Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a significant breakthrough in the exploration of Paleogene lithology in the Liaozhong sag of the Bohai Bay Basin, successfully drilling high-yield oil and gas wells [1] Group 1: Exploration Achievements - The Liaozhong sag is located in the northern Bohai Sea with an average water depth of 22 meters. The tested well produces approximately 500 tons of crude oil and 20,000 cubic meters of natural gas per day [1] - The region has complex oil and gas reservoir structures, and there have been no large-scale exploration discoveries for many years. CNOOC's research team has made continuous technological advancements and conducted multidisciplinary joint research [1] Group 2: Technological Innovations - CNOOC has established a coupling relationship between sediments and uplifts, innovatively proposing a favorable migration model for Paleogene lithology, which has addressed the scientific challenges of large-scale accumulation in Paleogene lithology [1] - The breakthrough in the Liaozhong sag confirms the significant exploration potential of Paleogene lithology oil and gas reservoirs in the Bohai Bay Basin [1] Group 3: Strategic Implications - The success in the Liaozhong sag promotes the secondary exploration process in old oil fields and provides replicable technical routes and practical experiences for similar exploration in China's offshore areas [1] - Recent discoveries of large and medium-sized Paleogene oil and gas fields in various sea areas by CNOOC highlight the importance of this new finding for ensuring stable energy supply in the Beijing-Tianjin-Hebei region and the surrounding Bohai Sea area [1]

Market Performance - The Hang Seng Index fell by 128.31 points, a decrease of 0.48%, closing at 26,829.46 points [1] - The National Enterprises Index dropped by 49.51 points, closing at 9,523.87 points, a decline of 0.52% [1] - The Hang Seng Tech Index decreased by 36.11 points, closing at 6,514.19 points, down by 0.55% [1] Blue Chip Stocks - Tencent Holdings decreased by 0.37%, closing at 675 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.76%, closing at 445 HKD [1] - China Mobile dropped by 0.78%, closing at 83.2 HKD [1] - HSBC Holdings declined by 0.27%, closing at 110.6 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 1.39%, closing at 37.96 HKD [1] - Sun Hung Kai Properties rose by 1.23%, closing at 94.35 HKD [1] - Henderson Land Development fell by 0.22%, closing at 27.1 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.95%, closing at 4.16 HKD [1] - China Construction Bank fell by 0.14%, closing at 7.28 HKD [1] - Industrial and Commercial Bank of China dropped by 1.06%, closing at 5.6 HKD [1] - Ping An Insurance decreased by 0.94%, closing at 52.75 HKD [1] - China Life Insurance fell by 0.37%, closing at 21.78 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation remained unchanged, closing at 4.08 HKD [1] - China National Petroleum Corporation increased by 0.42%, closing at 7.15 HKD [1] - CNOOC Limited fell by 1.39%, closing at 18.5 HKD [1]

Core Insights - The Chinese government is promoting the integration of artificial intelligence (AI) with renewable energy to enhance the quality of energy development, focusing on applications like power prediction and smart operations [1][2]. Group 1: Government Initiatives - The National Development and Reform Commission and the National Energy Administration issued guidelines to advance "AI + Energy" applications, emphasizing the need for high-precision power forecasting and smart operations in renewable energy [1]. - The government aims to support the stable supply of renewable energy through an integrated model combining weather forecasting, power prediction, smart trading, and intelligent operations [1]. Group 2: Corporate Adoption of AI - Major state-owned energy companies, including State Grid, China Southern Power Grid, and China Energy Group, have begun integrating the DeepSeek AI model into their operations [2][3]. - China Huaneng and China Datang have localized the DeepSeek model to enhance their AI capabilities in various business applications, including financial systems and operational management [3][4][9]. Group 3: Specific Implementations - Longyuan Power has deployed the DeepSeek-R1 model on its digital platform, enabling efficient AI services for its subsidiaries and enhancing decision-making in renewable energy operations [5][6]. - China Huaneng launched the "Smart Little Energy" AI assistant and integrated it with its mobile portal, marking a significant step in its AI application efforts [9]. - China Huadian's "Huadian Ruisi" digital platform has integrated DeepSeek to improve intelligent Q&A and document analysis capabilities [12]. Group 4: Technological Advancements - The DeepSeek-R1 model features multi-modal processing and dynamic attention mechanisms, allowing it to efficiently integrate various data types for enhanced operational support [5]. - China Energy Construction has completed the full integration of DeepSeek models, significantly boosting its digital transformation efforts [17]. Group 5: Future Directions - Longyuan Power plans to deepen the integration of its digital platform with the DeepSeek model across six key business areas, aiming for a comprehensive AI development platform [6]. - China National Nuclear Corporation is set to enhance its AI capabilities by integrating DeepSeek with its existing models, focusing on sustainable development and intelligent upgrades [19][20].

Core Insights - China's subsea pipeline network has reached a total length of 10,000 kilometers, marking a significant milestone in offshore oil and gas development as the country aims to reduce its reliance on energy imports [1][2] - The pipeline network is expected to exceed 13,000 kilometers by 2030, enhancing the offshore energy transport infrastructure and potentially accommodating future energy sources like hydrogen and shale gas [3] - CNOOC's recent projects in the Bohai Sea, including the Kenli 10-2 field, are set to boost production significantly, with expected peak output of 19,400 barrels of oil equivalent per day by 2026 [5] Pipeline Network Development - The densest part of the pipeline network is located in the Bohai Sea, specifically in Bohai Bay, which contains 3,200 miles of pipelines [4] - The pipeline network is part of China's broader strategy to increase domestic oil and gas production and transition to alternative energy sources [2][3] Production Initiatives - CNOOC has initiated several production projects in the South China Sea, including the Wenchang 16-2 Oilfield Development Project, which aims for a peak production of 11,200 barrels daily by 2027 [6] - The Deep-Sea No. 1 natural gas project has reached full capacity, contributing an additional 4.5 billion cubic meters of natural gas per year to domestic output [6] Financial Performance - CNOOC reported a record net oil and gas production of approximately 720 million barrels of oil equivalent for 2024, marking the sixth consecutive year of record production [7] - The company also anticipates an 11.4% increase in profit for 2024, reaching $19 billion, driven by the record production rates [7]

Group 1 - The stock prices of China's "three oil giants" collectively declined on September 30, with China Petroleum (00857.HK) down 2.75%, China National Offshore Oil (00883.HK) down 1.24%, and China Petroleum & Chemical (00386.HK) down 1.22% [2][3] - In the A-share market, oil and gas stocks also faced pressure, with China Petroleum (601857.SH) down 1.35%, China National Offshore Oil (600938.SH) down 1.02%, and China Petroleum & Chemical (600028.SH) also declining [3] - Reports on September 29 indicated that OPEC+ is likely to approve a new round of oil production increases in their online meeting on October 5, with an increase of at least 137,000 barrels per day, aiming to regain market share [3][4] Group 2 - Following the news, concerns about oversupply in the oil market resurfaced, leading to a significant drop in international oil prices, with WTI crude futures falling 3.86% to $63.18 per barrel on September 29, and continuing to decline to $62.72 per barrel [4] - OPEC+ currently accounts for about half of global oil production, including member countries from OPEC and Russia along with other allies [4] - If the production increase plan is implemented in November, it could further expand global oil supply, exacerbating the risk of oversupply and putting pressure on oil prices [5] Group 3 - Geopolitical factors, including a new plan announced by the U.S. and Israel to end the Gaza conflict, have significantly reduced geopolitical risks, contributing to further declines in oil prices [6] - Analysts suggest that potential oversupply and changes in geopolitical risk premiums may dominate trading in the short term, with market focus on OPEC+'s next actions and the fragile diplomatic process regarding Gaza [6] - The ongoing U.S. government shutdown issue and upcoming non-farm payroll data release could also impact market risks and oil demand expectations [6]

Group 1 - The core viewpoint indicates that the chemical industry is experiencing mixed performance, with some products seeing price increases while others decline, influenced by external factors such as the Federal Reserve's interest rate cuts and geopolitical tensions [1][2] - Key products with significant price increases this week include synthetic ammonia (up 8.58%), lithium battery electrolyte (up 5.71%), and aniline (up 3.90%), while natural gas saw a notable decline of 7.90% [1][2] - The overall chemical industry remains weak, with varying performance across sub-sectors, largely due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [2] Group 2 - Investment opportunities are suggested in areas such as glyphosate, fertilizers, import substitution, domestic demand, and high-dividend assets [2] - Specific recommendations include focusing on the glyphosate sector, which is showing signs of recovery, and selecting companies with strong competitive positions and growth potential, such as Ruifeng New Materials and Baofeng Energy [2] - The report emphasizes the importance of domestic demand in the chemical industry, particularly for nitrogen and phosphate fertilizers, with companies like Hualu Hengsheng and China Heartlink Fertilizer being highlighted for their robust market positions [2]

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.20% on September 30, with a trading volume of 34.36 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of September 29, the latest share count for the ETF was 344 million shares, with a total size of 336 million yuan [1] Group 2 - The ETF's recent trading activity shows a cumulative trading amount of 943 million yuan over the last 20 trading days, with an average daily trading amount of 47.14 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -3.47% during the management period [1] - The ETF's major holdings include COSCO Shipping Holdings, Orient Overseas International, China Foreign Transport, China Petroleum, CITIC Bank, CNOOC, China Shenhua Energy, China Pacific Insurance, China Unicom, and Agricultural Bank of China, with respective holding percentages [2]

Group 1 - The oil and gas extraction sector experienced a decline of 0.49% on September 30, with China National Offshore Oil Corporation (CNOOC) leading the losses [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] - Major stocks in the oil and gas extraction sector showed mixed performance, with *ST Xinchao rising by 1.40% to a closing price of 3.61, while CNOOC fell by 1.02% to 26.13 [1] Group 2 - The oil and gas extraction sector saw a net outflow of 134 million yuan from institutional investors, while retail investors contributed a net inflow of 42.49 million yuan [1] - Detailed fund flow data indicates that *ST Xinchao had a net inflow of 1.57 million yuan from retail investors, despite a net outflow of 1.47 million yuan from institutional investors [2] - CNOOC faced a significant net outflow of 120 million yuan from institutional investors, with retail investors contributing a net inflow of 34.61 million yuan [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國海洋石油有限公司 | | | 呈交日期: | 2025年9月30日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00883 | | 說明 | | 於香港聯交所上市的股份（「香港股份」） | | | | | 多櫃檯證券代號 | 80883 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | ...

Market Performance - The Hong Kong stock market indices experienced significant gains, with the Hang Seng Tech Index rising by 2.24%, reaching a new high for the period [1] - In September, the Hang Seng Tech Index accumulated a nearly 14% increase, while the Hang Seng Index and the National Enterprises Index rose by 7.09% and 6.79%, respectively [1][2] Sector Highlights - Major technology stocks saw collective gains, with Kuaishou leading with a rise of over 7%, followed by Alibaba and NetEase with increases of 2% [2][4] - Semiconductor stocks remained strong, with Huahong Semiconductor surging nearly 11% to set a new high [2][8] - Apple-related stocks also saw gains as Apple reportedly notified its supply chain to increase production capacity [2][9] Gold and Copper Stocks - Gold stocks rallied, with Zijin Mining International soaring over 68%, and other gold-related companies also showing strong performance [6] - Copper stocks followed suit, with China Molybdenum rising by 11.84% and Jiangxi Copper gaining over 8% [7] Biopharmaceutical Sector - The biopharmaceutical sector showed positive movement, with WuXi AppTec increasing by over 8% and other companies like Zai Lab and BeiGene also experiencing gains [12][13] Airline Industry - Airline stocks generally rose, with China Eastern Airlines up by 6.73% and both China Southern Airlines and Air China increasing by over 4% [11] - Citic Securities noted strong demand for air travel during the upcoming holidays, suggesting potential for positive performance in the sector [11] Oil and Gas Sector - Oil stocks collectively declined, with China Petroleum falling by 2.75% and other major oil companies also experiencing losses [14] - Reports indicated that OPEC+ plans to increase oil production in November, contributing to the downward pressure on oil prices [14] Gaming and Telecom Stocks - Casino and gaming stocks mostly fell, with Sands China down by 2.25% and other major gaming companies following suit [15] - Telecom stocks also saw declines, with China Telecom and China Mobile both experiencing slight drops [17] Capital Inflows - Southbound capital saw a net inflow of HKD 15.48 billion, indicating strong investor interest in the Hong Kong market [19] Future Outlook - Everbright Securities highlighted the strong overall profitability of Hong Kong stocks, particularly in sectors like internet, new consumption, and innovative pharmaceuticals, suggesting that despite recent gains, valuations remain low and long-term investment potential is high [19]