央视网消息：全球首个超稠油开采塔式光热替代示范工程项目在新疆投产，标志着我国油气开采绿色低 碳转型取得重大技术突破。 ...

Group 1 - The company has approved a share repurchase plan with a budget between RMB 100 million and RMB 200 million, with a maximum repurchase price of RMB 3.89 per share, and the repurchase period is set for 12 months from the board's approval date [2] - As of September 12, 2025, the company has not yet initiated the stock repurchase and will implement the plan based on market conditions [3] - The company commits to adhering to relevant regulations regarding share repurchase and will disclose information on the progress of the repurchase in a timely manner [4]

（文章来源：证券时报） ...

Group 1: Alibaba and Gaode's New Initiative - Gaode, a subsidiary of Alibaba, launched the "Gaode Street Ranking," the world's first ranking based on user behavior data, emphasizing that it will "never be commercialized" [2][4] - The initiative aims to "rebuild the offline service credit system" and includes the "Firewood Good Store Support Plan," which offers 200 million yuan in ride-hailing vouchers, 950 million yuan in consumption vouchers, and 30 million yuan in cash incentives [2][4] - The ranking utilizes a "trustworthy algorithm" based on real user behavior data, ensuring authenticity and fairness, allowing small shops to gain visibility without incurring traffic costs [2][4] Group 2: Challenges and Future Potential - The model faces challenges, including data collection blind spots for certain demographics, such as elderly consumers, which may lead to underrepresentation of local shops [2] - The AI's logic for identifying "abnormal reviews" remains unclear to users and merchants, potentially leading to misjudgments of unique small shops [2][3] Group 3: Strategic Implications - The launch of the "Gaode Street Ranking" is a strategic move by Alibaba to deepen its local life services, focusing on rebuilding offline service credibility and enhancing user engagement [4] - The "Firewood Good Store Support Plan" not only empowers small shops to stimulate consumption but also helps Gaode accumulate scene traffic [4]

Core Insights - China National Offshore Oil Corporation (CNOOC) has successfully completed surface operations for six development wells in the Dongfang 1-1 gas field, setting a new domestic record for drilling speed with a maximum daily penetration of 2,618 meters on August 12 [1][3] - This project is notable as it is China's first high-temperature, high-pressure, low-permeability natural gas development project, with reservoir temperatures reaching 150 degrees Celsius and pressure coefficients exceeding 1.8 [1][3] Group 1 - The drilling operation not only represents a breakthrough in offshore drilling speed but also surpasses the drilling speed records of onshore gas wells [3] - The operation team utilized a self-developed "Drilling Optimization System" that employs big data analysis to optimize drilling parameters, allowing for efficient coordination among various technical personnel and equipment [3] - During the 14th Five-Year Plan period, CNOOC is aggressively advancing oil and gas reserve enhancement projects, with an average of nearly 1,000 offshore wells drilled annually, marking a 40% increase compared to the 13th Five-Year Plan [3] Group 2 - The number of wells in new fields such as deep, ultra-deep, deep water, and ultra-high temperature and pressure has doubled compared to the 13th Five-Year Plan [3] - Overall drilling and completion efficiency has improved by 15% [3]

Market Overview - On September 12, the oil and gas extraction sector rose by 0.09% compared to the previous trading day, with Intercontinental Oil leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Intercontinental Oil (600759) closed at 2.34, with an increase of 0.86% and a trading volume of 1.3983 million shares, totaling a transaction value of 3.26 billion [1] - China National Offshore Oil (600938) closed at 26.33, up 0.42%, with a trading volume of 302,700 shares and a transaction value of 7.951 billion [1] - Blue Flame Holdings (000968) closed at 7.03, down 0.42%, with a trading volume of 59,200 shares and a transaction value of 41.5965 million [1] - *ST Xinchao (600777) closed at 3.92, down 0.76%, with a trading volume of 126,800 shares and a transaction value of 49.8497 million [1] Capital Flow - The oil and gas extraction sector experienced a net outflow of 147 million from main funds, while retail investors saw a net inflow of 111 million [1] - The detailed capital flow for individual stocks shows that *ST Xinchao had a main fund net outflow of 4.5302 million, while retail investors had a net inflow of 5.7762 million [2] - Intercontinental Oil had a main fund net outflow of 24.4488 million, with retail investors contributing a net inflow of 25.3415 million [2] - China National Offshore Oil faced a main fund net outflow of 113 million, while retail investors had a net inflow of 73.5631 million [2]

Core Viewpoint - The company announced a share buyback plan, indicating a commitment to returning value to shareholders through the repurchase of shares [1] Group 1 - The company will hold its 15th meeting of the 13th Board of Directors on November 25, 2024, to review the share buyback proposal [1] - The share buyback will utilize a budget of no less than 100 million yuan and no more than 200 million yuan [1] - The maximum repurchase price is set at 3.89 yuan per share, with a buyback period of 12 months from the approval date [1] - As of September 12, 2025, the company has not yet repurchased any shares [1]

Market Overview - The A-share market opened with mixed performance among the three major indices, with the Shanghai Composite Index up by 0.01%, the Shenzhen Component down by 0.3%, and the ChiNext Index down by 0.97% [1] Sector Performance - The industrial metals sector showed strength, with Northern Copper Industries hitting the daily limit up, and Electric Alloy rising over 8% [1] - CPO concept stocks exhibited mixed results, with Qingshan Paper and Jingwang Electronics increasing by over 7%, while Tianfu Communication, New Yisheng, and Zhongji Xuchuang fell by over 6% [1] - International oil prices experienced a significant decline, leading to a lower opening for oil and gas stocks, with Tongyuan Petroleum and Zhongman Petroleum both dropping approximately 2% [1]

据介绍，苏里格气田作为典型的"低压、低渗、低丰度"致密砂岩气藏，需通过大规模水力压裂才能释放 产能。传统压裂依赖大量淡水资源，而气田开发中伴生的高矿化度采出水处理成本高、环保压力大。如 何将采出水变废为宝，走生态和生产双赢之路，这个公司一直致力于攻克这一难题，针对采出水高矿化 度杂质含量高等问题，优选絮凝沉降处理工艺、耐盐胍胶压裂液体系，实现了对高矿化度、复杂离子环 境的耐盐性。采用连续混配解决了采出水细菌含量超标造成压裂液腐败变质的问题，成功解决了采出水 配压裂液的技术难题。 据悉，在压裂施工过程中，这个公司技术专家靠前指导，对施工过程中的砂比、排量、交联剂用量进行 逐一指导，有效确保了试验井段压裂施工顺利完成，苏20-26-20J井试验井段共注入压裂液334.3立方 米、加砂40立方米，平均砂比22.1%，最高施工排量5.5立方米/分钟，有效验证了该工艺的可靠性，为 解决压裂用水与采出水处理的困局提出了新的思路，也在节能环保立方米面迈出了坚实的一步，为苏里 格气田高质高效开发助力。 9月11日，从中国石油渤海钻探油气合作开发公司获悉，近日，渤海钻探油气合作开发公司传来喜讯， 该公司承担的苏20-26-20 ...

Key Insights - The report highlights a selection of stocks for September, including 京沪高铁 (601816.SH), 桐昆股份 (601233.SH), 雅克科技 (002409.SZ), 宁德时代 (300750.SZ), 恒瑞医药 (600276.SH), 三友医疗 (688085.SH), 北京人力 (600861.SH), 菲利华 (300395.SZ), 兆易创新 (603986.SH), and 鹏鼎控股 (002938.SZ) [1] Fixed Income - The report maintains a view on gradual improvement in PPI and a slow recovery in long-term bond yields, indicating signs of stabilization in upstream prices and a potential seasonal improvement in food prices due to upcoming holidays [2][5] Electronics - The report discusses Apple's 2025 Fall Product Launch, noting the introduction of eight new products, including the iPhone 17 series, which features significant design innovations and improved cost-performance ratios, likely to drive sales growth [2][7][8] Oil and Petrochemicals - 中国海油 reported a revenue of 207.61 billion yuan for the first half of 2025, a decrease of 8.45% year-on-year, with a net profit of 69.53 billion yuan, down 12.79%. The company continues to show resilience and improved risk management capabilities despite the revenue decline [3][12] - 中国石油's revenue for the first half of 2025 was 1,450.10 billion yuan, down 6.74% year-on-year, with a net profit of 83.99 billion yuan, a decrease of 5.42%. The company is focusing on increasing natural gas production and enhancing its refining and chemical transformation [3][17] Market Performance - The report provides an overview of market indices, with the Shanghai Composite Index closing at 3875.31, up 1.65%, and the Shenzhen Component Index at 12979.89, up 3.36%. The electronics and communication sectors showed strong performance, with increases of 5.96% and 7.39% respectively [4] Company Financials - 万润股份 reported a total revenue of 1.87 billion yuan for the first half of 2025, a decrease of 4.42% year-on-year, but with a net profit increase of 1.35%. The company is seeing improvements in its pharmaceutical business, with significant growth in its medical subsidiary [23][24]