美洲能源- 大盘股 2025 年回顾与 2026 年 10 大观点初步反馈-Americas Energy_ Large Cap Reflections on 2025 and Early Pushback on 10 Ideas for 2026

It has been a year of significant stock dispersion, with notable leadership in Refining and Specialty Contractors and weakness in Oil E&P, reflecting commodity/thematic bifurcation. In this brief report, we try to make sense of the moves and also highlight some of the early pushback we have received on our ten stocks ideas for 2026, which we discussed here. Exhibit 1: This year, VLO had the top ranking in the XLE, while OKE was the relative laggard along with several E&Ps Relative components of the XLE rank ...