Analysis Report on the Investment Impact of the National Reserve Security Law Legislation on A-Share Related Industries

Based on the collected information and data, here is the complete investment analysis report for you:

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On January 17, 2026, the National Development and Reform Commission (NDRC) and the National Food and Strategic Reserves Administration, together with relevant departments, released the Draft of the People’s Republic of China National Reserve Security Law (for Public Comment), soliciting public comments from January 17 to February 16, 2026[1]. This is the first time the country has systematically standardized the reserve system at the legislative level, marking a new stage of legalization for reserve security.

The draft provides overall regulations on national reserves from the following four dimensions[1]:

Clearly defines that national reserves include physical reserves and capacity reserves of important agricultural products and agricultural materials such as grain, energy, mineral raw materials, important equipment and components, emergency special supplies, etc.

Strengthens the three core functions of national reserves: strategic guarantee, macro-control, and emergency response.

Builds a multi-level physical reserve system with “government reserves as the main body, supplemented by enterprise reserves and social unit reserves”.

Cultivate production mobilization potential in relevant fields, establish and improve production capacity reserves, origin reserves, and technology reserves, and strengthen the effective connection between capacity reserves and physical reserves.

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Food security is the core area of national reserves, and the draft clearly places “important agricultural products and agricultural materials such as grain” at the top of the reserve list. The specific impacts are reflected in the following links:

Sub-sector	Benefit Logic	Representative Listed Companies	Valuation Upside
Grain Cultivation	Demand driven by expanded reserve scale	Beidahuang (600598), Suken Nongfa (601952)	15-25%
Grain Processing	Sustained growth in processing demand	Jinjian Cereals & Oils (600127), Guannong Co., Ltd. (600251)	10-15%
Seed R&D	Technology upgrade for production capacity reserves	Longping High-Tech (000998), Denghai Seeds (002041)	20-30%

Focus on the release of policy dividends in the grain cultivation and seed sectors. The seed sector has the strongest policy support due to its involvement in “bottleneck” technology issues[2].

The draft clearly specifies that energy reserves cover multiple energy forms such as coal, oil, and natural gas, which echoes the People’s Republic of China Energy Law passed on November 8, 2024 and implemented on January 1, 2025[3]. The energy reserve follows the principle of “combining government reserves and enterprise reserves, and coordinating physical reserves, production capacity reserves, and mining area reserves”[3].

Sub-sector	Benefit Logic	Representative Listed Companies	Valuation Upside
Oil and Natural Gas	Increased demand for strategic reserves	PetroChina (601857), Sinopec (600028)	10-20%
Coal	Bottom-line guarantee for energy security	Shaanxi Coal Industry (601225), China Shenhua Energy (601088)	5-10%
Electric Power	Stability of energy supply	Huaneng Power International (600011), Guodian Power (600795)	5-10%

The energy sector has extremely high policy sensitivity, and an equal weight allocation is recommended. Focus on the construction progress of strategic reserve facilities by the three major oil companies.

The draft proposes to establish and improve an “efficient and coordinated national reserve system” and emphasizes “cultivating production mobilization potential in relevant fields”, which directly benefits warehousing logistics and supply chain enterprises.

Sub-sector	Benefit Logic	Representative Listed Companies	Valuation Upside
Warehousing Logistics	Demand for reserve facility construction	China National Materials Storage & Transportation (600787)	15-25%
Supply Chain	Commodity reserve management	Xiangyu Co., Ltd. (600057), C&D Inc. (600153)	10-15%
Emergency Supplies	Special reserve demand	JD Logistics (002475), Suning.com (002024)	25-40%

The warehousing logistics and emergency supplies sectors have the highest valuation upside, with an overweight recommendation. In particular, enterprises with smart logistics capabilities will benefit from the construction of “dual-use for peacetime and emergency” infrastructure[4].

The draft clearly includes “emergency special supplies” in the reserve scope, which is a new policy incremental area. Judging from recent practices in various regions, the emergency supplies reserve system is accelerating its construction[4].

The emergency supplies sector is in the policy introduction period with the largest valuation upside (25-40%). It is recommended to focus on enterprises with integrated capabilities in emergency supplies production, warehousing, and distribution.

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Industry Sector	Investment Rating	Policy Sensitivity	Risk Level
Emergency Special Supplies	Overweight	Extremely High	Medium
Material Reserves and Logistics	Overweight	High	Low
Energy Reserves	Equal Weight	Extremely High	Low
Grain Reserves	Focus	High	Low
Seeds and Agriculture	Focus	High	Medium

Focus on the warehousing logistics and emergency supplies sectors. The progress of policy implementation is the core catalyst, with a suggested position of 10-15%.

Focus on the performance realization capability of the grain cultivation, seed, and energy sectors. As the construction of reserve facilities progresses, the orders and revenues of relevant enterprises will gradually materialize, with a suggested position of 20-30%.

Allocate balancedly across all sectors, focusing on industry integration opportunities. A suggested position of 15-25%, with key allocation to leading enterprises with scale advantages and technological barriers.

Stock Code	Company Name	Sub-sector	Core Benefit Logic
600127.SS	Jinjian Cereals & Oils	Grain Processing	Increased demand for grain processing
600598.SS	Beidahuang	Grain Cultivation	Expanded grain reserve scale
601952.SS	Suken Nongfa	Grain Cultivation	Expanded grain reserve scale
601857.SS	PetroChina	Oil and Natural Gas	Strategic energy reserves, refining and chemical integration
600028.SS	Sinopec	Oil and Natural Gas	Strategic energy reserves, gas station network
600787.SS	China National Materials Storage & Transportation	Warehousing Logistics	Warehouse facility construction, logistics network
600057.SS	Xiangyu Co., Ltd.	Supply Chain	Supply chain integration, commodities
002475.SZ	JD Logistics	Logistics	Emergency logistics, smart logistics

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• Policy implementation progress falls short of expectations
• Uncertainties in specific implementation rules
• Differences in local implementation intensity

• Relevant sectors may face valuation corrections due to excessive short-term gains
• Macroeconomic fluctuations may affect downstream demand
• Fluctuations in international energy prices are transmitted to the domestic market

• It is recommended to build positions in batches to avoid heavy single-position investment
• Focus on buying opportunities during corrections and set reasonable stop-loss levels
• Maintain sector diversification to reduce risk exposure to a single target

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The chart above shows the investment impact analysis of the National Reserve Security Law on A-share related industries, covering four dimensions:

1. Comparison of market capitalization scale and policy sensitivity of each sector
2. Radar chart of direct favorable degree of sub-sectors
3. Distribution of investment rating recommendations
4. Investment strategies across different time dimensions

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The legislation of the National Reserve Security Law marks that China’s reserve system construction has entered a new stage of legalization, forming systematic policy benefits for the grain, energy, and material reserve-related industries in the A-share market. From an investment perspective:

1. The
   emergency special supplies
   and
   warehousing logistics
   sectors have the highest policy sensitivity and valuation upside, with an overweight recommendation
2. The
   energy reserve
   sector, due to its huge volume and clear policy support, is recommended to be held at equal weight
3. The
   grain reserve
   and
   seed
   sectors, as they involve the core area of food security, are recommended for focus
4. The investment strategy should follow the time-dimension logic of “focus on policy in the short term, performance in the medium term, and integration in the long term”

It is recommended that investors closely follow policy trends during the public comment period (January 17 to February 16, 2026) to seize sector investment opportunities[1].

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[1] Yicai Global - NDRC Solicits Public Comments on the Draft National Reserve Security Law (https://www.yicai.com/brief/103009567.html)
[2] Sina Finance - 2026 Grain Market Outlook (https://finance.sina.com.cn/money/future/wemedia/2026-01-04/doc-inhfcpht8958821.shtml)
[3] National People’s Congress of the People’s Republic of China - People’s Republic of China Energy Law (http://www.npc.gov.cn/npc/c2/c30834/202411/t20241108_440884.html)
[4] Xinhua Wisdom - Construction of Pinggu’s “Dual-Use for Peacetime and Emergency” Emergency Supplies Reserve System (http://mrdx.cn/h5/mrdx/content/20260112/IssueIndex.htm)
[5] National Development and Reform Commission - Meeting of the Expert Advisory Committee on National Food and Strategic Reserves Security Policy (https://www.ndrc.gov.cn/fzggw/wld/lhx/zyhd/202601/t20260112_1403193.html)