Group 1 - China National Offshore Oil Corporation (CNOOC) signed contracts exceeding $13 billion at the 8th China International Import Expo, marking a historical high for the company in a single event [1] - The signed agreements include crude oil, natural gas, deepwater oil and gas equipment, and advanced technology services, indicating an ongoing optimization and upgrade of procurement structure [1] - CNOOC's Chairman Zhang Chuanjiang emphasized the importance of open cooperation for energy security, green transformation for sustainable development, and technological innovation for new growth momentum [1] Group 2 - Over the past 40 years, CNOOC has implemented an international development strategy, attracting over 280 billion RMB in foreign investment, maintaining a leading position in China's foreign investment attraction [3] - Since the first Import Expo, CNOOC has signed import contracts with over 100 global suppliers from more than 30 countries, accumulating a total signing amount exceeding $89 billion and conducting oil trade exceeding 900 million tons [3] - Looking ahead to the 14th Five-Year Plan, CNOOC aims to deepen practical cooperation with global partners in oil and gas industry chain construction, green low-carbon transformation, and energy technology innovation [3]

Core Insights - China National Offshore Oil Corporation (CNOOC) achieved a record signing amount of over $13 billion at the 8th China International Import Expo (CIIE), marking the highest single-session signing amount in the company's history [2] - Since the first CIIE, CNOOC's cumulative signing amount has exceeded $89 billion, demonstrating the company's commitment to international cooperation and the optimization of its procurement structure [2][3] Group 1 - The signing agreements cover a range of products including crude oil, natural gas, deepwater oil and gas equipment, and advanced technology services, reflecting the company's ongoing efforts to enhance high-level international collaboration [2] - CNOOC's Chairman Zhang Chuanjiang emphasized the importance of deepening multilateral cooperation to build a safe and efficient oil and gas supply system, contributing to international energy security [2][3] - The company aims to balance pollution reduction, carbon reduction, green expansion, and growth while accelerating the development of a clean and low-carbon supply chain [2][3] Group 2 - Over the past 40 years, CNOOC has implemented an international development strategy, attracting over 280 billion RMB in foreign investment, positioning itself as a leader in attracting foreign capital in China's marine oil industry [3] - CNOOC has signed import contracts and agreements with over 100 global suppliers from more than 30 countries and regions, with cumulative oil trade exceeding 900 million tons and LNG imports surpassing 22 million tons, accounting for 43% of China's LNG imports [3] - Looking ahead to the 14th Five-Year Plan, CNOOC plans to deepen practical cooperation with global partners in areas such as oil and gas industry chain construction, green and low-carbon transformation, and energy technology innovation [3][4]

Key Points - Xiaomi Group-W (01810), China National Offshore Oil Corporation (00883), and CanSino Biologics (09926) ranked the top three in net inflow of southbound funds, with net inflows of 1.03 billion, 0.99 billion, and 0.53 billion respectively [1] - Semiconductor Manufacturing International Corporation (00981), Alibaba Group Holding Limited-W (09988), and the Tracker Fund of Hong Kong (02800) ranked the top three in net outflow of southbound funds, with net outflows of -1.38 billion, -0.96 billion, and -0.70 billion respectively [1] - In terms of net inflow ratio, Qingdao Bank (03866), Tsingtao Brewery Group (00168), and Beijing Automotive Group (01958) led the market with ratios of 88.99%, 72.17%, and 65.26% respectively [1] - In terms of net outflow ratio, Boleton (01333), Guangzhou-Shenzhen Railway (00525), and Jin Hui Holdings (09993) had the highest ratios of -46.65%, -42.57%, and -41.08% respectively [1] Top 10 Net Inflow Stocks - Xiaomi Group-W (01810) had a net inflow of 1.03 billion with a net inflow ratio of 10.99% and closed at 44.720, up 3.52% [2] - China National Offshore Oil Corporation (00883) had a net inflow of 0.99 billion with a net inflow ratio of 27.37% and closed at 20.460, up 3.49% [2] - CanSino Biologics (09926) had a net inflow of 0.53 billion with a net inflow ratio of 33.46% and closed at 118.300, up 4.32% [2] Top 10 Net Outflow Stocks - Semiconductor Manufacturing International Corporation (00981) had a net outflow of -1.38 billion with a net outflow ratio of -19.89% and closed at 72.850, down 2.87% [2] - Alibaba Group Holding Limited-W (09988) had a net outflow of -0.96 billion with a net outflow ratio of -7.84% and closed at 163.200, down 1.15% [2] - Tracker Fund of Hong Kong (02800) had a net outflow of -0.70 billion with a net outflow ratio of -5.01% and closed at 26.260, up 0.77% [2] Top 10 Net Inflow Ratios - Qingdao Bank (03866) had a net inflow ratio of 88.99% with a net inflow of 0.215 billion and closed at 4.280, down 0.23% [2] - Tsingtao Brewery Group (00168) had a net inflow ratio of 72.17% with a net inflow of 0.125 billion and closed at 52.250, down 0.48% [2] - Beijing Automotive Group (01958) had a net inflow ratio of 65.26% with a net inflow of 13.59 million and closed at 2.000, down 0.50% [2]

Core Insights - On November 5, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) ranked as the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 4.231 billion, 2.472 billion, and 2.062 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also led the trading volume in the southbound trading of the Shenzhen-Hong Kong Stock Connect, with trading amounts of 3.078 billion, 1.765 billion, and 1.420 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 4.231 billion, net buying of +0.253 billion [2] - SMIC (00981): Trading amount of 2.472 billion, net selling of -0.281 billion [2] - Tencent Holdings (00700): Trading amount of 2.062 billion, net selling of -0.283 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.830 billion, net buying of +0.285 billion [2] - Huahong Semiconductor (01347): Trading amount of 1.240 billion, net buying of +7.8006 million [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 3.078 billion, net buying of +0.637 billion [2] - SMIC (00981): Trading amount of 1.765 billion, net selling of -0.218 billion [2] - Tencent Holdings (00700): Trading amount of 1.420 billion, net buying of +0.341 billion [2] - Huahong Semiconductor (01347): Trading amount of 1.233 billion, net selling of -0.649 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.096 billion, net buying of +1.019 billion [2]

Core Points - The Hang Seng Index fell by 16.99 points, a decrease of 0.07%, closing at 25,935.41 points [1] - The Hang Seng China Enterprises Index decreased by 9.97 points, closing at 9,163.24 points, down 0.11% [1] - The Hang Seng Tech Index dropped by 32.44 points, closing at 5,785.85 points, a decline of 0.56% [1] Blue Chip Stocks - Tencent Holdings remained unchanged, closing at 629 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.47%, closing at 423.6 HKD [1] - China Mobile decreased by 0.06%, closing at 86.65 HKD [1] - HSBC Holdings increased by 0.19%, closing at 108.2 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 0.05%, closing at 39.52 HKD [1] - Sun Hung Kai Properties fell by 1.42%, closing at 96.85 HKD [1] - Henderson Land Development increased by 0.72%, closing at 28.04 HKD [1] Chinese Financial Stocks - Bank of China rose by 0.22%, closing at 4.53 HKD [1] - China Construction Bank decreased by 0.37%, closing at 8.02 HKD [1] - Industrial and Commercial Bank of China increased by 0.16%, closing at 6.25 HKD [1] - Ping An Insurance fell by 0.97%, closing at 56.25 HKD [1] - China Life Insurance remained unchanged, closing at 24.7 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.71%, closing at 4.2 HKD [1] - PetroChina increased by 0.36%, closing at 8.36 HKD [1] - CNOOC decreased by 0.29%, closing at 20.34 HKD [1]

Group 1: Market Overview - On November 5, the Hong Kong stock market saw a net inflow of 10.373 billion HKD from northbound trading, with 3.359 billion HKD from Shanghai and 7.014 billion HKD from Shenzhen [1] - The most net bought stocks included Southern Hang Seng Technology (03033), Alibaba-W (09988), and Xiaomi Group-W (01810) [1] - The most net sold stocks were Hua Hong Semiconductor (01347), SMIC (00981), and Ganfeng Lithium (01772) [1] Group 2: Stock Performance - Alibaba-W had a net inflow of 2.53 billion HKD, with total trading volume of 4.231 billion HKD [2] - SMIC experienced a net outflow of 2.81 billion HKD, with total trading volume of 2.472 billion HKD [2] - Tencent Holdings saw a net outflow of 2.83 billion HKD, with total trading volume of 2.062 billion HKD [2] Group 3: Sector Insights - Southern Hang Seng Technology (03033) received a net inflow of 12.87 billion HKD, with analysts noting that the Hang Seng Technology Index is trading at historically low valuations, indicating potential for valuation recovery [4] - Northbound funds increased their positions in tech stocks, with Alibaba-W, Meituan-W, and Tencent receiving net inflows of 8.9 million, 1.84 million, and 585 million HKD respectively [5] - Xiaomi Group-W is expected to see a 22% year-on-year revenue growth and a 60% increase in adjusted net profit, driven by strong electric vehicle sales [5] Group 4: Corporate Developments - China Mobile (00941) had a net inflow of 2.06 billion HKD, as it announced a transfer of 0.19% of its shares to China National Petroleum Corporation to enhance strategic collaboration [6] - Northbound trading saw significant sell-offs in semiconductor stocks, with SMIC and Hua Hong Semiconductor experiencing net outflows of 4.99 billion and 6.4 billion HKD respectively [6]

Core Points - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed at a 0.00% change on November 5, with a trading volume of 66.32 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 November 4, the fund's total shares stood at 225 million, with a total size of 231 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.192 billion yuan, with an average daily trading amount of 59.60 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.46% during the tenure [1] Holdings Summary - The top holdings of the 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 National Petroleum (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 Insights - China National Offshore Oil Corporation (CNOOC) experienced a decline of 0.99% in stock price on November 4, with a trading volume of 929 million yuan [1] - The company reported a net financing outflow of 657.21 million yuan on the same day, with total financing and securities balance amounting to 1.359 billion yuan [1][2] - CNOOC's main business segments include exploration and production, trading, and corporate services, with oil and gas sales accounting for 82.73% of total revenue [2] Financing and Trading Activity - On November 4, CNOOC had a financing buy-in of 81.155 million yuan, with a current financing balance of 1.352 billion yuan, representing 1.61% of the market capitalization [1] - The financing balance is below the 10% percentile level over the past year, indicating a low level of financing activity [1] - In terms of securities lending, CNOOC had a net short sale of 2.90 million shares on November 4, with a remaining short balance of 728.83 million yuan, also below the 30% percentile level over the past year [1] Company Performance - As of September 30, CNOOC reported a total revenue of 312.503 billion yuan for the first nine months of 2025, a year-on-year decrease of 4.15% [2] - The net profit attributable to shareholders for the same period was 101.971 billion yuan, reflecting a year-on-year decline of 12.59% [2] - CNOOC has distributed a total of 255.995 billion yuan in dividends since its A-share listing, with 179.051 billion yuan distributed over the past three years [3]

Group 1 - The U.S. stock market experienced significant adjustments on November 4-5, with technology stocks leading the decline, and the Nasdaq dropping over 2% [2] - AI stock valuations are seen as a core risk, with Palantir's price-to-earnings ratio reaching 700 times, far exceeding historical levels [2] - The Federal Reserve's changing stance and persistent inflation above target for over four and a half years are putting pressure on technology companies that heavily rely on low-interest financing [2] Group 2 - Market analysts warn of a potential correction of 10% to 20%, reflecting growing investor concerns that technology stock valuations may not be self-justifying, with over 300 S&P 500 constituents declining [2] - In the Hong Kong stock market, net inflows through the Stock Connect on Tuesday reached HKD 9.8 billion, with China National Offshore Oil Corporation (00883.HK) seeing the highest net inflow of HKD 1.05 billion, followed by Xiaomi Group (01810.HK) [2] - Conversely, Alibaba (09988.HK) recorded the largest net outflow of HKD 868 million, followed by Sunny Optical Technology (02382.HK) [2]

Report Summary 1. Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - In Q3 2025, the production and sales of the four major iron ore mines were generally stable. Vale's production and sales increased year - on - year and quarter - on - quarter, Rio Tinto remained basically flat, FMG declined quarter - on - quarter due to the first quarter of the new fiscal year, and BHP decreased both year - on - year and quarter - on - quarter [1]. - The total iron ore production/processing volume of the four major mines in Q3 was 299.5 million tons, basically flat quarter - on - quarter and up 1.63% year - on - year. In terms of sales, the total sales volume was 291 million tons, up 0.52% quarter - on - quarter and 1.86% year - on - year [1]. - For the first three quarters of 2025, the total production of the four major mines increased by about 10 million tons year - on - year, with FMG showing a significant increase. The total sales volume decreased by about 500,000 tons year - on - year, mainly due to Rio Tinto's reduced shipments [1]. - Overall, the four major mines were stable in the first three quarters. Rio Tinto may face some pressure to boost shipments in Q4. It is expected that the annual shipment volume of the four major mines will increase by 3.5 - 6 million tons year - on - year, with relatively limited overall growth [1]. 3. Summary by Company Rio Tinto - In Q3 2025, production in the Pilbara region remained high at about 84.1 million tons (100% equity), with year - on - year and quarter - on - quarter stability. Shipments were 84.3 million tons, basically flat year - on - year and up about 5.51% quarter - on - quarter, reaching the second - highest Q3 record since 2019 [6]. - The Gudai - Darri mine achieved its highest quarterly production, with an annualized production capacity of 51 million tons. The IOC mine in Canada produced about 2.348 million tons in Q3, up 11% year - on - year but down 6% quarter - on - quarter [9]. - Since July, Rio Tinto has been shipping adjusted PB fines. It maintains its 2025 shipment guidance of 323 - 338 million tons, but considering the early - year losses, the annual shipment is expected to be at the lower end of the guidance range [9]. BHP - In Q3 2025 (Q1 of FY2026), BHP's WAIO production was 62.01 million tons (equity basis), down about 2% year - on - year and 9% quarter - on - quarter; 70.25 million tons on a 100% equity basis, down about 2% year - on - year. Planned maintenance affected short - term production, but the Samarco project's output increased significantly [12]. - Sales were basically flat, with a slight year - on - year decline of about 1%. The sales of lump ore increased by 5% year - on - year. BHP maintains its FY2025 production guidance of 258 - 269 million tons (284 - 296 million tons on a 100% equity basis) [12]. FMG - In Q3 2025 (Q1 of FY2026), FMG's iron ore shipments were 49.7 million tons (including 2.1 million tons from the Iron Bridge project), up about 4% year - on - year, setting a record for the same period. Due to seasonal maintenance, shipments decreased by about 10% quarter - on - quarter. Ore processing volume was 50.8 million tons, up about 6% year - on - year [16]. - The proportion of Super Special Fines and Blend Fines is about 78%. FMG maintains its FY2026 shipment guidance of 195 - 205 million tons, with the Iron Bridge project contributing about 10 - 12 million tons [16]. Vale - In Q3 2025, Vale's iron ore production reached 94.4 million tons, up 3.8% year - on - year and 12.9% quarter - on - quarter, the highest for the same period since 2018. Sales were 86 million tons, up 5.1% year - on - year and 11.2% quarter - on - quarter [18][23]. - Inventory increased by about 4.5 million tons in Q3, mainly due to more in - transit concentrate products in China. The pellet production in Q3 was 7.997 million tons, down 22.8% year - on - year [23]. - Assuming Q4 production is the same as the previous year, Vale's annual production is expected to be slightly higher than the mid - point of the guidance range of 325 - 335 million tons [24].