Group 1 - Morgan Stanley has updated the risk-reward assessment for CNOOC Limited (02883) based on the actual performance from Q1 to Q3 of last year [1] - The forecast for earnings per share for last year has been raised by 2.5% due to better-than-expected drilling revenue, while the forecasts for 2026 and 2027 remain unchanged [1] - The daily rental rate increase forecast for semi-submersible platforms has been adjusted from 8% to 20% [1] Group 2 - Drilling revenue forecast for the group has been increased by 6% based on the updated assessments [1] - The target price has been raised by 2.44% to HKD 9.22, with a rating of "Overweight" maintained [1]

Core Viewpoint - Morgan Stanley has updated the risk-reward assessment for CNOOC Limited (02883) based on the inclusion of the company's actual performance from Q1 to Q3 of last year, resulting in a 2.5% increase in the earnings per share forecast for the previous year, while maintaining the forecasts for 2026 and 2027 unchanged [1] Group 1 - The drilling revenue forecast for the company has been raised by 6% due to better-than-expected drilling income [1] - The daily rental rate increase forecast for semi-submersible platforms has been adjusted from 8% to 20% [1] - The target price has been raised by 2.44% to HKD 9.22, with a rating of "Overweight" [1]

Core Viewpoint - CNOOC Services has shown a positive stock performance with a year-to-date increase of 2.78% and a recent 5-day increase of 4.04%, indicating a stable market position in the oil and gas service sector [1]. Financial Performance - For the period from January to September 2025, CNOOC Services reported a revenue of 34.854 billion yuan, reflecting a year-on-year growth of 3.54% [2]. - The net profit attributable to shareholders for the same period was 3.209 billion yuan, which represents a significant year-on-year increase of 31.28% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for CNOOC Services was 64,000, showing a decrease of 6.08% compared to the previous period [2]. - The company has distributed a total of 15.492 billion yuan in dividends since its A-share listing, with 2.866 billion yuan distributed over the last three years [3]. Stock Performance and Trading Activity - On January 6, CNOOC Services' stock price reached 14.43 yuan per share, with a trading volume of 2.21 billion yuan and a turnover rate of 0.52% [1]. - The stock experienced a net outflow of 5.6096 million yuan from major funds, with significant buying and selling activity recorded [1]. Shareholding Structure - The top circulating shareholder as of September 30, 2025, was China Securities Finance Corporation, holding 138 million shares, unchanged from the previous period [3]. - Other notable shareholders include招商优质成长混合 (LOF) and华泰柏瑞沪深300ETF, with varying changes in their holdings [3].

Core Viewpoint - Morgan Stanley has updated the risk-reward assessment for CNOOC Services, reflecting better-than-expected drilling revenues and adjusting earnings forecasts accordingly [1] Group 1: Earnings Forecasts - The actual performance from Q1 to Q3 of the previous year has been incorporated into the model, leading to a 2.5% increase in the earnings per share forecast for the company [1] - The earnings forecasts for 2026 and 2027 remain unchanged despite the adjustments made for the previous year [1] Group 2: Revenue Projections - The daily rental rate increase forecast for semi-submersible platforms has been raised from 8% to 20% [1] - The drilling revenue forecast for the previous year has been increased by 6% [1] Group 3: Target Price and Rating - The target price for the company has been raised by 2.44% to HKD 9.22 [1] - The rating for the company is maintained at "Overweight" [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中海油田服務股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02883 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,811,124,000 | | 0 | | 1,811,124,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,811,124,000 | | 0 | | 1,811,124,000 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Trading Information Summary - On December 31, 2025, CNOOC Services (601808) closed at 14.04 yuan, with a slight increase of 0.07% and a turnover rate of 0.26% [1] - The total trading volume was 77,100 shares, with a total transaction value of 108 million yuan [1] - On the same day, the main funds experienced a net outflow of 8.5382 million yuan, accounting for 7.89% of the total transaction value [2] - Retail investors saw a net inflow of 2.3752 million yuan, representing 2.2% of the total transaction value [1] Company Announcement Summary - On December 29, 2025, CNOOC Services entered into a new financial product agreement with the Bank of China, Yanjiao Branch, using 1 billion yuan of its own funds to purchase two structured deposit products [1] - This follows previous agreements made on December 17 and December 25, 2025, with the Bank of China, Tianjin Ocean Branch, and Yanjiao Branch, totaling 2 billion yuan in financial products [1] - The combined transactions require disclosure but are exempt from shareholder approval, aimed at enhancing returns on idle funds [1]

Group 1 - The "Three Oil Giants" refer to China National Petroleum Corporation (CNPC), Sinopec Limited, and China National Offshore Oil Corporation (CNOOC), which are the main state-owned enterprises in China's oil exploration, extraction, refining, and supply sectors [1] - A total of 35 personnel changes occurred across 9 listed companies controlled by Sinopec, CNPC, and CNOOC, with 6 companies experiencing changes at the chairman, general manager, and vice chairman levels [3] - Sinopec saw significant personnel changes, including the resignation of Chairman Ma Yongsheng and the appointment of Liu Qiang as General Manager and Vice Chairman [4][5] Group 2 - CNPC experienced personnel adjustments with 14 changes across 3 listed companies, including the resignation of Vice Chairman Hou Qijun and President Huang Yongzhang, with Ren Lixin appointed as the new President [13][14] - CNOOC had 4 personnel changes, including the resignation of Chairman Wang Dongjin and the appointment of Zhang Chuanjiang as the new Chairman [20][21] - The personnel changes reflect a broader trend of leadership transitions within major state-owned enterprises in China's oil and gas sector [3][19]

Market Overview - The Hong Kong stock market opened slightly lower on December 31, with the Hang Seng Index down 0.21% at 25,801.49 points, the Hang Seng Tech Index down 0.22% at 5,566.24 points, and the National Enterprises Index down 0.23% at 8,970.49 points [1] - Major tech stocks mostly declined, with Alibaba down 0.55%, Tencent down 0.42%, and JD.com down 1.32%. Conversely, Xiaomi rose by 0.86% [1] Company News - Zijin Mining (02899.HK) expects to achieve a net profit of approximately RMB 51-52 billion for the fiscal year 2025, representing a year-on-year increase of about 59%-62% due to increased production and sales prices [2] - Starry Development (00640.HK) reported revenue of approximately HKD 835 million for the fiscal year ending September 30, 2025, a year-on-year increase of 13.4%, and a net profit of approximately HKD 122 million, up 21.7% [2] - Shanghai Electric (02727.HK) plans to sell a 47.4% stake in Electric Guoxuan and waive its preemptive rights to an additional 3.6% stake [3] - CNOOC Services (02883.HK) has recently purchased bank wealth management products totaling HKD 3 billion [4] Clinical Trials and Drug Approvals - Fosun Pharma (02196.HK) has initiated clinical trials for its integrated diagnosis and treatment nuclear medicine project SRT-007 within China [5] - Hutchison China MediTech (00013.HK) announced that its new drug application for Savolitinib, intended for treating gastric cancer patients with MET amplification, has been accepted and prioritized for review [5] Strategic Partnerships - Linkong Biotechnology Group (00690.HK) has established a strategic partnership with Wenzhou Medical University National Engineering Research Center and the Ouhai District People's Government [6] Financing Activities - Youlian International Education Leasing (01563.HK) has entered into a financing lease agreement for energy-saving equipment [7] Stock Buybacks - Tencent Holdings (00700.HK) repurchased 1.062 million shares for HKD 636 million at prices ranging from HKD 594.5 to HKD 600.5 [8] - COSCO Shipping Holdings (01919.HK) repurchased 4.3715 million shares for HKD 61.05 million at prices between HKD 13.86 and HKD 14.06 [9] - China Feihe (06186.HK) repurchased 8.837 million shares for HKD 36.34 million at prices between HKD 4.07 and HKD 4.12 [10] - Kuaishou-W (01024.HK) repurchased approximately 464,000 shares for HKD 29.88 million at prices between HKD 63.75 and HKD 64.75 [10] - Giant Bio (02367.HK) repurchased 400,000 shares for HKD 13.44 million at prices between HKD 33.48 and HKD 33.76 [11] Institutional Insights - Everbright Securities notes that the overall profitability of Hong Kong stocks remains strong, with relatively scarce assets in internet, new consumption, and innovative pharmaceuticals. Despite recent gains, valuations are still considered low, suggesting long-term investment potential [12] - Founder Securities highlights positive signals from government policies aimed at optimizing the "two new" policies, which may enhance the competitive environment in the automotive industry [12] - CITIC Securities anticipates a 7.9% increase in Hong Kong private residential transaction volumes in 2026, driven by a favorable interest rate environment and increased asset allocation demand [12]

Group 1 - The core stock price of CNOOC Services (601808) closed at 14.03 yuan on December 30, 2025, with an increase of 0.72% and a trading volume of 10.21 million shares, resulting in a total transaction amount of 143 million yuan [1] - On December 30, 2025, the main funds experienced a net outflow of 10.33 million yuan, accounting for 7.21% of the total transaction amount, while retail investors saw a net inflow of 5.56 million yuan, representing 3.88% of the total transaction amount [2] Group 2 - CNOOC Services announced the purchase of structured deposit products using its own funds amounting to 1 billion yuan, which constitutes a transaction that requires disclosure [1][2] - The company had previously entered into agreements to purchase a total of 2 billion yuan in structured deposit products with Bank of China, which were disclosed in accordance with Hong Kong listing rules [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，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 2883 公告 須予披露的交易 購買理財產品 於2025年12月29日，本公司與中國銀行燕郊分行訂立中國銀行最新理財協議。根據中 國銀行最新理財協議，本公司同意以自有資金合計人民幣10億元購買兩筆理財產品。 於2025年12月17日，本公司曾與中國銀行天津海洋支行訂立中國銀行此前理財協議， 以自有資金合計人民幣10億元購買兩筆理財產品。 於2025年12月25日，本公司曾與中國銀行燕郊分行訂立中國銀行此前理財協議，以自 有資金合計人民幣10億元購買兩筆理財產品。 前述中國銀行最新理財協議及中國銀行此前理財協議由本公司與中國銀行燕郊分行、 中國銀行天津海洋支行分別訂立。根據香港上市規則第14.22條，該等交易應當合併計 算，經合併計算的中國銀行此前理財協議的適用百分比率（定義見香港上市規則第 14.07條）未達5%，但經合併計算的中國銀行最新理財協議及中國銀行此前理財協議的 適用百分比率有一項或以上超過5 ...