来源：新浪基金∞工作室 11月3日，中国石油涨4.48%，截至发稿，报9.56元/股，成交21.80亿元，换手率0.14%，总市值17496.81 亿元。中国石油股价已经连续3天上涨，区间累计涨幅5.17%。 资料显示，中国石油天然气股份有限公司位于北京市东城区东直门北大街9号,香港金钟道89号力宝中心 2座3705室，成立日期1999年11月5日，上市日期2007年11月5日，公司主营业务涉及(i)原油及天然气的 勘探、开发、生产、输送和销售以及新能源业务;(ii)原油及石油产品的炼制,基本及衍生化工产品、其他 化工产品的生产和销售以及新材料业务;(iii)炼油产品和非油品的销售以及贸易业务;及(iv)天然气的输送 及销售业务。主营业务收入构成为：炼油产品69.64%，原油43.27%，天然气39.98%，化工产品8.78%， 其他7.00%，加油站非油品销售0.86%，其他收入0.04%，管输业务0.03%。 从基金十大重仓股角度 数据显示，诺安基金旗下1只基金重仓中国石油。诺安新动力灵活配置混合A（320018）三季度持有股 数52万股，与上期相比持股数量不变，占基金净值比例为5.61%，位居第三大重仓 ...

Group 1 - Oil stocks have seen significant gains, with China National Petroleum (601857) up 3.62% to HKD 8.31, China National Offshore Oil (600938) up 3.69% to HKD 20.5, Shanghai Petrochemical (600688) up 1.5% to HKD 1.35, and Sinopec (600028) up 1.45% to HKD 4.19 [1] - OPEC+ announced that eight member countries led by Saudi Arabia will increase production by 137,000 barrels per day in December, consistent with the increases in October and November, but will pause production increases from January to March next year due to seasonal factors [1] - Following the OPEC+ announcement, Brent crude oil prices rose above USD 65 per barrel, while WTI crude oil hovered around USD 61 per barrel [1] Group 2 - According to a report from Everbright Securities, by Q3 2025, international oil and gas giants will experience a year-on-year decline in operating performance due to falling oil prices and low refining margins, with ExxonMobil, Chevron, Shell, and Total reporting net profit declines of -14.3%, -33.9%, -9.6%, and -13.4% respectively [2] - China's three major oil companies (China National Petroleum, China National Offshore Oil, and Sinopec) showed a smaller decline in net profit compared to many international oil and gas giants during the oil price downturn, highlighting their operational resilience [2] - The three major oil companies continue to strengthen their reserves and production, indicating long-term value [2]

Report Summary 1. Report Industry Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views - The report provides trend forecasts for various commodities, including precious metals, base metals, energy, chemicals, agricultural products, etc., on November 3, 2025. The trends include upward, downward, and fluctuating movements, and the intensity of the trends is also indicated [2][4]. 3. Summary by Commodity Precious Metals - **Gold**: Attention should be paid to risks in US banks. The trend intensity is 0, indicating a neutral view. The price of Shanghai Gold 2512 closed at 921.92 yuan, up 1.07% [2][5]. - **Silver**: It is expected to rebound in a fluctuating manner. The trend intensity is 1, indicating a slightly bullish view. The price of Shanghai Silver 2512 closed at 11,441 yuan, up 1.66% [2][5]. Base Metals - **Copper**: Lacks a clear driving force, and the price will fluctuate. The trend intensity is 0, indicating a neutral view. The price of the Shanghai Copper main contract closed at 87,010 yuan, down 1.08% [2][11]. - **Zinc**: Will fluctuate within a range. The trend intensity is 0, indicating a neutral view. The price of the Shanghai Zinc main contract closed at 22,355 yuan [14]. - **Lead**: The continuous reduction of overseas inventories supports the price. The trend intensity is 0, indicating a neutral view. The price of the Shanghai Lead main contract closed at 17,390 yuan, up 0.23% [2][17]. - **Tin**: Attention should be paid to macro - economic impacts. The trend intensity is 1, indicating a slightly bullish view. The price of the Shanghai Tin main contract closed at 283,910 yuan, up 0.11% [2][19]. - **Aluminum**: The center of gravity will move upward. The trend intensity is 1, indicating a slightly bullish view. The price of the Shanghai Aluminum main contract closed at 21,300 yuan [22]. - **Alumina**: It is anchored by supply reduction. The trend intensity is - 1, indicating a slightly bearish view. The price of the Shanghai Alumina main contract closed at 2,793 yuan [22]. - **Cast Aluminum Alloy**: It will run strongly. The trend intensity is 1, indicating a slightly bullish view. The price of the aluminum alloy main contract closed at 20,805 yuan [22]. - **Nickel**: The accumulation of inventory at the smelting end suppresses the price, while the uncertainty at the ore end provides support. The trend intensity is 0, indicating a neutral view. The price of the Shanghai Nickel main contract closed at 120,590 yuan [25]. - **Stainless Steel**: The steel price will fluctuate narrowly at a low level. The trend intensity is 0, indicating a neutral view. The price of the stainless - steel main contract closed at 12,655 yuan [25]. Energy and Chemicals - **Carbonate Lithium**: The expectation of复产 restricts the upward space, and it will fluctuate within a range. The trend intensity is 0, indicating a neutral view. The price of the 2511 contract closed at 79,300 yuan [28]. - **Industrial Silicon**: The reduction of warehouse receipts provides support at the bottom. The trend intensity is 0, indicating a neutral view. The price of the Si2601 contract closed at 9,100 yuan [32][33]. - **Polysilicon**: Driven by positive sentiment, the futures price has risen. The trend intensity is 1, indicating a slightly bullish view. The price of the PS2601 contract closed at 56,410 yuan [33]. - **Iron Ore**: It will fluctuate strongly. The trend intensity is 0, indicating a neutral view. The price of the 12601 contract closed at 800 yuan, down 0.31% [36]. - **Rebar**: Affected by sector sentiment, it will fluctuate widely. The trend intensity is 0, indicating a neutral view. The price of the RB2601 contract closed at 3,106 yuan, down 0.48% [41][42]. - **Hot - Rolled Coil**: Affected by sector sentiment, it will fluctuate widely. The trend intensity is 0, indicating a neutral view. The price of the HC2601 contract closed at 3,308 yuan, down 0.72% [42]. - **Silicon Ferrosilicon**: Affected by sector sentiment and supply - demand factors, it will fluctuate weakly. The trend intensity is 0, indicating a neutral view. The price of the silicon ferrosilicon 2601 contract closed at 5,500 yuan [46]. - **Manganese Silicide**: Affected by sector sentiment and supply - demand factors, it will fluctuate weakly. The trend intensity is 0, indicating a neutral view. The price of the manganese silicide 2601 contract closed at 5,772 yuan [46]. - **Coke**: It will fluctuate strongly. The trend intensity is 0, indicating a neutral view. The price of the J2601 contract closed at 1,777 yuan, down 0.5% [50][51]. - **Coking Coal**: Driven by macro - economic factors and sector themes, it will fluctuate strongly. The trend intensity is 0, indicating a neutral view. The price of the JM2601 contract closed at 1,286 yuan, down 0.2% [51]. - **Log**: It will fluctuate repeatedly. The trend intensity is 0, indicating a neutral view. The price of the 2511 contract closed at 743 yuan [53][54]. - **Rubber**: It will run in a fluctuating manner. The price and trend intensity are not specified in the provided text [57]. Others - **Fuel Oil**: It will fluctuate strongly, and the volatility will continue to increase [4]. - **Low - Sulfur Fuel Oil**: It continued to strengthen at night, and the price difference between high - and low - sulfur fuels in the overseas spot market reached a record high for the year [4]. - **Container Shipping Index (European Line)**: It will consolidate in a fluctuating manner [4]. - **Short - Fiber and Bottle Chip**: They will return to fundamentals and fluctuate in the short term. The strategy is to go long on PF and short on PR [4]. - **Palm Oil**: The driving force for the oil market is lacking, and attention should be paid to the support at the lower level [4]. - **Soybean Oil**: The rebound of US soybeans supports the expansion of the soybean - palm oil spread [4]. - **Soybean Meal**: US soybeans reached a new high, and the Dalian soybean meal may follow and fluctuate strongly [4]. - **Soybean**: It may fluctuate strongly [4]. - **Corn**: It will run in a fluctuating manner [4]. - **Sugar**: It will mainly consolidate within a range [4]. - **Cotton**: The impact of the seed cotton price on the cotton futures has weakened [4]. - **Egg**: It will adjust in a fluctuating manner [4]. - **Live Pig**: The price center may further decline [4]. - **Peanut**: Attention should be paid to the spot market [4].

Report Industry Investment Ratings No relevant content provided. Core Views - Gold: Monitor risks in US banks [2] - Silver: Oscillate and rebound [2] - Copper: Lack clear drivers, prices to oscillate [2] - Zinc: Range-bound oscillation [2] - Lead: Declining overseas inventories support prices [2] - Tin: Focus on macro impacts [2] - Aluminum: Center of gravity to shift upwards [2] - Alumina: Anchor on supply reduction [2] - Cast aluminum alloy: Run strongly [2] - Nickel: Smelting end inventory accumulation suppresses, while mine end uncertainties support [2] - Stainless steel: Steel prices to oscillate in a narrow range at low levels [2] Summaries by Related Catalogs Gold and Silver - **Price and Trading Volume**: Gold and silver prices showed mixed trends. For example, Comex gold 2512 fell 0.62% to 4013.40, while Shanghai silver 2512 rose 1.66% to 11441. Trading volumes also varied, with Comex silver 2512 seeing a significant increase of 57,975 in trading volume [4]. - **Inventory and ETF Holdings**: Gold and silver ETF holdings and inventories changed. SPDR gold ETF holdings decreased by 1 to 1,039.20, and Comex gold inventories (in ounces) decreased by 216,666 to 38,243,477 [4]. - **Macroeconomic and Industry News**: Included news such as China's Ministry of Commerce's export exemptions for Nexperia and Fed officials' statements on interest rate cuts [4][7]. Copper - **Price and Trading Volume**: Shanghai copper's main contract fell 1.08% to 87,010, and London copper 3M electronic trading fell 0.35% to 10,892. Trading volumes and positions also changed [10]. - **Inventory and Spreads**: Shanghai copper inventories increased by 2,273 to 39,710, and London copper inventories decreased by 325 to 134,625. Spreads such as LME copper spreads and spot - futures spreads also changed [10]. - **Macroeconomic and Industry News**: Included news like the reversal of a copper smelting pollution - control regulation by US President Trump and production data from Anglo American and Glencore [10][12]. Zinc - **Price and Trading Volume**: Shanghai zinc's main contract was at 22355, and London zinc 3M electronic trading rose 0.18% to 3050. Trading volumes and positions decreased [13]. - **Spreads and Inventories**: Shanghai 0 zinc spreads and LME CASH - 3M spreads changed, and both Shanghai and London zinc inventories increased [13]. - **News**: Included statements from US Treasury Secretary Bezant on interest rate cuts and Fed officials' views on interest rate cuts [14]. Lead - **Price and Trading Volume**: Shanghai lead's main contract rose 0.23% to 17390, and London lead 3M electronic trading rose 0.15% to 2025. Trading volumes increased, and positions changed [16]. - **Spreads and Inventories**: Shanghai 1 lead spreads and LME CASH - 3M spreads changed, and London lead inventories decreased by 3875 to 220300 [16]. - **News**: Included statements from Pan Gongsheng on financial policies and China's October PMI data [16]. Tin - **Price and Trading Volume**: Shanghai tin's main contract rose 0.11% to 283,910, and London tin 3M electronic trading rose 1.29% to 36,180. Trading volumes and positions changed [18]. - **Inventory and Spreads**: Shanghai tin inventories decreased by 58 to 5,674, and London tin inventories increased by 85 to 2,875. Spreads such as SMM 1 tin spreads changed [18]. - **Macroeconomic and Industry News**: Similar to gold and silver, included news on trade policies, Fed interest rate cut views, etc. [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: Shanghai aluminum's main contract closed at 21300, and LME aluminum 3M closed at 2888. Trading volumes and positions of aluminum, alumina, and cast aluminum alloy all changed [21]. - **Inventory and Spreads**: LME aluminum inventories increased, and spreads such as LME aluminum cash - 3M spreads and near - month vs. consecutive - month spreads changed [21]. - **Comprehensive News**: Included news on China's initiative at the APEC meeting and the US government shutdown [23]. Nickel and Stainless Steel - **Price and Trading Volume**: Shanghai nickel's main contract was at 120,590, and stainless steel's main contract was at 12,655. Trading volumes and positions changed [24]. - **Industry News**: Included news on Indonesia's takeover of a nickel mine and China's suspension of a non - official subsidy for Russian imports [24][25].

Core Viewpoint - The A-share market is experiencing a rise in the "three oil giants" of China, indicating positive market sentiment towards the oil sector [1] Group 1 - China National Offshore Oil Corporation (CNOOC) saw its stock price increase by over 5% [1] - China Petroleum & Chemical Corporation (Sinopec) experienced a stock price rise of over 2% [1] - China National Petroleum Corporation (PetroChina) had a stock price increase of over 4% [1]

从洲际油气十大流通股东角度 数据显示，南方基金旗下1只基金位居洲际油气十大流通股东。南方中证1000ETF（512100）三季度减 持38.56万股，持有股数3792.39万股，占流通股的比例为0.92%。根据测算，今日浮盈赚取约568.86万 元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益27.5%，同类 排名2051/4216；近一年收益24.25%，同类排名2073/3894；成立以来收益12.83%。 11月3日，洲际油气涨6.33%，截至发稿，报2.52元/股，成交2.83亿元，换手率2.81%，总市值104.56亿 元。 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。 资料显示，洲际油气股份有限公司位于北京朝阳区顺黄路229号海德商务园,海南省海口市国贸大道2号 海南时代广场17层，成立日期1984年8月20日，上市日期1996年10月8日，公司主营业务涉及石油勘探开 发和石油化工项目的投资及相关工 ...

Core Viewpoint - The performance of the "Big Three" oil companies in China has declined in both revenue and net profit for the first three quarters of 2025, primarily due to falling international oil prices, continuing the trend observed in the first half of the year [1][2]. Financial Performance Summary - China National Petroleum Corporation (CNPC) reported a net profit of 126.29 billion yuan, a year-on-year decrease of 4.9%, the smallest decline among the three [1][2]. - China Petroleum & Chemical Corporation (Sinopec) had a net profit of 29.98 billion yuan, down 32.2%, marking the largest decline [1][2]. - China National Offshore Oil Corporation (CNOOC) achieved a net profit of 101.97 billion yuan, a decrease of 12.6% [1][2]. Revenue and Profitability Analysis - CNPC's revenue was 2169.26 billion yuan, with a revenue decline of 3.9% [2]. - Sinopec's revenue was 2113.44 billion yuan, experiencing a 10.7% drop [2]. - CNOOC's revenue stood at 312.50 billion yuan, down 4.1% [2]. - CNOOC had the highest net profit margin at 32.63%, compared to CNPC's 5.82% and Sinopec's 1.42% [4]. Cash Flow and Production Insights - CNPC led in net cash flow from operating activities with 343.1 billion yuan, a year-on-year increase of 3% [4]. - CNOOC followed with a net cash flow of 171.75 billion yuan, down 6% [4]. - Sinopec reported a net cash flow of 114.78 billion yuan, up 13%, the largest increase among the three [4]. - All three companies saw an increase in oil and gas equivalent production, with CNPC at 1.377 billion barrels (up 2.6%), CNOOC at 578 million barrels (up 6.7%), and Sinopec at 394 million barrels (up 2.2%) [8]. Market Conditions and Price Trends - The average price of Brent crude oil was $70.93 per barrel, down 14.3% year-on-year, while West Texas Intermediate (WTI) averaged $66.73 per barrel, a decrease of 14.1% [5]. - The average oil prices realized by the companies also fell, with CNOOC down 13.6%, CNPC down 14.7%, and Sinopec down 13.3% [6]. - Natural gas prices saw a slight increase for CNOOC (up 1%) while CNPC and Sinopec experienced declines [6]. Strategic Outlook - Sinopec and CNPC are focusing on upgrading their refining businesses, but their chemical segments have underperformed, impacting their net profit margins [9]. - Sinopec's chemical segment reported a loss of 7.43 billion yuan, worsening from a loss of 5.58 billion yuan the previous year [9]. - Domestic demand for refined oil products is declining, affecting sales for both CNPC and Sinopec [9]. - CNOOC plans to engage in hedging activities to mitigate risks associated with market price fluctuations [12].

Core Insights - China National Petroleum Corporation (CNPC) has recently obtained a new invention patent titled "An Emulsified Oil Displacement Composition and Its Application in Low Permeability Oil Reservoirs" with the application number CN202310937792.4, authorized on October 31, 2025 [1] - The patent describes an emulsified oil displacement composition that includes extensible surfactants, betaine surfactants, additives, and water, which can achieve ultra-low interfacial tension and controllable emulsification strength, with a cost controlled under 10,500 yuan per ton, indicating significant application potential in low permeability oil reservoirs [1] - In 2023, CNPC has received 1,493 new patent authorizations, a decrease of 14.54% compared to the same period last year [1] - For the first half of 2023, CNPC invested 9.899 billion yuan in research and development, reflecting a year-on-year increase of 2.51% [1] - CNPC has made investments in 1,291 companies and participated in 443 bidding projects, with a total of 107 trademark registrations and 47,132 patent records [1]

Core Viewpoint - Southbound funds have significantly increased their holdings in China National Offshore Oil Corporation (CNOOC), indicating strong investor interest and confidence in the company [1]. Group 1: Shareholding Changes - On October 31, southbound funds increased their holdings by 14.51 million shares, bringing the total to 9.951 billion shares, which represents a 0.15% increase [2]. - Over the past five trading days, there have been increases in holdings for five days, with a total net increase of 19.7 million shares [1]. - In the last 20 trading days, there were increases on 19 days, resulting in a cumulative net increase of 36.6 million shares [1]. Group 2: Company Overview - CNOOC is primarily engaged in the exploration, development, production, and sale of crude oil and natural gas, operating through three main departments: Exploration and Production (E&P), Trading, and Business Services [2]. - The E&P department focuses on conventional oil and gas, shale oil and gas, oil sands, and other unconventional oil and gas operations [2]. - The Trading department is involved in the import and export of crude oil and natural gas, while the Business Services department handles technology research and development, asset management, and product sales [2].

Core Insights - Southbound funds increased their holdings in China Petroleum & Chemical Corporation (00857.HK) by 1.374 million shares on October 31, 2025, marking a total net increase of 69.826 million shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have net increased their holdings by 254 million shares, with 16 days of net buying activity [1] - As of now, southbound funds hold a total of 7.113 billion shares of China Petroleum, representing 33.7% of the company's total issued ordinary shares [1] Trading Data Summary - On October 31, 2025, total shares held were 7.113 billion, with a change of 1.374 million shares, reflecting a change of 0.02% [2] - On October 30, 2025, total shares held were 7.112 billion, with a change of 4.344 million shares, reflecting a change of 0.06% [2] - On October 28, 2025, total shares held were 7.108 billion, with a change of 12.528 million shares, reflecting a change of 0.18% [2] - On October 27, 2025, total shares held were 7.095 billion, with a change of 19.778 million shares, reflecting a change of 0.28% [2] - On October 24, 2025, total shares held were 7.075 billion, with a change of 31.802 million shares, reflecting a change of 0.45% [2] Company Overview - China Petroleum & Chemical Corporation primarily engages in the production and distribution of oil and gas, operating through five main segments: oil and gas exploration, refining and chemicals, sales, natural gas sales, and headquarters and other services [2]