The PetroChina ETF listed on the first day with an opening increase of over 2%, highlighting the value of strategic physical assets, and the high-dividend logic in the oil and gas sector continues to strengthen.

Why does the high dividend logic of AI · Oil ETF become prominent in a stagflation environment?

As of 09:30 on March 19, 2026, the China Securities Oil & Gas Index (399439) surged strongly by 2.06%, and the E Fund Oil ETF (159181) rose by 2.11%, with trading volume rapidly expanding.

On Wednesday, local time, Iran’s key natural gas field was attacked, and warnings were issued that attacks on oil facilities across the Persian Gulf could follow as retaliation. International oil prices responded with a surge of over 5%. On March 19, Brent crude futures continued to strengthen, with gains exceeding 4%.

CITIC Construction Investment Securities stated that the global economy is still in a Kondratiev wave moving toward a depression. From a long-term perspective, Kondratiev depression periods are often accompanied by slowing economic growth and intensified geopolitical conflicts. During this phase, crude oil, as an irreplaceable strategic physical asset, not only demonstrates resilience against inflation but also shows significant volatility or a central upward shift in a stagflation environment, outperforming typical financial assets. The investment logic of the oil sector continues to evolve under the resonance of restrained capital expenditure and sustained high oil price levels. Oil companies are accelerating their transformation into dividend assets characterized by “strong free cash flow + high dividends + ongoing buybacks.”

The E Fund Oil ETF (159181), which closely tracks the China Securities Oil & Gas Index, selects A-share listed companies involved in oil and gas exploration and development, oil and gas equipment and services, gas transmission and distribution, and sales, to reflect the overall performance of oil and gas industry listed companies on the Shanghai, Shenzhen, and Beijing exchanges.

The China Securities Oil & Gas Index covers the entire oil and gas industry chain, with high weights in the three major oil companies, offering both high dividends and resilience. Additionally, the index has low valuation levels and strong drawdown resistance, providing a safety margin and medium- to long-term beta opportunities for high-valuation A-shares.

Whether optimistic about an upward cycle in oil prices or seeking high-dividend defensive assets, the E Fund Oil ETF (159181) is a high-quality tool for investors to position themselves in energy security and high dividend yields.