Group 1 - The global energy landscape is undergoing structural and technological transformations, with a focus on clean, electrified, and intelligent energy systems, necessitating deepened international cooperation [3] - The establishment of the International Oil and Gas Cooperation Working Committee aims to connect domestic and international stakeholders, promote practical project collaboration, and support national energy diplomacy and corporate globalization [3] - Continuous collaboration in the oil and gas sector is essential to strengthen global energy security, foster technological innovation, and support green low-carbon development [5] Group 2 - Southeast Asia is projected to see an annual electricity demand growth of over 5% by 2030, highlighting the need for significant investment in clean energy, while facing talent and funding gaps in key technology areas [8] - China and Arab countries are experiencing a historic peak in energy cooperation, with stable trade growth and increased investment in green and high-tech sectors, reflecting a shift away from a US-centric global economic structure [11] - Africa's energy transition is hindered by insufficient investment, with over 640 million people lacking electricity, necessitating deeper international cooperation, particularly with China, to attract investment and support clean energy development [12] Group 3 - Russia's updated energy strategy aims for a trillion-dollar energy status by 2050, focusing on policy adjustments and expanding cooperation with China and other global southern countries to ensure strategic goals are met [13] - The "Belt and Road" initiative emphasizes China's dual role in ensuring energy security and promoting global energy accessibility through technological innovation, despite challenges in target regions [15] - Chinese enterprises are actively engaging in local energy transition projects along the "Belt and Road," enhancing clean energy capacity and reducing costs for host countries while fostering local talent [16]

Core Viewpoint - The China Mining Association released the "Top Ten Mining News of 2025," highlighting significant developments in the mining sector, including legislative changes, major discoveries, and advancements in technology. Group 1: Legislative and Regulatory Developments - The revised "Mineral Resources Law of the People's Republic of China" will take effect on July 1, focusing on enhancing support for strategic mineral resources exploration and extraction, and ensuring competitive bidding for mining rights [2] - The Ministry of Natural Resources clarified the rules for the minimum price for mining rights transfer, ensuring that the pricing follows market principles and remains confidential until the end of the transaction [8] Group 2: Major Discoveries and Achievements - The first domestic thousand-ton gold mine was discovered in China, with a total gold metal amount of 1,444.49 tons located in the Dadonggou gold mine in Liaoning Province [3] - New copper resources exceeding 20 million tons were discovered in the Qinghai-Tibet Plateau, forming four major copper resource bases with a potential forecast of 150 million tons [5] - China's lithium reserves have increased significantly, rising from 6% to 16.5% of the global total, making it the second-largest lithium reserve holder in the world [9] Group 3: Industry Events and Recognitions - The 27th China International Mining Conference was held on October 23, attracting professionals from over 40 countries [4] - Zijin Mining ranked fourth among Chinese companies and first among global metal mining companies in terms of return on net assets, as reported in the 2025 Fortune Global 500 list [6] - The successful launch of China's first geological hyperspectral remote sensing satellite, "Geology No. 1," on May 17, represents a significant technological advancement in geological information acquisition [7] Group 4: Production Milestones - In 2025, China's crude oil production is expected to reach approximately 215 million tons, and natural gas production is projected to exceed 260 billion cubic meters, both setting historical records [11]

3、北美天然气价差下半年改善：受液化天然气出口增加、新发电产能及管道输送能力提升驱动，亨利 枢纽基准价差预计将收窄，尤其是二叠纪盆地和加拿大AECO地区。 瑞银近日发布了其对北美油气行业2026年的十大预测报告，该行预计，原油价格将在2026年呈现"上下 半场分化"走势，而天然气勘探与生产(E&P)公司表现将优于石油E&P公司。此外，行业并购活动有望复 苏，勘探活动将重新抬头。 以下是瑞银提出的十大核心预测概要： 1、原油价格"先抑后扬"：预计2026年上半年WTI原油可能因供应过剩承压，维持在55-60美元/桶区间， 甚至下探50美元。但随着供需逐渐趋于平衡，2027年价格前景将改善，年底前有望获得支撑。 2、能源板块跑赢标普500需WTI达65-70美元：基于健康的自由现金流、稳健的资产负债表及当前估 值，瑞银认为WTI若能升至70美元，能源板块将具备足够吸引力以吸引资金流入并跑赢大盘。 7、若WTI跌至50美元，企业将倾向回购而非资本开支：行业或将普遍缩减资本支出，转而利用资产负 债表空间加大股票回购，这在长期有利于股东回报。 8、勘探活动复苏：出于对核心开发区资源深度的担忧，多家大型E&P公司已启动大 ...

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - The overseas market remains tight with an expected increase in the official price of January CP. Domestically, the domestic - foreign price difference is relatively high, and the basis is relatively low, and the driving force needs further waiting. The profit of PDH is deteriorating, and the maintenance situation in January needs to be observed [1] 3. Summary by Relevant Data and Information Price Data - **Domestic Civil Gas**: On 2025/12/29, the price in East China was 4380 (-4), in Shandong was 4320 (+50), and in South China was 4510 (+0). The price of ether - post carbon four was 4430 (-70). The lowest delivery location was Shandong, with the latest basis at 244 (-30) [1] - **Futures Spreads**: The 02 - 03 month spread was 113 (+1), another 02 - 03 month spread was 126 (+13), and the 03 - 04 month spread was -190 (+10). For the inner - plate, the 02 basis was 186 (-95), the 01 - 02 month spread was 117 (-2), and the 03 - 04 month spread was -203 (-3) [1] - **Paper Goods Prices**: As of 9 p.m., the FEI and CP paper goods prices were 523 and 510 respectively, up 2 and 6 US dollars [1] - **1 - Month CP First - Round Recommended Values**: Propane and butane were 505/495 (+10/+10) respectively [1] - **Price Ratios**: PG - CP reached 100 (+1.86), PG - FEI reached 89 (+4.86), FEI - MB reached 185.6 (+10.6), and FEI - CP reached 11 (+3) [1] - **Propane Premiums**: The premium of propane arriving at East China was 4 (+1), and the premiums of AFEI, Middle - East, and US propane OB were 18.75 (+5.75), 50 (-1), and 43 (+0) respectively [1] - **FEL - MORI Price Difference**: -14 (up 4 month - on - month) [1] Inventory and Production Data - **Port Inventory**: The arrival rate of ships was 54.83%, and port inventory decreased by 14.3% [1] - **Refinery Data**: The refinery's commercial volume increased by 1.18%, and refinery inventory increased by 0.41% [1] - **PDH Data**: The operating rate of PDH was 76.36% (+1.36 pct) [1]

今日市场震荡分化，沪指最终顽强收红，走出九连阳，创下年内新纪录。此前沪指今年以来的最长连阳 纪录是"8连阳"，共发生两次：一次发生在4月11日—22日，另一次在8月4日—13日。今日市场全天成交 2.1万亿，两市下跌个股超3300只。 值得注意的是，贵金属市场在创下历史新高后回吐涨幅，黄金跌破4500，白银跳水翻绿，现货钯金跌超 11%，内盘碳酸锂、铂主力合约跌停。受此影响，A股黄金股集体调整，山东黄金、紫金矿业跌超2%， 锂矿概念大幅走低，欣旺达跌超11%。 其他热点方面，商业航天概念热度不减，神剑股份走出8连板，中国卫星走出4连板，航天发展等多股涨 停。油气板块表现强势，洲际油气、和顺石油等股涨停；脑机接口概念表现活跃，人形机器人等概念盘 中走强。 从个股看，两市上涨1995家，下跌3332家，139家涨幅持平。两市共90股涨停，共26股跌停。 截至收盘，沪指涨0.04%报3965.28点，成交9038亿元；深成指跌0.49%报13537.10点，成交12355亿元。 创业板指下跌0.66%，报3222.61点。 资金动向 今日主力资金重点抢筹电池、光伏设备、工业金属等板块，主力净流入居前的个股包括阳光电 ...

Core Viewpoint - In 2025, China's oil and gas industry is undergoing a multi-dimensional transformation, achieving historical highs in both oil and gas production while transitioning from a traditional energy provider to a materials and systems service provider [1][7]. Group 1: Industry Achievements - The "Seven-Year Action Plan" for increasing oil and gas reserves and production has successfully concluded, marking a significant milestone in energy security [3][4]. - Offshore oil production has significantly contributed to national oil output, with the Bohai Oilfield achieving a historic breakthrough of 40 million tons of oil equivalent, comparable to creating a new "Daqing" in offshore production [3][4]. - The first 10,000-meter exploratory well, "Deep Earth Taka 1," has been drilled, marking a global first in discovering oil and gas at such depths, thus opening new resource reserves [4][5]. Group 2: Technological Advancements - China has developed a complete deep-sea oil and gas development capability, mastering the entire chain from exploration to operation, which allows for independent development of most deep-sea resources [4][5]. - Significant breakthroughs in ultra-deep drilling technology have been achieved, with drilling cycles for deep coalbed gas wells reduced from nearly 100 days to under one month, enhancing resource extraction efficiency [5][6]. - The industry is transitioning from reliance on external technologies to a self-sufficient, technology-driven model, establishing a robust safety defense for energy independence [5][6]. Group 3: Value Transition - The oil and gas industry is at a critical juncture as refined oil consumption peaks, indicating a shift from traditional fuel provision to becoming a key player in industrial materials and stable system services [7][8]. - The role of oil is evolving from merely a fuel source to being integral in high-end manufacturing and supply chain security, with petrochemicals becoming increasingly important [7][8]. - Natural gas is positioned as a crucial stabilizer and regulator in the new power system, especially as renewable energy sources like wind and solar gain prominence [7][8]. Group 4: Future Outlook - The oil and gas industry is set to integrate into the new energy system blueprint, showcasing its potential to adapt and thrive in a changing landscape [8].

向深向蓝， 定义能源安全纵深 能源安全是"国之大者"。20 2 5年，中国油气增储上产"七年行动计划"圆满收官，海陆两大战场捷报频传，共同托举能源供给基本盘。 海上奏响最强音。这一年，海洋石油产量增长贡献了全国石油增产总量。其中，渤海油田油气当量历史性突破4 000万吨，相当于在海 上再造一个"大庆"。这不仅是规模的胜利，更是能力体系成熟的标志。从"深海一号"超深水大气田的自主运营，到首套国产深水水下生 产系统的成功投用，中国已完整掌握了从勘探、设计、建造到开发运营的全链条深海能力。 这条"自主链"的贯通，意味着中国油气开发的目光从近海浅水投向广袤的深水与超深水，一片曾被视为技术禁区的广阔资源宝库由此打 开。 这一年，在广阔的油田上，抽油机的往复、光伏板的静默与风机的旋转同框，传统能源与新能源在此交汇，共同勾勒出"能源+"融合发 展的生动场景。油气行业正以开放、协同的姿态迈向深度共生，铺开一条可持续发展的新路径。 2025年，油气行业交出的不仅是一份关于"量"的厚重答卷，更是一份关于"质"的转型宣言，在保障能源安全的同时，奋力跃入技术驱 动与绿色发展的新纪元。 万米钻头在塔克拉玛干沙漠深处叩击大地，钢铁平台于 ...

Market Performance - The A-share market experienced a nine-day rally, with the Shanghai Composite Index rising by 0.31% and the Shenzhen Component Index increasing by 0.03% [1] - The ChiNext Index fell by 0.32%, while the North China 50 Index rose by 0.11% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.4078 trillion yuan, a decrease of 57.8 billion yuan compared to the previous day [1] - Over 3,400 stocks in the market declined [1] Sector Performance - Leading sectors included carbon fiber, diversified finance, brain-computer interfaces, non-ferrous metals, CPO, wind power equipment, commercial aerospace, and humanoid robots [1] - Underperforming sectors were food and beverage, retail, batteries, chemicals, and influenza [1] ETF Performance - The non-ferrous metal sector saw gains, with the Dachen Fund Non-Ferrous Metal ETF rising by 2.9% [1] - The oil and gas sector performed well, with the Penghua Fund Oil and Gas ETF and the Jingshun Great Wall Fund Oil and Gas ETF increasing by 2% and 1.92%, respectively [1] - The AI sector showed signs of recovery, with the Kexin AI ETF and the Kexin Artificial Intelligence ETF rising by 2% [1] - The commercial aerospace sector continued its upward trend, with the Satellite ETF from Yifangda increasing by 1.7% [1] Declining ETFs - High-premium Hong Kong stock ETFs saw significant declines, with the Hang Seng ETF for Hong Kong Stock Connect hitting the limit down and the Hong Kong Stock Connect 50 ETF dropping by 7% [1] - The latest premium/discount rates for these ETFs were 5% and 0.27%, respectively [1] - The Hong Kong innovative drug sector declined, with the Hang Seng Innovative Drug ETF falling by 2% and the Hong Kong Stock Connect Innovative Drug ETF decreasing by 1.7% [1] - Power stocks experienced a pullback, with the Green Power ETF and Power ETF both declining by 1.6% [1]

宣布国家自主贡献 能源产业重任在肩 今年9月，我国宣布2035年国家自主贡献目标。这是我国首次提出碳达峰阶段后全经济范围、全温室气体净排放下降等一揽子应对气 候变化目标，系统性构建了涵盖能源和产业转型、政策工具创新等多维度指标的行动纲领，标志着我国迈入更加系统全面的低碳韧性 发展新征程。 国家自主贡献，既是对《巴黎协定》目标的有力承接，也为全球气候合作注入关键的确定性。我国以实际行动表明，最大发展中国家 有能力走出一条兼顾气候责任与繁荣未来的新路，同时以此次承诺向世界传递明确信号——低碳发展不是应对国际压力的权宜之计， 而是自身现代化进程的内在逻辑。 展望前路，这份自主贡献已触动能源版图深层变革的"开关"。"风光"将以前所未有的速度铺展，电网调度智慧化升级，氢能、储能等 新兴赛道蓄势待发。与此同时，碳市场将更深融入经济周期，绿色金融则为这场转型输送"源源活水"。一个用清洁能源驱动、由韧性 政策护航的发展新时代，正随这份庄严承诺，由蓝图渐次落地成景。 规划首提能源强国 标明行业奋进方向 党的二十届四中全会审议通过的"十五五"规划建议，首次将"建设能源强国"纳入五年规划，标志着能源从经济社会发展的"保障基 石"跃 ...

来源：新浪基金∞工作室 12月29日，油气ETF汇添富（159309）开盘涨0.09%，报1.139元。油气ETF汇添富（159309）重仓股方 面，杰瑞股份开盘跌2.00%，中国海油跌0.39%，中国石油跌0.10%，中国石化涨0.00%，招商轮船涨 0.11%，广汇能源涨0.20%，中远海能涨0.00%，招商南油涨0.33%，海油工程跌0.36%，洲际油气涨 2.95%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 油气ETF汇添富（159309）业绩比较基准为中证油气资源指数收益率，管理人为汇添富基金管理股份有 限公司，基金经理为晏阳，成立（2024-05-31）以来回报为13.88%，近一个月回报为5.61%。 ...