02 科技赋能：智慧管控下的精准与高效 确保70余万平方米的广阔区域温暖如春，绝非易事。这背后依靠的是一套高度智能化、精细化的运维管 理体系。承担此项重任的大港油田新能源集团公司（新能源事业部），早在10月上旬便启动了全面的备 战工作，对旗下的12座能源站展开了"地毯式"的检修与保养。 据该公司的地热运行管控中心副主任介绍，运维团队对每一个细节都执行着近乎严苛的标准。 时至2025年11月中旬，随着一股强冷空气的来临，中国北方地区正式进入了供暖季。与往年不同，天津 大港油田的众多办公楼宇内，感受到的不再是传统锅炉带来的干燥热风，而是一种源自地球深处的恒久 温暖。11月13日，中国石油旗下规模最大的浅层地热群——大港油田浅层地热群，在回水温度达到标准 后，正式开启了新一轮的供暖模式，为超过70万平方米的建筑带来了绿色、清洁的热源。 这一举措不仅是对传统能源企业转型升级的一次生动诠释，更是对国家"双碳"战略目标的积极响应。在 全球能源结构深刻变革与中国大力推进生态文明建设的宏大背景下，大港油田主动求变，将深耕地下能 源的传统优势，巧妙地转化为开发清洁能源的"新动能"。这片昔日的采油热土，正在华丽转变为一片输 送绿 ...

1. Report Industry Investment Rating No information provided on the industry investment rating in the report. 2. Core Views of the Report - Crude oil prices are expected to continue to fluctuate due to weak supply and demand and the impact of sanctions on Russian oil companies [1]. - Fuel oil prices are likely to oscillate. The spread between low - sulfur and high - sulfur fuel oil is expected to remain at a relatively high level, and attention should be paid to the impact of attacks on Russian oil terminals [1]. - Asphalt prices are viewed with a bearish bias in the short - term as supply and demand both decline, with the supply decline being smaller than the demand decline [3]. - Polyester prices are expected to be volatile. PTA prices may show strong fluctuations, while ethylene glycol prices will likely have a wide - range adjustment [3][5]. - Rubber prices are expected to fluctuate as supply pressure increases and downstream demand is weak, but winter storage demand provides some support [5]. - Methanol prices are expected to maintain a bottom - level oscillation. Iranian supply may decline, and port inventories are likely to start decreasing from mid - December to early January [5][7]. - Polyolefin prices are expected to approach a bottom - level oscillation. Supply will remain high, and demand will weaken, but low valuations may prompt downstream buying [7]. - PVC prices are expected to oscillate at the bottom. Although the fundamentals are bearish, the narrowing of the hedging space due to the repair of the basis may limit further price drops [7][8]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Monday, WTI December contract closed down $0.18 to $59.91 per barrel (down 0.3%), Brent January contract closed down $0.19 to $64.2 per barrel (down 0.3%), and SC2512 closed up 1.3 yuan to 460 yuan per barrel (up 0.28%). US sanctions on Russian oil companies are taking effect, and the price of Russia's flagship Urals crude has dropped to a three - year low. Current oil prices lack a clear driver under the weak supply - demand situation [1]. - **Fuel Oil**: On Monday, the main fuel oil contract FU2601 on the SHFE closed down 0.92% at 2,593 yuan per ton, and the low - sulfur fuel oil contract LU2601 closed up 0.43% at 3,236 yuan per ton. Singapore is expected to receive 2.9 - 3 million tons of low - sulfur fuel oil from the West in November. Adequate supply is offset by relatively healthy downstream demand [1]. - **Asphalt**: On Monday, the main asphalt contract BU2601 on the SHFE closed up 0.13% at 3,032 yuan per ton. Refineries are releasing a large number of low - price forward contracts, putting pressure on spot prices. Supply may decline slightly due to falling profits, and downstream demand is limited due to weather conditions [3]. - **Polyester**: TA601 closed down 0.17% at 4,692 yuan per ton, EG2601 closed up 0.41% at 3,938 yuan per ton, and PX futures contract 601 closed down 0.15% at 6,796 yuan per ton. Some polyester and ethylene glycol plants have changes in their operating schedules. Indian cancellation of BIS certification is beneficial for PTA and its downstream exports [3][5]. - **Rubber**: On Monday, the main natural rubber contract RU2601 closed up 100 yuan to 15,315 yuan per ton, NR main contract closed up 90 yuan to 12,355 yuan per ton, and BR main contract closed up 10 yuan to 10,455 yuan per ton. Rubber supply is increasing seasonally, and downstream demand is weak, but winter storage demand supports prices [5]. - **Methanol**: On Monday, the spot price in Taicang was 2,012 yuan per ton. Domestic supply has recovered to a high level, but Iranian supply may decline in late November to December. Port inventories are expected to start decreasing from mid - December to early January [5][7]. - **Polyolefins**: On Monday, the mainstream price of East China拉丝 was 6,380 - 6,580 yuan per ton. Production profits are negative across different production methods. Supply will remain high, and demand will weaken after the e - commerce activities [7]. - **PVC**: On Monday, the PVC market prices in East, North, and South China showed different trends. Supply remains high, domestic demand is slowing, and exports are cautiously optimistic. The price is expected to oscillate at the bottom [7][8]. 3.2 Daily Data Monitoring - The report provides the basis data for various energy and chemical products on November 18, 2025, including spot prices, futures prices, basis, basis rates, price changes, and the quantile of the latest basis rate in historical data [9]. 3.3 Market News - A preliminary survey shows that US crude and distillate inventories are expected to decrease last week, while gasoline inventories are expected to increase. As of the week ending November 14, US crude inventories are estimated to have decreased by about 2 million barrels [13]. - The price of Russia's flagship Urals crude in the Black Sea has dropped to $36.61 per barrel, a three - year low, due to upcoming US sanctions on Russian oil companies [13]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts for multiple energy and chemical products from 2021 to 2025, including crude oil, fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [15][16][17] - **4.2 Main Contract Basis**: There are charts showing the basis of main contracts for various products such as crude oil, fuel oil, asphalt, etc., over different time periods [32][34][37] - **4.3 Inter - period Contract Spreads**: The report includes charts of spreads between different contracts for fuel oil, asphalt, PTA, ethylene glycol, etc. [44][46][50] - **4.4 Inter - variety Spreads**: Charts display spreads between different varieties, such as crude oil's internal - external spread, B - W spread, fuel oil's high - low sulfur spread, etc. [62][64][66] - **4.5 Production Profits**: There are charts showing the production profits of LLDPE, PP, etc. [71]

Core Viewpoint - China National Petroleum Corporation (CNPC) shows a mixed performance in financing activities, with a slight increase in stock price and notable trading volumes, indicating investor interest despite lower financing balances [1][2]. Financing Activities - On November 17, CNPC's stock price increased by 0.51%, with a trading volume of 1.311 billion yuan. The financing buy-in amounted to 136 million yuan, while financing repayment was 119 million yuan, resulting in a net financing buy of 17.436 million yuan [1]. - As of November 17, the total financing and securities lending balance for CNPC was 2.311 billion yuan. The current financing balance of 2.290 billion yuan represents 0.14% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, CNPC repaid 103,300 shares and sold 91,600 shares on November 17, with a selling amount of 904,100 yuan. The remaining securities lending volume was 2.0894 million shares, with a balance of 20.6224 million yuan, exceeding the 70th percentile level over the past year, indicating a high level [1]. Company Overview - CNPC, established on November 5, 1999, and listed on November 5, 2007, is headquartered in Beijing. Its main business includes exploration, development, production, transportation, and sales of crude oil and natural gas, as well as refining and chemical production [2]. - The revenue composition of CNPC includes refining products (69.64%), crude oil (43.27%), natural gas (39.98%), chemical products (8.78%), and other sales [2]. - As of September 30, 2025, CNPC reported a total revenue of 2.169256 trillion yuan, a year-on-year decrease of 3.86%, and a net profit attributable to shareholders of 126.279 billion yuan, down 4.71% year-on-year [2]. Dividend and Shareholder Information - CNPC has distributed a total of 875.28 billion yuan in dividends since its A-share listing, with 247.078 billion yuan distributed over the past three years [3]. - As of September 30, 2025, the number of CNPC shareholders reached 503,900, an increase of 4.46% from the previous period. The average circulating shares per person decreased by 4.33% to 324,618 shares [2][3]. - Among the top ten circulating shareholders, China Securities Finance Corporation holds 1.02 billion shares, while Hong Kong Central Clearing Limited reduced its holdings by 33.6 million shares [3].

来 新同 记者11月17日从中国石油获悉，我国西北地区规模最大的新疆油田二氧化碳捕集封存与利用项目累计注入二氧化碳突破200万吨，标志着我国在高碳排放地 区推进大规模二氧化碳封存，促进油气增产和绿色低碳发展方面取得重要进展。 求机 新闻 STA 0.4kV配电室 97 目前，准噶尔盆地东、中、西部已实现二氧化碳规模化注入全覆盖。按照规划，"十五五"期间新疆油田将加快建设覆盖主要油气区块的"四纵两横"二氧化碳 输送管网，替代现有槽车运输模式，进一步降低运输成本，推动煤电—新能源—二氧化碳捕集封存与利用一体化发展，打造千万吨级二氧化碳捕集封存与利 用基地。 （总台央视记者 朱江 张伟） 新疆油田二氧化碳捕集封存与利用项目，通过捕集本地煤电、煤化工企业排放的二氧化碳，经槽车运输至采油现场，注入地下油藏后不仅实现永久性封存， 更能通过驱替作用提升原油采收率，形成工业减排与油田增产的双赢格局。今年以来，已封存二氧化碳80万吨，运行两年来累计往地下注入二氧化碳突破 200万吨，试验区日产原油由每天12吨增产至每天100吨。 ...

记者今天（11月17日）从中国石油获悉，我国西北地区规模最大的新疆油田二氧化碳捕集封存与利用项 目累计注入二氧化碳突破200万吨，标志着我国在高碳排放地区推进大规模二氧化碳封存，促进油气增 产和绿色低碳发展方面取得重要进展。（央视新闻） ...

Investment Strategy - The oil and gas capital expenditure trend is declining, leading to a slowdown in supply growth. Since the signing of the Paris Agreement in 2015, global capital expenditure in the oil and gas upstream sector has significantly decreased, with a notable drop of nearly 22% from the 2014 peak to $351 billion in 2021. This trend is expected to continue as major energy companies face pressure from policies aimed at carbon reduction and are shifting focus towards energy transition and renewable projects [10][27]. - The current active drilling rig count in the US remains low, and the cost of new wells is close to current oil prices, limiting profit margins. This suggests that the growth rate of US oil production is likely to slow down, with evidence of this trend emerging in the first half of 2025 [10][27]. - OPEC+ has implemented production cuts that exceed expectations, indicating that there will be limited supply growth in the coming year [10][27]. Oil Industry - OPEC has shifted its outlook from a supply shortage to an anticipated oversupply in the global oil market, resulting in a significant drop in oil prices. Brent crude oil prices fell to $63.14 per barrel, down 2.56% week-on-week, while WTI prices decreased to $59.69 per barrel, down 0.65% [11][32]. - The report suggests monitoring companies that may benefit from the mid-high price fluctuations of oil, such as China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [11]. Coal Industry - The market for thermal coal remains stable, with prices experiencing fluctuations. The average market price for thermal coal at Qinhuangdao Port was reported at 817.1 yuan per ton, an increase of 4.67% from the previous week. However, downstream demand remains cautious, with many buyers adopting a wait-and-see approach [12][13]. - The report highlights the importance of domestic coal companies like China Shenhua Energy and Shaanxi Coal and Chemical Industry Group, which are expected to benefit from the stable pricing environment and their resource advantages [13]. Natural Gas Industry - There is a growing demand for LNG imports in Asia, driven by energy transition efforts in major economies such as China, Japan, and South Korea. This has led to active negotiations for long-term contracts with major LNG exporting countries [15][16]. - The average price of natural gas in the US increased to $4.5 per million British thermal units, reflecting a 4.6% rise from the previous week [15][30]. Oilfield Services Industry - The oilfield services sector is expected to maintain its growth due to government policies aimed at ensuring energy security. In 2023, the total capital expenditure of the three major oil companies reached 583.3 billion yuan, reflecting a compound annual growth rate of 4.9% since 2018 [17][18]. - The report indicates that despite falling oil prices, capital expenditures remain high, which is likely to sustain the industry's overall health [17].

Group 1: Market Overview - The Hong Kong stock market experienced a decline this morning, with the Hang Seng Index dropping over 0.8% at one point [1][7] - In contrast, the A-share market saw a surge in multiple sectors, particularly in defense and military, which rose over 2.5% [2] - The lithium mining concept also saw significant gains, with related stocks experiencing a surge [5][6] Group 2: Notable Stocks - Jiangyang Group in the Hong Kong market saw a dramatic increase, with its stock price rising over 80% during trading [9] - In the A-share market, Jianglong Shipbuilding hit the "20cm" limit up, while several other stocks in the defense sector also saw gains exceeding 10% [2] - The computer sector also witnessed a surge, with stocks like Borui Data hitting the "20cm" limit up [2] Group 3: Company Announcements - Jiangyang Group announced plans for privatization, proposing to cancel all planned shares at a price of HKD 0.245 per share, which represents an approximately 87% premium over the last trading price of HKD 0.131 [11] - The company has 1 billion shares issued and intends to use internal cash resources to cover the maximum cash consideration of HKD 245 million for the plan [11]

Core Viewpoint - The company has entered into a subscription agreement to issue convertible bonds worth HKD 238 million to settle debts, which will significantly impact its capital structure and interest costs [1][2] Group 1: Convertible Bonds Issuance - The company will issue convertible bonds totaling HKD 238 million, which will be used to settle debts owed to the subscriber [1] - The initial conversion price for the bonds is set at HKD 0.377 per share, potentially resulting in the issuance of up to 631 million new shares, representing approximately 110.49% of the existing issued share capital [1] - Following the issuance of the convertible shares, the company's total issued share capital will increase by approximately 52.49% [1] Group 2: Debt Management and Financial Impact - The board believes that issuing shares to settle debts will extend the company's obligations to the subscriber by two years and significantly reduce interest costs, as the current outstanding balance incurs an annual interest rate of 10.0% [2] - If the convertible bonds are converted into shares, the company's debt and capital leverage ratio will improve without requiring significant cash outflows [2] - The subscriber will regain control as the major shareholder, which is expected to facilitate financing transactions, as investors typically prefer to have major or controlling stakes for stability and support in long-term strategies [2]

Core Points - China Petroleum & Chemical Corporation (Sinopec) has launched geothermal heating services for this winter, covering over 70 cities and counties across 11 provinces, providing clean heating for more than 1.2 million households [1][2] - The geothermal heating capacity has reached a historical high of 126 million square meters, which can reduce carbon dioxide emissions by nearly 6.2 million tons annually [1] - Sinopec has implemented equipment upgrades to ensure stable heating services and utilizes smart technology for real-time monitoring and management of heating operations [1] Group 1 - Sinopec is the largest developer of medium and deep geothermal energy in China, with geothermal heating capacity exceeding one million square meters in over 30 cities and counties [2] - The company has achieved full coverage of geothermal heating in Xiong County, Hebei, creating China's first "smokeless city" for clean heating, which has been recognized by the International Renewable Energy Agency [2] - Sinopec has successfully drilled China's first deep geothermal scientific exploration well, reaching over 5,000 meters, and has contributed to over 50% of industry standards and the first international geothermal standard in the global geothermal field [2]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has fully launched its geothermal heating services for the winter season, covering over 70 cities and counties across 11 provinces and municipalities in China, providing clean heating for more than 1.2 million households [1] Group 1 - Sinopec has established geothermal heating capacity exceeding 1 million square meters in over 30 cities and counties, making it the largest enterprise in China for the development and utilization of medium and deep geothermal energy [1] - In Xiong County, Hebei, Sinopec has achieved full coverage of geothermal heating, creating the country's first "smokeless city" for clean heating [1]