Geopolitical tensions and tariff disruptions lead to a surge in limit-up hits in the oil and gas sector; multiple concept stocks see increased funding from retail investors this year

On the first trading day of the Year of the Horse, oil and gas concept stocks continued to rise. Tongyuan Petroleum and Xinjin Power hit the 20-cent limit-up, while Zhongman Petroleum, Shandong Mero, Zunyou Shares, and China Oil Engineering all surged to the daily limit; Keli Shares and Qianeng Hengxin also led the gains. China National Offshore Oil Corporation (CNOOC) rose over 8%, hitting a new intraday high, with its total market value increasing to 1.77 trillion yuan.

Rising oil prices boost sector trading enthusiasm

In terms of news, the international crude oil market rebounded strongly during the Spring Festival holiday, with Brent crude futures rising over 5% and US WTI crude futures up more than 4%.

The fluctuations in US-Iran relations and sudden changes in US trade policies are key factors influencing oil price trends.

According to foreign media reports cited by China News Service, sources said that US President Trump has told his advisors he is “inclined to carry out a preliminary strike on Iran in the coming days,” followed by a larger-scale military attack in the coming months to force Iran to “yield” and reach an agreement favorable to the US.

Latest reports from China National Radio indicate that Iranian Foreign Ministry spokesperson Bagheri stated any attack on Iran would be considered an invasion, with corresponding consequences. Iran is currently formulating plans and hopes to hold a new round of talks with the US in the coming days.

Regarding tariffs, the US Supreme Court announced on February 20 that the large-scale tariff policies enacted under the International Emergency Economic Powers Act by the Trump administration were unlawful.

On the same day, Trump issued a new executive order, announcing a 10% import tariff on global goods starting February 24 for 150 days, replacing the previously declared tariffs deemed unlawful by the Supreme Court. The next day, he announced on social media that the “global import tariff” rate would increase from 10% to 15%.

According to CCTV News, on the 23rd local time, US media reported that the US government is considering imposing new tariffs on about six industries—including large batteries, industrial chemicals, power grids, and telecommunications equipment—under the pretext of “national security.” These new tariffs will be implemented separately from the recent global 15% tariff measures.

Institutions: Future price fluctuations may intensify

Looking ahead to oil prices, Southwest Futures believes that until US-Iran relations ease, geopolitical risks will remain high, pushing up crude prices. Meanwhile, major US oil companies are extracting Venezuelan crude, with capacity utilization now around 35%, exerting some pressure on oil prices. “Overall, Brent prices above $70 are expected to remain strong.”

Shenwan Hongyuan Futures’ latest research report states that future developments depend on whether the US implements military strikes and the scale of such strikes. If limited attacks similar to last July’s on nuclear facilities occur, the impact on the global oil market will be relatively small. Oil prices may temporarily spike but then revert to fundamentals. However, if the US launches attacks aimed at overthrowing Iran’s government, and the conflict becomes prolonged and expanded, oil prices could surge significantly.

“Short-term, the oil market will continue to fluctuate more intensely under the intertwined influence of Middle Eastern geopolitical risks and macroeconomic disturbances,” said Nanhua Futures. They noted that the core of short-term international oil pricing remains the Middle Eastern risk premium, with US-Iran developments still dictating market trends. Additionally, during the Spring Festival holiday, US EIA crude inventory data unexpectedly decreased, providing some support to market prices.

In terms of ETF products, the PetroChina ETF (159697) surged 6.26% at midday, with the latest price at 1.425 yuan and a trading volume of about 94 million yuan. This ETF closely tracks the CSI Oil & Gas Index, which reflects the stock price changes of oil and gas companies listed on the Shanghai, Shenzhen, and Beijing exchanges, including major players like the “Three Big Oil” companies, Jereh Group, and China Merchants Steamship.

Multiple oil and gas stocks attracted financing in the year

According to Eastmoney, currently, 53 A-share stocks are involved in the oil and gas equipment and services sector, with a total market value exceeding 2.4 trillion yuan. China National Offshore Oil Corporation (CNOOC) leads by a large margin, with Jereh Group also surpassing 100 billion yuan in market cap. China Oilfield Services and CITIC Special Steel follow closely.

Since 2026, nearly 80% of oil and gas equipment and service stocks have seen their prices rise. Tongyuan Petroleum leads the gains, with others like Qianeng Hengxin, Keli Shares, Zhongman Petroleum, and Zunyou Shares also performing well.

Data from Eastmoney’s Choice shows that in the current year, 21 oil and gas equipment and service stocks received net financing inflows. Zhongman Petroleum attracted 172 million yuan in financing, while Sifangda and CNOOC Services saw leveraged funds increase their holdings by 125 million and 109 million yuan, respectively. Six stocks, including Sinopec Oilfield Services, CNOOC Development, and Destone, had net financing exceeding 30 million yuan.

Cinda Securities previously noted that Zhongman Petroleum benefits from rapid growth in oil and gas production and is expected to maintain good performance through 2026-2027.

Recently, Sifangda told institutions that it will continue to strengthen market competitiveness, optimize product strategies in resource extraction and engineering construction, and accelerate domestic and international market penetration.

CNOOC Services recently released its 2026 strategic plan, estimating capital expenditures of about 8.44 billion yuan. CICC expects that, driven by stable production demand, CNOOC’s entry into a new “14th Five-Year” capital expenditure cycle will likely bring steady workload to CNOOC Services, with its drilling platform utilization rates remaining high.

(Source: Eastmoney Research Center)