Group 1 - The cooperation marks CNOOC's first entry into Kazakhstan's upstream oil and gas development sector, focusing on Atlantic and Belt and Road countries this year [1][5] - CNOOC Hong Kong Holding Limited and KazMunayGas signed an exploration and production contract for the Zhylyoi block, with both parties holding 50% equity [1][4] - The Zhylyoi block covers approximately 958 square kilometers, with estimated oil reserves exceeding 185 million tons according to preliminary assessments by KazMunayGas [1][4] Group 2 - CNOOC will provide financing support during the geological exploration phase, which includes 3D seismic exploration over a 400 square meter area and drilling activities [2][4] - The geological exploration plan involves drilling a 2000-meter salt over exploration well followed by a 4500-meter salt under exploration well based on 3D seismic data results [2] - The investment in oil exploration and development is substantial, with costs for land core drilling typically in the hundreds of thousands and offshore core drilling averaging around 8 million [2] Group 3 - The collaboration between CNOOC and KazMunayGas began with a strategic cooperation memorandum in mid-October 2023, coinciding with the 10th anniversary of the Belt and Road Initiative [4] - KazMunayGas plays a key role in Kazakhstan's oil and gas industry, accounting for nearly 30% of the country's total crude oil production in 2024 [4] - CNOOC's overseas oil and gas assets accounted for 44.2% of its total oil and gas assets by the end of last year, with overseas net proven reserves and net production at 36.9% and 32.2%, respectively [5]

Group 1 - The "Deep Sea No. 1" Phase II project has achieved full production, with a total of 23 underwater gas wells operational, reaching a maximum daily output of 15 million cubic meters, making it the largest offshore gas field in China [2][4] - The project consists of two phases, with Phase I launched in June 2021 and Phase II deploying 12 underwater gas wells across three areas, along with new infrastructure including a platform and underwater production systems [2][3] - The project faces complex natural conditions, with total well depths exceeding 60,000 meters, maximum formation temperatures of 138 degrees Celsius, and pressures reaching 69 MPa, presenting significant technical challenges [3] Group 2 - The "Deep Sea No. 1" gas field is expected to produce over 4.5 billion cubic meters of gas annually, with the gas being distributed to regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port [4] - The project has led to the development of five world-first key technologies for deep-water high-pressure well drilling and completion, enhancing operational efficiency by over 30% [3] - An innovative development model combining underwater production systems with shallow water platforms and deep-water semi-submersible platform remote control systems has been introduced, transforming existing shallow water gas field facilities into gas transmission hubs [3]

Core Viewpoint - The "Deep Sea No. 1" Phase II project has been fully put into production, making it China's first deep-water high-pressure gas field, with an expected annual gas production exceeding 4.5 billion cubic meters, positioning it as the largest offshore gas field in the country [1][4]. Group 1: Production and Capacity - The "Deep Sea No. 1" gas field has achieved full production with 23 underwater gas wells, capable of supplying over 15 million cubic meters of natural gas daily to the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan [4]. - The gas field has geological reserves exceeding 150 billion cubic meters, with a maximum operational water depth of over 1,500 meters and a maximum formation temperature of 138 degrees Celsius [7]. Group 2: Technological Advancements - The project has overcome significant challenges related to "deep water, deep layers, high temperature, and high pressure," introducing a new development model that utilizes a deep-water semi-submersible platform for remote-controlled underwater production systems [10]. - Innovations have led to the establishment of a comprehensive design system for China's independent development of deep-water oil and gas resources, addressing world-class technical challenges [10]. Group 3: Equipment Development - China has developed a series of large deep-sea oil and gas equipment, including "Deep Sea No. 1," "Sea Base Series," and "Sea Aster No. 1," enhancing its capabilities in deep-water engineering [11]. - The country has also made breakthroughs in critical equipment development, contributing to the advancement of 3,000-meter-class deep-water engineering vessels [11]. Group 4: Future Outlook - In 2024, China's marine energy supply is expected to continue growing, with marine crude oil and natural gas production projected to increase by 4.7% and 8.7% year-on-year, respectively [13].

Core Insights - The "Deep Sea No. 1" Phase II project has been fully put into production, expected to produce over 4.5 billion cubic meters of gas annually, making it the largest offshore gas field in China [1][3] - The project consists of 23 underwater gas wells, capable of supplying over 15 million cubic meters of natural gas daily to regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan [3][5] - The gas field is characterized by its deep water operation, with a maximum operational depth exceeding 1500 meters and a geological temperature reaching up to 138 degrees Celsius [5][13] Project Details - The Phase I project was launched in June 2021, while Phase II includes 12 underwater gas wells across three areas, along with new infrastructure such as a jacket platform and underwater production systems [7][9] - The project has upgraded existing shallow water facilities to a multi-functional platform, enhancing capabilities for gas processing, shallow water drilling, and cross-regional gas distribution [9] Industry Development - China's deepwater oil and gas engineering capabilities have significantly improved, transitioning from shallow to ultra-deep water operations, with equipment technology reaching world-class standards [11][17] - The "Deep Sea No. 1" project faces extreme challenges due to its high temperature and pressure conditions, marking it as the most complex deepwater gas field developed independently in China [13][15] - The project has pioneered a new development model for deepwater gas fields, integrating remote-controlled underwater production systems with shallow water platforms, addressing significant technical challenges [15] Future Outlook - The combination of production, research, and development has led to comprehensive improvements in design, construction, installation, and commissioning of deepwater oil and gas equipment [19] - In 2024, China's marine energy supply is expected to continue growing, with marine crude oil and natural gas production projected to increase by 4.7% and 8.7% year-on-year, respectively [19]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced the full production of the "Deep Sea No. 1" Phase II project, marking the completion of China's largest offshore gas field [1][3]. Group 1: Project Overview - The "Deep Sea No. 1" gas field has a total proven geological reserve of over 150 billion cubic meters, with the maximum operational water depth exceeding 1,500 meters and well depths over 5,000 meters [1][3]. - The Phase II project faced extreme geological conditions, with the highest formation temperature reaching 138 degrees Celsius and maximum pressure exceeding 69 MPa, which is equivalent to 1,000 times the working pressure of a household pressure cooker [3]. Group 2: Technological Innovations - The project introduced an innovative development model combining underwater production systems, shallow water jacket platforms, and deep-water semi-submersible platform remote control systems [3]. - A total of 12 underwater gas wells were deployed across three well areas (south, north, east), along with the construction of one jacket platform, one underwater production system, five subsea pipelines, and five deep-water umbilicals, creating a large-scale oil and gas production facility cluster spanning over 170 kilometers [3]. Group 3: Production Capacity and Impact - The "Deep Sea No. 1" gas field has reached its maximum design capacity, with an expected annual gas production of over 4.5 billion cubic meters [3]. - The produced deep-water natural gas will flow to the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan through various land terminals, integrating into the national natural gas pipeline network [3][4].

Market Overview - On June 24, the Hang Seng Index rose by 2.06%, closing at 24,177.07 points, with a total net inflow of HKD 2.589 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on June 24 was HKD 121.261 billion, with a net buying amount of HKD 2.589 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 76.777 billion, with a net buying of HKD 0.812 billion; the Shenzhen Stock Exchange's southbound trading had a total transaction amount of HKD 44.484 billion, with a net buying of HKD 1.777 billion [1] - In the top ten active stocks for the Shanghai Stock Exchange's southbound trading, Xiaomi Group-W had the highest transaction amount of HKD 5.007 billion, followed by Meituan-W and Shandong Molong with transaction amounts of HKD 3.106 billion and HKD 2.791 billion, respectively [1] Stock Performance - In terms of net buying, China Construction Bank led with a net buying amount of HKD 0.693 billion, closing with a price increase of 2.56% [1] - Xiaomi Group-W had the highest net selling amount of HKD 1.083 billion, while its closing price increased by 3.74% [1] - For the Shenzhen Stock Exchange's southbound trading, Xiaomi Group-W also led in transaction amount with HKD 2.868 billion, followed by Meituan-W and Alibaba-W with transaction amounts of HKD 2.500 billion and HKD 1.793 billion, respectively [2] - The stock with the highest net buying in the Shenzhen market was Innovent Biologics, with a net buying amount of HKD 0.599 billion, closing up by 4.06% [2]

6月24日，中国海油今日收盘26.15元，下跌2.21%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到9.22倍，总市值12429.08亿元。 从行业市盈率排名来看，公司所处的石油行业行业市盈率平均12.92倍，行业中值30.72倍，中国海油排 名第9位。 截至2025年一季报，共有163家机构持仓中国海油，其中基金152家、其他7家、券商3家、社保1家，合 计持股数109249.59万股，持股市值283.72亿元。 中国海洋石油有限公司的主营业务是原油和天然气的勘探、开发、生产及销售。公司的主要产品是原 油、天然气。 最新一期业绩显示，2025年一季报，公司实现营业收入1068.54亿元，同比-4.14%；净利润365.63亿元， 同比-7.90%，销售毛利率54.65%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)2中国海油9.229.011.5912429.08亿行业平均 12.9211.661.221778.21亿行业中值30.7235.231.5957.67亿1ST新潮9.208.411.01218.30亿3中国石油 9.909.961.0516398.68亿4广汇能源1 ...

Core Insights - On June 24, 2025, Xiaomi Group-W (01810), Meituan-W (03690), and Shandong Molong (00568) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 5.007 billion, 3.106 billion, and 2.791 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810), Meituan-W (03690), and Alibaba-W (09988) led the trading volume, with amounts of 2.868 billion, 2.500 billion, and 1.793 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Xiaomi Group-W (01810): 5.007 billion, net buy of -1.083 billion - Meituan-W (03690): 3.106 billion, net buy of 0.514 billion - Shandong Molong (00568): 2.791 billion, net buy of -56.957 million - Alibaba-W (09988): 2.194 billion, net buy of -0.470 billion - SMIC (00981): 2.118 billion, net buy of 0.394 billion - CNOOC (00883): 1.908 billion, net buy of 0.084 billion - Pop Mart (09992): 1.835 billion, net buy of 0.264 billion - Tencent Holdings (00700): 1.713 billion, net buy of -0.563 billion - China Construction Bank (00939): 1.664 billion, net buy of 0.693 billion - Zhejiang Shibao (01057): 1.317 billion, net buy of 0.087 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Xiaomi Group-W (01810): 2.868 billion, net buy of -0.468 billion - Meituan-W (03690): 2.500 billion, net buy of 0.271 billion - Alibaba-W (09988): 1.793 billion, net buy of -0.281 billion - Tencent Holdings (00700): 1.290 billion, net buy of -0.382 billion - CNOOC (00883): 1.159 billion, net buy of -0.350 billion - SMIC (00981): 1.069 billion, net buy of 0.330 billion - Shandong Molong (00568): 0.925 billion, net buy of 0.067 billion - Innovent Biologics (01801): 0.894 billion, net buy of 0.059 billion - Pop Mart (09992): 0.877 billion, net buy of 0.063 billion - XPeng Motors-W (09868): 0.692 billion, net buy of -0.042 billion [2]

Core Insights - The Wanjiac ZHONGZHENG Hong Kong Stock Connect Central Enterprise Dividend ETF (159333) closed up 1.35% on June 24, with a trading volume of 36.7761 million yuan [1] - The ETF was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of June 23, 2024, the ETF had 441 million shares outstanding and a total size of 589 million yuan, reflecting a 2.32% increase in shares and a 14.75% increase in size year-to-date [1] Fund Performance - The ETF's manager, Yang Kun, has achieved a return of 33.64% since taking over management on August 21, 2024 [1] - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 684 million yuan, with an average daily trading amount of 34.1891 million yuan [1] Top Holdings - The ETF's top holdings include: - COSCO Shipping Holdings (7.71% holding, 3.6175 million shares, market value of 40.8613 million yuan) [2] - Orient Overseas International (3.06% holding, 152,500 shares, market value of 16.2264 million yuan) [2] - CNOOC (2.77% holding, 860,000 shares, market value of 14.6981 million yuan) [2] - CITIC Bank (2.76% holding, 2.606 million shares, market value of 14.6458 million yuan) [2] - China National Petroleum Corporation (2.65% holding, 2.422 million shares, market value of 14.0587 million yuan) [2] - China National Foreign Trade Transportation Group (2.62% holding, 4.019 million shares, market value of 13.9082 million yuan) [2] - Bank of China (2.54% holding, 3.109 million shares, market value of 13.4560 million yuan) [2] - China Shenhua Energy (2.47% holding, 450,500 shares, market value of 13.1164 million yuan) [2] - Bank of Communications (2.36% holding, 1.947 million shares, market value of 12.5054 million yuan) [2] - China Unicom (2.34% holding, 1.546 million shares, market value of 12.3980 million yuan) [2]

Group 1: Company Initiatives - China National Offshore Oil Corporation (CNOOC) is implementing a comprehensive green transformation across its operations, focusing on ecological restoration and sustainable development [1][5] - The company has launched multiple solar photovoltaic projects, including a 1.88 MW installation at the Basuo Port, generating over 2 million kWh annually, and a planned 3.89 MW expansion [2][4] - CNOOC's Daguikou Company has transformed its rooftop into a "roof power plant" with 17,575 solar panels, producing 3.6 million kWh of clean energy and reducing carbon emissions by nearly 2,000 tons [6][8] Group 2: Environmental Impact - The initiatives at Basuo Port are expected to reduce carbon emissions by over 10,000 tons annually through the transition to LNG fueling for vehicles and the implementation of electric loading systems [4][5] - The Daguikou Company's solar project has led to a 12% reduction in carbon footprint intensity, showcasing the effectiveness of integrating renewable energy into operations [8][12] - CNOOC's efforts in VOCs treatment at the Fudao Company have achieved a removal efficiency of over 97%, significantly lowering harmful emissions [9][11] Group 3: Ecological Restoration - CNOOC's Huhe Company has successfully rehabilitated 19 hectares of abandoned mining pits into thriving ecological forests, utilizing waste materials from production processes [15][17] - The collaboration between Huhe Company and local government has resulted in a cost-effective solution for waste disposal while enhancing local environmental quality [16][17] - The ecological restoration efforts have transformed previously unusable land into recreational areas for the community, demonstrating the company's commitment to sustainable practices [17][19]