Core Viewpoint - WTI and Brent crude oil futures experienced significant declines, with WTI down 4.24% and Brent down nearly 3.82% for the week, indicating a bearish trend in the oil market [1] Oil Market Summary - WTI November crude oil futures closed at $58.90 per barrel, down $2.61, with a weekly decline exceeding 3.25% [1] - Brent December crude oil futures closed at $62.73 per barrel, down $2.49, with a weekly drop of approximately 2.79% [1] - Abu Dhabi Murban crude oil futures fell by 3.55%, closing at $64.44 per barrel, with a weekly decline of 1.90% [1] Natural Gas and Other Fuels Summary - NYMEX November natural gas futures settled at $3.1060 per million British thermal units [1] - NYMEX November gasoline futures closed at $1.8204 per gallon [1] - NYMEX November heating oil futures ended at $2.2044 per gallon [1]

中经记者 李哲 北京报道 （编辑：董曙光 审核：吴可仲 校对：翟军） 11月4日，沙特阿美发布2025年第三季度业绩。 同时，沙特阿美宣布上调2030年商品气产能增长目标，较2021年产量水平的增长幅度由60%以上提升至 约80%。预计天然气及伴生液态烃的日均产量将达到约600万桶油当量。 《中国经营报》记者获悉，2025年三季度，沙特阿美实现调整后净利润280亿美元，经营活动现金流361 亿美元，自由现金流236亿美元。截至2025年9月30日，沙特阿美的资产负债率为6.3%，相比2025年6月 30日的6.5%有所下降。 ...

| | | 客 服 热 线 | 国际油价震荡下跌。当前地缘局势预计宏观驱动逐步减弱,油价暂时重回 | | | 基本面驱动逻辑。宏观方面,中美领导人会晤,两国关税贸易政策取得部分成 | | | | --- | --- | --- | --- | --- | --- | | 果,但是整体或不及市场预期，因此市场情绪降温,暂时无明显驱动。原油自 | | | | | | | 身供需来仍处于宽松格局,供给端方面,在11月0PEC+会议上,OPEC+计划在12 | | | | | | | 月小幅增产13.7万桶/日,这是连续第三个月实施该增幅,该决策旨在恢复市场 | 県油 份额,但可能加剧市场供应过剩担忧。此外在12月之后,OPEC+还决定在2026 | | | | | | 年1月、2月和3月暂停增产。需求端方面,9月开始原油消费量逐渐下滑,其中 | | | | | | | 美国原油消费旺季结束的标志是9月初的劳工节,全球原油淡季消费量较旺季。 | | | | | | | 下滑100万～300万桶/日。在供给宽松、需求持续走弱及地缘风险消退的影响 | | | | | | | 下,长期油价仍将维持偏弱表现,短期或继续震荡表 ...

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.28% and the Hang Seng Tech Index dropping by 0.8% [1] Market Performance - The Hong Kong Technology ETF (159751) decreased by 1.76% [1] - The Hang Seng Hong Kong Stock Connect ETF (159318) fell by 0.64% [1] Sector Performance - The oil and gas sector and passenger airline companies showed positive performance, leading the gains [1] - The communication equipment and life sciences tools sectors faced significant declines [1] Individual Stock Performance - Yaoshi Bang (药师帮) saw a drop of 8.12% [1] - Haotian International Construction Investment (昊天国际建投) fell by 10.05% [1] - Longpan Technology (龙蟠科技) increased by 9.29% [1] - Yihua Tong (亿华通) rose by 7.73% [1]

Tell us a little bit about your forecast for the demand environment because you have been a little bit more bullish than some of the Wall Street forecasters and the IEA. >> We strongly believe that the demand fundamental is uh healthy and strong. We are seeing a demand growth of about 1.1% to 1.3% million barrels per day this year, almost the same next year in 2026.It's a record year for oil, gas, and even coal. When you look at the five-year average, it's at the lowest end of the five-year average in terms ...

Market Overview - On November 4, US stock indices opened lower, with the Dow Jones down 0.72%, the S&P 500 down 1.13%, and the Nasdaq down 1.59% [1] Company News - The Norwegian Sovereign Wealth Fund plans to vote against the proposal to grant Tesla CEO Elon Musk stock as a performance reward at the upcoming shareholder meeting on November 6. The fund, which holds 1.12% of Tesla's shares valued at approximately $17 billion, expressed concerns over the total reward amount, equity dilution, and lack of mitigation for key person risk [2] - Nvidia has partnered with Deutsche Telekom to build an AI computing center in Munich, with a total investment of approximately €1 billion. The center will deploy up to 10,000 GPUs and is expected to be completed by the end of Q1 2026 [3] - Uber reported Q3 revenue of $13.467 billion, a year-on-year increase of 20%, with net profit reaching $6.626 billion, up 154% compared to the previous year [4] - Spotify announced a 12% year-on-year growth in subscription users, reaching 281 million, and a total revenue growth of 12% to €4.3 billion in Q3. Monthly active users increased by 11% to 713 million, with an operating profit of €582 million [5] - Pfizer reported Q3 revenue of $16.65 billion, with adjusted earnings per share of $0.87. The company maintains its full-year revenue forecast of $61 billion to $64 billion and adjusted earnings per share of $3.00 to $3.15 [6] - Saudi Aramco announced an adjusted net profit of $28 billion for Q3, slightly up from $27.7 billion in the same period last year, with free cash flow of $23.6 billion compared to $22 billion year-on-year [7]

Financial Data and Key Metrics Changes - Underlying pre-tax earnings reached EUR 5.3 billion, with underlying net income at EUR 2.2 billion, indicating strong operational performance [3] - Operating cash flow for the quarter was EUR 7.8 billion, contributing to a target of 20% CAGR for adjusted free cash flow growth from 2025 to 2027 [3][4] - Upstream production increased by approximately 3% quarter on quarter, with upstream plant reliability at around 97% [3][4] Business Line Data and Key Metrics Changes - Underlying earnings in the first nine months were approximately 40% higher than the same period in 2024, with record performance in customer segments [4] - Refining availability was close to 97%, marking the best quarter in 20 years for the current portfolio [3][4] Market Data and Key Metrics Changes - The company has made significant progress in de-risking its EUR 20 billion divestment proceeds target, with expected proceeds around EUR 5 billion from completed and announced divestments [4] - The refining margin environment improved, contributing to better earnings in the downstream segment [4][96] Company Strategy and Development Direction - The company is focused on delivering cost and net debt targets while maintaining a disciplined approach to capital investment, with organic CapEx projected to be below EUR 14 billion [4][5] - Strategic progress includes starting six new oil and gas major projects in 2025, with four ahead of schedule and 12 exploration discoveries made so far this year [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum built towards achieving cost and net debt targets, despite ongoing volatility in the market [5] - The company is optimistic about the potential for long-term organic oil volume growth, supported by a strong resource position [34] Other Important Information - The company is undergoing a strategic review of its Castrol asset, with strong interest and progress reported [15] - The company has secured a rig to drill the next appraisal well at the Bumerangue discovery, with expectations for a flow test by the end of next year [9][24] Q&A Session Summary Question: Confidence in Bumerangue geological map - Management expressed confidence in the geological map based on extensive data and analysis, indicating a significant oil and gas column [8][9] Question: Update on Castrol strategic review - Management confirmed strong interest in Castrol and is moving forward with the review process, with proceeds dedicated to strengthening the balance sheet [15] Question: Timing for portfolio simplification announcements - Management indicated that updates on portfolio simplification will be provided as decisions are made, with a focus on driving value and returns [20] Question: Insights on AI deployment within BP - Management highlighted progress in AI deployment, including improved well planning and fault prediction, contributing to operational efficiency [25][27] Question: Production guidance and BPX performance - Management noted that while production guidance remains cautious, there is potential for growth, particularly in BPX, with strong productivity improvements [34][40] Question: Economic details on Iraq contract - Management refrained from discussing specific economic terms but confirmed progress in production testing and initial operations in Kirkuk [71][72] Question: Update on Venture Global LNG arbitration case - Management expressed satisfaction with the arbitration outcome and is awaiting further updates on damages [76][78] Question: Balance sheet and gearing ratio considerations - Management emphasized a focus on net debt reduction rather than gearing ratios, with a target to reduce net debt significantly by 2027 [81][83]

Core Insights - Microsoft announced a total investment of $15.2 billion in artificial intelligence (AI) projects in the UAE, marking a significant commitment to the region's technological advancement [2] Investment Details - From 2023 to the end of this year, Microsoft plans to invest over $7.3 billion in the UAE, which includes a $1.5 billion equity investment in G42 Group and over $4.6 billion in capital expenditures for AI and cloud data centers [2] - From early 2026 to the end of 2029, Microsoft will continue to invest more than $7.9 billion in related projects in the UAE [2] AI Utilization in UAE - A report from Microsoft indicates that the UAE ranks first globally in AI utilization per capita, with 59.4% of the population using generative AI, surpassing Singapore's 58.6% [2] Collaboration with ADNOC - Microsoft has signed an agreement with the Abu Dhabi National Oil Company (ADNOC) to jointly develop and deploy AI applications, aiming to drive smart transformation in the energy sector [2] - Under the agreement, Microsoft will provide AI tools and employee training programs to ADNOC, and both parties will explore the establishment of a joint innovation ecosystem to develop transformative smart solutions for the energy industry [2]

Core Viewpoint - China National Petroleum Corporation (CNPC) has seen its stock price increase by 5.28% over the past four days, with a current price of 9.57 CNY per share and a market capitalization of 1,751.51 billion CNY [1] Group 1: Company Overview - CNPC was established on November 5, 1999, and listed on November 5, 2007 [1] - The company is involved in various sectors including exploration, development, production, transportation, and sales of crude oil and natural gas, as well as renewable energy [1] - Revenue composition includes: refining products (69.64%), crude oil (43.27%), natural gas (39.98%), chemical products (8.78%), and other sales [1] Group 2: Fund Holdings - Two funds under Dachen Fund hold a total of 476.86 thousand shares of CNPC, with a floating profit of approximately 4.77 thousand CNY based on the current stock price [2] - Dachen National Enterprise Reform Flexible Allocation Mixed Fund (002258) holds 463.17 thousand shares, representing 4% of the fund's net value, with a floating profit of about 222.32 thousand CNY over the past four days [2] - Dachen Jingrun Flexible Allocation Mixed Fund (001364) holds 136.9 thousand shares, representing 1.83% of the fund's net value, with a floating profit of approximately 6.57 thousand CNY over the same period [2]

Core Insights - Saudi Aramco's third-quarter performance exceeded analyst expectations, achieving a net profit of 104.9 billion riyals (approximately 28 billion USD), a year-on-year increase of 0.9% despite weak oil prices [1][2] - The company's strategy of increasing production has effectively mitigated the negative impact of declining oil prices, with Brent crude prices down over 12% this year [1][3] Financial Performance - Total revenue for the third quarter reached 418.16 billion riyals, with adjusted net profit at 104.92 billion riyals, both surpassing market expectations [2] - Operating profit stood at 193.52 billion riyals, and free cash flow increased to 23.6 billion USD, exceeding dividend payment requirements [2] - The company's gearing ratio improved slightly from 6.5% in the previous quarter to 6.3% as of September 30, indicating enhanced financial health [2] Production Strategy - The primary driver of profit growth for Saudi Aramco has been its increased production, which is part of OPEC+ policy, raising output targets by approximately 2.9 million barrels per day since April [3] - The company’s oil sales revenue and high dividend payments are crucial for supporting Saudi Arabia's multi-trillion-dollar economic transformation plan [3] OPEC+ Production Outlook - Despite Saudi Aramco's success in increasing production, OPEC+ faces a complex future regarding production strategies, with a modest increase of 137,000 barrels per day announced for December and a pause on further increases in the first quarter of next year [4] - Geopolitical factors, including new sanctions on key OPEC+ member Russia, complicate the alliance's production strategy [4] Challenges and Strategic Shifts - The ongoing low oil price environment remains a significant challenge for Saudi Aramco and the Saudi government, prompting a slowdown in some domestic refining and petrochemical expansion plans [5] - The company is shifting focus towards large-scale natural gas development projects as part of its long-term strategy [5] Diversification Efforts - Recently, Saudi Aramco invested 701.8 million USD to acquire a 22.5% stake in Petro Rabigh from Sumitomo Chemical, increasing its total stake to approximately 60% [6] - The company has also acquired a minority stake in AI firm HUMAIN, indicating intentions for diversification beyond its core business [6]