Group 1 - Southbound funds recorded a net purchase of 5.345 billion HKD today [1] - The top three net purchases were China National Offshore Oil Corporation (CNOOC) with 980 million HKD, Pop Mart with 793 million HKD, and Meituan-W with 524 million HKD [1] - In terms of net sales, Hua Hong Semiconductor faced a net sell of 1.014 billion HKD, followed by Innovent Biologics with 140 million HKD, and Xiaomi Group-W with 57 million HKD [1]

Core Viewpoint - The A-share market shows a divergence in performance, with the energy sector, particularly coal, experiencing a significant rise despite a broader tech sector pullback, indicating strong investor interest in energy assets [1][6]. Energy Sector Performance - The energy ETF (159930) has seen a robust inflow of capital, with an estimated total of over 90 million yuan attracted over the past nine days, reflecting a strong demand for energy stocks [1][10]. - The coal sector has outperformed, with key stocks like Shanxi Coking Coal rising over 4% and major oil companies also showing gains, indicating a positive trend in energy-related equities [3][4]. Price Dynamics - The price index for thermal coal has increased from $99.16 per ton at the beginning of October to $107.88 per ton, marking an 8.8% increase, driven by supply constraints and rising demand due to extreme weather conditions [4][6]. - The supply of coal has been restricted due to regulatory measures against overproduction, leading to a likely continued upward trend in coal prices [6][7]. Factors Influencing Coal Prices - The increase in coal prices is attributed to several factors, including regulatory crackdowns on overproduction, extreme weather conditions affecting demand, and heightened safety inspections that may further limit supply [6][7]. - The government is focusing on stabilizing coal prices and preventing chaotic competition in the market, which is expected to support price stability [7][8]. Investment Outlook - The energy sector is viewed as a strong investment opportunity due to its high dividend yields and low valuation, with the energy ETF (159930) currently valued at a price-to-book ratio of only 1.34, making it an attractive option for investors seeking value [10][12]. - The coal sector is anticipated to experience a rebound as it has lagged in performance compared to other sectors, suggesting potential for price recovery and increased investor interest [8][10].

Core Insights - The Hong Kong stock market saw a net inflow of 53.45 billion HKD from northbound trading on October 23, with the Shanghai-Hong Kong Stock Connect contributing 47.7 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 5.75 billion HKD [1] Group 1: Stock Performance - The most bought stocks included CNOOC (00883), Pop Mart (09992), and Meituan-W (03690) [1] - The most sold stocks included Hua Hong Semiconductor (01347), Innovent Biologics (01801), and Xiaomi Group-W (01810) [1] - CNOOC received a net buy of 9.79 billion HKD, driven by rising international oil prices due to sanctions on Russian oil companies [4] - Pop Mart saw a net buy of 7.93 billion HKD, with a reported sales growth of 245% to 250% in Q3, significantly exceeding Morgan Stanley's forecast [5] - Meituan-W received a net buy of 5.24 billion HKD, with strategic leadership changes indicating a focus on international expansion [5] Group 2: Sector Insights - Semiconductor stocks showed divergence, with SMIC (00981) receiving a net buy of 4.25 billion HKD, while Hua Hong Semiconductor faced a net sell of 10.14 billion HKD [5][6] - The demand for domestic advanced wafer foundry services is expected to rise due to the growth of AI applications and supportive policies [6] - Giant Biologics (02367) received a net buy of 3.59 billion HKD following the approval of a new medical device by the National Medical Products Administration [6]

Core Insights - International oil prices continue to rise, with WTI crude oil increasing by 5.03% to $61.440 per barrel and Brent crude oil rising by 4.91% to $65.661 per barrel, driven by sanctions imposed by the US and Europe on Russia's largest oil companies [1] - The sanctions are expected to significantly tighten global crude oil supply, impacting market dynamics [1] - The upcoming winter is anticipated to be extremely cold due to strengthening conditions for a "double La Niña," which may boost natural gas demand [1] Oil and Gas Market Dynamics - The natural gas apparent consumption from January to August 2025 showed a slight year-on-year decline of 0.1%, an improvement from a 3.4% decline in the first two months of the year [1] - The "Three Barrels of Oil" companies in China reported a 3.2% year-on-year increase in natural gas sales in the first half of 2025, outpacing domestic natural gas demand growth [1] - The marketization reform of natural gas pricing in China is expected to enhance the profitability of the "Three Barrels of Oil" companies as the regulated portion of their sales continues to decrease [1] Stock Performance - As of October 23, 2025, the National Petroleum and Natural Gas Index (399439) rose by 0.92%, with significant gains in constituent stocks such as PetroChina (3.15% increase) and Sinopec [2] - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 64.68% of the index, indicating a concentrated market structure [2]

证券代码：600938 证券简称：中国海油 公告编号：2025-031 中国海洋石油有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 （三） 会议方式：网络互动 （四） 会议语言：中文 重要内容提示： 投资者可于 2025 年 10 月 24 日(星期五)至 10 月 30 日(星期四)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 IR@cnooc.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 中国海洋石油有限公司（以下简称"公司"）将于 2025 年 10 月 30 日闭市 后发布公司 2025 年第三季度报告。为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果和财务状况，公司计划于 2025 年 10 月 31 日 16:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明 ...

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 關於召開 2025 年第三季度業績說明會的公告 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關於召開2025年第 三季度業績說明會的公告》，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，二零二五年十月二十三日 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 邱致中 林伯強 李淑賢 陳澤銘 证券代码：600938 证券简称：中国海油 公告编号：2025-031 中国海洋石油有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本 ...

Group 1 - The oil and gas extraction sector increased by 0.62% on October 23, with China National Offshore Oil Corporation (CNOOC) leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] - Major stocks in the oil and gas extraction sector showed mixed performance, with CNOOC's stock price closing at 27.49, up 1.33%, while other stocks like Blue Flame Holdings and ST Xinchao experienced declines [1] Group 2 - The oil and gas extraction sector saw a net outflow of 305 million yuan from institutional investors, while retail investors contributed a net inflow of 211 million yuan [1] - CNOOC experienced a significant net outflow of 224 million yuan from institutional investors, with retail investors contributing a net inflow of 142 million yuan [2] - Other companies like ST Xinchao and Blue Flame Holdings also faced net outflows from institutional investors, indicating a trend of shifting capital within the sector [2]

Core Viewpoint - The performance of the Dividend Low Volatility ETF Taikang (560150) has shown positive trends, with a notable increase in net value over the past year, indicating potential investment opportunities in dividend-paying assets and sectors like coal and oil [1][2]. Group 1: ETF Performance - As of October 23, 2025, the Dividend Low Volatility ETF Taikang (560150) rose by 0.08%, marking its fourth consecutive increase, with a trading volume of 9.7734 million yuan [1]. - Over the past 10 trading days, the ETF has attracted a total of 10.5933 million yuan, and its net value has increased by 10.36% over the past year, ranking first among comparable funds [1]. Group 2: Sector Analysis - Shanxi Securities indicates that coal sector stocks are expected to perform better in Q4 compared to Q3, with coal prices experiencing unexpected increases during the peak summer demand period [1]. - The report suggests that while domestic coal supply growth is limited, coal prices are expected to have downward support, and demand is anticipated to recover in Q4, leading to a potential increase in average prices [1]. Group 3: Dividend Assets Outlook - Everbright Securities notes that dividend assets have returned to relatively low levels, and with the upcoming release of Q3 reports from A-share listed companies, there is potential for dividend assets to drive A-share market growth again [2]. - The "Big Three" oil companies (China National Petroleum, Sinopec, and CNOOC) are expected to enhance their production capacity, with planned oil and gas equivalent production growth rates of 1.6%, 1.5%, and 5.9% respectively for 2025 [2]. - The "Big Three" are anticipated to achieve long-term growth through continuous cost reduction and production increase efforts, highlighting their long-term investment value [2].

Core Viewpoint - Food security is a national priority, and China National Offshore Oil Corporation (CNOOC) plays a crucial role in ensuring the supply of agricultural fertilizers to support food production and rural development [1][2]. Group 1: Supervision and Management - The CNOOC disciplinary inspection team has implemented a targeted supervision mechanism to identify and rectify 21 issues related to fertilizer safety production, raw material procurement, and pricing management [2]. - During the peak fertilizer application period, CNOOC's chemical production units maintained stable production despite adverse weather conditions caused by Typhoon "Biparjoy" [1][2]. Group 2: Innovation and Technology - The focus on the development and technological upgrade of value-added fertilizer products is a priority for CNOOC, with ongoing supervision of key project phases to ensure alignment with regional agricultural needs [3]. - CNOOC has emphasized the importance of scientific formulation and optimization of fertilizer products based on crop and regional characteristics, enhancing production efficiency and market supply [3].

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1] Group 1: Stock Performance - The top stock, Su Yan Jing Shen (603299 SH), experienced a daily increase of 5.93% and a year-to-date increase of 15.78%, with a dividend yield of 3.60% [1] - Dai Mei Co., Ltd. (603730.SH) saw a daily rise of 4.43% and a year-to-date rise of 14.15%, with a dividend yield of 3.57% [1] - China Steel International (000928.SZ) reported a daily increase of 4.27% and a year-to-date increase of 12.30%, with a dividend yield of 4.38% [1] - Jiangyin Bank (002807.SZ) had a daily increase of 3.56% and a year-to-date increase of 25.93%, with a dividend yield of 3.82% [1] - China National Offshore Oil Corporation (600938.SH) increased by 3.51% daily but has a year-to-date decline of 3.50%, with a dividend yield of 4.69% [1] Group 2: Additional Notable Stocks - Agricultural Bank of China (601288.SH) showed a daily increase of 2.67% and a remarkable year-to-date increase of 58.31%, with a dividend yield of 2.99% [1] - Jiufeng Energy (605090 SH) had a daily rise of 2.60% and a year-to-date rise of 24.16%, with a dividend yield of 3.37% [1] - Youfa Group (601686.SH) reported a daily increase of 2.57% and a year-to-date increase of 31.09%, with a dividend yield of 4.25% [1] - Gujia Home Furnishing (603816.SH) increased by 2.36% daily and 16.31% year-to-date, with a dividend yield of 4.54% [1] - CITIC Bank (601998 SH) had a daily increase of 2.32% and a year-to-date increase of 15.81%, with a dividend yield of 4.41% [1]