Group 1: Solar and Energy Stocks - Solar stocks showed recovery with New Special Energy (01799) up 4.99%, Flat Glass (06865) up 3.25%, Xinyi Solar (00968) up 3.75%, and GCL-Poly Energy (03800) up 2.27%. The China Photovoltaic Industry Association stated that rumors about a polysilicon storage platform were false, aiming to malign the industry [1][2] - Energy storage concept stocks rose against the trend, with Longpan Technology (02465) up 17.09%, Ruipu Lanjun (00666) up 15.2%, and Zhongxin Innovation (03931) up 9.22%. Lithium hexafluorophosphate prices have surged, with some market quotes reaching 150,000 yuan/ton, doubling since mid-October [1] Group 2: Oil and Gas Stocks - Oil stocks collectively declined, with CNOOC (00883) down 3.14%, CNOOC Services (02883) down 2.98%, PetroChina (00857) down 2.09%, and Sinopec (00386) down 1.79%. OPEC's monthly report indicated a slight oversupply in the oil market by 2026, contrasting previous predictions of sustained demand [2] Group 3: Steel and Mining Stocks - Steel stocks saw a midday surge, with Maanshan Iron & Steel (00323) up 7.09%, Ansteel (00347) up 2.26%, and Chongqing Iron & Steel (01053) up 2.13%. The Simandou project in Guinea, which has the potential to become the fifth-largest mine globally, has commenced production [2] Group 4: Airline and Transportation Stocks - Southern Airlines (01055) rose over 3.9% after reporting a 2.2% year-on-year increase in revenue for the first three quarters of 2025 [2] Group 5: Biotechnology and Pharmaceuticals - Gilead Sciences (01672) increased over 5.7% as it announced the clinical development of new drugs ASC36 and ASC35 [3] - Zai Lab (02509) rose over 8.4% after announcing plans for continued related transactions for the commercialization of QX001S from 2026 to 2028 [4] Group 6: Gold Stocks - Gold stocks collectively rose, with China Gold International (02099) up 5.99%, Jihai Resources (02489) up 7.3%, and Lingbao Gold (03330) up 4.47%. Gold prices have surpassed $4,100 and are testing the $4,200 resistance level [4] Group 7: US Market Movements - Major tech stocks in the US fell, with Meta Platforms (META.US) down over 2.8%, Tesla (TSLA.US) down over 2%, and Amazon (AMZN.US) down over 1.9% [5] - Eli Lilly (LLY.US) rose 2.95%, reaching a historical high, after announcing a deal to lower GLP-1 drug prices to $245 per month, potentially opening a new market of 30 million people [5] - The US airline service sector saw gains, with United Airlines (UAL.US) up 5.29% and American Airlines (AAL.US) up 3.62%, as the government is expected to reopen soon [5] Group 8: Nuclear Energy Stocks - US nuclear energy stocks rose, with Oklo (OKLO.US) up 6.67% as the government plans to finance new nuclear power plants to meet the energy demands of AI development [6] Group 9: Company-Specific Developments - On Holding (ONON.US) surged over 17.9% after reporting Q3 net sales of 794.4 million Swiss francs, exceeding market expectations [7] - AMD (AMD.US) rose 9% as it projected a 35% annual growth rate in revenue over the next three to five years, driven by AI chip demand [7]

Core Viewpoint - CNOOC Services' stock price has experienced fluctuations, with a current decline of 2.01% and a year-to-date decrease of 2.46%, despite a recent 20-day increase of 5.93% [1] Financial Performance - For the period from January to September 2025, CNOOC Services reported a revenue of 34.854 billion, reflecting a year-on-year growth of 3.54%, and a net profit attributable to shareholders of 3.209 billion, which is a significant increase of 31.28% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for CNOOC Services decreased by 6.08% to 64,000, with an average of 0 circulating shares per person [2] - The company has distributed a total of 15.492 billion in dividends since its A-share listing, with 2.866 billion distributed over the last three years [3] Major Shareholders - The top circulating shareholder is 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 changes in their holdings compared to the previous period [3]

Group 1 - Hong Kong oil stocks collectively declined, with CNOOC (00883.HK) down 2.96% to HKD 22.26 [1] - China Oilfield Services (02883.HK) fell 2.86% to HKD 7.82 [1] - PetroChina (00857.HK) decreased by 1.43% to HKD 8.94 [1] - Sinopec (00386.HK) dropped 1.57% to HKD 4.4 [1]

Core Viewpoint - The oil stocks have collectively declined following a significant drop in international oil prices, marking the largest decrease since June [1] Group 1: Company Performance - CNOOC (00883) fell by 2.96%, trading at HKD 22.26 [1] - China Oilfield Services (02883) decreased by 2.86%, trading at HKD 7.82 [1] - PetroChina (00857) dropped by 1.43%, trading at HKD 8.94 [1] - Sinopec (00386) declined by 1.57%, trading at HKD 4.40 [1] Group 2: Market Conditions - WTI crude oil futures for December delivery fell by 4.2%, erasing gains from the previous three trading days [1] - January Brent crude oil decreased by 3.8% [1] - OPEC's monthly oil market report indicates a slight oversupply in the oil market by 2026 due to increased global supply, contrasting previous forecasts of prolonged supply shortages [1]

Group 1 - International oil prices have declined, leading to a collective pullback in Hong Kong oil stocks, with CNOOC Services down 3.2%, China National Offshore Oil Corporation down 2.5%, China Petroleum & Chemical Corporation down 1.3%, and Kunlun Energy down nearly 1% [1] - OPEC has revised its oil market outlook to indicate a surplus, with WTI December crude futures closing down $2.55, a 4.18% drop, at $58.49 per barrel, and Brent January crude futures down $2.45, a 3.76% drop, at $62.71 per barrel [1] - OPEC's latest monthly oil market report shows that in October, the combined daily oil production of OPEC and non-OPEC major oil-producing countries was 43.02 million barrels, a decrease of 73,000 barrels from September [1] Group 2 - The global oil market has shifted from a daily shortfall of 400,000 barrels to a daily surplus of 500,000 barrels, indicating a structural surplus due to unexpected growth in U.S. oil production [1]

Core Insights - The article highlights the top and bottom performing AH share premium rates as of November 12, with Northeast Electric (00042) leading at 847.37% and Ningde Times (03750) at -15.85% [1][2] Summary by Category Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 847.37% with H-share priced at 0.285 HKD and A-share at 2.25 CNY [1] - Hongye Futures (03678) follows with a premium rate of 266.57%, H-share at 3.590 HKD and A-share at 10.99 CNY [1] - Zhejiang Shibao (01057) ranks third with a premium rate of 264.95%, H-share at 4.650 HKD and A-share at 14.17 CNY [1] Bottom AH Share Premium Rates - Ningde Times (03750) shows a negative premium rate of -15.85%, with H-share at 550.000 HKD and A-share at 386.38 CNY [1] - China Merchants Bank (03968) has a premium rate of -1.59%, H-share at 52.250 HKD and A-share at 42.93 CNY [1] - Heng Rui Pharmaceutical (01276) has a premium rate of 3.59%, H-share at 71.800 HKD and A-share at 62.1 CNY [1] Top AH Share Deviation Values - Zhejiang Shibao (01057) leads with a deviation value of 27.23% [1] - Hongye Futures (03678) has a deviation value of 25.25% [1] - Sinopec Oilfield Service (01033) follows with a deviation value of 20.25% [1] Bottom AH Share Deviation Values - Andeli Juice (02218) has the lowest deviation value at -25.93% [1] - China Life (02628) follows with -19.73% [1] - CNOOC Services (02883) has a deviation value of -13.96% [1]

Core Viewpoint - The Hong Kong oil stocks continue their recent upward trend, with significant gains observed in major companies [1] Group 1: Company Performance - CNOOC (00883.HK) increased by 3.66%, reaching a record high of 23.2 HKD [1] - PetroChina (00857.HK) rose by 2.49%, trading at 9.04 HKD [1] - Sinopec (00386.HK) saw a gain of 2.28%, priced at 4.49 HKD [1] - CNOOC Services (02883.HK) experienced a smaller increase of 0.88%, with shares at 8.03 HKD [1]

Core Viewpoint - Oil stocks continue their recent upward trend, driven by geopolitical tensions and OPEC+ production decisions [1] Group 1: Stock Performance - CNOOC (00883) rose by 3.66% to HKD 23.2, reaching a new historical high [1] - PetroChina (00857) increased by 2.49% to HKD 9.04 [1] - Sinopec (00386) gained 2.28% to HKD 4.49 [1] - CNOOC Services (601808) (02883) saw a rise of 0.88% to HKD 8.03 [1] Group 2: Geopolitical Factors - The U.S. military's largest aircraft carrier strike group has entered the Caribbean, while Venezuela is conducting new military exercises [1] - Guotai Junan Securities suggests that geopolitical risks in South America may rise in the next 1-2 weeks, despite Trump's indecision on military action against Venezuela [1] Group 3: OPEC+ and Oil Price Outlook - Everbright Securities indicates that OPEC+ halting production increases may improve supply-demand balance, potentially supporting oil prices [1] - Guolian Minsheng Securities forecasts that OPEC+ will announce multiple production increases in 2025, which could suppress oil prices due to expected supply increments and Trump's "reciprocal tariffs" impacting global demand [1] - The average Brent/WTI oil prices for Q3 2025 are projected to be USD 68.17/barrel and USD 64.96/barrel, reflecting year-on-year declines of 13.40% and 13.78% respectively [1] Group 4: Company Performance and Outlook - Leading upstream oil and gas state-owned enterprises are expected to mitigate the pressure on oil prices through continuous reserve increases, production enhancements, and cost reductions [1] - If terminal consumption demand improves further, these leading state-owned enterprises may achieve performance recovery [1]

Core Viewpoint - Oil stocks continue to rise, with CNOOC reaching a historical high, driven by geopolitical tensions and OPEC+ production decisions [1] Group 1: Company Performance - CNOOC (00883) increased by 3.66%, reaching 23.2 HKD, a new historical high [1] - PetroChina (00857) rose by 2.49%, priced at 9.04 HKD [1] - Sinopec (00386) saw a 2.28% increase, trading at 4.49 HKD [1] - CNOOC Services (02883) gained 0.88%, with a price of 8.03 HKD [1] Group 2: Market Dynamics - The entry of the largest U.S. aircraft carrier strike group into the Caribbean and military exercises in Venezuela contribute to rising geopolitical risks [1] - Guotai Junan Securities suggests that geopolitical tensions may support oil prices despite Trump's indecision on military action in Venezuela [1] - Everbright Securities indicates that OPEC+ halting production increases improves supply-demand balance, potentially supporting oil prices [1] Group 3: Future Outlook - Guolian Minsheng Securities predicts that OPEC+ will restore production multiple times in 2025, which may suppress oil prices due to increased supply expectations [1] - The forecast for Brent and WTI average prices in Q3 2025 is 68.17 USD/barrel and 64.96 USD/barrel, reflecting year-on-year declines of 13.40% and 13.78% respectively [1] - Leading oil and gas state-owned enterprises are expected to mitigate the pressure on oil prices through continuous reserve increases and cost reductions, with potential performance recovery if terminal demand improves [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a significant increase in net profit by 31.28% year-on-year for the first three quarters of 2025, reaching 3.209 billion yuan, driven by improved operational efficiency and reduced financial costs [2][5] - The drilling business has seen a substantial improvement in day rates due to the commencement of high-day-rate projects, contributing to the overall revenue growth [2][5] - The company is committed to a "technology-driven" strategy, which is expected to support stable growth in its oilfield technology services business in the future [2][5] - The potential of offshore oil and gas resources is significant, and the company is expected to benefit from China National Offshore Oil Corporation's (CNOOC) ongoing efforts to increase reserves and production [2][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 34.854 billion yuan, a year-on-year increase of 3.54% [2][5] - The net profit attributable to the parent company for the third quarter was 1.246 billion yuan, reflecting a 46.13% year-on-year growth [2][5] - The gross profit margin for the first three quarters reached 18.20%, an increase of 0.96 percentage points year-on-year [11] Drilling Business - The company’s drilling platforms operated for 14,784 days in the first three quarters, a 12.3% increase year-on-year [11] - The average day rate for platforms in the first half of 2025 was 91,000 USD/day, up 5.8% year-on-year, with semi-submersible platform day rates increasing by 27.6% [11] Technology and Market Strategy - The oilfield technology service business has seen a growth in operational volume despite a slight decline in market size [11] - The company aims to increase the revenue share of its oilfield technology services from 57% in 2024 to 60% by 2030 [11] Market Outlook - The global exploration and development of offshore and unconventional oil and gas resources are expected to be key growth areas, with CNOOC's capital expenditure budget for 2025 set between 125 billion and 135 billion yuan [11]