Economic Overview - Dalian's GDP for the first half of 2025 reached 464.7 billion yuan, with a year-on-year growth of 6.0%, surpassing national and provincial averages by 0.7 and 1.3 percentage points respectively [1][4] - The city's GDP target for 2024 is set at 951.69 billion yuan, aiming for a growth of 5.2%, indicating a strong push towards joining the "trillion-yuan club" [4][6] Sector Performance - The primary industry added value was 21.69 billion yuan, growing by 4.5%; the secondary industry saw an increase of 164.13 billion yuan, up by 9.4%; while the tertiary industry contributed 278.88 billion yuan, with a growth of 4.0% [2] - Dalian's industrial sector showed significant growth, with industrial output increasing by 12.5% year-on-year, driven by traditional industries like equipment manufacturing (up 16.9%) and emerging sectors such as new energy and high-tech manufacturing (up 20.1%) [5] Consumer Trends - Dalian's total retail sales of consumer goods reached 112.57 billion yuan in the first half of the year, marking a year-on-year increase of 7.4%, the highest growth rate among 15 sub-provincial cities [5] Future Projections - To achieve a GDP exceeding one trillion yuan by 2025, Dalian needs to maintain a growth rate of at least 5.1%, which is considered feasible [6] - The Dalian government is committed to maintaining a stable economic growth trajectory and aims for high-quality development towards the trillion-yuan GDP goal [6]

——石化化工反内卷稳增长系列之四 石油化工/基础化工 增持（维持） 7 月 18 日，国务院新闻办公室举行新闻发布会，介绍 2025 年上半年工业和 信息化发展情况。工业和信息化部总工程师谢少锋表示，将实施新一轮钢铁、有 色金属、石化、建材等十大重点行业稳增长工作方案，推动重点行业着力调结构、 优供给、淘汰落后产能，具体工作方案将在近期陆续发布。 要点 点评： 事件： 2025 年 7 月 22 日 行业研究 老旧装置退出有望改善炼油景气度，炼化产业转型加速 炼油老旧装置占比较高，老旧产能淘汰助力行业竞争力提升 我国炼油行业起步较早，1958 年兰州石化投产填补了我国石油化工行业空 白，改革开放后炼油行业进入快速发展期，至 2000 年我国炼油能力为 3.6 亿吨， 2005 年我国原油加工量为 2.86 亿吨，为 2024 年原油加工量的 40%。炼油行业 发展过程中产生了大量建设历史较久老旧装置，根据中国石化 2001 年披露的 A 股招股说明书，2000 年中国石化拥有原油一次加工能力 1.3 亿吨，相当于公司 2024 年炼能的 44%，拥有 13 家炼能超过 500 万吨的炼厂和茂名、镇海、齐鲁、 ...

Group 1: Market Overview - The Hang Seng Index (HSI) has reached a new high since February 2022, surpassing the 25,000 points mark, with bullish investors optimistic about reaching 26,000 points [1] - The index has shown a positive outlook as it breaks through the upper Bollinger Band, with resistance levels identified at 25,143 points and 25,700 points [1] Group 2: Company Analysis - Sinopec (00386.HK) - Sinopec's stock has broken its previous high, with potential to rise to 4.85 HKD, supported by a strong buy signal [3][4] - The stock has shown a volatility of over 6%, with resistance levels at 4.8 HKD and 4.86 HKD [4] Group 3: Company Analysis - PetroChina (00857.HK) - PetroChina's stock has also broken its previous high, with a strong buy signal and a closing price above the upper Bollinger Band [7] - Current resistance level is at 7.74 HKD, with potential to reach 7.96 HKD if it breaks through [7] Group 4: Company Analysis - Xiaomi (01810.HK) - Xiaomi's stock is performing well, with a buy signal and resistance levels at 59.8 HKD and 61.1 HKD [10] - Investors are optimistic about Xiaomi's AI initiatives, with a target price of 60 HKD and a call option strike price of 68.88 HKD [10] Group 5: Company Analysis - Alibaba (09988.HK) - Alibaba's stock is close to the upper Bollinger Band at 118.5 HKD, with a buy signal and resistance levels at 120.6 HKD and 128.4 HKD [13] Group 6: Company Analysis - NetEase (09999.HK) - NetEase's stock has surged past previous highs, with a strong buy signal and resistance at 128 HKD, potentially reaching 131 HKD if it breaks through [16]

Core Insights - The article highlights the significant advancements and achievements in China's clean energy supply chain, showcasing its role in global energy transition and sustainability efforts [1][6]. Industry Overview - China's clean energy investment has reached $625 billion, accounting for one-third of global investments, with the country leading in new energy vehicle sales, solar, and wind power installations for ten consecutive years [1][2]. - Over 80% of global solar components and 70% of wind power equipment are manufactured in China, indicating the country's comprehensive clean energy industrial chain [1]. Key Developments - Major companies like China National Offshore Oil Corporation (CNOOC) and Sinopec are pivotal in stabilizing the energy supply chain, with CNOOC achieving a 92% localization rate in core equipment for deep-sea oil and gas development [2]. - Sinopec has established the world's largest green hydrogen project in Xinjiang, with an annual capacity of 20,000 tons, demonstrating advancements in flexible hydrogen production technology [2]. Technological Innovations - Innovations such as the 5 MW chemical chain combustion system by Dongfang Electric can reduce carbon capture costs by two-thirds, enhancing the economic viability of clean coal utilization [3][4]. - Sinopec's advancements in hydrogen production have led to a 30% reduction in manufacturing costs for alkaline electrolysis cells, making green hydrogen more accessible [3]. Global Collaboration - CNOOC's overseas operations span over 40 countries, establishing a robust energy network that supports energy security in the Asia-Pacific region [4][5]. - The Belt and Road Initiative has facilitated green energy project collaborations with over 100 countries, contributing to local energy shortages and promoting global energy transition [5][6]. Future Directions - The clean energy supply chain is expected to focus on enhancing hydrogen storage and transportation technologies, improving system collaboration, and expanding high-level openness to international standards [6].

Core Insights - The hydrogen energy industry is rapidly developing under the "dual carbon" goals, with significant projects underway, including the world's largest green hydrogen and ammonia integration project in Songyuan, Jilin Province, and a large-scale green hydrogen to methanol project in Inner Mongolia [1][2] - The Chinese government is actively promoting hydrogen energy through various policies and pilot programs, which has instilled confidence in industry stakeholders and accelerated development [2][3] - Companies are increasingly focusing on hydrogen energy, forming strategic partnerships and investing in technology to enhance production, storage, and transportation capabilities [3][4] Policy and Capital Support - The National Energy Administration has initiated hydrogen energy pilot projects to explore diverse development paths and promote the entire hydrogen energy supply chain [2] - Local governments, such as Fujian and Wuhan, have released long-term plans and action schemes to support hydrogen energy development [2] - The industry is experiencing a surge in favorable policies, which are boosting confidence among stakeholders [2] Technological Advancements - Electrolysis of water is a primary method for hydrogen production, with significant advancements in technology leading to a projected increase in production capacity by approximately 62% in 2024 [4] - Various electrolysis technologies, including alkaline, proton exchange membrane (PEM), and solid oxide (SOEC), are being developed to enhance efficiency and reduce costs [4] - Companies are investing heavily in research and development, with some allocating over 20% of their revenue to R&D efforts [4] Industry Collaboration and Challenges - The hydrogen energy sector faces challenges in achieving commercial viability, particularly in storage and transportation [5][7] - A significant project for long-distance hydrogen transportation via pipeline has been approved, which is expected to lower transportation costs compared to liquid hydrogen [5][7] - Industry stakeholders are encouraged to collaborate across the supply chain to optimize technology, cost control, and infrastructure development [5][6][7] Market Dynamics - The focus of capital investment is shifting from application to supply, emphasizing the importance of cost-effective hydrogen sources for market scalability [3] - The green hydrogen projects require substantial investment and a comprehensive assessment of the entire supply chain to ensure economic viability [7] - The hydrogen industry is still in its early stages, with many companies being relatively small, necessitating collaboration to address market demands and drive growth [7]

金融界7月21日消息，上证指数高开高走，中证香港300上游指数 (H300上游，H30100)报2739.89点。 数据统计显示，中证香港300上游指数近一个月上涨3.08%，近三个月上涨17.66%，年至今上涨 12.89%。 据了解，中证香港300主题指数系列从中证香港300指数样本中根据中证行业分类选取符合相应主题的证 券作为指数样本，反映了在香港交易所上市各主题证券的整体表现。该指数以2004年12月31日为基日， 以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 作者：行情君 从指数持仓来看，中证香港300上游指数十大权重分别为：中国海洋石油（28.06%）、中国石油股份 （13.23%）、紫金矿业（10.89%）、中国神华（9.44%）、中国石油化工股份（9.23%）、中国宏桥 （4.71%）、中煤能源（3.3%）、招金矿业（3.07%）、洛阳钼业（2.83%）、兖矿 ...

Core Viewpoint - The Hong Kong Hang Seng Index closed up 0.68% at 24,994.14 points, reaching a new high since February 2022, with significant contributions from state-owned enterprises [1] Group 1: Market Performance - The Hang Seng Index briefly surpassed the 25,000 points mark during trading [1] - The AH premium decreased by 0.67% to 125.44, marking the lowest level since June 2020, indicating a narrowing price gap between H-shares and A-shares [2] Group 2: Stock Movements - Major state-owned enterprises led the gains in the Hang Seng Index, with China Petroleum & Chemical Corporation rising by 5.53%, China National Petroleum Corporation by 3.61%, and China Shenhua Energy Company by 2.94% [1] - Several companies related to the Yarlung Tsangpo River hydropower project saw significant stock price increases, with Huaxin Cement, Dongfang Electric, and Chongqing Iron & Steel achieving daily price limits in A-shares, while their H-shares surged by 85.63%, 65.21%, and 25.53% respectively [2] Group 3: AH Share Premiums - As of July 21, the number of AH companies with H-shares priced higher than A-shares increased to 8, with CATL showing the highest premium of 36.69% [3] - Other companies with significant premiums included Huaxin Cement (17.99%), Dongfang Electric (14.84%), and Hengrui Medicine (14.1%) [3] Group 4: Market Trends and Outlook - The AH premium has remained low for the past month, with only 3 companies previously showing H-shares priced higher than A-shares [4] - Despite challenges such as external tariff pressures and a weakening domestic growth cycle, the Hong Kong market remains active, with a daily average trading volume of 2,406 million HKD, an increase of over 80% from 2024 [4] - The influx of southbound capital has also been robust, with an average daily inflow of 61.5 million HKD, nearly double the 34.7 million HKD from 2024 [4] Group 5: IPO and Market Dynamics - The number of companies listing in Hong Kong is increasing, with 10 A-share companies converting to H-shares, raising 70% of their funds from this transition [5] - Short-term AH premiums are constrained by a "hidden floor" due to dividend tax arrangements, while long-term macro factors supporting Hong Kong's capital market remain unchanged [5]

Group 1 - Meituan-W (03690) rose nearly 4% as regulatory discussions with food delivery platforms suggest a slowdown in subsidy wars, which may benefit Meituan's user experience rebound [1] - The Yarlung Tsangpo River hydropower project commenced with an investment of 1.2 trillion yuan, equivalent to the construction of three Three Gorges projects [1] - Cement stocks surged in the Hong Kong market, with Huaxin Cement (06655) increasing over 29% following the hydropower project announcement [1] - Stablecoin concept stocks strengthened after Trump signed a stablecoin bill, with Huajian Medical (01931) rising over 23% [1] - UBTECH (09880) saw a nearly 10% increase after winning a major procurement order for humanoid robots worth nearly 100 million yuan [1] Group 2 - Nongfu Spring (09633) increased over 3% as analysts believe the company will benefit from competitive public sentiment, indicating a strong business recovery [2] - Xintong Medical-B (02160) rose over 5% as MicroPort plans to inject its CRM business into Xintong Medical, aiding in the establishment of a heart disease product platform [2] - Oil stocks generally rose, with Sinopec (00386) increasing nearly 4% after Goldman Sachs raised its oil price forecast for the second half of the year [2] - Chinese brokerage stocks remained active, with major brokerages reporting a year-on-year net profit growth of 50%-80% for the first half of the year [2] Group 3 - Netflix (NFLX.US) fell over 5% as investors had overly high expectations for Q2 performance, despite revenue growth of 15.9% year-on-year to $11.08 billion [3] - Interactive Brokers (IBKR.US) rose 7.77% as Q2 profits and revenues increased [4] - Blaize Holdings (BZAI.US) surged 58.75% after securing a $120 million AI infrastructure contract [4] - OpenDoor Technologies (OPEN.US) jumped 36.36% as interest in the platform surged significantly on social media [4] - Talen Energy (TLN.US) rose 24.48% to a record high after announcing a $3.5 billion acquisition of two gas power plants, expected to boost free cash flow per share by over 40% [4] - Futu Holdings (FUTU.US) increased 7% as Barclays highlighted its potential for accelerated growth as a leading online brokerage in Asia [4]

港股"三桶油"盘初走高，中国石油股份(00857.HK)涨超3%，中国石油化工股份(00386.HK)涨超2%，中 国海洋石油(00883.HK)跟涨。 ...

新华社消息，国务院国资委7月18日发布了2024年度和2022—2024年任期中央企业负责人经营业绩考核A级企 业名单。 在2024年度业绩考核中，国家电网有限公司、中国石油天然气集团有限公司、中国移动通信集团有限公司等50 家中央企业获评A级；在2022—2024年任期业绩考核中，招商局集团有限公司、中国移动通信集团有限公司、 中国远洋海运集团有限公司等50家中央企业获评A级。 当日，国务院国资委还发布了2024年度中央企业科技创新优秀企业榜单，中国石油化工集团有限公司、国家电 网有限公司、中国船舶集团有限公司等28家企业榜上有名。这是继去年首次设立并发布年度科技创新优秀企业 榜单后，国务院国资委再次发布该榜单， 今年上榜企业数量较去年的26家有所提升。 对中央企业负责人实施经营业绩考核是国务院国资委依法履行出资人职责的重要手段。 2024年度和2022-2024年任期 中央企业负责人经营业绩考核A级企业名单 根据《中央企业负责人经营业绩考核办法》，2024年度和2022-2024年任期中央企业负责人经营业绩考核结果 已经国务院国资委党委会议审议通过。2024年度和2022-2024年任期中央企业负责人经营 ...