Core Viewpoint - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) has shown a slight decline in its closing price, with a notable increase in both share count and total assets year-to-date [1][2]. Fund Overview - The fund was established on August 14, 2024, with an annual management fee of 0.50% and a custody fee of 0.08% [1]. - As of June 25, 2024, the fund's share count was 119 million, with a total asset size of 151 million yuan, reflecting a 5.30% increase in shares and a 16.69% increase in assets since the beginning of the year [1]. Trading Activity - The ETF recorded a trading volume of 677 million yuan over the last 20 trading days, averaging 33.86 million yuan per day [1]. Fund Management - The current fund managers are Zhang Xiaonan and Gong Lili, with returns of 30.60% and 29.44% respectively since their management began [2]. Top Holdings - The ETF's major holdings include: - Orient Overseas International: 10.26% [3] - Seaspan Corporation: 5.70% [3] - Yanzhou Coal Mining Company: 3.95% [3] - Swire Properties B: 3.88% [3] - CNOOC: 3.78% [3] - China Hongqiao Group: 3.76% [3] - Minsheng Bank: 3.53% [3] - Yuehai Investment: 3.29% [3] - CITIC Bank: 3.28% [3] - Far East Horizon: 3.27% [3]

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) has fully launched the second phase of the "Deep Sea No. 1" gas field project in the South China Sea, marking the completion of the largest offshore gas field in China [1][2] Group 1: Project Overview - The "Deep Sea No. 1" gas field consists of two phases, with the first phase commencing production in June 2021 and proven natural gas geological reserves exceeding 150 billion cubic meters [1] - The project operates at a maximum water depth of over 1,500 meters and a maximum well depth exceeding 5,000 meters, making it the deepest and most challenging deep-water gas field developed independently in China [1] Group 2: Technical Challenges - The second phase of the project faces extreme geological conditions, with the highest formation temperature reaching 138 degrees Celsius and maximum pressure exceeding 69 MPa, which is 1,000 times the working pressure of a household pressure cooker [1] - The project manager highlighted the innovative development model combining underwater production systems, shallow water jacket platforms, and deep-water semi-submersible platforms with remote control systems [1] 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 exceeding 4.5 billion cubic meters [2] - 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 [2] - The facilities and technical systems established during the construction of the two phases are expected to facilitate the development of other complex deep-water oil and gas reserves in the Hainan sea area, enhancing the contribution of marine oil and gas to domestic energy supply [2]

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].

Core Viewpoint - On June 24, Zhejiang Shibao made its first appearance on the Hong Kong Stock Connect active trading list in a month, with a trading volume of 1.32 billion HKD and a net buying amount of 87 million HKD, resulting in a significant price increase of 30.72% on that day [1]. Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect on June 24 was 37.72 billion HKD, accounting for 31.11% of the total trading amount, with a net selling amount of 646 million HKD [1]. - The top three stocks by trading volume were Xiaomi Group-W (7.88 billion HKD), Meituan-W (5.61 billion HKD), and Alibaba-W (3.99 billion HKD) [1]. - The most frequently listed stocks in the past month were Alibaba-W and Meituan-W, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect investors [1]. Individual Stock Performance - Zhejiang Shibao's trading volume was 1.32 billion HKD, with a net buying amount of 87 million HKD, marking its first appearance on the active list in a month [1]. - Other notable stocks included Tencent Holdings (3.00 billion HKD, net selling of 945 million HKD), Xiaomi Group-W (7.88 billion HKD, net selling of 1.55 billion HKD), and Meituan-W (5.61 billion HKD, net buying of 785 million HKD) [1]. - The latest closing prices and daily percentage changes for key stocks were as follows: Tencent Holdings at 509.50 HKD (+1.09%), Xiaomi Group-W at 56.90 HKD (+3.74%), Meituan-W at 130.00 HKD (-1.07%), and Alibaba-W at 112.70 HKD (+1.71%) [1].

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]

Core Viewpoint - The "Deep Sea No. 1" Phase II project, China's first deep-water high-pressure gas field, has been fully put into production, marking a significant achievement in the country's energy sector [1] Group 1: Project Overview - "Deep Sea No. 1" gas field is the deepest and most challenging deep-water gas field developed independently in China, with a maximum operating water depth exceeding 1500 meters and a maximum formation temperature of 138 degrees Celsius [1] - The proven geological reserves of natural gas in the field exceed 150 billion cubic meters [1] - The project is developed in two phases, with Phase I launched in June 2021 and Phase II deploying 12 underwater gas wells across three well areas: south, north, and east [1] Group 2: Infrastructure Development - Phase II includes the construction of one jacket platform, one underwater production system, five subsea pipelines, and four deep-water umbilicals, creating a large-scale oil and gas production facility cluster with a geographical span of over 170 kilometers and a water depth span exceeding 1500 meters [1]