Core Viewpoint - The A-share market is experiencing a rise in the "three oil giants" of China, indicating positive market sentiment towards the oil sector [1] Group 1 - China National Offshore Oil Corporation (CNOOC) saw its stock price increase by over 5% [1] - China Petroleum & Chemical Corporation (Sinopec) experienced a stock price rise of over 2% [1] - China National Petroleum Corporation (PetroChina) had a stock price increase of over 4% [1]

每经AI快讯，中海油(00883.HK)盘中涨超4%，截至发稿，涨3.89%，报20.52港元，成交额13.79亿港 元。 （文章来源：每日经济新闻） ...

Core Viewpoint - CNOOC's stock price increased by over 4% during trading, reflecting market optimism despite a decline in oil and gas sales revenue and net profit for the first three quarters of 2025 [1] Financial Performance - CNOOC reported oil and gas sales revenue of approximately RMB 255.48 billion for the first three quarters of 2025, a year-on-year decrease of 5.9% primarily due to falling oil prices [1] - The net profit attributable to shareholders was RMB 101.97 billion, down 12.6% year-on-year [1] - In Q3, the net profit was RMB 32.4 billion, a 12% decline year-on-year and a 2% decline quarter-on-quarter, although it exceeded expectations by 6% due to higher-than-expected trading profits [1] Production and Exploration - CNOOC achieved five new discoveries in Chinese waters and successfully evaluated 22 oil and gas structures in the first three quarters [1] - Four new projects were put into production in Q3, including the Kenli 10-2 oilfield group (Phase I), Dongfang 1-1 gas field 13-3 area, Wenchang 16-2 oilfield, and Guyana's Yellowtail [1] - Capital expenditures for the first three quarters totaled RMB 86 billion, a 10% decrease year-on-year, with exploration, development, and production capital expenditures at RMB 14.4 billion, RMB 53.2 billion, and RMB 17.5 billion, reflecting year-on-year changes of +4%, -14%, and -3% respectively [1]

中国海油高管在会上表示，公司始终把天然气业务作为重要发展方向。一方面，天然气项目相较于原油 项目而言，稳产期较长，收采率更高，作业成本相对偏低，且天然气销售以长期协议为主，能给公司带 来较稳定的现金流。 [ 中国石油前三季度原油平均售价同比下降14.7%至65.55美元/桶，拖累公司油气和新能源业务分部营业 收入同比下滑8.3%至6223.9亿元。 ] 国际油价下跌的阴霾持续蔓延至整个行业，作为产业链龙头，"三桶油"业绩因此承受较大影响。 前三季度，中国石化（600028.SH）、中国石油（601857.SH）、中国海油（600938.SH）分别实现归母 净利润299.84亿元、1262.79亿元、1019.71亿元，同比下跌32.2%、4.9%、12.6%。净利润共比上年同期 减少了350多亿元，相当于每天少赚约3.8亿元。 石油业务是"三桶油"最主要收入来源，因此，三家公司均在财报中着重提及国际石油市场形势对公司业 绩负面影响。综合"三桶油"统计口径，今年前三季度国际原油市场供需总体宽松，国际油价震荡下行， 布伦特（Brent）原油现货均价同比跌幅在14%左右。 受此影响，中国石油前三季度原油平均售价同比 ...

Group 1 - The core viewpoint of the report is that Huazhong Securities has given China National Offshore Oil Corporation (CNOOC) a "buy" rating due to its steady growth in oil and gas net production and strengthened cost competitiveness [1] - CNOOC is actively advancing new project launches, which will contribute to continuous reserve increases and production growth [1] Group 2 - The report highlights the risk factors, including the potential for new project progress to fall short of expectations, changes in industry policies, and significant fluctuations in crude oil and natural gas prices [1]

中国石化集团资本、中国石油集团昆仑资本、中国电信集团投资等均为各自领域龙头央企的专业投资平台，代表着产业端的核心需求与技术积 淀，或使基金突破单纯的资金供给属性。比如， 在新一代信息技术领域，中移资本与中国电信集团投资可提供5G场景验证与产业链协同；在 新能源与新材料领域，中国石化、中国石油的资本平台能衔接能源化工产业的技术转化需求与应用场景，为被投企业提供从技术研发到商业化 落地的全链条支撑。 近年来，在政策层面一直在积极引导国资央企发展战略新兴产业。其中，在2024年年底，国务院国资委、国家发展改革委联合出台政策措施， 推动中央企业创业投资基金高质量发展，支持中央企业发起设立创业投资基金， 重点投早、投小、投长期、投硬科技。 今年7月，全国首批首支中央企业创业投资母基金—— 诚通科创投资基金正式落地，规划总规模300亿元，首期规模100亿元，由中国诚通牵 头，联合中国石化、中国航油及海淀区政府共同出资设立，重点布局 新材料、先进制造、新一代信息技术三大核心领域。 | 1 | | 中国国新控股有限责任公司 居 | 29.4118% | 1500000 | 2030-10-20 | 0.01% > | 中国国 ...

Group 1 - The Central Enterprise Strategic Emerging Industry Development Special Fund, initiated by the State-owned Assets Supervision and Administration Commission (SASAC), has been launched in Beijing with an initial scale of 51 billion yuan [1] - China Reform Holdings Corporation Limited (China Guoxin) is the largest shareholder with a contribution of 15 billion yuan, holding 34.8837% of the fund [1] - Other contributors include major state-owned enterprises such as Sinopec, CNOOC, and China Mobile, among others, indicating strong backing from leading companies in various sectors [1][2] Group 2 - The fund aims to support the development of strategic emerging industries, focusing on areas such as artificial intelligence, aerospace, high-end equipment, and quantum technology [2][3] - It will adopt a strategy of "combining production and investment" and prioritize early, small, hard, and long-term investments in key future industries [2][3] - The fund is positioned to enhance the core functions and competitiveness of state-owned enterprises by addressing industrial weaknesses and promoting innovation [2][3] Group 3 - Recent policy initiatives emphasize the development of strategic emerging industries, with a focus on new energy, new materials, and low-altitude economy, which are expected to create significant market opportunities [3][4] - The fund is part of a broader effort to establish venture capital funds that support early-stage investments in hard technology, aligning with national economic development goals [4] - The establishment of the fund reflects a trend towards leveraging state-owned enterprise resources to foster innovation and technological advancement in key sectors [3][4]

Group 1 - The core viewpoint of the report is that Guosen Securities has given China National Offshore Oil Corporation (CNOOC) an "outperform" rating based on strong performance indicators [1] - The company's oil and gas net production has reached a new high, with robust natural gas production and significant cost control achievements [1] - CNOOC's capital expenditure for the year remains stable, with exploration, development, and production progressing in an orderly manner [1] - The company's net profit attributable to shareholders for the third quarter of 2025 is projected to be 32.4 billion yuan, aligning with expectations [1]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to experience a recovery in demand, driven by government policies aimed at stabilizing growth and transforming the industry [4][5] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected supply gap by 2028 [8] - The report highlights the potential for high dividend yields and improved cash flow for leading companies in the chemical sector as capacity expansion slows down globally [4] Summary by Sections Industry Performance - The basic chemical sector has shown a performance increase of 23.0% over the past 12 months, outperforming the CSI 300 index [2] Government Initiatives - A joint announcement from seven government departments outlines a plan for stable growth in the petrochemical industry, targeting an average annual growth of over 5% in value-added output from 2025 to 2026 [5] Market Dynamics - The price of chromium salts is on the rise, with significant increases noted in the prices of chromium metal and chromium oxide in October 2025 [8][18] - The report indicates that the chemical industry is transitioning from a "cash-consuming" phase to a "cash-generating" phase, with a focus on high-quality development and innovation [4][5] Investment Opportunities - Key investment opportunities identified include low-cost expansion in leading companies, improving market conditions for chromium salts, and high dividend yields from state-owned enterprises [9][10][11]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - As of the week ending October 31, 2025, international oil prices experienced a slight decline due to market skepticism regarding the effectiveness of sanctions on Russia, OPEC+'s inclination to continue modest production increases in December, and increased Iraqi exports in September, leading to concerns about oversupply. However, positive EIA inventory data, optimistic news from US-China leadership talks, and a Federal Reserve interest rate cut contributed to a rebound in oil prices later in the week [2][9] - Brent crude oil futures settled at $64.77 per barrel, down $0.43 (-0.66%) from the previous week, while WTI crude oil futures settled at $60.98 per barrel, down $0.52 (-0.85%) [2][31] - The oil and petrochemical sector showed a slight increase of 0.05% during the same week, while the broader Shanghai and Shenzhen 300 index fell by 0.43% [10][13] Summary by Sections Oil Price Review - Brent crude oil price decreased by 0.66% and WTI crude oil price decreased by 0.85% as of October 31, 2025 [2][31] - The price of Russian Urals crude remained stable, while ESPO crude saw a decline of 1.71% [31] Offshore Drilling Services - As of October 27, 2025, the number of global offshore self-elevating drilling platforms was 369, a decrease of 1 from the previous week, while the number of floating drilling platforms was 130, down by 2 [37] US Oil Supply - As of October 24, 2025, US crude oil production was 13.644 million barrels per day, an increase of 15,000 barrels per day from the previous week. The number of active drilling rigs decreased by 6 to 414 [61][70] US Oil Demand - US refinery crude processing volume was 15.219 million barrels per day, down by 511,000 barrels per day, with a refinery utilization rate of 86.60%, a decrease of 2.0 percentage points [66][73] US Oil Inventory - As of October 24, 2025, total US crude oil inventory was 825 million barrels, a decrease of 6.325 million barrels (-0.76%). Strategic oil inventory increased by 533,000 barrels (+0.13%), while commercial crude oil inventory decreased by 6.858 million barrels (-1.62%) [82]