Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index breaking below the 5-day and 10-day moving averages, indicating increased bearish momentum [6] - A total of 2,449 stocks rose, while the decline-to-rise ratio was 59:61, reflecting a mixed market sentiment with localized recovery in profitability [7] - The main funds saw a net outflow of 4.868 billion yuan, indicating a shift in investor sentiment [8] Trading Volume and Sentiment - The total trading volume of the two markets was 0.84 trillion yuan, down 12.21%, showing a notable decrease in trading activity and a prevailing cautious sentiment among investors [9] - Institutional investors are primarily focusing on portfolio adjustments and structural optimization, moving away from defensive sectors to growth sectors like CPO, semiconductors, and agriculture [11] Investor Behavior - Retail investors are showing rational behavior, avoiding short-term volatility risks while selectively investing in quality stocks during sector rotations [11] - The sentiment among retail investors indicates a preference for strategic positioning rather than impulsive trading, with a notable portion of funds being allocated to high-potential sectors [11]

Core Viewpoint - The 2026 Shaanxi Province Energy Work Conference emphasized the importance of energy security and the transition to a green energy system, aiming to enhance the province's energy development and support high-quality economic growth [1][4]. Group 1: Achievements in 2025 - The energy system in Shaanxi made significant progress in 2025, with enhanced energy security and a notable role of coal as a stabilizing force, alongside successful completion of the oil and gas "seven-year action plan" [3]. - Major project construction accelerated, with effective investment growth in the energy sector and a shift towards greener energy structures, including advancements in coal, oil, and gas production capacities [3]. - Renewable energy saw historic growth, surpassing thermal power in installed capacity, with significant developments in hydropower, hydrogen, and energy storage industries [3]. - Innovations in the energy sector led to new production capabilities and technological breakthroughs, with a focus on digital transformation [3]. - The conference highlighted improvements in energy-related public services, including clean heating initiatives and the development of distributed photovoltaic systems [3]. Group 2: Goals for 2026 - The energy work for 2026 will focus on high-quality planning and implementation of the "14th Five-Year" energy plan, aiming to establish a new energy system with regional collaborative development [4]. - Strengthening energy production and supply capabilities is a priority, with plans to enhance coal production, optimize oil and gas pipeline layouts, and improve electricity supply security [4]. - The transition to a green and low-carbon energy system will be accelerated, with an emphasis on expanding renewable energy supply and enhancing electric vehicle charging infrastructure [4]. - The conference called for deepening reforms in energy governance and market mechanisms to improve efficiency and ensure energy security [4]. - Continuous development of a high-quality energy workforce and strengthening of political loyalty and integrity within the energy sector were also emphasized [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份 內容而產生或因倚賴該等內容引致之任何損失承擔任何責任。 UNITED ENERGY GROUP LIMITED 聯合能源集團有限公司* (於開曼群島註冊成立及於百慕達存續之有限公司) (股份代號：467) 自願性公告 二零二五年四季度運營報告 本公告由聯合能源集團有限公司（以下簡稱「本公司」，連同其子公司統稱「本集 團」）自願發佈，旨在披露本集團上游油氣業務二零二五年第四季度的情況以及二 零二六年第一季度的部分運營指引（以下簡稱「運營報告」）。運營報告內容附於本 公告之後，並可在本集團網站查閱。此舉旨在改善投資人溝通及提升本集團業務營 運的透明度。除非另有說明，本公告中使用的詞彙和縮寫均應具有運營報告內容「詞 彙及釋義」部分所定義的涵義。 下表列示了本集團二零二五年第四季度的平均權益日產量以及二零二六年第一季度 的權益產量指引。更多詳情請參閱運營報告。 | | 二零二五年第四 | 二零二六年第一 | | --- | --- | --- | | | 季度平均權益日產 ...

Market Movements - US stock index futures are all down, with Dow futures down 0.32%, S&P 500 futures down 0.37%, and Nasdaq futures down 0.49% [1] - European indices show positive movement, with Germany's DAX up 1.04%, UK's FTSE 100 up 0.45%, France's CAC40 up 0.76%, and the Euro Stoxx 50 up 1.04% [2][3] - WTI crude oil is down 0.61% at $65.02 per barrel, while Brent crude oil is down 0.73% at $69.08 per barrel [3][4] Market News - Trump's nomination of Kevin Warsh for the Federal Reserve chair may face hurdles due to ongoing investigations, with some Republican senators indicating they will block nominations until legal issues are resolved [5] - The financial market perceives Warsh as a more hawkish candidate compared to current chair Powell, potentially leading to tighter monetary policies [5] - Gold and silver prices have seen significant declines, with gold dropping over 5% to $5,099 per ounce and silver down over 12% to $101.4 per ounce, raising concerns about the sustainability of recent price increases [6] - The temporary agreement between Trump and Senate Democrats aims to prevent a government shutdown, although further negotiations are ongoing [6] Investment Strategies - Bank of America indicates that global stock markets are flashing sell signals, with 89% of MSCI stock index prices above their 50-day and 200-day moving averages, surpassing the 88% threshold considered a sell signal [7] - Jeff Gundlach, known as the "new bond king," advises avoiding the US market due to high inflation and a weakening dollar, recommending a 30%-40% allocation to non-US stocks, particularly emerging markets [8] Company News - Apple reported record Q1 earnings of $143.8 billion, a 16% year-over-year increase, driven by a 23% increase in iPhone revenue to $85.3 billion, with significant growth in the Greater China region [9] - Apple CEO Tim Cook announced a partnership with Google to develop a more personalized Siri, while also warning of supply constraints due to 3nm chip production limitations [10] - Sandisk's Q2 revenue is projected to grow 61.2% to $3.03 billion, exceeding market expectations, with a strong performance in data center and consumer segments [11] - Western Digital reported a 25% increase in revenue to $3.02 billion, with net profit surging 296%, driven by AI infrastructure demand [12] - KLA Corporation's Q2 revenue grew 7.2% to $3.3 billion, benefiting from AI infrastructure expansion, but concerns about valuation risks have emerged [13] - Visa's Q1 adjusted earnings were $3.17 per share, a 15% increase, with total payment volume reaching $3.87 trillion, exceeding expectations [14] - ExxonMobil's Q4 adjusted net profit was $1.71 per share, driven by increased oil production and refining margins, while Chevron's Q4 adjusted earnings were $1.52 per share, with plans for production growth [15][16] - Coterra Energy and Devon Energy are reportedly in talks for a potential merger, which could be one of the largest oil and gas deals in recent years [17]

Market Movements - US stock index futures are all down, with Dow futures down 0.32%, S&P 500 futures down 0.37%, and Nasdaq futures down 0.49% [1] - European indices show positive movement, with Germany's DAX up 1.04%, UK's FTSE 100 up 0.45%, and France's CAC40 up 0.76% [2][3] - WTI crude oil is down 0.61% at $65.02 per barrel, while Brent crude oil is down 0.73% at $69.08 per barrel [3][4] Market News - Trump's nomination of Kevin Warsh for the next Federal Reserve Chair may face hurdles due to ongoing investigations, with some Republican lawmakers indicating they will block any Fed nominations until legal issues are resolved [4] - Financial markets perceive Warsh as a more hawkish candidate compared to current Chair Powell, potentially leading to tighter monetary policies that could impact stock and bond market liquidity [4] - Gold and silver prices have seen significant declines, with gold dropping over 5% to $5,099 per ounce and silver down over 12% to $101.4 per ounce, raising concerns about the sustainability of recent price increases [5] Company Earnings - Apple reported record Q1 earnings of $143.8 billion, a 16% year-over-year increase, driven by a 23% increase in iPhone revenue to $85.3 billion, with Greater China sales up 38% [8] - Sandisk's Q2 revenue is projected to grow 61.2% year-over-year to $3.03 billion, exceeding market expectations, with a strong performance in data center and consumer segments [10] - Western Digital's Q2 revenue increased by 25% to $3.02 billion, with net profit soaring 296% to approximately $1.8 billion, also surpassing analyst expectations [11] - KLA Corporation's Q2 revenue grew 7.2% to $3.3 billion, benefiting from AI infrastructure expansion, although concerns about valuation risks have emerged [12] - Visa's Q1 adjusted earnings were $3.17 per share, a 15% increase, with total payment volume reaching $3.87 trillion, exceeding expectations [13] - ExxonMobil's Q4 adjusted net profit was $1.71 per share, driven by increased oil production and refining margins, despite lower oil prices [14] - Chevron's Q4 adjusted earnings were $1.52 per share, with plans to increase production in Venezuela without significant capital expenditure changes [15] Mergers and Acquisitions - Coterra Energy and Devon Energy are reportedly in advanced talks for a merger, which could become one of the largest oil and gas deals in recent years, enhancing their competitive position in the Permian Basin [15][16]

罗德里格斯同时宣布，委内瑞拉即将完成历史上首次液化石油气出口。相关运输船只已抵达委内瑞拉， 并将在近期启航，标志着该国能源产业发展迈出重要一步。 委内瑞拉代总统签署并颁布油气法改革法案。 当地时间1月29日，委内瑞拉代总统罗德里格斯签署并颁布油气法改革法案。她发表讲话称，委内瑞拉 将持续推进油气产业改革，欢迎国内外投资参与石油、天然气和石化领域发展，同时通过设立主权基 金，将能源发展成果更多用于改善民生和完善基础设施。 罗德里格斯指出，委内瑞拉油气领域对外开放，不排除任何跨国能源企业参与产业合作。她表示，政府 欢迎外来投资和本国资本共同推动能源产业的生产性发展。 责任编辑：王奕博 ▲委内瑞拉代总统罗德里格斯（资料图） ...

1月30日，A股主要指数1月份集体上涨，沪指涨3.76%报4117.95点，深证成指涨5.03%报14205.89点，创业板指涨4.47%报 3346点；北证50指数涨6.33%，科创50指数涨12.29%。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 板块方面，近20个交易日涨幅前五的板块为：贵金属涨85.06%、油气开采及服务涨37.2%、小金属涨26.33%、工业金属涨 21.17%、半导体涨20.84%；同期，跌幅前五的板块为：机场航运跌4.76%、银行跌2.66%、汽车整车跌2.34%、汽车服务及 其他跌0.8%、证券跌0.27%。 个股方面，1月涨幅前五的个股为：C恒运昌涨352.74%、志特新材涨234.08%、锋龙股份涨213.97%、科马材料涨207.63%、 湖南白银涨175.14%；同期，跌幅前五的个股为：*ST奥维跌57.14%、*ST万方跌47.65%、天普股份跌44.16%、荣科科技跌 36.8%、森鹰窗业跌34.59%。 ...

刘明阳表示，今年度冬全国整体气温接近常年同期或略偏暖，但"冷暖转换"频繁，北方地区冷空气活跃 度加剧，出现多轮阶段性强寒潮天气。全国用电负荷多次突破历史度冬负荷极值。 南都讯1月30日，国家能源局举行新闻发布会介绍2025年迎峰度冬能源保供情况。国家能源局电力司副 司长刘明阳表示，"当前正值迎峰度冬关键时期，特别是即将迎来春节假期，国家能源局将会同有关省 区和能源企业一道，持续加强监测预警协调，不断加强低温雨雪、冰冻等恶劣天气的应对准备，确保全 国能源供应保障平稳有序，为人民群众温暖过冬、祥和过年提供坚强保障。" 据悉，2026年1月4日，全国最大电力负荷达到13.51亿千瓦，今冬首创冬季负荷历史新高（历史极值是 2023年12月21日的13.45亿千瓦）；1月19日、20日、21日，受大范围寒潮天气影响，全国最大电力负荷 连续三天创冬季新高，首次突破14亿千瓦，1月21日最高达14.33亿千瓦。今年入冬以来，华北、西北、 东北3个区域电网和新疆、西藏等14个省级电网负荷累计86次创历史新高。 在煤炭方面，刘明阳表示，坚持发挥煤炭兜底保障作用不动摇，持续发挥全国煤炭产量日调度机制作 用，及时协调解决煤炭稳产稳 ...

行业有序发展成效显著。深入推进光伏行业"内卷式"竞争综合整治，2025年底多晶硅、硅片价格分别达 到53.86元/千克、1.329元/片，较年度最低点分别提高52.0%、35.6%。综合施策实现煤炭稳产稳供稳 价，引导现货价格运行在合理区间，2025年底环渤海港口5500大卡动力煤现货价格达到690元/吨，较年 度最低点上升75元/吨。 绿色低碳转型步伐加快。制定出台新能源集成融合发展、促进新能源消纳和调控等一系列政策措施，助 力新能源发展提质增效。全年风电光伏新增装机超过4.3亿千瓦、累计装机规模突破18亿千瓦，可再生 能源发电装机占比超过六成。可再生能源发电量达到约4.0万亿千瓦时，超过欧盟27国用电量之和（约 3.8万亿千瓦时）。 南都讯 记者王玮 发自北京 1月30日，国家能源局举行新闻发布会。国家能源局发展规划司副司长邢翼 腾会上介绍，2025年，我国能源供应保障能力有效提升，供需总体宽松，多项重要政策举措密集出台， 行业健康有序发展，新型能源体系建设基础持续夯实，助力我国经济持续回升向好。 能源安全保障有力有效。2025年是"十四五"以来能源保供成效最好的一年。原煤生产保持稳定，规上工 业原煤产量 ...

Group 1 - The oil and gas investment heat is rapidly rising due to multiple favorable factors in the market, including geopolitical tensions and extreme weather in the U.S. that restrict production capacity, alongside OPEC+'s decision to maintain current supply restrictions [1][5][6] - Demand-side factors include the gradual construction of reserve inventories globally and the expected boost in refined oil consumption due to the Federal Reserve's interest rate cut cycle, with demand in Asia, Africa, and Latin America anticipated to improve [1][6] - The U.S. dollar index recently hit a nearly four-year low, further supporting the rise in oil prices denominated in dollars, as historical trends show an inverse relationship between oil prices and the dollar index [1][6] Group 2 - Huatai Securities indicates that geopolitical premiums have led to a rebound in oil prices during the off-season, with expectations for oil prices to rise in the second to third quarters of 2026 due to demand recovery and global reserve accumulation [2][7] - The Huatai Baichuan oil and gas ETF tracks the CSI Oil and Gas Industry Index, which includes 60 fundamentally strong A-share oil and gas companies across various sectors, providing investors with a convenient tool for exposure to the overall A-share oil and gas sector [2][8] - The Huatai Baichuan fund is one of the first ETF managers in China, with a strong presence in broad-based and dividend-themed indices, recently announcing new trading names for five products in its "Dividend Family" series [2][8]