Core Viewpoint - Zhongman Petroleum announced that Zhu Fengxue, Gongrong Investment, and Gongyuan Investment hold a combined 7.21% of shares and plan to reduce their holdings between December 19, 2025, and March 18, 2026, due to personal funding needs [1] Group 1: Shareholding Details - Zhu Fengxue holds 5.66%, Gongrong Investment holds 0.90%, and Gongyuan Investment holds 0.65%, making them concerted actors [1] - The total shares to be reduced amount to no more than 13.869 million shares, which is up to 3% of the total share capital [1] Group 2: Reduction Methodology - The planned reduction includes a maximum of 4.623 million shares through centralized bidding, representing up to 1% of the total share capital [1] - Additionally, a maximum of 9.246 million shares will be reduced through block trading, accounting for up to 2% of the total share capital [1] Group 3: Compliance and Reasoning - The reduction aligns with relevant commitments and regulatory requirements [1] - The reason for the reduction is stated as personal funding needs [1]

Core Viewpoint - The A-share market has seen a significant increase in tender offers, with 19 cases reported in 2023, marking the highest number since 2019, indicating a recovery in the M&A market and new characteristics emerging in the tender offer landscape [8][9]. Group 1: Tender Offer Statistics - The total number of tender offers in the A-share market has reached 19 in 2023, with 15 cases involving listed companies as target parties, both figures being the highest since 2019 [9]. - The proportion of cases where the acquisition price is not less than the weighted average price of the first 30 trading days before the announcement has increased, with 69.23% in 2023 [1]. Group 2: Financial Indicators Before and After Acquisition - For completed cases, the average net cash flow increased from 5.40 billion to 6.19 billion yuan, while for failed cases, it decreased from 10.72 billion to 8.15 billion yuan [3]. - The average net profit for completed cases rose from 2.35 billion to 3.26 billion yuan, whereas for failed cases, it fell from 5.49 billion to 3.05 billion yuan [3]. - The average asset-liability ratio for completed cases decreased from 48.35% to 40.75%, while for failed cases, it dropped from 43.78% to 39.73% [3]. Group 3: Characteristics of Recent Tender Offers - The distribution of industries involved in tender offers has broadened, with companies from 14 different industries participating in 2023, a record since 2019 [12]. - The first reverse acquisition of a B-share company acquiring an A-share company occurred in April 2023, showcasing innovative transaction structures [12][13]. - There is a notable increase in the focus on industrial integration, with many acquisitions aimed at enhancing control over listed companies and aligning with the "merger six guidelines" [13]. Group 4: Market Performance and Shareholder Impact - Tender offers have shown a significant positive impact on stock prices, with an average increase of over 3.5% on the announcement day, compared to less than 0.1% for the CSI 300 index [15]. - The average market capitalization of target companies increased from approximately 8.8 billion yuan at the announcement to over 11.7 billion yuan, reflecting a growth of over 30% [16]. - The average net profit of target companies rose by nearly 40% post-acquisition, indicating improved financial health [16].

Core Viewpoint - The announcement reveals that the controlling shareholder, Zhongman Holdings, has pledged 2,100,000 shares of Zhongman Petroleum, increasing the total pledged shares to 50,454,300, which represents 57.40% of Zhongman Holdings' total shares and 10.91% of the company's total equity [1] Group 1 - Zhongman Holdings notified that it completed the pledge registration for 2,100,000 unrestricted circulating shares on November 25, 2025 [1] - After this pledge, the total number of pledged shares by Zhongman Holdings amounts to 50,454,300 [1] - The pledged shares account for 57.40% of Zhongman Holdings' total shareholding and 10.91% of Zhongman Petroleum's total share capital [1]

（文章来源：证券日报） 证券日报网讯 11月26日晚间，中曼石油发布公告称，公司于2025年11月26日接到控股股东上海中曼投 资控股有限公司的通知，获悉其将所持有公司2，100，000股无限售流通股于2025年11月25日办理了质 押登记手续。 ...

Core Viewpoint - The Hong Kong Hang Seng Index experienced a slight increase of 33.53 points, or 0.13%, closing at 25,928.08 points, with a total turnover of HKD 2,070.78 billion on November 26 [1] Group 1: Index Performance - The Hang Seng Index rose by 33.53 points, closing at 25,928.08 points, reflecting a gain of 0.13% [1] - The National Enterprises Index increased by 4.06 points, closing at 9,162.37 points, with a gain of 0.04% [1] - The Hang Seng Technology Index saw an increase of 6.33 points, closing at 5,618.36 points, representing a rise of 0.11% [1] Group 2: Blue-Chip Stocks - Tencent Holdings fell by 0.88%, closing at HKD 619.5 [1] - Hong Kong Exchanges and Clearing decreased by 0.53%, closing at HKD 413.2 [1] - China Mobile increased by 0.11%, closing at HKD 87.35 [1] - HSBC Holdings rose by 0.75%, closing at HKD 107.6 [1] Group 3: Local Hong Kong Stocks - Cheung Kong Holdings increased by 1.16%, closing at HKD 40.12 [1] - Sun Hung Kai Properties rose by 0.46%, closing at HKD 98.25 [1] - Henderson Land Development increased by 0.54%, closing at HKD 29.88 [1] Group 4: Chinese Financial Stocks - Bank of China remained unchanged, closing at HKD 4.75 [1] - China Construction Bank decreased by 0.12%, closing at HKD 8.21 [1] - Industrial and Commercial Bank of China remained unchanged, closing at HKD 6.5 [1] - Ping An Insurance fell by 0.35%, closing at HKD 57.35 [1] - China Life Insurance increased by 0.15%, closing at HKD 26.74 [1] Group 5: Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.23%, closing at HKD 4.42 [1] - China National Petroleum Corporation increased by 0.12%, closing at HKD 8.7 [1] - CNOOC Limited fell by 0.85%, closing at HKD 21.06 [1]

Core Insights - OPEC+ is facing challenges in clarifying the actual production capacities of its member countries as they prepare for a meeting this weekend [1][2] - A new assessment of "maximum sustainable capacity" was initiated in May to set production quotas for 2027, highlighting the need for accurate capacity evaluations [1] - The necessity for this assessment has increased due to some member countries struggling to meet production agreements, indicating they may be nearing their production limits [1] Group 1 - The assessment work may face significant challenges in 2026 as global oil supply surplus signs increase, with oil prices recently dropping to around $60 per barrel [1] - JPMorgan warned that OPEC+ may need to implement new production cuts next year to prevent oil prices from falling into the $40 range [1] - The capacity evaluation could lead to internal friction among member countries, with some seeking to increase their capacity estimates while others may be reluctant to acknowledge lower actual capacities [1] Group 2 - Saudi Arabia retains significant capacity for production increases, while other members like the UAE and Iraq are actively seeking to expand their capacities [2] - Russia remains constrained by Western sanctions, complicating the overall production landscape within OPEC+ [2] - The upcoming online meetings will review oil market conditions and allow key members to assess production policies for early 2026, although no significant changes are expected [2] Group 3 - Eight member countries decided to pause further production increases in the first quarter of next year to avoid exacerbating market pressures amid signs of global supply surplus [2] - RBC Capital Markets suggests that OPEC+ is unlikely to adjust its policies until geopolitical uncertainties become clearer [2] - The global supply situation is influenced by U.S. sanctions on Russia and a tougher international stance on Venezuela [2]

香港本地股方面，长实集团涨0.05%，收报39.66港元；新鸿基地产跌0.31%，收报97.8港元；恒基 地产跌0.13%，收报29.72港元。 中资金融股方面，中国银行涨0.64%，收报4.75港元；建设银行涨0.12%，收报8.22港元；工商银行 涨0.15%，收报6.5港元；中国平安涨1.77%，收报57.55港元；中国人寿涨2.22%，收报26.7港元。 石油石化股方面，中国石油化工股份无升跌，收报4.41港元；中国石油股份涨0.58%，收报8.69港 元；中国海洋石油涨0.09%，收报21.24港元。 新华社香港11月25日电 香港恒生指数25日涨178.05点，涨幅0.69%，收报25894.55点。全日主板成 交2311.49亿港元。 国企指数涨78.89点，收报9158.31点，涨幅0.87%。恒生科技指数涨66.47点，收报5612.03点，涨幅 1.2%。 蓝筹股方面，腾讯控股涨0.08%，收报625港元；香港交易所涨0.05%，收报415.4港元；中国移动跌 0.4%，收报87.25港元；汇丰控股跌0.47%，收报106.8港元。 ...

Market Overview - The Hong Kong stock market showed a significant recovery on November 24, with all three major indices ending a streak of declines[9] - Large tech stocks performed strongly, with Kuaishou rising over 7%, and NetEase and Bilibili increasing over 5%[9] - The Hang Seng Tech Index closed at 5,546, up 2.78% for the day and 24.11% year-to-date[3] Sector Performance - Innovative pharmaceuticals and outsourcing concepts saw notable gains, with companies like Innovent Biologics rising over 6%[9] - Military stocks also performed well, with China Shipbuilding Defense up over 13%[9] - Oil stocks were weak, with China National Offshore Oil Corporation and China Oilfield Services both declining over 1%[9] U.S. Market Insights - On the same day, U.S. markets saw all three major indices close higher, driven by increased bets on a Federal Reserve rate cut[9] - The "Magnificent Seven" tech stocks, including Google and Nvidia, all rose, with Google gaining over 6%[9] - The S&P 500 index is projected to achieve double-digit annual growth according to HSBC strategists[14] Economic Indicators - The Federal Reserve is expected to cut rates in December, with market predictions showing a 70% probability[14] - The U.S. economy's third-quarter GDP report has been delayed due to a government shutdown, affecting economic analysis[14] Investment Trends - The Nasdaq Golden Dragon China Index rose by 2.82%, indicating a positive trend for Chinese concept stocks[13] - Significant inflows into semiconductor stocks were noted, with companies like Broadcom surging 11%[13]

Group 1: Market Indices - The chemical sector indices experienced significant declines, with the chemical raw materials index down 8.61%, chemical machinery index down 7.11%, pharmaceutical index down 6.63%, and pesticide and fertilizer index down 5.94% [1] - In contrast, the oil sector indices showed mixed results, with the oil processing index up 1.4% and the oil extraction index up 0.67%, while the oil trade index fell by 4.96% [1] Group 2: Oil Prices - The sentiment in the crude oil market turned bearish due to the Trump administration urging Ukraine and Russia to reach a peace agreement, alongside a strengthening US dollar, leading to a decline in oil prices [1] - As of November 21, the settlement price for West Texas Intermediate (WTI) crude oil futures was $58.06 per barrel, down 3.38% from November 14, while Brent crude oil futures settled at $62.56 per barrel, down 2.84% [1] Group 3: Chemical Products - The top five rising petrochemical products included industrial-grade lithium carbonate up 13.67%, dimethyl carbonate up 12.32%, lithium battery electrolyte up 8%, sulfur up 7.54%, and folic acid up 6.25% [2] - Conversely, the top five declining petrochemical products were liquid chlorine down 6.25%, diethylene glycol down 5.35%, isooctyl acrylate down 5.13%, PVC by ethylene method down 3.49%, and tetrachloroethylene down 3.49% [2] Group 4: Stock Performance - In the capital market, the top five gaining listed chemical companies were Guofeng Plastics up 33.33%, Huarong Chemical up 27.82%, Tongyi Co. up 16.51%, Chenguang New Materials up 16.37%, and Tongcheng New Materials up 14.75% [2] - The top five declining listed chemical companies included Annada down 26.13%, Taihe Technology down 25.64%, Jiaao Enpro down 25.62%, Jianye Co. down 24.85%, and Sanfangxiang down 23.33% [2]

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - **Oil**: OPEC+ maintains its production - increasing stance, and the global economy and demand are not good. With the new peace talks between Russia and Ukraine attracting market attention and the geopolitical tension risk easing, international oil prices are expected to be weak in the short - term, but the rise of the US stock market has pushed international oil prices to end higher after a decline [1]. - **Silver**: Affected by the Fed's interest - rate cut expectations, risk appetite is boosted, and the bullish attribute of precious metals increases. Silver is expected to fluctuate upwards, and the divergence between gold and silver should be noted [1]. - **Iron Ore**: The supply - demand situation of iron ore is improving marginally, and the demand resilience supports the rebound of ore prices. However, considering the drag of off - season steel, ore prices are expected to have room for correction. It is recommended to combine range trading and selling at high prices [3]. - **Manganese Silicon**: In the off - season, steel production may decline seasonally. Although the production of manganese silicon has been decreasing recently, the overall supply contraction is limited due to the upcoming new production capacity. The market inventory pressure is difficult to relieve significantly, and the price is expected to run at a low level around the cost [4]. - **Rebar**: The supply - demand contradiction in the steel market is not obvious recently, inventory is still decreasing, and manufacturers have a strong willingness to support prices. Short - term steel prices may fluctuate upwards, but the weak off - season demand may limit the upward space [5]. - **Rubber**: The domestic rubber - producing areas are gradually entering the production - reducing and suspension season, and the supply shortage expectation is rising. However, the arrival of overseas ships is expected to increase, and the terminal demand support is insufficient. The natural rubber market is expected to fluctuate weakly in the short term [6]. - **Rapeseed Meal**: The clearance process of Australian rapeseed arrivals has become the core focus of the market. The spot market faces the double situation of slow trading rhythm and strong inventory reduction pressure. Short - term rapeseed meal prices will maintain a volatile pattern [7]. - **Live Pigs**: The current market supply pressure persists. Although the pickling demand in some regions supports pig prices to a certain extent, the supply - demand pattern has not changed, and there is a lack of continuous upward momentum. The LH2601 contract still has downward pressure in the short term [9]. - **Palm Oil**: Domestic palm oil has continued to arrive in large quantities, leading to inventory accumulation, which is bearish for palm oil. However, the strong willingness of traders and oil mills to support prices provides some support. The near - month contract is expected to run weakly in the short term [9]. - **Short - term Treasury Bonds**: The winning bid rate of the Treasury cash is lower than the previous period, indicating a significant decline in inter - bank capital costs and a continuous loosening of the capital market. The bond market is expected to fluctuate slightly upwards in the medium term [10]. - **Gold**: The Russia - Ukraine conflict remains unresolved, and the Fed's interest - rate cut expectations are increasing. Gold is expected to fluctuate upwards and may oscillate at a high level in the medium term [10]. - **PX**: Due to good blending oil benefits and other factors, PXN continues to expand, which strongly supports PX. PX is expected to run strongly in the short term, with the risk of a sharp drop in crude oil [11]. - **Methanol**: Domestic methanol production is at a high level, downstream demand is stable, and port inventory is decreasing. The methanol 01 contract is expected to fluctuate in the short term, with support at the 2060 level [11][12]. - **Glass**: The profit of float glass enterprises is stable at a low level, production is expected to be stable, and inventory is higher than in previous years. The glass 01 contract is expected to fluctuate weakly in the short term, with pressure at the 1035 level [12]. - **PVC**: Domestic PVC production is expected to remain high, downstream demand is weak, and inventory is expected to increase. The cost provides strong support. The PVC 01 contract is expected to fluctuate in the short term, with pressure at the 4540 level [13]. 3. Summary by Variety Energy and Chemicals - **Oil**: As of November 21, the number of active drilling rigs in the US reached 419, the highest since October. The US has proposed a 28 - point new plan to end the Russia - Ukraine conflict [1]. - **PX**: This week's PX output was 74.81 million tons, a week - on - week decrease of 0.41%. The domestic PX average weekly capacity utilization rate was 89.21%, a week - on - week decrease of 0.36% [11]. - **Methanol**: The market price of methanol in Jiangsu Taicang is 2053 yuan/ton, an increase of 53 yuan/ton. The domestic methanol weekly capacity utilization rate is 88.75%, an increase of 1.8% [11]. - **Rubber**: As of November 23, the total inventory of natural rubber in Qingdao was 468,900 tons, a week - on - week increase of 16,300 tons, an increase of 3.60% [6]. - **Palm Oil**: As of November 21, the commercial inventory of palm oil in key domestic areas was 667,100 tons, a week - on - week increase of 13,900 tons, an increase of 2.13% [9]. Metals - **Silver**: Fed officials' statements have increased the expectation of an interest - rate cut, boosting the bullish sentiment of silver [1]. - **Iron Ore**: From November 17 to 23, the total arrival volume of iron ore at 47 ports in China was 2.9395 million tons, a week - on - week increase of 569,600 tons [3]. - **Manganese Silicon**: The weekly demand for silicon - manganese in five major steel products this week was 121,407 tons, a week - on - week increase of 2.38%. The weekly supply decreased by 1.33% to 196,910 tons [4]. - **Rebar**: On November 24, the domestic steel market prices mainly rose slightly. The average price of 20mm grade - 3 earthquake - resistant rebar in 31 major cities was 3283 yuan/ton, an increase of 15 yuan/ton from the previous trading day [5]. - **Gold**: The US and Ukraine have completed a 19 - point peace agreement draft, but sensitive issues remain to be determined [10]. - **PVC**: The price of East China SG - 5 type PVC is 4440 yuan/ton, a day - on - day increase of 20 yuan/ton. The PVC capacity utilization rate is 78.83%, a week - on - week increase of 0.32 percentage points [13]. - **Glass**: The average price of national float glass is 1094 yuan/ton, a day - on - day decrease of 9 yuan/ton. The float glass start - up rate is 74.86%, a week - on - week decrease of 0.14 percentage points [12]. Agricultural Products - **Rapeseed Meal**: As of November 21, the rapeseed inventory of major coastal oil mills was 0 tons, the rapeseed meal inventory was 0.01 million tons, a week - on - week decrease of 0.19 million tons [7]. - **Live Pigs**: On November 24, the average price of pork in the national agricultural product wholesale market was 17.92 yuan/kg, an increase of 0.1% from last Friday [9]. - **Eggs**: On November 24, the price of eggs was 7.35 yuan/kg, an increase of 1.2% from last Friday [9]. Bonds - **Short - term Treasury Bonds**: On November 24, the winning bid rate of the 2025 central Treasury cash management commercial bank time deposit (the eleventh issue) was 1.73%, lower than the previous 1.76% [10].