Core Points - China Petroleum & Chemical Corporation (Sinopec) has fully launched its geothermal heating services for this winter, covering over 70 cities and counties across 11 provinces and municipalities in China [1] - The geothermal heating capacity of Sinopec has been further enhanced, reaching a historical high of 12.6 million square meters, which can provide clean heating for more than 1.2 million households this season [1] - The initiative is expected to significantly reduce carbon emissions, contributing to environmental sustainability efforts [1]

02 科技赋能：智慧管控下的精准与高效 确保70余万平方米的广阔区域温暖如春，绝非易事。这背后依靠的是一套高度智能化、精细化的运维管 理体系。承担此项重任的大港油田新能源集团公司（新能源事业部），早在10月上旬便启动了全面的备 战工作，对旗下的12座能源站展开了"地毯式"的检修与保养。 据该公司的地热运行管控中心副主任介绍，运维团队对每一个细节都执行着近乎严苛的标准。 时至2025年11月中旬，随着一股强冷空气的来临，中国北方地区正式进入了供暖季。与往年不同，天津 大港油田的众多办公楼宇内，感受到的不再是传统锅炉带来的干燥热风，而是一种源自地球深处的恒久 温暖。11月13日，中国石油旗下规模最大的浅层地热群——大港油田浅层地热群，在回水温度达到标准 后，正式开启了新一轮的供暖模式，为超过70万平方米的建筑带来了绿色、清洁的热源。 这一举措不仅是对传统能源企业转型升级的一次生动诠释，更是对国家"双碳"战略目标的积极响应。在 全球能源结构深刻变革与中国大力推进生态文明建设的宏大背景下，大港油田主动求变，将深耕地下能 源的传统优势，巧妙地转化为开发清洁能源的"新动能"。这片昔日的采油热土，正在华丽转变为一片输 送绿 ...

1. Report Industry Investment Rating No information provided on the industry investment rating in the report. 2. Core Views of the Report - Crude oil prices are expected to continue to fluctuate due to weak supply and demand and the impact of sanctions on Russian oil companies [1]. - Fuel oil prices are likely to oscillate. The spread between low - sulfur and high - sulfur fuel oil is expected to remain at a relatively high level, and attention should be paid to the impact of attacks on Russian oil terminals [1]. - Asphalt prices are viewed with a bearish bias in the short - term as supply and demand both decline, with the supply decline being smaller than the demand decline [3]. - Polyester prices are expected to be volatile. PTA prices may show strong fluctuations, while ethylene glycol prices will likely have a wide - range adjustment [3][5]. - Rubber prices are expected to fluctuate as supply pressure increases and downstream demand is weak, but winter storage demand provides some support [5]. - Methanol prices are expected to maintain a bottom - level oscillation. Iranian supply may decline, and port inventories are likely to start decreasing from mid - December to early January [5][7]. - Polyolefin prices are expected to approach a bottom - level oscillation. Supply will remain high, and demand will weaken, but low valuations may prompt downstream buying [7]. - PVC prices are expected to oscillate at the bottom. Although the fundamentals are bearish, the narrowing of the hedging space due to the repair of the basis may limit further price drops [7][8]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Monday, WTI December contract closed down $0.18 to $59.91 per barrel (down 0.3%), Brent January contract closed down $0.19 to $64.2 per barrel (down 0.3%), and SC2512 closed up 1.3 yuan to 460 yuan per barrel (up 0.28%). US sanctions on Russian oil companies are taking effect, and the price of Russia's flagship Urals crude has dropped to a three - year low. Current oil prices lack a clear driver under the weak supply - demand situation [1]. - **Fuel Oil**: On Monday, the main fuel oil contract FU2601 on the SHFE closed down 0.92% at 2,593 yuan per ton, and the low - sulfur fuel oil contract LU2601 closed up 0.43% at 3,236 yuan per ton. Singapore is expected to receive 2.9 - 3 million tons of low - sulfur fuel oil from the West in November. Adequate supply is offset by relatively healthy downstream demand [1]. - **Asphalt**: On Monday, the main asphalt contract BU2601 on the SHFE closed up 0.13% at 3,032 yuan per ton. Refineries are releasing a large number of low - price forward contracts, putting pressure on spot prices. Supply may decline slightly due to falling profits, and downstream demand is limited due to weather conditions [3]. - **Polyester**: TA601 closed down 0.17% at 4,692 yuan per ton, EG2601 closed up 0.41% at 3,938 yuan per ton, and PX futures contract 601 closed down 0.15% at 6,796 yuan per ton. Some polyester and ethylene glycol plants have changes in their operating schedules. Indian cancellation of BIS certification is beneficial for PTA and its downstream exports [3][5]. - **Rubber**: On Monday, the main natural rubber contract RU2601 closed up 100 yuan to 15,315 yuan per ton, NR main contract closed up 90 yuan to 12,355 yuan per ton, and BR main contract closed up 10 yuan to 10,455 yuan per ton. Rubber supply is increasing seasonally, and downstream demand is weak, but winter storage demand supports prices [5]. - **Methanol**: On Monday, the spot price in Taicang was 2,012 yuan per ton. Domestic supply has recovered to a high level, but Iranian supply may decline in late November to December. Port inventories are expected to start decreasing from mid - December to early January [5][7]. - **Polyolefins**: On Monday, the mainstream price of East China拉丝 was 6,380 - 6,580 yuan per ton. Production profits are negative across different production methods. Supply will remain high, and demand will weaken after the e - commerce activities [7]. - **PVC**: On Monday, the PVC market prices in East, North, and South China showed different trends. Supply remains high, domestic demand is slowing, and exports are cautiously optimistic. The price is expected to oscillate at the bottom [7][8]. 3.2 Daily Data Monitoring - The report provides the basis data for various energy and chemical products on November 18, 2025, including spot prices, futures prices, basis, basis rates, price changes, and the quantile of the latest basis rate in historical data [9]. 3.3 Market News - A preliminary survey shows that US crude and distillate inventories are expected to decrease last week, while gasoline inventories are expected to increase. As of the week ending November 14, US crude inventories are estimated to have decreased by about 2 million barrels [13]. - The price of Russia's flagship Urals crude in the Black Sea has dropped to $36.61 per barrel, a three - year low, due to upcoming US sanctions on Russian oil companies [13]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts for multiple energy and chemical products from 2021 to 2025, including crude oil, fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [15][16][17] - **4.2 Main Contract Basis**: There are charts showing the basis of main contracts for various products such as crude oil, fuel oil, asphalt, etc., over different time periods [32][34][37] - **4.3 Inter - period Contract Spreads**: The report includes charts of spreads between different contracts for fuel oil, asphalt, PTA, ethylene glycol, etc. [44][46][50] - **4.4 Inter - variety Spreads**: Charts display spreads between different varieties, such as crude oil's internal - external spread, B - W spread, fuel oil's high - low sulfur spread, etc. [62][64][66] - **4.5 Production Profits**: There are charts showing the production profits of LLDPE, PP, etc. [71]

资料显示，中国石油天然气股份有限公司位于北京市东城区东直门北大街9号,香港金钟道89号力宝中心 2座3705室，成立日期1999年11月5日，上市日期2007年11月5日，公司主营业务涉及(i)原油及天然气的 勘探、开发、生产、输送和销售以及新能源业务;(ii)原油及石油产品的炼制,基本及衍生化工产品、其他 化工产品的生产和销售以及新材料业务;(iii)炼油产品和非油品的销售以及贸易业务;及(iv)天然气的输送 及销售业务。主营业务收入构成为：炼油产品69.64%，原油43.27%，天然气39.98%，化工产品8.78%， 其他7.00%，加油站非油品销售0.86%，其他收入0.04%，管输业务0.03%。 截至9月30日，中国石油股东户数50.39万，较上期增加4.46%；人均流通股324618股，较上期减少 4.33%。2025年1月-9月，中国石油实现营业收入21692.56亿元，同比减少3.86%；归母净利润1262.79亿 元，同比减少4.71%。 分红方面，中国石油A股上市后累计派现8752.80亿元。近三年，累计派现2470.78亿元。 机构持仓方面，截止2025年9月30日，中国石油十大流通股 ...

来 新同 记者11月17日从中国石油获悉，我国西北地区规模最大的新疆油田二氧化碳捕集封存与利用项目累计注入二氧化碳突破200万吨，标志着我国在高碳排放地 区推进大规模二氧化碳封存，促进油气增产和绿色低碳发展方面取得重要进展。 求机 新闻 STA 0.4kV配电室 97 目前，准噶尔盆地东、中、西部已实现二氧化碳规模化注入全覆盖。按照规划，"十五五"期间新疆油田将加快建设覆盖主要油气区块的"四纵两横"二氧化碳 输送管网，替代现有槽车运输模式，进一步降低运输成本，推动煤电—新能源—二氧化碳捕集封存与利用一体化发展，打造千万吨级二氧化碳捕集封存与利 用基地。 （总台央视记者 朱江 张伟） 新疆油田二氧化碳捕集封存与利用项目，通过捕集本地煤电、煤化工企业排放的二氧化碳，经槽车运输至采油现场，注入地下油藏后不仅实现永久性封存， 更能通过驱替作用提升原油采收率，形成工业减排与油田增产的双赢格局。今年以来，已封存二氧化碳80万吨，运行两年来累计往地下注入二氧化碳突破 200万吨，试验区日产原油由每天12吨增产至每天100吨。 ...

记者今天（11月17日）从中国石油获悉，我国西北地区规模最大的新疆油田二氧化碳捕集封存与利用项 目累计注入二氧化碳突破200万吨，标志着我国在高碳排放地区推进大规模二氧化碳封存，促进油气增 产和绿色低碳发展方面取得重要进展。（央视新闻） ...

Investment Strategy - The oil and gas capital expenditure trend is declining, leading to a slowdown in supply growth. Since the signing of the Paris Agreement in 2015, global capital expenditure in the oil and gas upstream sector has significantly decreased, with a notable drop of nearly 22% from the 2014 peak to $351 billion in 2021. This trend is expected to continue as major energy companies face pressure from policies aimed at carbon reduction and are shifting focus towards energy transition and renewable projects [10][27]. - The current active drilling rig count in the US remains low, and the cost of new wells is close to current oil prices, limiting profit margins. This suggests that the growth rate of US oil production is likely to slow down, with evidence of this trend emerging in the first half of 2025 [10][27]. - OPEC+ has implemented production cuts that exceed expectations, indicating that there will be limited supply growth in the coming year [10][27]. Oil Industry - OPEC has shifted its outlook from a supply shortage to an anticipated oversupply in the global oil market, resulting in a significant drop in oil prices. Brent crude oil prices fell to $63.14 per barrel, down 2.56% week-on-week, while WTI prices decreased to $59.69 per barrel, down 0.65% [11][32]. - The report suggests monitoring companies that may benefit from the mid-high price fluctuations of oil, such as China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [11]. Coal Industry - The market for thermal coal remains stable, with prices experiencing fluctuations. The average market price for thermal coal at Qinhuangdao Port was reported at 817.1 yuan per ton, an increase of 4.67% from the previous week. However, downstream demand remains cautious, with many buyers adopting a wait-and-see approach [12][13]. - The report highlights the importance of domestic coal companies like China Shenhua Energy and Shaanxi Coal and Chemical Industry Group, which are expected to benefit from the stable pricing environment and their resource advantages [13]. Natural Gas Industry - There is a growing demand for LNG imports in Asia, driven by energy transition efforts in major economies such as China, Japan, and South Korea. This has led to active negotiations for long-term contracts with major LNG exporting countries [15][16]. - The average price of natural gas in the US increased to $4.5 per million British thermal units, reflecting a 4.6% rise from the previous week [15][30]. Oilfield Services Industry - The oilfield services sector is expected to maintain its growth due to government policies aimed at ensuring energy security. In 2023, the total capital expenditure of the three major oil companies reached 583.3 billion yuan, reflecting a compound annual growth rate of 4.9% since 2018 [17][18]. - The report indicates that despite falling oil prices, capital expenditures remain high, which is likely to sustain the industry's overall health [17].

Group 1: Market Overview - The Hong Kong stock market experienced a decline this morning, with the Hang Seng Index dropping over 0.8% at one point [1][7] - In contrast, the A-share market saw a surge in multiple sectors, particularly in defense and military, which rose over 2.5% [2] - The lithium mining concept also saw significant gains, with related stocks experiencing a surge [5][6] Group 2: Notable Stocks - Jiangyang Group in the Hong Kong market saw a dramatic increase, with its stock price rising over 80% during trading [9] - In the A-share market, Jianglong Shipbuilding hit the "20cm" limit up, while several other stocks in the defense sector also saw gains exceeding 10% [2] - The computer sector also witnessed a surge, with stocks like Borui Data hitting the "20cm" limit up [2] Group 3: Company Announcements - Jiangyang Group announced plans for privatization, proposing to cancel all planned shares at a price of HKD 0.245 per share, which represents an approximately 87% premium over the last trading price of HKD 0.131 [11] - The company has 1 billion shares issued and intends to use internal cash resources to cover the maximum cash consideration of HKD 245 million for the plan [11]

可换股债券的发行价为2.38亿港元(即可换股债券本金额100%)。根据每股股份的初步兑换价0.377港元， 在全面兑换可换股债券时，将配发及发行最多6.31亿股新股份，相当于本公司于本公告日期现有已发行 股本约110.49%;经发行换股股份(假并无购回股份或发行其他新股份)而扩大后本公司的已发行股本约 52.49%。 阳光油砂(02012)发布公告，本公司与认购人(为本公司执行主席孙国平(孙先生)的全资及直接拥有的公 司)于2025年11月14日(香港时间，交易时段结束后)订立认购协议。本公司有条件同意发行而认购人有条 件同意认购固定利率可换股债券，作为本公司对认购人应付债务的全部及最终结算，该等债券将由本公 司发行，总金额2.38亿港元。 董事认为，透过发行股份清偿应付债务，将有助于将本公司欠认购人的债务延长两年，同时显著降低本 公司的利息成本，因为目前未偿还的2.38亿港元余额按年利率10.0%计息。倘可换股债券于未来转换为 股份，本公司的债务及资本负债比率将得以降低，而无须涉及重大现金流出。与此同时，认购人将再次 成为本公司的控股股东，这将有助于融资交易，因为投资者通常更喜欢甚至要求拥有主要/控股股权， ...

Core Points - China Petroleum & Chemical Corporation (Sinopec) has launched geothermal heating services for this winter, covering over 70 cities and counties across 11 provinces, providing clean heating for more than 1.2 million households [1][2] - The geothermal heating capacity has reached a historical high of 126 million square meters, which can reduce carbon dioxide emissions by nearly 6.2 million tons annually [1] - Sinopec has implemented equipment upgrades to ensure stable heating services and utilizes smart technology for real-time monitoring and management of heating operations [1] Group 1 - Sinopec is the largest developer of medium and deep geothermal energy in China, with geothermal heating capacity exceeding one million square meters in over 30 cities and counties [2] - The company has achieved full coverage of geothermal heating in Xiong County, Hebei, creating China's first "smokeless city" for clean heating, which has been recognized by the International Renewable Energy Agency [2] - Sinopec has successfully drilled China's first deep geothermal scientific exploration well, reaching over 5,000 meters, and has contributed to over 50% of industry standards and the first international geothermal standard in the global geothermal field [2]