Core Viewpoint - The report from Dongxing Securities indicates that the decline in oil prices has impacted China National Offshore Oil Corporation (CNOOC)'s revenue, but the company has shown resilience as its oil and gas production continues to grow, with the revenue decline being less than the drop in oil prices [1] Group 1: Revenue and Production - CNOOC's revenue has decreased, primarily due to falling oil prices [1] - The company has maintained a growth trend in oil and gas production, demonstrating its resilience [1] - The revenue decline is less than the decrease in oil prices, highlighting the company's strong performance [1] Group 2: Exploration and Discoveries - In the first three quarters of 2025, CNOOC focused on finding large and medium-sized oil and gas fields, increasing exploration efforts [1] - The company achieved significant results, securing 5 new discoveries and successfully evaluating 22 oil and gas structures [1] - In the third quarter, 4 oil and gas structures were successfully evaluated, including the successful evaluation of Kenli 10-6, which is expected to become a medium-sized oil field [1] Group 3: Future Outlook - The company is expected to continue expanding its reserves, with notable achievements in integrated rolling reserve increases [1] - CNOOC's strong cost control capabilities and high potential for reserve production are viewed positively, leading to a "strong buy" rating [1]

Core Insights - The report highlights the positive correlation between the Producer Price Index (PPI) and the food and beverage industry, indicating that improvements in PPI will likely benefit the profitability of this sector [7][8][9] - The report emphasizes the resilience of the oil and gas sector, particularly China National Offshore Oil Corporation (CNOOC), which has shown a smaller revenue decline compared to the drop in oil prices, reflecting strong operational capabilities [11][12][13] Economic News - The People's Bank of China reported a year-on-year increase of 8.2% in broad money (M2) and a 6.2% increase in narrow money (M1), indicating improved liquidity in the market [2] - The October CPI showed a slight increase of 0.2% year-on-year, while the PPI decreased by 2.1%, with the first month-on-month increase in PPI observed this year [8] Company Insights - Tencent Holdings reported a third-quarter revenue of 192.87 billion yuan, marking a 15% year-on-year growth [6] - JD Group's third-quarter revenue reached 299.1 billion yuan, reflecting a 14.9% year-on-year increase [6] - Semiconductor manufacturer SMIC achieved a net profit of 1.517 billion yuan in the third quarter, up 43.1% year-on-year [6] Industry Analysis - The food and beverage industry is expected to benefit from the recent stabilization and improvement in PPI, which is likely to enhance overall asset pricing in the sector [7][9] - The oil and gas sector, particularly CNOOC, is projected to maintain growth in production despite lower oil prices, with significant contributions from domestic and international projects [11][12]

来源：新浪证券-红岸工作室 11月13日，中国海油跌2.10%，成交额16.09亿元。两融数据显示，当日中国海油获融资买入额1.80亿 元，融资偿还1.79亿元，融资净买入96.81万元。截至11月13日，中国海油融资融券余额合计14.86亿 元。 融资方面，中国海油当日融资买入1.80亿元。当前融资余额14.80亿元，占流通市值的1.71%，融资余额 低于近一年20%分位水平，处于低位。 融券方面，中国海油11月13日融券偿还10.41万股，融券卖出7400.00股，按当日收盘价计算，卖出金额 21.44万元；融券余量20.70万股，融券余额599.68万元，低于近一年20%分位水平，处于低位。 资料显示，中国海洋石油有限公司位于北京市东城区朝阳门北大街25号,香港花园道1号中银大厦65层， 成立日期1999年8月20日，上市日期2022年4月21日，公司主营业务涉及中国海洋石油有限公司是一家主 要从事原油和天然气的勘探、生产及销售的中国公司。该公司经营三个分部。勘探及生产分部从事常规 油气业务、页己油气业务、油砂业务和其他非常规油气业务。贸易业务分部从事原油转口贸易业务。公 司业务分部从事总部管理、资金管 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，东兴证券11月14日发布研报称，给予中国海油（600938.SH，最新价：29.09元）"强烈推 荐"评级。评级理由主要包括：（1）油价走低影响公司营收，油气产量延续增长趋势，营业收入同比降 幅小于油价降幅，凸显公司韧性；（2）持续加大勘探力，度夯实油气储量。风险提示：（1）国际政治 经济因素变动风险；（2）原油及天然气价格波动产生的风险；（3）汇率波动及外汇管制的风险； （4）油气价格前瞻性判断与实际出现偏离的风险。 每经头条（nbdtoutiao）——"银行直供房，不计成本卖！"有的半价出售，众多刚需还不知道！银行用 过的房很抢手，有人加价100万元抢拍 （记者 王晓波） ...

Investment Rating - The report gives a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) [4][3] Core Views - The company demonstrates resilience as its revenue decline is less than the drop in oil prices, indicating strong cost control and operational efficiency [1][3] - Oil and gas production continues to grow, with significant contributions from domestic and international projects [1][2] - The company is actively increasing exploration efforts, resulting in new discoveries and evaluations that bolster its oil and gas reserves [2][3] Financial Performance - For the first three quarters of 2025, CNOOC reported revenue of RMB 312.5 billion, a year-on-year decrease of 4.15%, and a net profit of RMB 101.97 billion, down 12.59% [1] - The average Brent crude oil price was USD 69.91 per barrel, a decline of 14.6% year-on-year, while the main cost per barrel was USD 27.35, down 2.8% [1] - Oil production reached 445.1 million barrels, an increase of 5.37% year-on-year, and natural gas production was 777.5 million barrels, up 11.63% [1][2] Exploration and Development - In the first three quarters of 2025, CNOOC made five new discoveries and successfully evaluated 22 oil and gas structures [2] - The company launched 14 new projects during this period, including significant developments in domestic and international fields [2] Profit Forecast - The forecasted net profits for 2025-2027 are RMB 131.97 billion, RMB 134.70 billion, and RMB 139.62 billion, with corresponding EPS of 2.78, 2.83, and 2.94 yuan [3][9]

Group 1 - The core viewpoint of the news is the strong performance of the oil and gas sector, highlighted by the rise of the National Petroleum and Natural Gas Index and specific stocks such as Shun Oil and Victory Shares [1] - The National Petroleum and Natural Gas Index (399439) increased by 1.26%, with significant gains in constituent stocks like Shun Oil (up 10.01%) and Victory Shares (up 9.92%) [1] - The newly published "Regulations on the Planning, Construction, and Operation Management of Oil and Gas Infrastructure" will take effect on January 1, 2025, emphasizing the need for enhanced natural gas reserves and a refined market mechanism for gas storage [1] Group 2 - The OPEC monthly report indicates that despite an agreement to increase production, OPEC+ produced an average of 43.02 million barrels per day in October, a decrease of 73,000 barrels per day from September [1] - The top ten weighted stocks in the National Petroleum and Natural Gas Index as of October 31, 2025, include major companies like China National Petroleum and Sinopec, collectively accounting for 65.09% of the index [2] - The oil and gas ETF (159697) closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [2]

Investment Rating - The industry rating is Neutral (maintained rating) [5] Core Insights - In Q3 2025, the proportion of public funds' holdings in the basic chemical sector decreased both year-on-year and quarter-on-quarter, with a market value allocation of 2.66%, down by 0.94 percentage points year-on-year and 0.60 percentage points quarter-on-quarter [2][13] - The market value of basic chemical stocks in A-shares remained stable year-on-year at 3.59%, with a slight increase of 0.11 percentage points quarter-on-quarter [2][13] - The number of stocks held by public funds in the basic chemical sector increased to 161, up by 31 stocks year-on-year and 7 stocks quarter-on-quarter [3][20] Summary by Sections 1. Sector Holding Changes - The basic chemical sector's heavy stock holding ratio decreased in Q3 2025, with a market value allocation of 2.66%, reflecting a downward trend since Q1 2023 [2][13] - The allocation of public funds to basic chemical stocks peaked at 4.23% in Q1 2021, followed by fluctuations leading to the current level [13] 2. Individual Stock Changes - The top five stocks held by public funds in Q3 2025 were Juhua Co., Ltd., Hualu Hengsheng, Sailun Tire, Wanhua Chemical, and Guangdong Hongda, with no changes from Q2 2025 [4][27] - The number of companies in the agricultural chemical sector remained the highest among the top 50 holdings, with 11 companies, maintaining a 22% share [4] 3. Public Fund Preferences Analysis - Stocks with a market value of over 50 billion accounted for 32.92% of the total market value of the top 50 chemical stocks, an increase of 7.69 percentage points quarter-on-quarter [5] - The number of public fund products holding leading stocks in various sub-industries increased in Q3 2025, indicating a shift back to industry leaders [5]

Core Insights - The China National Offshore Oil Corporation (CNOOC) and Shell's Huizhou Phase III Ethylene Project has made significant progress, with a total investment of 12.52 billion yuan completed by the end of October, representing 34.22% of the total project progress [1][3] - The total investment for the Huizhou Phase III Ethylene Project is approximately 48 billion yuan, which will enhance the ethylene production capacity to 3.8 million tons per year, solidifying its position as the largest single ethylene plant in China [2][3] - The project integrates with existing Phase I and II facilities, improving energy efficiency and extending the product value chain, while also addressing the domestic demand for high-end chemical products [2][4] Project Overview - The Huizhou Phase III Ethylene Project includes the construction of 16 chemical units and supporting infrastructure, with a design capacity of 1.6 million tons per year of ethylene [2] - The project is expected to provide over 5 million tons of chemical products annually, including various high-end chemicals, thereby filling the domestic market gap [2] - The project aims to achieve a 20% reduction in carbon dioxide emissions through optimized project scope and electrification of large compressor units, supporting China's dual carbon strategy [2] Construction Progress - Since the final investment decision in November last year, the construction of the project has been progressing steadily, with over 5,000 workers and more than 480 construction machines on-site [3] - The project management emphasizes collaboration and overcoming challenges to ensure timely completion of key construction phases [3] - CNOOC and Shell have invested over 100 billion yuan in Huizhou over the past 24 years, contributing to the development of a global petrochemical industry hub [3] Market Impact - As a leading enterprise in the Daya Bay petrochemical zone, CNOOC and Shell's operations significantly influence the upstream and downstream industries [4] - More than 80% of the products are supplied to the Guangdong-Hong Kong-Macao Greater Bay Area, with a focus on diverse applications across various sectors [4]

Core Viewpoint - Southbound funds have significantly increased their holdings in China National Offshore Oil Corporation (CNOOC), indicating strong investor interest and confidence in the company [1]. Group 1: Shareholding Changes - On November 13, southbound funds increased their holdings by 15.946 million shares, bringing the total to 10.25 billion shares, which represents 21.56% of the company's issued ordinary shares [1]. - Over the past five trading days, there have been increases in holdings for five days, with a total net increase of 159 million shares [1]. - In the last 20 trading days, there has been a consistent increase in holdings for all 20 days, totaling a net increase of 601 million shares [1]. Group 2: Company Overview - CNOOC is primarily engaged in the exploration, development, production, and sale of crude oil and natural gas, operating through three main departments: Exploration and Production (E&P), Trading, and Business Services [2]. - The E&P department focuses on conventional oil and gas, shale oil and gas, oil sands, and other unconventional oil and gas operations [2]. - The Trading department is involved in the import and export of crude oil and natural gas, while the Business Services department handles technology research and development, asset management, and product sales [2]. - CNOOC operates in both domestic and international markets, with a presence across Asia, Africa, North America, South America, Oceania, and Europe [2].

Core Points - The National Development and Reform Commission has revised and issued the "Regulations on the Planning, Construction, and Operation Management of Oil and Gas Infrastructure," effective from January 1, 2026, focusing on green and low-carbon development in the oil and gas industry [1][29] - The regulations emphasize the need for technological innovation and digital transformation in infrastructure construction and operation, promoting the development of new technologies, industries, and business models [1][32] Summary by Sections General Principles - The regulations aim to standardize the planning, construction, and operation management of oil and gas infrastructure, ensuring service quality and efficiency while safeguarding public interests and energy security [3] - The regulations apply to all oil and gas infrastructure activities within the jurisdiction of the People's Republic of China, excluding certain facilities like military and gas facilities [3] Planning of Oil and Gas Infrastructure - The State Council's energy department will coordinate the planning and construction of major oil and gas infrastructure, ensuring alignment with national and regional energy plans [5][6] - Local governments are prohibited from independently segmenting and approving cross-border or cross-province oil and gas pipeline projects [6][7] Construction of Oil and Gas Infrastructure - The National Pipeline Group is responsible for the construction of main oil and gas pipelines, with encouragement for social capital participation in various projects [7][8] - Projects must comply with investment management regulations and undergo necessary approvals, with a focus on environmental protection during construction [8][9] Operation of Oil and Gas Infrastructure - Operators of oil and gas pipelines must ensure fair access and usage of facilities, with strict regulations against engaging in competitive businesses [11][12] - The regulations require operators to maintain safety standards and provide transparent information regarding service capabilities and operational status [14][15] Natural Gas Storage and Regulation - The regulations establish a framework for natural gas storage facilities, mandating a minimum storage capacity for gas supply companies [17][18] - A market mechanism for gas storage services will be developed to ensure effective supply during peak demand and emergencies [17][18] Supervision and Management - The energy departments at various levels are tasked with supervising the planning and construction of oil and gas infrastructure, ensuring compliance with regulations [28][29] - The regulations outline the responsibilities of the State Council's energy department in overseeing fair access to oil and gas pipeline facilities [19][20] Legal Responsibilities - Clear legal responsibilities are defined for violations of the regulations, including penalties for non-compliance in project approvals and operational standards [21][22] - The regulations emphasize the importance of maintaining safety and environmental standards in the operation of oil and gas infrastructure [23][24] Implementation and Future Considerations - The regulations will be implemented starting January 1, 2026, with a focus on aligning with national energy strategies and improving the overall management of oil and gas infrastructure [28][29] - The government will continue to refine and develop supporting guidelines to enhance the effectiveness of the regulations [38][39]