Core Insights - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 1.995 billion, China National Offshore Oil Corporation (00883) with 1.424 billion, and SMIC (00981) with 636 million [1][2] - The top three stocks with net outflows are Hua Hong Semiconductor (01347) with -299 million, GigaDevice Semiconductor (02367) with -179 million, and Zhaojin Mining (01818) with -162 million [1][2] - In terms of net inflow ratios, GX Hengsheng Technology (02837) leads with 89.26%, followed by Far East Horizon (03360) at 80.25%, and Tuhu-W (09690) at 67.29% [1][2] - The stocks with the highest net outflow ratios include Huadian International Power (01071) at -74.23%, CIMC Enric (03899) at -63.04%, and Weilu Group (01196) at -57.66% [1][2] Net Inflow Rankings - Yingfu Fund (02800) recorded a net inflow of 1.995 billion, representing a 15.63% increase, with a closing price of 26.420 [2] - China National Offshore Oil Corporation (00883) saw a net inflow of 1.424 billion, with a net inflow ratio of 46.50% and a closing price of 19.500 [2] - SMIC (00981) had a net inflow of 636 million, with a net inflow ratio of 10.38% and a closing price of 74.850 [2] Net Outflow Rankings - Hua Hong Semiconductor (01347) experienced a net outflow of -299 million, with a net outflow ratio of -9.94% and a closing price of 75.950 [2] - GigaDevice Semiconductor (02367) had a net outflow of -179 million, with a net outflow ratio of -31.12% and a closing price of 38.620 [2] - Zhaojin Mining (01818) recorded a net outflow of -162 million, with a net outflow ratio of -19.70% and a closing price of 29.840 [2] Net Inflow Ratio Rankings - GX Hengsheng Technology (02837) achieved a net inflow ratio of 89.26%, with a net inflow of 36.552 million and a closing price of 7.310 [3] - Far East Horizon (03360) had a net inflow ratio of 80.25%, with a net inflow of 27.178 million and a closing price of 7.140 [3] - Tuhu-W (09690) recorded a net inflow ratio of 67.29%, with a net inflow of 19.987 million and a closing price of 18.050 [3] Net Outflow Ratio Rankings - Huadian International Power (01071) had the highest net outflow ratio at -74.23%, with a net outflow of -23.262 million and a closing price of 4.400 [3] - CIMC Enric (03899) recorded a net outflow ratio of -63.04%, with a net outflow of -15.158 million and a closing price of 7.880 [3] - Weilu Group (01196) experienced a net outflow ratio of -57.66%, with a net outflow of -10.037 million and a closing price of 12.090 [3]

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The oil price has seen an increase due to intensified sanctions by the U.S. and Canada on Russian oil companies, with WTI crude futures rising by 6.53% and Brent crude futures by 7.09% from October 17 to October 24, 2025 [6]. - Geopolitical tensions, particularly regarding the fragile ceasefire in Gaza and the ongoing conflict between Russia and Ukraine, continue to impact oil prices [6]. - The U.S. government plans to purchase 1 million barrels of oil to replenish its strategic reserves, which may provide short-term support for oil prices [6]. - In the fluorochemical sector, the supply of popular refrigerants is tight, leading to sustained price increases, with domestic demand for refrigerants expected to rise in the fourth quarter [6]. - The semiconductor materials sector is experiencing a positive trend with inventory reduction and improving fundamentals, driven by domestic substitution [7]. Summary by Sections Oil and Petrochemicals - The report highlights the impact of U.S. sanctions on Russian oil companies and geopolitical tensions on oil prices [6]. - Basic data tracking indicates a slight decrease in U.S. commercial crude oil inventories, while gasoline and jet fuel inventories continue to decline [6][15]. - The report suggests that domestic oil companies are diversifying their oil and gas sources to reduce sensitivity to oil price fluctuations [7]. Fluorochemicals - The supply of second-generation refrigerants is decreasing due to policy restrictions, while demand for third-generation refrigerants is expected to grow, driven by government incentives [6]. - The report notes that the production of household air conditioners is projected to increase significantly in the last quarter of 2025, which will boost demand for refrigerants [6]. Semiconductor Materials - The semiconductor materials sector is witnessing an upward cycle, with inventory reduction trends and improving end-market conditions [7]. - The report recommends focusing on companies in the semiconductor materials sector that are benefiting from domestic substitution and cyclical recovery [7].

Core Insights - Shenzhen's Dalanwan Terminal has successfully completed its first LNG bunkering service using the "ship-to-ship" method, marking a significant milestone in the region's green shipping capabilities [1] - The LNG bunkering business in Shenzhen has shown remarkable growth, with a year-on-year increase of 157% in LNG bunkering volume from January to July 2023, reaching 310,200 cubic meters [1] - The total LNG bunkering volume for the first three quarters of 2023 has further increased to 370,600 cubic meters, maintaining a year-on-year growth rate of 103% [1] Group 1 - Yantian Port has established a mature service system for LNG bunkering, completing Shenzhen's first LNG bunkering in 2022 and achieving the first bonded LNG bunkering in South China in 2023 [2] - In 2024, Yantian Port set a record for simultaneous bunkering of two 20,000 TEU container ships, with a single operation supplying over 9,700 cubic meters of fuel [2] - The comprehensive coverage of LNG bunkering across Shenzhen's three major port areas is expected to attract international vessels to choose Shenzhen as their fuel supply port [2] Group 2 - The "CMA CGM Seine" vessel, the world's largest dual-fuel ship, has frequently received LNG bunkering in Shenzhen, with each operation supplying around 8,000 cubic meters [2] - The "Mediterranean Catania" vessel completed an 8,000 cubic meter bonded LNG bunkering at Yantian Port earlier this year [2] - The LNG bunkering business not only enhances port services but also generates significant economic benefits, with Yantian Port projected to achieve an LNG bunkering volume of 300,000 cubic meters in 2024, nearly six times the total for 2023 [2]

Core Points - The company will hold a Q3 2025 earnings presentation on October 31, 2025, from 16:00 to 17:00 [2][3] - The presentation will be conducted in an interactive online format, allowing investors to engage and ask questions [3][4] - Investors can submit questions from October 24 to October 30, 2025, through the Shanghai Stock Exchange Roadshow Center website or via the company's email [2][4] Meeting Details - The meeting will take place at the Shanghai Stock Exchange Roadshow Center [2][4] - Key participants will include the CEO, independent non-executive directors, CFO, and the board secretary, although adjustments may occur due to special circumstances [4] - The meeting will be conducted in Chinese [4] Post-Meeting Information - After the earnings presentation, investors can access the meeting details and main content through the Shanghai Stock Exchange Roadshow Center [5]

Group 1 - Southbound funds net bought HK stocks worth HKD 34.14 billion on October 24, with notable net purchases in Meituan (HKD 6.54 billion), SMIC (HKD 6.01 billion), CNOOC (HKD 5.7 billion), Tencent (HKD 3.75 billion), Xiaomi (HKD 2.98 billion), and Alibaba (HKD 1.7 billion) [1] - Southbound funds have continuously net bought SMIC for four days, totaling HKD 17.9796 billion, and Tencent for three days, totaling HKD 9.4926 billion, as well as CNOOC for three days, totaling HKD 29.7542 billion [3] Group 2 - CNOOC's largest offshore oil and gas platform in the Beibu Gulf, the Weizhou 11-4CEPD platform, completed land engineering on October 24 and has entered the offshore installation phase, with a total weight exceeding 14,000 tons and an annual processing capacity exceeding one million tons, which will enhance the region's oil and gas self-sufficiency [4] - Alibaba launched its first self-developed Quark AI glasses on October 24, featuring dual flagship chips from Qualcomm and Hengxuan, while Apple plans to release a competing AI glasses product by the end of 2026 [4] - The Chinese government emphasized the importance of technological modernization in its 14th Five-Year Plan, aiming to enhance independent innovation capabilities and seize opportunities in the new round of technological revolution and industrial transformation [4] Group 3 - A fire incident involving a Li Auto Mega vehicle occurred on October 23 in Shanghai, with the vehicle catching fire during normal operation without prior collision or impact [5][6]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has seen continuous net buying from southbound funds for three consecutive days, with a total net buying amount of HKD 29.75 billion and a cumulative stock price increase of 3.62% [2] Group 1: Trading Activity - On October 24, the total trading volume of active stocks through the Hong Kong Stock Connect reached HKD 457.51 billion, with a net buying amount of HKD 14.12 billion [2] - CNOOC was among the active stocks on October 24, with a trading amount of HKD 17.35 billion through the Hong Kong Stock Connect and a net buying amount of HKD 5.71 billion [2] Group 2: Stock Performance - CNOOC's stock price has increased by 3.62% during the period of continuous net buying [2]

Core Insights - On October 24, 2023, CSPC Pharmaceutical Group made its debut on the Hong Kong Stock Connect active trading list for the first time in a month [2][3] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 457.51 billion, accounting for 40.61% of the day's total trading amount, with a net buying amount of HKD 14.12 billion [2] - Among the active stocks, SMIC had the highest trading volume at HKD 103.55 billion, followed by Alibaba-W and Hua Hong Semiconductor with HKD 89.33 billion and HKD 54.03 billion respectively [2] Trading Activity Summary - CSPC Pharmaceutical Group recorded a trading volume of HKD 5.39 billion on the day, with a net sell amount of HKD 2.47 billion, and its stock price closed down by 3.90% [2][3] - The most frequently listed stocks in the past month include Alibaba-W and Hua Hong Semiconductor, each appearing 16 times, indicating strong interest from Hong Kong Stock Connect investors [2] - Other notable stocks on the active trading list include Tencent Holdings with a trading volume of HKD 35.65 billion and a net buying amount of HKD 3.75 billion, and Xiaomi Group-W with HKD 45.85 billion and a net buying amount of HKD 2.99 billion [2]

Market Overview - On October 24, the Hang Seng Index rose by 0.74%, closing at 26,160.15 points, with a net inflow of HKD 34.14 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 1,126.62 billion, with a net buy of HKD 34.14 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 726.19 billion, with a net buy of HKD 7.04 billion [1] - The Shenzhen Stock Exchange's southbound trading had a total transaction amount of HKD 400.44 billion, with a net buy of HKD 27.10 billion [1] Active Stocks - In the Shanghai Stock Exchange's southbound trading, the most actively traded stock was SMIC, with a transaction amount of HKD 62.05 billion, followed by Alibaba-W and Pop Mart, with transaction amounts of HKD 55.12 billion and HKD 34.28 billion, respectively [1] - In terms of net buying, Tencent Holdings had the highest net buy amount of HKD 4.63 billion, with its stock price increasing by 0.71% [1] - Pop Mart had the highest net sell amount of HKD 4.16 billion, with its stock price decreasing by 0.86% [1] Shenzhen Stock Exchange Active Stocks - In the Shenzhen Stock Exchange's southbound trading, SMIC led with a transaction amount of HKD 41.50 billion, followed by Alibaba-W and Huahong Semiconductor, with transaction amounts of HKD 34.21 billion and HKD 22.16 billion, respectively [2] - The stock with the highest net buy was Meituan-W, with a net buy of HKD 4.48 billion, and its stock price rose by 0.60% [2] - The stock with the highest net sell was CSPC Pharmaceutical Group, with a net sell of HKD 2.47 billion, and its stock price fell by 3.90% [2]

Market Overview - The Shanghai Composite Index rose by 0.71% on October 24, with 16 out of the 28 sectors in the Shenwan classification experiencing gains, particularly in the communication and electronics sectors, which increased by 4.73% and 4.72% respectively [1] - The oil and petrochemical sector saw a decline of 1.36%, leading the losses for the day [1] Oil and Petrochemical Sector Analysis - The oil and petrochemical sector experienced a net outflow of 524 million yuan, with 47 stocks in the sector; only 9 stocks rose, and 1 stock hit the daily limit [1] - Among the stocks with net inflows, 14 stocks saw capital inflows, with 6 stocks receiving over 10 million yuan; the top stock for net inflow was Maohua Shihua, with an inflow of 47.69 million yuan, followed by Shihua Oil Service and CNOOC Development with inflows of 24.91 million yuan and 18.68 million yuan respectively [1] - The stocks with the highest net outflows included CNOOC, PetroChina, and Rongsheng Petrochemical, with outflows of 78.02 million yuan, 75.66 million yuan, and 55.14 million yuan respectively [1] Key Stocks in Oil and Petrochemical Sector - CNOOC (600938) decreased by 0.65% with a turnover rate of 1.72% and a net outflow of 78.02 million yuan [1] - PetroChina (601857) fell by 1.31% with a turnover rate of 0.11% and a net outflow of 75.66 million yuan [1] - Rongsheng Petrochemical (002493) dropped by 1.68% with a turnover rate of 0.45% and a net outflow of 55.14 million yuan [1] - Maohua Shihua (000637) increased by 10.04% with a turnover rate of 19.67% and a net inflow of 47.69 million yuan [2]

Group 1: Market Overview - On October 23, the Hong Kong stock market saw a net inflow of 5.345 billion HKD from northbound trading, with 4.77 billion HKD from Shanghai and 575 million HKD from Shenzhen [2] - The most bought stocks included China National Offshore Oil Corporation (00883), Pop Mart (09992), and Meituan-W (03690), while the most sold stocks were Hua Hong Semiconductor (01347), Innovent Biologics (01801), and Xiaomi Group-W (01810) [2] Group 2: Individual Stock Performance - Alibaba-W (09988) had a net inflow of 2.68 billion HKD, with total trading volume of 4.975 billion HKD [3] - Pop Mart (09992) recorded a net inflow of 5.38 billion HKD, with total trading volume of 4.666 billion HKD [3] - Semiconductor stocks showed divergence, with SMIC (00981) receiving a net inflow of 4.25 billion HKD, while Hua Hong Semiconductor (01347) faced a net outflow of 10.14 billion HKD [7] Group 3: Company-Specific News - China National Offshore Oil Corporation (00883) received a net inflow of 9.79 billion HKD, driven by rising international oil prices due to sanctions on Russian oil companies [6] - Pop Mart (09992) saw a net inflow of 7.93 billion HKD, with Morgan Stanley reporting a sales growth of 245% to 250% in Q3, exceeding expectations [6] - Meituan-W (03690) had a net inflow of 5.24 billion HKD, with strategic moves to enhance its overseas business [7] - SMIC (00981) is expected to benefit from increased demand for advanced wafer foundry services due to the growth of AI applications, leading to an upgrade in its rating and target price by Morgan Stanley [7] - Innovent Biologics (01801) and Xiaomi Group-W (01810) faced net outflows of 140 million HKD and 57.32 million HKD, respectively [8]