Core Viewpoint - China National Offshore Oil Corporation (CNOOC) primarily focuses on upstream exploration and development, making its revenue highly sensitive to oil price fluctuations compared to its peers in the "Big Three" oil companies [1][6]. Financial Performance - In 2025, CNOOC reported a net profit attributable to shareholders of 122.1 billion yuan, a decrease of 11.5% year-on-year. Oil and gas sales revenue was 335.7 billion yuan, down 5.6% from 2024 [2][6]. - The average realized oil price for CNOOC in 2025 was 66.47 USD/barrel, a decline of 13.4% from 76.75 USD/barrel in 2024 [6]. - The decline in revenue and profit was primarily attributed to falling oil prices, which reduced profits by approximately 22.8 billion yuan, while production growth contributed about 4.5 billion yuan [6]. Production and Growth - CNOOC achieved a net oil and gas production of 777.3 million barrels of oil equivalent in 2025, marking a 7% increase year-on-year, with natural gas production exceeding 1 trillion cubic feet for the first time [2][6][7]. - The company has maintained an average annual compound growth rate of approximately 8% in net production over the past five years [7]. Cost Management - The cost per barrel of oil equivalent for CNOOC in 2025 was 27.9 USD, a decrease of 2.2% year-on-year, remaining below 30 USD [7][8]. - Cost reduction measures included increasing the automation of offshore platforms and utilizing drones for logistics, which have significantly lowered operational costs [8]. Market Conditions and Future Outlook - The international oil price experienced significant volatility, with Brent crude reaching 100.23 USD/barrel by March 25, 2026, following geopolitical tensions in the Middle East [3][10]. - CNOOC's management indicated that the recent rise in oil prices would positively impact the company's overall performance, with a narrowing of the price discount to Brent to 1.36 USD/barrel [11]. - The company aims to produce between 780 million to 800 million barrels of oil equivalent in 2026, with capital expenditures projected to remain stable [11]. Strategic Development - CNOOC is currently developing its "15th Five-Year Plan," with expectations to increase domestic crude oil production to over 65 million tons during this period [12]. - The company plans to enhance its oil recovery rate from 35% to 45% by 2030-2035, effectively doubling the output from its oil fields [12]. Exploration and Discoveries - In 2025, CNOOC made six new oil and gas discoveries and successfully evaluated 28 oil and gas structures [13].

Market Performance - A-shares saw a decline, with the Shanghai Composite Index down 1.09% to 3889.08 points, and the Shenzhen Component down 1.41%[1] - The Hang Seng Index fell 1.89%, closing below the 25,000-point mark, while the Hang Seng Tech Index dropped 3.28%[1] - Major U.S. indices also closed lower, with the Dow Jones down 1.01% at 45960.11 points, the S&P 500 down 1.74% at 6477.16 points, and the Nasdaq down 2.38%[1] Inflation and Economic Outlook - The OECD significantly raised its inflation forecast for major economies, predicting U.S. inflation could reach 4.2% this year, up from a previous estimate of 2.8%[12] - The Federal Reserve's vice chair indicated that rising energy prices could push inflation higher, reflecting concerns over the impact of geopolitical tensions on the economy[12] Geopolitical Developments - Trump announced a 10-day extension for negotiations with Iran regarding energy sanctions, citing progress in talks[12] - Reports suggest that Iran did not request the extension, complicating the negotiation landscape[12] Sector-Specific Insights - The Turkish central bank sold approximately 60 tons of gold, valued over $8 billion, contributing to downward pressure on gold prices amid rising energy costs[12] - China’s market regulator plans to enhance enforcement on online food safety and address "involution" competition among major companies like NIO and Meituan[12]

Group 1: Company Insights - NanFeng Co., Ltd. is a key supplier in the HVAC sector for nuclear power, with nearly 40 years of experience in air handling systems, backed by state-owned assets, which supports stable business development [11][13] - The company holds over 80% market share in the domestic nuclear HVAC market and is the first to obtain design and manufacturing licenses for nuclear-grade fans and valves, establishing a benchmark position [13] - The company plans to invest in 3D printing technology, which is expected to drive significant growth in high-precision industrial applications, including components for nuclear power and aerospace [13] Group 2: Industry Trends - The multi-asset Fund of Funds (FOF) market has seen significant growth, with total assets surpassing 300 billion, and the issuance of new funds reaching over 60 billion since 2026 [12][15] - The demand for multi-asset FOFs is driven by a shift towards absolute return strategies, with a notable increase in the number of funds targeting low-risk strategies [12][15] - The competition in the multi-asset FOF space is intensifying, with banks and internet platforms launching dedicated investment plans to cater to diverse investor needs [14][15] Group 3: Financial Performance - NanFeng Co., Ltd. is projected to achieve net profits of 0.42 billion, 1.14 billion, and 1.95 billion from 2025 to 2027, with corresponding EPS of 0.09, 0.24, and 0.41 [13] - The company’s target market capitalization for 2026 is estimated at 6.445 billion, with a target price of 13.43 per share, reflecting a strong growth outlook [13] - The cosmetics ODM sector, represented by Qingsong Co., Ltd., is expected to see significant revenue growth, with projected revenues of 2.218 billion in 2025, marking a 14% increase [19]

Core Viewpoint - Lower oil prices have negatively impacted CNOOC's profits for 2025, despite achieving record-high production levels, resulting in a net profit decline compared to the previous year and falling short of analyst expectations [1][2]. Financial Performance - CNOOC reported a net profit of $17.7 billion (122.1 billion Chinese yuan) for 2025, down 11.5% from 2024, and below the analyst estimate of $18.9 billion (130.7 billion yuan) [1]. - Revenues from oil and gas sales decreased by 5.6% from 2024, with oil sales revenues declining by 9.1% and natural gas sales increasing by 16.9% [2]. - The realized crude oil price fell by 13.4% to $66.47 per barrel in 2025, down from $76.75 per barrel in 2024, while the realized natural gas price increased by 3% [2]. Production Highlights - CNOOC achieved a record-high net oil and gas production of 777.3 million barrels of oil equivalent (boe) in 2025, marking a 7% increase compared to 2024 [3]. - The company aims to further enhance its oil and gas reserves and production through international expansion, targeting annual production between 780 million boe and 800 million boe for 2026 [4]. Market Outlook - CNOOC anticipates increased geopolitical risks and uncertainty surrounding oil prices in 2026, alongside global inflationary pressures and weak economic growth [4].

Core Viewpoint - Six A-share listed companies have announced share repurchase or increase plans, indicating a trend of companies taking measures to boost investor confidence and stabilize stock prices [1][9]. Share Repurchase Plans - Haier Smart Home plans to repurchase shares worth between 3 billion to 6 billion yuan, with a maximum repurchase price of 35.00 yuan per share and a duration of 12 months [2][11]. - Te Bao Biological plans to repurchase shares worth between 100 million to 200 million yuan, with a maximum repurchase price of 85.00 yuan per share and a duration of 12 months [3][12]. - Xing Tong Co. plans to repurchase shares worth between 50 million to 100 million yuan, with a maximum repurchase price of 23.00 yuan per share and a duration of 12 months [4][13]. - Guang Yu Yuan plans to repurchase shares worth between 30 million to 50 million yuan, with a maximum repurchase price of 26.09 yuan per share and a duration of 6 months [5][14]. - Tai Lin Biological plans to repurchase shares worth between 20 million to 40 million yuan, with a maximum repurchase price of 40.27 yuan per share and a duration of 12 months [7][15]. Share Increase Plan - China National Offshore Oil Corporation (CNOOC) plans to increase its shareholding by 2 billion to 4 billion yuan from April 9, 2025, to April 8, 2027, using its own funds, to support the company's stable development and maintain stock price stability [8][16].

Macro Dynamics - By the end of 2025, China's banking sector is projected to have foreign financial assets of $19,775 billion and foreign liabilities of $14,110 billion, resulting in a net foreign asset of $5,665 billion [2] - The net liabilities in RMB amount to $1,436 billion, while net assets in foreign currencies total $7,101 billion [2] Investment Trends - Recent visits by global executives from multinational companies to China indicate that investing in China has shifted from an optional strategy to a necessary one for global development [3] - The Chinese economy is recognized for its resilience, innovation, and large market advantages, making it an attractive destination for investment [3] Market Regulation - The State Administration for Market Regulation held a meeting focusing on fair competition among enterprises, emphasizing the need for regulatory enforcement against monopolistic practices and support for companies to expand internationally [5] Technology Development - The Chinese Academy of Sciences announced significant advancements in RISC-V technology, launching the next generation of open-source chips and systems, which are crucial for developing controllable computing power [6] - The "Kunming Lake" joint research plan aims to enhance performance, reduce power consumption, and improve security in chip technology [6] Housing Policy - Several cities in Guangdong have recently adjusted housing provident fund policies to increase loan limits and support families with multiple children, as well as those purchasing green or prefabricated buildings [7] Tourism Sector - Domestic tourism bookings for the upcoming Qingming Festival have surged, with ticket reservations for scenic spots increasing by over 70% compared to the previous year [8] Financial Performance - China Ping An reported an operating profit of 134.415 billion yuan for 2025, a year-on-year increase of 10.3%, with a net profit of 143.773 billion yuan, up 22.5% [10] - China Pacific Insurance announced a net profit of 53.505 billion yuan for 2025, reflecting a 19% increase year-on-year [11] - New Strong Union reported a staggering 1,151.44% increase in net profit for 2025, amounting to 818 million yuan [22] - Meituan's revenue for 2025 grew by 8.1% to 364.9 billion yuan, but it faced a significant loss of 23.4 billion yuan due to intensified competition [23] - Gigabit's net profit increased by 89.82% in 2025, reaching 1.794 billion yuan, with a proposed cash dividend of 70 yuan per 10 shares [24]

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，概不就因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及80883（人民幣櫃台） 海外監管公告 本公告乃中國海洋石油有限公司（「本公司」）根據香港聯合交易所有限公司證券上市 規則第 13.10B 條而作出。 茲提述本公司在上海證券交易所網站刊登的《中國海洋石油有限公司關於募投項目結項 並將節餘募集資金永久補充流動資金的公告》及《中信證券股份有限公司關於中國海洋 石油有限公司募投項目結項並將節餘募集資金永久補充流動資金的核查意見》，僅供參 考。 承董事會命 中國海洋石油有限公司 徐玉高 聯席公司秘書 香港，二零二六年三月二十六日 於本公告刊發日期， 董事會由以下成員組成： 張傳江 非執行董事 (董事長) 王德華 黃永章 (副董事長) 執行董事 獨立非執行董事 邱致中 林伯強 李淑賢 1 证券代码：600938 证券简称：中国海油 公告编号：2026-011 中国海洋石油有限公司关于 ...

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，概不就因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及80883（人民幣櫃台） 海外監管公告 本公告乃中國海洋石油有限公司（「本公司」）根據香港聯合交易所有限公司證券上市 規則第 13.10B 條而作出。 茲提述本公司在上海證券交易所網站刊登的《中國海洋石油有限公司關於2025年度募集 資金存放、管理與實際使用情況的專項報告》、《安永華明會計師事務所（特殊普通合 夥）關於中國海洋石油有限公司2025年度募集資金存放、管理與實際使用情況鑒證報告》 及《中信證券股份有限公司關於中國海洋石油有限公司2025年度募集資金存放、管理與 實際使用情況的專項核查報告》，僅供參考。 承董事會命 中國海洋石油有限公司 徐玉高 聯席公司秘書 香港，二零二六年三月二十六日 於本公告刊發日期， 董事會由以下成員組成： 張傳江 非執行董事 (董事長) 王德華 黃永章 (副董事長) 執行董事 獨立非執行董 ...

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，概不就因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及80883（人民幣櫃台） 海外監管公告 本公告乃中國海洋石油有限公司（「本公司」）根據香港聯合交易所有限公司證券上市 規則第 13.10B 條而作出。 茲提述本公司在上海證券交易所網站刊登的《中國海洋石油有限公司關於續聘會計師事 務所的公告》及《中國海洋石油有限公司會計師事務所履職情況評估報告》，僅供參考。 承董事會命 中國海洋石油有限公司 徐玉高 聯席公司秘書 香港，二零二六年三月二十六日 於本公告刊發日期， 董事會由以下成員組成： 張傳江 非執行董事 (董事長) 王德華 拟续聘的会计师事务所名称：安永华明会计师事务所（特殊普通合伙）（下 称"安永华明"）和安永会计师事务所（下称"安永香港"）。 黃永章 (副董事長) 執行董事 獨立非執行董事 邱致中 林伯強 李淑賢 1 证券代码：600938 证券简称：中国海油 公告编号 ...

（根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及80883（人民幣櫃台） 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，概不就因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 2025 年末期股息分配方案的公告 本公告乃中國海洋石油有限公司（「本公司」）根據香港聯合交易所有限公司證券上市 規則第 13.10B 條而作出。 茲提述本公司在上海證券交易所網站刊登的《中國海洋石油有限公司2025年末期股息分 配方案的公告》，僅供參考。 承董事會命 中國海洋石油有限公司 徐玉高 聯席公司秘書 香港，二零二六年三月二十六日 於本公告刊發日期， 董事會由以下成員組成： 張傳江 非執行董事 (董事長) 王德華 黃永章 (副董事長) 執行董事 獨立非執行董事 邱致中 林伯強 李淑賢 1 本次末期股息分配以实施权益分派股权登记日的已发行股份总数为基数， 具体日期将在权益分派实施公告中明确。 如在实施权益分派的股权登记日前公司已发行股份总数发生变动的，拟 维持每股派息金额不变， ...