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。 ...

报告预测，短期内全球油气供应将较为充裕，油价会稳定在60美元至65美元区间，随着液化天然气出口 新项目陆续投产，天然气市场供需矛盾同样呈现缓和态势。但国际油气市场近期的平衡态势仍面临地缘 政治风险的考验，若全球能源转型政策放缓或油气价格走低刺激需求增长，现有缓冲空间可能将快速收 窄。 中化新网讯 近日，国际能源署(IEA)发布《2025年世界能源展望》报告强调，未来几十年，全球对能源 服务特别是电力需求将持续增长，同时，数据和人工智能相关服务需要的能源供应也将大幅上扬。 IEA表示，电力是当代工业和数字经济的命脉。在可预见的时间内，全球电力需求增速将远高于能源消 费总量增速。这在当前全球能源投资中已有明显体现，对电力供应与终端电气化投资已占全球能源投资 总量的50%。 IEA多年来的分析持续凸显电力在全球经济中日益重要的地位。IEA署长法提赫·比罗尔指出，与过去10 年的趋势不同，电力消费增长不再局限于新兴经济体和发展中经济体。数据中心和人工智能带来的电力 需求迅猛增长，同样大幅推升了全球发达经济体的用电量。2025年全球数据中心投资预计将达5800亿美 元，已超过全球石油供应投资的5400亿美元，体现出全球 ...

光大证券指出，俄乌谈判核心问题仍存分歧，地缘风险有望持续支撑油价，尽管美乌谈判未取得成果， 但俄乌冲突长期化趋势可能延续。需求端，IEA预计2026年原油需求增长77万桶/日，供给端预计增长 250万桶/日，需关注需求预期变化对油价的影响。"三桶油"通过增量降本策略应对油价波动，深化增储 上产并加强成本管控，业绩韧性凸显，长期投资价值显著。炼化业务方面，宏观经济恢复提振化工需 求，长期来看化工品产能出清利好龙头企业，大炼化、煤化工、乙烯盈利向好。 每日经济新闻 石油ETF（561360）跟踪的是油气产业指数（H30198），该指数从全球或特定地区市场中选取涉及石油 和天然气勘探、开采、炼制及销售等业务的上市公司证券作为指数样本，以反映油气行业相关上市公司 证券的整体表现。其成分股具有高资本密集度与周期性波动特征，行业配置集中体现能源板块的市场动 向。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择 ...

Market Overview - A-shares experienced a low opening followed by a narrow range of fluctuations, with three major indices showing slight increases, reflecting cautious market sentiment and a wait-and-see approach [1] - The Shanghai Composite Index rose by 0.21% to 3883.46 points, while the Shenzhen Component increased by 0.72%, and the ChiNext Index gained 0.71% [1] - The half-day trading volume was 983.64 billion, indicating a significant decrease in trading activity, highlighting reduced willingness to invest at the end of the month and the impact of overseas market adjustments [1] Sector Performance - The market showed accelerated rotation, with funds quickly switching between thematic stocks; the Fujian sector was notably active, with stocks like Xiamen Construction and Fujian Cement hitting the daily limit, likely due to regional policy expectations [1] - The Hainan sector also rebounded, with Hainan Ruize achieving three consecutive daily limits, demonstrating the resilience of regional themes [1] - Lithium mining stocks rebounded, with major companies like Dazhong Mining and Shengxin Lithium Energy seeing significant gains, driven by a reassessment of value in upstream materials for new energy amid improving supply and demand [1] Consumer and Technology Sectors - The consumer sector saw a rebound, led by Hai Xin Food's strong performance, with the dairy industry showing notable gains; Yantang Dairy hit the daily limit, and Panda Dairy rose over 7% [1] - The semiconductor sector was active, particularly in equipment and third-generation semiconductor branches, with Qianzhao Optoelectronics hitting a 20% limit, indicating sustained attractiveness of tech growth stocks under policy support [1] Oil and Gas Sector - Oil and gas stocks opened high and continued to rise, with Jereh Holdings hitting the daily limit due to a large order from North America, boosting sector sentiment [2] - The CPO concept saw midday fluctuations, with stocks like Tongyu Communication and Changxin Bochuang experiencing significant gains, indicating a resurgence of interest in niche areas [2] Declining Sectors - Banking stocks collectively adjusted, with Postal Savings Bank dropping nearly 2%, reflecting a shift of funds away from low-elasticity assets [2] - Pharmaceutical stocks faced a pullback, with Guangji Pharmaceutical hitting the daily limit down, and Yue Wannianqing dropping over 10%, likely due to uncertainties in industry policies [2] - AI application stocks were sluggish, with companies like Yaowang Technology and Yidian Tianxia declining over 4%, indicating a cooling off of previous hot spots [2] Satellite Internet Sector - The satellite internet concept emerged as a market highlight, with significant gains in component stocks like Aiguang Technology and Aerospace Hanyu, driven by clear policy pathways for commercial space [2] - The Beijing Municipal Science and Technology Commission's plan for a "Space Data Center" aims to deploy AI computing centers, indicating a technological breakthrough and a restructuring of computing distribution [2] - This policy, if implemented, could create opportunities across the entire industry chain from satellite manufacturing to data services, with institutional funds net inflow exceeding 1.3 billion, reflecting market recognition of long-term logic [2] Future Outlook - The A-share market may continue to exhibit structural trends supported by policy and valuation bottoms, with new productivity sectors like satellite internet, humanoid robots, and embodied intelligence expected to become core investment themes next year [3] - Caution is advised as some concept stocks may be overheated; investors should identify companies with real orders and technological barriers [3] - In market fluctuations, rationality is emphasized over emotion, focusing on participation in China's economic transformation and upgrading through fundamental research [3]

Core Insights - The Algerian President Tebboune commented on the impact of international oil prices dropping to around $60 per barrel, emphasizing that the government has taken measures to mitigate the effects of declining revenues [1] - Algeria's current foreign exchange reserves are sufficient to support the economy for about a year and a half without external borrowing, providing a buffer against falling oil and gas prices [1] - The country is advancing in diversifying its economy, with increased investments and exploration activities in non-oil sectors, which is expected to reduce reliance on oil and gas revenue fluctuations [1][2] Economic Outlook - Despite the short-term decline in oil and gas prices, Algeria's economy has room for improvement, driven by accelerated non-oil projects [2] - The ongoing diversification efforts are expected to make the economy less sensitive to oil price changes compared to the past [2]

新华财经北京11月28日电据重庆市人民政府网站28日消息，重庆市人民政府日前印发《重庆市要素市场化配置综合改革试点行动方案》。其中 提到，深化天然气体制改革。支持重庆石油天然气交易中心扩大交易规模，建立油气产业链相关产品上线交易绿色通道，研究推动油气期货现 货市场联动。探索海外油气资源直接销售，开展油气大宗商品人民币跨境结算，发布并推广中国陆上天然气价格指数。支持年用量在1000万立 方米以上的天然气大用户自主选择供气路径，支持天然气（页岩气）勘探开发企业开展天然气销售业务。加快天然气管网设施独立运营和公平 开放，推动管输业务和销售业务分离，完善市内天然气管道运输价格机制。 深化电力市场改革。深化售电侧改革，建立保底售电公司运行机制，完善增量配网准入和退出机制。深化新能源上网电价市场化改革，构建绿 电直连政策体系并开展试点。在川渝毗邻地区探索"电力跨省域办理"一站式服务。完善"中长期+现货""电能量+辅助服务"体系，推动电力现货 市场转入正式运行。 推动碳市场提质增效。主动参与全国碳市场政策标准制定，建成温室气体全品类交易的地方碳市场，构建非二氧化碳温室气体市场化管控机 制。完善企业碳账户系统，集成建立碳金融 ...

Market Overview - The A-share market opened lower but rebounded, with the Shanghai Composite Index up 0.21%, the Shenzhen Component Index up 0.72%, and the ChiNext Index up 0.71 [1] - Total market turnover reached 983.6 billion yuan, a decrease of 113.4 billion yuan compared to the previous day [1] - Over 3,500 stocks in the market experienced gains [1] Sector Performance - The lithium mining sector continued to rebound, while the consumer sectors in Fujian and Hainan remained active [1] - Semiconductor equipment and oil & gas stocks performed well, with the CPO concept recovering in the morning session [1] - The pharmaceutical and banking sectors experienced corrections, and AI application sectors remained sluggish [1] ETF Performance - The semiconductor equipment sector led the gains in ETFs, with several funds such as Huaxia Fund's Sci-Tech Semiconductor ETF and Haitai Baipin Fund's Sci-Tech Semiconductor Equipment ETF rising over 3% [1] - The rare metals sector also saw a rebound, with ICBC Credit Suisse's Rare Metals ETF and GF Fund's Rare Metals ETF increasing by 2% and 1.99%, respectively [1] - Oil & gas stocks showed strong performance, with the Yinhua Fund's Oil & Gas Resources ETF rising by 1.84% [1] - The traditional Chinese medicine sector lagged, with both the Chinese Medicine 50 ETF and the Chinese Medicine ETF declining by 1% [1] - The Hong Kong innovative drug sector fell, with the Hang Seng Medical ETF and the Hong Kong Innovative Drug 50 ETF both down by 1% [1]

关联产品： 油气ETF（159697），联接基金（A类 019827，C类 019828，I类 022861） 消息面上，1)欧佩克+或就评估成员国最大产能机制达成一致，预计维持2026年一季度石油产出政策不 变，推动油气板块情绪升温；2)国家发改委运行局启动供暖季天然气保供周调度，强调保障供应稳定、 应对市场波动及极端天气，强化天然气与电力协同联动，提振天然气产业链预期。 截至11月28日09:33，油气ETF（159697.SZ）上涨1.16%，其关联指数国证油气（399439.SZ）上涨 0.85%；主要成分股中，杰瑞股份上涨10.00%，招商轮船上2.66%，中远海能上涨2.48%，厚普股份上涨 11.94%，富瑞特装上涨5.12%。 券商研究方面，冠通期货指出EIA月报预计2025年全球液态燃料产量将增加270万桶/日，2026年再增130 万桶/日，同时OPEC月报将第三季度全球石油供需预期由短缺40万桶/日调整为过剩50万桶/日，IEA则 上调2025年全球原油供应增速预测至310万桶/日；中邮证券在石化行业年度策略中提及，2025年1-11月 申万石油石化指数涨幅为10.3%，并提示需关注油价 ...

Group 1 - The film and theater sector is experiencing a downturn, with Huayi Brothers hitting the daily limit down, and other companies like China Film, Huace Film, Wenguang Holdings, and Ciwen Media also declining [3][5]. - The A-share market opened lower, with the Shanghai Composite Index down 0.11%, Shenzhen Component down 0.04%, and ChiNext down 0.04% [5][6]. - The shipping index (European line) saw a significant increase of over 5.00%, currently reported at 1448.0 points [4]. Group 2 - The Hong Kong stock market opened with the Hang Seng Index up 0.25%, and the Hang Seng Tech Index rising by 0.43% [7][8]. - Semiconductor stocks showed positive movement, with SMIC rising nearly 2%, and the non-ferrous metals sector continued to rise, with Zijin Mining also up nearly 2% [8].

Core Insights - Bolivia's hydrocarbons sector has shifted from a position of strength at the start of the 21st century to facing significant challenges due to nationalization policies and declining investment [1] - The export landscape has changed dramatically, with Brazil becoming the primary market for Bolivian natural gas, despite concerns over supply reliability [2][3] - Argentina has transitioned from a major export destination to a competitor, reducing its imports from Bolivia and positioning itself as a future exporter to Brazil [4] Industry Dynamics - The nationalization in 2006 led to a larger share of revenues for the state but discouraged upstream investment, resulting in declining exploration, reserves, and production [1] - Bolivia's geological potential remains significant, but the return of capital and capabilities is essential for realizing this potential [1] Export Market Analysis - Brazil's demand for Bolivian gas is influenced by the country's industrial growth and the liberalization of its gas market, which encourages new entrants [2] - However, declining production in Bolivia has led to delivery shortfalls, prompting Brazilian buyers to seek alternative sources, particularly from Argentina [3] Competitive Landscape - Argentina's Vaca Muerta shale production and improved transport infrastructure have allowed it to reduce imports from Bolivia and aim to export to Brazil during peak demand [4] - Bolivia must adapt to this competitive environment by establishing itself as a reliable long-term supplier with clear policies and investment plans [5] Role of YPFB - YPFB is crucial for the future of Bolivia's hydrocarbons sector, needing to operate more commercially and collaborate effectively with international oil companies [6] - The company should focus on facilitating new exploration through joint ventures and transparent contracting to revitalize the sector [6]