石油天然气板块再度拉升，中国海油涨超5%再创新高，石化油服涨停，通源石油、海油发展、准油股份、新锦动力、中国石油跟涨。 | 日期号 | 最新值 | 涨跌幅 | 近3月涨跌幅 | 近6月涨跌幅 | 近1年涨跌幅 | 1 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-27 | 1999 | 12.30% | 1.16% | -11.43% | 162.7% | | 华泰证券指出，2026年1月以来区域紧张局势引发市场供应风险担忧，淡季油价筑底反弹，随着需求回升及全球性储备性累库，2026年第二季度至第三季度 油价有望见底上探，叠加美联储降息对需求拉动，亚非拉地区成品油需求或景气上行，上调2026年布伦特均价为65美元/桶。长期而言，考虑主要产油国边 际成本及"利重于量"诉求，油价中枢存60美元/桶底部支撑。具备增产降本能力及天然气业务增量的能源龙头企业或将显现配置机遇；油价筑底后库存损失 减少，炼化有望迎来盈利低迷下的景气反转。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 | | 名称 | 涨幅量 | | --- | --- | ...

Core Viewpoint - The petrochemical sector is experiencing a positive trend, with the China Petrochemical Industry Index showing an increase, and significant inflows into the Petrochemical ETF, indicating strong investor interest and potential for growth [1][2]. Group 1: Market Performance - As of January 28, 2026, the China Petrochemical Industry Index rose by 0.54%, with key stocks like Zhejiang Longsheng hitting the daily limit up, and others such as China National Offshore Oil Corporation and Hubei Biopharma also seeing gains [1]. - The Petrochemical ETF (159731) increased by 0.39%, with a turnover rate of 4.34% during the trading session [1]. - Over the past 15 days, the Petrochemical ETF has attracted a total net inflow of 745 million yuan, reaching a record high of 1.018 billion shares and a total size of 1.045 billion yuan [1]. Group 2: Performance Metrics - The Petrochemical ETF has seen a net value increase of 62.39% over the past two years [1]. - The highest monthly return since inception was 15.86%, with the longest streak of consecutive monthly gains being 8 months and a maximum cumulative increase of 41.60% [1]. - The average monthly return during the rising months was 5.25%, and the ETF outperformed its benchmark with an annualized excess return of 2.35% over the past year [1]. Group 3: Industry Outlook - Tianfeng Securities indicates that a turning point in policy and capital expenditure is evident, with the concept of "anti-involution" suggesting improved profitability and healthier long-term development for the industry [1]. - The chemical industry is entering a strategic window, characterized by the exit of high-cost marginal capacity overseas and a restructuring of the global chemical order [1]. Group 4: Top Holdings - As of December 31, 2025, the top ten weighted stocks in the China Petrochemical Industry Index accounted for 56.73% of the index, including Wanhua Chemical, China Petroleum, and China Petrochemical among others [2].

石油天然气板块再度拉升，中国海油涨超5%再创新高，石化油服涨停，通源石油、海油发展、准油股 份、新锦动力、中国石油跟涨。 ...

Group 1 - Oil prices increased due to the situation in Iran, adverse weather in the US, and a weakening dollar, with WTI crude oil futures closing at $62.39 per barrel, up 2.9%, and Brent crude oil futures at $67.57 per barrel, up 3.02% [1] - According to the IEA's January 21 report, the global oil demand growth forecast for 2025/2026 was raised to 850,000/930,000 barrels per day, driven by improved macroeconomic and trade outlooks, alongside a decline in oil prices and a weaker dollar [1] - The demand for petrochemical feedstock is recovering, with jet fuel leading the growth in fuel products, while non-OECD countries are expected to contribute to the entire demand increase in 2026 [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the National Oil and Gas Index (399439) include China National Petroleum, Sinopec, CNOOC, and others, accounting for 67.11% of the total index [2] - The oil ETF Penghua (159697) closely tracks the National Oil and Gas Index, reflecting the price changes of listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1][2]

Group 1 - The global chemical industry is transitioning from "overcapacity" to "high-quality supply" by 2026, driven by national growth policies, marginal recovery in overseas demand, and the initiation of a restocking cycle, leading to a stabilization and rebound in the prices of basic chemicals and a significant improvement in industry profit expectations [1][3]. - The E Fund Chemical Industry ETF (516570) has become a core tool for investors to capitalize on the petrochemical industry's recovery, with the index it tracks rising by 15.10% in the past month and 51.39% over the past year as of January 26, 2026 [1][5]. - The ETF has attracted significant capital inflow, with over 180 million yuan in net inflows in the past five days and over 270 million yuan in the past twenty days [1][5]. Group 2 - The "High-Quality Development" policy framework has been established, emphasizing the control of new refining capacities and the scientific regulation of ethylene and paraxylene production, marking a shift from quantity-driven growth to quality and efficiency improvements [3][4]. - A global restocking cycle has commenced, with widespread price increases for chemical products, including a 550 yuan/ton increase for butadiene and a 100 yuan/ton increase for bisphenol A, alongside sulfur prices reaching near ten-year highs [3][4]. - Major international companies like BASF and Dow have also raised prices for MDI/TDI, indicating a strong performance in the polyurethane market, supported by increased global oil demand projected at 950,000 barrels per day for 2026 [4][5]. Group 3 - Chemical companies are expected to report positive earnings, with Salt Lake Co. forecasting a net profit of 8.29 to 8.89 billion yuan for 2025, representing a year-on-year growth of 77.78% to 90.65%, and other companies like Juhua Co. and Cangge Mining also projecting significant profit increases [5][6]. - The E Fund Chemical Industry ETF (516570) tracks the CSI Petrochemical Industry Index, with top holdings including major companies like Wanhua Chemical and China Petroleum, covering over 56% of the index, thus providing a balanced exposure to both energy security and growth in new materials [5][6]. - The ETF has a low comprehensive fee rate of 0.20% per year, making it an ideal tool for participating in the current economic upturn in the chemical sector [5][6].

证券之星消息，1月27日油气开采板块较上一交易日下跌1.53%，蓝焰控股领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。油气开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600938 | 與奧圖出 | 33.25 | -0.72% | 74.75万 | | 25.01 Z | | 600777 | *ST新潮 | 4.11 | -2.14% | 35.64万 | | 1.47亿 | | 600759 | 洲际油气 | 4.70 | -2.89% | 851.60万 | | 40.85 Z | | 000968 | 蓝焰控股 | 7.85 | -6.21% | 53.15万 | | 4.23亿 | 从资金流向上来看，当日油气开采板块主力资金净流出4.0亿元，游资资金净流入2.65亿元，散户资金净 流入1.34亿元。油气开采板块个股资金流向见下表： | 代码 | 名称 主力净流入 (元) | | | ...

证券研究报告 石油天然气 地缘溢价或提前带动油价筑底反弹 华泰研究 2026 年 1 月 26 日│中国内地 行业月报 地缘紧张局势再起，油价或已进入筑底反弹阶段 26 年 1 月以来，委内瑞拉、伊朗等地缘紧张局势再次引发市场供应风险担 忧，1 月 23 日 WTI/Brent 期货价格收于 61.07/65.88 美元/桶，较 12 月末上 涨 6.4%/8.3%。我们认为地缘溢价已导致淡季油价筑底反弹，随着需求回升 及全球性储备性累库，26Q2-Q3 油价有望见底上探，叠加美联储降息对需 求拉动，亚非拉地区成品油需求或景气上行，上调 26 年布伦特均价为 65 美元/桶（前值 62 美元/桶）。长期而言，考虑主要产油国边际成本及"利 重于量"诉求，油价中枢存 60 美元/桶底部支撑。具备增产降本能力及天然 气业务增量的能源龙头企业或将显现配置机遇，推荐中国石油（A/H）、中 国海油（A/H）；油价筑底后库存损失减少，叠加炼化有望迎来盈利低迷下 的景气反转，推荐中国石化（A/H）。 需求侧：北半球需求淡季，中国原油进口量同环比显著提升 据 IEA，考虑宏观经济和贸易前景改善，叠加油价下跌及美元走弱，上调 2 ...

石油ETF鹏华紧密跟踪国证石油天然气指数，国证石油天然气指数反映沪深北交易所石油天然气产业相 关上市公司的证券价格变化情况。 数据显示，截至2025年12月31日，国证石油天然气指数(399439)前十大权重股分别为中国石油、中国石 化、中国海油、杰瑞股份、广汇能源、招商轮船、新奥股份、九丰能源、中远海能、大众公用，前十大 权重股合计占比67.11%。 消息面上，美国天然气期货涨超33%，突破7美元/百万英热，创下自2022年12月以来的最高水平。因气 温骤降导致油井冻结，美国天然气产量降至两年来最低水平。 华泰证券指出，2026年1月以来，委内瑞拉、伊朗等区域紧张局势再次引发市场供应风险担忧，1月23日 WTI/Brent期货价格收于61.07/65.88美元/桶，较2025年12月末上涨6.4%/8.3%。区域溢价已导致淡季油价 筑底反弹，随着需求回升及全球性储备性累库，2026年第二季度至第三季度油价有望见底上探，叠加美 联储降息对需求拉动，亚非拉地区成品油需求或景气上行，上调2026年布伦特均价为65美元/桶（前值 62美元/桶）。长期而言，考虑主要产油国边际成本及"利重于量"诉求，油价中枢存60美元 ...

Core Viewpoint - The Shanghai 180 ETF Index Fund (530280) has shown a positive performance with a recent increase of 0.96%, reflecting a stable market trend and investor interest in the underlying assets [1]. Performance Summary - As of January 26, 2026, the Shanghai 180 Index (000010) increased by 0.22%, with notable gains from stocks such as Zijin Mining (up 10.00%) and China National Offshore Oil Corporation (up 6.66%) [1]. - The Shanghai 180 ETF Index Fund has experienced a cumulative increase of 0.24% over the past week [1]. - The fund's year-to-date maximum drawdown is 1.30%, with a relative benchmark drawdown of 0.06% [3]. Liquidity and Trading Activity - The trading volume for the Shanghai 180 ETF Index Fund was 6.07 thousand yuan, with a turnover rate of 0.1% [1]. - The average daily trading volume over the past year was 177.38 thousand yuan [1]. Risk and Return Metrics - The fund has a Sharpe ratio of 2.12 since its inception, indicating a favorable risk-adjusted return [2]. - The tracking error over the past three months is 0.022%, demonstrating the fund's close alignment with the Shanghai 180 Index [5]. Fee Structure - The management fee for the Shanghai 180 ETF Index Fund is 0.15%, while the custody fee is 0.05% [4]. Top Holdings - As of December 31, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 25.29% of the index, with notable companies including Kweichow Moutai and Ping An Insurance [5]. - The top ten stocks and their respective weightings are as follows: - Kweichow Moutai: 4.22% - Zijin Mining: 4.03% - Ping An Insurance: 2.87% - Hengrui Medicine: 2.46% - WuXi AppTec: 2.08% - China Merchants Bank: 2.04% - Cambricon Technologies: 1.97% - Yangtze Power: 1.88% - SMIC: 1.80% - Industrial Fulian: 1.79% [5].

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4133 | -0.09 | 4.26 | 0.45 | | 深证综指 | 2721 | -0.92 | 7.04 | 0.77 | | 风格指数 | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | (％) | | | | | 大盘指数 | 0 | 0.36 | 13.54 | | 中盘指数 | -0.39 | 11.93 | 34.07 | | 小盘指数 | -1.66 | 10.48 | 26.75 | | 涨幅居前 | 昨日 | 近 1 个月 | 近 6 个月 | | 行业(％) | | | | | 贵金属 | 10.24 | 46.38 | 97.93 | | 动物保健Ⅱ | 5.27 | 16.4 | 31.45 | | 工业金属 | 5.24 | 23.79 | 96.1 | | 小金属Ⅱ | 4.86 | 31.59 | 73.96 | | 饰品 | 4 ...