风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月21日，石油ETF（561360）开盘跌1.17%，报1.185元。石油ETF（561360）重仓股方面，中国海油 开盘跌0.34%，中国石油跌0.10%，中国石化涨0.00%，杰瑞股份跌1.55%，招商轮船涨0.33%，广汇能源 跌0.39%，中远海能涨0.79%，恒力石化跌1.15%，招商南油跌0.31%，海油工程跌0.53%。 石油ETF（561360）业绩比较基准为中证油气产业指数收益率，管理人为国泰基金管理有限公司，基金 经理为苗梦羽，成立（2023-10-23）以来回报为19.63%，近一个月回报为7.61%。 来源：新浪基金∞工作室 ...

Core Viewpoint - The Freedom Cash Flow ETF CSI All Share (561080) experienced a decline of 1.70% as of the midday close on November 21, with a trading volume of 4.1672 million yuan [1] Group 1: ETF Performance - The Freedom Cash Flow ETF CSI All Share (561080) closed at 1.211 yuan [1] - The fund has a performance benchmark of the CSI All Share Free Cash Flow Index return rate [1] - Since its establishment on April 23, 2025, the fund has achieved a return of 23.00%, with a one-month return of 4.57% [1] Group 2: Major Holdings - Major stocks in the Freedom Cash Flow ETF include: - China National Offshore Oil Corporation (CNOOC) down 1.44% - Midea Group down 0.05% - Gree Electric Appliances down 0.74% - Wuliangye Yibin down 0.36% - China COSCO Shipping down 0.46% - Luoyang Molybdenum down 3.48% - TCL Technology down 1.92% - China Aluminum down 4.08% - SF Express down 1.34% - Shaanxi Coal and Chemical Industry down 0.43% [1]

他介绍了中国海油在巴西推动绿色低碳发展的战略方向。首先，持续优化能源结构，作为巴西首家 实现天然气自主销售的外资企业，中国海油将持续巩固先发优势，推动当地市场健康发展，构建清洁能 源供应体系；其次，加快零碳产业的发展，重点布局海上风电，推动可再生能源开发合作，助力深水油 气田的绿色开发；最后，拓展绿色领域的国际合作，发挥中巴两国在能源方面的互补优势，共同推进技 术研发，完善制度体系，健全行业规范，为全球绿色低碳转型提供优秀范例。 巴西石油学会主席罗伯托·阿尔登吉表示，中国已经成为世界经济的重要引领者，他期待中巴双方 继续深化合作，以创新中心为平台，以科技研发为驱动，通过科技创新推动降碳进程，助力两国企业在 全球碳减排领域发挥更大作用。我认为，中巴在能源与环保领域的合作具有广阔前景。随着全球对低碳 发展的重视不断加深，科技创新将成为推动可持续发展的关键力量。中国在新能源技术方面的快速发 展，为国际合作提供了良好范例，而巴西丰富的自然资源也为双方合作奠定了坚实基础。这种基于共同 目标的合作，不仅有助于两国企业提升竞争力，也将为全球气候治理作出积极贡献。 人民网里约热内卢11月18日电 （记者陈一鸣）巴西贝伦消息： ...

强化全链条管理 推动油气基础设施高质量发展 —— 《石油天然气基础设施规划建设与运营管理办法》解读 党的二十届四中全会强调优化能源骨干通道布局，加力建设新型能源基础设施。石油天然气基础设施 作为衔接油气上下游 的关键枢纽， 是国家重要的基础设施和民生工程，对于保障能源安全稳定供应、降低经济运行成本、增加社会有效投资、 提高人民生活品质具有重要作用。为进一步规范石油天然气基础设施规划建设与运营管理，提高服务质量和效率，国家 发 展改革委 近日发布《石油天然气基础设施规划建设与运营管理办法》（以下简称《办法》），标志着我国油气基础设施规 范化发展进入新阶段。 进一步推动提高运营服务水平。 提供 稳定、高效、优质的服务是基础设施运营的根本目标所在， 《办法》致力于提升全 环节服务 质量 ， 在项目运行层面分类施策，在网络运行层面推进构建 "全国一张网"。立足行业发展实际，区分 提供公共 服务 设施和自建自用无第三方服务需求设施。 对于提供公共服务的设施，要求企业完善公平开放规则，公开服务信息，无 歧视地向符合条件的用户开放。 进一步细化对油气基础设施按合同运营规定， 明确供需双方须签订并严格执行服务合同， 规范市场 ...

Core Points - The oil and gas extraction sector experienced a decline of 0.88% on November 20, with Blue Flame Holdings leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Sector Performance - The closing prices and performance of key stocks in the oil and gas extraction sector are as follows: - Intercontinental Oil & Gas (600759) closed at 2.77, up 0.73% with a trading volume of 2.8097 million shares [1] - ST Xinchao (600777) closed at 3.93, down 0.76% with a trading volume of 142,900 shares [1] - China National Offshore Oil Corporation (600938) closed at 29.20, down 1.08% with a trading volume of 353,500 shares [1] - Blue Flame Holdings (000968) closed at 7.34, down 1.34% with a trading volume of 107,800 shares [1] Capital Flow - The oil and gas extraction sector saw a net outflow of 69.4067 million yuan from institutional investors, while retail investors contributed a net inflow of 15.6092 million yuan [1] - The detailed capital flow for key stocks is as follows: - Blue Flame Holdings (000968) had a net outflow of 5.0863 million yuan from institutional investors, with a net inflow of 2.8235 million yuan from retail investors [2] - ST Xinchao (600777) experienced a net outflow of 8.9827 million yuan from institutional investors, with a net inflow of 7.0945 million yuan from retail investors [2] - Intercontinental Oil & Gas (600759) had a net outflow of 18.6567 million yuan from institutional investors, with a net inflow of 18.2155 million yuan from retail investors [2] - China National Offshore Oil Corporation (600938) saw a net outflow of 36.6811 million yuan from institutional investors, with a net outflow of 12.5243 million yuan from retail investors [2]

Core Viewpoint - The Freedom Cash Flow ETF CSI All Share (561080) has shown a positive performance with a 0.32% increase, indicating investor interest and potential growth in the underlying assets [1] Group 1: ETF Performance - The Freedom Cash Flow ETF CSI All Share (561080) closed at 1.239 yuan with a trading volume of 2.6976 million yuan [1] - Since its inception on April 23, 2025, the fund has achieved a return of 23.72%, with a monthly return of 5.52% [1] Group 2: Top Holdings Performance - Major holdings in the ETF include: - China National Offshore Oil Corporation (CNOOC) up by 0.34% - Midea Group up by 1.83% - Gree Electric Appliances up by 1.07% - Wuliangye Yibin up by 1.00% - COSCO Shipping Holdings up by 0.20% - Luoyang Molybdenum down by 0.19% - TCL Technology up by 0.48% - China Aluminum Corporation up by 1.09% - SF Holding up by 0.28% - Shaanxi Coal and Chemical Industry down by 0.42% [1]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has shown a mixed performance in terms of financing activities and stock performance, with a notable increase in stock price but a decrease in net financing buy [1][2]. Financing Activities - On November 19, CNOOC had a financing buy amount of 122 million yuan, while the financing repayment was 179 million yuan, resulting in a net financing buy of -56.93 million yuan [1]. - As of November 19, the total financing and securities balance for CNOOC was 1.38 billion yuan, with the financing balance accounting for 1.56% of the circulating market value, which is below the 10% percentile level over the past year [1]. - In terms of securities lending, CNOOC repaid 7,500 shares and sold 57,000 shares on November 19, with a selling amount of 1.68 million yuan, while the remaining securities lending balance was 532,250 yuan, also below the 20% percentile level over the past year [1]. Company Overview - CNOOC, established on August 20, 1999, and listed on April 21, 2022, primarily engages in the exploration, production, and sales of crude oil and natural gas [2]. - The company operates in three segments: exploration and production, trading, and business management, with oil and gas sales contributing 82.73% to revenue, trading 14.96%, and other activities 2.31% [2]. - As of September 30, CNOOC reported a revenue of 312.5 billion yuan for the first nine months of 2025, a year-on-year decrease of 4.15%, and a net profit attributable to shareholders of 101.97 billion yuan, down 12.59% year-on-year [2]. Dividend Distribution - 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]. Shareholder Structure - As of September 30, 2025, the number of CNOOC shareholders was 216,500, a decrease of 7.02% from the previous period, while the average circulating shares per person increased by 7.62% to 13,922 shares [2][3].

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields for various companies [1]. Group 1: Stock Performance - The top stock, Kesheng Co., Ltd. (300856.SZ), experienced a daily increase of 7.98% but has a year-to-date decline of 15.28% with a dividend yield of 1.51% [1]. - Yiyi Co., Ltd. (001206.SZ) showed a remarkable year-to-date increase of 111.31%, with a daily rise of 6.12% and a dividend yield of 2.61% [1]. - China Petroleum (601857.SH) reported a daily increase of 4.05% and a year-to-date increase of 21.26%, with a dividend yield of 4.76% [1]. Group 2: Dividend Yields - China Bank (601988.SH) has a dividend yield of 3.83%, with a daily increase of 3.81% and a year-to-date increase of 13.75% [1]. - China National Offshore Oil Corporation (600938.SH) offers a dividend yield of 4.45%, with a daily increase of 3.29% and a year-to-date increase of 5.00% [1]. - Postal Savings Bank of China (601658.SH) has a dividend yield of 3.82%, with a daily increase of 1.24% and a year-to-date increase of 5.84% [1].

Group 1 - The A-share market has shown a steady upward trend since the "924" policy, with the Shanghai Composite Index recently surpassing the 4000-point mark, reaching a ten-year high [5] - The A500 ETF managed by E Fund has outperformed major indices, with the CSI A500 index rising over 32% since its low in April [5] - The market is expected to continue its upward trajectory, with potential new opportunities emerging [5] Group 2 - The "924" policy, which included wide credit measures for small and medium enterprises, has broken the negative spiral in market expectations, initiating the current rally [6] - Historical trends indicate that each cycle of wide credit and monetary policy is typically accompanied by sustained stock market growth, with the current fiscal policies increasing the likelihood of economic recovery [6] - The implementation of anti-involution policies is expected to shift the economy from a deflationary to an inflationary cycle, which is crucial for the A-share market's narrative in the latter half of the year [6] Group 3 - The market is currently in the "economic verification" phase, with previous high-performing sectors facing adjustments, and a potential shift towards undervalued assets with expected performance improvements [9] - The financing balance in the A-share market has increased significantly, from 1.8 trillion yuan to nearly 2.5 trillion yuan since June, indicating strong inflows of leveraged funds [7][9] - Despite the Shanghai Composite Index being at a ten-year high, overall valuation levels remain moderate, with the price-to-earnings ratios of major indices at their historical median [10] Group 4 - The A-share market is entering a new phase characterized by resource stocks, particularly copper and aluminum, as key drivers of the current market trend [17] - Copper prices have reached historical highs, leading to a significant rally in global copper mining stocks, with major Chinese companies like Zijin Mining and Jiangxi Copper seeing substantial gains [18] - The aluminum sector is expected to experience a supply-demand imbalance starting in 2026, which could lead to rising aluminum prices and stable returns for aluminum companies [19] Group 5 - Oil and chemical sectors are also gaining attention, with leading companies in these industries beginning to recover in valuation despite ongoing challenges in the commodities market [19] - China National Offshore Oil Corporation (CNOOC) is positioned to benefit significantly due to its low production costs and focus on offshore exploration, making it one of the most profitable among the state-owned oil companies [20] - The overall dividend yield for major oil companies in China is competitive, with CNOOC, China Petroleum, and Sinopec offering attractive returns to investors [20]

黄业华指出，中国海油加速零碳产业发展，以海上风电为重点，促进可再生能源开发合作，助力深水油 气田绿色开发。并拓展绿色国际合作，发挥中巴各自能源互补优势，联合开展技术研发、完善体系制 度、健全行业规范，为全球绿色低碳转型合作提供优秀样本。 安永全球可持续发展负责人杰拉德·加拉格尔(Gerard Gallagher)高度评价中国海油在碳减排领域的丰富经 验与重要贡献。他指出，中国正以创新实力吸引全球目光，无论是探索新技术还是提升技术经济性，都 是推动全球减碳的核心动力。 加拉格尔表示，期待中国充分发挥自身优势，在碳减排与经济发展方面，推动全球减碳目标实现，并为 促进全球南方经济繁荣作出更大贡献。(完) 中国海洋石油集团有限公司(简称"中国海油")代表、海油国际巴西公司总经理黄业华参会并发表主旨演 讲，围绕海洋油气开发介绍了中国海油绿色低碳转型技术成果与实践成绩，倡议各方携手共担使命，共 创绿色未来。 据黄业华介绍，近年来，中国海油在提升天然气产量占比、保障社会低碳用能的同时，积极构建 CCUS(碳捕集、利用与封存)循环经济模式，大力推广海上油气田岸电应用，布局深海风电等新兴能源 产业，培育和发展海洋能源领域的新质 ...