EPA今年夏季已通过临时最终法规推迟了部分甲烷标准实施，目前环保组织提起的法律诉讼仍在审理 中。尽管本次修订仅推迟了原定2024年的合规截止日期，EPA表示未来可能对法规其他部分进行更实质 性调整。 特朗普政府表示，新规将影响全国数百处油气设施，并预计在未来十年内节省约7.5亿美元的合规成 本。EPA局长李.泽尔丁称，延长合规期限将"确保不切实际的法规不会阻碍美国释放能源主导地位"。 甲烷是一种强效温室气体，短期内的增温效应是二氧化碳的80倍，而油气行业是美国最大的工业甲烷排 放源。拜登时期的原法规旨在控制甲烷及包括致癌物苯在内的挥发性有机物排放，因此这一法规修订引 发环保组织批评。环保基金会律师罗莎莉.温指出："延期会危及数百万靠近油气生产设施的居民健康， 并损害行业领先者的减排进展。" 中化新网讯11月27日，美国环保局(EPA)最终确定一项法规，授予油气运营商额外一年多的合规宽限 期，暂缓执行前总统拜登时期提出的更换泄漏设备与定期监测甲烷排放的要求。 ...

Core Viewpoint - The U.S. oil and gas industry is experiencing a continuous decline in employment due to Brent crude oil prices remaining between $60 and $70 per barrel, with predictions of prices dropping below $60 this year and remaining low through 2026 [1] Group 1: Oil Price Predictions - Wood Mackenzie forecasts that Brent crude oil prices will fall below $60 per barrel this year and may stabilize around $50 per barrel in the coming years if demand remains weak and geopolitical events do not disrupt supply [1] - Bloomberg reports that international oil prices have decreased by 12.5% this year [1] Group 2: Employment and Spending Cuts - The U.S. oil and gas industry is undergoing its largest wave of layoffs since 2022, with companies significantly reducing expenditures [1] - According to Reuters, 22 publicly listed oil companies in the U.S. have collectively cut $2 billion in spending [1] Group 3: Capital Expenditure Trends - Wood Mackenzie predicts a 4.3% decline in global oil and gas exploration capital expenditure this year, bringing it down to $341.9 billion, marking the first decrease in spending since 2020 [1] - If Brent crude prices fall below $60 per barrel, international oil giants may struggle to maintain current capital expenditure plans and fulfill dividend commitments to shareholders [1] Group 4: Industry Cyclicality - The oil and gas industry is characterized by cyclical trends, and while recent cycles have been irregular, the fundamental cyclical nature has not disappeared [1] - Many oil and gas companies are currently implementing conventional measures during this downturn, such as layoffs and cost-cutting, in anticipation of a recovery [1]

果链集体走强。其中，瑞声科技 2018.HK 涨 3.95%，富智康集团 2038.HK 涨 5.38%，高伟电子 1415.HK 涨 3%，丘钛科技 1478.HK 涨 1.68%，比亚迪电子 285.HK 涨 1.83%。苹果首款折迭屏手机 iPhone Fold 有望明年年底前发布，引 发市场关注。 昨夜美股在比特币及科技股带动下全面反弹，三大指数扭转前一日大跌格局， 市场情绪明显回暖，投资人重新押注联准会 12 月会议有望启动降息，带动风 险资产同步走强。标普 500 指数上涨约 0.25%、纳斯达克指数则在大型科技与 AI 题材股推动下上涨约 0.6%，反映成长类资产买盘回流。 昨日，港股三大指数涨跌互现。截至收盘，恒生指数涨 0.24%，国企指数涨 0.11%， 恒生科技指数跌 0.37%。大市成交金额 1,782.47 亿元，主板总卖空金额 274.03 亿元，占可卖空股票总成交额比率为 17.51%。南向资金北水方面，港股通交易 净流入 41.01 亿港元。港股通 10 大成交活跃股中，北水净买入最多的是美团 3690.HK、小米集团 1810.HK、阿里巴巴 9988.HK；净卖出最多的是腾 ...

Core Insights - Songyuan City, known for its rich oil and gas resources, is transitioning towards green energy projects, focusing on renewable energy sources like wind and solar to meet its "14th Five-Year Plan" goals [1][2] New Industry: Green Energy Exploration - The region between the Greater Khingan Range and the Changbai Mountains has significant wind and solar energy resources, driving the development of green energy projects [2] - The green hydrogen and ammonia project in Songyuan has a total investment of 6.946 billion yuan, aiming to produce 200,000 tons of green ammonia and green methanol annually [2][4] New Chain: Focus on "Dual Carbon" Innovation - Songyuan is enhancing its manufacturing capabilities by integrating the entire supply chain for renewable energy, including wind turbine and solar equipment manufacturing [5][7] - The city has attracted ten major enterprises in the renewable energy equipment manufacturing sector, with an expected output value of 7.378 billion yuan in 2024 [7] New Power: Green Transition of Oil and Gas Industry - The Jilin Oilfield, with over 60 years of exploration history, is actively pursuing green development, achieving a cumulative self-generated power of 1.05 billion kilowatt-hours, with 33% of its production electricity sourced from clean energy [9][11] - The CCUS project aims to capture and utilize carbon dioxide, enhancing oil recovery while reducing emissions, with a pipeline project already underway [11]

中化新网讯 近日，英国政府已决定将北海油气生产商的暴利税政策延续至2030年3月。据预算责任办公 室文件披露，财政大臣雷切尔·里维斯旨在通过该税收筹集数十亿英镑，以缓解高借贷成本及福利削减 政策反转带来的财政压力。 这项能源利润税(EPL)始于三年前俄乌冲突推高能源价格时期。尽管此后能源价格回落，政府仍持续并 强化该税收以充实国库。去年暴利税税率升至38%，使油气行业总体税负达78%。 不过，生产商指出，高税负正削弱英国投资吸引力，许多企业已重新评估在英业务，选择出售、合并或 缩减规模。行业组织"英国离岸能源"呼吁政府尽早改革税收政策。其分析显示，若在2026年而非2030年 调整暴利税，未来十年可增加157亿至486亿英镑税收。该组织警告，推迟改革将导致北海产量到2030年 下降40%，每月流失约1000个工作岗位，加剧对进口能源的依赖，并缩减国内油气生产的税基。 ...

Core Insights - The article highlights the successful development of China's first 100-kilowatt oil and gas associated wastewater hydrogen production system by China National Petroleum Corporation (CNPC) in collaboration with Changqing Oilfield [1] Group 1: Technological Breakthrough - The 100-kilowatt oil and gas associated wastewater electrolysis hydrogen production system has achieved continuous and stable operation at the Sulige gas field [1] - This development signifies a substantial breakthrough in the resource utilization of oil and gas wastewater in China, particularly in the "pollution reduction - hydrogen production" full-chain approach [1]

Summary of Conference Call Records Industry Overview - The market outlook for 2026 is generally optimistic, with expectations of increased capital expenditure (capex) in hardware and a tightening supply chain due to slow overseas production [1][5] - The AI industry is viewed as a revolutionary technology, but concerns about credit risks, potential price wars, and the sustainability of computational power accumulation are highlighted [1][9][11] Key Points and Arguments Market Trends - The market in 2025 is expected to outperform 2024, showing characteristics of a local bull market with rapid sector rotation [1][4] - Investors need to react quickly to market changes, as strong sector performance can reverse rapidly [1][8] - The consensus among investors is that the market is in a stable phase, with a positive outlook for the first half of 2026 due to anticipated monetary policy easing [2][7] AI Industry Risks - The AI sector faces several risks, including: 1. Credit risk, which historically has been a precursor to market bubbles [9] 2. The potential disruption of GPU monopolies by Google Gemini 3, which could lead to price wars affecting companies like NVIDIA [11] 3. Concerns about the sustainability of computational power accumulation [9] 4. Risks associated with private credit markets, particularly the reliance on low-interest environments [12][13] Economic and Policy Environment - The U.S. private credit market is experiencing a carry trade phenomenon, which is unsustainable in a changing interest rate environment [10][12] - Global supply chains are shifting towards a dual-track system, emphasizing self-sufficiency to mitigate risks [26] - Resource assets like gold and oil are viewed as safe investments, with gold prices rising due to various factors including central bank purchases and geopolitical instability [26] Investment Strategies - Some investment managers are increasing their positions in Chinese consumer stocks, focusing on high-dividend, stable ROE assets [25] - The performance of resource assets is expected to influence market dynamics, with potential implications for oil prices in 2026 [26][30] Additional Important Insights - Japan's economy faces significant challenges, including inflation, interest rate, and currency issues, which could lead to global market instability [16][20] - The U.S. economy is grappling with widening wealth gaps and inflation pressures, impacting consumer behavior and market dynamics [17] - The potential for synchronized recovery in China's PPI and CPI could enhance corporate ROE and attract investment [27] - The overall macroeconomic environment is less volatile than in previous years, with ongoing fiscal stimulus expected to support growth [15] This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current market landscape and future expectations.

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration marks a significant improvement in the practical implementation of the resource tax system in China, providing clearer guidelines for both taxpayers and tax authorities, thereby promoting green development and efficient resource utilization [1][3]. Group 1: Policy Implementation - The new announcement addresses key issues that have arisen since the implementation of the Resource Tax Law, including disputes over taxable product classifications and unclear definitions, thus providing precise guidance for tax collection [1][2]. - The announcement clarifies that certain products, such as confiscated taxable products and minerals used for backfilling in construction projects, will not be subject to resource tax, which helps delineate the boundaries of tax applicability [1][2]. Group 2: Tax Classification - The announcement specifies that condensate oil will be taxed under the crude oil category, while oil and gas field mixed light hydrocarbons will be taxed according to both crude oil and natural gas categories, based on the defined standards [2]. - For tailings utilization products, the announcement distinguishes between two scenarios: specific mineral components will be taxed according to their respective mineral categories, while sand and gravel products will be taxed under the sand and gravel category [2]. Group 3: Impact on Industry - The clarification of tax regulations is expected to unify tax collection standards across regions, reducing disputes arising from differing interpretations and significantly enhancing tax collection efficiency [3]. - The implementation of these policies is anticipated to further highlight the role of resource tax in regulating resource development and promoting green production practices [3].

Core Viewpoint - The article discusses the recent developments in China's voluntary greenhouse gas emission reduction trading market (CCER), highlighting the introduction of new methodologies that expand the market's coverage and emphasize China's innovative approach in the oil and gas sector [3][5]. Group 1: New Methodologies and Market Expansion - The Ministry of Ecology and Environment and the National Energy Administration have released three new methodologies for voluntary emission reduction projects, focusing on oil and gas recovery [3][5]. - This marks the first time methodologies related to the oil and gas industry have been introduced, which is significant as there is currently no market-based incentive mechanism for gas recovery projects globally [5][6]. - The new methodologies aim to enhance the CCER market's scope and support China's commitment to reducing greenhouse gas emissions by 7%-10% from peak levels by 2035 [5][6]. Group 2: Market Dynamics and Challenges - The CCER market is experiencing a recovery and expansion, with an increasing number of projects being registered and a growing demand driven by compliance needs and green finance [8][10]. - However, the price of CCER has been consistently higher than that of carbon allowances, leading to low trading activity and creating challenges for companies in lower carbon price regions [10][12]. - Suggestions for improving the market include enhancing collaboration with allowance trading, introducing new trading entities, and promoting carbon futures to increase liquidity [10][12]. Group 3: Future Directions and International Integration - The CCER market is expected to play a crucial role in achieving China's dual carbon goals by encouraging diverse participation in emission reduction efforts [12][13]. - There is a need for methodologies in the transportation sector, particularly for green fuels like green methanol and sustainable aviation fuel, to facilitate decarbonization in hard-to-abate industries [12][13]. - Long-term projections indicate that the CCER market will not only support domestic emission reduction goals but also contribute to international emission reduction efforts, enhancing China's influence in global carbon pricing [12][13].

埃尼公司预计交易将在2026年完成，目前正等待印尼和马来西亚政府及相关监管机构的许可。 埃尼公司目前在东南亚地区实行"卫星战略"，一方面剥离资产，另一方面与国际油气公司组建合资企 业，并对旗下新能源项目进行整合或拆分。其他在东南亚地区开展油气业务的能源公司，如挪威沃尔能 源公司、安哥拉Azule公司等均实行类似战略。 合资企业将作为独立的、自给自足的财务实体运营，计划未来5年投资150亿美元，以支持至少8个新项 目的开发和15口勘探井的钻探。此外，该合资企业还将整合马来西亚和印尼的天然气资产，初期产量将 达到30万桶油当量/日，中期产量将达到50万桶油当量/日。 中化新网讯 近日，埃尼公司表示，已与马来西亚国家石油公司将各自在印尼和马来西亚的上游业务整 合在一起，组建一家双方持股各半的新合资企业。 ...