智通财经APP讯，中国石油化工股份(00386)发布公告，于2025年12月15日，该公司斥资330.6万港元回 购76.4万股股份，每股回购价格为4.28-4.39港元。 ...

格隆汇12月15日丨中国石油化工股份(00386.HK)发布公告，2025年12月15日耗资330.6万港元回购76.4万 股，回购价格每股4.28-4.39港元。 ...

据香港交易所披露，贝莱德(BlackRock)对中国石油天然气股份有限公司-H股的多头持仓比例于2025年 12月9日从5.82%增至6.03%。 ...

12月12日下午5点刚到，早早收拾完毕的缅甸马德岛村民票林锁，直奔中缅油气管道马德岛皎漂管 理处。与他同行的还有他的家人和50多名岛上居民。1个小时后，他们期盼已久的"一江情·两岸影"电影 放映周正式拉开帷幕。 12月11日至12日，中国石油E-Light国际传播特色品牌全球首场活动落地缅甸。活动由中国石油集 团企业文化部统筹策划，与中油国际管道公司共同组织，在缅甸仰光、曼德勒、马德岛三地同步举办电 影放映周、开放日、图片展、研讨会等跨文化交流系列活动。 中国石油在既有工作基础上进一步整合资源，创新打造了国际传播特色品牌——"E-Light"（意 为"能源之光、亮泽世界")，统筹部署推进中国石油海外品牌形象建设，全面提升国际传播能力，为加 快建设世界一流企业提供强有力的文化支撑。 12日下午，曼德勒和马德岛两地同步举办"一江情·两岸影"电影放映周，近300名观众在缅语版《美 丽中国》《独行月球》的光影世界里走近中国，畅享欢乐时光。在观影前，来自当地高校的老师和缅籍 员工家属参观了曼德勒驻地的丝路书屋、调控中心、企业文化展览室，进一步加深了对中国文化和中国 石油的了解。缅籍教师段富琴说，这次活动让我脑海里的中国 ...

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has shown a positive performance with a year-to-date increase in scale despite a slight decrease in shares outstanding, indicating strong investor interest in high dividend yielding assets [1][2]. Group 1: Fund Performance - As of December 15, the Hong Kong High Dividend ETF (159302) closed up 0.38% with a trading volume of 13.0572 million yuan [1]. - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index, adjusted for valuation exchange rates [1]. Group 2: Fund Size and Liquidity - As of December 12, the latest share count for the fund was 10.3 million shares, with a total size of 136 million yuan [1]. - Compared to December 31, 2024, the fund's shares decreased by 5.06%, while its size increased by 12.53% [1]. - Over the last 20 trading days, the cumulative trading amount was 351 million yuan, with an average daily trading amount of 17.5693 million yuan [1]. - Year-to-date, the cumulative trading amount reached 3.056 billion yuan, with an average daily trading amount of 13.23 million yuan [1]. Group 3: Fund Holdings - The current fund manager is Zhang Yichi, who has managed the fund since its inception, achieving a return of 31.65% during his tenure [2]. - Major holdings include COSCO Shipping Holdings (7.63%), Yancoal Australia (5.59%), and Orient Overseas International (5.05%), among others, with significant positions in various sectors [2].

中国发展网讯 刘军强记者袁小峰报道 12月9日，中国石油大庆石化设备维修中心炼油区仪表车间员工张有志来到140万吨/年重油催化装置，对大机组进行例 行检查。机组的温度、振动、转速等指标均正常。机器安稳运行的背后，离不开DCS班组员工的努力和仅重0.5公斤的新型便携式智能函数发生器的精准护 航。 "这套设备能不能更精准、更轻便？"班组讨论会上，中国石油技能专家、DCS班组班长潘大龙的话引发热烈讨论。 他们最初尝试改造原有校验仪，但设备结构复杂，始终无法在体积缩小上取得突破。面对瓶颈，班组果断转换思路：改造行不通，替换校验仪呢？这当中， 首先要解决的问题是如何实现输出信号与大机组状态监测系统的匹配。经过多方查询，大家从网上找到一款高精度、轻便且无需外接电源的便携式波形信号 发生器，其输出信号可顺畅接入系统。经过近千次的调试，辅以员工自主开发的专用预置程序，新型便携式智能函数发生器终于面世。 如今在现场校验，1台智能函数发生器即可替代原有的2台校验仪的全部功能。操作人员只需轻触按键，就能向系统传输精准、稳定的双通道信号。主控室的 人员能快速确认高低联锁值。在保证信号一致性和校验精度的同时，使校验效率提升至50%以上 ...

融券方面，中国石油12月12日融券偿还29.85万股，融券卖出15.90万股，按当日收盘价计算，卖出金额 151.53万元；融券余量200.30万股，融券余额1908.86万元，超过近一年60%分位水平，处于较高位。 资料显示，中国石油天然气股份有限公司位于北京市东城区东直门北大街9号,香港金钟道89号力宝中心 2座3705室，成立日期1999年11月5日，上市日期2007年11月5日，公司主营业务涉及(i)原油及天然气的 勘探、开发、生产、输送和销售以及新能源业务;(ii)原油及石油产品的炼制,基本及衍生化工产品、其他 化工产品的生产和销售以及新材料业务;(iii)炼油产品和非油品的销售以及贸易业务;及(iv)天然气的输送 及销售业务。主营业务收入构成为：炼油产品69.64%，原油43.27%，天然气39.98%，化工产品8.78%， 其他7.00%，加油站非油品销售0.86%，其他收入0.04%，管输业务0.03%。 来源：新浪证券-红岸工作室 12月12日，中国石油跌1.35%，成交额13.82亿元。两融数据显示，当日中国石油获融资买入额1.42亿 元，融资偿还1.25亿元，融资净买入1661.92万元 ...

1. Report Industry Investment Rating - The investment view on synthetic rubber is bullish [2]. 2. Core View of the Report - The demand for domestic and overseas tires is decent, and the low - price synthetic rubber triggers a substitution effect. The current spread between synthetic rubber and natural rubber has reached a historical low, and there is limited room for the unilateral price of synthetic rubber and the spread between rubber types to continue falling. The BR on the futures market is in a low - valuation range [2]. 3. Summary by Relevant Catalogs 3.1 Market Review - As of December 11, 2025, the ex - factory price of Sinopec's BR9000 was 10,600 yuan/ton, and that of PetroChina's BR9000 was between 10,600 - 10,700 yuan/ton. During the reporting period, the production and capacity utilization rate of high - cis butadiene rubber in China decreased slightly due to the maintenance of plants. The rising spot price of butadiene provided some bottom support for the price of butadiene rubber. Affected by external news such as the conflict between Thailand and Cambodia and the US interest rate cut in the natural rubber market, the low - price offer of the butadiene market gradually increased. However, the spot market had sufficient supply and high theoretical production profit, so downstream buyers resisted high - price offers, and middlemen faced pressure in selling [4]. 3.2 Factors Affecting Butadiene Rubber 3.2.1 Supply - Last week, the domestic butadiene production was [unspecified] tons with a capacity utilization rate of [unspecified]%, and the high - cis butadiene rubber production was [unspecified] tons with a capacity utilization rate of [unspecified]%. In the butadiene segment, plants of Nanjing Chengzhi, Sierbang, Yanshan Petrochemical, and Guangzhou Petrochemical remained shut down, and some plants of Shanghai Petrochemical, Maoming Petrochemical, and Sinochem Quanzhou Petrochemical carried out maintenance, leading to a decline in production. In the butadiene rubber segment, Yulong Petrochemical restarted production, and the supply of high - cis butadiene rubber in China remained sufficient [2]. 3.2.2 Demand - In the semi - steel tire market, trading was dull, and prices were weak. Some enterprises offered discounts to boost purchases, but the effect was limited as demand was flat, and agents mainly digested existing inventories and postponed replenishment. In the all - steel tire market, the market was cold, and it was the off - season. The trading volume further weakened, with the southern region performing better than the northern region. Sales in many southern regions decreased by about 15%, and some areas in the northwest and northeast saw a sharp decline. Agents had sufficient inventories and low purchasing enthusiasm [2]. 3.2.3 Inventory - Last week, the butadiene port inventory was 411,000 tons, a 13.11% week - on - week decrease; the inventory of high - cis butadiene rubber enterprises and traders was 323,300 tons, a 0.34% week - on - week decrease. The enterprise inventory of butadiene decreased by 8.22% week - on - week, and the port inventory decreased by 12.65% week - on - week. For butadiene rubber, due to continuous price - pressing by downstream buyers, the production enterprise inventory increased, while the trading enterprise inventory decreased slightly [2]. 3.2.4 Basis - The basis of butadiene rubber in North China was - 670 yuan/ton, in East China was - 520 yuan/ton, and in South China was - 470 yuan/ton [2]. 3.2.5 Spread/Price Ratio - The RU - BR spread was 4,510 yuan/ton (a 3.11% decrease), the NR - BR spread was 1,610 yuan/ton (a 1.53% decrease), and the BR - SC price ratio was 0.77% [2]. 3.2.6 Profit - The production gross profit of butadiene through oxidative dehydrogenation was - 1,764 yuan/ton, and that through C4 extraction was 202.23 yuan/ton. The production gross profit of butadiene rubber was 787 yuan/ton, with a gross profit margin of 8.02% [2]. 3.2.7 Geopolitical and Macroeconomic Factors - The IEA raised the global oil demand growth forecast for 2026 and narrowed the supply surplus forecast slightly. OPEC+ slightly increased crude oil production in November and maintained the global oil demand growth forecast for 2025 and 2026. The Central Economic Work Conference emphasized the continuation of a moderately loose monetary policy, efforts to stabilize the real estate market, and the implementation of a special consumption - boosting action. The Fed cut interest rates in December, and the expectation of further rate cuts increased. The conflict between Thailand and Cambodia reignited, and the impact of weather disturbances declined [2]. 3.3 Trading Strategies - Unilateral trading: No specific strategy. Arbitrage: Pay attention to going long on BR and short on NR/RU. Key risks to monitor include downstream demand, cost changes, plant maintenance, and geopolitical situations [2]. 3.4 Price Data - The report provides detailed price data of synthetic rubber, natural rubber, and related products, including ex - factory prices, market prices, and their daily and weekly changes [6][7]. 3.5 Plant Maintenance Data - The report lists the maintenance data of butadiene and high - cis butadiene rubber plants in China in 2025, including the production enterprises, maintenance capacities, shutdown times, and startup times [9]. 3.6 Market Seasonal Charts - The report presents multiple seasonal charts, such as the BR spread and basis seasonal charts, butadiene price seasonal charts (domestic and international), production and inventory seasonal charts of butadiene, butadiene rubber, and styrene - butadiene rubber, as well as production, start - up, and inventory seasonal charts of downstream products like tires and conveyor belts [10][26][31]

12月12日，440余吨中石油航空煤油经阿拉山口公路口岸出境，发往哈萨克斯坦，标志着全国首单出口 中亚的中石油航空煤油成功发运。该批航煤为1000吨外贸订单的首批发货，实现了中哈能源合作从"资 源引进"到"产品出口"的全链条覆盖。 阿拉山口口岸通过优化通关流程、建设专业化仓储体系，为航煤等高附加值能源产品贸易提供高效通 道。此次出口填补了区域跨境能源运输细分领域空白，推动口岸贸易结构向战略性能源产品升级。 （来源：央视新闻） 目前，该业务将带动口岸物流、通关等相关产业协同发展，进一步巩固阿拉山口作为国家物流枢纽的地 位。 ...

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced significant net redemptions, indicating a trend of outflow in the cross-border ETF market [1][2] Group 1: Fund Performance - On December 12, the ETF faced net redemptions of 2.0134 million yuan, ranking 19th out of 200 in terms of cross-border ETF net outflows [1] - The latest fund size is 685 million yuan, up from 682 million yuan the previous day, with a net outflow representing 0.30% of the previous day's size [1] - Over the past 5 days, the ETF saw net redemptions totaling 3.0162 million yuan, ranking 27th out of 200 [1] - In the last 10 days, net redemptions reached 23.5849 million yuan, ranking 14th out of 200 [1] - Over the past 20 days, the total net redemptions amounted to 31.8381 million yuan, ranking 17th out of 200 [1] Group 2: Fund Management and Holdings - The fund is managed by Liu Tingyu and Cai Leping, with Liu managing since July 23, 2025, achieving a return of 1.19%, while Cai has managed since November 5, 2025, with a return of -1.59% [2] - The ETF's top holdings include COSCO Shipping Holdings (6.08%), China Nonferrous Mining (3.25%), and China National Offshore Oil Corporation (2.54%), among others, with significant positions in various state-owned enterprises [2] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually [1] Group 3: Market Comparison - The ETF is part of a group of funds tracking the Central State-Owned Enterprises Dividend Index, which includes other ETFs such as Huaxia and Wanji [2] - As of December 12, the fund's size is 685 million yuan, with a recent average daily trading volume of 15.0941 million yuan over the last 20 trading days [2] - The fund's recent net subscription figures indicate a trend of outflows, with a net subscription of -0.02 billion yuan over the past month [2]