News Focus - The Ministry of Industry and Information Technology (MIIT) has announced a list of 34 enterprises and 30 products (technologies) to be included in the "National Industrial Power Demand Side Management Typical Cases (2025)" [2] - The MIIT has also publicized the list of members for the Green Low-Carbon Standardization Technical Committee to gather public opinions [2] Domestic News - The first "Hualong One" nuclear power unit with a cooling tower has commenced construction, expected to generate 50 billion kWh annually, meeting the electricity needs of approximately 5 million people and reducing coal consumption by about 15.27 million tons and CO2 emissions by around 46.2 million tons [2] - During the 14th Five-Year Plan period, Shanxi Province is set to establish over 80 provincial-level energy technology innovation platforms with an R&D investment of approximately 5 billion yuan [2] - The Xinjiang oilfield has injected over 2 million tons of CO2 in its carbon capture and storage project, marking significant progress in promoting green and low-carbon development [3] - The Tarim Oilfield's first gas storage facility has begun gas extraction, supplying about 60,000 cubic meters of natural gas per hour to the southern Xinjiang pipeline [3] - The Daqin Railway has maintained a high coal transportation volume, exceeding 1.2 million tons daily, with a total coal transport of 21.17 million tons in November [3] International News - Two nuclear power plants in Ukraine have been operating at reduced capacity for ten days due to damage to a substation from military attacks, highlighting the importance of reliable external power for nuclear safety [4] Company News - China National Petroleum Corporation (CNPC) has established a new company focused on electricity, aiming to integrate internal power generation and consumption resources to build a comprehensive energy supply system centered on the electricity value chain [5] - The Gansu Electric Power Investment Zhangye Power Plant has officially commenced operation of its newly expanded 2×1000 MW coal-fired units, contributing to the clean energy base in the Hexi Corridor [5]

中国石油化工股份回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.18 | 553.20 | 4.480 | 4.420 | 2453.55 | | 2025.11.17 | 378.80 | 4.440 | 4.390 | 1673.84 | | 2025.11.14 | 674.00 | 4.450 | 4.400 | 2982.11 | | 2025.11.13 | 346.80 | 4.450 | 4.390 | 1530.39 | | 2025.11.12 | 370.80 | 4.490 | 4.390 | 1652.10 | | 2025.11.11 | 425.60 | 4.410 | 4.340 | 1861.28 | | 2025.11.10 | 407.20 | 4.400 | 4.300 | 1779.63 | | 2025.11.07 | 317.20 | 4.300 | 4.250 | 1356.73 | | 2025.11.06 ...

中国石油化工股份(00386)发布公告，于2025年11月18日，该公司斥资2453.55万港元回购553.2万股H股 股份，每股回购价4.42-4.48港元；斥资1090.47万元人民币回购188.61万股A股股份，每股回购价5.76- 5.81元人民币。 ...

智通财经APP讯，中国石油化工股份(00386)发布公告，于2025年11月18日，该公司斥资2453.55万港元 回购553.2万股H股股份，每股回购价4.42-4.48港元；斥资1090.47万元人民币回购188.61万股A股股份， 每股回购价5.76-5.81元人民币。 ...

格隆汇11月18日丨中国石油化工股份(00386.HK)发布公告，2025年11月18日耗资2453.55万港元回购 553.2万股，回购价格每股4.42-4.48港元。 ...

另外，公司指引2025年资本开支为2,620亿元人民币，同比下降5%，是三年来首次出现同比下跌，加上 净负债比率处于低位，该行认为公司确实有空间提高全年派息率，而去年派息率为52%。 里昂发布研报称，中国石油股份(00857)股价早前创新高，逼近9港元关口，是过去三年油价下跌期间未 见过的水平。该行将中石油H股目标价由8.8港元升至10港元，A股(601857.SH)目标价由12元升至13.7元 人民币，均予"跑赢大市"评级。 该行认为，公司第三季业绩稳健，即使油价在今年余下时间维持在约每桶60美元水平，仍有望超越市场 的全年业绩预期。虽然近期股价上升，预期全年股息率仍能达6%，为投资者提供防御性选择。 ...

智通财经APP获悉，里昂发布研报称，中国石油股份(00857)股价早前创新高，逼近9港元关口，是过去 三年油价下跌期间未见过的水平。该行将中石油H股目标价由8.8港元升至10港元，A股(601857.SH)目标 价由12元升至13.7元人民币，均予"跑赢大市"评级。 另外，公司指引2025年资本开支为2,620亿元人民币，同比下降5%，是三年来首次出现同比下跌，加上 净负债比率处于低位，该行认为公司确实有空间提高全年派息率，而去年派息率为52%。 该行认为，公司第三季业绩稳健，即使油价在今年余下时间维持在约每桶60美元水平，仍有望超越市场 的全年业绩预期。虽然近期股价上升，预期全年股息率仍能达6%，为投资者提供防御性选择。 ...

Core Viewpoint - The company is actively enhancing natural gas production to ensure supply during the winter season, emphasizing safety and efficiency in operations [1][2] Group 1: Production and Management Strategies - The company has implemented a refined management model that includes differentiated block management, multi-dimensional matrix management, intermittent production, and full lifecycle management [1] - A total of 1,764 measures have been implemented across 5,435 wells, resulting in an increase of 468 million cubic meters of natural gas [1] Group 2: Safety and Training Initiatives - The company prioritizes safety education during the seasonal transition, conducting comprehensive hazard identification and management [2] - Specialized safety training for adverse weather conditions has been organized, utilizing case studies to enhance awareness among management and operational staff [2]

Core Viewpoint - Guangdong is focusing on building a world-class coastal economic belt, with Jieyang emerging as a "green pearl" in this blue economic zone, emphasizing the integration of various marine resources for high-quality development [1] Group 1: Marine Economy Development - Jieyang is promoting a tri-sector approach to develop a modern marine industry, integrating marine economy, ecological tourism, and marine resources [1] - The recent Marine Economic Industry High-Quality Development Conference in Jieyang set a target for a marine economy scale of 100 billion yuan, focusing on marine ranching, marine new energy, marine engineering equipment, and coastal tourism [8] Group 2: Petrochemical Industry - The Dannan Sea Petrochemical Industrial Zone in Jieyang is home to the largest integrated refining and chemical project by China National Petroleum Corporation, with an investment exceeding 70.2 billion yuan, processing over 50 million tons of crude oil since its launch in 2023 [2][3] - This project is the only refining base in China capable of processing low-quality heavy oil, enhancing the flexibility of crude oil imports and contributing to national energy security [3] - The project has a wastewater reuse rate exceeding 70% and meets national standards for emissions, showcasing its commitment to green and sustainable practices [2] Group 3: Wind Power and Marine Ranching - The offshore wind power base in Jieyang has a cumulative installed capacity exceeding 900,000 kilowatts, contributing to significant reductions in carbon emissions and fossil fuel dependency [5][6] - The "Dragon Palace" marine ranching project integrates wind power with aquaculture, aiming to produce high-value fish species while utilizing renewable energy [6] - The project has attracted over 40 leading enterprises in the industry chain, establishing a comprehensive offshore wind power ecosystem [6][7] Group 4: Aquaculture and Tourism Integration - The integration of tourism and aquaculture in Qianzhan Town has led to over one million visitors this year, promoting local seafood and cultural experiences [8][9] - The establishment of a high-tech abalone farming base is transforming traditional practices, utilizing land-based farming techniques to mitigate risks associated with weather [9] - The local government is enhancing ecological functions through coastal restoration projects, ensuring a balance between economic development and environmental sustainability [9]

Core Viewpoint - The establishment of China Petroleum Electric Power Company is a strategic move to promote green transformation and integrate energy supply systems, aligning with national policies on renewable energy and market development [5][6]. Group 1: Company Establishment and Leadership - The unveiling ceremony of China Petroleum Electric Power Company was attended by key leaders, including Chairman Dai Houliang and General Manager Zhou Xinhui, highlighting the company's significance in the energy sector [4]. - The company aims to serve as a hub for the development of renewable energy and optimize electricity supply and marketing [6]. Group 2: Strategic Importance and Goals - The formation of the new company is a response to the call for high-quality development of renewable energy and the establishment of a unified national market, emphasizing the need for innovation and adaptation in the energy sector [5]. - The company is tasked with responsibilities such as ensuring energy consumption, supply security, cost reduction, and efficiency improvement, while also focusing on creating a leading clean energy service brand [6]. Group 3: Operational Focus and Development - China Petroleum Electric Power Company will enhance its operational capabilities by adopting advanced market models, such as virtual power plants, and will prioritize the cultivation of a skilled workforce that understands both energy and market dynamics [6]. - The company is committed to optimizing resource allocation and expanding cooperative efforts to enhance the value of electricity marketing [6].