Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported strong financial performance for the first three quarters of 2025, achieving revenue of 312.5 billion yuan and a net profit of 101.97 billion yuan, despite a challenging international oil price environment [2][3] Group 1: Financial Performance - CNOOC's oil and gas net production reached 57.83 million barrels of oil equivalent, a year-on-year increase of 6.7%, with natural gas business growing by 11.6% [3] - The company achieved oil and gas sales revenue of 255.48 billion yuan, with net profit of 101.97 billion yuan, outperforming the decline in Brent oil prices, which fell by 14.56% [3][4] - The average cost per barrel was maintained at 27.35 USD, reflecting the company's competitive advantage in cost management [4] Group 2: Growth and Development Strategy - CNOOC made five new discoveries and successfully evaluated 22 oil and gas structures in the exploration sector during the first three quarters [5] - The company launched 14 new projects, including significant oil and gas field developments, ensuring a stable production capacity both domestically and internationally [6] - CNOOC is actively transitioning towards green and low-carbon energy, developing offshore wind power and advancing CCUS technology [6] Group 3: Investment Potential - CNOOC's long-term growth logic has gained recognition from the capital market, with multiple brokerages optimistic about its operational resilience and growth potential [7] - The company has set ambitious production targets for 2025-2027, aiming for net production between 76-83 million barrels of oil equivalent, indicating a robust growth trajectory [7] - CNOOC's competitive advantages include strong cash flow generation, a stable dividend policy, and a favorable valuation outlook due to state-owned enterprise reforms [8]

Core Viewpoint - CNOOC Limited reported steady growth in production and reserves for the first three quarters of 2025, demonstrating resilience in profitability despite a decline in Brent oil prices [2][5]. Production and Reserves - In the first three quarters of 2025, CNOOC Limited achieved a net production of 578.3 million barrels of oil equivalent (BOE), marking a 6.7% year-on-year increase, with natural gas production rising by 11.6% [3]. - Domestic net production increased by 8.6% year-on-year to 400.8 million BOE, primarily due to contributions from Shenhai-1 Phase II and Bozhong 19-2 oil and gas fields [3]. - Overseas net production rose by 2.6% year-on-year to 177.4 million BOE, driven by projects such as Mero 3 in Brazil [3]. - In the third quarter alone, net production reached 193.7 million BOE, representing a year-on-year increase of 7.9% [3]. Exploration and Development - The company made 5 new discoveries and successfully appraised 22 oil and gas-bearing structures, including the Kenli 10-6 appraisal, which is expected to become a medium-sized oilfield [4]. - Fourteen new projects commenced production, including the Kenli 10-2 Oilfields Development Project (Phase I) and the Yellowtail Project in Guyana [4]. Financial Performance - CNOOC Limited's oil and gas sales revenue for the first three quarters of 2025 reached RMB255.48 billion, with a net profit attributable to equity shareholders of RMB101.97 billion [5]. - The all-in cost was US$27.35 per BOE, a decrease of 2.8% year-on-year, indicating effective cost control [5]. - Capital expenditures were approximately RMB86.0 billion, primarily due to lower workloads of projects under construction [5]. Management Commentary - The President of CNOOC Limited stated that the company advanced project construction in an orderly manner and maintained effective cost control measures, with a focus on achieving full-year operating objectives in the fourth quarter [6].

格隆汇10月30日丨中国海洋石油(00883.HK)发布公告，2025年前三季度，公司实现油气销售收入约人民 币2,554.8亿元，同比下降5.9% ，主要原因是实现油价下降。归属于母公司股东的净利润达人民币 1,019.7亿元，同比下降12.6%。前三季度，公司的平均实现油价为68.29美元╱桶，同比下降13.6%；平 均实现气价为7.86美元╱千立方英尺，同比上升1.0%。桶油主要成本管控良好，前三季度桶油主要成本 为27.35美元，同比下降2.8%。2025年前三季度，公司资本支出约人民币860亿元，同比减少9.8% ，主 要原因是在建项目工作量同比有所降低。本报告期内，公司健康安全环保表现平稳。 2025年前三季度，公司油气净产量达578.3百万桶油当量，同比上升6.7% ，其中天然气涨幅达11.6%。 中国净产量达400.8百万桶油当量，同比上升8.6% ，主要得益于深海一号二期和渤中19-2等油气田的产 量贡献；海外净产量177.4百万桶油当量，同比上升2.6% ，主要得益于巴西Mero3等项目带来的产量贡 献。第三季度，公司油气净产量达193.7百万桶油当量，同比上升7.9%。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a decline in oil and gas sales revenue and net profit for the first three quarters of 2025, primarily due to falling oil prices [1] Financial Performance - Oil and gas sales revenue for the first three quarters reached approximately RMB 255.48 billion, a year-on-year decrease of 5.9% [1] - Net profit attributable to shareholders was RMB 101.97 billion, down 12.6% year-on-year [1] - The average realized oil price was $68.29 per barrel, a decrease of 13.6% year-on-year [1] - The average realized gas price was $7.86 per thousand cubic feet, an increase of 1.0% year-on-year [1] - Major cost control for barrel of oil was effective, with the main cost at $27.35 per barrel, down 2.8% year-on-year [1] Exploration and Development - The company made 5 new discoveries and successfully evaluated 22 oil and gas structures in the first three quarters [1] - In the third quarter, 4 oil and gas structures were successfully evaluated, including the successful evaluation of Kenli 10-6, which is expected to become a medium-sized oil field, and Lingshui 17-2, which showed significant integrated rolling reserve increase [1] - A total of 14 new projects were put into production in the first three quarters, with 4 new projects launched in the third quarter, including Kenli 10-2 oil field group development project (Phase I), Dongfang 1-1 gas field 13-3 area development project, Wenchang 16-2 oil field development project, and Guyana Yellowtail project [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 CNOOC Limited （中國海洋石油有限公司） （根據公司條例在香港註冊成立的有限責任公司） （股票代號：00883（港幣櫃台）及80883（人民幣櫃台）） 公告 2025年第三季度報告 本公告由中國海洋石油有限公司根據《證券及期貨條例》（香港法例第571章）第XIVA部項下的 內幕消息條文及《香港聯合交易所有限公司證券上市規則》第13.09條及13.10B條作出。 本公司2025年第三季度報告所載財務資料根據中國企業會計準則編製，且未經審計。 重要內容提示 中國海洋石油有限公司（以下簡稱「本公司」或「公司」）董事會及董事、高級管理人員保證季度報 告內容的真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的 法律責任。 公司董事長張傳江先生、首席財務官穆秀平女士、財務部總經理王宇凡女士聲明：保證季度報 告中財務信息的真實、準確、完整。 第三季度財務報表是否經審計 □是 ✓否 ...

Core Points - Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.19% on October 30, with a trading volume of 67.65 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 29, the fund's latest share count was 224 million shares, with a total size of 230 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.13 billion yuan, with an average daily trading amount of 56.48 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.56% during the tenure [1] Holdings Summary - The top holdings of Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China Petroleum & Chemical Corporation (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Core Viewpoint - The establishment of the Central Enterprise Strategic Emerging Industry Development Fund (referred to as "Central Enterprise New Fund") aims to accelerate the development of strategic emerging industries in China, with an initial fundraising of 51 billion yuan [2][6]. Fund Overview - The Central Enterprise New Fund has raised an initial capital of 51 billion yuan, with contributions from major state-owned enterprises including China Mobile, Sinopec, CNOOC, and China National Petroleum [2][8]. - The fund is managed by China Reform Holdings Corporation and was officially registered on October 27 [9]. Strategic Focus - The fund will focus on supporting strategic emerging industries such as artificial intelligence, high-end equipment, quantum technology, and future industries like future energy, future information, and future manufacturing [6]. - The fund aims to create a strategic innovation ecosystem that integrates technology innovation, capital operation, and industrial empowerment, promoting a multiplier effect in investment [5]. Management and Structure - The fund operates under a company structure, with a newly established private equity fund management company responsible for its management, implementing both sub-fund investments and direct investment strategies [10]. - The fund's management emphasizes new positioning, mechanisms, models, and teams to ensure efficient and standardized operations [6].

Core Points - The Central Enterprise Strategic Emerging Industry Development Fund (referred to as "Central Enterprise Fund") was launched with an initial fundraising of 51 billion yuan, supported by over ten central enterprises including China Mobile, Sinopec, and China National Petroleum Corporation [1][4] - The fund aims to accelerate the development of strategic emerging industries, focusing on areas such as artificial intelligence, high-end equipment, quantum technology, future energy, future information, and future manufacturing [3][4] - The fund's management will adopt a company-based structure, with a newly established private equity fund management company overseeing operations [4] Group 1 - The Central Enterprise Fund is a key initiative to support the development of strategic emerging industries as mandated by the central government [2][3] - The fund emphasizes a new positioning, new mechanisms, and new models to enhance productivity and service the development of central enterprises [2][3] - The fund's establishment is seen as a significant step towards optimizing the layout and structural adjustment of state-owned enterprises [2] Group 2 - The fund's initial contributors include major state-owned enterprises, with China Guoxin contributing approximately 15 billion yuan, representing 2.94% of the fund [4] - The fund aims to create a strategic innovation ecosystem that integrates technology innovation, capital operation, and industrial empowerment [2][3] - The fund's investment strategy will focus on nine key emerging industries, aligning with the main business operations of participating enterprises [4]

Core Viewpoint - The establishment of the Central Enterprise Strategic Emerging Industry Development Fund (referred to as "Central Enterprise New Fund") is a significant initiative aimed at accelerating the development of strategic emerging industries in China, with a first-phase fundraising target of 51 billion yuan [2][5]. Group 1: Fund Overview - The Central Enterprise New Fund has successfully raised an initial capital of 51 billion yuan, with contributions from over ten central enterprises including China Mobile, Sinopec, and China National Petroleum [2][6]. - The fund is managed by China Guoxin, which is responsible for its fundraising and operational management [2][5]. - The fund's management structure is established as a company, with a newly formed private equity fund management company overseeing its operations [7]. Group 2: Strategic Focus - The fund will primarily support industries such as artificial intelligence, high-end equipment, quantum technology, and future energy, information, and manufacturing sectors [5][6]. - The initiative aims to create a strategic innovation ecosystem that integrates technology innovation, capital operation, and industrial empowerment, fostering a multiplier effect in the industry [4][5]. Group 3: Government and Corporate Support - The initiative is backed by the State-owned Assets Supervision and Administration Commission (SASAC), emphasizing the importance of the fund in optimizing the layout and structure of state-owned enterprises [4][5]. - Beijing's government is committed to providing support and services for the development of the Central Enterprise New Fund, aligning with the spirit of the 20th National Congress of the Communist Party [4].

Core Insights - The 2025 China Marine Economy Expo, themed "Digital Intelligence Deep Blue, Co-creating the Future," is being held in Shenzhen from October 28 to 30, showcasing over 300 leading enterprises and technology companies in the marine sector [1][2] - The expo features four core exhibition areas focused on marine energy, deep-sea technology, marine intelligent equipment, and marine electronic information, along with three high-potential application fields: modern marine services, marine biomedicine, and coastal tourism [1][2] - The event aims to create a platform for communication and cooperation in the marine economy, with participation from Fortune 500 companies, large state-owned enterprises, and specialized "little giant" firms [1][2] Industry Developments - The "Marine Oil 119" platform integrates 14 oil and gas production function modules, representing the most complex offshore oil and gas processing technology in China, akin to a 300,000 square meter onshore facility [3] - The "Hurricane One" platform features a smart integrated control system and new natural gas desulfurization technology, enhancing energy efficiency and environmental sustainability in offshore oil fields [3] - The "Sea Base Two" platform employs digital twin technology with 16,000 monitoring points, optimizing structural stress through AI algorithms, extending its design life to 50 years, and improving operational efficiency by 22% [3] Future Directions - The marine economy is expected to transition from resource exploitation to a model driven by technological innovation and sustainable development, termed the "Deep Blue Revolution" [4][5] - This revolution is characterized by four dimensions: inward exploration of marine life systems, deep-sea technological advancements, the creation of a "transparent ocean" through digital monitoring, and a harmonious coexistence with nature [5][6] - Future marine development will focus on renewable energy sources such as offshore wind, tidal, and wave energy, contributing to a "blue energy grid" for coastal economic and social development [6]