（文章来源：每日经济新闻） 信达证券指出，2025年1～8月原油进口量实现3.76亿吨，同比增长2.5%，但主要原油接卸港口企业原油 吞吐量同比下滑3.27%，显示下游需求承压。油运运价方面，波罗的海原油航运运费指数BDTI同比增长 5.27%，TD3C、TD25等航线TCE同比增速均超100%，反映油运市场供需偏紧。炼化环节，原油进口均 价同比下滑13.76%至523.82美元/吨，或缓解炼厂成本压力。铁矿石进口量同比下滑1.6%，港口库存同 比减少8.04%，主要接卸港口吞吐量同比增长2.57%，显示干散货需求韧性。煤炭方面，北方港口库存 同比下滑10.03%，但下水港口吞吐量同比微降0.42%，供需整体平稳。 石油ETF（561360）跟踪的是油气产业指数（H30198），该指数从市场中选取涉及石油、天然气开采及 服务等业务的上市公司证券作为指数样本，以反映油气领域相关上市公司证券的整体表现。油气产业指 数主要涵盖能源行业，成分股具有资源禀赋突出、产业链协同性强的特点，能够综合体现油气产业链企 业的市场表现。 ...

光大证券指出，地方国资委负责人研讨班强调加强国有资产重组整合，推动国有资本优化配置，形 成新的国有资本布局结构，建议关注央国企资产整合投资机会。在经历了2021、2023年的资本开支高峰 后，2024年化工央国企的资本开支放缓，全年实现资本开支2485亿元，与2019年2420亿元的规模接近， 表明石化化工上市央国企资本开支强度有望得到控制，资本开支周期反转有望来临。2024年以来，中央 针对"反内卷"频繁发声，工信部新一期《石化化工行业稳增长工作方案》有望出台，政策目标为调整行 业结构、推动供给侧优化和淘汰落后产能，炼油、PTA/PX、化肥、颜料染料、有机硅/工业硅、纯碱、 氯碱/PVC等子行业的供给侧改革有望深化，相关央国企有望受益。石化化工央国企近年来加大研发投 入，研发费用率持续提升，2019-2024年，央企的研发费用率从0.55%增长至0.77%，地方国企从1.44% 增长至2.49%，重视新质生产力的发展，大力攻关"卡脖子"技术，支撑和引领炼化新材料产业转型升 级。 石油ETF（561360）跟踪的是油气产业指数（H30198），该指数从市场中选取涉及石油、天然气的 勘探、开采、炼制及销售等业务 ...

Group 1 - The global political instability is on the rise, with significant developments in U.S.-China relations and conflicts in the Middle East [1] - The U.S. is experiencing tensions between federal and local authorities, highlighted by the deployment of the National Guard to suppress riots in Los Angeles [1] - Israel has engaged in military action against Iran, targeting sites related to Iran's nuclear program, which has led to a retaliatory response from Iran [1] Group 2 - Oil prices have surged significantly this week, leading the global asset market [1] - Oil ETFs encompass various sectors within the oil and gas industry, including exploration, equipment manufacturing, transportation, sales, and refining, indicating strong market competitiveness and risk resilience [1] - Given the current market environment and policy trends, oil ETFs present a convenient and efficient investment tool for capturing long-term opportunities in the oil sector [1] - Investors without stock accounts can access oil ETF opportunities through linked funds [1]

Group 1 - Israel launched airstrikes against Iran, targeting nuclear and military facilities, leading to a significant rise in oil prices, with U.S. crude oil up over 6% and Brent crude up over 5% [1][2] - The geopolitical tensions have caused a surge in gold prices, with gold ETFs also experiencing notable increases, reflecting heightened demand for safe-haven assets [1][4] - Global central banks have been purchasing gold at a record pace, with over 1000 tons acquired annually for three consecutive years, indicating a shift in reserve asset preferences [3][6] Group 2 - The recent airstrikes and ongoing geopolitical conflicts have created uncertainty in the oil market, with traders anticipating potential disruptions in oil production [2][6] - The U.S. CPI data shows a modest increase, suggesting short-term inflation concerns may ease, but longer-term uncertainties remain due to geopolitical tensions and tariff policies [7] - China's central bank continues to increase its gold reserves, reflecting a broader trend of diversifying asset holdings amid global economic uncertainties [6][7]

Core Viewpoint - The oil and gas sector experienced a significant surge, with WTI crude oil futures rising over 9% due to geopolitical tensions, leading to a collective increase in the oil and gas sector [1] Group 1: ETF Market Performance - The S&P Oil and Gas ETF saw a midday increase of over 7%, while several domestic oil and gas resource ETFs rose by more than 3% [1] - Specific ETFs such as the Energy Chemical ETF (159981) increased by 5.03%, Oil and Gas Resource ETF (159309) by 3.43%, and Oil and Gas ETF Bosera (561760) by 3.21% [2] Group 2: Investment Logic - In 2024, China's crude oil import dependency is projected to be 72%, and natural gas import dependency at 43%, indicating a high reliance on imported oil and gas resources [3] - Despite geopolitical uncertainties affecting energy security, the medium to long-term supply-demand dynamics for crude oil remain favorable, suggesting strong investment value in major state-owned oil companies [3] Group 3: Major Indexes and Weightings - The China Securities Oil and Gas Resource Index includes companies involved in oil and gas extraction, services, equipment manufacturing, refining, transportation, and sales, reflecting the overall performance of the oil and gas sector [3] - Major weighted stocks in the index include China National Petroleum (601857) at 10.98%, Sinopec (600028) at 9.49%, and Guanghui Energy (600256) at 6.56% [4][9] Group 4: ETF Specifics - The Oil and Gas Resource ETF (159309) had a midday increase of 3.43%, with a scale of 0.76 million units and a transaction amount of 24.39 million yuan [3] - The Oil and Gas ETF (159697) rose by 2.7%, with a scale of 0.69 million units and a transaction amount of 14.76 million yuan [6] - The Oil and Gas ETF (561360) increased by 2.25%, with a scale of 0.93 million units and a transaction amount of 78.50 million yuan [8]

Group 1 - The opening performance of ETFs showed mixed results, with the oil ETF (561360) leading gains at 9.96% [1] - The oil and gas resources ETF (563150) increased by 9.44%, while the S&P oil and gas ETF (513350) rose by 5.85% [1] - Conversely, the 500 growth ETF (159620) led the declines at 3.65%, followed by the S&P biotechnology ETF (159502) down 1.67%, and the Nasdaq technology ETF (159509) falling by 1.41% [1]