（来源：黑龙江日报） 转自：黑龙江日报 本报讯（王继红 记者刘楠 李民峰）2025年，大庆油田天然气产量跃升至61亿立方米，实现连续15年稳 定增长，以硬核实力交出亮眼能源保供答卷。 川渝探区完成16亿立方米产能及配套净化厂建设。重庆分公司新钻开发井试气超200万立方米，试采净 化站运行时率保持94%以上，老区措施挖潜年增气7321万立方米，去年3月单月产量首次突破1亿立方 米，同比增长35%，2025年川渝探区整体产量达11亿立方米。 储气库建设持续夯实调峰保供能力。四站储气库完成注采气量4.2亿立方米，新增库容1.07亿立方米、调 峰气量0.62亿立方米；升平储气库已完成总工作量的51%，预计2026年投产。 作为稳产核心，大庆油田在松辽盆地建成5亿立方米产能；攻关致密气叠前相控储层预测技术，精准落 实厚层型储层分布，3口井试气无阻产量破百万方，2025年产量超1亿立方米，助力松辽气区达成50亿立 方米上产目标。 各分公司精准发力筑牢增长支撑。采气分公司实施46井次作业，排水采气工艺经4轮技术迭代迈入智能 化阶段，平均单井稳定运行周期延长34天，措施产量首次突破1亿立方米。天然气分公司统筹产供储销 一体化 ...

Core Viewpoint - The A-share market experienced a collective pullback on January 13, with the ChiNext index dropping nearly 2%, while over 900 out of 1300 ETFs fell. However, ETFs focused on defensive sectors like electric power, pharmaceuticals, oil and gas, and gold saw gains, with several products rising over 2% [1][3]. ETF Market Performance - The overall net inflow in the ETF market was approximately 1.16 billion yuan on January 12, a significant decrease from about 16.4 billion yuan on January 9. The media, satellite aerospace, software, non-ferrous metals, and AI sectors attracted substantial net inflows, with the media ETF (512980) leading at 2.32 billion yuan [2][6]. - On January 13, ETFs focused on electric power, oil and gas, and gold sectors showed resilience against the market downturn, with the top 20 gaining ETFs primarily concentrated in these areas. The electric power ETF (561380) surged by 7.37% due to a last-minute rally, while the oil and gas ETFs also performed well, with two tracking the China Securities Oil and Gas Resources Index rising over 2% [3][4]. Sector-Specific Insights - The gold sector ETFs all recorded gains, particularly those linked to the China Securities Hong Kong and Shanghai Gold Industry Stock Index, with all six ETFs rising over 2%. In the pharmaceutical sector, ETFs focusing on Hong Kong medical, innovative drugs, and biomedicine showed strong performance, with the Hong Kong medical ETF (159137) rising by 3.44% [4]. - Conversely, several popular sector ETFs, particularly in AI and aerospace, faced significant declines, with many dropping over 8%. The leading AI ETF, Morgan's ChiNext AI ETF, saw a sharp drop of over 11% after a trading halt due to price premiums [5]. Fund Flows and Trends - Seven ETFs attracted over 1 billion yuan in net inflows, primarily in sectors like media, satellite aerospace, software, and non-ferrous metals, as well as one small-cap broad-based index ETF. The media ETF (512980) alone garnered over 2 billion yuan in net inflows on January 12 [6][7]. - Non-equity ETFs, including money market and bond funds, experienced significant net outflows, with some non-equity ETFs seeing outflows exceeding 10 billion yuan since the beginning of the year. Despite the overall upward trend in the equity market, the ETF market faced a net outflow of over 55 billion yuan year-to-date [8]. Industry Developments - 华夏基金 became the first public fund company in China to surpass 1 trillion yuan in ETF management scale, reaching 1,016.42 billion yuan as of January 12. The rapid growth of ETFs in China is notable, with the time taken to reach successive trillion yuan milestones decreasing significantly [10].

Market Overview - On January 13, A-shares experienced a collective pullback, with the ChiNext Index dropping nearly 2% and over 900 out of 1300 ETFs declining [1] - Despite the overall market downturn, ETFs focused on defensive sectors such as electric grid, oil and gas, gold, and pharmaceuticals saw gains, with several products rising over 2% [1] ETF Performance - The Electric Grid ETF (561380) led the market with a 7.37% increase, experiencing a significant surge in the last four minutes before closing [2][4] - The AI-focused ETF Morgan (588420), which had performed well previously, saw a sharp decline of over 11% today, marking the largest drop in the market [2][7] Fund Flows - The overall net inflow into the ETF market was approximately 1.157 billion yuan, a significant decrease from the 16.4 billion yuan net inflow on January 9 [3][9] - The Media ETF (512980) attracted the highest net inflow of 2.327 billion yuan, contributing to a total of over 3 billion yuan in net inflows this year [3][10] Sector Analysis - ETFs targeting the electric grid, oil and gas, and gold sectors showed resilience, with all ETFs in these categories posting gains [4][5] - The Medical ETF focusing on Hong Kong stocks and innovative drugs also performed well, with the Hong Kong Medical ETF (159137) rising by 3.44% [5][6] Notable Declines - Several ETFs in the AI and aerospace sectors faced significant declines, with nine out of the top ten ETFs by drop percentage being aerospace-related [7] - The AI ETF Morgan experienced a drastic increase in turnover rate, indicating high trading activity amid its price drop [7] Non-Equity ETF Trends - Non-equity ETFs, including money market and bond funds, faced substantial net outflows, with some experiencing over 10 billion yuan in outflows this year [11][12] Industry Insights - The aviation sector is viewed as having significant long-term growth potential, supported by policy backing and industry acceleration [13] - The semiconductor sector is experiencing short-term volatility but is expected to maintain a positive long-term outlook due to strong demand and supportive policies [13] ETF Market Milestone - Huaxia Fund became the first public fund company in China to have an ETF management scale surpassing 1 trillion yuan, reaching 1.016424 trillion yuan as of January 12 [14]

（原标题：北水动向|北水成交净买入12.96亿 阿里千问下载量破7亿领跑 北水加仓阿里(09988)超10亿港元） 智通财经APP获悉，1月13日港股市场，北水成交净买入12.96亿港元，其中港股通(沪)成交净买入1.49亿港元，港股通(深)成交净买入11.47亿港 元。 港股通(深)活跃成交股 阿里巴巴-W(09988)获净买入10.7亿港元。消息面上，根据全球AI开源社区Hugging Face的最新统计数据，截至2026年1月，阿里云旗下的通义千问 系列模型累计下载量已超过7亿次，成为该平台下载量最高的开源AI系列。数据显示，仅在2025年12月，该系列模型的下载量便超越了排名第二 至第八位模型的下载总和。 中芯国际(00981)遭净卖出8.34亿港元。消息面上，特朗普政府日前已放松对中国出口英伟达H200芯片的管制。东海证券此前发布研报称，此举或 将加快中国AI模型训练进程，另一方面或对国产AI芯片厂商短期内对市场拓展和生态构建形成压力。 此外，中国移动(00941)遭净卖出8.03亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、腾讯(00700)、小米集团-W(01810)。北水净卖出最 ...

Group 1 - The oil and gas extraction sector increased by 2.28% compared to the previous trading day, with China National Offshore Oil Corporation (CNOOC) leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] - The main funds in the oil and gas extraction sector saw a net inflow of 17.23 million yuan, while retail investors experienced a net outflow of 19.37 million yuan [1] Group 2 - CNOOC (stock code 600938) had a closing price of 29.63 yuan, with a rise of 3.57% and a trading volume of 785,300 shares, amounting to a transaction value of 2.309 billion yuan [1] - Blue Flame Holdings (stock code 000968) closed at 7.08 yuan, up 1.72%, with a trading volume of 240,800 shares and a transaction value of 170 million yuan [1] - ST Xinchao (stock code 600777) closed at 3.92 yuan, down 0.25%, with a trading volume of 163,300 shares and a transaction value of 64.13 million yuan [1] - Intercontinental Oil and Gas (stock code 600759) closed at 3.58 yuan, down 0.56%, with a trading volume of 7,454,600 shares and a transaction value of 272.7 million yuan [1] Group 3 - CNOOC had a net inflow of 19.1 million yuan from main funds, but a net outflow of 38.67 million yuan from speculative funds and a net outflow of 15.3 million yuan from retail investors [2] - Blue Flame Holdings experienced a net inflow of 9.75 million yuan from main funds, but net outflows from both speculative and retail investors [2] - ST Xinchao had a net outflow of 8.93 million yuan from main funds, while it saw inflows from speculative and retail investors [2] - Intercontinental Oil and Gas had a net outflow of 17.5 million yuan from main funds, but inflows from speculative and retail investors [2]

Core Insights - China National Offshore Oil Corporation (CNOOC) announced the completion of the 100th oil shipment from the "Deep Sea No. 1" gas field, which is the largest offshore gas field in China, with total oil and gas production expected to exceed 4.5 million tons of oil equivalent by 2025 [1] Group 1: Project Overview - "Deep Sea No. 1" is China's first independently developed ultra-deepwater gas field, characterized by the deepest operational water depth exceeding 1,500 meters and the highest formation temperature reaching 138 degrees Celsius [1] - The gas field has proven geological reserves of over 150 billion cubic meters of natural gas and is being developed in two phases [1] Group 2: Production Capacity - The core facilities of the project, including the "Deep Sea No. 1" energy station and the "Four Stars Connected" platform group, are equipped with the capability to process and transport oil and gas directly at sea [1] - Currently, "Deep Sea No. 1" produces 15 million cubic meters of natural gas and over 1,600 tons of condensate oil daily [1] Group 3: Operational Efficiency - The operational team has implemented continuous modifications to the production equipment and facilities, applying years of offshore gas field management experience to optimize processes and maximize production potential [1] - A complete operational technology system for ultra-deepwater gas field production has been established, reducing the time for crude oil transportation operations to under 8 hours [1]

乌武装部队总参谋部称，上述钻井平台分别位于菲拉诺夫斯基油气田、科尔恰金油气田和格赖费尔油气 田，被用于向俄军提供补给。目前已确认击中目标，正在核实损失规模。 新华财经基辅1月11日电乌克兰武装部队总参谋部11日在社交媒体发文称，乌克兰国防军袭击了里海海 域由俄能源企业卢克石油公司运营的三座钻井平台。 （文章来源：新华社） ...

CPI Analysis - December CPI increased by 0.8% year-on-year, the highest growth since March 2023[2] - Food prices contributed significantly to CPI, with fresh vegetables and fruits rising by 18.2% and 4.4% respectively[2] - Core CPI, excluding food and energy, remained stable at 1.2% year-on-year[2] PPI Analysis - December PPI decreased by 1.9% year-on-year, but the decline narrowed by 0.3 percentage points from the previous month[2] - PPI recorded a month-on-month increase of 0.2%, marking three consecutive months of growth[2] - Key industries such as coal mining and cement manufacturing saw price increases of 1.3%, 0.8%, and 0.5% respectively[2] Market Outlook - January CPI is expected to drop to around 0.4% year-on-year due to a high base effect from the previous year[2] - January PPI is projected to rise to approximately 0.3% month-on-month, with a year-on-year estimate of -1.2%[2] - The impact of low oil prices continues to weigh on PPI improvements, while rising prices in non-ferrous metals support certain sectors[2] Risks - Domestic policy effectiveness may fall short of expectations, posing risks to economic recovery[2]

Group 1 - The oil and gas extraction sector increased by 2.19% on January 9, with Intercontinental Oil leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - The main capital inflow into the oil and gas extraction sector was 438 million yuan, while retail investors saw a net outflow of 245 million yuan [1] Group 2 - Intercontinental Oil (code 600759) closed at 3.51 yuan, with a rise of 10.03% and a trading volume of 7.98 million shares [1] - China National Offshore Oil Corporation (code 600938) had a main capital inflow of 161 million yuan, with a net outflow from retail investors of 90.56 million yuan [2] - ST Xinchao (code 600777) experienced a main capital inflow of 13.26 million yuan, while retail investors had a net outflow of 5.65 million yuan [2]

Group 1 - The core viewpoint of the report highlights that China National Offshore Oil Corporation (CNOOC) benefits from strong production growth and effective cost control, demonstrating resilience during periods of declining oil prices [1] - The company is expected to balance its oil and gas operations with new energy initiatives, contributing to the construction of a maritime power [1] - The profit forecast for CNOOC remains unchanged, with projected net profits attributable to shareholders for 2025, 2026, and 2027 estimated at 135.4 billion, 139.8 billion, and 144.3 billion yuan respectively, translating to EPS of 2.85, 2.94, and 3.04 yuan per share [1] Group 2 - The brokerage maintains a "Buy" rating for CNOOC's A-shares and initiates coverage on its H-shares with a "Buy" rating as well [1]