WTI原油期货下跌0.15%，暂报66.13美元。 （相比美西方与俄罗斯的紧张关系）印度自身的能源安全问题高于一切。 印度外交部回应欧盟近期的制裁行动，在声明中称印度不支持任何"单边"制裁。 ...

2025年7月，特朗普政府与乌克兰围绕军援资金发生激烈争执之际，中国却迎来了一个令全球瞩目的重大发现——位于内蒙古白云鄂博矿区的百万吨级钍矿 储量被确认。这一矿藏的发现，令中国的钍资源总量迅速跃升至世界第一，足以支撑国家现有能源需求长达6万年，简直为中国的能源安全筑起了一道"超长 保障"。与此同时，美国政坛却因泽连斯基拒绝签署矿产协议而愤怒不已，特朗普原本打算通过掠夺乌克兰的稀土资源来与中国的稀土技术优势对抗的计 划，最终因中国新发现的钍矿完全落空——毕竟，中国这一新矿藏的零头就已超过乌克兰稀土储量的20倍。 目前，国内在甘肃、新疆等荒漠地区规划了12座钍基熔盐堆电站。这些电站将反应堆群部署在开阔的沙漠区域，不仅无需水源冷却，而且单座60兆瓦的反应 堆即可满足三个地级市的用电需求。能源转化后，将通过特高压电网输送至东部地区。根据国家能源局的测算，每吨钍发电的经济效益比直接运输矿石要高 出23倍。新疆"沙戈荒"基地的首批机组已在今年6月顺利投产，这一项目展示了"戈壁发电，电力共享全国"的全新模式。 白云鄂博的钍矿不仅是对中国能源格局的一次重要补充，更为国家的能源安全提供了强有力的保障。目前，中国的原油对外依存度 ...

欧盟理事会当地时间18日投票通过了天然气储存条例的修订提案。根据该提案，欧盟成员国在冬季来临 前维持足够 天然气储备的现行要求将被再延长两年。欧盟此举意在降低因俄乌冲突引发的天然气价格 波动风险，同时努力在保障能源安全与恢复市场机制之间寻求平衡。 (央视新闻) ...

Group 1 - China has discovered a significant thorium resource in the Baiyun Obo mine, with proven reserves of over one million tons, making it the world's largest thorium reserve, sufficient for 60,000 years of energy supply [1][3] - The thorium nuclear reactors are safer and more efficient than traditional uranium reactors, with the ability to generate electricity equivalent to 350 million tons of coal from one ton of thorium, while producing significantly less nuclear waste [3][5] - China is planning to build 12 thorium nuclear power plants in Gansu and Xinjiang, each capable of supplying electricity to three prefecture-level cities, enhancing energy security and reducing reliance on imported fossil fuels [5][7] Group 2 - The new thorium resource and technology combination positions China favorably in the global energy landscape, contrasting sharply with the U.S. reliance on Ukrainian mineral resources [1][7] - The economic benefits of thorium power generation are substantial, with each ton of thorium generating 23 times more revenue than selling the raw ore, potentially saving China 400 billion in foreign exchange by reducing coal imports [5][7] - China's strategic moves in forming a "carbon-free energy alliance" with Brazil and South Africa highlight its commitment to leveraging thorium resources and technology to reshape global energy dynamics [5][7]

储气库因其功能类似于粮食储备，也被称作"天然气的地下粮仓"，通过"夏注冬采"的运行模式调节 天然气供需矛盾，保障能源安全。 中原储气库群由7座储气库组成，不仅是国内最大的储气库群，也是储气类型最多的储气库群。相 关负责人介绍，"十五五"期间，中原油田还将建设多座储气库，预计中原储气库群库容规模可达 196.85亿立方米。 （来源：央视网 ） 7月15日，记者从中国石化获悉，我国最大的地下储气库群——中原储气库群再度扩容，规模增加 到7座，新增库容7.08亿立方米，为京津冀在内的华北地区及黄河流域季节调峰、应急供气提供保 障。 新投产的白庙浅层储气库位于山东省菏泽市，随着调度指令的下达，来自鄂尔多斯盆地的天然气增 压后存入3000米深的地下气藏。专家介绍，白庙浅层储气库设计库容量7.08亿立方米，工作气量 3.43亿立方米，日注气规模240万立方米，日采气规模500万立方米，在用气高峰期可满足500万 户家庭的日用气需求。 ...

Core Viewpoint - Antofagasta reported a 10.6% increase in copper production for the first half of the year, driven by higher output from its Centinela and Los Pelambres mines, while maintaining its annual production guidance of 660,000 to 700,000 tons [1][2] Group 1: Production and Financial Performance - Copper production for the first half of the year reached 314,900 tons, up from 284,700 tons in the same period last year [5] - The company’s net cash cost decreased by 32% to $1.32 per pound, attributed to increased production [1][5] - Gold production increased by 36% year-on-year to 91,200 ounces, with a second-quarter output of 48,300 ounces [2][5] - Molybdenum production also saw a significant rise, with a 42% increase in the first half to 7,400 tons [3][5] Group 2: Future Outlook and Strategic Initiatives - The company maintains its capital expenditure guidance at $3.9 billion for the year, higher than the $2.7 billion planned for 2024, due to peak production at the Centinela concentrator [1] - Antofagasta's CEO expressed optimism about the copper market, citing structural trends such as energy security and decarbonization driving demand [2] - The company is exploring opportunities to advance the Twin Metals copper-nickel project in Minnesota, which had previously faced regulatory hurdles [1][2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11][13]. Core Viewpoints - The company operates in three main segments: energy technology services, energy logistics services, and low-carbon environmental and digitalization services. It has shown significant cost reduction and efficiency improvements since its listing, with a steady decline in operating expenses. Despite fluctuations in oil prices, the company's performance has been consistently growing, benefiting from the national seven-year action plan [2][7][46]. - The global potential for offshore oil and gas resources is substantial, with ultra-deepwater being a future trend. The company is well-positioned to capitalize on increased exploration and development efforts in offshore oil and gas, especially as domestic oil companies increase capital expenditures to enhance energy security [8][54]. - The company has a strong correlation between its revenue and profitability with the production activities of CNOOC, demonstrating resilience against oil price fluctuations. The average dividend payout ratio since its listing is 35.62%, indicating robust dividend potential as earnings continue to grow [10][39]. Summary by Sections Company Overview - The company is a publicly listed entity controlled by China National Offshore Oil Corporation (CNOOC), focusing on offshore and onshore oil and gas production. It aims to become a world-class energy technology service provider with a Chinese characteristic [7][30]. Business Segments - The company’s business is divided into three main categories: 1. Energy technology services, which have seen rapid revenue growth. 2. Energy logistics services, which are expected to benefit from stable demand for LNG transportation. 3. Low-carbon environmental and digitalization services, which are crucial for sustainable development [9][36][39]. Financial Performance - In 2024, the company achieved a revenue of 52.517 billion yuan, with energy logistics services contributing 23.210 billion yuan, energy technology services 21.733 billion yuan, and low-carbon services 10.060 billion yuan. The revenue from CNOOC accounted for 61.7% of total revenue [39][42]. - The company’s net profit for 2024 was 3.656 billion yuan, reflecting an 18.66% year-on-year increase, supported by a steady rise in operational efficiency and cost management [46][48]. Market Trends - The report highlights the increasing reliance on foreign oil and gas, with crude oil dependency reaching 72.1% and natural gas dependency at 42% by 2024. This trend emphasizes the need for enhanced domestic exploration and production efforts [55][56]. - The company is expected to benefit from CNOOC's stable capital expenditures, which are projected to increase significantly despite fluctuations in oil prices, supporting the overall offshore oil service industry [65][66].

第一次世界大战前夕，时任英国海军大臣温斯顿·丘吉尔做出了一个历史性决定：将英国海军舰艇的动 力来源从煤炭转换为石油，他希望英国海军舰队的速度能超过德国舰队。但这一转变也意味着英国皇家 海军不能再依赖威尔士的煤炭，而是依赖当时波斯地区不稳定的石油供应，能源安全因此成为国家战略 问题。 如何确保能源安全？彼时丘吉尔给出的答案是："取决于多样性，而且仅仅取决于多样性。"这也是标普 全球（S&P Global）副董事长、剑桥能源周（CERAWeek）创始人丹尼尔·耶金在《石油大博弈》（The Prize: The Epic Quest for Oil, Money and Power）中最喜欢的一句话。 作为全球能源战略界的"殿堂级"人物，耶金的《石油大博弈》是业界公认最著名、最具影响力的著作， 凭借此书，耶金赢得普利策奖，也奠定了其"石油战略大师"的地位。 耶金在2025亚洲能源论坛上接受21世纪经济报道记者专访时表示，他最近重读了《石油大博弈》，正在 写一个新的后记。他想探讨的是，有哪些值得铭记的教训？他希望聚焦能源安全、供需力量以及创新的 作用。 "获得能源系统韧性的根本方法之一就是实现能源多样化，1912年如 ...

Core Insights - The Hong Kong stock market experienced a significant rebound in the first half of 2025, with the Hang Seng Index rising by 20%, leading among major global indices [1] - The primary driver of this rebound was the substantial inflow of mainland funds through the "Hong Kong Stock Connect" channel, coupled with a global reassessment of the value of "cheap Chinese assets" [1] - The net inflow of southbound funds reached over 730 billion HKD, marking a 414% increase year-on-year and setting a historical record for the same period [3][5] Market Dynamics - The total trading volume through the Hong Kong Stock Connect reached 4.8 trillion HKD, a 50% increase compared to the previous year, accounting for 19% of the total trading volume in the Hong Kong market [2][3] - Southbound funds have significantly reshaped the investor structure in the Hong Kong market, with their proportion of total trading volume rising from less than 10% in 2020 to nearly 20% [4] - The inflow of southbound funds has enhanced the correlation between the Hong Kong and A-share markets, while also increasing the independence of the Hong Kong market from global trends [4] Sector Preferences - The southbound funds showed a clear preference for high-dividend and innovative pharmaceutical sectors, with energy, telecommunications, and banking being the top three sectors for net buying [6][7] - The energy sector attracted a net buying of 620 million HKD, while telecommunications and banking received 410 million HKD and 380 million HKD, respectively [6][7] - The innovative pharmaceutical index saw significant gains, with some stocks experiencing over 60% increases, reflecting a strong recovery after a prolonged downturn [6][8] Investment Trends - The current market environment is characterized by a "barbell strategy," where investors are seeking both stable cash flow from high-dividend assets and growth potential from innovative sectors [10][16] - The anticipated interest rate cuts by the Federal Reserve are expected to further highlight the defensive value of high-dividend sectors, while the commercialization capabilities of innovative pharmaceutical companies will be crucial for growth stocks [16] - The semiconductor, innovative pharmaceuticals, and energy security sectors are expected to benefit from policy support and sustained inflows from mainland funds [17] Notable Stocks - The top-performing stocks in the Hong Kong Stock Connect included Lao Pu Gold, which saw a staggering increase of 330.18%, followed by Sangfor Technologies and Rongchang Biopharmaceuticals with increases of 288.98% and 278.12%, respectively [11][12] - The presence of diverse sectors among the top gainers indicates a broad market interest, with biotechnology leading the way [11][12] - Stocks like Rongchang Biopharmaceuticals have gained significant institutional recognition, with over 50% of holdings through the Hong Kong Stock Connect [13]

Core Viewpoint - The overarching objective of China-EU energy cooperation is to expedite the global transition to clean energy while ensuring energy security to address global climate change challenges [6][7]. Group 1 - The 12th meeting of the China-EU Energy Dialogue was held on July 14, 2025, in Beijing, co-hosted by Wang Hongzhi and Dan Jørgensen [5][6]. - Both sides agreed to sustain cooperation on various aspects of the clean energy transition, including accelerating the transition, ensuring energy security, enabling benefits of the transition, and energy market design [6][7]. - The EU-China Energy Cooperation Platform (ECECP) and the China-Europe Energy Innovation Cooperation Platform (CEEI) participated in the dialogue meeting [2][7].