每经AI快讯，港股石油股延续跌势，截至发稿，中海油(00883.HK)跌2.79%，报20.94港元；中石油 (00857.HK)跌2.3%，报8.5港元；中海油服(02883.HK)跌1.45%，报7.49港元；中石化(00386.HK)跌 1.45%，报4.37港元。 ...

| HK | + | 中国石油股份 | 8.510 | -2.18% | -0.190 | | --- | --- | --- | --- | --- | --- | | | | 00857 | | | | | HK | + | 中国海洋石油 | 20.980 | -2.60% | -0.560 | | | | 00883 | | | | | HK | + | 中国石油化工股份 | 4.380 | -1.13% | -0.050 | | | | 00386 | | | | 11月24日早盘，港股"三桶油"集体走弱。截至 10:38， 中国海洋石油跌近3%，中国石油股份跌 2.5%，中国石油化工股份跌超1%。 ...

Core Viewpoint - Oil stocks continue to decline, influenced by geopolitical factors and macroeconomic conditions, particularly the Russia-Ukraine situation and overall market liquidity [1] Group 1: Company Performance - CNOOC (00883) decreased by 2.79%, trading at HKD 20.94 [1] - PetroChina (00857) fell by 2.3%, with a price of HKD 8.5 [1] - China Oilfield Services (601808) (02883) dropped by 1.45%, now at HKD 7.49 [1] - Sinopec (00386) also saw a decline of 1.45%, priced at HKD 4.37 [1] Group 2: Market Influences - International oil prices are experiencing a general decline due to geopolitical factors [1] - Huatai Futures indicates that short-term oil prices are heavily influenced by geopolitical and macroeconomic factors, maintaining a bearish outlook [1] - On November 23, the U.S. White House announced a joint statement regarding constructive talks between the U.S. and Ukrainian delegations in Geneva, focusing on a new 28-point plan to end the Russia-Ukraine conflict [1] - The statement described the discussions as "constructive, focused, and mutually respectful," highlighting significant progress in aligning positions and clarifying the next steps [1]

Core Viewpoint - Oil stocks continue to decline, influenced by geopolitical factors and macroeconomic conditions, particularly the Russia-Ukraine situation and overall market liquidity [1] Company Performance - CNOOC (00883) decreased by 2.79%, trading at HKD 20.94 [1] - PetroChina (00857) fell by 2.3%, with a price of HKD 8.5 [1] - China Oilfield Services (02883) dropped by 1.45%, now at HKD 7.49 [1] - Sinopec (00386) also saw a decline of 1.45%, priced at HKD 4.37 [1] Market Influences - International oil prices are experiencing a general decline due to geopolitical factors [1] - Huatai Futures maintains a bearish outlook on oil prices in the short term, primarily due to the Russia-Ukraine conflict and macroeconomic liquidity [1] - A recent joint statement from the U.S. White House indicates constructive discussions between the U.S. and Ukrainian delegations regarding a new plan to end the Russia-Ukraine conflict, suggesting potential progress in negotiations [1]

Core Viewpoint - The Hong Kong oil stocks are experiencing a downward trend, with significant declines observed across major companies in the sector [1] Company Performance - CNOOC (China National Offshore Oil Corporation) saw a decline of nearly 3% [1] - Yanchang Petroleum dropped by 2.6% [1] - PetroChina (China National Petroleum Corporation) shares fell by 2% [1] - China Oilfield Services Limited decreased by 1.7% [1] - Sinopec (China Petroleum & Chemical Corporation) experienced a decline of over 1% [1]

Core Viewpoint - The Hong Kong oil stocks are experiencing a decline, influenced by falling international crude oil prices and potential impacts from a possible peace agreement between Russia and Ukraine [1] Group 1: Market Performance - Chinese offshore oil companies, including CNOOC, PetroChina, and Sinopec, have seen stock declines of nearly 3%, 2%, and over 1% respectively [1] - The overall trend in the oil market indicates a significant drop, with traders assessing the implications of a potential peace agreement that could increase oil supply [1] Group 2: Oil Price Dynamics - International crude oil prices continued to decline, following the largest weekly drop since early October [1] - The market is closely monitoring three key developments: the feasibility of the peace agreement, the potential easing of sanctions on Russia, and the impact of these developments on an already anticipated oversupply in the market next year [1] Group 3: Production Trends - OPEC+ and other oil-producing countries, particularly in the Americas, have been increasing production, contributing to a bearish outlook for oil prices [1] - The current market conditions suggest that oil prices are likely to end the year lower [1]

Core Viewpoint - The Hong Kong oil stocks are experiencing a decline, driven by falling international crude oil prices and concerns over potential oversupply in the market due to geopolitical developments [1][2] Group 1: Market Performance - Chinese offshore oil stock (00883) fell by 2.88% to 20.920 - Yanchang Petroleum International (00346) decreased by 2.63% to 0.370 - China Petroleum & Chemical Corporation (00857) dropped by 2.07% to 8.520 - CNOOC Services (02883) declined by 1.71% to 7.470 - China Petroleum (00386) fell by 1.13% to 4.380 - Kunlun Energy (00135) decreased by 0.83% to 7.200 [2] Group 2: Oil Price Trends - International crude oil prices continued to decline, following the largest weekly drop since early October [1] - Traders are assessing the potential impact of a peace agreement between Russia and Ukraine, which could lead to increased oil supply in an already well-supplied market [1] - Key developments being monitored include the feasibility of the peace agreement, the potential easing of sanctions on Russia, and the implications for an anticipated significant oversupply in the market next year [1]

Group 1 - The core viewpoint of the article highlights the imbalance in global oil supply and demand, leading to a decline in international oil prices, with OPEC+ planning to pause production increases to alleviate the oversupply situation [4] - As of November 21, 2025, Brent and WTI crude oil prices were reported at $62.51 and $57.98 per barrel, reflecting a decrease of 2.8% and 3.3% respectively from the previous week [4] - OPEC's production increased to 28.46 million barrels per day in October 2025, marking a 6.68% rise since the beginning of the year, contributing to the shift from a tightening supply to an oversupply scenario [4] Group 2 - The "Big Three" oil companies in China, namely China National Petroleum, Sinopec, and CNOOC, demonstrated resilience in their earnings during the oil price downturn, with net profit declines of -4.9%, -32.2%, and -12.6% respectively for the first three quarters of 2025 [5] - In Q3 2025, the net profit declines for these companies were less severe compared to major international oil giants, showcasing their ability to withstand the pressures of falling oil prices [5] - The performance of the "Big Three" during this period reflects their cyclical resilience, as they maintained higher earnings levels than historical oil price periods [5] Group 3 - Expectations of a cold winter in 2025, potentially influenced by a "double La Niña" phenomenon, are likely to drive significant growth in natural gas demand during the heating season [6] - The "Big Three" are enhancing their market expansion efforts, leading to rapid growth in natural gas sales, benefiting from the ongoing market reforms in China's natural gas sector [6] - The proportion of regulated pricing in the natural gas sales of the "Big Three" is expected to continue decreasing, allowing for greater price flexibility in the unregulated segment [6] Group 4 - The natural gas business of the "Big Three" is anticipated to contribute significantly to operating profits during the heating season in Q4 2025, especially amid fluctuating oil prices [7]

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [5] Core Views - The international oil market is experiencing a supply-demand imbalance, leading to downward pressure on oil prices. As of November 21, 2025, Brent and WTI crude oil prices were reported at $62.51 and $57.98 per barrel, reflecting declines of 2.8% and 3.3% respectively from the previous week. The OPEC+ group plans to pause production increases from January to March 2026, which is expected to alleviate the oversupply situation [1][4] - The "Big Three" oil companies in China (China National Petroleum Corporation, Sinopec, and CNOOC) have demonstrated resilience during the current downturn in oil prices, with their net profits declining less than many international oil giants. For the first three quarters of 2025, their net profits fell by 4.9%, 32.2%, and 12.6% respectively, showcasing their ability to navigate through cyclical challenges [2] - Anticipated cold winter conditions in 2025 are expected to significantly boost natural gas demand, benefiting the natural gas business of the "Big Three." The companies are enhancing market expansion efforts, leading to rapid growth in natural gas sales. The ongoing market reforms are expected to improve pricing flexibility and profitability in their natural gas operations [3] Summary by Sections Oil Supply and Demand - The global oil supply has shifted from a tightening to an oversupply situation, with the surplus increasing from 500,000 barrels per day in April to 2 million barrels per day in October 2025. OPEC+ has adjusted its production increase plans, reflecting a desire to stabilize oil prices [1] Company Performance - In Q3 2025, the "Big Three" oil companies' net profits showed a smaller decline compared to international peers, indicating their strong performance amid falling oil prices. Their production levels and cost control capabilities have allowed them to maintain profitability above historical levels [2] Natural Gas Outlook - The expectation of a cold winter is likely to drive up natural gas demand, with the "Big Three" positioned to capitalize on this through increased sales and improved pricing structures due to market reforms [3] Investment Recommendations - The report suggests a continued positive outlook for the "Big Three" and the oil service sector, alongside favorable conditions for chemical products in the long term. Specific companies to watch include China National Petroleum Corporation, Sinopec, CNOOC, and various subsidiaries involved in oil services and refining [4]

Core Insights - ADNOC and its subsidiaries Masdar, Borouge, and TA'ZIZ participated in the 8th China International Import Expo to showcase energy projects and engage in cooperation discussions with Chinese clients [1] - ADNOC signed three agreements, including a memorandum of cooperation with CNOOC and an extension of crude oil supply agreement, further solidifying energy cooperation between China and the UAE [1] Group 1 - ADNOC's participation in the expo highlights its commitment to expanding its presence in the Chinese market [1] - The agreements signed indicate a strategic move to enhance bilateral energy relations and secure long-term partnerships [1] - The collaboration with CNOOC reflects ADNOC's strategy to leverage Chinese investments and technology in its energy projects [1]