智通财经APP讯，中国石油化工股份(00386)发布公告，2025年11月20日，公司完成本轮回购，已实际回 购公司A股股份8934.95万股，占公司总股本的0.07%，回购最高价格为人民币6.10元/股，回购最低价格 为人民币5.27元/股，回购均价约为人民币5.60元/股，使用资金总额为人民币5亿元(不含交易费用)。 公司本轮总计回购A股股份8934.95万股，将全部注销并相应减少注册资本。经公司申请，公司将于2025 年11月24日在中国证券登记结算有限责任公司上海分公司注销本轮所回购的全部A股股份8934.95万股， 并及时办理变更登记手续等相关事宜。 ...

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [5] Core Views - The international oil market is experiencing a supply-demand imbalance, leading to downward pressure on oil prices. As of November 21, 2025, Brent and WTI crude oil prices were reported at $62.51 and $57.98 per barrel, reflecting declines of 2.8% and 3.3% respectively from the previous week. The OPEC+ group plans to pause production increases from January to March 2026, which is expected to alleviate the oversupply situation [1][4] - The "Big Three" oil companies in China (China National Petroleum Corporation, Sinopec, and CNOOC) have demonstrated resilience during the current downturn in oil prices, with their net profits declining less than many international oil giants. For the first three quarters of 2025, their net profits fell by 4.9%, 32.2%, and 12.6% respectively, showcasing their ability to navigate through cyclical challenges [2] - Anticipated cold winter conditions in 2025 are expected to significantly boost natural gas demand, benefiting the natural gas business of the "Big Three." The companies are enhancing market expansion efforts, leading to rapid growth in natural gas sales. The ongoing market reforms are expected to improve pricing flexibility and profitability in their natural gas operations [3] Summary by Sections Oil Supply and Demand - The global oil supply has shifted from a tightening to an oversupply situation, with the surplus increasing from 500,000 barrels per day in April to 2 million barrels per day in October 2025. OPEC+ has adjusted its production increase plans, reflecting a desire to stabilize oil prices [1] Company Performance - In Q3 2025, the "Big Three" oil companies' net profits showed a smaller decline compared to international peers, indicating their strong performance amid falling oil prices. Their production levels and cost control capabilities have allowed them to maintain profitability above historical levels [2] Natural Gas Outlook - The expectation of a cold winter is likely to drive up natural gas demand, with the "Big Three" positioned to capitalize on this through increased sales and improved pricing structures due to market reforms [3] Investment Recommendations - The report suggests a continued positive outlook for the "Big Three" and the oil service sector, alongside favorable conditions for chemical products in the long term. Specific companies to watch include China National Petroleum Corporation, Sinopec, CNOOC, and various subsidiaries involved in oil services and refining [4]

Group 1 - The core viewpoint of the article highlights the decline in China's petroleum coke production, with a reported output of 2.3429 million tons from January to September 2025, reflecting a year-on-year decrease of 4.7% [1] - In September 2025, China's petroleum coke production was recorded at 260,000 tons, which represents a 3.2% decrease compared to the same month in the previous year [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating a comprehensive analysis of the petroleum coke industry in China [1] Group 2 - The article references several listed companies in the petroleum coke sector, including Huajin Co., Ltd. (000059), Yuanxing Energy (000683), Shanghai Petrochemical (600688), and others [1] - Zhiyan Consulting has published a report titled "Analysis of the Development Situation and Investment Potential of China's Petroleum Coke Industry from 2026 to 2032," which aims to provide insights into the industry's future [1] - The consulting firm emphasizes its expertise in industry research, offering in-depth reports and tailored services to support investment decisions [1]

中国石油化工股份(00386)发布公告，该公司于2025年11月21日斥资3677.77万港元回购825万股股份，每 股回购价格为4.42-4.56港元。 ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, indicating a strategy to enhance shareholder value amidst market fluctuations [1][2]. Share Buyback Details - On November 21, Sinopec repurchased 8.25 million shares at a price range of HKD 4.420 to HKD 4.560, totaling HKD 36.78 million [1]. - The stock closed at HKD 4.430 on the same day, reflecting a decline of 2.85% with a total trading volume of HKD 764 million [1]. - Since October 30, the company has conducted buybacks for 17 consecutive days, acquiring a total of 80.23 million shares for a cumulative amount of HKD 35.1 million, during which the stock price increased by 4.98% [2]. Year-to-Date Buyback Summary - Year-to-date, Sinopec has executed 50 buybacks, totaling 303 million shares with an aggregate repurchase amount of HKD 1.417 billion [3]. - The detailed buyback transactions include various dates, share quantities, and price ranges, showcasing a consistent commitment to repurchasing shares [3].

（文章来源：证券时报网） 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） | | --- | --- | --- | --- | --- | | 2025.11.21 | 825.00 | 4.560 | 4.420 | 3677.77 | | 2025.11.20 | 800.00 | 4.600 | 4.550 | 3658.40 | | 2025.11.19 | 609.20 | 4.640 | 4.440 | 2775.64 | | 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 | ...

（文章来源：每日经济新闻） 昊创瑞通（301668.SZ）11月21日在投资者互动平台表示，公司在中国石油天然气集团有限公司入围的 产品为高压环网柜、预装式变电站，目前尚未正式供货。公司现有产品尚未运用AI技术。 每经AI快讯，有投资者在投资者互动平台提问：据资料显示：2024年12月，贵公司成为中国石油天然 气集团有限公司相关产品的合格供应商。请问：主要提供哪些产品？在智能电网方面，是否有运用AI 技术？ ...

Core Points - Yunnan Petrochemical Company has been recognized as a "leader" in energy efficiency and water efficiency in the crude oil processing sector, marking a significant achievement in the industry [1][2] - The company has implemented various energy-saving measures, resulting in a continuous decline in energy consumption over the past five years, with key performance indicators ranking among the top in the China National Petroleum Corporation [1] - The energy-saving renovation project for heating furnaces is expected to improve thermal efficiency to over 95%, saving approximately 8 million cubic meters of natural gas annually, equivalent to the annual consumption of nearly 80,000 households in Yunnan, and reducing carbon emissions by about 15,000 tons [1] - Yunnan Petrochemical has also focused on wastewater treatment, with facilities operating at 2-3 times the industry average, implementing strict measures for water recycling and management [2] - The company has engaged employees in energy-saving initiatives through various activities, fostering a culture of energy conservation and low-carbon development [2] - The recognition as a dual "leader" in energy and water efficiency serves as authoritative acknowledgment of the company's innovative practices in energy conservation and carbon reduction [4]

智通财经APP讯，中国石油化工股份(00386)发布公告，该公司于2025年11月21日斥资3677.77万港元回 购825万股股份，每股回购价格为4.42-4.56港元。 ...

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) experienced a decline of 1.33% in its closing price on November 21, with a trading volume of 8.4005 million yuan [1]. Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend Index Securities Investment Fund [1]. - The management fee is set at 0.30% per annum, while the custody fee is 0.10% per annum [1]. - The performance benchmark for the fund is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Fund Size and Liquidity - As of November 20, the latest share count for the ETF is 161 million shares, with a total size of 170 million yuan [1]. - Over the past 20 trading days, the cumulative trading amount reached 218 million yuan, with an average daily trading amount of approximately 10.8994 million yuan [1]. Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 6.76% during their tenure [1][2]. Top Holdings - The ETF's top holdings include: - Hang Lung Properties (1.08% holding, 496,000 shares, market value of 4.0664 million yuan) - Jiangxi Copper Co. (1.08% holding, 122,000 shares, market value of 4.0565 million yuan) - China Shenhua Energy (1.05% holding, 110,000 shares, market value of 3.9728 million yuan) - Far East Horizon (0.99% holding, 588,000 shares, market value of 3.7202 million yuan) - CNOOC (0.96% holding, 210,000 shares, market value of 3.6159 million yuan) - Sino Land (0.94% holding, 384,000 shares, market value of 3.5443 million yuan) - PetroChina (0.87% holding, 496,000 shares, market value of 3.2921 million yuan) - Hengan International (0.87% holding, 134,500 shares, market value of 3.2589 million yuan) - Henderson Land Development (0.81% holding, 122,000 shares, market value of 3.0452 million yuan) - Bank of China Hong Kong (0.81% holding, 91,000 shares, market value of 3.0623 million yuan) [2].