Core Viewpoint - The oil and gas sector is positioned as a core asset with strategic value and investment potential, expected to perform steadily through market fluctuations from 2021 to 2025, serving as a "safe haven" for investors due to its high dividends and stable growth [1]. Group 1: Market Dynamics - Oil and gas remain essential as a primary energy source, accounting for over 60% of global consumption, with domestic production expected to grow under energy independence strategies [2]. - China's oil import dependency is projected to reach 71.9% by 2024, highlighting significant supply pressure [2]. - The top three constituents of the National Oil and Gas Index—China National Petroleum Corporation, Sinopec, and CNOOC—collectively account for over 90% of domestic production, reinforcing their role as key supply providers [2]. Group 2: Natural Gas Demand - Natural gas is increasingly recognized as a transitional energy source amid global energy transformation, with a compound annual growth rate (CAGR) of 8.35% in China's natural gas consumption from 2015 to 2024 [5]. - The peak consumption of natural gas is expected around 2040, reaching approximately 6000-7000 billion cubic meters [6]. Group 3: Policy and Market Environment - The implementation of the Energy Law and other reforms is expected to enhance industry efficiency and reduce extreme volatility risks, while state-owned enterprises are anticipated to increase dividend payouts [8]. - The National Oil and Gas Index has shown a consistent positive return over five years, with annual returns of 33.93%, 0.05%, 7.01%, 10.90%, and 10.13% from 2021 to 2025 [9][10]. Group 4: Index Characteristics - The National Oil and Gas Index is heavily weighted towards the "Big Three" oil companies, which together account for over 40% of the index, ensuring significant exposure to leading firms [12]. - The index includes a balanced distribution across the oil and gas sectors, with 61.5% in oil and petrochemicals and 15.8% in utilities, providing stable cash flow through gas companies [14]. - The index's current dynamic price-to-earnings ratio is 13.42, indicating reasonable valuation, with a dividend yield of 3.92%, making it attractive in a low-interest-rate environment [16]. Group 5: Current Investment Timing - International oil prices are stabilizing, with a price range of $50-60 per barrel, which is close to the main extraction cost line, limiting downside potential and supporting profit improvement [18]. - The index's return on equity (ROE) reached 9.8% in Q3 2025, significantly exceeding the overall A-share market average of 7.9%, indicating a shift towards high-quality development in the sector [22].

记者｜黎雨桐 见习记者林芊蔚 编辑｜金珊 1月26日，A股市场早盘冲高回落。截至收盘，沪指涨0.12%，深成指跌0.74%，创业板指跌0.86%。沪深两市半日成交额超2.26万亿， 较上个 | 上证指数 | 深证成指 | 科创综指 | | --- | --- | --- | | 4141.01 | 14332.86 | 1864.01 | | +4.85 +0.12% -106.80 -0.74% -35.77 -1.88% | | | | 万得全A | 创业板指 | 北证50 | | 6857.67 | 3320.81 | 1573.21 | | -35.44 -0.51% -28.70 -0.86% -15.45 -0.97% | | | | 沪深300 | 中证500 | 中证A500 | | 4715.12 | 8522.32 | 5936.21 | | +12.63 +0.27% -67.85 -0.79% +1.10 +0.02% | | | | 中证1000 | 深证100 | 中证红利 | | 8365.64 | 5871.66 | 5654.38 | | -105.10 -1.24% | - ...

Group 1 - The core viewpoint of the news highlights the significant rise in oil and gas stocks, particularly China National Offshore Oil Corporation (CNOOC), which reached a historical high due to a winter storm impacting the U.S. and causing natural gas prices to surge above $6 per million British thermal units for the first time since 2022 [1] - The U.S. government has reportedly extracted 50 million barrels of oil from Venezuelan tankers and plans to send it to U.S. refineries, indicating a strategic move in the oil market amidst ongoing geopolitical tensions [1] - The China Securities Index for oil and gas (399439) saw a strong increase of 3.50%, with significant gains in constituent stocks such as Shun Oil (+10.02%), Potential Energy (+7.75%), and Zhongman Oil (+7.65%) [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Securities Index for oil and gas (399439) include major players like China National Petroleum, Sinopec, and CNOOC, collectively accounting for 67.11% of the index [2] - The oil ETF Penghua (159697) closely tracks the China Securities Index for oil and gas, 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 oil and gas sector showed strong performance, with China National Offshore Oil Corporation (CNOOC) rising over 6%, reaching a peak price of 33.49 CNY per share, marking a historical high and a total market capitalization exceeding 1.5 trillion CNY [1] - China Petroleum and China Petrochemical both increased by over 4%, while Tongyuan Petroleum surged over 14%, with other companies like Potential Energy and Shandong Molong also experiencing gains [1] - CNOOC's trading volume was reported at 50.92 million shares, with a total transaction amount of 1.669 billion CNY, reflecting a turnover rate of 1.70% [2] Group 2 - CNOOC's latest market value is approximately 1.58 trillion CNY, with a market earnings ratio of 11.65 [2] - The stock price of CNOOC opened at 31.90 CNY, with a daily high of 33.49 CNY and a low of 31.90 CNY [2] - The H-share price for CNOOC was reported at 23.480 HKD, reflecting a 4.63% increase [2]

Group 1 - The resource sector is leading the market surge, with the oil and gas sector experiencing fluctuations, as evidenced by the oil and gas ETF Huatai (159309) rising over 3.8% and reaching a historical high, attracting over 25 million yuan in funds during the day [1] - The oil and gas ETF Huatai has seen continuous inflows, accumulating over 1 billion yuan in the past 10 days [1] - Major stocks in the oil and gas sector, such as China National Offshore Oil Corporation (CNOOC) and Sinopec, have shown significant price increases, with CNOOC rising 6.34% and Sinopec increasing 4.07% [2][5] Group 2 - Geopolitical tensions, particularly between the US and Iran, may threaten Middle Eastern oil exports, increasing regional risks [3] - Supply disruptions in Kazakhstan due to power distribution issues at major oil fields are expected to reduce oil exports through the Caspian Pipeline Consortium (CPC), which may support oil prices [4] - The current cold weather in the US is causing significant fluctuations in natural gas prices, with potential implications for other energy prices if the cold spell persists [4] Group 3 - The oil and gas sector is highlighted as a focus area due to the ongoing commodity supercycle, with energy prices expected to rise following other commodities [4] - The oil and gas ETF Huatai is designed to focus on the oil and gas industry chain, including exploration, equipment, refining, and transportation, emphasizing companies with quality reserves and low-cost advantages [9] - The index of the oil and gas ETF Huatai has shown strong performance over the past six months, one year, and three years, leading among similar indices [10]

Group 1 - China National Offshore Oil Corporation (CNOOC) shares increased by 5.25%, reaching 33.05 CNY per share, with a trading volume of 1.145 billion CNY and a turnover rate of 1.18%, resulting in a total market capitalization of 1,570.865 billion CNY [1] - CNOOC, established on August 20, 1999, and listed on April 21, 2022, primarily engages in the exploration, production, and sales of crude oil and natural gas, operating in various regions including China, Canada, the USA, the UK, Nigeria, and Brazil [1] - The company's revenue composition is as follows: 82.73% from oil and gas sales, 14.96% from trading, and 2.31% from other activities [1] Group 2 - According to data, the Jiao Yin Schroder Fund has a significant holding in CNOOC, with the Jiao Yin Blue Chip Mixed Fund (519694) holding 1.2248 million shares, accounting for 3.14% of the fund's net value, ranking as the tenth largest holding [2] - The Jiao Yin Blue Chip Mixed Fund has a total size of 1.179 billion CNY, with a year-to-date return of 10.49%, ranking 1941 out of 9003 in its category, and a one-year return of 35.68%, ranking 3810 out of 8185 [2]

Core Viewpoint - The international gold and silver prices continue to surge, with gold surpassing $5000 and silver reaching $108, leading to significant gains in the precious metals sector in both A-shares and Hong Kong stocks [1][6]. A-shares Market Summary - The A-share market experienced fluctuations, with the Shanghai Composite Index rising by 0.27% to 4147.38, while the Shenzhen Component and ChiNext Index fell by 0.41% and 0.43%, respectively [1]. - Gold stocks saw a notable increase, with companies like Laopu Gold rising over 12% [1][14]. - The overall performance of the A-share market was mixed, with the Shanghai 300 Index up by 0.72% and the STAR Market Index down by 1.68% [1]. Hong Kong Market Summary - The Hong Kong market opened higher but faced declines, with the Hang Seng Index up by 0.23% to 26810.62, while the Hang Seng Tech Index fell by 1.36% [2][3]. - Precious metals stocks led the gains, with significant increases in companies like Laopu Gold and others [1][6]. Commodity Market Summary - Domestic commodity futures saw widespread increases, with silver futures rising over 13%, and other metals like platinum and palladium also experiencing significant gains of 9% and 7%, respectively [1][22]. - The overall commodity market showed strong performance, with various metals and energy products seeing price increases [1][22]. Gold and Silver Market Highlights - The price of gold reached a historic high of over $5000 per ounce, driven by geopolitical tensions and a flight to safety in the market [6]. - Silver prices also surged, with significant gains in the silver futures market, reflecting strong investor interest in precious metals [1][5]. Company Performance Highlights - Notable companies in the precious metals sector, such as Zhaojin Gold and Sichuan Gold, have seen their stock prices rise significantly, with some reaching daily limits [6][7]. - The overall sentiment in the gold and silver market remains bullish, with many companies in the sector benefiting from the rising prices [6][7].

【油气板块震荡走强 中国海油涨超5%创历史新高】智通财经1月26日电，油气板块盘中震荡走强 ，中 国海油涨超5%，创历史新高，中国石油、中国石化涨超4%，通源石油、潜能恒信、山东墨龙、中海油 服等跟涨。消息面上，受侵袭美国大部分地区的冬季风暴影响，美国天然气价格1月25日大幅飙升，期 货价格自2022年以来首次突破每百万英热单位6美元关口。 转自：智通财经 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [173]. Core Insights - The report highlights that the geopolitical tensions between the U.S. and Iran are supporting international oil prices, with Brent and WTI crude oil futures averaging $64.8 and $60.1 per barrel, respectively, showing a slight increase of $0.1 and a decrease of $0.1 from the previous week [2]. - U.S. crude oil production is reported at 13.73 million barrels per day, with a slight decrease of 20,000 barrels per day week-on-week, while active oil rigs increased by 1 to 411 [2]. - The report recommends several companies for investment, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [3]. Summary by Sections 1. Weekly Oil Data Brief - The report provides a comprehensive overview of weekly oil data, including price trends, inventory levels, production rates, and import/export statistics [5][7][8]. 2. Oil and Petrochemical Sector Performance - The oil and petrochemical sector has shown varied performance, with specific companies experiencing significant fluctuations in stock prices over the past week, month, and year [21][22]. 3. Crude Oil Data Tracking - Crude oil prices have been tracked, showing fluctuations in both Brent and WTI prices, alongside inventory levels and production data [25][26][37]. - U.S. crude oil inventories have increased, with total inventories reported at 840 million barrels, reflecting a week-on-week increase of 441,000 barrels [2][44]. 4. Refined Oil Data Tracking - The report details refined oil prices, inventory levels, production, and consumption trends, indicating a decrease in refinery throughput to 16.6 million barrels per day, down by 350,000 barrels per day [4][74]. - Refined oil inventories have also seen changes, with gasoline and diesel inventories increasing by 598,000 and 335,000 barrels, respectively [2][108]. 5. Oil Service Sector Data Tracking - The oil service sector is analyzed, focusing on the average day rates for drilling rigs and the overall performance of service companies [158][161].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The recent tensions in Sino-Japanese relations are expected to accelerate the domestic substitution of Japanese semiconductor materials, as Japan holds a significant market share in this sector while domestic production rates are relatively low [3] - The chemical industry in China is anticipated to undergo a revaluation due to anti-involution measures, which are likely to slow down global capacity expansion significantly. This shift could enhance the dividend yield potential of Chinese chemical companies, transforming them from cash-consuming entities to cash-generating ones [4] - The report highlights four major investment opportunities: low-cost expansion, improved industry sentiment, new materials, and high dividend yields [8][9][10] Summary by Sections Investment Suggestions - Key targets for semiconductor material substitution include: 1) Photoresists: Dinglong Co., Yanggu Huatai, Tongcheng New Materials, and others 2) Wet electronic chemicals: Jianghua Micro, Greenland, and others 3) Electronic gases: Haohua Technology, Juhua Co., and others 4) Mask plates: Qingyi Optoelectronics, Luwei Optoelectronics 5) CMP polishing liquids and pads: Anji Technology, Dinglong Co., Jiangfeng Electronics 6) Sputtering targets: Jiangfeng Electronics, Longhua Technology, and others [3] Industry Performance - The chemical industry has shown strong performance with a 1-month increase of 16.5%, a 3-month increase of 23.4%, and a 12-month increase of 53.9% compared to the CSI 300 index [6] Key Product Price Analysis - Industrial-grade lithium carbonate price increased by 15% week-on-week to 13,800 RMB/ton, driven by maintenance at lithium salt plants and optimistic demand forecasts in the energy storage sector [12] - Pure benzene price rose by 7.96% week-on-week to approximately 5,965 RMB/ton, influenced by reduced imports and strong domestic demand [12] Company Tracking and Earnings Forecast - The report includes a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with expected earnings per share (EPS) growth for 2024 to 2026 [28]