Core Viewpoint - The oil ETF (561360) opened down by 1.17% at 1.185 yuan, reflecting a mixed performance among its major holdings [1] Group 1: ETF Performance - The oil ETF (561360) has a performance benchmark of the CSI Oil and Gas Industry Index return rate [1] - Since its establishment on October 23, 2023, the fund has achieved a return of 19.63% [1] - The fund's return over the past month is reported at 7.61% [1] Group 2: Major Holdings Performance - China National Offshore Oil Corporation (CNOOC) opened down by 0.34% [1] - China Petroleum opened down by 0.10% [1] - China Petrochemical remained unchanged at 0.00% [1] - Jereh Group opened down by 1.55% [1] - China Merchants Energy opened up by 0.33% [1] - Guanghui Energy opened down by 0.39% [1] - COSCO Shipping Energy opened up by 0.79% [1] - Hengli Petrochemical opened down by 1.15% [1] - China Merchants South Oil opened down by 0.31% [1] - CNOOC Engineering opened down by 0.53% [1]

智通财经APP讯，中国石油化工股份(00386)发布公告，该公司于2025年11月21日斥资3677.77万港元回 购825万股股份，每股回购价格为4.42-4.56港元。 ...

Core Viewpoint - The Sichuan Provincial Government and China National Petroleum Corporation (CNPC) signed a strategic cooperation agreement to enhance energy development and support national strategies [1] Group 1: Strategic Cooperation Agreement - The agreement aims to advance the construction of a national oil and gas production base in the Sichuan-Chongqing region, targeting a production capacity of 100 billion cubic meters [1] - Key areas of collaboration include oil and gas resource exploration and development, green and low-carbon transformation of the petrochemical industry, energy infrastructure construction, and the establishment of an oil and gas technology innovation platform [1] Group 2: Objectives and Goals - Both parties discussed improving the central-local mutual benefit cooperation mechanism and accelerating the construction of the national oil and gas production base [1] - The collaboration aims to enhance energy supply security, strengthen the energy industry chain, tackle key core technology challenges, and build a new energy system to better serve major national strategic implementations [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its stock performance [1] Summary by Category Share Buyback Activity - On November 20, 2025, Sinopec repurchased 8 million shares at a price range of HKD 4.550 to HKD 4.600, totaling HKD 36.584 million [1] - Since October 30, 2025, the company has conducted share buybacks for 16 consecutive days, acquiring a total of 71.98 million shares for a cumulative amount of HKD 314 million [1] - The stock price increased by 8.06% during the buyback period [1] Year-to-Date Buyback Summary - Year-to-date, Sinopec has executed 49 buybacks, acquiring a total of 294 million shares for a total expenditure of HKD 1.381 billion [1] Detailed Buyback Data - A detailed table of buyback activities shows daily repurchase volumes, highest and lowest prices, and total amounts spent, reflecting a consistent commitment to share repurchase [1]

Core Viewpoint - Southbound funds have significantly increased their holdings in China National Petroleum Corporation (00857.HK), indicating strong investor interest and confidence in the company [1]. Group 1: Shareholding Changes - On November 20, 2025, southbound funds increased their holdings by 5.64 million shares, bringing the total to 7.453 billion shares, which represents a 0.08% increase [2]. - Over the past five trading days, there has been a cumulative net increase of 67.334 million shares, with increases recorded on all five days [1][2]. - In the last 20 trading days, the total net increase in holdings reached 438 million shares, with increases on all 20 days [1]. Group 2: Company Overview - China National Petroleum Corporation primarily engages in the production and distribution of oil and gas, operating through five main divisions: oil and gas exploration, refining and chemicals, sales, natural gas sales, and headquarters and other services [2].

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Buyback Details - The company plans to repurchase 8 million shares at a total cost of HKD 36.584 million [1] - The buyback price is set between HKD 4.55 and HKD 4.60 per share [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Share Buyback Details - The company plans to repurchase 8 million H-shares at a cost of HKD 36.584 million [1] - Additionally, it will buy back 1.7494 million A-shares for a total expenditure of HKD 10.6256 million [1]

Market Overview - The refining and trading sector experienced a decline of 1.34% on November 20, with Unified Corporation leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable stock performances included: - Baomo Co., Ltd. (002476) rose by 7.88% to a closing price of 6.30, with a trading volume of 706,600 shares and a turnover of 441 million yuan [1] - China Petroleum & Chemical Corporation (600028) remained unchanged at 6.05, with a trading volume of 2,741,900 shares and a turnover of 1.664 billion yuan [1] - Unified Corporation (600506) fell by 4.33% to 28.03, with a trading volume of 320,300 shares [2] Capital Flow - The refining and trading sector saw a net outflow of 449 million yuan from main funds, while retail investors contributed a net inflow of 386 million yuan [2][3] - The capital flow for individual stocks showed varied trends, with China Petroleum (601857) experiencing a net inflow of 22.45 million yuan from main funds [3]

Core Viewpoint - The company is proactively preparing for the winter gas supply peak in Henan Province by implementing various measures to ensure stable natural gas supply during the winter season [1] Group 1: Winter Supply Preparation - The company has initiated a series of exchange and discussion activities within its second party-building collaboration area to strengthen the safety measures for winter gas supply [1] - The leading unit of the collaboration area, the Xinyang Company Party Branch, has visited member units such as Nanyang, Xuchang, and Tianrun, organizing three party-building co-construction activities [1] - These activities focus on the core task of winter supply, discussing key aspects such as equipment maintenance, pipeline inspection, and emergency support [1] Group 2: Safety Management and Optimization - Member units shared their achievements in safety management, resulting in the optimization of seven safety hazard rectification plans, significantly enhancing the operability of winter supply measures [1] - A "look-back" mechanism for problem rectification has been established to address issues identified during previous inspections, ensuring that corrective measures are effectively implemented [1] Group 3: Commitment to Stable Supply - The company is committed to ensuring stable natural gas supply through continuous deepening of the theme education "Transform Concepts, Innovate Courageously, Strengthen Management, Create Excellence" [1] - The goal is to contribute to the economic and social development of Henan Province by providing clean energy and ensuring that residents stay warm during the winter [1]

Core Concept - The concept of "deep earth economy" has gained significant attention in the capital market as of October 2025, indicating a strategic shift towards resource extraction from deep within the Earth, impacting various sectors such as oil and gas, mining, and infrastructure [1] Group 1: Market Response and Strategic Initiatives - The capital market has reacted positively to the emergence of the deep earth economy, with multiple sectors showing strength, suggesting a multi-trillion yuan new growth avenue [1] - The Ministry of Natural Resources has outlined plans for the 14th Five-Year Plan, emphasizing the need for standardization in emerging industries such as deep-sea and deep-earth exploration [1][2] - A special fund has been established at the central level to guide social capital and accelerate the formulation of national standards in deep earth drilling and equipment manufacturing [1] Group 2: Resource Potential and Development Opportunities - China possesses significant deep and ultra-deep oil and gas resources, totaling 671 million tons of oil equivalent, which accounts for approximately 34% of the nation's total oil and gas resources [2] - The Sichuan Basin, particularly the city of Bazhong, is identified as a key area for deep oil and gas exploration, benefiting from favorable geological conditions and substantial resource reserves [3][5] - Bazhong's natural gas geological reserves are estimated at 1.4 trillion cubic meters, with shale oil resources around 25 million tons, indicating high economic value and development potential [5] Group 3: Investment and Development Metrics - From January to October this year, Bazhong completed investments of 1.692 billion yuan, a year-on-year increase of 63.5%, with a notable rise in the number of oil and gas wells [7] - The city has seen a significant increase in natural gas production, reaching 360 million cubic meters, a 71.4% year-on-year growth, and oil production of 14,000 tons, a 600% increase [7] Group 4: Industrial Layout and Future Plans - Bazhong aims to establish a "billion-level energy and chemical industry cluster," focusing on natural gas and oil chemical projects, with a total investment of approximately 13.15 billion yuan [11] - The city is targeting advanced materials and clean energy sectors, with investments planned for high-end products such as electronic-grade epoxy resin and carbon nanotubes [11] - The strategic deployment in Bazhong aligns with the anticipated growth of the deep earth economy, which is projected to exceed 5 trillion yuan during the 14th Five-Year Plan period [9] Group 5: Collaborative Efforts and Governance - The 2025 Bazhong Oil and Gas Development Conference highlighted the collaboration between state-owned enterprises and local government, forming a comprehensive support system for resource exploration and development [12][15] - A series of agreements were signed during the conference, showcasing the government's commitment to rapid project initiation and efficient service delivery [13][15] - Bazhong is positioning itself as a replicable model for the deep earth economy, integrating government organization, enterprise collaboration, and research support to achieve resource exploration breakthroughs [16]