in dialogue with Iranian Parliament Speaker Kalibaf regarding ending the war. Kalibaf denies having any negotiations with the US, but experts believe he is a hard - liner and has the conditions to reach an agreement [3][4]. - Data shows that Saudi Arabia's crude oil exports from Red Sea ports have increased to nearly 5 million barrels per day, and such diversion of transportation has offset about 45% of the export losses in the Persian Gulf this month [3][4]. 2. Weekly Inventory - In the week of March 20, US crude oil exports decreased by 1.576 million barrels per day to 3.322 million barrels per day [4]. - In the week of March 20, US domestic crude oil production decreased by 0.011 million barrels to 13.657 million barrels per day [4]. - Commercial crude oil inventories excluding strategic reserves increased by 6.926 million barrels to 456 million barrels, an increase of 1.54% [4]. - The four - week average supply of US crude oil products was 20.678 million barrels per day, a 2.37% increase compared to the same period last year [4]. - In the week of March 20, the US Strategic Petroleum Reserve (SPR) inventory remained unchanged at 415.4 million barrels [4]. - In the week of March 20, US commercial crude oil imports excluding strategic reserves were 6.464 million barrels per day, a decrease of 0.73 million barrels per day compared to the previous week [4].

Core Viewpoint - The article highlights a significant surge in international crude oil prices, leading to a sharp increase in domestic chemical raw material prices, causing over 200 chemical and energy-related companies to suspend product quotations due to market volatility and supply chain uncertainties [3][10]. Group 1: Market Dynamics - International crude oil prices have risen sharply, with WTI reaching $103 per barrel and Brent surpassing $108 per barrel, prompting a corresponding increase in domestic chemical raw material prices [3]. - Over 200 chemical and energy companies have announced suspensions of various chemical products, including oil products and new energy raw materials, due to factors such as low inventory and maintenance [3][4]. - The suspension of quotations is widespread across major chemical production regions in China, including Shandong, Hebei, and Sichuan, affecting a wide range of products across the entire supply chain [3][4]. Group 2: Specific Product Impact - Various chemical products, including MTBE, butanes, and aromatics, have seen significant suspensions in quotations due to maintenance and low inventory levels [4][5]. - The supply of olefins remains tight, with several companies halting quotations for ethylene and propylene due to ongoing maintenance and reduced production capacity [4][5]. - The market for fine chemicals and new materials is also experiencing concentrated suspensions, with many companies halting quotations for epoxy resins and hydrogen peroxide [5][6]. Group 3: Price Trends - The domestic chemical raw material market has seen over 100 products experiencing price increases, with some, like ferrous sulfate, rising by 42% week-on-week and 112% year-on-year [6][10]. - Other notable price increases include propylene glycol and hydrochloric acid, both exceeding 30% week-on-week, with hydrochloric acid's year-on-year increase surpassing 109% [10]. - The price of lithium carbonate for battery-grade applications has also seen a significant rise, reflecting broader trends in the chemical market [7][8]. Group 4: Future Outlook - The current wave of suspensions is attributed to the seasonal maintenance of production facilities and increased uncertainty in raw material prices, leading companies to adopt a cautious approach [10]. - As maintenance concludes and raw material prices stabilize, some companies are expected to resume quotations, potentially leading to a clearer market price trend [10].

Report Overview - This is an early report on crude oil and refined oil, focusing on market data, news, inventory, and weekly views [2] 1. Market Data 1.1 Price and Spread Changes from March 23 - 27, 2026 - WTI rose from $88.13 to $99.64, up $5.16 [3] - BRENT increased from $99.94 to $112.57, up $4.56 [3] - SC increased by 7.70, OMAN by 9.34 [3] - BRENT 2 - month spread rose by 1.13, reaching 7.25 [3] - WTI - BRENT spread changed by 0.60, reaching - 12.93 [3] - Domestic gasoline - BRT decreased by 270.00 [3] - Japan naphtha - BRT increased by 7.98, reaching 315.61 [3] 1.2 Other Market Indicators - On March 27, 2026, BFO reached 111.68, up 1.9 from March 23 [3] 2. Daily News 2.1 Iran - US Tensions - Iran's Parliament Speaker says armed forces are waiting for US ground operations [3] - US and Israel attacked an Iranian dock near the Strait of Hormuz, causing 5 deaths and 4 injuries [4] - US Vice - President says the US has no intention of staying in Iran and will withdraw soon [4] - US government has discussed seizing Kharg Island [5] 2.2 Revenue Potential of Strait of Hormuz - If Iran sets up a toll system in the Strait of Hormuz, its monthly revenue could reach over $800 million, equivalent to 15% - 20% of Iran's monthly oil export revenue in 2024 [4] 3. Weekly Inventory 3.1 EIA Report for the Week of March 20, 2026 - US crude oil exports decreased by 1.576 million barrels per day to 3.322 million barrels per day [5] - US domestic crude oil production decreased by 0.011 million barrels to 13.657 million barrels per day [5] - Commercial crude oil inventory (excluding strategic reserves) increased by 6.926 million barrels to 456 million barrels, a 1.54% increase [5] - US crude oil product four - week average supply was 20.678 million barrels per day, a 2.37% increase compared to the same period last year [5] - US Strategic Petroleum Reserve (SPR) inventory remained at 415.4 million barrels [5] - US commercial crude oil imports (excluding strategic reserves) were 6.464 million barrels per day, a decrease of 0.73 million barrels per day from the previous week [5] 4. Weekly View - This week, oil prices fluctuated at high levels. On Friday, due to the tense situation between the US and Iran, the absolute price strengthened again. The Brent month - spread reached a new high, and the Oman crude oil discount weakened significantly. Crude oil spot prices around the world converged [5] - The US has not ruled out a ground offensive, but it's unclear to what extent Trump will approve the Pentagon's plan. The passage of VLCCs through the Strait of Hormuz remains interrupted, and Saudi Arabia has fully shifted to Yanbu Port for exports, with a maximum export volume of 5 million barrels per day. Currently, there is no supply interruption in Saudi Arabia, and the subsequent export situation at Yanbu Port should be monitored [5] - In the refined oil market, the cracking spread of European diesel reached a new high, the refined oil inventory in the European ARA region decreased significantly, and the refined oil inventory in the US increased. Before the passage through the strait is restored, the fundamental supply interruption will continue. With the recent escalation of the situation, the absolute price will rise, but attention should be paid to the price fluctuation risk caused by Trump's TACO [5]

Core Insights - Saudi Arabia's east-west oil pipeline is currently operating at full capacity, transporting 7 million barrels per day, marking a significant achievement in bypassing the Strait of Hormuz [1] - The pipeline's operation has allowed Saudi Arabia to export approximately 5 million barrels of crude oil daily through the Yanbu port, significantly alleviating supply shortages [1] - The existence of the east-west pipeline has contributed to stabilizing oil prices, preventing them from soaring to levels seen during previous supply shocks [2] Group 1 - The east-west pipeline is crucial for Saudi Arabia's emergency plan to maintain oil exports in case of closure of major export routes [1] - The pipeline, which spans over 1,000 kilometers, connects major oil fields in eastern Saudi Arabia to the industrial port city of Yanbu in the west [2] - Prior to the current conflict, approximately 15 million barrels of oil were transported daily through the Strait of Hormuz, highlighting the significance of the east-west pipeline in mitigating supply disruptions [2] Group 2 - Recent reports indicate that oil shipments through the Strait of Hormuz are gradually resuming, with some Saudi crude oil reaching Pakistan [3] - The rise in oil prices above $100 per barrel is attributed to disruptions in the Strait of Hormuz, which supplies about one-fifth of the world's oil and liquefied natural gas [3] - The involvement of the Houthi forces in the conflict raises concerns about potential threats to shipping routes in the Red Sea, although no direct attacks on oil tankers have been confirmed yet [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][22]. Core Views - The company demonstrates significant profit resilience, with a projected dividend payout ratio of 54.7% in 2025. Despite a slight decline in revenue and net profit, the company benefits from increased oil and gas production, higher natural gas sales prices, and improved refining and product oil profits [1][8]. - The company’s operating cash flow is expected to grow year-on-year, with total dividends remaining at a historical high level of 860.2 billion yuan in 2025 [1][8]. - The oil and gas supply capability continues to strengthen, with rapid development in the new energy sector. The company achieved record-high oil and gas production, with a total equivalent production of 1,841.9 million barrels of oil equivalent in 2025 [10][18]. Financial Performance Summary - In 2025, the company is projected to achieve revenue of 2.86 trillion yuan (down 2.5% year-on-year) and a net profit of 157.3 billion yuan (down 4.5% year-on-year) [1][3]. - The average Brent crude oil price is expected to be 68.2 USD/barrel in 2025, a decrease of 11.6 USD/barrel (down 14.6% year-on-year) [1][8]. - The company’s capital expenditure for 2025 is estimated at 2,690.9 billion yuan (down 2.5% year-on-year), with a forecasted increase to 2,794 billion yuan in 2026 (up 3.8% year-on-year) [2][18]. Segment Performance - The natural gas segment is optimizing its resource pool structure, achieving an operating profit of 54.01 billion yuan in 2025 (up 25.5% year-on-year) with total natural gas sales of 3,147.1 billion cubic meters (up 7.0% year-on-year) [2][18]. - The refining and sales segments are showing improved profitability, with operating profits of 21.7 billion yuan (up 19.1% year-on-year) and 17.55 billion yuan (up 6.4% year-on-year) respectively [10][16]. - The chemical products segment is also experiencing growth, with a significant increase in new material production, achieving an operating profit of 2.54 billion yuan [10][16].

Group 1: Impact of Middle East Conflict on China's Energy Supply - The direct impact of the Middle East conflict on China's energy supply is estimated to be around 4-5.4% of total energy consumption, which is significantly lower than that of Japan and South Korea[2] - Approximately 30% of China's crude oil imports in 2025 are expected to transit through the Strait of Hormuz, compared to 54% for Japan and 63% for South Korea[11] - China's energy consumption structure shows that oil and gas account for about 30% of total energy, which is lower than that of developed Asian countries[12] Group 2: Long-term Economic Implications - If energy shortages persist for an extended period, China's economy, despite its resilience, will still be affected[3] - A prolonged energy supply gap could depress global growth, negatively impacting China's external demand, with potential GDP growth reductions of 0.1-0.3 percentage points if oil prices rise to $80 per barrel[63] - Trade conditions may weaken, affecting corporate revenues and profit margins, as a significant portion of imported oil is used for processing and re-export[66] Group 3: Global Energy Transition and China's Competitive Advantage - The ongoing conflict may accelerate the global energy transition, potentially enhancing China's manufacturing advantages in the long term[4] - China's energy transition has shown positive trends, with renewable energy costs entering a downward cycle, which could further support export demand for "new three items"[4] - By 2024, China's oil refining capacity is expected to reach 18%, the highest globally, indicating a strong position in the energy market[53]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][22]. Core Views - The company demonstrates significant profit resilience, with a projected dividend payout ratio of 54.7% in 2025. Despite a slight decline in revenue and net profit, the company benefits from increased oil and gas production, higher natural gas sales prices, and improved refining and product oil profits [1][8]. - The company’s operating cash flow is expected to grow year-on-year, with total dividends remaining at a historical high level of 860.2 billion yuan in 2025 [1][8]. - The oil and gas supply capability continues to strengthen, with rapid development in the new energy sector. The company achieved record-high oil and gas production, with a total equivalent production of 1,841.9 million barrels of oil equivalent in 2025 [10][18]. Financial Performance Summary - In 2025, the company is projected to achieve revenue of 2.86 trillion yuan (down 2.5% year-on-year) and a net profit of 157.3 billion yuan (down 4.5% year-on-year) [1][3]. - The average Brent crude oil price is expected to be 68.2 USD/barrel in 2025, a decrease of 11.6 USD/barrel (down 14.6% year-on-year) [1][8]. - The company’s capital expenditure for 2025 is estimated at 2690.9 billion yuan (down 2.5% year-on-year), with a forecasted increase to 2794 billion yuan in 2026 (up 3.8% year-on-year) [2][18]. Segment Performance - The natural gas segment is optimizing its resource pool structure, achieving an operating profit of 54.01 billion yuan in 2025 (up 25.5% year-on-year) with total natural gas sales of 314.71 billion cubic meters (up 7.0% year-on-year) [2][18]. - The refining and sales segments are showing improved profitability, with operating profits of 21.7 billion yuan (up 19.1% year-on-year) and 17.55 billion yuan (up 6.4% year-on-year) respectively [10][18]. - The chemical products segment is also experiencing growth, with a significant increase in new material production, achieving an operating profit of 2.54 billion yuan [10][18].