本期债券发行结果得到了发行人的高度认可。本期债券的成功发行也体现了申万宏源证券持续服务一带一路、科技创新等国家战略的责任担当。 来源：申万宏源证券 2025年11月6日，申万宏源证券作为主承销商的中国石油天然气集团有限公司2025年面 向专业投资者公开发行科技创新"一带一路"公司债券(第一期)(能源保供)成功发行。本次债券 为 全市场首单 科技创新一带一路能源保供公司债，规模60亿元，期限7年，票面利率 1.99%，创同期限公司债券最大发行规模和最低发行利率。 中国石油集团作为科技创新突出贡献企业，近年来围绕非常规油气勘探开发、新材料新产品开发等领域深挖技术潜能、突破瓶颈制约，不断贡献"中 国智慧""中国方案"，创造"中国标准""中国纪录"。中国石油集团作为共建"一带一路"的主力军，持续深化与共建"一带一路"国家传统能源领域合作， 秉承"开放、包容、合作、共赢"理念，以"一带一路"沿线国家为重点，加强海外能源资源互利合作，积极塑造国家和企业良好国际形象，不断提升国家 话语权和影响力。 ...

Core Insights - The overall performance of the oil and chemical sector in A-shares has shown a decline in both revenue and net profit for the first three quarters of 2025, with a total revenue of 7.97 trillion yuan, down 0.59% year-on-year, and a net profit of approximately 400 billion yuan, down 6.18% year-on-year [1] Group 1: Oil and Gas Sector Performance - The oil and gas sector continues to face pressure, with total revenue from oil extraction, refining, and oil services amounting to approximately 5.65 trillion yuan, a year-on-year decrease of 6.53%, and a net profit of 282.9 billion yuan, down 8.43% [1][2] - The "Big Three" oil companies (China National Petroleum, Sinopec, and CNOOC) reported a combined revenue of about 4.6 trillion yuan, a decline of approximately 7%, and a net profit of about 258.2 billion yuan, down 12% [2] Group 2: New Energy Developments - Despite the challenges faced by traditional oil and gas operations, the new energy business is rapidly developing, with China National Petroleum reporting a cumulative power generation of 5.79 billion kWh from wind and solar projects, a year-on-year increase of 72.2% [4] - Sinopec is expanding its new energy sector, actively engaging in hydrogen, solar, wind, and geothermal energy, aiming for a diversified energy supply system [4] - CNOOC is accelerating its development of offshore wind power and advancing CCUS technology, focusing on a multi-energy supply system [4] Group 3: Refining Sector Insights - The refining sector has experienced a decline in performance, with 30 refining companies reporting a revenue of 844.89 billion yuan, down 4.97%, and a net profit of 14.93 billion yuan, down 1.69% [5] - However, there was a quarter-on-quarter increase in net profit by 28.83% [5] - The refining industry is undergoing a significant transformation towards integrated refining and chemical processes, with policies tightening on new refining capacity [5][6] Group 4: Oil Services Sector Growth - The oil services sector has shown positive performance, with 17 oil service companies achieving a revenue of 186.3 billion yuan, a year-on-year increase of 4.03%, and a net profit of 8.42 billion yuan, up 6.29% [8] - Despite falling international oil prices, the overall demand for oil services remains strong, supported by increased investment from oil and gas companies [8][9] - Major contracts have been secured by companies like CNOOC Engineering and China National Petroleum Engineering, indicating a robust outlook for the oil services sector [8][9]

Group 1 - The oil and gas extraction sector increased by 1.37% compared to the previous trading day, with China National Offshore Oil Corporation (CNOOC) leading the gains [1] - On the same day, the Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] - The main capital inflow in the oil and gas extraction sector was 136 million yuan, while retail investors saw a net outflow of 1.03 billion yuan [1] Group 2 - CNOOC had a net inflow of 1.68 billion yuan from main capital, representing 11.68% of its total capital [2] - Blue Flame Holdings experienced a net inflow of 3.41 million yuan from main capital, with a net outflow of 11.46 million yuan from retail investors [2] - ST Xinchao saw a significant net outflow of 13.36 million yuan from main capital, while retail investors had a net inflow of 5.67 million yuan [2]

中化新网讯 截至11月5日8时，卧龙河气田茅口组气藏CCUS-EGR(二氧化碳提高气藏采收率)先导试验工 程二氧化碳注气井卧碳1井已累计回注二氧化碳超9万立方米，生产回注平稳。这标志着中国石油西南油 气田公司利用高纯度二氧化碳提高气藏采收率的试验工程进入现场实践阶段，迈出从理论走向工业应用 的关键一步。 图为CCUS-EGR先导试验工程现场。 (李传富 摄) 本次投运的卧碳1井采用高纯度二氧化碳作为注入介质，开展超临界二氧化碳提高气藏采收率的可行性 试验，同步攻关试验CCUS-EGR主体工艺技术，探索形成适用于开发中后期碳酸盐岩气藏CCUS-EGR全 套技术体系。该工程的实施有望创新性扩展老气田提高采收率的技术手段，同步实现二氧化碳资源化利 用与地下封存，为老气田稳产增效和绿色低碳开发开辟新路径。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a record high of over $13 billion in contracts during the 8th China International Import Expo, showcasing its strong global partnerships and commitment to optimizing its procurement structure [2][3]. Group 1: Contract Achievements - CNOOC signed contracts exceeding $13 billion at the 8th China International Import Expo, marking the highest signing amount in the company's history for a single expo [2][3]. - The contracts cover a wide range of products, including crude oil, natural gas, deepwater oil and gas equipment, and advanced technology services, indicating a shift towards integrated cooperation in energy, technology, and equipment [3][5]. Group 2: Financial Performance - For the first three quarters of 2025, CNOOC reported a net profit attributable to shareholders of 101.97 billion yuan, with oil and gas net production increasing by 6.7% year-on-year [5][6]. - The company achieved operating revenue of 312.5 billion yuan, with oil and gas sales revenue reaching 255.48 billion yuan, outperforming the Brent oil price, which fell by 14.56% during the same period [5][6]. Group 3: Production and Exploration - CNOOC's oil and gas net production reached 57.83 million barrels of oil equivalent, with natural gas business growth at 11.6%, highlighting its strategic value as a second growth curve [5][6]. - The company made five new discoveries and successfully evaluated 22 oil and gas structures in the first three quarters, with significant contributions from key oil and gas fields [6][7]. Group 4: Cost Management and Investment - CNOOC maintained a leading cost control level with a major cost of $27.35 per barrel, reflecting effective project management and technological innovation [6][7]. - Capital expenditure was approximately 86 billion yuan, indicating improved investment efficiency and operational precision [6][7]. Group 5: Green Transition and Shareholder Returns - CNOOC is accelerating its transition to green and low-carbon energy, initiating offshore wind power projects and advancing carbon capture, utilization, and storage (CCUS) technology [7]. - The company plans to distribute a cash dividend of 0.73 HKD per share for the mid-2025 period, maintaining a high payout ratio of 45.5% [7].

Core Viewpoint - The article highlights the ongoing stringent regulatory environment in the A-share market, with multiple companies facing investigations and penalties for violations related to information disclosure and financial misconduct [2][10]. Group 1: Companies Under Investigation - Eight companies disclosed that they or their controlling shareholders and executives are under investigation by the China Securities Regulatory Commission (CSRC) for violations such as information disclosure and insider trading [2][3]. - Specific companies involved include Bayi Steel, Delisted Haiyue, Intercontinental Oil & Gas, Shanghai Washba, and *ST Changyao, with allegations ranging from information disclosure violations to false financial reporting [3][4]. Group 2: Administrative Penalties - Three companies, including Delisted Longyu, ST Tiantian, and *ST Jintai, received administrative penalties, with Delisted Longyu facing fines exceeding 30 million yuan for years of financial fraud [6][8]. - Delisted Longyu was found to have inflated revenue by approximately 14.54 billion yuan and profits by 37.32 million yuan through fictitious trading activities from 2019 to 2022 [6][7]. Group 3: Impact on Companies - Companies such as Intercontinental Oil & Gas and Shanghai Washba stated that the investigations would not adversely affect their operations, as the inquiries pertain to individual shareholders rather than the companies themselves [5]. - However, *ST Changyao warned that if the CSRC's findings lead to administrative penalties, it could trigger mandatory delisting due to serious violations [5]. Group 4: Broader Regulatory Trends - The article notes a trend of increasing accountability for companies that have been delisted, emphasizing that delisting does not exempt them from regulatory scrutiny [10]. - Recent cases show that even companies that have been delisted for over a year continue to face investigations and penalties for past violations [10][11].

Core Insights - The eighth China International Import Expo (CIIE) showcased China's commitment to expanding economic cooperation, with energy state-owned enterprises (SOEs) signing contracts exceeding $73.5 billion [1][2] - The event marked a significant economic diplomatic activity following the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, emphasizing the potential for international trade and investment [2] Energy SOEs Performance - China Petroleum and Chemical Corporation (Sinopec) signed contracts worth over $40.9 billion with 34 partners from 17 countries, covering 24 product categories including crude oil and chemicals [2] - China National Petroleum Corporation (CNPC) signed 43 procurement agreements totaling $17.485 billion with 41 global partners, indicating a stable increase compared to last year's figures [2] - China National Offshore Oil Corporation (CNOOC) achieved a record signing amount of over $13 billion, focusing on crude oil, natural gas, and deep-water oil and gas equipment [3] - China National Nuclear Corporation (CNNC) and its subsidiaries signed eight contracts related to nuclear fuel components and natural uranium, promoting global nuclear energy innovation [3] Power Sector Developments - China Huaneng Group signed agreements for gas turbine equipment and maintenance services, supporting clean energy project development [3] - China Datang Corporation collaborated with six foreign companies on renewable energy, gas turbines, and green hydrogen projects [3] - State Power Investment Corporation signed contracts worth nearly $300 million with eight international firms, showcasing confidence in international cooperation and energy transition [3] - China Energy Engineering Group signed procurement agreements totaling $1.828 billion, setting a new historical record [3] Strategic Cooperation and Future Directions - The 20th Central Committee emphasized high-level opening up and expanding bilateral investment cooperation, aligning with the goals of the Belt and Road Initiative [4] - Since the first CIIE in 2018, energy SOEs have signed contracts worth $144.785 billion with 232 international suppliers, reflecting a commitment to global energy development [4] - CNOOC's chairman highlighted the importance of open cooperation for energy security and the need for green transformation and technological innovation [5] - CNPC's general manager called for a new paradigm of energy cooperation based on fairness, resilience, and sustainability [5] - Sinopec's general manager expressed a desire to enhance technological innovation and promote sustainable development in the energy and chemical sectors [6] - CNNC's executive emphasized the role of digitalization in enhancing the global nuclear industry’s competitiveness and fostering resilient supply chains [6]

Core Viewpoint - China National Petroleum Corporation (CNPC) is increasing its natural gas supply resources by 3.7% year-on-year for the upcoming winter heating season, ensuring over 60% of domestic supply to guarantee warmth for the public [1] Group 1: Supply and Production - CNPC has initiated a new round of supply guarantee work immediately after the last heating season ended in April, focusing on increasing domestic gas production, ensuring stable imports, and enhancing gas storage capacity [1] - In the first three quarters of this year, CNPC produced 123 billion cubic meters of natural gas, a 4.7% increase year-on-year; imported 80.4 billion cubic meters, a 5.7% increase; and injected 18.6 billion cubic meters into storage, an 8.8% increase [1] Group 2: Contract and Coordination - CNPC has actively promoted the signing of new natural gas purchase and sales contracts in accordance with national requirements and regional market characteristics, achieving near-complete coverage of residential gas demand through signed contracts [1] - The company has also pre-arranged maintenance for gas processing plants and strengthened communication with the National Pipeline Network Group to ensure stable supply and safe operation of production facilities during the winter [1]

Core Viewpoint - The successful testing of the ZI212 well in the Sichuan Basin marks a significant milestone in China's shale gas development, achieving a record production of 1.5262 million cubic meters, indicating a new phase in the shale gas revolution in the region [1] Group 1: Well Performance - The ZI212 well achieved a production rate of 1.5262 million cubic meters and an unrestricted flow rate exceeding 3.6 million cubic meters, setting a new record for shale gas testing in China [1] - The well is located in the Cambrian Qiongzhusi Formation and is the third well from the company to exceed a production rate of one million cubic meters [1] - The ZI212 well was developed as a benchmark well with a 100% success rate in reservoir encounter, target encounter, fracturing parameter compliance, and production testing [1] Group 2: Strategic Importance - The successful testing of the ZI212 well follows the strategic breakthrough achieved with the ZI201 well earlier in 2023, highlighting the potential of the Cambrian Qiongzhusi Formation for deep shale gas production [1] - Over ten production wells have been deployed in the Cambrian Qiongzhusi Formation, demonstrating strong core development indicators and showcasing the vast potential for increasing reserves and production [1] - The advancements in shale gas production are crucial for the establishment of a national natural gas (shale gas) production base with a capacity of over 100 billion cubic meters, contributing to national energy security [1]

Group 1 - The stock price of Zhongjie Oil and Gas (600759) closed at 2.74 yuan on November 7, 2025, representing a 15.61% increase from the previous week's closing price of 2.37 yuan [1] - The company reached a maximum intraday price of 2.84 yuan on November 7 and a minimum of 2.37 yuan on November 3, with two instances of hitting the daily limit up and no limit down occurrences during the week [1] - The current total market capitalization of Zhongjie Oil and Gas is 11.368 billion yuan, ranking 3rd in the oil and gas extraction sector and 1698th among A-shares in the two markets [1] Group 2 - Zhongjie Oil and Gas was listed on the Shanghai and Shenzhen Stock Exchanges' "Dragon and Tiger List" twice in the past week due to a price deviation of 7% on November 3 and November 5 [2][4] - As of October 31, 2025, the company has repurchased 47.1855 million shares, accounting for 1.14% of the total share capital, with a total expenditure of 113.202294 million yuan, at a price range of 2.32 to 2.50 yuan per share [3][4] - Shareholder Xiamen Jiucheng was ordered by the China Securities Regulatory Commission to repurchase 5,976,000 shares due to a violation of the reduction plan disclosure rules, and the shareholder Haikou Dongduo was investigated for failing to halt trading after reaching a 5% stake [3][4]