Market Overview - On June 12, the Hang Seng Index fell by 1.36%, closing at 24,035.38 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 5.585 billion [1] - The total trading volume for the Stock Connect on June 12 was HKD 129.736 billion, with a net purchase of HKD 5.585 billion [1] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 82.940 billion, with a net purchase of HKD 3.851 billion; in the Shenzhen Stock Connect, the trading volume was HKD 46.796 billion, with a net purchase of HKD 1.733 billion [1] - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 4.189 billion, followed by Pop Mart and Xiaomi Group-W, with trading volumes of HKD 4.061 billion and HKD 3.929 billion, respectively [1] - In terms of net buying, Xpeng Motors-W led with a net purchase of HKD 594 million, despite its closing price dropping by 6.66% [1] - Alibaba-W had the highest net selling amount at HKD 1.180 billion, with a closing price decrease of 3.21% [1] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Pop Mart had the highest trading volume at HKD 226.324 million, followed by Xiaomi Group-W and Alibaba-W with trading volumes of HKD 192.103 million and HKD 178.887 million, respectively [2] - The stock with the highest net purchase was Innovent Biologics, with a net purchase of HKD 437 million, and it closed up by 1.00% [2] - Kuaishou-W had the highest net selling amount at HKD 750 million, with a closing price drop of 5.87% [2]

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 41.89 亿元 | -11.80 亿元 | | 泡泡玛特(09992) | 40.61 亿元 | -5804.06 万元 | | 小米集团-W(01810) | 39.29 亿元 | +1.53 亿元 | | 建设银行(00939) | 20.81 亿元 | +3.98 亿元 | | 美团-W(03690) | 20.70 亿元 | -2.96 亿元 | | 快手-W(01024) | 16.87 亿元 | -6675.04 万元 | | 腾讯控股(00700) | 16.32 亿元 | -1.39 亿元 | | 小鹏汽车-W(09868) | 16.00 亿元 | +5.94 亿元 | | 中国银行(03988) | 15.35 亿元 | +1.39 亿元 | | 中国海洋石油(00883) | 15.25 亿元 | -3.91 亿元 | 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 泡泡玛特(09992) | ...

Industry Overview - Recent surge in oil prices with Brent crude surpassing $70 for the first time in over two months [1] - Increased geopolitical tensions in the Middle East, particularly following the reduction of the U.S. diplomatic presence in Iraq [1] - China is projected to invest $168 billion in foreign energy projects from 2020 to 2024, with $50.28 billion allocated to six Middle Eastern countries [1] - Major oil and gas projects in these countries amount to $29.15 billion, showing a year-on-year growth trend [1] - The Middle East oil service market is valued at over $100 billion, with the oil service equipment market at least $10 billion [1] - Chinese oil service equipment companies are in the early stages of market penetration in the Middle East, indicating high growth potential with low market share [1] Company Insights - Jerry Holdings is recognized as a leading domestic private oil service equipment provider, excelling in completion equipment globally [2] - Potential Energy is identified as a leading third-party private oil and gas exploration and production company in China [2]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 13.76 billion HKD on June 11, 2023, indicating strong investor interest in certain stocks while others faced substantial sell-offs [1]. Group 1: Northbound Trading Activity - Northbound trading saw a net buy of 3 billion HKD through the Shanghai Stock Connect and 10.77 billion HKD through the Shenzhen Stock Connect [1]. - The most bought stocks included China Construction Bank (00939), Meituan-W (03690), and Innovent Biologics (01801) [1]. - The most sold stocks were Xiaomi Group-W (01810), Tencent (00700), and Alibaba-W (09988) [1]. Group 2: Stock-Specific Insights - Xiaomi Group-W had a net sell of 9.30 billion HKD, with total buy and sell amounts of 13.67 billion HKD and 22.97 billion HKD respectively [2]. - Tencent faced a net sell of 8.65 billion HKD, with total transactions amounting to 19.75 billion HKD [2]. - Alibaba-W experienced a net sell of 6.71 billion HKD, with total transactions of 17.53 billion HKD [2]. Group 3: Sector Analysis - The banking sector showed mixed results, with China Construction Bank receiving a net buy of 7.06 billion HKD, while China Bank faced a net sell of 3.1 billion HKD [4]. - Analysts suggest that declining deposit rates may drive funds into the stock market, supporting a potential recovery in bank valuations [4]. - The innovation drug sector showed varied performance, with Innovent Biologics and 3SBio receiving net buys, while CSPC Pharmaceutical Group faced a net sell [5]. Group 4: Company Developments - Meituan-W received a net buy of 3.69 billion HKD, bolstered by the launch of its AI Coding Agent product, which allows users to create websites and software tools without coding experience [5]. - China National Offshore Oil Corporation (00883) saw a net buy of 1.6 billion HKD, with positive outlooks on its operational performance and capital expenditure plans [6]. - Bilibili-W (09626) received a net buy of 416 million HKD, supported by new measures to promote the gaming industry [6]. Group 5: Market Sentiment - Tencent and Alibaba's significant net sells were attributed to concerns over capital expenditures and cloud revenue growth falling short of expectations, impacting market confidence in the AI sector [7]. - Xiaomi's net sell was linked to its commitment to enhancing the automotive supply chain in response to national directives [7].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) shows a strong bullish trend with stock price steadily approaching resistance levels, reflecting increased market confidence [1][10]. Technical Analysis - CNOOC's stock closed at HKD 18.52, up 1.31%, continuing a stable upward trend, with the price recovering above all major moving averages [1]. - The stock has formed a bullish pattern, with a strong buy signal indicated by various technical indicators, including MACD and ADX [1][10]. - The RSI is at 69, nearing overbought territory, but not yet in extreme conditions, suggesting a healthy upward trend [3]. - The stock's volatility is manageable, with a 5-day amplitude of 3.6%, indicating no significant speculative activity [1]. Market Activity - Trading volume reached HKD 1.128 billion, indicating active market participation supporting the price increase [1]. - CNOOC's related derivatives have outperformed the stock, with notable gains in structured products like the Societe Generale bull certificate and HSBC call warrants [1][6]. Derivative Products - CNOOC's derivatives offer diverse investment options, with UBS and HSBC call warrants providing approximately 10x leverage, making them attractive for bullish strategies [6]. - The Societe Generale bull certificate leads with 7x leverage, offering an efficient tool for bullish investors [6]. Summary - CNOOC exhibits a clear bullish trend supported by healthy trading volume and positive indicator resonance, although caution is advised due to potential overbought signals and divergence risks [10].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has launched an "Artificial Intelligence+" initiative aimed at integrating AI technology into the entire marine energy industry chain, with a goal to develop over 10 high-quality datasets and establish more than 8 AI benchmark scenarios by 2027 [1][3] Group 1: Action Plan and Objectives - The action plan emphasizes four main areas: "Scenario Navigation," "Data Pulse," "Platform Foundation," and "Talent Introduction" to drive the integration of AI technology [1] - CNOOC aims to create over 10 high-quality marine oil and gas datasets and develop more than 3 professional-grade models by 2027 [1] Group 2: Technology and Product Launches - CNOOC introduced five products that leverage AI, big data, and industrial IoT technologies, including the integrated business management system (BMS) and the asset management system (EAM) [2] - The BMS focuses on core business indicators for exploration and development, ensuring data traceability across all business processes [2] - The EAM enhances asset management efficiency and reliability, promoting cost reduction and increased efficiency [2] - The "Xuanji Cloud" platform enables real-time monitoring and remote collaboration, achieving 100% coverage of domestic and international operations [2] - The "Tianshu Cloud" integrates six key processes in LNG resource management, facilitating data exchange and collaboration across various stakeholders [2] Group 3: Future Directions - CNOOC plans to continuously enhance its technological innovation and digital transformation capabilities, contributing to the establishment of a world-class demonstration enterprise in the marine energy sector [3]

毫无疑问，该油田投产有助于增厚中国海油的收益，对公司经营业绩产生积极贡献。 长江商报奔腾新闻记者注意到，近年来，中国海油每年资本开支超过千亿元规模，积极寻找大中型油气 田、项目接续建设，助力高效增储上产。以2024年为例，这一年，中国海油的资本开支为1327亿元，多 个重点项目提前投产，全年油气净产量达726.8百万桶油当量，同比增长7.2%。 长江商报奔腾新闻记者 杨蝶 中国海油（600938）（600938.SH、00883.HK）传出利好消息。 6月9日，中国海油宣布涠洲5-3油田开发项目已投产。据悉，该项目位于南海北部湾盆地，平均水深约 35米，主要生产设施包括1座自安装井口平台，并依托周边已有设施进行开发。计划投产开发井10口， 包括7口生产井、2口注水井和1口注气井。预计2026年将实现日产约1万桶油当量的高峰产量，油品性质 为中质原油。中国海油拥有该项目51%的权益，智慧石油投资有限公司拥有49%的权益。 整体经营业绩方面，中国海油在国际油价总体呈先涨后跌走势之下成功实现逆势增长。2024年，中国海 油实现营业收入4205亿元，同比增长0.94%；归母净利润1379亿元，同比增长11.38%。 ...

Core Insights - The collaboration between China Electric Power Group and CNOOC Guangdong Water Transport Clean Energy Co., Ltd. marks a significant milestone in Hong Kong's development as a hub for high-quality green marine fuel supply [1] - The operation involved the simultaneous loading of approximately 10,000 cubic meters of liquefied natural gas (LNG) onto the container ship Hanoi Express, representing the largest single LNG bunkering operation in Hong Kong to date [1] Group 1 - The LNG bunkering operation was completed within 24 hours during the cargo loading process, significantly reducing the turnaround time for vessels at the port and saving operational costs [1] - CNOOC Guangdong Water Transport Clean Energy Co., Ltd. aims to become a leading domestic and internationally recognized provider of clean marine energy services, having successfully completed 28 international bonded LNG bunkering operations since its establishment in 2021 [2] Group 2 - The LNG bunkering vessel, CNOOC's Ocean Oil 301, is the first domestically developed LNG transport and bunkering vessel in mainland China, with a capacity of 30,000 cubic meters of LNG and a bunkering rate of 1,650 cubic meters per hour [2]

Core Insights - Central state-owned enterprises (SOEs) are accelerating their entry into the AI sector amid a global AI wave, driven by policy support, industrial upgrades, and technological changes [1] - A dual challenge exists for these enterprises: the need for speed in AI project deployment while ensuring safety and stability in critical sectors like energy and finance [1][3] - The AI investment landscape for central SOEs has evolved from cautious exploration to strategic scaling, with significant increases in funding and project deployment [2][4] Investment Trends - Initial phase (2015-2019): Central SOEs cautiously explored AI applications, with annual investments generally below 100 million RMB [2] - Scaling phase (2020-2023): Investments surged, with leading SOEs exceeding 1 billion RMB annually, and 90% of SOEs establishing their own AI platforms [2][3] - Current phase (2024 onwards): Policies encourage SOEs to increase AI R&D investment to at least 15%, with a notable rise in AI budget allocations across various sectors [3][4] Application Landscape - Central SOEs are becoming key players in the AI market, with 931 AI model procurement projects initiated in 2024, accounting for 61.3% of the total market [3][10] - Major sectors for AI application include telecommunications, energy, finance, and government, with significant contributions from leading SOEs like China Mobile and State Grid [10][11] - The AI application landscape is shifting from isolated projects to comprehensive, multi-scenario deployments across industries [10] Market Dynamics - The digital market for central SOEs is projected to reach approximately 593.1 billion RMB in 2024, with a compound annual growth rate of 10.7% expected until 2027 [4] - The number of AI model procurement projects increased dramatically from 92 projects worth 789 million RMB in 2023 to 1,520 projects worth 6.467 billion RMB in 2024 [11] - The introduction of models like DeepSeek has accelerated AI integration, with 45% of central SOEs deploying this model within a month of its launch [12][14] Challenges and Considerations - Rapid deployment of AI technologies has led to issues such as resource wastage and inadequate assessment of actual needs, resulting in underutilized computing resources [15] - The complexity of integrating general AI models with specific business requirements poses significant challenges for central SOEs [15][16] - Data security and privacy concerns are heightened, particularly in government-related projects, necessitating careful handling of sensitive information [16]

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