Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 21.48 billion HKD on December 1, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Northbound Trading Activity - Northbound trading saw a net buy of 29.13 billion HKD through the Shenzhen Stock Connect and a net sell of 7.65 billion HKD through the Shanghai Stock Connect [1]. - The most bought stocks included Alibaba-W (09988), ZTE Corporation (00763), and Meituan-W (03690) [1]. - The most sold stocks were SMIC (00981), CNOOC (00883), and China Pacific Insurance (02328) [1]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a net buy of 13.21 billion HKD, driven by the launch of Quark AI glasses and increased interest in Alibaba Cloud [4]. - ZTE Corporation (00763) saw a net buy of 6.06 billion HKD, with news of the Nubia M153 smartphone featuring the Doubao assistant technology [5]. - Meituan-W (03690) received a net buy of 5.94 billion HKD, reflecting positive market sentiment [6]. - Xiaomi Group-W (01810) had a net buy of 1 billion HKD, indicating stable investor confidence [6]. - CNOOC (00883) faced a net sell of 2.72 billion HKD, suggesting negative market sentiment [6]. - China Pacific Insurance (02328) experienced a net sell of 1.29 billion HKD amid rumors regarding its leadership [6]. - SMIC (00981) had a net sell of 3.02 billion HKD following the termination of an asset acquisition plan [6].

| 代码 | 名称 | 主力净流入 (元) | | | 主力净占比 游资净流入 (元) 游资净占比 散户净流入 (元) 散户净占比 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 600777 | *ST新潮 | -325.47万 | -8.72% | 37.52万 | 1.01% | 287.95万 | 7.72% | | 000968 蓝焰控股 | | -337.78万 | -4.72% | 443.07万 | 6.19% | -105.29万 | -1.47% | | 600759 洲际油气 | | -3131.61万 | -5.41% | 533.88万 | 0.92% | 2597.73万 | 4.49% | | 600938 中国海油 | | -1.09亿 | -7.45% | 7181.55万 | 4.90% | 3728.11万 | 2.55% | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日油气开采板块主力资金净流出1.47 ...

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11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12月1日 | | | I. 法定/註冊股本變動 不適用 | | | 第 1 頁 共 10 頁 v 1.1.1 FF301 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 ...

油气资源ETF（159309）标的指数成分股多数冲高，杰瑞股份涨停，喜提两连板！招商轮船涨超6%，中远海能涨超4%，中国海油涨超2%，中国石油、中国 石化等涨超1%，广汇能源、海油工程等跟涨。 【油气资源ETF（159309）标的指数前十大成分股】 12月1日，A股市场震荡上行，石油板块走势强劲，截至10:47，油气资源ETF（159309）放量涨2.28%，冲击三连阳！ | 序号 | 代码 | 名称 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | | 1 | 601857 | 中国石油 | 1.54% | 9.97% | | 2 | 600938 | 中国海油 | 2.48% | 9.13% | | 3 | 600028 | 中国石化 | 1.04% | 8.81% | | 4 | 002353 | 杰瑞股份 | 9.96% | 8.76% | | ਦ | 601872 | 招商轮船 | 6.36% | 7.24% | | 6 | 600256 | 广汇能源 | 0.80% | 5.75% | | 7 | 600026 | 中远海能 | 4.55% | 5.07 ...

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced significant net redemptions, indicating a trend of outflows from this fund in recent trading periods [1][2] Fund Performance - As of November 28, the latest scale of the Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) is 719 million yuan, down from 726 million yuan the previous day, reflecting a net outflow of 3.073 million yuan, which is 0.42% of the previous day's scale [1][2] - Over the past five days, the fund faced net redemptions totaling 5.1349 million yuan, ranking 40th out of 198 in the cross-border ETF net outflow list [1] - In the last ten days, net redemptions reached 8.2532 million yuan, ranking 34th out of 198 [1] - Over the past twenty days, the total net redemptions amounted to 34.5768 million yuan, ranking 22nd out of 198 [1] Fund Management and Holdings - The fund is managed by Liu Tingyu and Cai Leping, with Liu managing since July 23, 2025, achieving a return of 2.70%, while Cai has managed since November 5, 2025, with a return of -0.13% [2] - The fund's top holdings include China COSCO Shipping, China Nonferrous Metal Mining, China National Offshore Oil, and others, with the largest holding being China COSCO Shipping at 6.08% of the portfolio [2] Liquidity and Trading Activity - The cumulative trading amount over the last 20 trading days is 506 million yuan, with an average daily trading amount of 25.2772 million yuan [2] - The fund's current share count is 700 million [2] Comparison with Other ETFs - Other ETFs tracking the same index include Huaxia Central State-Owned Enterprises Dividend ETF (513910), Wanji Central State-Owned Enterprises Dividend ETF (159333), and Tianhong Central State-Owned Enterprises Dividend ETF (159281), with varying scales and recent net subscription figures [2]

Investment Rating - The industry investment rating is maintained at "Outperform the Market - A" [5] Core Views - The report highlights that sulfur prices and overseas refined oil crack spreads are expected to return to an upward trend, driven by geopolitical tensions affecting Russian refining capacity and subsequent supply constraints [2][3] - The report emphasizes the potential for improved refining profitability due to global refining capacity adjustments and the impact of rising carbon costs [3][19] - The report suggests that the demand for sulfur will increase significantly due to the growth in lithium iron phosphate production for electric vehicles, with a projected supply-demand gap in 2026 [10][19] Summary by Sections 1. Core Insights of the Week - Recent geopolitical events have led to a significant increase in overseas refined oil crack spreads, with the NYMEX 3:2:1 crack spread reaching $24.61 per barrel, a decrease of 6.2% from the previous week [2] - The sulfur price at Zhenjiang Port was reported at 3960 RMB/ton, reflecting a year-to-date increase of 153.85% [2] 2. Industry Performance - The basic chemical industry index increased by 3.0% over the week, outperforming the Shanghai Composite Index by 1.6 percentage points [23] - Year-to-date, the basic chemical industry index has risen by 27.6%, again outperforming the Shanghai Composite Index [23] 3. Individual Stock Performance - Among 424 stocks in the basic chemical sector, 343 stocks rose, with notable gainers including Xinjin Road (+41.0%) and Daoming Optics (+30.3%) [31] 4. Key News and Company Announcements - Huakang Co. announced the termination of its asset acquisition plan, while Jilin Carbon Valley appointed a new general manager [33]

2025 年 11 月 30 日 行业研究 地缘缓和预期下油价低位震荡，关注 OPEC+产量政策 ——石油化工行业周报第 430 期（20251124—20251130） 要点 地缘冲突缓和预期走强，本周油价低位震荡。本周俄乌和平谈判重启，地缘 冲突缓和预期驱动油价振荡加剧，但俄乌双方在核心问题的谈判尚未取得进 展，且 OPEC+增产幅度有望放缓，使得本周油价整体呈低位震荡态势。截至 11 月 28 日，布伦特、WTI 原油分别报收 62.32、58.48 美元/桶，较上周收盘 分别-0.3%、+0.9%。 俄乌谈判核心问题仍存分歧，地缘风险有望持续支撑油价。本周美国与乌克 兰代表在日内瓦举行谈判，美国宣布在达成和平协议方面取得巨大进展，使得 市场对俄乌实现和平预期走强，原油的地缘政治溢价下跌。但是，美乌谈判代 表未透露涉及俄乌重大分歧的具体解决方案，包括领土、乌克兰军队规模、乌 克兰加入北约等众多核心问题。截至本周五，谈判尚未取得任何成果。今年以 来美国数次试图调停俄乌冲突，但我们认为目前美、俄、乌、欧四方就俄乌冲 突的核心问题达成一致的可能性较低，俄乌冲突仍存长期化趋势。此外，委内 瑞拉局势紧张程度不断升 ...

Core Viewpoint - The oil and gas extraction sector experienced a decline of 0.31% on November 28, with China National Offshore Oil Corporation (CNOOC) leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] - The oil and gas extraction sector's individual stock performance showed varied results, with Intercontinental Oil & Gas (600759) rising by 3.89% to a closing price of 2.67, while CNOOC (600938) fell by 1.03% to 27.79 [1] Group 2: Capital Flow - The oil and gas extraction sector saw a net outflow of 116 million yuan from main funds, while retail investors contributed a net inflow of 2.51 million yuan [1] - Detailed capital flow for individual stocks indicated that Intercontinental Oil & Gas had a main fund net inflow of 15.54 million yuan, while CNOOC experienced a significant net outflow of 124 million yuan [2]

Group 1 - The adjusted date for the first extraordinary general meeting of shareholders in 2025 is December 16, 2025 [1] - The original date for the meeting was December 10, 2025, and the change is due to meeting coordination reasons [1] - The adjusted date complies with relevant regulations and the company's articles of association [1] Group 2 - The time for the adjusted on-site meeting is set for December 16, 2025, at 10:00 AM [1] - The online voting period is from December 16, 2025, to December 16, 2025, with specific voting times outlined [1] - The voting times through the trading system and internet platform are specified for the meeting day [1] Group 3 - The registration date for shareholders remains unchanged despite the adjustment of the meeting date [2] - The registration time for electronic, mail, or fax submissions is adjusted to before 10:00 AM on December 15, 2025 [3] - On-site registration will occur from 9:00 AM to 10:00 AM on December 16, 2025 [3]

Market Overview - The Hang Seng Index rose by 17.85 points, an increase of 0.07%, closing at 25,945.93 points with a total turnover of HKD 2,047.28 billion [1] - The National Enterprises Index increased by 2.5 points, closing at 9,164.87 points, a rise of 0.03% [1] - The Hang Seng Tech Index fell by 20.31 points, closing at 5,598.05 points, a decrease of 0.36% [1] Blue-Chip Stocks - Tencent Holdings decreased by 1.29%, closing at HKD 611.5 [1] - Hong Kong Exchanges and Clearing fell by 0.34%, closing at HKD 411.8 [1] - China Mobile dropped by 0.11%, closing at HKD 87.25 [1] - HSBC Holdings increased by 1.3%, closing at HKD 109 [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.2%, closing at HKD 40.04 [1] - Sun Hung Kai Properties rose by 0.97%, closing at HKD 99.2 [1] - Henderson Land Development fell by 0.47%, closing at HKD 29.74 [1] Chinese Financial Stocks - Bank of China decreased by 0.42%, closing at HKD 4.73 [1] - China Construction Bank rose by 0.24%, closing at HKD 8.23 [1] - Industrial and Commercial Bank of China fell by 0.15%, closing at HKD 6.49 [1] - Ping An Insurance decreased by 0.17%, closing at HKD 57.25 [1] - China Life Insurance increased by 2.17%, closing at HKD 27.32 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 1.13%, closing at HKD 4.47 [1] - China National Petroleum Corporation increased by 0.46%, closing at HKD 8.74 [1] - CNOOC Limited rose by 1.33%, closing at HKD 21.34 [1]