Core Viewpoint - Hermes Investment Management Ltd has reduced its stake in China Petroleum & Chemical Corporation (Sinopec) by approximately 254 million shares at an average price of HKD 2.48 per share, totaling around HKD 630 million, resulting in a new holding of approximately 248 million shares, representing 13.82% ownership [1] Summary by Category Shareholding Changes - Hermes Investment Management Ltd has decreased its holdings in Sinopec by about 254 million shares [1] - The average selling price per share was HKD 2.48, leading to a total divestment amount of approximately HKD 630 million [1] - Following the reduction, Hermes now holds approximately 248 million shares, which corresponds to a 13.82% ownership stake in the company [1]

Core Viewpoint - The event "Searching for Sino-Arab Youth Cultural Ambassadors" held by Sinopec in Algeria serves as a significant platform for cultural exchange between China and Algeria, reinforcing the "Youth Talent" initiative under the framework of the China-Arab Cooperation Forum [1][3]. Group 1: Event Overview - The event took place in Algiers on November 10, showcasing the importance of youth perspectives in narrating Sino-Arab cooperation stories [1]. - A total of 165 entries were received for the competition, with 30 advancing to the semi-finals and 15 reaching the final presentation stage, ultimately resulting in 5 winners being named "Sino-Arab Youth Cultural Ambassadors" [3]. Group 2: Cultural Significance - The Algerian Minister of Culture and Arts emphasized the profound impact of Confucian philosophy on her youth and expressed hope that young people from both countries would act as cultural ambassadors to strengthen ties [3]. - The event highlighted the diversity and charm of Sino-Arab cultures, showcasing Sinopec's active contribution to promoting mutual understanding and cultural exchange [4]. Group 3: Sinopec's Role - Sinopec's Africa representative noted the company's commitment to sustainable development and its efforts in promoting energy cooperation alongside cultural exchanges [4][5]. - The company has been involved in energy cooperation in Algeria for 23 years, focusing on local project operations, job creation, and skills training while supporting youth cultural exchanges [5].

Core Insights - In June 2025, the kerosene production in Sichuan Province reached 142,000 tons, representing a year-on-year increase of 8.8%, with a growth rate that is 15.6 percentage points higher than the same period last year [1] - For the first half of 2025, the kerosene production in Sichuan Province was 769,000 tons, showing a year-on-year decline of 3.3%, with a growth rate that is 7.0 percentage points lower than the same period last year [1] Monthly Production Analysis - The kerosene production in June 2025 accounted for 2.8% of the national kerosene production of 5,094,000 tons from large-scale industrial enterprises [1] - The cumulative kerosene production from January to June 2025 represented 2.7% of the national total of 28,139,000 tons from large-scale industrial enterprises [1] Statistical Context - The data pertains to large-scale industrial enterprises, defined as those with an annual main business income of 20 million yuan or more [3]

Market Overview - The Hang Seng Index closed at 26,649, up 1.55% for the day and 32.85% year-to-date[3] - The S&P 500 index closed at 6,832, increasing by 1.54% daily and 16.17% year-to-date[3] - The Nasdaq Composite rose by 2.27% to 23,527, with a year-to-date increase of 21.83%[3] Economic Indicators - China's CPI rose by 0.2% month-on-month and turned positive year-on-year with a 0.2% increase, marking the first rise in six months[9] - Core CPI in China increased by 1.2% year-on-year, continuing a six-month upward trend[9] Sector Performance - Major tech stocks in Hong Kong saw gains, with Tencent, Kuaishou, and Alibaba rising over 2%[9] - New consumption stocks performed strongly, with China Duty Free up over 15%[9] - Gold stocks collectively surged, with companies like Chifeng Jilong Gold and China Silver Group rising over 6%[9] U.S. Government Developments - The U.S. government is expected to end its longest shutdown, with a compromise plan passing a key Senate vote[12] - This development has significantly boosted market risk appetite, leading to gains in major U.S. indices[12] Stock Movements - Nvidia surged by 5.8%, Palantir jumped 8.8%, and Tesla rose by 3.7% following positive market sentiment[12] - Chinese concept stocks also saw a rise, with the Nasdaq Golden Dragon China Index up 2.25%[12]

另一方面，汽柴油船单价格短期存震荡上涨，但是行情难有持续性好转，供需失衡担忧难以消退，11月 汽柴油产量预计环比下降，但是下游新增需求空间不足，因此缺乏行情向好的支撑，船单市场成交活跃 度维持谨慎预期，对成品油船单下海量恢复向好难有提振。 因成品油终端需求疲软、船单资源供应充足，且库存偏强运行，10月份国内成品油内贸船运下海量连续 两月环比下降，且同比继续走低。北油南下的成品油船运下海量持续减少，成品油船运资源跨区域流通 景气度较为低迷。 据卓创资讯跟踪，2025年10月，东北地区港口、山东地区港口以及浙江舟山港口成品油船运下海量在 290.58万吨，环比下降2.11%，同比下跌33.48%。但从降幅来看，环比降幅较前一月收窄9.65个百分 点，同比降幅却明显拉宽，当月成品油船单下海量降至年内最低位水平。 展望11月份，由于船运新单成交预期不佳，成品油下海量或维持低位水平。其理由在于： 一方面，11月份汽油消费仍处于季节性需求淡季，下游新单需求低迷，汽油主要执行此前11月货期的订 单为主，预计新单成交量有限难以支撑成品油下海量恢复向好。柴油需求端继续放缓，物流运输用油预 计下滑，工矿基建主要以存量项目施工为主 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the fuel oil contracts showed an overall oscillating downward trend, following the international crude oil's fluctuation rhythm, and relatively underperforming compared to low-sulfur fuel oil. Although the international crude oil was briefly supported by factors such as the Russia-Ukraine geopolitical risks and rumors of EU sanctions against Russia, the expectation of inventory accumulation in the fourth quarter remained unchanged. The price oscillated weakly, providing limited guidance to the fuel oil market. The FU2601 contract is expected to maintain an overall range-bound pattern [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Quotes**: The main fuel oil contract FU2601 closed at 2,695 yuan/ton this week, down 50 yuan/ton or 1.82% from the previous trading week's settlement price. The highest price this week was 2,809 yuan/ton, and the lowest was 2,672 yuan/ton. The trading volume was 2,314,688 lots, and the open interest was 202,923 lots, an increase of 10,710 lots [3]. - **Variety Prices**: The fuel oil futures contract prices showed a backwardation market pattern of higher near-term and lower far-term prices. As the main contract, FU2601's liquidity continued to be concentrated, and the open interest of the FU2602 contract also showed a steady increasing trend [6]. 3.2 Spot Market - **Basis Data**: The fuel oil spot market performed poorly this week, and the current basis level was in the lower range of recent months. The fuel oil price was closely linked to crude oil, and the low-level consolidation of crude oil further restricted the upward elasticity of the basis [8]. - **Registered Warehouse Receipts**: The benchmark price of fuel oil decreased compared to the beginning of the month, but the specific data was not clearly provided in the text [11].

在投资世界里，"套利"是一个大家都很向往但是却非常稀缺的事情。而当我们将目光投向AH两地市场的分红差异上，一个被长期忽视的"套利"机会或许是 存在的。 试想：同一家企业的自由现金流不会因上市地点不同而改变，分红金额更不会因投资者所在地而有所区别。但是当你查看同一公司港股的股息率和A股的股 息率时就会发现，他们的股息率可能有着不小的差别。如果配置了股息率更高的标的，若不考虑汇率波动，则近似于"零成本"获得了更多的分红。以恒生红 利低波（恒生港股通高股息低波动）的成分股为例, 我们可以看到一些典型的上市公司如中国交通建设, 其H股的股息率为6.41%，而A股的为3.46%, 差了足 足2.95%, 它的投资者在港股可以更低的价格获取更多的分红，。 图:恒生港股通高股息低波动指数部分AH成份股股息率情况 | 公司名称 | 权重 | AH溢 | A股股息率 | 港股股息率 | | --- | --- | --- | --- | --- | | | | 价率 (%) | % | 9/0 | | 中国交通建设 : 1.81 : 86.42 : 3.46 : | | | | . 6.41 | | 中国铁建 | 2.07 | ...

Report Summary 1. Investment Rating No specific industry investment rating is provided in the report. 2. Core View - Crude oil prices have been weakly oscillating recently, exerting some pressure on the unilateral prices of FU and LU. The high - sulfur fuel oil is in an adjustment phase, with the cracking spread, monthly spread, and spot premium declining, but there are still structural supporting factors. Attention should be paid to the change path of Russian supply under the dual influence of drone attacks and sanctions. For low - sulfur fuel oil, as the production of Azur and Dangote refineries decreases, the supply pressure eases marginally, and the market structure is slightly repaired. However, the low - sulfur oil market still lacks a continuous upward - driving force, especially facing resistance on the demand side [2]. 3. Strategy - **High - sulfur fuel oil**: Short - term neutral, medium - term bearish [3]. - **Low - sulfur fuel oil**: Short - term neutral, medium - term bearish [3]. - **Cross - variety**: Go long on the LU2601 - FU2601 spread on dips [3]. - **Cross - term**: No strategy [3]. - **Futures - spot**: No strategy [3]. - **Options**: No strategy [3]. 4. Market Data - The main contract of Shanghai Futures Exchange fuel oil futures closed up 0.04% at 2,693 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed up 0.71% at 3,280 yuan/ton [1]. - There are various charts showing prices, spreads, and trading volumes of Singapore high - sulfur and low - sulfur fuel oils, as well as fuel oil futures in China, with units including US dollars/ton and yuan/ton, and trading volume in lots [4].

Core Insights - In June 2025, Jiangxi Province's kerosene production reached 102,000 tons, marking a year-on-year increase of 77.7%, with a growth rate 88.7 percentage points higher than the same period last year [1] - For the first half of 2025, kerosene production totaled 413,000 tons, reflecting a year-on-year growth of 27.9%, with the growth rate 25.8 percentage points higher than the previous year [1] Monthly Production Analysis - The monthly kerosene production in June 2025 accounted for 2.0% of the national kerosene production of 5,094,000 tons [1] - The cumulative kerosene production from January to June 2025 represented 1.5% of the national total of 28,139,000 tons [1] Comparative Growth - The growth rate of kerosene production in Jiangxi Province for June 2025 was 66.4 percentage points higher than the national average [1] - The growth rate for the first half of 2025 was 28.4 percentage points higher than the national average [1]

从7月份起，荆门石化以"安全环保集体奖"为抓手，创新构建HSE绩效提升长效机制，通过风险分级、 台阶式奖励和刚性考核"三联动"，推动安全生产从"被动管理"向"全员共治"转变。 分层设计，精准激励。荆门石化根据生产区域风险差异，将考核单位划分为1至3个风险等级，对应设置 差异化奖励基数；推出"台阶式"月度递增机制，未发生事故的单位奖励逐月叠加，最高与最低单位人均 奖励差距达167%，充分体现出"干好干坏不一样"。 严控红线，动态清零。荆门石化对发生事故的单位实行"一票否决"，当月奖励归零且考核基数重启，强 化底线约束；配套发布《安全行为负面清单》，细化152项分级管控行为，为考核提供透明依据。 成果落地，氛围成形。该机制运行以来，荆门石化同步开展"安全卫士""隐患随手拍"等专项评选，10月 份共评选出21项安全环保卫士典型案例、61项安全隐患"随手拍"优秀案例，并对三季度"事故克星""平 安班组"进行嘉奖，累计发放奖金18860元，员工从"要我安全"转向"我要安全"，"人人都是安全员"的文 化逐步形成，为企业高质量发展筑牢屏障。 ...