数智赋能生态治理，发布重磅成果 为助力治理体系与治理能力现代化，大会进行了浙江大学钭晓东教授主持、团队完成的国家社会科学基金重大项目《加快推进生态治理体系与治理能力现代 化研究》(编号20&ZD091)的阶段性成果发布仪式，成果一《绿盾执法智擎系统》正式亮相，标志我国数智化提升治理效能获实质性突破;成果二纪录片《绿 色之道》同步首发，以生动镜头呈现生态治理中国路径，为全球提供实践范本。 11月30日，第十届杭州全球企业家大会暨首届企业法治工作大会第三届长三角企业法治工作大会在杭州国际博览中心成功举办并落幕。大会由浙江大学新时 代枫桥经验研究院、浙江省中小企业协会联合主办，浙江时代国际展览服务有限公司、杭州创蓝悦文化发展有限公司承办，获浙江省新时代枫桥经验研究 院、浙江大学光华法学院、长三角企业法律顾问协会联盟、上海交通大学智慧司法研究院、共道网络科技有限公司、阳光时代律师事务所、蓝旗(上海)法律 咨询有限公司、上合组织法律服务委员会交流合作基地(浙江警官职业学院)、香港中华工商总会等众多单位协办。 新时 0 :: ii 本次大会以"法治护航 高质量全球化发展"为核心宗旨，汇聚政府部门、知名企业、法律界、学术界 ...

Core Viewpoint - Southbound funds reduced their holdings in China Petroleum & Chemical Corporation (00386.HK) by 8.442 million shares on December 3, 2025, while showing a net increase in holdings over the past 20 trading days [1][2]. Group 1: Shareholding Changes - In the last five trading days, southbound funds increased their holdings on three occasions, with a total net increase of 27.482 million shares [1]. - Over the past 20 trading days, there were 17 days of net increases, totaling 299 million shares [1]. - As of December 3, 2025, southbound funds hold 6.663 billion shares of China Petroleum & Chemical Corporation, representing 27.82% of the company's total issued ordinary shares [1][2]. Group 2: Company Overview - China Petroleum & Chemical Corporation primarily engages in oil, natural gas, and chemical operations, structured into five segments: exploration and development, refining, marketing and distribution, chemicals, and trade [2]. - The exploration and development segment focuses on oilfield exploration and development, producing and selling crude oil and natural gas [2]. - The refining segment processes and refines crude oil, manufacturing and selling petroleum products to both internal divisions and external customers [2].

中国石油化工股份回购明细 证券时报·数据宝统计，中国石油化工股份在港交所公告显示，12月3日以每股4.500港元至4.560港元的 价格回购180.00万股，回购金额达814.16万港元。该股当日收盘价4.510港元，下跌0.88%，全天成交额 4.75亿港元。 自10月30日以来公司已连续25日进行回购，合计回购1.18亿股，累计回购金额5.18亿港元。 其间该股累 计上涨6.87%。 今年以来该股累计进行58次回购，合计回购3.40亿股，累计回购金额15.85亿港元。（数据宝） | 2025.09.23 | 550.60 | 4.090 | 4.070 | 2244.25 | | --- | --- | --- | --- | --- | | 2025.09.22 | 541.00 | 4.120 | 4.070 | 2211.61 | | 2025.08.22 | 6762.40 | 4.430 | 4.340 | 29772.14 | | 2025.03.26 | 288.00 | 4.110 | 4.090 | 1179.71 | | 2025.03.25 | 950.00 | 4.110 | 4. ...

中国石油化工股份(00386)发布公告，于2025年12月3日，该公司斥资814.16万港元回购180万股股份，每 股回购价格为4.5-4.56港元。 ...

近日 广州石化李元凯新材料工作室 被命名为 中国石化示范性职工创新工作室 面对急难险重的创新任务 他们总能 从容不迫地应对 游刃有余地解决 今天我们来看看 这份"从容"的背后究竟是什么？ 01 底气从何而来？ 答：一支结构精良的创新梯队。 2022年4月 创新驱动发展 新材料开发、新技术应用、新能源发展 29名技术骨干（含教授级高工2人、高级工程师12人） 02 硬气从何而来？ 答：一组看得见、算得清的核心业绩。 核心业绩速览 | 关键成果 | 亮眼数据 | | --- | --- | | 技术攻关 | 破解50余项现场技术难题 | | 催化剂国产化 | 打破垄断，国产化率超80%，降本2800万元 | | --- | --- | | 新产品开发 | 3年开发25个高端牌号，多项填补国内空白 | | 绿色发展 | VOCs降幅超90%，每年可供应超20万吨绿色聚丙烯材料 | | 氢能布局 | 建成华南最大燃料电池氢供应中心 ，累计供应高纯氢超1500吨 | | 人才培育 | 多人获"闵恩泽青年科技人才奖""劳动模范"等荣誉 | 03 创新为何能持续？ 答：一套可持续的创新机制。 六大创新维度 开发新产品 紧盯 ...

格隆汇12月3日丨中国石油化工股份(00386.HK)发布公告，2025年12月3日耗资814.16万港元回购180万 股，回购价格每股4.5-4.56港元。 ...

格隆汇12月3日丨中国石油化工股份(00386.HK)发布公告，2025年12月3日耗资814.16万港元回购180万 股，回购价格每股4.5-4.56港元。 ...

Quantitative Models and Construction Methods 1. Model Name: Quantitative Market Trend Judgment Framework - **Model Construction Idea**: The model aims to address the systematic rotation of market styles by identifying the dominant asset characteristics that represent the future mainstream market style. It evaluates assets based on the priority of "g > ROE > D" to determine whether there are good assets and whether they are overvalued[5][8][12] - **Model Construction Process**: 1. Define five style stages based on the industry lifecycle: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[8] 2. Use the "g > ROE > D" priority to compare assets, focusing on growth (g), profitability (ROE), and dividend yield (D)[5][8] 3. Incorporate factors such as expected growth (gf), actual growth (g), profitability (ROE), and valuation metrics (PB, DP, BP) to classify and evaluate assets[9][12] 4. Apply the framework to select industries and allocate them equally within each strategy[19] - **Model Evaluation**: The framework has demonstrated strong explanatory power for A-share market style rotation since 2009, achieving an annualized return of 27.06%[19] --- Model Backtesting Results Quantitative Market Trend Judgment Framework - **Annualized Return**: 27.06% since 2009[19] - **Excess Returns by Year**: - 2017: 27% - 2020: 44% - 2022: 62% - 2024: 52% - 2025 (YTD): 8%[22] --- Quantitative Factors and Construction Methods 1. Factor Name: Expected Growth (gf) - **Factor Construction Idea**: Measures the expected growth rate of industries based on analysts' forecasts, regardless of the lifecycle stage[9] - **Factor Construction Process**: 1. Calculate the expected growth rate (gf) for each industry 2. Rank industries based on the highest expected growth rates 3. Select top-performing industries for allocation[9][38] - **Factor Evaluation**: The factor has shown significant excess returns since 2019, with notable performance in 2014-2015 and 2025[38] 2. Factor Name: Actual Growth (g) - **Factor Construction Idea**: Focuses on industries with the highest earnings momentum (△g), particularly during transition and growth phases[9] - **Factor Construction Process**: 1. Use △g to represent earnings momentum 2. Rank industries based on △g and select the top-performing ones 3. Incorporate additional factors such as SUE, SUR, and JOR for refinement[40] - **Factor Evaluation**: The factor has consistently delivered significant excess returns, especially in growth-dominant environments[40] 3. Factor Name: Profitability (ROE) - **Factor Construction Idea**: Targets industries with high ROE and low valuation under the PB-ROE framework, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate PB-ROE residuals for each industry 2. Rank industries based on residuals and select the top-performing ones[43] - **Factor Evaluation**: The factor performed strongly from 2016 to 2020 but has weakened since 2021[43] 4. Factor Name: Quality Dividend (DP + ROE) - **Factor Construction Idea**: Combines dividend yield (DP) and ROE to identify industries with the highest scores, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate DP and ROE for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the top-performing ones[46] - **Factor Evaluation**: The factor has shown significant excess returns in 2016, 2017, and 2023[46] 5. Factor Name: Value Dividend (DP + BP) - **Factor Construction Idea**: Combines dividend yield (DP) and book-to-price ratio (BP) to identify undervalued industries, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate DP and BP for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the top-performing ones[49] - **Factor Evaluation**: The factor has delivered significant excess returns in 2009, 2017, and 2021-2023[49] 6. Factor Name: Bankruptcy Value (PB + SIZE) - **Factor Construction Idea**: Targets industries with the lowest PB and SIZE scores, focusing on stagnation and recession stages[9] - **Factor Construction Process**: 1. Calculate PB and SIZE for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the lowest-scoring ones[52] - **Factor Evaluation**: The factor has shown significant excess returns in 2015-2016 and 2021-2023[52] --- Factor Backtesting Results Expected Growth (gf) - **Recent Performance**: - Lithium: +51.15% (3 months) - Frozen Food: +14.08% (3 months)[38] Actual Growth (g) - **Recent Performance**: - Lithium Chemicals: +51.88% (3 months) - Other Home Appliances: +14.93% (3 months)[41] Profitability (ROE) - **Recent Performance**: - Network Equipment: +12.18% (3 months) - Buses: +10.46% (3 months)[43] Quality Dividend (DP + ROE) - **Recent Performance**: - Timber Processing: +145.24% (3 months) - Lithium Equipment: +21.95% (3 months)[46] Value Dividend (DP + BP) - **Recent Performance**: - Network Equipment: +12.18% (3 months) - Security: -2.24% (3 months)[49] Bankruptcy Value (PB + SIZE) - **Recent Performance**: - Gas: +15.88% (3 months) - Building Renovation: +16.42% (3 months)[52]

| | 中辉能化观点 | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | | | OPEC+维持产量政策不变，淡季供给过剩仍主导市场走势。地缘：俄乌地 缘仍有扰动，乌克兰袭击 CPC 管道，短期提振油价；核心驱动：淡季供 | | 原油 | 谨慎看空 | 给过剩，消费淡季叠加 OPEC+仍在扩产周期，全球海上浮仓以及在途原 | | ★ | | 油激增，原油供给过剩压力逐渐上升；关注变量：美国页岩油产量变化， | | | | 俄乌以及南美地缘进展。策略：空单继续持有。 | | | | 成本支撑下降，需求下降，液化气承压回落。成本端原油受俄乌地缘扰动， | | LPG | | 震荡调整，大趋势仍向下，沙特上调 12 月份 CP 合同价，但盘面已计价； | | ★ | 谨慎看空 | 供需方面，PDH 以及 MTBE 开工率 70%左右，下游化工需求存在韧性； | | | | 库存端改善，港口与厂内库存环比下降。策略：空单继续持有。 | | | | 现货跟涨不足，基差走弱，谨慎看待反弹高度。国内开工季节性回升，月 | | L | 空头盘整 | 内到港资源充足，供给端整体依旧充足 ...

石油沥青日报 | 2025-12-03 终端需求疲软，现货延续跌势 市场分析 1、12月2日沥青期货下午盘收盘行情：主力BU2601合约下午收盘价2916元/吨，较昨日结算价下跌72元/吨，跌幅 2.41%；持仓136104手，环比下跌14100手，成交222484手，环比上涨57910手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，2880—3470元/吨；华南，2980—3150元/吨； 华东，3100—3300元/吨。 沥青盘面维持弱势震荡运行，筑底尚未完成。现货方面，昨日华北、山东、华东、华南以及川渝地区沥青现货价 格均出现下跌，其余地区沥青现货价格大体企稳。就沥青自身基本面而言，尽管原油价格整体走势偏强，但沥青 市场情绪较弱，需求端持续疲软，局部过剩压力仍存，施压沥青现货价格。虽然有部分冬储合同释放，但逆转弱 势还需要更多利好因素刺激。 策略 单边：中性，等待市场筑底 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 石油沥青日报 | 2025-12-03 2025年期货市场研究报告 第1页 ...