Core Viewpoint - Oil stocks have risen in early trading, driven by geopolitical tensions affecting oil prices, with significant increases in international crude oil futures prices [1] Group 1: Stock Performance - CNOOC (00883) increased by 3.68%, reaching HKD 21.4 [1] - PetroChina (00857) rose by 2.91%, reaching HKD 8.5 [1] - Sinopec (00386) gained 1.31%, reaching HKD 4.65 [1] Group 2: Oil Price Movements - International crude oil futures settled over 2% higher, with WTI crude oil February contract up by 2.36% and Brent crude oil February contract up by 2.14% [1] - The rise in oil prices is attributed to the ongoing tensions in the Russia-Ukraine situation, including a recent drone attack on a Russian presidential residence [1] Group 3: Industry Outlook - According to Everbright Securities, the "Big Three" oil companies are expected to maintain stable performance and cash flow despite challenges such as fluctuating oil prices and narrowing refining margins [1] - By the second half of 2025, the negative impacts of declining oil prices are expected to diminish, with the investment value of the "Big Three" being recognized by the market [1] - Looking ahead to 2026, the "Big Three" are anticipated to sustain high capital expenditures, enhance natural gas market development, and accelerate the transformation of midstream and downstream refining businesses, aiming for long-term growth through oil price cycles [1]

Core Insights - The Sichuan section of the "Second West-to-East Gas Transmission Pipeline" has commenced operations, marking a significant advancement in China's natural gas pipeline construction [3] - The project aims to enhance the natural gas resource export channels in the Sichuan-Chongqing region, contributing to the optimization of China's energy structure and supporting high-quality economic development [3] Group 1 - The Sichuan section is approximately 190 kilometers long with a designed annual gas transmission capacity of 20 billion cubic meters [3] - Natural gas from fields in Weiyuan and Luzhou is now being injected into the national trunk pipeline, connecting resource production areas with consumption markets [3] - The construction faced challenges due to complex terrain, but advanced welding technologies achieved a weld pass rate of 99.2% [3] Group 2 - The entire "Second West-to-East Gas Transmission Pipeline" spans about 4,269 kilometers and passes through eight provinces, with completion expected by 2027 [4] - Once fully operational, it will connect coastal LNG receiving stations with inland networks, enhancing natural gas supply security and emergency peak-shaving capabilities [4] - This pipeline is a crucial part of the national energy infrastructure, supporting the development of the Yangtze River Economic Belt [4]

Group 1 - The APEC 'China Year' has officially commenced, with the China Council for the Promotion of International Trade (CCPIT) taking over the hosting rights for the 2026 APEC Business Leaders Summit and the APEC Business Advisory Council (ABAC) from South Korea [1] - APEC is the highest-level economic cooperation mechanism in the Asia-Pacific region, focusing on trade and investment liberalization and regional economic integration [1] - The ABAC, consisting of 63 representatives from 21 economies, is the only permanent institution representing the business community within the APEC framework [1] Group 2 - The 2026 ABAC annual activity plan has been unanimously approved, with four meetings scheduled in Jakarta (February), Mexico City (April), Thailand (July), and Shenzhen (November) to formulate policy recommendations for the APEC leaders [2] - In addition to organizing ABAC activities, the CCPIT is also actively promoting the preparations for the 2026 APEC Business Leaders Summit [2]

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, Daotong Technology, and others [10]. Core Viewpoints - The report highlights significant price increases in battery-grade lithium carbonate (up 10.79%) and industrial-grade lithium carbonate (up 10.78%), while sulfur and liquid chlorine experienced notable declines [4][7]. - It suggests focusing on investment opportunities in areas such as import substitution, pure domestic demand, and high dividend stocks, particularly in light of the current geopolitical tensions affecting oil prices [6][18]. - The overall chemical industry remains under pressure, with mixed performance across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [21]. Summary by Sections Chemical Industry Investment Suggestions - The report recommends paying attention to the glyphosate industry, which is showing signs of recovery with decreasing inventory and rising prices, suggesting potential investment in companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical [21]. - It also emphasizes selecting stocks with strong competitive positions and growth potential, particularly in the lubricant additive sector and coal-to-olefins industry [21]. - The report notes that domestic demand for chemical fertilizers and certain pesticide sub-products remains robust, with companies like Hualu Hengsheng and China Heartlink Fertilizer being highlighted for investment [21]. Price Trends of Chemical Products - The report details recent price movements, with significant increases in battery-grade lithium carbonate and PTA, while products like sulfur and liquid chlorine saw declines [4][5][19]. - It mentions that the international oil price is expected to stabilize around $65 per barrel, which could benefit companies with high dividend yields and those that are sensitive to raw material cost reductions [6][18]. Market Dynamics - The report discusses the impact of geopolitical tensions on oil prices, particularly the situation in Venezuela and the EU's sanctions on Russia, which have contributed to recent price fluctuations [22][23]. - It highlights the weak trading atmosphere in the coal market, with prices declining due to limited demand and cautious market sentiment [29][30]. - The report notes that the polypropylene market is experiencing downward pressure due to weak demand and increased supply, while the PTA market is expected to remain strong due to ongoing inventory reduction [31][35].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced the approval of board resolutions regarding the resignation of a director and adjustments to the members of the board's committees, as well as the annual review of the nomination committee's charter [1] Group 1 - CNOOC's board of directors passed a written resolution on December 29, 2025 [1] - The resolutions include the resignation of a director and changes to the composition of the board's committees [1] - The annual review of the nomination committee's charter was also part of the resolutions approved [1]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced the resignation of Mr. Chen Zeming as an independent non-executive director effective December 29, 2025, due to his appointment by the Hong Kong Special Administrative Region government [1] Group 1 - Mr. Chen Zeming will also cease to be a member of the company's audit committee and remuneration committee on the same date [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 2025 年第十三次董事會決議公告 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年第十三次董 事會決議公告》，僅供參考。 承董事會命 中國海洋石油有限公司 邱致中 林伯強 李淑賢 1 徐玉高 聯席公司秘書 香港，二零二五年十二月二十九日 於本公告刊發日期， 董事會由以下成員組成： 非執行董事 張傳江 （董事長） 王德華 執行董事 閻洪濤 穆秀平 獨立非執行董事 证券代码：600938 证券简称：中国海油 公告编号：2025-040 中国海洋石油有限公司 2025 年第十三次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 ...

中国海洋石油有限公司董事会 中国海洋石油有限公司（"本公司"）董事会谨此宣布，陈泽铭先生（"陈先 生"）因接受中国香港特别行政区政府委任职务，辞任本公司独立非执行董事，自 2025 年 12 月 29 日起生效。因此，陈先生于同日起亦将不再担任本公司审核委员会及 薪酬委员会成员。 陈先生已确认其与董事会并无任何意见分歧，亦无任何与其辞任有关的事项须提 请本公司股东、香港联合交易所有限公司及上海证券交易所注意。 董事会藉此机会对陈先生为本公司所作出的贡献表示衷心的感谢。 董事会进一步宣布，独立非执行董事邱致中先生获委任为本公司审核委员会成员， 独立非执行董事林伯强先生获委任为本公司薪酬委员会成员，均自 2025 年 12 月 29 日 起生效。 证券代码：600938 证券简称：中国海油 公告编号：2025-041 中国海洋石油有限公司 关于独立非执行董事辞任及董事会下属委员会 组成变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 12 月 29 日 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 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CNOOC Limited （中國海洋石油有限公司） （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） 公告 香港，二零二五年十二月二十九日 於本公告刊發日期， 董事會由以下成員組成： 非執行董事 張傳江 (董事長) 王德華 董事名單與其角色和職能 中國海洋石油有限公司董事會（「董事會」）成員及其各自於董事會及董事會下屬委 員會的角色及職能載列如下，自二零二五年十二月二十九日起生效： | 董事會下屬 委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | 戰略與可持續 發展委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | 執行董事 | | | | | | 閻洪濤（總裁） | - | - | - | M | | 穆秀平（首席財務官） | - | - | - | - | | 非執行董事 ...

证券代码：600938 证券简称：中国海油 公告编号：2025-040 中国海洋石油有限公司 2025 年第十三次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国海洋石油有限公司（以下简称"公司"）于 2025 年 12 月 29 日以书面 决议方式召开 2025 年第十三次董事会会议。本次董事会的会议通知及议案已于 2025 年 12 月 25 日发送给公司全体董事。本次会议应出席董事 8 人，实际出席 董事 8 人，其中，独立非执行董事陈泽铭先生因提出辞任未参与表决。会议于 2025 年 12 月 29 日形成有效决议。会议的召集、召开、表决程序符合有关法 律法规及《中国海洋石油有限公司组织章程细则》的相关规定，合法、有效。 （二）审议通过《关于提名委员会章程年度审议的议案》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《中国 海洋石油有限公司提名委员会章程》。 表决结果：7 票赞成，0 票反对，0 票弃权。 特此公告。 中国海洋石油有限公司董事会 ...