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].

02 科技赋能：智慧管控下的精准与高效 确保70余万平方米的广阔区域温暖如春，绝非易事。这背后依靠的是一套高度智能化、精细化的运维管 理体系。承担此项重任的大港油田新能源集团公司（新能源事业部），早在10月上旬便启动了全面的备 战工作，对旗下的12座能源站展开了"地毯式"的检修与保养。 据该公司的地热运行管控中心副主任介绍，运维团队对每一个细节都执行着近乎严苛的标准。 时至2025年11月中旬，随着一股强冷空气的来临，中国北方地区正式进入了供暖季。与往年不同，天津 大港油田的众多办公楼宇内，感受到的不再是传统锅炉带来的干燥热风，而是一种源自地球深处的恒久 温暖。11月13日，中国石油旗下规模最大的浅层地热群——大港油田浅层地热群，在回水温度达到标准 后，正式开启了新一轮的供暖模式，为超过70万平方米的建筑带来了绿色、清洁的热源。 这一举措不仅是对传统能源企业转型升级的一次生动诠释，更是对国家"双碳"战略目标的积极响应。在 全球能源结构深刻变革与中国大力推进生态文明建设的宏大背景下，大港油田主动求变，将深耕地下能 源的传统优势，巧妙地转化为开发清洁能源的"新动能"。这片昔日的采油热土，正在华丽转变为一片输 送绿 ...

Core Viewpoint - China National Petroleum Corporation (CNPC) shows a mixed performance in financing activities, with a slight increase in stock price and notable trading volumes, indicating investor interest despite lower financing balances [1][2]. Financing Activities - On November 17, CNPC's stock price increased by 0.51%, with a trading volume of 1.311 billion yuan. The financing buy-in amounted to 136 million yuan, while financing repayment was 119 million yuan, resulting in a net financing buy of 17.436 million yuan [1]. - As of November 17, the total financing and securities lending balance for CNPC was 2.311 billion yuan. The current financing balance of 2.290 billion yuan represents 0.14% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, CNPC repaid 103,300 shares and sold 91,600 shares on November 17, with a selling amount of 904,100 yuan. The remaining securities lending volume was 2.0894 million shares, with a balance of 20.6224 million yuan, exceeding the 70th percentile level over the past year, indicating a high level [1]. Company Overview - CNPC, established on November 5, 1999, and listed on November 5, 2007, is headquartered in Beijing. Its main business includes exploration, development, production, transportation, and sales of crude oil and natural gas, as well as refining and chemical production [2]. - The revenue composition of CNPC includes refining products (69.64%), crude oil (43.27%), natural gas (39.98%), chemical products (8.78%), and other sales [2]. - As of September 30, 2025, CNPC reported a total revenue of 2.169256 trillion yuan, a year-on-year decrease of 3.86%, and a net profit attributable to shareholders of 126.279 billion yuan, down 4.71% year-on-year [2]. Dividend and Shareholder Information - CNPC has distributed a total of 875.28 billion yuan in dividends since its A-share listing, with 247.078 billion yuan distributed over the past three years [3]. - As of September 30, 2025, the number of CNPC shareholders reached 503,900, an increase of 4.46% from the previous period. The average circulating shares per person decreased by 4.33% to 324,618 shares [2][3]. - Among the top ten circulating shareholders, China Securities Finance Corporation holds 1.02 billion shares, while Hong Kong Central Clearing Limited reduced its holdings by 33.6 million shares [3].

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.14%, COSCO Shipping Energy (01138) at 69.18%, and GCL-Poly Energy (01330) at 69.09% [1][2] - Xiaomi Group-W (01810), Pop Mart (09992), and Industrial and Commercial Bank of China (01398) saw the largest increases in holding amounts over the last five trading days, with increases of +34.20 billion, +12.67 billion, and +11.24 billion respectively [1][2] - The largest decreases in holding amounts were observed in the Tracker Fund of Hong Kong (02800) at -58.33 billion, Alibaba Group-W (09988) at -40.89 billion, and Hang Seng China Enterprises Index (02828) at -18.98 billion [1][3] Group 1: Top Holding Ratios - China Telecom (00728) has a holding ratio of 72.14% with 10.013 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 69.18% with 0.897 billion shares [2] - GCL-Poly Energy (01330) has a holding ratio of 69.09% with 0.279 billion shares [2] Group 2: Recent Increases in Holdings - Xiaomi Group-W (01810) increased by +34.20 billion with a change of +81.51 million shares [2] - Pop Mart (09992) increased by +12.67 billion with a change of +5.83 million shares [2] - Industrial and Commercial Bank of China (01398) increased by +11.24 billion with a change of +172.61 million shares [2] Group 3: Recent Decreases in Holdings - Tracker Fund of Hong Kong (02800) decreased by -58.33 billion with a change of -219.93 million shares [3] - Alibaba Group-W (09988) decreased by -40.89 billion with a change of -26.39 million shares [3] - Hang Seng China Enterprises Index (02828) decreased by -18.98 billion with a change of -19.89 million shares [3]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and potentially signal confidence in its stock performance [1][2]. Share Buyback Details - On November 17, Sinopec repurchased 3.788 million shares at a price range of HKD 4.390 to HKD 4.440, totaling HKD 16.7384 million [1]. - The stock closed at HKD 4.430 on the same day, reflecting a slight increase of 0.23%, with a total trading volume of HKD 403 million [1]. - Since October 30, the company has conducted buybacks for 13 consecutive days, acquiring a total of 52.356 million shares for a cumulative amount of HKD 22.5 million, during which the stock price increased by 4.98% [2]. Year-to-Date Buyback Summary - Year-to-date, Sinopec has executed 43 buybacks, totaling 270 million shares and an aggregate repurchase amount of HKD 1.261 billion [3]. - The detailed buyback transactions include various dates, share quantities, and prices, showcasing a consistent approach to share repurchase throughout the year [3].

来 新同 记者11月17日从中国石油获悉，我国西北地区规模最大的新疆油田二氧化碳捕集封存与利用项目累计注入二氧化碳突破200万吨，标志着我国在高碳排放地 区推进大规模二氧化碳封存，促进油气增产和绿色低碳发展方面取得重要进展。 求机 新闻 STA 0.4kV配电室 97 目前，准噶尔盆地东、中、西部已实现二氧化碳规模化注入全覆盖。按照规划，"十五五"期间新疆油田将加快建设覆盖主要油气区块的"四纵两横"二氧化碳 输送管网，替代现有槽车运输模式，进一步降低运输成本，推动煤电—新能源—二氧化碳捕集封存与利用一体化发展，打造千万吨级二氧化碳捕集封存与利 用基地。 （总台央视记者 朱江 张伟） 新疆油田二氧化碳捕集封存与利用项目，通过捕集本地煤电、煤化工企业排放的二氧化碳，经槽车运输至采油现场，注入地下油藏后不仅实现永久性封存， 更能通过驱替作用提升原油采收率，形成工业减排与油田增产的双赢格局。今年以来，已封存二氧化碳80万吨，运行两年来累计往地下注入二氧化碳突破 200万吨，试验区日产原油由每天12吨增产至每天100吨。 ...

Core Viewpoint - As of November 17, 2025, China Petroleum (601857) closed at 9.87 yuan, with a slight increase of 0.51% and a trading volume of 1.33 million hands, resulting in a transaction amount of 1.31 billion yuan [1] Financial Performance - For the first three quarters of 2025, China Petroleum reported a main revenue of 21,692.56 billion yuan, a year-on-year decrease of 3.92%, and a net profit attributable to shareholders of 1,262.79 billion yuan, down 4.9% year-on-year [2] - In Q3 2025, the company achieved a single-quarter main revenue of 7,191.57 billion yuan, reflecting a year-on-year increase of 2.34%, while the net profit attributable to shareholders was 422.86 billion yuan, down 3.86% year-on-year [2] - The company's debt ratio stands at 38.38%, with investment income of 127.32 billion yuan and financial expenses of 89.29 billion yuan [2] Market Position and Ratios - China Petroleum's total market capitalization is 18,064.2 billion yuan, with a net asset value of 17,562.1 billion yuan, ranking 61st in the industry [2] - The company has a price-to-earnings ratio (P/E) of 10.73, significantly lower than the industry average of 36.98, ranking 2nd in the industry [2] - The gross profit margin is 21.09%, higher than the industry average of 18.66%, ranking 61st [2] Investment Sentiment - In the last 90 days, 14 institutions have rated the stock, with 13 buy ratings and 1 hold rating, and the average target price set by institutions is 10.98 yuan [3] Capital Flow Analysis - On November 17, 2025, the net inflow of main funds was 14.02 million yuan, accounting for 1.07% of the total transaction amount, while retail investors experienced a net outflow of 10.08 million yuan, representing 0.77% of the total transaction amount [1]