Core Insights - China's largest shale oil production base, Changqing Oilfield, has surpassed a cumulative production of 20 million tons, marking a new phase of large-scale and efficient development in the country's continental shale oil sector [1][4]. Group 1: Production Milestones - The proven reserves of shale oil in the Ordos Basin, where Changqing Oilfield is located, exceed 1 billion tons, making it a significant resource for China's long-term crude oil stability [4]. - Changqing Oilfield has accelerated its shale oil production this year, adding 144 new horizontal wells, achieving a daily production rate that exceeds 10,000 tons, setting a historical record [4][8]. - The time taken for Changqing Oilfield to increase its cumulative production from 10 million tons to 20 million tons was only 3 years, compared to 12 years for the initial 10 million tons [8]. Group 2: Future Projections - The company plans to continue increasing its shale oil exploration and development efforts, with an expected annual production of 3.5 million tons by the end of the year and a target of 4.5 million tons by 2030, contributing to China's energy security [6]. - Currently, Changqing Oilfield accounts for over half of the total shale oil production in China and is the first continental shale oil field globally to achieve large-scale and efficient development [8].

Core Viewpoint - China's largest shale oil production base, Changqing Oilfield, has surpassed a cumulative production of 20 million tons of shale oil, marking a new phase of large-scale and efficient development in the country's continental shale oil sector [1] Group 1: Production Milestones - The cumulative shale oil production at Changqing Oilfield has exceeded 20 million tons, indicating significant progress in shale oil development [1] - The daily production has reached a historical high of over 10,000 tons, following the addition of 144 new horizontal wells this year [1] Group 2: Resource Potential - The proven reserves of shale oil resources in the Ordos Basin, where Changqing Oilfield is located, exceed 1 billion tons [1] - Shale oil is considered a crucial alternative resource for maintaining long-term stable crude oil production in China, despite the high development difficulty [1]

Core Insights - China's largest shale oil production base, Changqing Oilfield, has surpassed a cumulative production of 20 million tons, marking a new phase of large-scale and efficient development in the country's continental shale oil sector [1][3]. Industry Overview - Shale oil, produced from shale formations, is a crucial alternative resource for maintaining stable crude oil production in China, despite its high development difficulty [3]. - The Ordos Basin, where Changqing Oilfield is located, has proven shale oil reserves exceeding 1 billion tons [3]. Company Developments - In 2023, Changqing Oilfield accelerated its shale oil production, adding 144 new horizontal wells, achieving a daily production rate exceeding 10,000 tons, which is a historical high [3]. - The company aims to increase its annual shale oil production to 3.5 million tons by the end of the year and plans to reach 4.5 million tons by 2030, contributing to China's energy security [5]. - The time taken for Changqing Oilfield to increase its cumulative production from 10 million tons to 20 million tons was only 3 years, compared to 12 years for the initial 10 million tons [5]. - Currently, Changqing Oilfield accounts for over half of China's total shale oil production and is the first continental shale oil field globally to achieve large-scale and efficient development [5].

Core Viewpoint - The Longqing Oilfield of China Petroleum has achieved a cumulative shale oil production of over 20 million tons, marking a new stage in the large-scale and efficient development of continental shale oil in China [1] Group 1: Production Milestones - The cumulative shale oil production of Longqing Oilfield has surpassed 20 million tons, indicating significant progress in shale oil development [1] - The oilfield took 12 years to reach the first 10 million tons of production, while the subsequent 10 million tons was achieved in just 3 years [1] Group 2: Technical Innovations - Longqing Oilfield has developed a core approach of "fracturing and precise energy supplementation" to address the technical challenges of extracting shale oil from deep layers with low reservoir pressure [1] - The oilfield has independently developed 12 key technologies, including soluble metal ball seats and multifunctional fracturing fluids, achieving technological autonomy [1] - The application of carbon dioxide enhanced oil recovery technology has increased the daily production per well from 1.5 tons to 18 tons, with overall technology reaching an internationally advanced level [1] Group 3: Resource Development - Longqing Oilfield has established a significant shale oil production area in the Ordos Basin, providing valuable insights and practical experience for the large-scale and efficient development of shale oil resources in China [1]

Core Insights - China's largest shale oil production base, Changqing Oilfield, has surpassed a cumulative production of 20 million tons, marking a new phase of large-scale and efficient development in the country's continental shale oil sector [1][2] Industry Overview - Shale oil, a non-conventional oil resource extracted from shale formations, is crucial for maintaining stable crude oil production in China, despite its high development difficulty [1] - The proven reserves of shale oil in the Ordos Basin, where Changqing Oilfield is located, exceed 1 billion tons [1] Company Developments - In 2023, Changqing Oilfield accelerated its shale oil production, adding 144 new horizontal wells, resulting in a daily production exceeding 10,000 tons, a historical high [1] - The company aims to increase its annual shale oil production to 3.5 million tons by the end of the year and plans to reach 4.5 million tons by 2030, contributing to national energy security [2] - The time taken for Changqing Oilfield to increase its cumulative production from 10 million tons to 20 million tons was only 3 years, compared to 12 years for the first 10 million tons [2] - Currently, Changqing Oilfield accounts for over half of China's total shale oil production and is the first continental shale oil field globally to achieve large-scale and efficient development [2]

Core Insights - China's largest shale oil production base, Changqing Oilfield, has surpassed a cumulative production of 20 million tons, marking a new phase of large-scale and efficient development in domestic continental shale oil extraction [1][2] Group 1: Production Milestones - The cumulative production of shale oil at Changqing Oilfield has reached over 20 million tons, indicating significant progress in the development of continental shale oil resources [1] - The oilfield has accelerated its shale oil production this year, adding 144 new horizontal wells, with a daily production exceeding 10,000 tons, setting a historical record [1] Group 2: Future Projections - The company plans to continue increasing its shale oil exploration and development efforts, with an expected annual production of 3.5 million tons by the end of the year and a target of 4.5 million tons by 2030, contributing to national energy security [2] - The time taken for Changqing Oilfield to increase its cumulative production from 10 million tons to 20 million tons was only 3 years, compared to 12 years for the initial 10 million tons [2]

央视网消息：记者从中国石油获悉，我国最大页岩油生产基地——长庆油田页岩油累计产量突破2000万 吨，标志着我国陆相页岩油开发迈入规模化、效益化新阶段。 ...

记者今天从中国石油获悉，我国最大页岩油生产基地——长庆油田页岩油累计产量突破2000万吨，标志 着我国陆相页岩油开发迈入规模化、效益化新阶段。长庆油田从页岩油攻关起步到累产1000万吨用了12 年，而从1000万吨攀升至2000万吨仅用3年。目前，长庆油田页岩油产量占国内页岩油总产量的一半以 上，是全球首个实现规模效益开发的陆相页岩油田。 ...

Report Overview - Report Date: November 07, 2025 [3] - Data Sources: Wind, Guantong Research and Consulting Department [5] Industry Investment Rating - Not provided Core Views - On November 07, domestic futures main contracts showed mixed performance. Lithium carbonate rose over 3%, while asphalt fell over 2%. In terms of funds, CSI 1000 2512 had an inflow of 1.317 billion, while CSI 500 2512 had an outflow of 2.531 billion [6][7] - Different futures varieties have different supply - demand situations and price trends, affected by factors such as production, consumption, policy, and international events [9][11][12] Market Summary - As of the close on November 07, domestic futures main contracts showed mixed performance. Lithium carbonate, industrial silicon, urea, etc. rose, while asphalt, iron ore, etc. fell. In terms of stock index futures, IM rose 0.14%, while IF, IH, and IC fell. In terms of bond futures, all contracts fell. In terms of funds, CSI 1000 2512,沪铝 2601, and lithium carbonate 2601 had inflows, while CSI 500 2512,沪深 300 2512, and上证 50 2512 had outflows [6][7] Market Analysis Copper - Today, Shanghai copper opened high and then declined during the day. In October 2025, the operating rate of anode copper enterprises increased, with a decrease in the operating rate of mineral anode copper and an increase in that of recycled copper. The smelting processing fee was negative and stable, indicating tight copper resources. The accident in the Indonesian copper mine will affect global supply. There was an increase in copper concentrate inventory this week but still lower than last year. In November, 5 smelters are expected to have maintenance plans. In October, the import of unwrought copper and copper products decreased by 9.7%. With the rise in copper prices, downstream demand was suppressed, and there was a slight inventory build - up. Overall, copper showed a pattern of weak supply and demand, and the price was consolidating [9] Lithium Carbonate - Lithium carbonate opened low and then rose during the day. In October 2025, domestic production increased month - on - month by 6% and year - on - year by 55%. The operating rate increased this week. Driven by the strong performance of energy - storage batteries, downstream demand was good. The production of power, energy - storage, and consumer batteries in October increased by 22.4% month - on - month and 45.3% year - on - year. The application process for the mining license of Jianxiawo is ongoing, and the supply is expected to be tight in the short term. The contract price recovered previous losses. In the short term, the market is expected to oscillate strongly due to the tight balance of supply and demand and inventory reduction [11] Crude Oil - On November 2, OPEC+ decided to increase production by 137,000 barrels per day in December, the same as in October and November, and suspend production increase in the first quarter of next year. Saudi Aramco lowered the official selling price of crude oil to Asia in December. The peak consumption season ended, with an unexpected decline in gasoline inventory and an unexpected increase in US crude oil inventory. The US crude oil production reached a new high. EIA and IEA predicted an increase in global oil inventory. The market was worried about demand. Although the supply was in an over - supply situation, the export of Russian crude oil was expected to be restricted, and the relationship between the US and Venezuela was tense. The US President has not decided whether to attack ground targets in Venezuela. India may reduce imports of Russian crude oil. Overall, the crude oil price is expected to oscillate in the near term [12][14] Asphalt - This week, the asphalt operating rate decreased by 1.8 percentage points to 31.5%. In November, the expected production decreased by 16.9% month - on - month and 11.0% year - on - year. The operating rate of downstream industries mostly increased, but the national shipment volume decreased by 6.79% to 308,800 tons. The inventory - to - sales ratio of asphalt refineries continued to decline slightly. Some refineries plan to resume production. The demand in the north is affected by funds, and the demand in the south will weaken due to increased rainfall. After the market digested the news of Russian oil sanctions and the Sino - US leaders' meeting, the crude oil price oscillated. The asphalt basis in Shandong decreased from a high level, and the spot price continued to fall. The asphalt futures price is expected to oscillate weakly [15] PP - The downstream operating rate of PP increased by 0.52 percentage points to 53.14%. On November 7, some maintenance devices restarted, and the enterprise operating rate rose to about 83.5%. The production ratio of standard - grade drawn products rose to about 26%. The petrochemical inventory is at a neutral level. After the market digested the news of Russian oil sanctions and the Sino - US leaders' meeting, the crude oil price oscillated narrowly. The new capacity of 400,000 tons/year of PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of maintenance devices decreased recently. Although it is the peak season for downstream industries, the follow - up of orders is limited, and the demand for Double Eleven stocking is lower than expected. There is no large - scale centralized procurement. Traders generally offer discounts to stimulate sales. PP is expected to oscillate weakly in the near term [16] Plastic - On November 7, the number of maintenance devices changed little, and the plastic operating rate remained at about 89.5%. The downstream operating rate of PE decreased by 0.52 percentage points to 44.85%. The agricultural film industry is in the peak season, with an increase in orders, but the overall downstream operating rate is still at a low level. The petrochemical inventory is at a neutral level. After the market digested the news of Russian oil sanctions and the Sino - US leaders' meeting, the crude oil price oscillated narrowly. The new capacity of 500,000 tons/year of ExxonMobil (Huizhou) LDPE was in trial operation, and 800,000 tons/year of PetroChina Guangxi Petrochemical was recently put into operation. The operating rate of plastic increased. Although the agricultural film industry is in the peak season, the peak season is not as expected, and the downstream operating rate has declined. Traders are cautious about the future market and actively sell at reduced prices. Plastic is expected to oscillate weakly in the near term [17][18] PVC - The price of calcium carbide in the northwest region decreased at the beginning of the week and then stabilized. The operating rate of PVC increased by 2.49 percentage points to 80.75%. The downstream operating rate of PVC began to decline slightly. India postponed the BIS policy until December 24, 2025. The price quoted by Formosa Plastics in Taiwan in November decreased by 30 - 40 US dollars/ton. The anti - dumping tax on PVC imports from China increased. Although the export in September was good, the export in the fourth quarter is expected to weaken. The social inventory increased slightly this week and remained high. From January to September 2025, the real estate market was still in adjustment, and the transaction area of commercial housing in 30 large and medium - sized cities was at a low level. The comprehensive profit of chlor - alkali is positive, and the operating rate of PVC is higher than in previous years. There is new production capacity. The PVC futures price fell below the previous low, and the market was sluggish. PVC is expected to oscillate weakly in the near term [19] Coking Coal - Coking coal opened high and then declined during the day. The spot price in the Shanxi market remained unchanged. The production of raw coal and coking coal decreased. The policy at the end of the year led to production cuts and environmental protection warnings, resulting in tight resources at the mine end. The inventory of mines and coking enterprises increased, while that of steel mills decreased. The operating rate of steel mills and the molten iron output decreased this week, and the profit of steel mills continued to decline, with expected future production cuts. The import tariff of US coking coal decreased to 13% but was still relatively high. Overall, the weak demand from downstream steel mills led to insufficient support for coking coal prices, and the market was weaker than before [20] Urea - Urea opened high and rose nearly 2% during the day. The fourth batch of 600,000 tons of urea export quotas was released, stimulating the price increase of upstream factories. The daily output remained at 200,000 tons, and the downstream demand increased. The operating load of compound fertilizers remained flat this week and is expected to start increasing. The inventory in urea factories increased, and it is expected to remain at a relatively high level this year. It is difficult to digest the inventory only by domestic demand. After the impact of the export quota news fades, the market will return to fundamentals [21][22]

Market Overview - The Hang Seng Index fell by 244.07 points, a decrease of 0.92%, closing at 26,241.83 points [1] - The total turnover on the main board was HKD 2,096.44 million [1] - The Hang Seng China Enterprises Index dropped by 88.41 points, closing at 9,267.56 points, a decline of 0.94% [1] - The Hang Seng Tech Index decreased by 106.86 points, closing at 5,837.36 points, a drop of 1.8% [1] Blue Chip Stocks - Tencent Holdings decreased by 1.55%, closing at HKD 634 [1] - Hong Kong Exchanges and Clearing fell by 1.02%, closing at HKD 428.6 [1] - China Mobile remained unchanged, closing at HKD 87.15 [1] - HSBC Holdings declined by 0.63%, closing at HKD 110 [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.5%, closing at HKD 39.44 [1] - Sun Hung Kai Properties increased by 0.21%, closing at HKD 97.75 [1] - Henderson Land Development rose by 3.97%, closing at HKD 29.36 [1] Chinese Financial Stocks - Bank of China increased by 0.22%, closing at HKD 4.58 [1] - China Construction Bank decreased by 0.12%, closing at HKD 8.13 [1] - Industrial and Commercial Bank of China rose by 0.32%, closing at HKD 6.33 [1] - Ping An Insurance fell by 0.09%, closing at HKD 57.95 [1] - China Life Insurance decreased by 0.85%, closing at HKD 25.68 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation increased by 0.94%, closing at HKD 4.29 [1] - PetroChina rose by 0.71%, closing at HKD 8.51 [1] - CNOOC increased by 1.44%, closing at HKD 21.18 [1]