Core Viewpoint - The A-share market showed narrow fluctuations on November 19, while the Hang Seng Index slightly declined by 0.38%. High dividend stocks became the focus in both A and H markets, with the Hong Kong Dividend ETF (159220) rising by 0.48% despite market adjustments, indicating strong buying interest from investors [1][2]. Group 1: Market Performance - The Hong Kong Dividend ETF (159220) traded at a premium of 0.43% at closing, reflecting a robust demand for high dividend assets [1]. - Southbound funds have significantly increased their positions in Hong Kong stocks, with net inflows reaching nearly 86 billion HKD in November alone, and over 1.3 trillion HKD year-to-date [2][3]. Group 2: Index and Fund Characteristics - The S&P Hong Kong Stock Connect Low Volatility Dividend Index rose by 0.20%, with major contributors being the "three oil giants" (Sinopec, PetroChina, and CNOOC) and sectors like non-ferrous metals and transportation [3]. - The Hong Kong Dividend ETF (159220) tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, which selects 50 stocks based on high dividend yield and low volatility, with a dividend yield of 5.54% as of October 2025 [5]. Group 3: Investment Insights - The index has shown strong performance metrics, with the highest annualized return among dividend style indices and a favorable risk-return profile, evidenced by a maximum drawdown recovery time of only 21 days [5]. - The index's structure includes limits on individual stock and industry weightings, enhancing risk diversification and making it attractive for investors focused on sustainable earnings and dividends [5].

格隆汇11月19日丨中国石油化工股份(00386.HK)发布公告，2025年11月19日耗资2775.64万港元回购 609.2万股，回购价格每股4.44-4.64港元。 ...

智通财经APP讯，中国石油化工股份(00386)发布公告，于2025年11月19日，该公司斥资2775.64万港元 回购609.2万股。 ...

摘要：【图】2025年6月辽宁省石脑油产量统计分析 2025年6月石脑油产量统计： 同比增长：-1.6% 增速较上一年同期变化：高0.4个百分点 石脑油产量：73.4 万吨 同比增长：0.2% 增速较上一年同期变化：高4.7个百分点 据统计，2025年6月辽宁省规模以上工业企业石脑油产量与上年同期相比增长了0.2%，达73.4万吨，增 速较上一年同期高4.7个百分点，增速较同期全国低8.7个百分点，约占同期全国规模以上企业石脑油产 量686.6万吨的比重为10.7%。 详见下图： 2025年1-6月石脑油产量统计： 石脑油产量：435.4 万吨 据统计，2025年1－6月，辽宁省规模以上工业企业石脑油产量与上年同期相比下降了1.6%，达435.4万 吨，增速较上一年同期高0.4个百分点，增速较同期全国低2.4个百分点，约占同期全国规模以上企业石 脑油产量3984.7万吨的比重为10.9%。详见下图： 图2：辽宁省石脑油产量分月（累计值）统计图 图1：辽宁省石脑油产量分月（当月值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供 ...

Market Overview - The Hong Kong stock market indices experienced declines, with the Hang Seng Tech Index falling by 0.69%, reaching a new low since early September. The Hang Seng Index and the Hang Seng China Enterprises Index decreased by 0.38% and 0.26%, respectively [1][2]. Technology Sector - Major technology stocks mostly declined, with Xiaomi dropping nearly 5%, Kuaishou down over 1%, and slight declines in JD.com, Meituan, Baidu, and Tencent. Alibaba saw an increase of over 1% [2][4][5]. New Energy Vehicle Sector - Stocks in the new energy vehicle sector fell, including Li Auto, NIO, Chery, Beijing Automotive, BYD, and Leap Motor [6]. Semiconductor Sector - Semiconductor stocks experienced declines, with companies like Shanghai Fudan, Jingmen Semiconductor, and Zhongxing Communications reporting losses [7][8]. Gold Sector - Gold stocks led the market gains, with China Gold International rising over 8%. Other gold-related stocks also saw increases, driven by expectations of significant gold purchases by global central banks [9][10]. Military Industry - Military stocks performed well, with China Shipbuilding Industry rising over 9%. Analysts expect the military industry to enter an upward cycle, supported by recent quarterly reports indicating a narrowing decline in performance [11][12]. Oil Sector - Oil stocks saw an uptick, with China Petroleum & Chemical Corporation increasing nearly 3%. This rise is attributed to recent increases in crude oil futures prices [13]. Lithium Battery Sector - Lithium battery stocks gained, with Tianqi Lithium rising nearly 3%. The market for lithium carbonate has shown significant recovery, with prices expected to rise further due to increasing demand [15][16]. Market Sentiment - The market sentiment remains cautious, with expectations of continued adjustments in the Hong Kong stock market due to weak macro liquidity and corporate earnings forecasts. Investors are advised to wait for clearer signals from U.S. monetary policy and mainland economic data before seeking rebound opportunities [21].

Group 1: Oil and Gas Exploration - The supply of oil is expected to slow down, with Brent crude oil prices projected to remain in the range of $55-70 per barrel by 2026 [2] - OPEC+ is expected to slow down its production increase, while non-OPEC production is anticipated to decline significantly, with shale oil production expected to peak [2] - Global GDP growth is projected at approximately 3.1% in 2026, leading to a slowdown in oil demand growth [2] Group 2: Refining Industry - The refining sector is expected to see a recovery in profitability due to global supply contraction and domestic policies promoting efficiency [3] - New refining capacity additions are nearing completion, but there will still be projects focused on increasing chemical production [3] - The overall refining sector is expected to have reached a bottom in terms of profitability, with potential for upward elasticity in the future [3] Group 3: Polyester Industry - The polyester industry is anticipated to experience a significant recovery in profitability due to limited new investments and coordinated production cuts by leading companies [4] - The capital expenditure growth rate for PTA is expected to slow down, with no new capacity expected to be released in 2026 [4] - The demand for polyester products is expected to improve gradually, contributing to a positive outlook for the industry [4] Group 4: Investment Recommendations - The tightening supply-demand dynamics in the polyester sector suggest an improvement in profitability, with recommendations for quality companies such as Tongkun Co. and Wankai New Materials [5] - The refining sector is expected to benefit from improved cost structures and competitive advantages for leading companies like Hengli Petrochemical and Rongsheng Petrochemical [5] - The offshore oil service sector is projected to maintain high profitability, with recommendations for companies like CNOOC Services and Haiyou Engineering [5]

南方财经 21世纪经济报道记者 赖镇桃 广州报道 "我们学校专门设立了普通话的课程，还有2+2的学制，我们的学生在文莱学习两年之后，会来到中 国，在浙江大学学习一年，再到企业实习。所有这些会到中国交换的文莱大学生，都要学习普通话，至 少掌握初级和中级的中文水平。而且，文莱的华人和当地人融合的很好，在很多地方都能看到中国传统 文化的影子。"文莱大学校长哈兹瑞·基夫莱（HAZRI KIFLE）在近日在华南师范大学举行的"东南亚论 坛"上向21世纪经济报道记者介绍。 在哈兹瑞·基夫莱看来，中国和文莱的高校、人文合作有着广阔的互补空间。文莱由于地处热带，森 林、植物资源丰富，中国学生和学者可以在文莱进行实地研究。中国近年在人工智能、材料、工程等方 面的技术领先，也为赴中国交换的文莱学生提供了很好的修学机会。 中国与文莱的高校合作，一方面促进了两国年轻人的对话、交流和理解，另一方面也直接赋能产业合 作。2019年，两国合作项目恒逸石化（000703）大摩拉岛综合炼化项目正式投产，文莱大学-浙江大学- 恒逸集团联合项目自2014年启动以来就为文莱培养了190余名石油化工人才，部分从中国学成归国的文 莱学子毕业后就进入了两 ...

今日市场缩量反弹，军工、保险、银行、水产养殖等板块涨幅居前。全天市场成交约1.7万亿，较上个 交易日缩量约2000亿，两市超4100股下跌。 盘面上，大市值的权重蓝筹股发力，"巨无霸"整体表现优于小盘股。总市值TOP10的个股中，除贵州茅 台外均上涨，上证50涨近1%。其中，银行股走高，中国银行涨超3%再创历史新高；保险全天强势，中 国人寿、中国平安等多股上涨；可燃冰、油服等高股息板块上扬，"三桶油"集体发力，中国石化、中国 石油、中国海油纷纷大涨。 此外，锂矿股再度走强，盐湖提锂、磷化工集体拉升，金圆股份涨停，融捷股份等纷纷跟涨。消息面 上，今日碳酸锂期货主力合约一度突破10万元/吨，为2024年6月以来首次，日内涨近6%。上海钢联分 析师表示，近期碳酸锂价格上涨是由海内外储能市场订单爆发驱动，受此影响，电池及铁锂材料企业排 产持续走强。 2、有机硅DMC恢复报价 上调至13200元/吨 昨日有机硅实控人会议结束，厂商今日恢复有机硅DMC报价，将价格上调至13200元/吨，较会议开始 前增加约200元/吨。受此影响，107胶、生胶等下游产品报价也有不同程度跟涨。分析人士指出，考虑 到行业尚处于淡季，市场对提 ...

Group 1: Oil and Gas Exploration - The supply of oil is expected to slow down, maintaining Brent oil prices in a neutral range of $55-70 per barrel in 2026, with OPEC+ production pace easing and non-OPEC growth significantly declining [3][9] - Global GDP growth is projected at approximately 3.1% in 2026, leading to a slowdown in oil demand growth [3][9] - Geopolitical uncertainties are increasing, with ongoing sanctions on risk oil types, although some expectations are already priced into stock valuations [3][9] Group 2: Refining Industry - The refining sector is anticipated to see a recovery in profitability due to domestic "anti-involution" policies and the gradual exit of overseas refining capacity [4] - New refining capacity additions are nearing completion, but there will still be significant pressure on the supply side in the coming years [4] - The overall refining sector is expected to have reached a bottom in terms of profitability, with substantial potential for upward elasticity in the future [4] Group 3: Polyester Industry - The polyester industry is expected to experience limited new investment, with significant recovery potential in profitability due to the end of large capital expenditures in PTA and coordinated production cuts by leading companies [5] - The production capacity growth for polyester filament is projected to maintain a rate of 2-3%, with expectations for improved downstream demand [5] - The industry is nearing the end of new capacity releases for polyester bottle chips, leading to an ideal collaborative effect among companies and gradual recovery in profitability [5] Group 4: Investment Recommendations - The downstream polyester sector is tightening in supply and demand, with improvement expectations, recommending high-quality companies in polyester filament and bottle chips [6] - With oil prices expected to decline, refining companies are anticipated to see cost improvements, suggesting attention to major refining companies [6] - The upstream exploration and development sector remains highly prosperous, with offshore capital expenditures expected to remain high, recommending offshore oil service companies [6]

Core Insights - In the first half of 2025, the petroleum coke production in Zhejiang Province reached 127.2 thousand tons, marking a 4.9% increase compared to the same period in 2024, with a growth rate 20.1 percentage points higher than 2024 and 9.4 percentage points above the national average [1] - In June 2025 alone, the petroleum coke production in Zhejiang Province was 21.5 thousand tons, representing a 2.4% increase year-on-year, with a growth rate 19.1 percentage points higher than 2024 and 4.8 percentage points above the national average [2] Production Analysis - The total petroleum coke production in Zhejiang Province accounted for 8.1% of the national output of 1,567.4 thousand tons in the first half of 2025 [1] - In June 2025, Zhejiang's production represented 8.4% of the national output of 254.9 thousand tons [2] Monthly Trends - The data indicates a consistent upward trend in petroleum coke production in Zhejiang Province, with significant year-on-year growth rates observed in both the first half of the year and specifically in June [1][2]