Core Viewpoint - The Sichuan Provincial Government and China National Petroleum Corporation (CNPC) signed a strategic cooperation agreement to enhance energy development and support national strategies [1] Group 1: Strategic Cooperation Agreement - The agreement aims to advance the construction of a national oil and gas production base in the Sichuan-Chongqing region, targeting a production capacity of 100 billion cubic meters [1] - Key areas of collaboration include oil and gas resource exploration and development, green and low-carbon transformation of the petrochemical industry, energy infrastructure construction, and the establishment of an oil and gas technology innovation platform [1] Group 2: Objectives and Goals - Both parties discussed improving the central-local mutual benefit cooperation mechanism and accelerating the construction of the national oil and gas production base [1] - The collaboration aims to enhance energy supply security, strengthen the energy industry chain, tackle key core technology challenges, and build a new energy system to better serve major national strategic implementations [1]

部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 LPG = FA 图H 研究中心能化团队 2025/11/21 LR G GARP 内院CFR华 CP预测合 山东烷基 丙烷CIF日本 纸面进口利润 日期 华南液化气 华东液化气 山东液化气 山东醚后碳四 主力基差 目似 化油 E 4440 2025/11/14 4460 4364 506 482 4630 7050 -78 ୧୧୧ 110 2025/11/17 4364 4440 4670 4390 559 202 485 7050 -20 - 2025/11/18 4335 4590 7030 4345 4380 567 523 493 -6 l 2025/11/19 4325 4370 -280 4345 ୧୧୧ 208 491 4590 7040 -49 4325 2025/11/20 4350 4360 498 4570 7040 -47 l - l 日度变化 -10 08 -10 -20 0 2 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-11-20 股指期货：防御配置应对。 股指期权：备兑防御为主。 国债期货：市场分歧或仍较⼤。 股市防御配置，债市仍存分歧 股指期货方面，防御配置应对。周三权益市场延续弱势为主的状态， 全A指数虽仅跌0.3%，但下跌个股超4000家，盘面唯有涨价链以及银行抗 跌，地产及综合金融弱势。近期资金涌入涨价链的趋势相对明确，煤炭、 钢铁、油气、化工、建材、有色板块的成交额占比来到30%附近，显示资 金由科技流入周期，但需要注意的是，近日涨价链成交额占比出现上行放 缓的迹象，在股价中枢抬升之后，风格层面面临再平衡，故目前处在强势 板块是否轮动的观察期，而主线的快速切换反而诱发了风险偏好的下移， 故缺少催化因素的前提下，短线维持谨慎配置思路。 股指期权方面，备兑防御为主。昨日权益指数震荡分化，沪指翻红收 涨0.18%。期权方面，各个品种成交额小幅提升1.08%，流动性连续4个交 易日上行，但成交额涨幅已有所放缓；叠加情绪指标持仓量PCR回暖，以 及隐含波动率平均回落1.14%，表征市场情绪企稳。策略方面，市场风格 轮转，暂未形成资金 ...

Group 1: Market Overview - The Hong Kong stock market continued its downward trend, with the Hang Seng Index falling by 0.38%, the Hang Seng China Enterprises Index down by 0.26%, and the Hang Seng Tech Index decreasing by 0.69% [2] - The total trading volume in the market was approximately 211.4 billion HKD, with short selling accounting for about 22.58% of the total trading volume over the past three days, indicating a relatively high level of short selling [2] - Net inflow from southbound funds decreased to approximately 6.6 billion HKD, with Xiaomi Group, Alibaba, and the Southern Hang Seng Tech ETF being the most actively traded stocks [2] Group 2: Sector Performance - The resource sector showed resilience, with gold prices stabilizing around 4,100 USD per ounce, leading to a rebound in gold and non-ferrous metal stocks [3] - Oil and gas stocks maintained upward momentum due to OPEC+ members announcing a pause in production increases, alleviating concerns over supply surplus [3] - Conversely, the consumer and technology sectors generally performed poorly, with significant declines in new consumption concepts and electric vehicle stocks [4] Group 3: Company Analysis - Weisheng Holdings (3393.HK) - Weisheng Holdings has a broad overseas business network, with overseas revenue expected to reach 2.4 billion RMB in 2024, a fivefold increase since 2020, reflecting a CAGR of 58% [7] - The ADO business is entering a rapid growth phase, with overseas market revenue expected to accelerate, particularly in data center energy solutions [8] - The company has maintained a leading position in bidding for projects from the State Grid and Southern Grid, with a significant increase in bid amounts from 620 million RMB in 2020 to 1.04 billion RMB in 2024, representing a CAGR of 13.8% [9] Group 4: Financial Projections - The report initiates a "Buy" rating for Weisheng Holdings with a target price of 17.36 HKD, predicting net profits of 920 million, 1.21 billion, and 1.53 billion RMB for 2025, 2026, and 2027 respectively [10] - The estimated PE ratio for 2026 is 10.6 times, with a dividend yield of 4.7%, indicating potential for valuation improvement [10]

Core Insights - Inner Mongolia has made significant progress in energy supply security, green transformation, and industrial innovation since the start of the 14th Five-Year Plan, establishing itself as a crucial energy and strategic resource base for the nation [1][2] Energy Supply Security - The region has successfully increased coal production capacity by 179 million tons and added 77 million tons of new capacity, fulfilling over one-third of the national coal supply task, ranking first in the country [2] - Electricity generation capacity has been boosted by 136 million kilowatts, with a 63% increase in electricity exports [2] - Oil and gas production has also seen growth, with crude oil output reaching 3.2 million tons and natural gas production at 31.9 billion cubic meters, maintaining over 60% of export volume [2] Renewable Energy Development - Inner Mongolia has led the nation in renewable energy development, surpassing 100 million kilowatts of installed capacity ahead of schedule, and has now exceeded 150 million kilowatts as of October [2][3] - The annual electricity generation from renewable sources has exceeded 200 billion kilowatt-hours, making it the highest in the country [2] Traditional Energy Industry Upgrade - The region is modernizing traditional energy industries through high-tech applications, with 61% of coal mines being green and 74% smart mines as of September [3] - New coal power plants are being built with advanced technologies, while outdated capacities are being phased out [3] Energy Production Capacity - The region is fostering new energy production capabilities, with significant advancements in hydrogen and storage technologies, including 60,000 tons of green hydrogen capacity, accounting for nearly 50% of the national total [3] - New energy is driving the development of new industries, creating a synergistic effect with sectors like computing power and new materials [3] Energy Sector Reforms - The region has streamlined approval processes for renewable energy and grid projects, reducing processing times from six months to approximately three [3] - A market-oriented pricing reform for renewable energy was initiated, with the eastern power market becoming the fifth in the country to operate formally [3] Renewable Energy Consumption Solutions - Inner Mongolia is addressing renewable energy consumption challenges through a three-dimensional approach, focusing on external sales, local consumption, and enhancing regulatory capabilities [4][5] - The region has established partnerships for high-voltage green electricity trading with eight provinces, achieving nearly 80 billion kilowatt-hours of electricity exports in the first ten months of the year, a year-on-year increase of over 60% [5] - Local consumption of renewable energy has also grown, with approximately 150 billion kilowatt-hours consumed domestically, reflecting a growth of over 20% [5]

Group 1 - A-shares opened higher with all three major indices rising, with the Shanghai Composite Index up by 0.35%, the Shenzhen Component Index up by 1.03%, and the ChiNext Index up by 1.79% [1] - The announcement of a merger between China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities led to a strong opening in the securities sector [1] - Nvidia's latest earnings report exceeded expectations, contributing to an active start in AI hardware sectors such as copper cable high-speed connections and CPO [1] Group 2 - The gold, oil and gas, and coal sectors opened lower [1]

Core Insights - The energy industry is undergoing a transformation towards low-carbon, clean, and efficient practices, with smart technology seen as a key solution [1][12] - Alibaba Cloud is emerging as a crucial builder of the "smart core" necessary for activating potential scenarios and reconstructing industry value [1][3] Industry Collaboration - Alibaba Cloud has established partnerships with all major state-owned energy enterprises, with 70% already integrating AI technology [3] - The collaboration with State Grid has led to the development of a large-scale cloud computing platform, "State Grid Cloud," which supports the growing demand for intelligent applications in the energy sector [4] Digital Infrastructure - The construction of a unified computing and data infrastructure is recognized as essential for large state-owned enterprises, helping to avoid resource wastage and improve overall efficiency [4] - The Southern Power Grid has successfully implemented a cloud-based dispatch platform, significantly improving load forecasting accuracy to 97.63% [4] AI Integration - AI is becoming a critical variable in reshaping the future of the energy sector, with Alibaba Cloud providing advanced AI models and development platforms [6][9] - The collaboration between State Grid and Alibaba Cloud has resulted in the creation of a multi-modal industry model, enhancing operational efficiency and decision-making processes [6][7] Talent Development - The successful application of AI in the energy sector requires a workforce that understands both AI technology and industry mechanisms, emphasizing the need for skilled talent [10][11] - Initiatives like the "Spark" talent training program aim to enhance AI capabilities among employees in the energy sector [10] Future Outlook - The integration of AI and cloud technology is expected to drive significant advancements in the energy industry, facilitating a transition from digitalization to intelligent operations [12][13] - Alibaba Cloud is positioning itself as a key partner in the global energy transformation, supporting Chinese energy companies in their international expansion efforts [12][13]

Core Viewpoint - The article emphasizes the importance of a robust energy supply system in China to ensure stable heating and industrial production during the winter season, particularly in the face of cold waves and increased energy demand [2][10]. Energy Supply Assurance - The National Energy Administration has proactively arranged for sufficient coal and natural gas supply, optimized electricity dispatch, and enhanced the efficiency of renewable energy utilization to ensure a comprehensive energy supply system [2][10]. - The average daily coal dispatch in China has remained above 12.3 million tons since October, with coal inventory at power plants reaching 227 million tons, sufficient for 35 days of use [6][10]. Infrastructure Development - The construction of key power grid reinforcement projects is accelerating, with 113 new 500 kV and above grid infrastructure projects put into operation this year, enhancing cross-regional transmission capacity [5][10]. - Major hydropower projects, such as the completion of the 500 kV Lingfeng Line and the operation of multiple units at the Gutianxi Hydropower Plant, are contributing to winter electricity supply [3][5]. Technological Advancements - The integration of new technologies like smart sensing and artificial intelligence is improving the efficiency and reliability of the energy supply system, with proactive repair models reducing average repair times by over 30% [7][10]. - The development of renewable energy projects, such as the 200 MW coal and 610 MW renewable energy integrated project in Xinjiang, is set to enhance green energy contributions to the grid [7][8]. Multi-Energy Coordination - The oil and gas sector is enhancing supply quality and ensuring adequate reserves, with significant progress in gas storage and pipeline interconnections to meet peak demand [10][13]. - The energy supply system is evolving towards a model characterized by multi-energy complementarity, intelligent scheduling, and a focus on green and low-carbon solutions [10][14].

Core Insights - The current AI boom is described as the "ultimate bubble" with major losses reported by AI giants like OpenAI, which had a revenue of approximately $4 billion but a loss of $5 billion last year [1] - The demand for electricity due to AI expansion is increasing exponentially, making stable power supply a core strategic support for national AI development, which is reshaping the global energy landscape [1][2] - Oil and gas companies are urged to transition from traditional energy suppliers to "AI energy solution providers" and "AI-driven efficient operators" to adapt to this new reality [1] Investment Trends - Significant investments in data centers are being made globally, with China establishing a $47.5 billion semiconductor fund, India investing $1.25 billion, and Canada allocating $2.4 billion for related projects [2] - The U.S. holds approximately 45% of the global data center capacity, while China accounts for about 25% [2] - Private AI investments in 2024 are projected at $109.1 billion in the U.S., $9.3 billion in China, and $4.5 billion in the UK [2] Geopolitical Dynamics - AI is becoming a new battleground for major powers, with the U.S. implementing restrictions to limit China's access to critical technologies [5] - The EU is focusing on regulatory frameworks, having passed the AI Act and planning significant investments in AI infrastructure [5][6] - Middle Eastern countries like Saudi Arabia and the UAE are positioning themselves as AI hubs, leveraging their financial resources and energy stability [6] Energy Demand and Supply - Data centers' electricity consumption is projected to grow at an annual rate of about 15%, with total consumption expected to reach approximately 945 terawatt-hours by 2030 [10] - The U.S. data centers are expected to consume 180 terawatt-hours in 2024, while China's consumption is projected at 100 terawatt-hours [9] - The energy mix for powering data centers is shifting towards a combination of natural gas and renewable energy sources [12][15] AI Integration in Oil and Gas - AI applications in the oil and gas sector are expected to grow, with the market value projected to reach $5.2 billion by 2029 [25] - Companies like Chevron and ExxonMobil are entering the data center power generation business to meet the rising electricity demand from AI [23] - AI is being integrated into core processes such as exploration and production, with significant improvements in efficiency and cost reduction [27] Challenges and Considerations - The oil and gas industry faces challenges in data quality, governance, and the integration of new technologies with legacy systems [33] - Geopolitical tensions and technology restrictions may lead to fragmentation in the value chain, impacting collaboration and innovation [35] - Companies must adapt their management culture and workforce to fully leverage AI capabilities, ensuring alignment with strategic goals [33]

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、开发、生产及服务等相关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。 （文章来源：每日经济新闻） 光大证券指出，在地缘政治仍存不确定的前提下，中长期原油供需格局仍具备景气基础，在长期主义视 角下，持续坚定看好"三桶油"及油服板块。此外，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，看好大炼化、煤化工、乙烯盈利向好。 ...