2025 年 11 月 30 日 基础化工 硫磺价格与海外成品油裂解价差有望 重回上行通道 事件：1）据卓创资讯，近期因下游工厂利润空间收紧，开工负 荷下降，地方硫磺生产企业和贸易商出货阻力增加，硫磺价格小 幅回调。据百川盈孚，截至 11 月 28 日，镇江港硫磺现货参考价 3960 元/吨，周环比-0.63%。2）据财经 M 平方，截至 11 月 28 日，NYMEX-3:2:1 原油裂解价差为 24.61 美元/桶，较上周-6.2%。 俄罗斯炼厂受无人机袭击，全球裂解价差与硫磺价格飙升 2025 年 11 月以来，乌克兰对俄罗斯能源基础设施发动多轮无人机 袭击。梁赞炼油厂、新库伊比雪夫斯克炼油厂及伏尔加格勒炼油厂先 后遭重创，其中梁赞炼油厂作为俄罗斯四大炼油厂之一，年处理能力 达 1310 万吨原油，其装置导致俄罗斯整体炼油量下降 6%。此外， 伏尔加格勒炼油厂亦因袭击多次停产，该厂年产能达 1570 万吨。俄 罗斯炼油产能锐减直接推高了海外成品油裂解价差。2025 年 11 月 中旬以来，海外成品油裂解价差迅速攀升，衡量炼油利润的核心指标 3：2：1 裂解价差创近两年新高。而硫磺作为炼化副产物，供给同样 ...

2025 年 11 月 30 日 行业研究 地缘缓和预期下油价低位震荡，关注 OPEC+产量政策 ——石油化工行业周报第 430 期（20251124—20251130） 要点 地缘冲突缓和预期走强，本周油价低位震荡。本周俄乌和平谈判重启，地缘 冲突缓和预期驱动油价振荡加剧，但俄乌双方在核心问题的谈判尚未取得进 展，且 OPEC+增产幅度有望放缓，使得本周油价整体呈低位震荡态势。截至 11 月 28 日，布伦特、WTI 原油分别报收 62.32、58.48 美元/桶，较上周收盘 分别-0.3%、+0.9%。 俄乌谈判核心问题仍存分歧，地缘风险有望持续支撑油价。本周美国与乌克 兰代表在日内瓦举行谈判，美国宣布在达成和平协议方面取得巨大进展，使得 市场对俄乌实现和平预期走强，原油的地缘政治溢价下跌。但是，美乌谈判代 表未透露涉及俄乌重大分歧的具体解决方案，包括领土、乌克兰军队规模、乌 克兰加入北约等众多核心问题。截至本周五，谈判尚未取得任何成果。今年以 来美国数次试图调停俄乌冲突，但我们认为目前美、俄、乌、欧四方就俄乌冲 突的核心问题达成一致的可能性较低，俄乌冲突仍存长期化趋势。此外，委内 瑞拉局势紧张程度不断升 ...

证券之星消息，11月28日油气开采板块较上一交易日下跌0.31%，中国海油领跌。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。油气开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600759 | 洲际油气 | 2.67 | 3.89% | 230.21万 | 6.05亿 | | 000968 | 蓝焰控股 | 6.92 | 0.87% | 8.63万 | 5956.01万 | | 600777 | *ST新潮 | 3.91 | 0.00% | 9.85万 | 3857.11万 | | 600938 | 甲国海国中 | 27.79 | -1.03% | 32.89万 | 9.17亿 | | 代码 | 名称 | 主力净流入 (元) | | | 主力净占比 游资净流入（元） 游资净占比 散户净流入（元） 散户净占比 | | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The adjusted date for the first extraordinary general meeting of shareholders in 2025 is December 16, 2025 [1] - The original date for the meeting was December 10, 2025, and the change is due to meeting coordination reasons [1] - The adjusted date complies with relevant regulations and the company's articles of association [1] Group 2 - The time for the adjusted on-site meeting is set for December 16, 2025, at 10:00 AM [1] - The online voting period is from December 16, 2025, to December 16, 2025, with specific voting times outlined [1] - The voting times through the trading system and internet platform are specified for the meeting day [1] Group 3 - The registration date for shareholders remains unchanged despite the adjustment of the meeting date [2] - The registration time for electronic, mail, or fax submissions is adjusted to before 10:00 AM on December 15, 2025 [3] - On-site registration will occur from 9:00 AM to 10:00 AM on December 16, 2025 [3]

Market Overview - The Hang Seng Index rose by 17.85 points, an increase of 0.07%, closing at 25,945.93 points with a total turnover of HKD 2,047.28 billion [1] - The National Enterprises Index increased by 2.5 points, closing at 9,164.87 points, a rise of 0.03% [1] - The Hang Seng Tech Index fell by 20.31 points, closing at 5,598.05 points, a decrease of 0.36% [1] Blue-Chip Stocks - Tencent Holdings decreased by 1.29%, closing at HKD 611.5 [1] - Hong Kong Exchanges and Clearing fell by 0.34%, closing at HKD 411.8 [1] - China Mobile dropped by 0.11%, closing at HKD 87.25 [1] - HSBC Holdings increased by 1.3%, closing at HKD 109 [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.2%, closing at HKD 40.04 [1] - Sun Hung Kai Properties rose by 0.97%, closing at HKD 99.2 [1] - Henderson Land Development fell by 0.47%, closing at HKD 29.74 [1] Chinese Financial Stocks - Bank of China decreased by 0.42%, closing at HKD 4.73 [1] - China Construction Bank rose by 0.24%, closing at HKD 8.23 [1] - Industrial and Commercial Bank of China fell by 0.15%, closing at HKD 6.49 [1] - Ping An Insurance decreased by 0.17%, closing at HKD 57.25 [1] - China Life Insurance increased by 2.17%, closing at HKD 27.32 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 1.13%, closing at HKD 4.47 [1] - China National Petroleum Corporation increased by 0.46%, closing at HKD 8.74 [1] - CNOOC Limited rose by 1.33%, closing at HKD 21.34 [1]

证券之星消息，11月27日油气开采板块较上一交易日上涨0.33%，中国海油领涨。当日上证指数报收于 3875.26，上涨0.29%。深证成指报收于12875.19，下跌0.25%。油气开采板块个股涨跌见下表： 从资金流向上来看，当日油气开采板块主力资金净流入2399.48万元，游资资金净流出1.02亿元，散户资 金净流入7805.72万元。油气开采板块个股资金流向见下表： | 代码 | 名称 | | | 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净流入（元） 散户净占比 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 600938 中国海油 | | 2045.79万 | 1.90% | -7211.05万 | -6.69% | 5165.26万 | 4.79% | | 000968 蓝焰控股 | | 491.39万 | 7.08% | -83.86万 | -1.21% | -407.53万 | -5.87% | | 600759 洲际油气 | | 63.93万 | 0.13% | -2807.53万 | -5.61% ...

关于2025年第一次临时股东大会调整召开日期 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 调整后的会议召开日期：2025 年 12 月 16 日 一、 原股东大会有关情况 1. 原股东大会的类型和届次 2025年第一次临时股东大会 证券代码：600938 证券简称：中国海油 公告编号：2025-038 中国海洋石油有限公司 2. 原股东大会召开日期：2025 年 12 月 10 日 3. 原股东大会股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600938 | 中国海油 | 2025/12/3 | 二、 股东大会调整召开日期的原因 因会议统筹安排原因，本公司决定将 2025 年第一次临时股东大会的召开日 期调整至 2025 年 12 月 16 日召开。 本次临时股东大会的召开日期调整符合《上市公司股东会规则》和《上海证 券交易所股票上市规则》等相关法律法规和《中国海洋石油有限公司组织章程细 则》的规定。 三 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及80883（人民幣櫃台） 股東特別大會調整召開日期 茲提述中國海洋石油有限公司（「本公司」）日期為二零二五年十一月七日的股東特別大 會（「股東特別大會」）通告（「通告」）及通函（「通函」）。除非本公告另有所指， 本公告所用詞匯與通告及通函所界定者具有相同含義。 股東特別大會調整召開日期 因會議統籌安排原因，本公司原定於二零二五年十二月十日（星期三）上午十時舉行之股 東特別大會更改為於二零二五年十二月十六日（星期二）上午十時舉行（「調整後的股東 特別大會」）。調整後的股東特別大會的地點維持不變，為香港中環法院道太古廣場港島 香格里拉大酒店。 就調整後的股東特別大會而言，除上述變更外，通告、通函及代表委任表格所載的所有決 議案、資料及內容均維持不變。 為確定有權在股東特別大會上出席並投票的人員，股東特別大會暫停辦理香港股份過戶登 ...

Core Insights - The Ministry of Industry and Information Technology, along with five other departments, has officially announced the first batch of leading intelligent factories, marking a significant leap in China's smart manufacturing from digitization and networking to intelligence [2] - A total of 15 intelligent factories have been recognized, spanning key industries such as equipment manufacturing, raw materials, electronic information, and consumer goods [2] - These leading intelligent factories integrate new-generation information technology, advanced manufacturing technology, and lean management concepts, representing the highest standards of smart manufacturing in China [2] Group 1: List of Leading Intelligent Factories - Baoshan Iron & Steel Co., Ltd.: High-end green silicon steel predictive manufacturing intelligent factory located in Shanghai [3] - Shanghai Aerospace Equipment Manufacturing Co., Ltd.: High-reliability large-scale aerospace product full-process chain intelligent factory located in Shanghai [3] - Xuzhou Heavy Machinery Co., Ltd.: Global customized agile delivery mobile crane intelligent factory located in Jiangsu [3] - Nanjing Steel Co., Ltd.: Deeply collaborative special steel personalized customization intelligent factory located in Jiangsu [3] - Sinopec Zhenhai Refining & Chemical Company: Self-executing green petrochemical intelligent factory based on global optimization located in Zhejiang [3] - Hikvision Digital Technology Co., Ltd.: Large-scale personalized customization intelligent factory for IoT perception products located in Zhejiang [3] - Weichai Power Co., Ltd.: High-end engine intelligent factory based on digital lean model located in Shandong [3] - Qingdao Haier Central Air Conditioning Co., Ltd.: Full-process customized service and smart integration intelligent factory located in Shandong [3] - Yangtze Optical Fibre and Cable Joint Stock Limited Company: Integrated intelligent factory for extreme process rod fibre cable located in Hubei [3] - Wuhan BOE Optoelectronics Technology Co., Ltd.: 10.5 generation liquid crystal panel intelligent factory driven by extreme efficiency located in Hubei [3] - Zoomlion Heavy Industry Science & Technology Co., Ltd.: Excavator shared manufacturing intelligent factory located in Hunan [3] - Gree Electric Appliances (Zhuhai Jinwan) Co., Ltd.: Full value chain Gree collaborative air conditioning intelligent factory located in Guangdong [3] - SAIC-GM-Wuling Automobile Co., Ltd.: Automotive island-style intelligent factory based on process decoupling and production line reconstruction located in Guangxi [3] - CNOOC (China) Limited Hainan Branch: "Deep Sea No. 1" smart oilfield optimized for all business processes located in Hainan [3] - Chengdu Aircraft Industrial (Group) Co., Ltd.: Flexible agile intelligent factory for advanced aviation equipment located in Sichuan [3] Group 2: Achievements in Smart Factory Construction - Currently, over 7,000 advanced intelligent factories have been established in China [3] - After upgrading and transforming hundreds of intelligent factories, the average product development cycle has been shortened by 29% [3] - Production efficiency has improved by nearly 22% on average, and carbon emissions have been reduced by nearly 20% [3]

| 股票名称 | 净流入比↓ | 净流入(元) | 收盘价 | | --- | --- | --- | --- | | 途虎-W(09690) | 65.44% | 1313.77 万 | 17.130（+1.90%） | | 越秀交通基建(01052) | 57.38% | 215.33 万 | 4.420（+1.84%） | 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 40.60 亿 | 13.22% | 154.500（+4.67%） | | 腾讯控股(00700) | 11.68 亿 | 8.38% | 624.500（+2.38%） | | 快手-W(01024) | 8.17 亿 | 17.96% | 68.550（+7.11%） | | 南方恒生科技(03033) | 6.34 亿 | 6.56% | 5.425（+2.94%） | | 小米集团-W(01810) | 4.84 亿 | 5.33% | 38.660（+1.52%） | | 招商银行(03968) | ...