（来源：数局） CONTENT 目录 油气行业外部环境五大特点 1 Five Features of External Environment of the Oil and Gas Industry 油气行业发展取得十大成就 N9 Ten Great Achievements of the Oil and Gas Industry 未来五年油气行业五大展望 6 Five Prospects of the Oil and Gas Industry in the Next Five Years 变与稳 弱与强 世界百年变局加速演进 全球经济弱势增长 中国油气行业稳健前行 中国经济韧性增强 退与进 逆与顺 能源转型有退有进 油气需求增速放缓 中国引领绿色发展 贸易流向"逆顺"转换 新与融 科技革命突飞猛进, 融合创新赋能油气行业 3 特点1:世界百年变局加速演进,中国油气行业稳健前行 特点2:全球经济弱势增长,中国经济韧性增强 中国经济增速 全球经济增速 フラ and 10:2 10:2 10:2 10:2 数据来源:国家统计局,中石油经济技术研究院 数据来源:IMF《世界经济展望》 □ 大国博弈波及能源,供应链安 ...

Core Insights - On December 22, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.274 billion, 3.472 billion, and 2.623 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Tencent Holdings (00700) led the trading volume, with amounts of 2.198 billion, 2.046 billion, and 1.461 billion respectively [1] Southbound Stock Connect Trading Activity - The top three active companies in the Southbound Stock Connect included: - Alibaba-W (09988) with a trading amount of 4.274 billion and a net buy of -1.081 billion - SMIC (00981) with a trading amount of 3.472 billion and a net buy of 0.259 billion - Xiaomi Group-W (01810) with a trading amount of 2.623 billion and a net buy of 0.305 billion [2] - Other notable companies included Tencent Holdings (00700) with a trading amount of 2.347 billion and a net buy of 0.427 billion, and China Mobile (00941) with a trading amount of 1.078 billion and a net buy of -0.441 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - The top three active companies in the Shenzhen-Hong Kong Stock Connect were: - SMIC (00981) with a trading amount of 2.198 billion and a net buy of 0.472 billion - Alibaba-W (09988) with a trading amount of 2.046 billion and a net buy of 0.562 billion - Tencent Holdings (00700) with a trading amount of 1.461 billion and a net buy of 0.170 billion [2] - Other significant companies included Xiaomi Group-W (01810) with a trading amount of 1.460 billion and a net buy of 0.382 billion, and China Mobile (00941) with a trading amount of 0.805 billion and a net buy of -0.138 billion [2]

Market Performance - The Hang Seng Index rose by 111.24 points, an increase of 0.43%, closing at 25,801.77 points [1] - The Hong Kong Stock Exchange's main board recorded a total turnover of 169.77 billion HKD [1] - The Hang Seng China Enterprises Index increased by 38.45 points, closing at 8,939.68 points, also up by 0.43% [1] - The Hang Seng Tech Index gained 47.79 points, closing at 5,526.83 points, reflecting a rise of 0.87% [1] Blue-Chip Stocks - Tencent Holdings saw a slight increase of 0.08%, closing at 614.5 HKD [1] - Hong Kong Exchanges and Clearing remained unchanged at 407 HKD [1] - China Mobile experienced a decline of 0.24%, closing at 83.7 HKD [1] - HSBC Holdings rose by 1.68%, closing at 121.3 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.3%, closing at 40.02 HKD [1] - Sun Hung Kai Properties saw a minor increase of 0.05%, closing at 95.55 HKD [1] - Henderson Land Development fell by 0.2%, closing at 29.22 HKD [1] Chinese Financial Stocks - Bank of China declined by 0.45%, closing at 4.4 HKD [1] - China Construction Bank increased by 0.67%, closing at 7.54 HKD [1] - Industrial and Commercial Bank of China rose by 0.16%, closing at 6.13 HKD [1] - Ping An Insurance fell by 0.31%, closing at 65.25 HKD [1] - China Life Insurance decreased by 1.11%, closing at 28.48 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.44%, closing at 4.51 HKD [1] - PetroChina decreased by 0.12%, closing at 8.08 HKD [1] - CNOOC saw an increase of 2.06%, closing at 20.8 HKD [1]

中新网深圳12月22日电 (索有为 杨力 胡堂均)中国海油深圳分公司22日发布消息称，随着西江油田群24 区开发项目成功投产，中国首次实现海上无人平台油气水混合物高温冷却外输，为保障国家能源安全提 供了有力支撑。 西江油田群24区开发项目位于深圳东南约150公里，是珠江口盆地海域重要产能建设项目，预计高峰日 产原油超2300吨，提炼成汽油后可满足25万辆家用小汽车的日常用油需求。 西江24-7 无人井口平台。杨力 摄 西江24-7无人井口平台是西江油田群24区开发项目的核心设施，高约138米，重约6700吨，设计生产井 10口。该平台全面集成智能采油、智能运维与智能安防等系统，在远程一键启停、智能调节与故障智能 诊断等智能化开发方面取得重要突破。同时与周边10公里范围内的西江24-3、西江24-3B等多个在产平 台实现电力组网与5G通讯组网，共同构建起数字化、智能化、无人化深度融合的智慧油田群，推动数 智技术与勘探开发业务进一步融合，为中国海上油田智能化、集约化开发探索出新路径。 中国海油深圳分公司惠西作业公司总经理陈三君表示，西江24-7无人井口平台的顺利投产，标志着中国 海上无人平台数智化应用实现新突破， ...

Economic Achievements - In the first eleven months of 2025, China's national railway transported a total of 3.727 billion tons of goods, marking a year-on-year increase of 2.7% [3][5] - The China-Europe and China-Central Asia freight trains operated a total of 31,200 trains, representing a 9.0% increase year-on-year, with November setting a record for the highest monthly operation volume [7] - The Yangtze River Economic Belt's import and export value exceeded 19 trillion yuan, achieving a historical high with a year-on-year growth of 6.3% [11] Energy Sector - China's hydropower generation reached 1.13 trillion kilowatt-hours in the first ten months of 2025, showing a 1.6% increase year-on-year, with total hydropower installed capacity reaching 444 million kilowatts, maintaining the global lead for 22 consecutive years [10][8] - The Bohai Oilfield, China's largest offshore oilfield, is projected to produce over 40 million tons of oil and gas equivalent in 2025, contributing more than 600 million tons of crude oil to date [16][21] - The domestic crude oil production is expected to reach 215 million tons in 2025, with offshore crude oil production anticipated to exceed 6.8 million tons, accounting for approximately 80% of the national crude oil production increase [26] Digital Economy - In the first half of 2025, China's total digital consumption reached 9.37 trillion yuan, with the number of digital consumption users surpassing 958 million, indicating that digital consumption is becoming a significant driving force for overall consumption [15]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has announced the commencement of production for the Xijiang Oilfield Block 24 development project, which is fully owned and operated by the company [1] Group 1: Project Details - The project is located in the shallow waters of the Pearl River Mouth Basin and relies on existing facilities from the Huixi Oilfield group [1] - A new unmanned wellhead platform has been constructed for the project, which plans to produce 10 wells [1] - The project is expected to reach a peak production of approximately 18,000 barrels of oil equivalent per day by 2026, with the oil being classified as light crude [1] Group 2: Technological Innovation - The newly built Xijiang 24-7 platform is the first unmanned platform in China for oil and gas-water mixed high-temperature cooling external transportation [1] - An innovative temperature control system has been implemented to reduce the impact of high temperatures on subsea pipelines, ensuring continuous and stable production from the oilfield [1]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced that the Bohai Oilfield, the largest offshore oilfield in China, is expected to achieve a cumulative oil and gas equivalent production of over 40 million tons by 2025, marking a historical high and providing support for national energy security and high-quality economic development [2]. Group 1 - The Bohai Oilfield is the highest-producing and largest offshore oilfield in China, currently operating over 60 oil and gas fields and more than 200 production facilities, with a cumulative crude oil production exceeding 600 million tons [3]. - CNOOC has set a target to achieve an oil and gas production of 40 million tons by 2025, supported by accelerated capacity construction and the completion of key projects such as the Kenli 10-2 and Bozhong 26-6 oilfields [3]. - The technology innovation behind the continuous growth in Bohai Oilfield's production includes the deployment of the first domestically produced shallow-water subsea production system and integrated high-temperature injection and production equipment, which have significantly enhanced oil recovery [5]. Group 2 - The Bohai Oilfield has seen an average annual increase of 5% in oil and gas production over the past five years, with crude oil increments accounting for nearly 40% of the national total increase, establishing it as a core contributor to domestic oil and gas reserves and production [5]. - During the 14th Five-Year Plan period, the focus will be on constructing a trillion-cubic-meter gas area to further enhance the capacity for marine oil and gas supply [5].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has announced the commencement of production for the Xijiang Oilfield Block 24 development project, which is expected to reach a peak production of approximately 18,000 barrels of oil equivalent per day by 2026 [1] Group 1: Project Overview - The Xijiang Oilfield Block 24 project is located in the Pearl River Mouth Basin shallow waters and relies on existing facilities from the Huixi Oilfield group for development [1] - The project includes the construction of an unmanned wellhead platform, the Xijiang 24-7 platform, which is the first offshore unmanned platform in China designed for the high-temperature cooling and transportation of oil and gas-water mixtures [1] Group 2: Technological Innovation - The innovative temperature control system implemented in the project aims to reduce the impact of high temperatures on subsea pipelines, ensuring continuous and stable production from the oilfield [1]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced that the Bohai Oilfield, the largest offshore oilfield in China, is expected to achieve a cumulative oil and gas equivalent production of over 40 million tons by 2025, marking a historical high and providing support for national energy security and high-quality economic development [1][4]. Group 1: Production Goals and Achievements - The Bohai Oilfield is China's highest-producing and largest offshore oilfield, currently operating over 60 oil and gas fields and more than 200 production facilities, with a cumulative crude oil production exceeding 600 million tons [4]. - CNOOC has set a target to achieve an oil and gas production of 40 million tons by 2025, with a focus on accelerating capacity construction and completing record drilling and well completion operations [4][6]. - Key projects, including the Kenli 10-2 and Bozhong 26-6 oilfields, are expected to be rapidly constructed and put into production to support the 40 million tons target [4][6]. Group 2: Technological Innovations - The continuous growth in production at the Bohai Oilfield is attributed to technological innovations, including the deployment of the first domestically produced shallow-water underwater production system [6]. - High-temperature integrated injection and production equipment have facilitated the development of unconventional heavy oil fields, significantly increasing thermal production from 300,000 tons to 2 million tons [6]. - Over the past five years, the Bohai Oilfield has achieved an average annual oil and gas production growth rate of 5%, contributing approximately 40% of the national total increase in crude oil production [6].

中国海油新闻稿称，西江油田群24区开发项目位于珠江口盆地浅水，主要依讬惠西油田群现有设施开 发，新建一座无人井口平台。项目计划投产生产井10口，预计2026年实现日产约18,000桶油当量的高峰 产量，油品性质为轻质原油。中国海油拥有该项目100%的权益，并担任作业者。 ...