Core Viewpoint - The China Securities Index (CSI) Hong Kong-Shanghai-Shenzhen 500 Upstream Index has shown a recent upward trend, reflecting the performance of securities listed in the Hong Kong, Shanghai, and Shenzhen markets through the Stock Connect program [1][2]. Group 1: Index Performance - The CSI Hong Kong-Shanghai-Shenzhen 500 Upstream Index closed at 2240.09 points, with a 6.79% increase over the past month, a 1.02% increase over the past three months, and a year-to-date increase of 1.02% [1]. - The index is based on the comprehensive index samples of the Hong Kong-Shanghai-Shenzhen Stock Connect and the CSI 500 Index, reflecting various thematic investment perspectives [1]. Group 2: Index Holdings - The top ten weighted stocks in the CSI Hong Kong-Shanghai-Shenzhen 500 Upstream Index include China National Offshore Oil Corporation (13.19%), Zijin Mining (12.8%), China Shenhua Energy (5.42%), and China Petroleum & Chemical Corporation (5.3%) [1]. - The market share of the index holdings is distributed as follows: Shanghai Stock Exchange 55.08%, Hong Kong Stock Exchange 34.30%, and Shenzhen Stock Exchange 10.62% [1]. Group 3: Industry Composition - The industry composition of the index holdings includes: Oil and Gas 33.58%, Precious Metals 22.24%, Coal 18.42%, Industrial Metals 14.52%, Rare Metals 8.31%, Other Non-Metallic Materials 1.33%, Other Non-Ferrous Metals and Alloys 0.90%, and Oil and Gas Extraction and Oilfield Services 0.71% [2]. - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2].

Group 1 - The Shanghai Composite Index decreased by 0.46%, while the CSI Mainland Resource Theme Index fell by 0.42%, closing at 3390.97 points with a trading volume of 33.177 billion [1] - The CSI Mainland Resource Theme Index has increased by 7.17% over the past month, 1.59% over the past three months, and 2.24% year-to-date [1] - The index includes various theme indices such as consumption, resources, transportation, banking, and real estate, reflecting the overall performance of significant listed companies in the Shanghai and Shenzhen markets [1] Group 2 - The top ten holdings of the CSI Mainland Resource Theme Index are: Zijin Mining (16.63%), China Shenhua (7.05%), China Petroleum (5.19%), Sinopec (4.66%), Shaanxi Coal and Chemical Industry (4.28%), China Aluminum (3.3%), Northern Rare Earth (3.2%), CNOOC (3.03%), Luoyang Molybdenum (2.99%), and Shandong Gold (2.71%) [1] - The market share of the CSI Mainland Resource Theme Index is 79.00% from the Shanghai Stock Exchange and 21.00% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, the index sample shows that materials account for 64.98% and energy accounts for 35.02% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Temporary adjustments to the index sample occur when the CSI 800 Index undergoes changes, and companies that are delisted or undergo mergers and acquisitions are handled according to maintenance guidelines [2] Group 4 - Public funds tracking the mainland resources include Minsheng Jianyin CSI Mainland Resource C and Minsheng Jianyin CSI Mainland Resource A [3]

Core Points - The Shanghai Composite Index decreased by 0.46%, while the CSI Hong Kong-Shanghai-Shenzhen 500 Energy Index reported at 2107.05 points [1] - The CSI Hong Kong-Shanghai-Shenzhen 500 Energy Index has increased by 2.88% over the past month, decreased by 7.24% over the past three months, and has declined by 8.78% year-to-date [1] Index Composition - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen 500 Energy Index include: CNOOC (16.54%), China Shenhua (11.31%), PetroChina (11.0%), China Shenhua (8.99%), Sinopec (8.51%), PetroChina (8.3%), Sinopec (7.63%), Shaanxi Coal and Chemical Industry (6.99%), CNOOC (4.89%), and Guanghui Energy (2.56%) [1] - The market share of the index holdings is as follows: Shanghai Stock Exchange 49.67%, Hong Kong Stock Exchange 48.52%, and Shenzhen Stock Exchange 1.81% [1] Industry Breakdown - The industry composition of the CSI Hong Kong-Shanghai-Shenzhen 500 Energy Index is as follows: Coal 35.97%, Integrated Oil and Gas Companies 35.45%, Oil Refining 21.43%, Coke 3.10%, Oil and Gas Distribution and Others 2.56%, Oilfield Services 1.48% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

2024年，中国石油、中国石化和中国海油这三大能源巨头交出了一份亮眼的成绩单。根据最新披露的年 度报告，三桶油合计实现净利润3529亿元，折合每日净赚近10亿元。这一数据不仅展现了三大公司在全 球能源市场中的强劲表现，也凸显了其在国家能源安全中的重要作用。 净利润合计3529亿元 日均赚近10亿 中国石油在2024年实现营业收入2.9万亿元，归属于母公司股东净利润1646.8亿元，同比增长2.0%。中 国石化实现归属于母公司股东的净利润503.13亿元，中国海油实现归属于母股东的净利润1379.36亿元。 三桶油合计净利润3529亿元，日均净赚近10亿元。这一业绩的取得，得益于三桶油在油气勘探开发、炼 化转型升级、市场营销等方面的持续努力。 大手笔分红回馈股东 在取得良好经营业绩的同时，三桶油均大手笔现金分红回馈投资者。中国石油董事会建议派发2024年末 期股息每股0.25元，全年股息每股0.47元，派息率52.2%，总派息额约860.2亿元，末期和全年每股股息 均创历史同期最高水平。中国石化预计2024年全年派发现金股利每股0.286元，与回购金额合并计算后 现金分红总金额368.78亿元，年度利润分派比例 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a revenue of 420.5 billion yuan for 2024, with a year-on-year growth of approximately 1%, and a net profit attributable to shareholders of 137.9 billion yuan, reflecting an increase of about 11% [1] Financial Performance - In Q4, the company achieved a revenue of approximately 94.5 billion yuan, a decrease of 14% year-on-year and 5% quarter-on-quarter; the net profit for the quarter was about 21.3 billion yuan, down 19% year-on-year and 42% quarter-on-quarter [1] - The total dividend payout for 2024 is proposed at 1.4 HKD per share (including tax), with a total dividend payout ratio of approximately 45% [1] Production and Reserves - As of the end of 2024, CNOOC's net oil and gas production reached approximately 727 million barrels of oil equivalent, an increase of 7.2% year-on-year, exceeding the initial target of 700-720 million barrels [1] - The company's net proven reserves reached 7.271 billion barrels of oil equivalent, also up by about 7.2% year-on-year, with a reserve life stable at 10 years and a replacement ratio of approximately 167% [1] Capital Expenditure and Shareholder Returns - CNOOC's capital expenditure for the reporting period was 132.5 billion yuan, reflecting a year-on-year increase of about 2%, with capital expenditure intensity growing nearly threefold since 2016, at a compound annual growth rate of over 13% [2] - Over the past two years (2022 and 2023), the total cash dividends paid by the company exceeded 163.4 billion yuan, ranking fourth in A-shares and first in the oil and petrochemical sector [2] - The company plans to maintain a dividend payout ratio of no less than 45% for the years 2025-2027, subject to shareholder approval [2] Cost Control and Growth - CNOOC has achieved a net production growth of approximately 77% from 2013 to the end of 2024, while the main cost per barrel of oil has decreased by about 37%, demonstrating strong cost control capabilities [2] - The company's oil and gas reserves have increased by over 64% from 2013 to the end of 2024, providing a solid foundation for sustained production growth [2] Profit Forecast - The company is expected to maintain a clear growth trajectory with high dividend payouts, with projected net profits attributable to shareholders of 137.6 billion, 134.2 billion, and 139.6 billion yuan for the years 2025-2027 [3]

长江商报消息 ●长江商报记者 沈右荣 "三桶油"之一的中国海油（600938.SH、00883.HK）经营业绩实现了逆势增长。 3月27日晚，中国海油如期披露了2024年年度报告。公司实现营业收入4205.06亿元，同比增长0.94%； 归属母公司股东的净利润（以下简称"归母净利润"）为1379.36亿元，同比增长11.38%。 2024年，国际油价总体呈先涨后跌走势，全年布伦特原油均价79.9美元/桶，同比下跌约2.9%。 油价下跌，归母净利润增长，中国海油是靠什么实现的？ 2024年，中国海油实现油气净产量726.8百万桶油当量，同比增长7.2%。公司综合毛利率、净利率分别 为53.63%、32.81%，均较上年有所上升。 中国海油董事长汪东进在3月27日的业绩说明会上表示，目前，公司开采成本较十年前降低40%，同等 油价下利润翻番。 2024年，中国海油的资本开支为1327亿元，公司一批重大新项目成功投产。 中国海油的财务状况继续向好。截至2024年末，公司有息负债918.87亿元，同比减少282.90亿元。期 末，公司资产负债率仅为29.05%，为2018年底以来最低水平。 净利年增141亿 中国海油 ...

重磅回购也在周末出现。3月28日晚，美的集团披露股份回购计划，拟用50亿元至100亿元回购公司股 份，其中70%及以上将用于注销以减少注册资本，且已取得不超过90亿元的贷款资金银行承诺函。 行业方面亦是利好不断，特别是具身智能机器人等。在电动汽车百人会论坛采访间，长城汽车CTO吴会肖 透露，目前长城已经与宇树科技签订战略协议。合肥设立100亿元未来产业基金推动智能机器人产业发 展。3月30日，中关村战新基金在2025中关村论坛年会上正式发布，规模100亿元，聚焦投资战略新兴产 业和未来产业，培育和服务一批优质企业加速发展。 撬动4万亿信贷增量？ 据交通银行、中国银行、建设银行和邮储银行发布的公告，四家国有大行此次拟发行规模均不超过发行前 总股本的30%，合计募资规模达5200亿元。其中，中国银行、建设银行分别拟发行不超过272.73亿股、 113.27亿股，每股发行价分别为6.05元、9.27元。财政部将分别出资1650亿元、1050亿元认购两家银行 全部新增股份。 对于银行本身而言，有机构认为，邮储2024年末核心一级资本充足率9.56%，建行虽达14.48%，但信贷 扩张压力下需未雨绸缪。注资后邮储普通一 ...

Group 1 - The 13th China-Japan-South Korea Economic and Trade Ministers' Meeting was held in Seoul, focusing on enhancing trade and investment cooperation and achieving broad consensus on regional and multilateral cooperation [2] - The Ministry of Finance plans to invest 500 billion yuan in four major banks (China Construction Bank, Bank of China, Bank of Communications, and Postal Savings Bank) to supplement their core tier one capital [2] - The Civil Aviation Administration of China issued the first operational certificates for manned civil unmanned aerial vehicles to two companies, marking the beginning of the "manned era" in China's low-altitude economy [2] Group 2 - Starting in April, several banks will raise the annual interest rate on credit consumer loans to no less than 3%, prompting banks to notify customers to withdraw funds before the increase [4] - The domestic automobile sales growth is projected to be around 3%-4% this year, with a slight decline expected next year, according to the Deputy Director of the Market Economy Research Institute [4] - Great Wall Motors has signed a strategic agreement with Yushu Technology for collaboration in motion control and application development in factories and automotive scenarios [4] Group 3 - China National Offshore Oil Corporation announced the discovery of a large oil field in the eastern South China Sea, showcasing the potential for oil and gas exploration in deep-water areas [4] - A successful launch of the communication technology test satellite was conducted using the Long March 7 rocket, marking the 566th flight of the Long March series [5] - Sichuan Province aims to cultivate over 10 leading enterprises in the low-altitude economy by 2026, with an industry scale exceeding 50 billion yuan [5]

中国海油气电集团副总经理兼安全总监杨勇表示，基于中国海油战略发展布局，中国海油气电集团历经 近20年发展，业务遍及全国19个省市，天然气销量市场份额稳居全国第二，在天然气贸易、基础设施布 局、核心技术研发、产业链协同运作、商务模式创新等方面具有竞争优势。本次推介会是中国海油气电 集团携手国内外合作、共同开创LNG产业高质量发展新局面的一次实践，标志着中国海油气电集团在 建设能源合作新模式方面迈出重要一步。 作为深化油气体制改革的一次创新实践，中国海油气电集团首次组织此类推介会，旨在打造面向全球能 源产业链开放合作体系。推介会吸引了100余名政府机构、业界同仁、跨国企业代表齐聚黄海之滨，共 同探索LNG基础设施共享与低碳转型路径。 本次推介会的举办地是江苏盐城"绿能港"，该项目已建成4座22万立方米LNG储罐和6座27万立方米LNG 储罐及配套设施，是国内最大的LNG储备基地，年外输能力约1120万吨，可为长三角地区乃至整个华 东地区持续提供稳定清洁可靠的天然气，对加快长江经济带产业转型，助力我国早日实现"碳达峰、碳 中和"目标具有重要意义。 新华财经北京3月28日电中国海油江苏滨海液化天然气（LNG）服务与合 ...