Core Viewpoint - The "14th Five-Year Plan" marks a significant period for China's energy transition, with China National Offshore Oil Corporation (CNOOC) playing a crucial role in ensuring national energy security and advancing towards deep-sea exploration and green transformation [1] Production Growth - CNOOC has achieved a remarkable increase in oil and gas production, with a projected cumulative production of over 40 million tons of oil equivalent from the Bohai Oilfield by 2025, setting a historical record [1] - The company has implemented key technologies such as precise water injection and stable oil control, effectively managing the natural decline rate of mature oil fields, leading to a 33% increase in domestic crude oil production during the "14th Five-Year Plan" [4][5] - In the South China Sea, CNOOC's East South Sea Oilfield has consistently produced over 20 million tons annually, with significant developments in the "Deep Sea No. 1" gas field, increasing peak annual production from 3 billion cubic meters to 4.5 billion cubic meters [5] Exploration Breakthroughs - CNOOC has made substantial progress in oil and gas exploration, with a 27% increase in proven oil reserves and a 75% increase in natural gas reserves compared to the "13th Five-Year Plan" [7] - The company has successfully discovered major oil fields in complex geological structures, including the Bohai Sea and deep-water areas, enhancing its exploration capabilities and contributing to global competitiveness [8][10] Technological Independence - CNOOC has achieved significant advancements in deep-water oil and gas exploration technology, becoming the third country globally capable of independent deep-water resource development [11] - The company has developed the world's first 100,000-ton deep-water semi-submersible production and storage platform, showcasing its technological innovations and contributing to the domestic marine engineering equipment industry [12][13] Regional Empowerment - CNOOC has aligned its investments with national strategies, focusing on key regions such as the Beijing-Tianjin-Hebei area and the Guangdong-Hong Kong-Macao Greater Bay Area, with a 48% increase in total investment for energy layout [16] - The company has played a vital role in ensuring energy supply in various regions, with significant contributions to local economies and the establishment of a collaborative development model between energy and industry [17][18] Green Transformation - CNOOC is committed to green projects, enhancing the clean energy ratio in the Guangdong-Hong Kong-Macao Greater Bay Area and implementing carbon capture and utilization projects [18] - The company has made strides in sustainable energy practices, including the establishment of the first coastal LNG refueling station in Hainan and the production of green methanol from urban waste [18] Future Outlook - Looking ahead, CNOOC aims to continue its focus on technological innovation, green development, and regional collaboration, contributing to national energy security and the transition to a modern energy system [19]

Core Viewpoint - The "14th Five-Year Plan" marks a significant period for China's energy transition, with China National Offshore Oil Corporation (CNOOC) playing a crucial role in ensuring national energy security through technological innovation, regional collaboration, and green transformation [1][20]. Production Growth - CNOOC has achieved a remarkable increase in oil and gas production, with a projected cumulative output of over 40 million tons of oil equivalent from the Bohai Oilfield by 2025, setting a historical record [1][11]. - During the "14th Five-Year Plan," CNOOC's domestic crude oil production increased by 33%, while natural gas production surged by 73%, significantly contributing to national energy security [5][20]. - The company has implemented key technologies to stabilize production in aging oil fields and accelerate the development of new fields, resulting in a 12% improvement in construction efficiency and a 43.2% conversion rate for new production capacity [4][5]. Exploration Breakthroughs - CNOOC has made significant strides in oil and gas exploration, with a 27% increase in proven oil reserves and a 75% increase in natural gas reserves compared to the "13th Five-Year Plan" [8][9]. - The company has successfully discovered major oil fields in complex geological structures, including the Bohai Sea and deep-water areas, enhancing its exploration capabilities and competitiveness [8][9]. - Notable discoveries include the Kaiping South Oilfield and the Hainan deep-water gas field, which have positioned CNOOC as a leader in deep-water exploration [9][11]. Technological Independence - CNOOC has achieved significant advancements in deep-water oil and gas exploration technologies, becoming the third country globally to possess independent development capabilities in this area [12][13]. - The company has developed the world's first 100,000-ton deep-water semi-submersible production and storage platform, showcasing its technological prowess [13][14]. - CNOOC's innovations in LNG storage technology have led to the construction of 18 large-scale LNG tanks, dominating the global market [14]. Regional Empowerment - CNOOC has aligned its investments with national strategies, focusing on key regions such as the Beijing-Tianjin-Hebei area and the Guangdong-Hong Kong-Macau Greater Bay Area, with a 48% increase in total investment for energy projects [17][18]. - The company has played a vital role in ensuring energy supply stability in these regions, contributing to local economic development and industrial upgrades [17][19]. - CNOOC's green projects, such as carbon capture and utilization initiatives, have enhanced the clean energy share in regional energy structures [19]. Future Outlook - Looking ahead, CNOOC aims to continue its commitment to technological innovation, green development, and regional collaboration, contributing to national energy security and the transition to a modern energy system [20].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced that the cumulative production of oil and gas equivalent from the offshore gas field group around Hainan Island will exceed 10 million tons by 2025, marking a historic high and doubling the output compared to the end of the 13th Five-Year Plan, which is significant for national energy security and the high-quality construction of Hainan Free Trade Port [2] Group 1 - CNOOC has implemented a "Seven-Year Action Plan" for domestic oil and gas reserve increase and production since the 14th Five-Year Plan, focusing on resource assessment in three major oil and gas structures: Yinggehai Basin, Qiongdongnan Basin, and Zhujiangkou Basin [2] - The company has intensified oil and gas exploration and development efforts, accelerating the construction of marine energy infrastructure, and has established the largest offshore natural gas production cluster in China, consisting of 19 offshore platforms, 3 land terminals, and several underwater production facilities [2] Group 2 - The production management team at CNOOC's Hainan branch is focused on maintaining high and stable production from existing gas fields while ensuring the orderly development of new projects, employing various lean management measures [3] - The company is enhancing the recovery rate of existing offshore gas fields through practices like "pressure reduction production" and is committed to the successful commissioning of key projects such as the second phase of the "Deep Sea No. 1" [3] - CNOOC has established a marine natural gas production, supply, and sales network that extends to the South China coastal region, utilizing a 24-hour scheduling mechanism and big data analysis for supply-demand management, achieving a near "full production and full sales" model for offshore natural gas [3]

Core Insights - CNOOC announced that the cumulative production of oil and gas equivalent from the offshore gas field cluster around Hainan Island will exceed 10 million tons by 2025, marking a historical high and doubling the production compared to the end of the 13th Five-Year Plan [2] Group 1 - The production milestone of over 10 million tons is expected to be achieved by 2025 [2] - This production level represents a significant increase, effectively doubling the output from the end of the previous five-year plan [2]

新华社发（中国海油供图） 中国海油12月30日宣布，环海南岛海上气田群2025年累计生产油气当量突破1000万吨，创历史新 高，较"十三五"末实现产量翻番。 图为"深海一号"二期深水气井放喷测试瞬间（资料照片）。 ...

图为"深海一号"二期深水气井放喷测试瞬间（资料照片）。中国海油12月30日宣布，环海南岛海上气田 群2025年累计生产油气当量突破1000万吨，创历史新高，较"十三五"末实现产量翻番。新华社发（中国 海油供图） ...

Market Overview - On December 30, the Hang Seng Index rose by 0.86%, closing at 25,854.60 points, while southbound funds through the Stock Connect recorded a net sell of HKD 3.845 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 92.3 billion, with a net sell of HKD 3.845 billion [1][3] Trading Activity - In the Shanghai Stock Connect, the trading volume was HKD 59.138 billion with a net sell of HKD 1.327 billion, while in the Shenzhen Stock Connect, the trading volume was HKD 33.161 billion with a net sell of HKD 2.518 billion [1][3] Active Stocks - The most actively traded stock in the Shanghai Stock Connect was SMIC, with a trading volume of HKD 35.17 billion, followed by Alibaba-W and Tencent Holdings with trading volumes of HKD 30.32 billion and HKD 22.02 billion, respectively [1][2] - In terms of net buying, Industrial and Commercial Bank of China had the highest net buy amount of HKD 357 million, with its stock price increasing by 0.64% [1][2] - The stock with the highest net sell was the Tracker Fund of Hong Kong, with a net sell of HKD 1.612 billion, while its stock price rose by 0.93% [1][2] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, SMIC led with a trading volume of HKD 25.32 billion, followed by Alibaba-W and Tencent Holdings with HKD 23.47 billion and HKD 16.79 billion, respectively [2] - The highest net buy was also for SMIC, with a net buy of HKD 410 million, and its stock price increased by 4.24% [2] - Alibaba-W recorded the highest net sell in this segment, amounting to HKD 798 million, while its stock price rose by 0.84% [2]

Group 1 - The Hang Seng Index rose by 0.86% on December 30, with a total turnover of southbound funds amounting to HKD 923.00 billion, including buy transactions of HKD 442.28 billion and sell transactions of HKD 480.72 billion, resulting in a net sell of HKD 38.45 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total turnover of HKD 331.61 billion, with buy transactions of HKD 153.22 billion and sell transactions of HKD 178.40 billion, leading to a net sell of HKD 25.18 billion [1] - The southbound trading through Stock Connect (Shanghai) recorded a total turnover of HKD 591.38 billion, with buy transactions of HKD 289.06 billion and sell transactions of HKD 302.33 billion, resulting in a net sell of HKD 13.27 billion [1] Group 2 - Among the actively traded stocks, SMIC had the highest turnover with a total of HKD 60.49 billion and a net buy of HKD 7.59 billion, closing with a price increase of 4.24% [1][2] - CNOOC had a total turnover of HKD 21.87 billion with a net buy of HKD 4.61 billion, while ICBC recorded a net buy of HKD 3.57 billion [2] - Tencent Holdings had a total turnover of HKD 38.81 billion with a net sell of HKD 12.79 billion, and Alibaba-W had a turnover of HKD 53.79 billion with a net sell of HKD 4.93 billion [2] Group 3 - The stock with the longest consecutive net buy from southbound funds was Huahong Semiconductor, with a total net buy of HKD 5.45 billion over three days [2] - The stocks with the highest consecutive net sell included China Mobile, Tencent Holdings, and Alibaba-W, with total net sells of HKD 96.46 billion, HKD 32.97 billion, and HKD 18.05 billion respectively [2]

Core Insights - The Nanhai Eastern Oilfield has maintained an annual oil and gas production exceeding 20 million tons for four consecutive years, contributing over 100 million tons during the 14th Five-Year Plan period [1][2] Group 1: Production Achievements - The oilfield's production surpassed 20 million tons of oil equivalent in 2025, marking a significant milestone since it first achieved this level in 2022 [1] - The oilfield has transitioned from an initial production of several hundred thousand tons to a stable output of over 20 million tons, significantly altering the energy landscape in southern China [1] Group 2: Operational Strategies - In 2025, the oilfield overcame challenges such as ten typhoons, optimizing operational efforts and maximizing production during peak periods [1] - The oilfield implemented a "few wells, high efficiency" exploration strategy, drilling nearly 50 wells and adding over 100 million tons of proven reserves [2] Group 3: Technological Innovations - The oilfield achieved breakthroughs in deep-water exploration and water control, with innovative theories leading to significant discoveries in deep-water oil and gas [2] - The first offshore CCUS project in China was successfully implemented, enhancing the recovery rate at the Liuhua 11-1 oilfield [2] Group 4: Economic Contributions - The oilfield is a key economic driver, ranking among the top three in industrial added value in Shenzhen during the 14th Five-Year Plan, and is projected to be the leading industrial enterprise in Nanshan District in 2024 [2] - The natural gas produced is processed and distributed to cover a large part of the Guangdong-Hong Kong-Macao Greater Bay Area, supplying nearly 5.8 billion cubic meters of clean natural gas annually [2]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced that its Hainan offshore gas field group will exceed a cumulative production of 10 million tons of oil and gas equivalent by 2025, marking a historical high and doubling production compared to the end of the 13th Five-Year Plan, which is significant for national energy security and supporting the high-quality construction goals of Hainan Free Trade Port [1][3]. Group 1 - The history of exploring and utilizing marine oil and gas resources in Hainan dates back to the 1950s and 1960s, with early efforts including the construction of simple platforms for offshore drilling, paving a new path for China's energy and chemical industry [3]. - Since the 14th Five-Year Plan, CNOOC has focused on increasing domestic oil and gas reserves and production through a "seven-year action plan," analyzing resource conditions in three major oil and gas structures in Hainan and enhancing exploration and development efforts [3][5]. - CNOOC has established the largest offshore natural gas production cluster in China, consisting of 19 offshore platforms, three land terminals, and several underwater production facilities in various Hainan sea areas [3]. Group 2 - The company aims to maintain high and stable production in existing gas fields while ensuring the orderly development of new projects to enhance overall production capacity [5]. - CNOOC's production management team has implemented various lean management measures, including deepening the potential of existing gas fields and ensuring the smooth production of key projects like "Deep Sea No. 1" [5]. - The company has set a production target of 10 million tons for early 2025, coordinating optimal resources and mobilizing over 10,000 industry workers in Hainan to ensure high operational efficiency of oil and gas wells and offshore platforms [5][6]. Group 3 - To achieve significant production increases, CNOOC has established a marine natural gas supply and sales network that covers the South China coastal region, utilizing a 24-hour scheduling mechanism and big data analysis for supply-demand management [6]. - CNOOC has built a complete industrial chain in Hainan, encompassing upstream exploration and development, downstream chemical power generation, and oil service engineering, while also establishing research facilities to foster a modern marine energy industry system [6]. - The company plans to leverage the advantages of the Hainan marine oil and gas industry cluster to create a new pattern of resource development and utilization, aiming to become the largest offshore clean energy supply base in China [6].