Core Insights - The latest price of styrene on February 10 is 7678.00 CNY per ton, with a 12.09% increase over the last 30 days and a 13.41% increase over the last 60 days [2][4] Company and Industry Summary - Relevant producers of styrene include Huajin Co., Ltd. (000059), Dongfang Shenghong (000301), Rongsheng Petrochemical (002493), Haineng Technology (300072), Sinopec (600028), Wanhua Chemical (600309), Hengli Petrochemical (600346), and Shuangliang Energy Saving (600481) [2][4] - Cyclical stocks refer to publicly listed companies that produce raw materials, where their profits are significantly affected by fluctuations in raw material prices [2][4] - Utilizing the price fluctuation data from the business community to identify buying signals for cyclical stocks before quarterly and annual reports is an important method for investing in cyclical stocks [2][4]

"骐骥跃读·书香石化"新春图书文创市集日前在中国石化总部举办，活动联动优质文化资源，融合专业 阅读、数字阅读与文创体验，为总部干部职工送上兼具思想性、专业性与趣味性的新春文化盛宴。 此次活动由石化出版公司主办，中国经济书店承办。中国经济书店相关负责人介绍，本次市集突出能源 行业特色与职工阅读需求，精心设置五大板块。精品图书区聚焦主题出版、人文社科、经济管理、文学 艺术、生活健康、青少年成长、进口原版等优质出版物，兼顾思想深度与阅读趣味。专业图书区聚焦石 油化工、能源安全、绿色低碳、工程技术等核心领域，精选权威专著、前沿技术与科普读物，精准匹配 科研生产、管理运营与人才成长需求，助力职工提升专业素养与履职能力。 数字阅读专区依托"易牍知识服务平台"同步上线电子图书、有声读物、知识专栏等数字产品，覆盖移动 终端、智能终端多场景阅读。智能审校系统展示了AI准确审校文档功能，提升服务效能的同时让职工 领略"科技+阅读"的无限魅力。旧书新知区以经典旧籍与全新好书相映成趣，在泛黄纸页与崭新墨香中 重温经典、汲取新知，让阅读在时光流转中焕发持久魅力。 该展区还特设银龄阅读专区，精选经典文史、红色经典等适宜老年群体的读物，通 ...

Group 1 - The core viewpoint of the news is that the Brent crude oil price reached $67 per barrel in January, the highest since September 2025, driven by global supply disruptions and tensions in Iran. However, prices are expected to decline in 2026 and 2027 due to rising global oil production exceeding demand, with forecasts of $58 and $53 per barrel respectively for those years [1] - The EIA's report indicates that global oil inventories are projected to continue increasing until 2027, suggesting a bearish outlook for oil prices in the medium term [1] - Regional factors remain a significant driver in the current oil market, with potential for unexpected price increases if geopolitical issues in Iran escalate beyond expectations [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include major companies such as China National Petroleum, China National Offshore Oil, and Sinopec, collectively accounting for 66.76% of the index [2] - The National Petroleum and Natural Gas Index reflects the price changes of publicly listed companies related to the oil and gas industry on the Shanghai and Shenzhen stock exchanges [1][2] - The Penghua Oil ETF (159697) closely tracks the National Petroleum and Natural Gas Index and has shown a recent increase of 0.74%, indicating positive market sentiment [1]

Group 1 - The core viewpoint of the article highlights the performance of the Oil ETF (561360), which rose by 1.24% to 1.473 yuan with a trading volume of 177 million yuan as of the midday close [1] - Major holdings in the Oil ETF include China National Petroleum, which increased by 0.56%, China National Offshore Oil Corporation up by 0.52%, and Sinopec up by 0.31% [1] - The Oil ETF's performance benchmark is the CSI Oil and Gas Industry Index return, managed by Guotai Fund Management Company, with a return of 45.33% since its establishment on October 23, 2023, and a return of 14.42% over the past month [1] Group 2 - Notable stock performances within the ETF include Henglian Petrochemical rising by 6.29%, Rongsheng Petrochemical increasing by 4.38%, and Intercontinental Oil and Gas up by 3.61%, while China Merchants Energy fell by 1.54% and COSCO Shipping Energy dropped by 0.53% [1]

Group 1 - The U.S. Energy Information Administration (EIA) reported a 3% decrease in natural gas production due to severe cold weather from December to January, with expectations that production will largely recover by February [1] - Cold weather in January led to a reduction of 320,000 barrels per day in U.S. oil production [1] - Huatai Securities suggests that the "oil-for-tariff" agreement between the U.S. and India may further reduce India's imports of Russian oil, maintaining high discount levels for Russian oil, which, combined with the potential appreciation of the Renminbi, could enhance China's crude oil procurement cost advantages [1] Group 2 - As of February 11, 2026, the National Petroleum and Natural Gas Index (399439) increased by 0.89%, with notable gains in component stocks such as Man Oil (up 6.93%), Intercontinental Oil and Gas (up 4.17%), and CNOOC Engineering (up 3.99%) [1] - The Petroleum ETF Penghua (159697) rose by 0.74%, marking its fourth consecutive increase, with the latest price reported at 1.36 yuan [1] - The National Petroleum and Natural Gas Index reflects the price changes of publicly listed companies related to the oil and gas industry on the Shanghai and Shenzhen stock exchanges, with the top ten weighted stocks accounting for 66.76% of the index [1]

Group 1 - The core viewpoint of the articles highlights the strong performance of cyclical sectors such as petrochemicals, precious metals, and agriculture, with the Petrochemical ETF (159731) rising by 2.35% and individual stocks like Tongkun Co. and Xin Fengming increasing by 7.06% and 6.96% respectively [1] - The Petrochemical ETF has seen continuous net inflows over the past four days, totaling 76.6445 million, with its latest share count reaching 1.768 billion and total assets hitting 1.805 billion, both marking all-time highs since inception [1] - Huazhang Securities notes that lithium prices are experiencing a high-level decline, while demand in the energy storage sector is exceeding expectations, leading to a recovery in the lithium battery industry and a shift in market sentiment regarding lithium demand [1] Group 2 - The Petrochemical ETF (159731) closely tracks the CSI Petrochemical Industry Index, benefiting from both basic chemicals and oil & petrochemical sectors, and includes high dividend and high growth assets [2] - Key weighted stocks in the ETF include Wanhua Chemical (global MDI leader), China Petroleum (domestic oil and gas leader), China Petrochemical (domestic refining leader), and Salt Lake Potash (domestic potassium fertilizer leader) [2] - The table lists the performance and weight of key stocks within the ETF, with Wanhua Chemical showing a rise of 3.72% and holding a weight of 10.61% [4]

中化新网讯 近日，中石化勘探分公司获得日产天然气107.13万立方米的高产气流，取得勘探工作重大突 破。这也是该公司近年来首次实现天然气日产量超过百万立方米。 据悉，这得益于胜利油田石油工程技术研究院在元陆33井压裂设计与技术服务的优化。元陆33井是中石 化勘探分公司部署在四川盆地川北低缓构造区的一口重点预探井。胜利油田石油工程技术研究院系统开 展方案设计与技术支撑工作，针对断层下盘特殊地质构造，全面推演各阶段可能出现的工况问题，并提 前优化应对措施与安全预案;同时与施工单位保持密切协作，反复研讨技术细节，全力保障施工安全与 服务到位。(任厚毅 王观华) ...

其中，在于奇902井采用"预弯曲钻具组合+微扩孔器"工艺工具，二开平均机械钻速较设计提升了 75.24%；在SHB5-25X井优化钻井液性能，合理调整钻井参数，二开仅用32.83天完成5942米进尺任务， 平均机械钻速较设计提升了71.06%；在TK7263X井执行强参数、"三免"(免短起、免划眼、免通井)技术 措施，二开平均机械钻速较设计提升了5.56%。 本报2月10日讯(大众新闻记者顾松通讯员邱振军游少雄)今年1月份，由胜利石油工程公司塔里木分公司 70650队施工的于奇902井、99101队施工的SHB5-25X、70588队施工的TK7263X三口井，施工质量优 秀、提速效果显著、钻井周期节约，获评西北油田1月份"优质井"，在中石化西北工区各钻井公司中位 于前列。 今年以来，塔里木分公司深入开展"提速提质创指标，对标对表扛红旗"劳动竞赛，深入攻关碎屑岩井、 侧钻井、稠油井技术，分区分井型专项专打，升级固控设备，执行钻井刚性条款，优化中完工序、轨迹 控制，"四提"成效显著。 ...

Investment Rating - The report maintains a neutral outlook on the oil and petrochemical industry, indicating that the industry is expected to perform in line with the overall market [3][12]. Core Insights - The report highlights a decline in crude oil prices in Q4 2025, with Brent crude averaging $63.1 per barrel, down 7.4% quarter-on-quarter and 14.7% year-on-year [3][4]. - The petrochemical sector is experiencing a mixed performance, with upstream operations facing pressure while downstream profitability is showing signs of improvement [3]. - The report forecasts a tightening supply-demand balance in the polyester sector, suggesting potential for improved market conditions [3]. Summary by Sections Price Trends - In Q4 2025, Brent crude oil prices averaged $63.1 per barrel, with a range of $59-66 per barrel. Gasoline and diesel prices were adjusted downwards by 325 CNY/ton and 340 CNY/ton respectively [3][4]. - Key petrochemical products showed varied price movements, with notable declines in prices for polyethylene and polypropylene, down 16% and 14.2% year-on-year respectively [4]. Price Differentials - The report notes that the price differential for crude oil catalytic cracking increased to 1374 CNY/ton, up 12.5% quarter-on-quarter, while the differential for ethylene from naphtha decreased by 20.1% [5][6]. - The price differential for PX and PTA expanded, indicating improved margins in the polyester chain [5][6]. Company Performance Forecasts - The report provides earnings forecasts for key companies in the sector, predicting a net profit of 27 billion CNY for China National Petroleum Corporation (CNPC), down 16% year-on-year, while China National Offshore Oil Corporation (CNOOC) is expected to see a profit of 30 billion CNY, up 41% year-on-year [3][7]. - Other companies such as Hengli Petrochemical and Rongsheng Petrochemical are also highlighted, with expected profits of 1.7 billion CNY and 250 million CNY respectively [3][7]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wan Kai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in cost structures [3]. - It also suggests maintaining a positive outlook on offshore oil service companies like CNOOC and Haiyou Engineering, anticipating continued high demand in offshore capital expenditures [3].

Investment Rating - The report maintains an "Overweight" rating for the petrochemical industry, indicating a positive outlook compared to the overall market performance [3]. Core Insights - The report highlights a decline in crude oil prices in Q4 2025, with Brent crude averaging $63.1 per barrel, down 7.4% quarter-on-quarter and 14.7% year-on-year [3]. - The report anticipates a mixed performance across the petrochemical sector, with upstream performance under pressure while downstream sectors show signs of improvement [3]. - Key companies in the industry are expected to experience varied profit margins, with some facing significant declines while others show resilience [3]. Summary by Sections Price Trends - Brent crude oil price in Q4 2025 was $63.1 per barrel, down 7.5% from Q3 and 14.8% year-on-year [4]. - Key petrochemical products such as methanol and polypropylene saw price declines of 8.2% and 8.3% respectively in Q4 2025 compared to Q3 [4]. Price Differentials - The report notes that the price differential for crude oil catalytic cracking increased by 12.5% quarter-on-quarter, reaching 1374 RMB/ton [5]. - The price differential for PX-Nafta increased by 7.6% quarter-on-quarter, indicating a positive trend for certain segments [6]. Company Performance Forecasts - China National Petroleum Corporation (CNPC) is projected to have a net profit of 27 billion RMB in Q4 2025, a decrease of 16% year-on-year [3]. - Sinopec is expected to face significant impairment pressures, with a projected net profit of only 500 million RMB, down 92% year-on-year [3]. - The report forecasts a net profit of 14 billion RMB for Satellite Chemical, reflecting a 41% decline year-on-year but a 38% increase quarter-on-quarter [3]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co., and bottle-grade PET producers like Wankai New Materials [3]. - It suggests monitoring large refining companies like Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in cost structures [3]. - The report also highlights the potential of offshore oil service companies, recommending firms like CNOOC Services and Offshore Oil Engineering for their strong performance outlook [3].