Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a significant milestone by completing a deepwater drilling operation in southern China in just 11.5 days, setting a new record for drilling cycles at depths of 3500-4000 meters, which demonstrates the advanced capabilities of China's independent deepwater drilling technology [1][3][4] Group 1 - The successful drilling operation breaks the previous record and validates the effectiveness of China's complete deepwater drilling technology system, which is crucial for scaling up deepwater oil and gas resource development and supporting the country's goal of maintaining an annual crude oil production of 200 million tons [1][4] - Deepwater drilling is characterized by high risks, high costs, and high technical demands, with CNOOC's technology and operational capabilities being at the forefront globally [3][4] - CNOOC has developed a unique deepwater drilling technology system and lean management model, breaking down drilling tasks into hundreds of routine operations and coordinating various technical teams to ensure safe and efficient operations throughout the drilling process [4][6] Group 2 - Since the 14th Five-Year Plan, CNOOC has successfully developed several large-scale projects, including the Dongfang 13-2 gas field and the Shenhai No. 1 deepwater gas field, which have accelerated the development of complex offshore oil and gas resources and boosted the marine drilling equipment industry [4][6] - The future of deepwater oil and gas development will focus on deeper and faster drilling, leveraging data-driven and intelligent decision-making processes to enhance operational efficiency and safety [6][7] - The breakthroughs in deepwater drilling technology not only improve operational efficiency and safety but also provide a "Chinese solution" for global deepwater oil and gas development, showcasing China's independent innovation capabilities in marine technology [7]

Core Viewpoint - The report highlights the strong performance of funds managed by Zhang Kun of E Fund in Q1 2025, with significant net value increases and strategic adjustments in holdings, particularly the inclusion of SF Holding as a major position. Fund Performance - E Fund's Blue Chip Select Fund maintained its top ten holdings from Q4 2024, including Tencent Holdings, Alibaba-W, and Kweichow Moutai, with no changes in the top positions [1] - The E Fund Quality Select Fund recorded a net value growth rate of 8.40% in Q1 2025, with SF Holding entering the top ten holdings, replacing Focus Media [3] Holdings Adjustments - In Q1 2025, E Fund Blue Chip Select increased its positions in Shanxi Fenjiu and Luzhou Laojiao while reducing its stakes in Tencent Holdings, Alibaba-W, and Yanghe [2] - The E Fund Quality Select Fund also increased its holdings in Shanxi Fenjiu, Luzhou Laojiao, Trip.com, and Prada, while reducing its positions in Alibaba, Tencent, and Yanghe [3] Market Outlook - Zhang Kun expressed uncertainty about the economic outlook but noted that the impact of the real estate downturn is nearing its end, with policies supporting consumption [7] - The focus is shifting towards identifying companies with strong business models, competitive advantages, and shareholder-friendly capital allocation, which are expected to generate significant free cash flow in the long term [7][8]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 "三桶油" 24 年再创佳绩，油价波动期业绩韧性凸显 2024 年布油均价为 79.86 美元 / 桶，同比 -2.8% ，总体维持高位，但 24 年 9 月至 12 月受中东地缘政治缓 和、原油需求预期下行等因素影响，国际油价快速下跌。中国石油实现归母净利润 1647 亿元，同比 +2% ，中国海油实现归母净利润 1379 亿元，同比 +11% ，中国石化受炼化业务拖累，实现归母净利润 503 亿 元，同比 -17% ，但上游板块息税前利润逆势增长 24% 。 2024 年，海外石油巨头受炼油盈利走弱、天然 气销量下降等因素影响，业绩持续下行。埃克森美孚、雪佛龙、壳牌、 BP 、道达尔 24 年归母净利润分别 同比 -6% ...

Group 1 - The core index, the China Securities Hong Kong 300 Value Index (HK300V), closed at 2684.65 points, showing a decline of 6.44% over the past month, an increase of 5.03% over the past three months, and a year-to-date increase of 1.80% [1][2] - The index consists of four sub-indices: the China Securities Hong Kong 300 Growth Index, the China Securities Hong Kong 300 Value Index, the China Securities Hong Kong 300 Relative Growth Index, and the China Securities Hong Kong 300 Relative Value Index, reflecting the overall performance of different style securities based on the China Securities Hong Kong 300 Index sample [1][2] - The top ten holdings of the China Securities Hong Kong 300 Value Index include HSBC Holdings (10.58%), China Construction Bank (10.38%), China Mobile (8.24%), Industrial and Commercial Bank of China (7.42%), Bank of China (5.93%), Ping An Insurance (5.21%), CNOOC (4.79%), China Merchants Bank (3.18%), Agricultural Bank of China (2.22%), and Bank of China Hong Kong (1.98%) [1][2] Group 2 - The industry composition of the index shows that finance accounts for 58.40%, communication services for 12.21%, energy for 10.62%, real estate for 8.24%, industrial for 3.67%, utilities for 2.49%, materials for 1.57%, consumer staples for 1.29%, healthcare for 0.65%, consumer discretionary for 0.44%, and information technology for 0.42% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year, with a sample adjustment ratio generally not exceeding 20% [2] - In the event of temporary adjustments, the index samples will be adjusted accordingly when the China Securities Hong Kong 300 Index undergoes sample changes, and companies that are delisted will be removed from the index sample [2]

Group 1: Market Overview - Northbound trading recorded a net buy of HKD 23.09 billion, with HK Stock Connect (Shanghai) contributing HKD 5.08 billion and HK Stock Connect (Shenzhen) contributing HKD 18.01 billion [1] - The most net bought stocks included Alibaba-W (09988), Tencent (00700), and Meituan-W (03690) [1][4] - The most net sold stocks were Yingfu Fund (02800), Xiaomi Group-W (01810), and CNOOC (00883) [1] Group 2: Stock Performance - Alibaba-W saw a net inflow of HKD 3.11 billion, with total trading volume of HKD 41.78 billion [2] - Xiaomi Group-W experienced a net outflow of HKD 6.15 billion, with total trading volume of HKD 35.74 billion [2] - Tencent recorded a net inflow of HKD 819.94 million, with total trading volume of HKD 31.70 billion [2] Group 3: Sector Insights - Morgan Stanley's report indicates that the impact of the US-China trade war on Chinese internet companies is mostly indirect, with an estimated effect on online consumption being less than 0.5% [4] - HSBC's research suggests that while the Chinese internet sector may experience volatility due to trade tensions, the direct impact from tariff policies is limited [4] Group 4: Company-Specific Developments - Giant Bio (02367) received a net buy of HKD 4.16 billion, planning to raise approximately HKD 22.94 billion through a discounted share placement for business development and working capital [5] - Pop Mart (09992) saw a net buy of HKD 2.27 billion, with a focus on global organizational restructuring to enhance its international strategy [5] - Xiaomi Group-W's recent financing plans include a HKD 425 billion share placement and a HKD 200 billion bond project, leading to significant net selling [7] Group 5: Commodity and Semiconductor Sector - Semiconductor stocks like Hua Hong Semiconductor (01347) and SMIC (00981) received net buys of HKD 1.97 billion and HKD 615 million respectively, amid favorable domestic policies [6] - The price of gold has reached a historical high of USD 3,350 per ounce, benefiting companies like Chifeng Jilong Gold Mining (06693) which saw a net buy of HKD 1.82 billion [6]

Group 1 - The China Securities Index for the Hong Kong-Shanghai-Shenzhen 500 Energy Index closed at 2024.62 points, with a decline of 3.20% over the past month, 8.92% over the past three months, and 12.35% year-to-date [1] - The index is composed of 11 industry categories, reflecting the overall performance of different industry securities within the index series [1] - The top ten weighted stocks in the index include China National Offshore Oil Corporation (15.64%), China Shenhua Energy (12.01%), and China Petroleum & Chemical Corporation (8.40%) [1] Group 2 - The industry composition of the index shows that coal accounts for 37.51%, integrated oil and gas companies for 34.93%, and fuel refining for 20.53% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Special circumstances may lead to temporary adjustments to the index samples, such as delisting or corporate actions like mergers and acquisitions [2]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a significant milestone by completing a deepwater drilling operation in 11.5 days, setting a new record for drilling cycles in ultra-deep water depths of 3500 to 4000 meters, showcasing the advanced capabilities of China's independent deepwater drilling technology [2][3]. Group 1: Technological Advancements - The successful drilling operation demonstrates the effectiveness of China's complete technical system for deepwater drilling and the "intelligent" technology strength in the ultra-deepwater drilling sector [2]. - CNOOC has developed a unique deepwater intelligent drilling technology system and lean management model, breaking down drilling tasks into hundreds of routine operations, which enhances safety and efficiency throughout the drilling process [2]. Group 2: Industry Growth and Impact - Since the 14th Five-Year Plan, the volume of deepwater well drilling operations in China has increased by over 74% compared to the previous five years, supporting the production of large deepwater oil and gas projects and the continuous rise in marine oil and gas output [3]. - Major projects such as the "Deep Sea No. 1" and the Lingshui 36-1 gas fields have been efficiently drilled, contributing to the large-scale development of complex offshore oil and gas resources and accelerating the growth of China's marine drilling equipment industry [3]. Group 3: Future Directions - CNOOC aims to further advance deepwater oil and gas development technologies towards deeper and faster drilling, transitioning from experience-driven to data-driven and intelligent decision-making processes [3]. - The breakthroughs in deepwater drilling technology not only enhance operational efficiency and safety but also provide a "Chinese solution" for global deep-sea oil and gas development, highlighting China's independent innovation capabilities in marine technology [3].

4月15日南向资金成交活跃股 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 从连续性进行统计， 有3只股获南向资金连续3天以上净买入，连续净买入天数较多的有美团-W、中国 海洋石油、泡泡玛特，连续净买入天数分别为8天、8天、3天。以其间净买入金额统计，净买入金额最 多的是美团-W，合计净买入为52.06亿港元，其次是中国海洋石油合计净买入为37.98亿港元，泡泡玛特 合计净买入为7.12亿港元。（数据宝） | 代码 | 简称 | 成交金额 | 成交净买入 | 今日涨跌幅 (%) | | | --- | --- | --- | --- | --- | --- | | | | (万港元) | (万港元) | | | | 02800 | 盈富基金 | 85491.47 | 79187.25 | | 0.18 | | 00700 | 腾讯控股 | 462628.13 | 74791.35 | | 0.44 | | 03690 | 美团-W | 154323.45 | 52397.12 | | 0.62 | | 00941 | 中国移动 | 130224.82 | 40332.23 | | 1.47 | ...

Summary of Conference Call Records Company Overview - The conference call pertains to China National Offshore Oil Corporation (CNOOC), focusing on its operational and financial performance for the year 2024 [1][2][3]. Key Points and Arguments Financial Performance - CNOOC achieved a net production of 726.8 million barrels of oil equivalent, representing a year-on-year increase of 7.2% [2] - The company reported a net profit of approximately RMB 1,379 billion, maintaining a high profit level despite a 3% decline in Brent oil prices [3][9] - The total dividend for the year was HKD 1.40 per share, a 12% increase compared to the previous year, with a payout ratio of 44.7% [3][10] Production and Reserves - The company’s proven reserves reached a historical high of 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167% and a reserve life of 10 years [5] - Domestic net production increased by 5.6%, while overseas net production rose by 10.8%, primarily due to contributions from key oil fields [5][6] Cost Management - CNOOC maintained a competitive cost advantage, with major costs decreasing by 37% compared to 2013 [3] - The average oil production cost was USD 28.52 per barrel, reflecting a 1.1% decrease year-on-year [9] Strategic Initiatives - The company emphasized the importance of digital transformation and technological innovation to enhance production capabilities [7][8] - CNOOC is committed to green energy initiatives, including the development of offshore carbon capture and storage (CCS) projects [8] Additional Important Content - CNOOC's board has approved a value management plan to enhance shareholder value [1] - The company is focused on high-quality development and safety, ensuring robust governance and risk management practices [1][2] - Future strategies include a commitment to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, subject to shareholder approval [10] - The company plans to continue its efforts in exploration and production, with several key projects expected to contribute to future growth [6][9]

Summary of Conference Call Records Company and Industry - The conference call pertains to a Chinese offshore oil and gas company, focusing on its production, development projects, and financial performance in the energy sector. Key Points and Arguments Production and Development - The company has improved its production capabilities, with a projected increase in the oil recovery rate by 1.2 percentage points in 2024, bringing the natural avoidance rate down to 9.6% [1][4] - Key new projects for 2024 include: - The Sui Dong 361 Liao 52 oil field secondary adjustment project, with a peak daily output of 30,000 barrels of oil equivalent [1] - The Guo Zhong 19-2 oil field development project, which has seen a 27% acceleration in construction [1] - The Deep Sea No. 1 Phase II natural gas development project, expected to reach a peak daily output of 28,000 barrels of oil equivalent [1] - The Liu Hua 11141 oil field secondary development project, with a peak daily output of 18,000 barrels of oil equivalent [1] Cost Management and Efficiency - The company has maintained its average drilling cost below the company average, achieving the best drilling efficiency in five years [2] - Cost control measures have resulted in a 1.1% decrease in overall costs, with average operational costs remaining stable [5] - The company has implemented engineering standardization, leading to a 27% increase in overall capacity construction speed and a 5% reduction in costs through bulk procurement [2] Financial Performance - The company reported a stable oil and gas sales revenue and net profit, aligning with market trends [4] - Total assets exceeded RMB 1 trillion, with capital expenditures of RMB 132.5 billion supporting reserve increases and infrastructure development [5] - The company plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, subject to market conditions [6] Technological Advancements - The company has successfully launched Asia's first cylindrical FPSO and deepwater platform, enhancing its offshore oil and gas development capabilities [3] - Digital transformation initiatives have been implemented, including the development of intelligent oil and gas vessels [3] Environmental and Social Governance (ESG) - The company emphasizes its commitment to ESG, focusing on minimizing environmental impact and maximizing social contributions [4] - The company has initiated carbon capture and storage projects, with over 110,000 tons of CO2 injected [4] Market Outlook and Challenges - The company acknowledges the challenges posed by geopolitical tensions and trade policies, particularly regarding oil demand [28][30] - The company remains committed to enhancing its production capabilities while managing costs and risks associated with market uncertainties [29][30] Strategic Focus - The company aims to balance domestic energy security with its growth objectives, focusing on increasing natural gas production and optimizing overseas projects [26][27] - The company is exploring new technologies in deepwater exploration and production, with a focus on maintaining operational stability [38] Other Important Content - The company has received national awards for its innovative projects, highlighting its commitment to technological advancement in the energy sector [3] - The management has expressed confidence in meeting its three-year production targets, despite the increasing difficulty of achieving growth due to a larger production base [7][8]