Capital Movement - Southbound funds net bought Hong Kong stocks worth 8.362 billion HKD on March 26, with notable purchases in China Merchants Bank (1.58 billion HKD), Meituan (377 million HKD), and Zijin Mining (351 million HKD) [1] - Continuous net selling observed in Xiaomi Group (443 million HKD), Alibaba (349 million HKD), and XPeng Motors (167 million HKD) [1] Company Performance China Merchants Bank - For 2024, China Merchants Bank reported operating income of 337.488 billion CNY, a decrease of 0.48% year-on-year, and a net profit attributable to shareholders of 148.391 billion CNY, an increase of 1.22% [3] Meituan - CEO Wang Xing reduced his stake in Ideal Auto, cashing out nearly 700 million HKD, lowering his ownership from 21.3% to 20.94% [4] Zijin Mining - JPMorgan highlights gold as a key profit driver for Zijin Mining, contributing 32% to gross profit in FY2024, up from 26% in FY2023, due to a 28% increase in average selling price [5] - Expected gold production for 2025 is 85 tons, a 17% year-on-year increase, with copper production projected at 1.15 million tons, an 8% increase [5] Pop Mart - Pop Mart's revenue for 2024 is projected at 13.04 billion CNY, a year-on-year increase of 106.9%, with net profit attributable to shareholders at 3.125 billion CNY, up 188.8% [5] - The CEO anticipates over 50% revenue growth in 2025 compared to 2024, with overseas and Hong Kong/Macau business expected to grow over 100% [5] Kuaishou - UBS reports that Kuaishou's Q4 performance met expectations, raising the target price from 76.4 HKD to 83.4 HKD with a "Buy" rating [5] - E-commerce growth rates are expected to be 13% and 15% for the full year and Q1, respectively, potentially outpacing overall online retail growth [5] Tencent Holdings - Tencent launched two new models of its Yuanbao, enhancing rapid response capabilities and deep thinking features [6] Alibaba - BMW Group announced a deepened strategic cooperation with Alibaba to jointly develop an AI engine based on Alibaba's Tongyi AI model for the Chinese market [6] XPeng Motors - XPeng's chairman stated that the cumulative delivery of XPeng MONA will exceed 100,000 units next week [6]

Investment Rating - The report maintains a "Buy" rating for the phosphate chemical sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The export window for phosphate fertilizers is expected to open after the spring farming season, with new regulations set to enhance the quality and quantity of fertilizer exports. This is anticipated to support the profitability of phosphate fertilizer companies [2]. - Domestic prices for phosphate fertilizers are under downward pressure due to reduced agricultural demand, but the opening of export channels may help stabilize prices and maintain profitability [2]. - The average gross profit margin for the industrial-grade monoammonium phosphate sector remains above 400 CNY/ton, while the agricultural-grade monoammonium phosphate sector is nearing a loss [3]. - Phosphate rock prices remain high, with domestic prices reported at 1020 CNY/ton. Companies with high-grade phosphate rock resources are better positioned to produce high-quality phosphate products and benefit from integrated cost advantages [4]. Summary by Sections Phosphate Fertilizer Market - The export volume of monoammonium phosphate and diammonium phosphate in 2024 is projected at 2.0047 million tons and 4.5632 million tons, respectively, showing year-on-year declines of 1.6% and 9.4% [2]. - The average price of industrial-grade monoammonium phosphate has increased by 10.8% since the beginning of the year, reaching 6393 CNY/ton, while agricultural-grade monoammonium phosphate has risen by 9.3% to 3316 CNY/ton [3]. Phosphate Rock Resources - The average grade of phosphate rock in China is around 17%, with only 20% of reserves classified as medium to high-grade (25% P2O5 and above). Companies with access to high-grade resources are more competitive [4]. Investment Recommendations - The report suggests focusing on leading companies in the phosphate chemical sector, including Ba Tian Co., Chuanheng Co., Yuntu Holdings, Yuntianhua, Xingfa Group, Xinyangfeng, Chuanfa Longmang, Chuanjinnuo, and Hubei Yihua, due to their strong resource positions and integrated production capabilities [4].

Summary of Conference Call on Deep Sea Technology and Related Companies Industry Overview - The deep sea technology sector is highlighted in the 2025 government work report, indicating strong national commitment to its development [2][2] - Deep sea technology is recognized as a crucial component of new productivity, expected to enhance the performance of related companies, particularly in materials, equipment, and engineering services [2][2] Key Companies and Their Prospects 1. **Macco Xincai** - Leading domestic industrial coatings company, benefiting from rising container shipping prices, with container coatings revenue expected to grow over 200% year-on-year [2][4] - Holds over 40% market share in wind turbine blade coatings and is expanding into marine coatings, indicating potential for significant performance breakthroughs [2][4] 2. **Dalian Heavy Industry** - A major machinery manufacturing enterprise with steady revenue and profit growth, expected to see a 40% year-on-year profit increase in 2025 [2][5] - New high-end wind power casting capacity supports future growth, with a strong order backlog from 2021 to 2024 [2][5][16] 3. **CNOOC (China National Offshore Oil Corporation)** - A leader in China's offshore and deep-sea sectors, with significant technological capabilities and a strong production record [2][8] - "Deep Sea No. 1" project has produced over 110 billion cubic meters of natural gas, with further production expected from rich reserves in the South China Sea [2][9] 4. **CNOOC Engineering** - Benefiting from high capital expenditure from CNOOC, with expected performance growth of 10%-20% in 2025 [2][10] - Plans to establish a base in the Middle East to enhance operational efficiency and reduce costs [2][15] 5. **CNOOC Services** - Engaged in high-precision technical services, filling gaps in China's 3D seismic exploration data [2][12] - Expected to maintain rapid growth over the next 1-2 years, with a low valuation of around 8 times PE, indicating investment potential [2][12] Financial Insights - CNOOC's capital expenditure is projected to remain high, between 100 billion to 130 billion, with production growth rates of 3%-5% anticipated [2][13] - CNOOC's A-share price is approximately 30% higher than its Hong Kong counterpart, with potential for this discount to narrow as liquidity improves [2][14] Market Trends and Recommendations - The deep sea economy is expected to drive growth in oil and gas engineering and services sectors [2][7] - Recommended companies to watch include Macco Xincai, Dalian Heavy Industry, CNOOC Engineering, and CNOOC Services, all of which are positioned to benefit from advancements in energy and deep sea technology [2][19] Conclusion - The deep sea technology sector is poised for significant growth, supported by government policy and increasing demand, with several key companies likely to benefit from this trend.

Core Viewpoint - The commencement of drilling for China's first offshore carbon capture, utilization, and storage (CCUS) well marks a significant advancement in the country's efforts to enhance oil recovery while reducing carbon emissions [1][3]. Group 1: Project Details - The CCUS well is being drilled at the Enping 15-1 platform, which is the largest offshore oil production platform in Asia, located approximately 200 kilometers southwest of Shenzhen in a water depth of about 90 meters [3][4]. - The Enping 15-1 oil field has a high carbon dioxide content, and conventional extraction methods would lead to increased CO2 emissions and corrosion of offshore facilities. The CCUS project aims to mitigate these issues while promoting sustainable development [3][4]. - The CCUS well is designed to reach a depth of 3,243 meters and employs an innovative "old well new use + layered gas injection" approach. The project is expected to begin trial injection operations in April 2023 [4]. Group 2: Expected Outcomes - The CCUS project is projected to inject over 1 million tons of CO2 into the seabed over the next decade, while also enhancing oil recovery rates and driving an increase in crude oil production by 200,000 tons [4]. - As of June 2023, the first offshore carbon capture and storage (CCS) demonstration project in China has operated safely for nearly 13,000 hours, successfully sequestering over 180,000 tons of CO2 [3][4].

3月24日，中国海油今日收盘26.4元，上涨1.23%，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8.78倍，创23天以来新低，总市值12547.91亿元。 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11.89倍，行业中值43.32倍，中国海油排 名第10位。 股东方面，截至2024年9月30日，中国海油股东户数168491户，较上次增加22892户，户均持股市值 35.28万元，户均持股数量2.76万股。 中国海洋石油有限公司是一家成立于1999年8月20日，主要从事油气勘探、生产及贸易业务的中国香港 投资控股公司。其业务包括常规油气业务、页岩油气业务、油砂业务及其他非常规油气业务。公司主要 通过三个分部运营。勘探及生产分部从事原油、天然气及其他石油产品勘探、开发及生产业务。贸易分 部从事原油、天然气及其他石油产品贸易业务。公司分部从事集团相关业务。公司主要在中国、加拿 大、英国、尼日利亚、印度尼西亚及巴西等市场开展业务。 中国海油收盘上涨1.23%，滚动市盈率8.78倍，总市 值12547.91亿元 最新一期业绩显示，2024年三季报，公司实现营业收入3260.24亿元，同比 ...

证券代码：600938 证券简称：中国海油 公告编号：2025-006 中国海洋石油有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 3 月 24 日（星期一）至 3 月 28 日（星期五）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@cnooc.com.cn 进行提问。 中国海洋石油有限公司（以下简称"公司"）将于 2025 年 3 月 27 日闭市后发 布公司 2024 年年度报告。为便于广大投资者更全面深入地了解公司 2024 年经营 成果和财务状况，公司计划于 2025 年 3 月 31 日 17:00-18:00 举行 2024 年年度业 绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年的经营成果及财务 指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资 者普遍关注的问题进行回答。 二、 说明会的时间、 ...

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has increased its stake in Occidental Petroleum, purchasing 763,017 shares at approximately $35.7 million, raising its ownership to about 28.3% [3][4]. Group 1: Investment Logic - The investment logic for both Occidental Petroleum and China National Offshore Oil Corporation (CNOOC) is similar, as both companies benefit from higher oil prices [8][39]. - The demand for oil is expected to rise over the next five years, despite the ongoing energy transition, as oil is still needed in various sectors, including chemicals [10][11]. - Both companies offer attractive dividends, with CNOOC's dividend yield around 6% for 2023, although its payout ratio can fluctuate [41][42]. Group 2: Company Comparison - Occidental Petroleum's revenue structure shows that oil and gas operations account for $21.284 billion, or 75.32% of total revenue, while CNOOC's oil and gas sales represent 78.70% of its revenue [17][20]. - Occidental Petroleum has grown its production primarily through acquisitions, while CNOOC relies on organic growth from its exploration and production activities [24][28]. - CNOOC has a lower cost per barrel at $28 compared to Occidental Petroleum's $36.88, providing it with a competitive advantage [32][33]. Group 3: Growth and Stability - CNOOC has maintained a stable growth trajectory, with proven reserves increasing by 12.6% domestically and 4.0% internationally since 2019 [29]. - The reserve replacement ratio for CNOOC is 182%, indicating a strong ability to replace production with new reserves [30]. - The cost structure of CNOOC allows it to remain profitable even when oil prices are low, enhancing its resilience compared to competitors [35][36].

长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：ArthasYe 来源：雪球 段永平指出买股票就是买垄断/护城河 。 在价值投资领域 ， " 护城河 " 是巴菲特提出的核心理念 ， 指企业抵御竞争 、 保持长期盈利能力的结构性优势 。 而垄断性优势则是护城河的最高形态 ， 表现为资源独占 、 技术壁垒或市场支配地位 。 3. 监管适应与战略调整 本文以我的持仓腾讯控股 （ 科技 ） 、 中远海控 （ 航运 ） 、 中国海洋石油 （ 能源 ） 为例 ， 解析如何通过垄断性护城河构建长期价值 ， 并探讨应如何评估这类企业的投资逻辑 。 一 、 腾讯控股 ： 从流量垄断到内容驱动的护城河重构 1. 传统护城河的瓦解与重构 腾讯曾以 " 流量+资本 " 构建垄断性护城河 ， 但反垄断政策导致其部分优势弱化 ： 无形资产削弱 ： 音乐独家版权解除 （ 如周杰伦IP ） ， 投资扩张受限 （ 减持京东 、 美团 ） ； 网络效应分流 ： 抖音 、 快手分流用户时长 ， 微信月活增速放缓至3% 。 2. 新护城河的构建 ： 内容与生态闭环 腾讯转向 " 长青战 ...

证券代码：600938 证券简称：中国海油 公告编号：2025-005 中国海洋石油有限公司 2025 年第二次董事会决议公告 表决结果：9 票赞成，0 票反对，0 票弃权。 特此公告。 中国海洋石油有限公司董事会 2025 年 3 月 12 日 （一）审议通过《中国海洋石油有限公司市值管理办法》 表决结果：9 票赞成，0 票反对，0 票弃权。 （二）审议通过《中国海洋石油有限公司董事会授权决策事项清单》 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国海洋石油有限公司（以下简称"公司"）于 2025 年 3 月 12 日以书面决 议方式召开 2025 年第二次董事会。本次董事会的会议通知及议案已于 2025 年 3 月 10 日发送给公司全体董事。本次会议应出席董事 9 人，实际出席董事 9 人。 会议于 2025 年 3 月 12 日形成有效决议。会议的召集、召开、表决程序符合有关 法律法规及《中国海洋石油有限公司组织章程细则》的相关规定，合法、有效。 二、董事会审议情况 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6] Core Viewpoints - The company has successfully launched the Bohai Zhong 26-6 oilfield development project (Phase I), with a peak production expected to reach 22,300 barrels per day in 2025, and a total lifecycle carbon dioxide storage of approximately 1.5 million tons [3][7] - The Brazil Buzios 7 project has safely commenced production, achieving an oil production capacity of 225,000 barrels per day, with the company holding a 7.34% stake [4][8] - OPEC+ is considering further postponing oil production increases, which may help maintain oil prices in a mid-to-high range [5][9] Summary by Sections Bohai Zhong 26-6 Oilfield Development - The Bohai Zhong 26-6 oilfield is located in the central Bohai Sea and is the largest metamorphic rock potential mountain oilfield globally, with proven oil and gas geological reserves exceeding 200 million cubic meters. The project took only three years from discovery to production due to standardized engineering practices [3][7] - The project includes the construction of a central processing platform and an unmanned wellhead platform, with plans to produce 33 development wells, including 22 production wells and 10 gas injection wells [3][7] Brazil Buzios 7 Project - The Buzios oilfield is situated in the Santos Basin off the southeastern coast of Brazil and is the world's largest deep-water salt oilfield. The oilfield's production is expected to reach 1 million barrels per day by the second half of 2025 [4][8] - The Buzios 7 project employs a floating production storage and offloading (FPSO) system and includes 15 development wells [4][8] OPEC+ Production Decisions - OPEC+ has decided to extend its voluntary production cut of 2.2 million barrels per day for an additional three months until the end of March 2025, with gradual restoration planned thereafter [5][9] - Recent reports indicate that OPEC+ may delay its planned production increase in April, which could support oil prices [5][9] Financial Forecasts - The company forecasts net profits for 2024, 2025, and 2026 to be 149.8 billion, 156.4 billion, and 163.3 billion yuan respectively, with corresponding EPS of 3.15, 3.29, and 3.43 yuan [6][14] - The projected A-share PE ratios for the same years are 8.4, 8.1, and 7.7, while the H-share PE ratios are 5.4, 5.2, and 4.9 [6][14]