Core Viewpoint - The report from Guohai Securities highlights that in the first half of 2025, China National Offshore Oil Corporation (CNOOC) is facing a challenging external environment and downward pressure on international oil prices, but it remains committed to its core oil and gas business, focusing on increasing reserves and production while leveraging technological innovation for growth [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 207.608 billion yuan, a year-on-year decrease of 8.45% [1] - The net profit attributable to shareholders of the listed company was 69.533 billion yuan, reflecting a year-on-year decline of 12.79% [1] Competitive Advantages - The company possesses significant core competitive advantages in the oil and gas industry, including a large scale of oil and gas resources and leading production growth capabilities [1] - CNOOC is recognized as the primary producer of oil and natural gas in China's offshore regions, with extensive experience in oil and gas exploration and development [1] - The company has established itself as an expert in offshore oil and gas exploration and development, mastering a complete set of technical systems for offshore operations [1] Financial Stability and Shareholder Returns - CNOOC maintains good cost control and stable financial performance, supported by a diversified asset structure [1] - The company is committed to advancing green and low-carbon development while ensuring shareholder returns, with a proposed dividend payout ratio of no less than 45% from 2025 to 2027, subject to approval at the shareholders' meeting [1] - The company adheres to the principle of returning value to shareholders and will adjust its dividend policy as necessary [1] Outlook - CNOOC is viewed positively for its operational resilience and growth potential, maintaining a "buy" rating [1]

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has shown a slight increase in its closing price and has experienced a decrease in both share count and total assets since the beginning of the year [1][2]. Fund Overview - The Hong Kong High Dividend ETF (159302) was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of September 10, 2024, the fund's latest share count is 87.8 million, and the total asset size is 117 million yuan [1]. - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index return (adjusted for valuation exchange rate) [1]. Performance Metrics - Year-to-date, the fund has seen a 19.30% decrease in share count and a 3.14% decrease in total assets compared to December 31, 2024 [1]. - Over the last 20 trading days, the cumulative trading amount is 217 million yuan, with an average daily trading amount of 10.84 million yuan [1]. - Since the beginning of the year, the cumulative trading amount over 170 trading days is 2.135 billion yuan, with an average daily trading amount of 12.56 million yuan [1]. Fund Management - The current fund managers are Li Yixuan and Zhang Yichi, both managing the fund since its inception, with a return of 33.32% during their tenure [2]. Top Holdings - The top holdings of the fund include: - COSCO Shipping Holdings: 8.68% of the portfolio - Yancoal Australia: 6.17% - Seaspan Corporation: 4.28% - Orient Overseas International: 4.23% - Minsheng Bank: 4.22% - CITIC Bank: 4.07% - China Petroleum: 3.41% - Guotai Junan: 3.41% - Agricultural Bank of China: 3.30% - CNOOC: 3.19% [2][3].

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.15%, Green Power Environmental (01330) at 69.21%, and China Shenhua (01088) at 67.95% [1] - Alibaba-W (09988), Horizon Robotics-W (09660), and Meituan-W (03690) saw the largest increases in holding amounts over the last five trading days, with increases of +8.316 billion, +3.294 billion, and +2.859 billion respectively [1] - The largest decreases in holding amounts over the last five trading days were recorded by the Tracker Fund of Hong Kong (02800) at -1.974 billion, Kuaishou-W (01024) at -1.353 billion, and China Telecom (00728) at -1.284 billion [3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 10.014 billion shares, representing 72.15% [1] - Green Power Environmental (01330) has a holding of 0.280 billion shares, representing 69.21% [1] - China Shenhua (01088) has a holding of 2.295 billion shares, representing 67.95% [1] Recent Increases in Holdings - Alibaba-W (09988) increased by +8.316 billion, with a change of +58.233 million shares [1] - Horizon Robotics-W (09660) increased by +3.294 billion, with a change of +32.610 million shares [1] - Meituan-W (03690) increased by +2.859 billion, with a change of +28.108 million shares [1] Recent Decreases in Holdings - Tracker Fund of Hong Kong (02800) decreased by -1.974 billion, with a change of -73.655 million shares [3] - Kuaishou-W (01024) decreased by -1.353 billion, with a change of -18.241 million shares [3] - China Telecom (00728) decreased by -1.284 billion, with a change of -21.994 million shares [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][5]. Core Insights - The company's revenue for the first half of 2025 was RMB 207.61 billion, a year-on-year decrease of 8.45%, while the net profit attributable to shareholders was RMB 69.53 billion, down 12.79% year-on-year. The second quarter saw revenues of RMB 100.75 billion, a decline of 12.62% year-on-year, and a net profit of RMB 32.97 billion, down 17.60% year-on-year [3][9][10]. - Despite the revenue decline, the company demonstrated strong resilience and risk management capabilities, supported by solid fundamentals in its oil and gas operations and ongoing cost optimization efforts [3][8]. - The company achieved a record high net production of 384.6 million barrels of oil equivalent in the first half of 2025, representing a 6.1% year-on-year increase, with domestic production growing by 7.6% [8][9]. Financial Performance Summary - The company's total revenue for 2025 is projected to be RMB 422.80 billion, with a slight growth rate of 0.5% [7]. - The expected net profit for 2025 is RMB 138.15 billion, reflecting a minimal growth of 0.2% compared to 2024 [7]. - The earnings per share (EPS) for 2025 is estimated at RMB 2.91, with a price-to-earnings (P/E) ratio of 8.9 times [5][7]. Valuation and Market Position - The report highlights that the company is well-positioned to withstand fluctuations in international oil prices due to its low-cost advantage and continuous capacity expansion [5][8]. - The company is expected to maintain a stable dividend payout, with a proposed interim dividend of HKD 0.73 per share, reflecting a payout ratio of 45.5% [8][9].

Market Overview - On September 10, the Hang Seng Index rose by 1.01%, closing at 26,200.26 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 75.66 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 1,393.07 billion, with a net buy of HKD 75.66 billion [1] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 867.41 billion, with a net buy of HKD 25.36 billion; in the Shenzhen Stock Connect, the trading volume was HKD 525.66 billion, with a net buy of HKD 50.30 billion [1] - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 1,090.16 million and a net buy of HKD 242.57 million, closing up by 0.63% [2] - In the Shenzhen Stock Connect, Alibaba-W also led with a trading volume of HKD 589.33 million and a net buy of HKD 208.56 million, closing up by 0.63% [2] Notable Stocks - The stock with the highest net sell was Pop Mart, with a net sell of HKD 129.84 million, closing down by 4.51% [2] - Other notable stocks included Semiconductor Manufacturing International Corporation (SMIC) with a net buy of HKD 11.94 million and a closing increase of 3.61%, and Tencent Holdings with a net buy of HKD 2.32 million, closing up by 1.04% [2]

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 109.02 亿元 | +24.26 亿元 | | 泡泡玛特(09992) | 34.20 亿元 | -12.98 亿元 | | 中芯国际(00981) | 30.19 亿元 | +1.19 亿元 | | 腾讯控股(00700) | 28.96 亿元 | +2317.41 万元 | | 小米集团-W(01810) | 26.63 亿元 | -3.26 亿元 | | 美团-W(03690) | 24.60 亿元 | -2.91 亿元 | | 康方生物(09926) | 15.30 亿元 | -1.57 亿元 | | 金山云(03896) | 15.26 亿元 | -3.31 亿元 | | 中国海洋石油(00883) | 13.01 亿元 | +1.55 亿元 | | 国泰君安国际(01788) | 11.39 亿元 | +2567.24 万元 | 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 | | --- | --- | --- | | 阿里巴巴-W(09988 ...

Market Performance - The Hang Seng Index rose by 262.13 points, an increase of 1.01%, closing at 26,200.26 points with a total turnover of HKD 288.21 billion [1] - The National Enterprises Index increased by 85.76 points, closing at 9,328.16 points, a rise of 0.93% [1] - The Hang Seng Tech Index gained 73.95 points, closing at 5,902.69 points, reflecting a growth of 1.27% [1] Blue Chip Stocks - Tencent Holdings increased by 1.04%, closing at HKD 633.5 [1] - Hong Kong Exchanges and Clearing rose by 1.37%, closing at HKD 444.6 [1] - China Mobile saw a rise of 0.35%, closing at HKD 87.05 [1] - HSBC Holdings increased by 1.95%, closing at HKD 104.4 [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 1.49%, closing at HKD 38.1 [1] - Sun Hung Kai Properties increased by 4.28%, closing at HKD 97.5 [1] - Henderson Land Development rose by 2.37%, closing at HKD 27.68 [1] Chinese Financial Stocks - Bank of China increased by 2.06%, closing at HKD 4.46 [1] - China Construction Bank rose by 2.84%, closing at HKD 7.97 [1] - Industrial and Commercial Bank of China increased by 1.87%, closing at HKD 6 [1] - Ping An Insurance rose by 0.69%, closing at HKD 56.55 [1] - China Life Insurance increased by 1.85%, closing at HKD 23.12 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.95%, closing at HKD 4.23 [1] - China National Petroleum Corporation increased by 0.81%, closing at HKD 7.45 [1] - CNOOC Limited saw a rise of 0.2%, closing at HKD 20.18 [1]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully implemented the country's first offshore carbon dioxide (CO2) storage demonstration project, marking a significant advancement in offshore CO2 storage technology and capabilities [1][2] Group 1: Project Achievements - The Enping 15-1 oil field CO2 storage project has cumulatively stored over 100 million cubic meters of CO2, equivalent to the carbon offset of planting 2.2 million trees [1] - The project has been operational for four years, achieving an annual CO2 storage capacity of over 100,000 tons [1] - The first offshore carbon capture, utilization, and storage (CCUS) project was launched in May, enhancing the full-chain capabilities of offshore CCUS technology and equipment [1] Group 2: Future Plans - CNOOC plans to inject over 1 million tons of CO2 into the Enping 15-1 oil field over the next decade, which is expected to drive an increase in oil production by 200,000 tons [1] - The company has initiated China's first million-ton-level carbon capture and storage cluster project in Huizhou, Guangdong, aimed at capturing CO2 emissions from various enterprises in the Daya Bay area [2] - CNOOC intends to establish a northern CO2 enhanced oil recovery center centered around the Bozhong 19-6 gas field and a southern CO2 enhanced gas recovery center leveraging the vast gas reserves in the South China Sea [2]

Core Viewpoint - The first offshore carbon dioxide (CO2) storage demonstration project in China has successfully stored over 100 million cubic meters of CO2, indicating the maturity of China's offshore CO2 storage technology and its significance in achieving national carbon neutrality goals and promoting a green low-carbon transition in the economy [1][3]. Group 1: Project Overview - The project is located in the Enping 15-1 oilfield, which is the first high CO2 content oilfield in the Pearl River Mouth Basin [3]. - The project commenced operations in June 2023, focusing on the integrated research of geological reservoirs, drilling, and engineering [3]. - The annual CO2 storage capacity of the project exceeds 40 million cubic meters, with plans to reinject over 550 million cubic meters of CO2 over the next decade, driving an increase in crude oil production by 200,000 tons [4][3]. Group 2: Technological Advancements - The project has developed a complete standard operating procedure for offshore CO2 storage, providing important practical experience and data support for large-scale applications [5]. - New equipment, including CO2 compressors and gas treatment systems, has been developed to ensure the quality of the reinjected gas [7]. - The project represents a full-chain upgrade of offshore CO2 capture, storage, and utilization technologies, creating a new model for marine energy recycling [3][11]. Group 3: Future Developments - China is moving towards cluster development of CO2 capture, storage, and utilization projects, with plans for a million-ton-level carbon capture and storage cluster project in Huizhou, Guangdong [9]. - The project aims to enhance oil and gas recovery rates by utilizing CO2, with plans to establish CO2-driven oil and gas centers in both northern and southern regions of China [9]. - The transition from carbon capture and storage (CCS) to carbon capture, utilization, and storage (CCUS) is expected to open new pathways for large-scale emission reductions in offshore oil fields and coastal high-emission enterprises [11].

Core Insights - The daily crude oil production of China's first multi-layer heavy oil thermal recovery oil field, Jinzhou 23-2, has surpassed 1,600 tons, marking a significant achievement in the industry [1] - This breakthrough challenges the previous industry perception that offshore thin interlayer heavy oil could not be developed on a large scale [1] - The success is attributed to the substantial advancements in directional well multi-layer combined extraction technology developed by China National Offshore Oil Corporation (CNOOC) [1] - This development is expected to inject strong momentum into the Bohai Oilfield's target of producing 40 million tons [1]