证券研究报告 原油周报：美国&以色列轰炸伊朗，国际局势进一步紧张 大化工首席分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 石化化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2026年3月1日 请务必阅读正文之后的免责声明部分 投资要点 ◼ 【美国原油】 2 ◼ 1）原油价格：本周Brent/WTI原油期货周均价分别71.3/65.9美元/桶，较上周分别+1.3/+1.1美元/桶。 ◼ 2）原油库存：美国原油总库存、商业原油库存、战略原油库存、库欣原油库存分别8.5/4.4/4.2/0.2亿桶，环比 +1599/+1599/+0/+88万桶。 ◼ 3）原油产量：美国原油产量为1370万桶/天，环比-3万桶/天。美国活跃原油钻机本周407台，环比-2台。美国活跃压裂 车队本周160部，环比+7部。 ◼ 4）原油需求：美国炼厂原油加工量为1566万桶/天，环比-42万桶/天；美国炼厂原油开工率为88.6%，环比-2.4pct。 ◼ 5）原油进出口量：美国原油进口量、出口量、净进口 ...

作为湖南区域航空燃油核心发运站点，路口铺站联动上下游站点，精准研判列车运行时刻，利用春运运 行图间隙组织油品抢运，并为航油专列开辟"绿色通道"，全程执行优先解编、优先取送、优先对位 的"三优先"政策，最大限度提升运输效率。 中新网长沙2月24日电 (李悦 胡亚华)2月23日22时48分，满载航空煤油的41091次油品运输专列从湖南岳 阳路口铺工业站驶出。这批重点物资抵达长沙黄花机场油品运输通道易家湾站后，经调车作业迅速转入 民航卸油专用线，为航油补给抢下宝贵时间。 据统计，2月16日至23日春节假期8天内，路口铺站编组航空煤油、汽油、柴油等油品运输专列8列，累 计装运油品505车，发送总量超2.88万吨。这批油料快速转运至长沙黄花机场、张家界荷花国际机场及 西南成都等重点区域，保障了春运期间民航航班运行与民生用能稳定供应。(完) 2026年春运恰逢9天超长春节假期，民航出行需求激增，航空煤油等重点物资运输量持续攀升，而临时 客运列车密集开行进一步加剧了铁路运力紧张。 ...

广州 以产业之进托举城市之兴 新年初启，广州增芯科技有限公司的晶圆制造厂内，巨大的屏幕上，海量生产数据实时跳动。通过智能 调度，光刻机等上百台核心设备被连接成一个网络，整条生产线"马力全开"。 产业事关城市的能级量级。今年，广州将焕新传统产业动能，推进400家中小企业完成数字化改造；育 强新兴未来产业，推动100个亿元以上项目开工建设；实施"人工智能+"行动，以人工智能赋能千行百 业；推动海洋经济加快发展，做强做优"港、船、能、药、游"等重点产业；做优生产性服务业，强化白 云机场、南沙港区、广州国际港等物流枢纽功能布局及衔接联动；优化重大平台载体，推动自贸片区扩 围提质、知识城上升为中新政府间合作项目、白云机场国际商务合作区获批建设。 坚持工商并举、互促双强，广州全力以赴推动数智化和绿色化转型、制造业和服务业融合，以产业之进 托举城市之兴。 深圳 两大项目迎首批企业入驻 2月24日，深圳南山智造（红花岭基地）和南山智城开园并迎来首批企业入驻。 南山智造（红花岭基地）项目一期建设了厂房、综合楼、宿舍楼及相关配套工程，构建"123+N"产业运 营服务体系。首批入驻企业包括速腾聚创、众擎机器人、越疆科技等，涵盖机器 ...

Core Viewpoint - The article highlights the ongoing production activities across various industries in China during the Spring Festival, emphasizing the commitment of companies to maintain supply and meet market demands despite the holiday season [1][2][3][4][5]. Group 1: Production Continuity - Over 260 companies in Ningbo and more than 280 industrial enterprises in Luoyang continued production during the Spring Festival, with Luoyang seeing an increase of approximately 30 companies compared to 2025 [1]. - In Tianjin, around 90 key industrial enterprises maintained continuous production, with an expected overall resumption rate of 86.3% by February 24 [1]. - Sichuan Zhou Hei Ya Food Co., Ltd. implemented a shift system to ensure uninterrupted production of over 50,000 boxes of "modified atmosphere packaging" products daily [2]. Group 2: Market Opportunities - Zhejiang Hengcheng Hard Alloy Co., Ltd. reported a 230% year-on-year increase in production value in January, with over 100 employees working during the holiday to meet tight delivery schedules [3]. - Nanjing Huaxin Fiber Optic Co., Ltd. experienced a surge in demand for high-performance optical fibers, with orders extending into the second half of the year [3]. Group 3: Safety Measures - Companies like Guangxi Sun Paper Industry Co., Ltd. implemented rigorous safety protocols during the holiday, including frequent inspections and strict approval processes for hazardous operations [4]. - The State Council's Work Safety Committee emphasized the importance of safety production during the holiday, focusing on risk prevention in industries such as fireworks and hazardous chemicals [4]. Group 4: Service Support - In Gansu, the Lanzhou New Area Project Construction Center coordinated with various departments to ensure 24-hour service support for production needs, addressing issues related to raw material transportation and workforce during the holiday [5]. - Local governments established comprehensive support networks to facilitate continuous production, including special hotlines and logistical assistance [5].

（来源：千龙网） 新华社北京2月23日电 题：赶订单、保供应、抓安全——春节假期企业持续生产扫描 机器轰鸣声不绝于耳、自动化生产线高速运转、工人们紧张有序地忙碌……新春佳节，年味漫溢城乡街 巷，全国不少企业生产车间依然是一番忙碌景象。 宁波超260家企业、数万名员工坚守生产一线；洛阳超280家规上工业企业保持连续生产，较2025年增加 约30家；天津有约90家重点工业企业在春节期间连续生产，预计2月24日重点工业企业的整体复工率达 86.3%……保供应、赶订单，各地共同绘就一幅春节不停工、实干促发展的奋进画卷。 稳产保供，确保春节货丰价稳年味浓。 在南京华信藤仓光通信有限公司，也是一派繁忙场景。随着人工智能浪潮席卷全球，高性能光纤光缆的 需求激增，并直接传导至生产端，企业订单已排到下半年。 拉丝工艺工程师李红军大年初一就早早返岗："订单已经饱满，春节期间，我们38条光纤生产线全开， 争分夺秒保交付。" "春节不打烊"，既是稳住客户、稳住市场的主动作为，也是企业抢占全年发展先机的重要一环。 抢抓生产，安全这根弦须臾不可松懈。 拉网式排查危化品罐区等重点区域、开展安全教育培训、增设重点看护岗位……在广西太阳纸业有 ...

Core Viewpoint - The article highlights the ongoing production activities across various industries in China during the Spring Festival, emphasizing the commitment of companies to maintain supply and meet market demands despite the holiday season [1][3][4]. Group 1: Production Continuity - Over 260 companies in Ningbo and more than 280 industrial enterprises in Luoyang continued production during the Spring Festival, with an increase of approximately 30 companies compared to 2025 [1]. - In Tianjin, around 90 key industrial enterprises maintained continuous production, with an expected overall resumption rate of 86.3% by February 24 [1]. - Sichuan Zhou Hei Ya Food Co., Ltd. reported a daily production of over 50,000 "modified atmosphere packaging" products to ensure supply to stores in multiple regions [1]. Group 2: Market Opportunities - Zhejiang Hengcheng Hard Alloy Co., Ltd. experienced a significant production value increase of 230% year-on-year in January, with over 100 employees working during the holiday to meet tight delivery schedules [3]. - Nanjing Huaxin Fiber Optic Co., Ltd. reported a full operation of 38 fiber optic production lines during the Spring Festival due to high demand, with orders extending into the second half of the year [4]. Group 3: Safety Measures - Guangxi Sun Paper Industry Co., Ltd. implemented strict safety measures during the holiday, including regular inspections and approvals for hazardous operations, to ensure safe production [6]. - The State Council's Work Safety Committee emphasized the importance of safety production during the holiday, focusing on risk prevention in various industries [6]. Group 4: Support and Coordination - The Gansu Lanzhou New Area Project Construction Center coordinated with various departments to address companies' needs, ensuring uninterrupted supply and support during the holiday [7]. - Local governments established 24-hour service hotlines and conducted special visits to ensure continuous production and address any operational challenges faced by enterprises [7].

Core Viewpoint - The China National Petroleum Corporation's Hohhot Petrochemical Company ensured stable energy supply during the Spring Festival, with over 200 staff members working on-site to maintain operations and monitor production processes [1][2][3]. Group 1: Operational Highlights - On New Year's Eve, the company operated 18 major production units, producing over 350 tons of refined oil per hour to supply Inner Mongolia [1]. - During the Spring Festival, the company committed to supplying nearly 9,000 tons of gasoline, diesel, and aviation kerosene daily [2]. - The production center reported a processing volume of 12,000 tons of crude oil over a 24-hour period, maintaining stable and safe production [4]. Group 2: Employee Commitment - Employees, including those with long tenures, actively participated in monitoring and inspection duties, demonstrating dedication to their roles despite harsh weather conditions [2][5]. - Newer employees also chose to forgo holiday breaks to ensure continuous operations, reflecting a strong team spirit and commitment to service [2][3]. - The company emphasized the importance of their work in supporting families and communities during the festive season [5].

Core Viewpoint - The China National Petroleum Corporation (CNPC) Hohhot Petrochemical Company is committed to ensuring stable energy supply during the Lunar New Year, with over 200 staff members working on-site to maintain operations and production [1][7]. Group 1: Operational Highlights - The company operates 18 major production units, producing over 350 tons of finished oil per hour, ensuring a steady supply to Inner Mongolia [5][9]. - During the Lunar New Year, the company guarantees the supply of nearly 9,000 tons of gasoline, diesel, and aviation kerosene daily [9][10]. - The production center processed 12,000 tons of crude oil in the past 24 hours, maintaining a stable and safe production environment [11]. Group 2: Employee Commitment - Employees, such as operator Yang Yang, have dedicated years to their roles, with Yang spending his 15th New Year's Eve on duty, emphasizing the importance of monitoring production stability [3][5]. - Newer employees, like Zhang Yufeng, voluntarily forgo holiday breaks to ensure operational continuity, reflecting a strong commitment to the company's mission [5][7]. - The company fosters a culture of teamwork and dedication, as seen in the interactions among staff members during shift changes and operational handovers [11].

Group 1 - The Munich Security Conference highlighted the ongoing tensions between the U.S. and Europe, with U.S. Secretary of State Rubio emphasizing that Europe must take responsibility for its own security and that the U.S. will adjust its ally strategy based on Europe's actions [1][4] - Rubio criticized European energy policies, stating they have led to increased poverty and high living costs due to a reliance on renewable energy while neglecting domestic energy production [4][7] - California's gas prices have surged to an average of $4.582 per gallon, significantly higher than the national average of approximately $2.93, attributed to strict environmental policies and the closure of refineries [5][7] Group 2 - The Democratic Party and European leaders hope that Trump's presidency is a temporary issue, with aspirations for a return to more traditional U.S. policies post-Trump [2][4] - California's energy policies, which reject traditional energy promotion, have resulted in the state being unable to meet its oil demands, producing only 30% of its required oil domestically [7][8] - The rising gas prices in California are expected to impact logistics and overall costs, leading to increased taxation on households with multiple vehicles due to budget deficits [7][8]

桐34站单井拉油站点属于华北油田采油四厂，于1985年建成首条向北京供输天然气的管道，1990年为北 京第十一届亚运会供气34万立方米。 2月14日，腊月廿七，记者驱车一路往南，前往北京市大兴区采育镇采油四厂桐34站单井拉油站点。与 人们印象中油田一般都远离城市不同，这个采油小站离北京天安门广场的直线距离只有30公里。 经过两个多小时车程，道路两旁的高楼渐渐稀少，远远望见一片空旷地上，孤零零矗立着一座采油站。 进到站里，只见一位身穿红色工服的师傅正踮着脚贴春联，手里还攥着未贴实的福字："你们到得真 早，过年那几天任务重，怕耽误生产，咱就提前把春联贴上，年味先闹起来。" 他叫熊步斌，今年55岁，负责油水井日常巡检维护、油罐测液位和拉油工作。不大的平房，隔成四小 间，就是值班室。熊步斌的爱人罗大姐正好来送饭，没唠两句吐槽道："他呀，不爱逛街更不爱买新衣 服，每年过年换的就是单位发的工服。"边说边递上一套崭新的工服。熊步斌接过工服笑着说："这么多 年我早就习惯了天天穿工服，再说了，'石油红'也是红嘛，一样喜庆。" 熊步斌守了两年的小站，管理着一口采油井、五口闲置井和一口注水井。1991年桐34-4井投产，投产时 日 ...