Market Overview - On November 18, the Hang Seng Index fell by 1.72%, with southbound trading totaling HKD 983.54 billion, comprising HKD 529.10 billion in buying and HKD 454.44 billion in selling, resulting in a net buying amount of HKD 74.66 billion [2][3]. Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a total trading amount of HKD 366.04 billion, with net buying of HKD 47.21 billion, while the trading through Stock Connect (Shanghai) totaled HKD 617.50 billion, with net buying of HKD 27.45 billion [2][3]. Active Stocks - Alibaba-W was the most actively traded stock with a total trading amount of HKD 92.79 billion and a net buying amount of HKD 32.97 billion, despite a closing price drop of 0.19% [2][3]. - Other notable stocks included Tencent Holdings with a trading amount of HKD 58.48 billion and a net selling of HKD 1.91 billion, and Xiaomi Group-W with a trading amount of HKD 45.92 billion and a net buying of HKD 8.54 billion [2][3]. Continuous Net Buying - Three stocks experienced continuous net buying for more than three days, with Xiaomi Group-W leading at 15 days, followed by Alibaba-W and Huahong Semiconductor at 4 days each. The total net buying amounts were HKD 106.60 billion for Xiaomi Group-W and HKD 89.99 billion for Alibaba-W [3][4].

Core Insights - On November 18, 2025, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 5.863 billion, 3.912 billion, and 3.075 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also ranked as the top three, with trading amounts of 3.416 billion, 1.935 billion, and 1.640 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 5.863 billion with a net buying amount of +1.678 billion [2] - Tencent Holdings (00700) recorded a trading amount of 3.912 billion with a net selling amount of -0.831 billion [2] - Xiaomi Group-W (01810) achieved a trading amount of 3.075 billion with a net buying amount of +0.633 billion [2] - SMIC (00981) had a trading amount of 2.588 billion with a net selling amount of -0.128 billion [2] - Other notable companies included Huahong Semiconductor (01347) with a trading amount of 2.252 billion and a net buying amount of +29.105 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 3.416 billion with a net buying amount of +1.618 billion [2] - Tencent Holdings (00700) recorded a trading amount of 1.935 billion with a net buying amount of +0.639 billion [2] - SMIC (00981) achieved a trading amount of 1.640 billion with a net buying amount of +0.502 billion [2] - Xiaomi Group-W (01810) had a trading amount of 1.518 billion with a net buying amount of +0.220 billion [2] - Other significant companies included Huahong Semiconductor (01347) with a trading amount of 1.361 billion and a net buying amount of +0.338 billion [2]

Core Insights - The Hong Kong stock market saw a net inflow of 74.66 billion HKD from northbound trading, with 27.45 billion HKD from the Shanghai Stock Connect and 47.21 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - Alibaba-W (09988) received a net inflow of 32.96 billion HKD, driven by the launch of its Qianwen App and strategic collaboration with the Quark App [6] - Xpeng Motors-W (09868) had a net inflow of 8.53 billion HKD, with a narrowed third-quarter loss of 381 million HKD and projected revenue growth of 33.5% to 42.8% for Q4 [6] - Xiaomi Group-W (01810) attracted a net inflow of 8.53 billion HKD, reporting a third-quarter revenue of 113.12 billion CNY, a 22.3% year-on-year increase [7] - China Hongqiao (01378) saw a net inflow of 8.32 billion HKD, planning to place 400 million shares to raise approximately 11.49 billion HKD [7] - Semiconductor companies SMIC (00981) and Hua Hong Semiconductor (01347) received net inflows of 5.15 billion HKD and 3.74 billion HKD, respectively, with SMIC expecting annual sales to exceed 9 billion USD [7] Group 2: Net Outflows - CNOOC (00883) experienced a net outflow of 3.65 billion HKD, influenced by the International Energy Agency's forecast of a global oil surplus exceeding 4 million barrels per day next year [8] - Tencent (00700) faced a net outflow of 1.91 billion HKD, reflecting market sentiment amid broader industry trends [8]

Core Viewpoint - The establishment of the "Yangtze River Delta Offshore CCUS Industry Alliance" aims to promote carbon capture, utilization, and storage (CCUS) technology as a strategic approach to achieving carbon peak and carbon neutrality goals while ensuring national energy security [1] Group 1: Alliance Formation - The alliance is initiated by CNOOC (China National Offshore Oil Corporation) in collaboration with over 30 entities, including China Baowu Steel Group, COSCO Shipping, Zhejiang Energy Group, and several universities [1] - The alliance will create a collaborative innovation system guided by the government, led by enterprises, and supported by academic institutions [1] Group 2: Focus Areas - Key activities will include information sharing, technology exchange, talent cultivation, policy research, standard formulation, project demonstration, and industry development [1] - The alliance will focus on critical core technologies and promote the construction of demonstration projects for commercial and large-scale applications [1] Group 3: Regional Impact - The establishment of the alliance is seen as a catalyst for Shanghai to implement the national "dual carbon" strategy, enhancing technological innovation and industrial collaboration [1] - The initiative aims to inject new momentum into the green and low-carbon development of the Yangtze River Delta region [1]

Group 1 - The core viewpoint of the article indicates that CNOOC's stock price has dropped over 4%, reflecting broader concerns in the oil market due to an oversupply forecast by the International Energy Agency (IEA) [1] - The IEA has raised its forecast for global oil surplus in the coming year, predicting a daily excess of over 4 million barrels, highlighting an increasing imbalance in the oil supply-demand equation [1] - Despite a slight upward adjustment in global oil demand growth predictions for this year and next, the IEA still expects the average daily increase to be less than 800,000 barrels, which is significantly lower than historical trends [1] Group 2 - CNOOC's performance in the first three quarters shows a revenue of 312.503 billion yuan, a year-on-year decrease of 4.15%, attributed to lower oil prices impacting revenue [1] - Dongxing Securities noted that while oil and gas production continues to grow, the revenue decline is less than the drop in oil prices, indicating the company's resilience [1] - The average spot price of Brent crude for the first three quarters of 2025 was $69.914 per barrel, a year-on-year decrease of 14.6%, while the main cost per barrel of oil equivalent was $27.35, down 2.8% year-on-year [1]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) shares fell over 4% in the afternoon trading session, indicating a significant decline in investor confidence [1] Group 1 - CNOOC's stock price decreased by 3.91%, reaching HKD 21.62 per share [1] - The trading volume for CNOOC amounted to HKD 2.18 billion [1]

智通财经APP获悉，中国海油(00883)午后跌超4%，截至发稿，跌3.91%，报21.62港元，成交额21.8亿港 元。 中海油前三季度业绩显示，营业收入3125.03亿元，同比降低4.15%。东兴证券指出，油价走低影响公司 营收，油气产量延续增长趋势，营业收入同比降幅小于油价降幅，凸显公司韧性。2025前三季度，布油 现货均价为69.914美元/桶，同比下降14.6%；桶油主要成本27.35美元/桶油当量，同比减少2.8%。 消息面上，国际能源署近期上调了对明年全球原油过剩的预测，预计全球石油供应将超过需求，每天过 剩逾400万桶。该机构表示，全球石油市场的供需平衡正变得越来越失衡，全球石油供应不断增加，而 石油需求的增长则仍然低于历史水平。IEA略微上调了今年和明年全球石油需求增长的预测，但仍预计 日均增速不到80万桶，远低于过去几十年的趋势。 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.14%, COSCO Shipping Energy (01138) at 69.18%, and GCL-Poly Energy (01330) at 69.09% [1][2] - Xiaomi Group-W (01810), Pop Mart (09992), and Industrial and Commercial Bank of China (01398) saw the largest increases in holding amounts over the last five trading days, with increases of +34.20 billion, +12.67 billion, and +11.24 billion respectively [1][2] - The largest decreases in holding amounts were observed in the Tracker Fund of Hong Kong (02800) at -58.33 billion, Alibaba Group-W (09988) at -40.89 billion, and Hang Seng China Enterprises Index (02828) at -18.98 billion [1][3] Group 1: Top Holding Ratios - China Telecom (00728) has a holding ratio of 72.14% with 10.013 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 69.18% with 0.897 billion shares [2] - GCL-Poly Energy (01330) has a holding ratio of 69.09% with 0.279 billion shares [2] Group 2: Recent Increases in Holdings - Xiaomi Group-W (01810) increased by +34.20 billion with a change of +81.51 million shares [2] - Pop Mart (09992) increased by +12.67 billion with a change of +5.83 million shares [2] - Industrial and Commercial Bank of China (01398) increased by +11.24 billion with a change of +172.61 million shares [2] Group 3: Recent Decreases in Holdings - Tracker Fund of Hong Kong (02800) decreased by -58.33 billion with a change of -219.93 million shares [3] - Alibaba Group-W (09988) decreased by -40.89 billion with a change of -26.39 million shares [3] - Hang Seng China Enterprises Index (02828) decreased by -18.98 billion with a change of -19.89 million shares [3]

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant discrepancies in market valuations between H-shares and A-shares for various companies [1][2][3]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 815.25%, followed by Hongye Futures (03678) at 277.62% and Sinopec Oilfield Service (01033) at 276.83% [1][2]. - The premium rates for the top three companies indicate a strong market preference for their H-shares compared to A-shares [2]. Group 2: Bottom AH Share Premium Rates - Contemporary Amperex Technology (03750) has the lowest premium rate at -7.20%, with China Merchants Bank (03968) at -0.80% and Heng Rui Medicine (01276) at 4.11% [1][3]. - The negative premium for Contemporary Amperex Technology suggests a potential undervaluation of its H-shares relative to A-shares [3]. Group 3: Premium Deviation Values - Zhongwei New Materials (02579) has the highest deviation value at 77.12%, indicating a significant difference from its historical average premium rate [1][4]. - The lowest deviation values are seen in Northeast Electric (00042) at -22.71%, suggesting a consistent underperformance compared to its historical premium [1][5].

Core Viewpoint - The article pays tribute to Qin Wencai, the former general manager of China National Offshore Oil Corporation (CNOOC), highlighting his significant contributions to the development of China's offshore oil industry over his 35-year career in the oil sector [1][19]. Group 1: Early Life and Military Service - Qin Wencai was born in February 1925 and joined the Communist Party at the age of 16, participating in the Anti-Japanese War and the Liberation War [2][3]. - He self-taught Japanese to aid in the war effort and quickly became an exemplary Communist Party member [2]. Group 2: Contributions to Oil Industry - From 1952, Qin Wencai worked in the oil industry, transitioning from military service to becoming a key figure in China's oil exploration and production [11][12]. - Under his leadership, the oil production in China increased significantly, with national crude oil output surpassing 1 million tons by the late 1970s [14]. Group 3: Establishment of CNOOC - CNOOC was established in February 1982, with Qin Wencai as its first general manager, marking the beginning of China's offshore oil exploration and international cooperation [21][25]. - By 1986, CNOOC had signed 33 oil contracts with foreign companies, significantly increasing its operational capacity and foreign investment [25]. Group 4: Technological Advancements - Qin Wencai emphasized technological innovation, leading to the development of various drilling techniques and the establishment of a marine oil research center [24]. - By 1985, CNOOC had mastered 70 foreign technologies and initiated multiple projects to enhance its technological capabilities [24]. Group 5: Economic Impact - By the end of 1986, CNOOC's crude oil production had risen from 90,000 tons in 1982 to nearly 380,000 tons, with total assets increasing from 2.8 billion yuan to 5.3 billion yuan [25]. - The company contributed significantly to the national economy, with foreign companies paying approximately $100 million in taxes and CNOOC itself contributing nearly 50 million yuan in taxes by 1986 [25].