Zheng Quan Shi Bao Wang·2025-11-03 07:12Group 1 - The oil sector experienced a strong rally on the 3rd, with companies like Huibo and Intercontinental Oil hitting the daily limit, while China National Offshore Oil Corporation (CNOOC) and China Petroleum gained over 4% [1] - By the third quarter of 2025, the oil and gas equivalent production of China Petroleum, Sinopec, and CNOOC is expected to grow by 2.6%, 2.2%, and 6.7% year-on-year, respectively [1] - The "Big Three" oil companies will continue to enhance reserves and production, with planned growth in oil and gas equivalent production of 1.6%, 1.5%, and 5.9% for China Petroleum, Sinopec, and CNOOC by 2025 [1] Group 2 - The refining sector is transitioning towards low-cost "oil conversion" and high-value "oil specialty," with sales divisions actively transforming into comprehensive energy service providers [1] - China Petroleum and Sinopec have accelerated the construction of refining integration projects, with new material projects progressing rapidly, which is expected to strengthen their competitive edge in the refining sector [1] - The "anti-involution" policy is entering a deep governance phase in specific industries, with the petrochemical sector likely to see further implementation, leading to the accelerated clearance of refining capacity below 200,000 tons [1] Group 3 - Everbright Securities maintains a positive long-term outlook on the "Big Three" oil companies and oil service sectors, citing a favorable supply-demand balance for crude oil amid geopolitical uncertainties [2] - The recovery of the macro economy is expected to boost chemical demand, with long-term capacity clearance benefiting leading enterprises in the sector [2] - The profitability of large-scale refining, coal chemical, and ethylene is anticipated to improve in the long run [2]