票息保護不足擇時重于擇券

目錄C

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S2周觀點：票息保護不足，擇時重于擇券靜態(tài)票息與綜合策略市場調整與板塊輪動觀察信用債板塊與擇券觀察信用債市場熱度觀測超長期信用債品種觀察研究前提：低利率環(huán)境和資產荒邏輯持續(xù)演繹，信用債收益率持續(xù)突破新低。當前票息保護不足，擇時仍重于擇券。過去一周總結：權益大跌債市大漲，市場表現(xiàn)：二永＞利率＞城投；過去一周市場在交易什么？1、跨年擔憂解除：跨年行情已過，從對于跨年行情的搶跑，到跨年行情后的增配，均在延續(xù)；2、股跌債漲：受特朗普1月20日就任預期、業(yè)績預告偏弱預期影響，權益市場大跌；看股做債的環(huán)境之下，股跌債漲行情整體啟動；3、技術面：市場突破阻力位后快速下行，

30年國債突破1.95%、10年國債突破1.7%后，均快速下行，二永債也快速跟隨。市場交易邏輯：債市整體呈現(xiàn)出無利空則大漲，有利空則小調的環(huán)境，預計后續(xù)市場波幅加大，但基本面數(shù)據(jù)大幅改善前，政策邏輯出現(xiàn)變化前，市場仍會“每調買機”。后市策略：短期內，債市整體晴雨情況整體取決于權益市場何時企穩(wěn)；但廣譜利率已經(jīng)基本提前定價了30BP的降息預期，若后續(xù)降準降息落地，則更有可能觸發(fā)止盈。當下時點利差保護更為有限，但市場對于政策轉向、權益市場擾動等因子已均不再敏感，雖然勝率賠率均不高，但未來市場大幅調整概率仍低。信用各版塊建議：1、低風險偏好:大行二永已突破止盈點位，建議優(yōu)選3-5年；股份行如民生、渤海利差壓縮空間更足。2、中等風險偏好:中小行二永如天津銀行、湖南銀行、瀘州銀行等仍有較好性價比；3、高風險偏好:低等級弱城投拉久期到5年，票息保護足，且大概率能獲得一定資本利得；超長期信用債挖掘，關注央企5~10年品種。當前地產債受萬科影響或有潛在波動風險，建議萬科估值修復期再行挖掘。風險提示：城投債統(tǒng)計口徑差異可能導致結果出現(xiàn)偏差；化債政策出現(xiàn)重大變動；發(fā)行主體相關期限收益率數(shù)據(jù)采用插值法進行擬合，與實際收益率水平可能存在一定偏差；樣本數(shù)據(jù)無法代表整體。3靜態(tài)票息與綜合策略45數(shù)據(jù)來源：Wind、DM，浙商證券研究所；注：統(tǒng)計時間截至2025年1月3日日期政策利率定期存款回購利率國債美債存單商業(yè)銀行普通債商業(yè)銀行二級資本債商業(yè)銀行永續(xù)債（含權）城投債OMO7DMLF1YLPR5YDR007R007AAA1YAA-1Y1YAAA3Y 5Y1YAAA-3Y5Y1YAAA-3Y5Y1YAAA3Y5Y1YAA-3Y5Y1Y3Y5Y1Y3Y5Y7Y10Y30Y1Y10Y2023/12/292024/1/312024/2/292024/3/72024/3/292024/4/232024/4/302024/5/312024/6/282024/7/312024/8/52024/8/302024/9/242024/9/302024/10/312024/11/292024/12/202024/12/272024/12/312025/1/32024年初至今過去一周變化OMO利差①Ave-OMO利差②Min(12月前OMO利差）③剩余空間①-③1.82.54.21.451.952.002.023.072.082.292.402.532.56

2.834.794.733.882.402.912.422.64

2.782.652.853.002.752.943.052.803.033.263.144.81

5.941.872.341.882.192.29

2.422.43

2.653.992.332.742.372.51

2.642.502.662.772.582.722.662.522.642.802.784.215.501.772.072.021.791.762.10

2.222.09

2.202.03

2.202.342.302.322.342.462.432.465.014.252.232.612.232.37

2.472.35

2.452.40

2.492.322.342.352.492.502.522.612.562.622.382.382.402.562.572.582.502.492.512.322.352.352.532.552.582.672.642.672.602.613.683.524.984.801.842.282.294.934.092.222.232.582.242.232.012.341.725.034.202.492.713.40

4.311.831.921.661.691.641.95

2.062.202.23

2.425.144.612.012.351.99

2.142.202.062.222.322.082.262.222.082.272.412.44

3.044.003.982.112.001.982.15

2.282.30

2.545.254.692.102.072.392.352.15

2.312.342.222.392.492.242.442.372.212.402.572.52

3.191.871.901.942.092.252.29

2.565.184.512.062.20

2.302.122.252.422.142.292.312.062.252.402.312.81

3.663.952.172.231.541.80

1.982.102.21

2.435.094.361.962.271.972.06

2.152.012.132.232.012.162.162.032.192.282.262.61

3.241.72.31.351.751.801.801.931.421.711.851.992.15

2.381.391.671.811.972.14

2.344.734.091.882.122.101.881.95

2.031.922.022.151.922.042.061.942.062.132.132.41

2.842.102.35

2.751.691.701.894.344.383.781.841.821.92

1.981.871.982.091.882.002.011.912.012.081.911.491.671.852.082.17

2.373.911.972.261.992.07

2.142.052.172.262.062.202.172.082.192.282.402.392.602.943.851.871.961.421.521.75

1.942.072.193.883.983.743.811.912.211.911.98

2.072.012.092.182.052.14

2.102.052.142.202.723.172.01.561.981.37

1.561.842.072.15

2.361.912.252.052.13

2.222.212.332.432.252.382.252.182.112.322.302.382.442.612.963.012.813.381.503.601.101.501.551.701.891.431.581.792.032.15

2.344.274.304.274.204.164.184.281.932.271.942.15

2.272.092.262.372.132.332.452.773.743.671.641.821.371.41

1.661.882.02

2.204.181.801.992.012.032.001.961.82

1.942.121.952.082.191.972.132.241.982.052.232.351.731.910.981.111.371.611.70

1.931.041.151.411.591.69

1.951.081.191.421.591.68

1.911.021.111.341.491.60

1.854.521.631.601.581.551.61

1.691.55

1.641.53

1.601.55

1.571.851.771.881.961.801.932.042.001.771.751.871.851.961.952.15

2.482.20

2.463.333.323.303.231.611.884.624.584.601.831.701.651.651.83

1.941.781.881.702.002.031.771.76

1.831.69

1.771.701.681.791.741.901.831.711.671.811.741.911.862.20

2.461.741.702.16

2.40-30-50-60-35-45-45-28-104-106-118-106

-104

-95 -98-6172-85-95-88-106

-109-100-116

-124-107-120-123-113-128-140-98-241-271------1315-2-4-6-10-9-10-2-2-5-70-7-14-5-14-17-10-15-18-8-11-9-4-7-80--50210-400--52453-48-39-16-11035------54657201519271824331724366690173--------1340-1862339456627592943 5340 556644605942587175141221-73-37-26020344413391222281728391830432031383964101------3150-11-13-16-21-23-9---87-7-15-9-3-9-130-6-10-3-6-22626726數(shù)據(jù)來源：Qeubee，浙商證券研究所；統(tǒng)計時間：2025年1月2日市場調整與板塊輪動觀察72.502.402.302.202.102.001.901.801.702.602.70中債中短期票據(jù)到期收益率(AA+):3年中債商業(yè)銀行無固定期限資本債(行權)收益率曲線(AA+):3年中債煤炭行業(yè)債券到期收益率曲線(AA+)

:3年中債商業(yè)銀行二級資本債到期收益率(AA+):3年中債鋼鐵行業(yè)債券到期收益率曲線(AA+)

:3年中債房地產行業(yè)債券到期收益率曲線(AA+)

:3年8數(shù)據(jù)來源：Wind、浙商證券研究所圖：各券種收益率變動情況（%）中債城投債到期收益率(AA+):3年AAA7.9613.4512.26中短票8.479.26AA+10.45AAA9.1210.276.86城投10.128.2710.65AA+AAA-14.2117.9222.02二級資本債20.8425.05AA+14.21AAA-12.4817.6922.52永續(xù)債11.4818.6921.52AA+AAA-7.9110.4112.7鋼鐵5.329.147.91AA+AAA7.9613.4512.25煤炭6.7510.048.83AA+AAA8.3913.4512.26房地產10.459.26AA+8.26品種/評級/久期241226-250102最大調整幅度（bp）1Y 3Y 5Y中短票城投債二級資本債銀行永續(xù)債AAAAA+AAAAA+AAA-AA+AAA-AA+1Y3Y5Y1Y3Y5Y1Y3Y5Y1Y3Y5Y1Y3Y5Y1Y3Y5Y1Y3Y5Y1Y3Y5Y1.721.831.941.831.982.101.771.881.941.841.982.091.781.882.001.791.942.101.811.932.071.821.962.101.711.801.921.811.962.071.751.851.921.821.962.061.701.831.941.711.872.071.781.882.001.791.912.031.701.781.921.801.952.071.731.841.921.801.952.051.691.821.901.701.852.071.751.851.961.771.882.011.681.741.871.781.912.051.711.811.871.781.912.011.651.761.831.661.782.051.701.791.901.721.821.951.641.691.821.741.882.011.681.781.821.741.881.981.641.711.781.651.732.011.691.761.841.711.781.889品種/評級/期限2024/12/262024/12/272024/12/302024/12/312025/01/02數(shù)據(jù)來源：Wind，浙商證券研究所1.601.802.002.202.402.602.80中債商業(yè)銀行二級資本債到期收益率(AA+):3年中債商業(yè)銀行二級資本債到期收益率(AA+):7年中債商業(yè)銀行無固定期限資本債(行權)收益率曲線(AA+):5年中債商業(yè)銀行二級資本債到期收益率(AA+):5年中債商業(yè)銀行無固定期限資本債(行權)收益率曲線(AA+):3年中債商業(yè)銀行無固定期限資本債(行權)收益率曲線(AA+):7年10數(shù)據(jù)來源：Wind，Qeubee，浙商證券研究所；數(shù)據(jù)統(tǒng)計截止日為2025-1-2圖：9月底至今銀行二永債收益率（%）項目3Y5Y7Y3Y5Y7Y240924-100946.646.041.044.447.340.1241009-1017-31.6-27.5-22.2-26.2-25.6-19.5241017-1030-16.2-15.7-11.4-13.8-13.1-12.3241030-1112-16.2-13.9-6.8-19.3-14.8-7.3241112-1118-3.6-4.0-2.2-2.7-3.4-3.0241118-1209-20.5-21.1-23.1-20.4-23.1-21.3241209-1227-17.0-13.9-15.2-15.3-16.9-12.9241230-25010212.214.114.910.313.117.9表：9月底至今銀行二永債收益率調整幅度（bp）AA+

二級資本債 AA+

銀行永續(xù)債信用債板塊與擇券觀察11板塊主體名稱級隱含評

券余額（億元）存續(xù)債 1Y期收益率0103變化（bp）01031Y期

3Y期變化（bp）3Y期

5Y期01035Y期收益率

收益率

收益率

收益率

收益率變化（bp）城投西安高新控股有限公司

AA(2) 6112.24-72.78

-11 3.00-9云南省投資控股集團有限公司AA(2) 4701.99-11 2.69-72.90-9司河南航空港投資集團有限公

AA(2)7132.12-62.45-62.70-9天津城市基礎設施建設投資集團有限公司AA 10661.91-82.34-82.64-13湖北省聯(lián)合發(fā)展投資集團有限公司AA5401.93-72.18-92.48-8吉林省高速公路集團有限公

AA(2)4111.95-62.12-62.32-8司青島城市建設投資(集團)有30561.95-14-- 2.52-16渤海銀行股份有限公司

AA+中國民生銀行股份有限公司

AAA-100601.95-9-- 2.22-12銀行

成都農村商業(yè)銀行股份有限公司AA+ 1007---- 2.07-16198571.67-61.69-13 1.78-17中國工商銀行股份有限公司

AAA天津銀行股份有限公司

AA+1099--2.57-8--（bp）（bp）（bp）廣州珠江實業(yè)集團有限公司AA2212.05-42.9703.70-13北京首都開發(fā)股份有限公司AA6412.31-72.73-73.08-13建發(fā)房地產集團有限公司AA+3002.22-82.52-10--保利置業(yè)集團有限公司AA+2161.98-82.46-9--珠海華發(fā)實業(yè)股份有限公司AA3762.33-72.72-8--中國鐵建房地產集團有限公司AA+3981.97-9----中國節(jié)能環(huán)保集團有限公司AA+3091.89-101.83-112.00-10中國東方資產管理股份有限公司AAA-9741.95-4----遠東國際融資租賃有限公司AA6812.42-83.04-12--山東宏橋新型材料有限公司AA1842.32-62.67-8--平安國際融資租賃有限公司AA+9962.04-52.61-12--數(shù)據(jù)來源：Wind，浙商證券研究所；數(shù)據(jù)統(tǒng)計截止日為2025/01/03限責任公司 AA+ 7991.81-81.93-102.04-11冀中能源集團有限責任公司AA2992.29-42.74-83.23-13華陽新材料科技集團有限公司AA3161.92-72.09-72.50-13晉能控股電力集團有限公司AA5971.85-7--2.20-13陜西煤業(yè)化工集團有限責任公司AA+11501.81-81.91-12--兗礦能源集團股份有限公司AA+5021.78-71.88-9--晉能控股煤業(yè)集團有限公司AA8501.85-72.11-7--板塊主體名稱級存續(xù)債隱含評券余額1Y期收益率（億元） 12271Y期收益率變化3Y期收益率12273Y期收益率變化5Y期收益率12275Y期收益率變化地產央企民企海爾集團(青島)金盈控股有限公司AA 1132.02-6----煤炭鋼鐵1.952.201.78-8-81.81-11-10----河鋼集團有限公司首鋼集團有限公司山東鋼鐵集團有限公司AA+ 913AA+ 720AA 4482.09-2----1、隱含評級AAA-，3-5Y二永債

bid/ofr

情況13數(shù)據(jù)來源：Qeubee，浙商證券研究所；統(tǒng)計時間：2025年1月3日2、隱含評級AA+，3-5Y二永

bid/ofr

情況14數(shù)據(jù)來源：Qeubee，浙商證券研究所；統(tǒng)計時間：2025年1月3日15數(shù)據(jù)來源：Qeubee，浙商證券研究所；統(tǒng)計時間：2025年1月3日4、AA及以上主體，1年期不含權公募普信債

bid/ofr

情況（流動性評分A以上）16數(shù)據(jù)來源：Qeubee，浙商證券研究所；統(tǒng)計時間：2025年1月3日5、高流動性主體（流動性打分A&S）3-5Y期二永債

bid/ofr

情況17數(shù)據(jù)來源：Qeubee，浙商證券研究所；統(tǒng)計時間：2025年1月3日信用債市場熱度&異常成交18整體TKN/GVN成交筆數(shù)&Bid/Ofr占比變化一覽0102030405060708090050010001500200025003000350040004500500001/0201/0801/1201/1801/2401/3002/0502/2002/2603/0103/0703/1303/1903/2503/2904/0804/1204/1804/2404/3005/0905/1505/2105/2705/3106/0606/1306/1906/2507/0107/0507/1107/1707/2307/2908/0208/0808/1408/2008/2608/3009/0509/1109/1909/2509/3010/1110/1610/2210/2811/0111/0711/1311/1911/2511/2912/0512/1112/1712/23tkn筆數(shù)gvn筆數(shù)bid占比（%，右軸）ofr占比（%，右軸）19數(shù)據(jù)來源：Qeubee，浙商證券研究所；數(shù)據(jù)統(tǒng)計截止日為2024-12-26城投債TKN/GVN成交筆數(shù)&Bid/Ofr占比變化一覽010203040506070809010002004006008001000120014001600180001/0201/0801/1201/1801/2401/3002/0502/2002/2603/0103/0703/1303/1903/2503/2904/0804/1204/1804/2404/3005/0905/1505/2105/2705/3106/0606/1306/1906/2507/0107/0507/1107/1707/2307/2908/0208/0808/1408/2008/2608/3009/0509/1109/1909/2510/0810/1410/1810/2410/3011/0511/1111/1511/2111/2712/0312/0912/1312/1912/25tkn筆數(shù)gvn筆數(shù)bid占比（%，右軸）ofr占比（%，右軸）20數(shù)據(jù)來源：Qeubee，浙商證券研究所；數(shù)據(jù)統(tǒng)計截止日為2024-12-26產業(yè)債TKN/GVN成交筆數(shù)&Bid/Ofr占比變化一覽01020304050607080050010001500200025003000350001/0201/0801/1201/1801/2401/3002/0502/2002/2603/0103/0703/1303/1903/2503/2904/0804/1204/1804/2404/3005/0905/1505/2105/2705/3106/0606/1306/1906/2507/0107/0507/1107/1707/2307/2908/0208/0808/1408/2008/2608/3009/0509/1109/1909/2509/3010/1110/1710/2310/2911/0411/0811/1411/2011/2612/0212/0612/1212/1812/24tkn筆數(shù)gvn筆數(shù)bid占比（%，右軸）ofr占比（%，右軸）21數(shù)據(jù)來源：Qeubee，浙商證券研究所；數(shù)據(jù)統(tǒng)計截止日為2024-12-2622數(shù)據(jù)來源：CFETS，浙商證券研究所23數(shù)據(jù)來源：CFETS，浙商證券研究所信用成交日報

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2025-01-03信用成交日報

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2025-01-0224信用成交日報

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2024-12-31信用成交日報

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2024-12-3025超長期信用債品種觀察26日期大行股份行城商行農商行保險基金理財其他產品券商其他總計11/22-36.31-71.47-49.774.14-33.05131.9224.7414.57-15.794.45-26.5711/25-56.91-42.05-35.477.4-7.0664.9418.5562.72-4.300.488.311/26-48.78-84.2-56.71-10.32-8.19174.3618.4639.07-45.025.61-15.7211/27-36.9-44.46-57.917.3-11.0278.9733.2050.74-36.602.58-4.0911/28-43.42-34.28-56.75.5-3.4395.4435.9162.76-114.970.32-52.8711/29-56.06-48.96-52.034.17-24.75154.1726.2150.61-134.455.5-75.5912/02-83.27-72.15-76.5829.84-30.19143.07-1.7556.984.3519.61-10.0912/03-65.96-78.95-127.215.86-19.62153.81-7.9980.26-52.916.95-105.7612/04-126.89-5.58-50.919.78-12.2963.7217.0069.22-6.186.35-25.7712/05-41.23-37.15-68.28.37-66.46152.04-2.0073.28-36.88-7.85-26.0812/068.23-34.58-25.1915.71-39.9934.030.3951.48-17.94-2.02-9.8812/09-12.65-6.08-27.013.86-35.186.8523.2937.79-4.234.49-8.8712/10-66.02-18.41-53.5514.4-77.18112.4812.9216.4141.93-5.84-22.8612/11-17.07-62.88-82.0619.18-68.25168.00-6.4535.07-33.918.94-39.4312/12-22.8917.04-23.4417.87-58.3782.924.31-8.904.232.6115.3812/13-20.38-51.43-49.1212.21-14.8913.8516.8910.4630.754.6-47.0612/16-15.28-48.87-27.214.8-51.71185.2812.11-23.74-27.817.6115.1812/1716.14-24.83-34.18.48-45.4161.7927.47-7.07-9.4912.265.2412/18-0.34-39.88-10.5812.86-56.9858.3822.414.3814.330.324.912/1910.87-30.216.919.32-6.17-15.9033.53-5.32-27.387.152.812/20-16.87-37.62-18.44-1.73-49.195.2830.2052.7325.392.64-7.6112/23-1.79-86.26-31.840.73-67.90203.316.4030.41-36.58-14.072.4112/240.5-63.96-33.7814.48-17.4023.049.7269.23-10.650.71-8.1112/2518.37-44.23-7.1117.276.9220.428.6931.67-54.3612.349.9812/2624.918.5-8.097.1313.93-52.26-3.5767.97-15.00-8.4435.0812/27-2.99-49.19.472.77-15.1658.96-20.5911.23-7.41-5.08-17.912/3012.65-79.142.42-3.42-2.91147.44-28.10-45.58-23.150.69-19.112/315.910.43-1.183.2310.8232.469.74-43.86-28.251.560.8501/02-25.85-72.72-28.8723.1-27.48141.94-4.34-5.395.0813.8619.3301/03-12.91-107.75-17.0322.7932.7394.7111.5812.45-29.59-5.681.327數(shù)據(jù)來源：Wind，浙商證券研究所單位：億元數(shù)據(jù)來源：iFinD，浙商證券研究所28指標 本周 環(huán)比變化 2024年初以來分位數(shù)水平發(fā)行規(guī)模（億元）城投5~7Y189.6366.40%92.00%7~10Y29.20167.89%36.70%10Y以上10.00-13.70%產業(yè)5~7Y91.60207.12%86.60%7~10Y10.00-50.00%6.20%10Y以上---小計330.4389.16%68.60%加權發(fā)行利率（%）城投5~7Y2.60-4.15bp18.00%7~10Y2.18-41.78bp2.00%10Y以上2.20-3.40%產業(yè)5~7Y2.128.59bp10.00%7~10Y2.4139.00bp14.50%10Y以上---加權發(fā)行期限（年）城投6.831.23年13.70%產業(yè)5.61-1.40年2.00%加權認購倍數(shù)（倍）城投3.5475.43%59.10%產業(yè)5.00-50.00%4.20%29數(shù)據(jù)來源：iFinD，浙商證券研究所；市場情緒統(tǒng)計樣本為本周信用債全市場成交情況指標 本周 環(huán)比變化 2024年初以來分位數(shù)水平成交筆數(shù)城投5~7Y64-24.71%52.80%7~10Y105-17.32%56.60%10Y以上19-29.63%47.10%產業(yè)5~7Y1677.78%79.20%7~10Y131-9.03%45.20%10Y以上28-40.43%37.70%加權成交收益率（）城投5~7Y2.91-18.35bp9.40%7~10Y2.38-14.67bp1.80%10Y以上2.32-10.7bp1.90%產業(yè)5~7Y2.38-64.75bp11.30%7~10Y2.25-5.24bp1.80%10Y以上2.539.05bp13.20%偏離成交情況（億元、bp）城投高估值成交量50.560.81%50.90%高估值偏離度8.642.03bp11.30%低估值成交量32.69-24.16%39.60%低估值偏離度2.010.06bp26.40%產業(yè)高估值成交量45.03-19.73%28.30%高估值偏離度2.420.86bp56.60%低估值成交量26.10-38.38%20.70%低估值偏離度1.850.57bp58.40%市場情緒：TKN占比（

）城投79.3712.67pct67.90%產業(yè)69.647.50pct66.00%051015202530352.32.52.72.93.13.33.530誠通15Y、30Y債券收益率及期限利差變化（

、bp）15年期收益率 30年期收益率

30Y-15Y利差(右)-10.00%0.00%10.00%20.00%30.00%40.00%50.00%20240102~20240526超長期信用債分期限換手率變化（周度）

合計

5-7Y 7-10Y 10-15Y 15-20Y 20Y以上-2.00%0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%06/0106/0806/1506/2206/2907/0607/1307/2007/2708/0308/1008/1708/2408/3109/0709/1409/2109/2810/0510/1210/1910/2611/0211/0911/1611/2311/3012/0712/1412/2112/2801/0420240527~20250105超長期信用債分期限換手率變化（周度）

合計

5-7Y 7-10Y 10-15Y 15-20Y 20Y以上數(shù)據(jù)來源：Wind，浙商證券研究所不同期限超長期信用債主體收益率存續(xù)金額一覽主體名稱剩余余額(億元)平均剩余期限（年）收益率0103（%）收益率1227（%）周度變化（bp）中國長江三峽集團有限公司47.001.531.601.65-5中國華能集團有限公司40.000.411.841.96-12廈門軌道建設發(fā)展集團有限公司40.002.681.811.90-9重慶高速公路集團有限公司33.002.731.861.95-10漢江國有資本投資集團有限公司30.508.221.751.85-10江西省交通投資集團有限責任公司30.001.871.801.90-10揚州市城建國有資產控股(集團)有限責任公司27.2010.072.042.15-11兗礦能源集團股份有限公司27.002.301.721.79-7綠城房地產集團有限公司26.001.612.692.75-6重慶渝富控股集團有限公司25.003.091.721.79-75-7Y期主體名稱剩余余額(億元)平均剩余期限（年）收益率0103（%）收益率1227（%）周度變化（bp）中國鋁業(yè)集團有限公司179.007.132.282.30-1中國中鐵股份有限公司105.007.811.902.01-12國家能源投資集團有限責任公司100.001.411.681.79-12中國石油天然氣股份有限公司100.000.971.