Group 1 - The core viewpoint is that during the "14th Five-Year Plan" period, state-owned enterprises (SOEs) are actively optimizing their layout and restructuring through market-oriented methods, having restructured 6 groups of 10 companies and established 9 new central enterprises [1] - The next steps focus on enhancing core functions and competitiveness, employing systematic thinking and innovative measures to promote strategic and specialized restructuring of SOEs, thereby improving the allocation and operational efficiency of state capital [1] - As of September 16, 2025, the National Enterprise Win ETF (159719) has seen a 1.81% increase over the past three months, with a current price of 1.58 yuan, reflecting a 0.38% rise on September 17, 2025 [1] Group 2 - As of September 16, 2025, the National Enterprise Win ETF has achieved a net value increase of 51.39% over the past three years, ranking 247 out of 1867 index stock funds, placing it in the top 13.23% [2] - The ETF has recorded a maximum monthly return of 14.61% since its inception, with the longest consecutive monthly gains being 7 months and a maximum cumulative increase of 24.70% [2] - The ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [2] Group 3 - The top holdings in the National Enterprise Win ETF include China Petroleum (1.07% increase, 15.94% weight), China Petrochemical (0.00% change, 11.93% weight), and China State Construction (1.25% increase, 9.59% weight) [4] - Other notable stocks in the ETF include China Mobile (-0.08% change, 6.87% weight) and China Railway (0.54% increase, 4.53% weight) [4] - The ETF has several connection options, including Ping An FTSE China State-Owned Enterprises Open Win ETF Connect A, C, and E [4]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) has made significant progress in its "Deep Earth Engineering: Sichuan-Chongqing Natural Gas Base" project, with two evaluation wells in the Sichuan Province's shale gas field exceeding a production capacity of one million cubic meters [2][3] - The Ziyang 2-501HF well achieved a record daily gas output of 1.407 million cubic meters, marking the highest testing production for shale gas in China [2] - The successful production from these wells indicates a promising outlook for the development of ultra-deep shale gas in the Sichuan Basin, which is crucial for advancing China's shale gas exploration [2] Production Details - Currently, three wells have been put into production at the platform where the two evaluation wells are located, with each well maintaining a stable daily gas output of over 150,000 cubic meters [2] - The targeted layer for these wells is the Cambrian system, which dates back 540 million years, representing the oldest shale system globally to achieve large-scale exploration [2] Future Developments - In 2024, following the breakthrough in Cambrian shale gas exploration at the Ziyang 2 well, Sinopec's Southwest Petroleum Bureau will implement the first ultra-deep shale gas development experimental well group at the same platform [2] - The new approach combines natural fractures with artificial fractures to unlock nearly 5,000 meters of ultra-deep shale gas reservoirs, with both Ziyang 2-501HF and 502HF wells yielding high gas flow [2] - This development opens the door for the effective exploitation of high-quality gas resources in Ziyang [2][3]

Core Insights - The A-share market has experienced significant market value shrinkage over the past year, particularly highlighted by the "924 market" event, with 170 stocks losing value from September 24, 2024, to September 16, 2025 [1] Group 1: Market Value Shrinkage - A total of 170 stocks have seen their market value decrease, with 16 stocks losing over 10 billion yuan [1] - China Petroleum & Chemical Corporation (Sinopec) reported a market value loss of 106.9 billion yuan, representing a decline of 11.99% [2] - Shaanxi Coal and Chemical Industry Co., Ltd. experienced a market value reduction of 35.6 billion yuan, down 9.64% [2] - Wanhua Chemical Group Co., Ltd. saw a decrease of 29 billion yuan, reflecting a 10.78% drop [2] Group 2: Other Notable Companies - Guodian Technology & Environment Group Corporation lost 27.9 billion yuan, a decline of 11.43% [2] - Huaneng Water Power Co., Ltd. reported a market value decrease of 21.96 billion yuan, down 9.84% [2] - China General Nuclear Power Corporation's market value shrank by 15.6 billion yuan, a 6.59% decline [2] - Other companies such as China Coal Energy Company and Huali Group also reported significant losses, with declines of 11.88% and 14.84% respectively [2]

Group 1 - The core viewpoint emphasizes the acceleration of a new round of technological revolution and industrial transformation, urging central enterprises to seize development opportunities and actively embrace new fields and tracks to form new growth points [1] - In 2023, the State-owned Assets Supervision and Administration Commission (SASAC) initiated actions for the revitalization of central enterprises and future industries, increasing assessment guidance and policy support [1] - By 2024, investments by central enterprises in strategic emerging industries are expected to exceed 40% of total investments, with operating revenue approaching 30% [1] Group 2 - As of September 16, 2025, the National Enterprise Win-Win ETF (159719) has seen a net value increase of 51.39% over the past three years, ranking 247 out of 1867 index stock funds, placing it in the top 13.23% [2] - The ETF has recorded a maximum single-month return of 14.61% since its inception, with the longest consecutive monthly gains lasting 7 months and a maximum cumulative increase of 24.70% [2] - The ETF's management fee is 0.25% and the custody fee is 0.05%, making it the lowest among comparable funds [2] Group 3 - The FTSE China National Enterprises Open Win Index, which the ETF closely tracks, aims to reflect the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [2] - The index consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [2] Group 4 - The top weighted stocks in the National Enterprise Win-Win ETF include China Petroleum (15.94%), China Petrochemical (11.93%), and China State Construction (9.59%) [4] - Other notable stocks include China Mobile (6.87%), China Railway (4.53%), and China Telecom (3.32%) [4]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) has made significant progress in the "Deep Earth Engineering: Sichuan-Chongqing Natural Gas Base," with two evaluation wells in the Sichuan Province's Ziyang shale gas field exceeding a production capacity of one million cubic meters, setting a new record for shale gas testing in China [1][3] Group 1: Production Achievements - The Ziyang 2-501HF well achieved a daily gas production of 1.407 million cubic meters, marking the highest shale gas testing production record in China [1] - Three wells have been put into production on the platform, with each well maintaining a stable daily gas production of over 150,000 cubic meters, indicating a promising outlook for the development of ultra-deep shale gas in the Sichuan Basin [1][3] Group 2: Technological Innovations - The "well network-fracture network" collaboration has unlocked the potential of ultra-deep shale gas resources, with the Ziyang 2 well group targeting the Cambrian system, which is the oldest shale layer system globally to achieve large-scale exploration [3][4] - Sinopec's engineering team has integrated advanced technologies for drilling and completion, including high-temperature resistance and efficient sealing, to overcome the challenges posed by complex geological conditions in the Ziyang area [4] Group 3: Strategic Importance - The exploration and development of shale gas are strategically significant for China's energy landscape, as the country has a resource profile characterized by "rich coal, poor oil, and scarce gas," making it a long-term oil and gas importer [5] - Sinopec has played a crucial role in the commercialization of shale gas in China, having discovered the Fuling shale gas field in 2012, which initiated the country's shale gas commercial development [5]

Group 1 - The core point of the news is that China Petroleum & Chemical Corporation (Sinopec) has achieved a record-breaking shale gas production in the Ziyang shale gas field, with two wells testing production exceeding one million cubic meters [1] - One of the wells recorded a daily gas output of 1.407 million cubic meters, tapping into a Cambrian formation that is 540 million years old, marking it as the oldest shale layer system globally for large-scale exploration [1] - The successful test production significantly expands the development space and resource potential for shale gas in China [1] Group 2 - The geological engineering conditions in the Ziyang area are complex, with challenges including thick strata, deep burial, high pressure, and high temperature, making drilling operations particularly difficult [2] - The team has innovatively utilized the largest scale sand-carrying fracturing integrated device in China, leading to a strategic breakthrough in the exploration and development of ultra-deep shale gas [2]

资阳地区地质工程条件复杂，难钻地层厚、埋藏深、压力高、温度高，钻完井工程挑战极大。中国石化攻关团队在钻井工程方面，通过强化地质-工程一体 化，集成应用耐高温、精细控压、高效封堵等技术，实现安全优快成井。在完井工程方面，首次创新采用国内最大尺度携砂压裂一体化装置，创新形成超深 科技日报记者 操秀英 9月17日，记者从中国石化获悉，中国石化"深地工程·川渝天然气基地"再获重大进展，中国石化部署在四川省资阳页岩气田的2口评价井测试产量均超百万 立方米，其中资页2-501HF井试获日产气140.7万立方米，刷新我国页岩气测试产量最高纪录。 目前，2口井所在的平台已投产3口井，单井稳定日产气超15万方，展示了四川盆地超深层页岩气效益开发的良好前景，对推动我国页岩气开发具有重要意 义。 此前，我国投入规模开发的页岩气主力层系为志留系，该井组产层为距今5.4亿年前的寒武系，是全球实现规模勘探最古老的页岩层系，是一种新类型页岩 气。2024年，资阳2井实现寒武系页岩气勘探重大突破后，中国石化西南石油局继续在资阳2井同平台部署实施了首个超深层页岩气开发试验井组，采用"天 然裂缝+人工裂缝"耦合解锁近5000米超深页岩气藏，资页 ...

中国石化2012年底发现了涪陵页岩气田，拉开了中国页岩气商业化开发的序幕，使我国成为除美国、加 拿大之外第三个实现页岩气商业化开发的国家，目前，涪陵页岩气田累计探明储量10188.8亿方，累产 超760亿方。随后，中国石化不断向深层进军，2018年，探明我国首个储量超千亿立方米的深层页岩气 田——威荣页岩气田，并实现了规模开发。2024年8月，探明永川、红星两个千亿方级页岩气田。（刘 丽丽） 责任编辑：江钰涵 9月17日消息，从中国石化获悉，中国石化"深地工程·川渝天然气基地"再获重大进展，中国石化部署在 四川省资阳页岩气田的2口评价井测试产量均超百万立方米，其中资页2-501HF井试获日产气140.7万立 方米，刷新我国页岩气测试产量最高纪录。目前，2口井所在的平台已投产3口井，单井稳定日产气超15 万方，展示了四川盆地超深层页岩气效益开发的良好前景。 此前，我国投入规模开发的页岩气主力层系为志留系，该井组产层为距今5.4亿年前的寒武系，是全球 实现规模勘探最古老的页岩层系，是一种新类型页岩气。2024年，资阳2井实现寒武系页岩气勘探重大 突破后，中国石化西南石油局继续在资阳2井同平台部署实施了首个超深层页 ...

经济观察网 9月17日，中国石化（600028）新闻办表示，中国石化"深地工程·川渝天然气基地"再获重大 进展，中国石化部署在四川省资阳页岩气田的2口评价井测试产量均超百万立方米，其中资页2-501HF 井试获日产气140.7万立方米，刷新中国页岩气测试产量最高纪录。目前，2口井所在的平台已投产3口 井，单井稳定日产气超15万方。 ...

Core Viewpoint - The global chemical industry is experiencing a general revenue decline among leading companies, although the rate of decline has narrowed compared to the previous year, indicating a persistent long-cycle downturn in the industry [2][4]. Group 1: Revenue Trends - In 2024, the revenue of leading companies in the global chemical industry is generally declining, with a median revenue decrease of 1% and a median sales figure dropping to approximately $8.81 billion [5]. - The number of companies reporting revenue declines is significant, with 53 out of 106 companies experiencing a decrease, while only 40 companies reported growth [5]. - The largest revenue changes include a notable drop in rankings for companies like DuPont, which fell to 36th place, and a significant decline in lithium companies due to long-term price weakness [3][4]. Group 2: Industry Adjustments - Major companies are actively adjusting their operations to improve profitability, with BASF planning to sell its decorative coatings business and considering a spin-off of its agricultural solutions business [4]. - The chemical industry is in its third consecutive year of low performance, with European regions facing the highest costs and a 20% drop in demand compared to pre-pandemic levels [4]. - Companies like Dow and LyondellBasell have announced plans to reduce capital expenditures by 2025, reflecting a strategic shift in response to ongoing market challenges [5]. Group 3: Profitability Indicators - Despite the revenue decline, the chemical industry shows signs of profitability recovery, with a median operating profit increase of 4% in 2024 [5]. - Cost-cutting measures, such as BASF's plan to save €1 billion in 2024, are being implemented to navigate the challenging environment [5]. - The stability in capital expenditure and R&D investment ratios indicates a cautious but consistent approach to maintaining operational capabilities [5].