美国财政部（资料图） 当地时间10月29日，美国宣布对俄罗斯实施新一轮制裁，重点针对俄罗斯两大石油巨头——卢克石油公 司与俄罗斯石油公司。这两家公司及其34家子公司被列入制裁名单，涉及石油天然气勘探、开采与开发 等业务。美国公民及企业被禁止与其进行交易，且其50%以上控股实体均自动受限。 本轮制裁与英国10月15日、欧盟10月23日分别发布的制裁措施相呼应，后者包括自2026年4月起禁止短 期合约进口俄罗斯液化天然气，并自2027年起全面实施长期禁令。 ...

Core Viewpoint - The Ministry of Ecology and Environment will continue to develop a product carbon footprint management system, focusing on both the calculation and practical application of carbon footprints in products [1] Group 1: Carbon Footprint Management - The Ministry will deepen research on electricity carbon footprint factors and continuously update and publish annual electricity carbon footprint factors [1] - There will be efforts to establish national standards for electricity product carbon footprints and improve the standard system [1] - The Ministry aims to advance the development of carbon footprint standards for other basic energy sources and key products in the transportation sector [1] Group 2: Database and International Cooperation - A guideline for building a product carbon footprint factor database will be released, accelerating the establishment of a national product carbon footprint factor database [1] - The Ministry will collaborate with relevant departments to research carbon footprint management systems, expand application scenarios, and enhance international recognition of electricity carbon footprint factor data [1]

Core Viewpoint - The CEO of Saudi Aramco, Amin Nasser, stated that global energy demand remains strong, primarily driven by countries in the Global South [1] Group 1: Global Energy Demand - 80% of current global energy demand is derived from fossil fuels, indicating their continued importance in the energy structure for the coming decades [1] - Global daily oil demand is expected to increase by 1.1 to 1.4 million barrels by 2026 [1] Group 2: Saudi Aramco's Plans - Saudi Aramco plans to increase natural gas production by 60% by 2030 [1] - The company continues to invest in renewable energy and the liquid raw materials chemical sector [1] - Despite a slowdown in global exploration activities, Saudi Aramco is actively pursuing new opportunities in gas and other fields [1] Group 3: Event Context - The "Future Investment Initiative" conference, the largest international investment and innovation forum in the Middle East, is currently taking place in Riyadh [1]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The "15th Five - Year Plan" proposes to develop strategic emerging industries, achieve key technological breakthroughs, boost consumption, and improve the capital market [2][17] - The central bank will implement a moderately loose monetary policy, consolidate the positive momentum of the capital market, and study and reserve new policy measures [2][19] - The development trends of various industries such as metals, energy, and agriculture show different characteristics, including price changes, production changes, and trade situations [5][10][13] - The bond market shows mixed trends, with different performances in yields and prices of various bonds, and different views on the impact of the central bank's resumption of treasury bond trading [25][31] - The stock market has a volatile trend, with A - shares and Hong Kong stocks showing different performances, and the regulatory authorities plan to promote the reform of the capital market [35] 3. Summary by Directory 3.1 Macro Data - GDP in Q3 2025 had a year - on - year growth rate of 4.8%, down from 5.2% in the previous quarter but higher than 4.6% in the same period last year [1] - Manufacturing PMI in September 2025 was 49.8%, up from 49.4% in the previous month and the same as last year [1] - Non - manufacturing PMI in September 2025 was 50.0%, down from 50.3% in the previous month and the same as last year [1] - Other macro - economic indicators such as social financing scale, M0, M1, M2, etc. also showed different changes [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The "15th Five - Year Plan" aims to develop strategic emerging industries and achieve technological breakthroughs [2] - The central bank will implement a moderately loose monetary policy and consolidate the capital market [2] - Regarding the EU - China trade negotiation on rare earths, China hopes for dialogue and a non - discriminatory business environment [3] - On October 28, 41 domestic commodity varieties had positive basis, and 28 had negative basis [3] - A large - scale transaction in the interest rate market may indicate a change in the trend and the end of the Fed's QT policy [4] 3.2.2 Metals - The tungsten market has resumed its upward trend, with prices of black tungsten concentrate, APT, and tungsten powder rising [5] - As of October 27, the inventories of zinc, lead, copper, etc. in the London Metal Exchange showed different changes [5] - On October 27, the world's largest gold ETF had a net capital outflow of $1 billion [6] - The Bank of Korea is considering buying gold for the first time since 2013 [6] 3.2.3 Coal, Coke, Steel, and Minerals - Qingshan Steel plans to cut production by over 300,000 tons from November 2025 to January 2026 [7][8] - The US and Japan reached an agreement on ensuring the supply of key minerals and rare earths [8] - Indonesia issued a copper concentrate export license to Amman Mining [9] - The use of coal has reached a record high [9] - Vale is satisfied with its copper mining results [9] 3.2.4 Energy and Chemicals - The Xinjiang Jimsar shale oil demonstration area has an annual output exceeding 1.5 million tons for the first time [10] - In the first three quarters of 2025, Russia's natural gas exports to Europe decreased significantly [10] - The IEA predicts that LNG prices may decline in the next 5 years [10] - Indian refiners have suspended new orders for Russian oil [11] - Saudi Aramco expects daily oil demand growth of 1.1 - 1.4 million barrels next year and plans to invest nearly $2 billion in digital companies in the next three years [12] 3.2.5 Agricultural Products - China's grain is expected to have a good harvest this year, and the supply of "vegetable basket" products is sufficient [13] - Peruvian coffee beans will participate in the 8th CIIE [13] - Indonesia's palm oil production is expected to increase by 10% in 2025 [13] - Japan promised to buy $8 billion of soybeans and other commodities from the US [13] - As of October 26, the EU's soft wheat exports in the 2025/26 season decreased compared with the same period last year [13] - Brazil's soybean meal exports in October are expected to be 2.08 million tons [14] 3.3 Financial News Compilation 3.3.1 Open Market - On October 28, the central bank conducted 475.3 billion yuan of 7 - day reverse repurchase operations, with a net investment of 315.8 billion yuan [16] 3.3.2 Important News - The "15th Five - Year Plan" has set various economic and social development goals and measures [17][18][19] - The central bank will implement a moderately loose monetary policy and strengthen financial supervision [19] - China and ASEAN signed an upgrade protocol for the FTA [19] - China hopes to resolve Sino - EU trade differences through dialogue [20] - China is committed to opening up the financial sector [20] - FAB will become the second RMB clearing bank in the UAE [20] - In 2024, Guangdong had the highest number of births and the largest population increase [21] - A Shanghai financial court made a judgment in a bond false statement case [21] - China's real estate industry is undergoing anti - corruption and rectification [22] - The US Senate failed to pass a bill to end the government shutdown [22] - Some bonds were suspended, and some companies had new borrowings or won land bids [23] - Some companies' credit ratings were adjusted [24] 3.3.3 Bond Market Summary - The long - term bond yields in the Chinese bond market rebounded slightly, and treasury bond futures rose [25] - The bond prices in the exchange market showed different trends [25] - The convertible bond index declined [26] - The money market interest rates showed mixed trends [26][27] - The yields of some financial bonds were determined [27] - European and US bond yields showed different trends [28] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the RMB central parity rate also rose [29] - The US dollar index declined, and non - US currencies showed different trends [29] 3.3.5 Research Report Highlights - CITIC Securities believes that the current term spread has limited upward space [31] - CITIC Securities believes that the central bank's resumption of treasury bond trading is to cooperate with fiscal policy, and the bond market may decline in the short term [31] - Huatai Fixed Income believes that the bond market is likely to react once, and the central bank's treasury bond trading may be normalized [31] - Changjiang Fixed Income believes that the central bank cares about liquidity, and the cross - month capital may be stable with some fluctuations [32] - Guosheng Fixed Income believes that the central bank's treasury bond trading may reduce the possibility of a reserve requirement ratio cut and benefit the bond market [32] - Shenwan Fixed Income believes that the central bank's treasury bond trading may have a short - term positive impact on the bond market [32] 3.3.6 Today's Reminders - On October 29, 234 bonds were listed, 119 bonds were issued, 124 bonds were paid, and 198 bonds were redeemed [34] 3.4 Stock Market News - The CSRC will promote the reform of the capital market and strengthen the fight against cross - border illegal activities [35] - The first batch of newly registered enterprises in the Sci - tech Innovation Growth Layer was listed, and the SSE will support more high - tech fields [35] - A - shares fluctuated and closed down, with military stocks rising and some sectors falling [35] - The top ten heavy - holding stocks of public funds in Q3 2025 were released, with some changes compared with Q2 [35][36] - The Hong Kong stock market closed down, with southbound funds having a net purchase of HK$2.258 billion [36]

Core Viewpoint - The recent developments in U.S.-Russia relations, particularly regarding the Ukraine conflict, indicate a shift in President Trump's approach, moving from optimism about achieving a ceasefire to a more cautious stance, as he expresses disappointment over the lack of progress in negotiations [1][3][4]. Group 1: U.S.-Russia Relations - Trump has expressed disappointment in the progress of U.S.-Russia relations and the ongoing Ukraine conflict, indicating that he had hoped for a ceasefire by now [1][4]. - Following a phone call with Putin, Trump proposed a meeting in Budapest, which he later canceled, citing a desire not to waste time on unproductive discussions [2][3]. - The U.S. Treasury announced sanctions against major Russian oil companies, which may signal a deterioration in U.S.-Russia relations [1][5][6]. Group 2: Sanctions and Economic Impact - The U.S. sanctions target state-owned and private Russian oil companies, which account for nearly 50% of Russia's oil exports, indicating a significant economic impact [5][6]. - The European Union has also implemented new sanctions, including a ban on Russian liquefied natural gas, which could further strain the Russian economy [5][6][7]. - Experts suggest that while sanctions may not have a substantial economic impact, they could damage the gradually improving U.S.-Russia relationship [7][8]. Group 3: Negotiation Dynamics - There is a fundamental disagreement between Trump and Putin regarding the conditions for a ceasefire, with Trump advocating for an immediate ceasefire while Putin emphasizes addressing the root causes of the conflict [10][14]. - Ukraine's position has shifted towards seeking a ceasefire, with support from European leaders, but significant differences remain regarding territorial issues [11][14]. - The ongoing diplomatic efforts are complicated by the need for a comprehensive solution that includes input from Ukraine and European nations [10][14][15].

Core Viewpoint - The CEO of Saudi Aramco, Amin Nasser, emphasized that global oil demand remains strong and that oil and gas will continue to be significant components of the energy mix for decades to come [1] Group 1: Global Oil Demand - Global oil demand has been robust prior to the sanctions imposed by the UK and the US on major Russian oil companies [1] - The sanctions aim to undermine the Russian oil industry and significantly impact its revenue sources [1] Group 2: Impact of Sanctions - The effects of the sanctions on the global oil market are yet to be fully observed [1] - Nasser's comments reflect a renewed recognition of the importance of hydrocarbons in energy policies [1]

Industry News - The National Energy Administration emphasizes the acceleration of building a new energy system, increasing the proportion of renewable energy supply, and constructing a new power system as part of the 14th Five-Year Plan [4] - The Ministry of Industry and Information Technology has announced the public listing of the 2025 industrial energy-saving and carbon reduction standards research projects, aiming to enhance energy efficiency and carbon reduction in the industrial sector [4] - A significant advancement in next-generation photovoltaic technology has been achieved, with a new all-perovskite tandem solar cell reaching over 30% efficiency, published in the prestigious journal Nature [4] - The first hydrogen-powered cultural tourism train in China, "Hydrogen Spring," has been launched, marking a breakthrough in green rail transportation with zero carbon emissions [6] Company News - The Ministry of Industry and Information Technology has released a public list of national green data centers for 2025, including the Guian Data Center of State Power Investment Corporation and the Southern Power Grid Green Smart Data Center [6] - China Huaneng has made progress in establishing international standards for ion exchange resins, with a new proposal successfully initiated, indicating the formation of a standard cluster led by Chinese technology [6] - Sinopec has registered its first electricity sales company in Chongqing, marking its entry into the electricity trading market, alongside other major oil companies [7] - The Dagang Oilfield gas storage facility has exceeded its annual gas injection target, ensuring natural gas supply for the Beijing-Tianjin-Hebei region this winter, with a record daily injection of 21.16 million cubic meters [8] - Two large hydropower projects in the Yarlung Tsangpo River basin have achieved synchronized river closure, marking a significant milestone in the construction of China's first integrated wind-solar-hydro power base [10] - The world's highest pumped storage power station, the State Grid Xinyuan Jiangsu Jurong Pumped Storage Power Station, has commenced full operation, with a total installed capacity of 1.35 million kilowatts [10] - The International Energy Agency reports a significant decline in Russian natural gas exports to Europe, with liquefied natural gas exports down 10% and pipeline gas exports down 45% in the first three quarters of 2025 [11] - Google has announced plans to restart a nuclear power plant in Iowa to supply power for its AI infrastructure, indicating a shift towards diverse energy sources for tech companies [11]

Core Insights - China National Petroleum Corporation (CNPC) has recently obtained a new invention patent titled "A Method and Device for Predicting In-Situ Fracture Initiation under Overpressure Fluid," with the application number CN202311236316.6 and an authorization date of October 28, 2025 [1] - The patent involves a method to calculate the in-situ fracture initiation based on overburden pressure and normal compaction pore pressure at a predicted depth point [1] - In 2023, CNPC has received a total of 1,435 patent authorizations, representing a decrease of 16.96% compared to the same period last year [1] R&D Investment - In the first half of 2023, CNPC invested CNY 9.899 billion (approximately USD 1.4 billion) in research and development, which is a year-on-year increase of 2.51% [1] Company Activities - CNPC has made investments in 1,290 enterprises and participated in 443 bidding projects [1] - The company holds 107 trademark registrations and has a total of 43,894 patent records [1] - Additionally, CNPC possesses 168 administrative licenses [1]

今年以来中国石油新获得专利授权1435个，较去年同期减少了16.96%。结合公司2025年中报财务数 据，今年上半年公司在研发方面投入了98.99亿元，同比增2.51%。 通过天眼查大数据分析，中国石油天然气股份有限公司共对外投资了1290家企业，参与招投标项目443 次；财产线索方面有商标信息107条，专利信息43894条；此外企业还拥有行政许可168个。 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，根据天眼查APP数据显示中国石油（601857）新获得一项发明专利授权，专利名为"一 种陆相含油气盆地有利成藏区带多因素定量评价方法"，专利申请号为CN202110842222.8，授权日为 2025年10月28日。 专利摘要：一种陆相含油气盆地有利成藏区带多因素定量评价方法属于油气资源综合评价技术领域。该 方法以油气成藏六大要素"生、储、盖、运、圈、保"的多地质因素为研究核心，建立油气成藏的动态过 程，通过以已发现油藏为标定，对地质参数的权重赋值，通过计算机算法实现成藏有利区带定量评价计 算 ...

Core Points - Ukraine's national oil and gas company needs to import over 4 billion cubic meters of natural gas to ensure a stable heating season this autumn and winter [1] - The company has suffered production losses due to Russian military airstrikes on gas facilities, marking the seventh attack in October [1] - Ukraine requires an additional financing of $1.9 billion to cover the costs of the extra gas imports, with most of the funds already raised [1] - The Ukrainian government has achieved a target of storing 13.2 billion cubic meters of winter gas, but ongoing airstrikes necessitate further imports to compensate for domestic production losses [1] Company Summary - The chairman of Ukraine's national oil and gas company, Sergey Koletsky, announced the need for additional gas imports due to damage from military actions [1] - The company is actively working with the government to secure necessary funding for gas imports [1] Industry Summary - The ongoing conflict has severely impacted Ukraine's gas production capabilities, leading to increased reliance on imports [1] - The situation highlights the vulnerability of energy infrastructure in conflict zones and the need for strategic planning in energy supply [1]