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]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has fully launched its geothermal heating services for the winter season, covering over 70 cities and counties across 11 provinces and municipalities in China, providing clean heating for more than 1.2 million households [1] Group 1 - Sinopec has established geothermal heating capacity exceeding 1 million square meters in over 30 cities and counties, making it the largest enterprise in China for the development and utilization of medium and deep geothermal energy [1] - In Xiong County, Hebei, Sinopec has achieved full coverage of geothermal heating, creating the country's first "smokeless city" for clean heating [1]

Market Expectations - The market is concerned about the potential for the Federal Reserve to slow down its interest rate cuts, leading to pressure on U.S. stock indices [1] - Major technology stocks experienced a rebound after a significant drop, with Oracle rising by 2.43% and Nvidia by 1.77% [1] Stock Performance - The U.S. stock indices had mixed results, with the Dow Jones down 0.65%, S&P 500 down 0.05%, and Nasdaq up 0.13% [1] - European stock indices also faced declines, with the FTSE 100 down 1.11%, CAC 40 down 0.76%, and DAX down 0.69% [1] Oil and Gold Prices - International oil prices increased due to geopolitical risks, with Brent crude rising by 1.19% and WTI crude by 0.57% over the week [1] - Gold prices fell by 2.39% on Friday, influenced by reduced expectations for Federal Reserve rate cuts, despite a weekly increase of 2.10% [1]

Core Viewpoint - 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, providing clean heating for more than 1.2 million households [1] Group 1 - The geothermal heating capacity of Sinopec has been further enhanced, reaching a historical high of 12.6 million square meters [1] - The initiative is expected to reduce carbon dioxide emissions by nearly 6.2 million tons annually [1] - Sinopec commenced geothermal heating services in Taiyuan, Shanxi, ahead of schedule on October 20, as per local government requirements [1]

Core Insights - Southbound funds increased their holdings in China Petroleum & Chemical Corporation (00857.HK) by 50.052 million shares on November 14, 2025, marking a 0.68% increase in total shares held [1][2] - Over the past five trading days, southbound funds have increased their holdings for five consecutive days, with a total net increase of 210 million shares [1] - In the last twenty trading days, there has been a total net increase of 536 million shares held by southbound funds, indicating strong investor interest [1] Shareholding Summary - As of November 14, 2025, southbound funds hold a total of 7.436 billion shares of China Petroleum, representing 35.23% of the company's total issued ordinary shares [1][2] - The daily changes in shareholding over the past five days are as follows: - November 14: 74.36 billion shares, +50.052 million shares, +0.68% [2] - November 13: 73.86 billion shares, +42.156 million shares, +0.57% [2] - November 12: 73.44 billion shares, +74.33 million shares, +1.02% [2] - November 11: 72.70 billion shares, +33.926 million shares, +0.47% [2] - November 10: 72.36 billion shares, +9.288 million shares, +0.13% [2] Company Overview - China Petroleum & Chemical Corporation primarily engages in the production and distribution of oil and gas, operating through five main segments: oil and gas exploration, refining and chemicals, sales, natural gas sales, and headquarters and other services [2]

公告称，2025年第三季及前三季油砂重油实现收入下降，主要为(West Ells)设备维护导致停产所致。由 于设备维护影响，2025年第三季未产生稀释沥青销售，故未披露该季每桶油砂重油实现价格。 智通财经APP讯，阳光油砂(02012)发布公告，公司第三季度亏损净额为62.9万加元，归属于权益持有人 的净亏损为70.8万加元，同比盈转亏，股东权益为2952.2万加元。 ...

就燃料油自身基本面而言，当前自身矛盾较为有限，高低硫价差近期处于底部反弹的阶段，但二者强弱格局暂无 太强的分化预期。 策略 燃料油日报 | 2025-11-14 油价大跌带动盘面价格走低 市场分析 上期所燃料油期货主力合约日盘收跌3.71%，报2595元/吨；INE低硫燃料油期货主力合约日盘收跌4.41%，报3164 元/吨。 昨日原油价格大跌并带动FU、LU大幅走低，欧佩克最新发布的月度石油市场报告显示，随着全球供应增加，石油 市场将在2026年出现小幅过剩。此前欧佩克平衡表预测油市会保持供不应求的格局，欧佩克的态度转向对市场整 体预期存在重要影响。此前市场对于石油过剩问题有分歧，而随着新的机构报告出炉，主要机构对于未来的过剩 前景逐步达成共识。虽然制裁导致的市场分化依然存在，但Q3以来中东、拉美以及俄罗斯的石油供应出现大幅增 长，未来石油累库的问题会更加突出。排除地缘与宏观事件对情绪面的扰动外，基本面对油价的驱动偏空，并将 带动下游燃料油价格中枢整体下移。 高硫方面：短期中性，中期偏空 低硫方面：短期中性，中期偏空 跨品种：逢低多LU2601-FU2601价差 跨期：无 期现：无 期权：无 风险 宏观风险 ...

Core Insights - The trading activity of industry and thematic ETFs has decreased, with only the Sci-Tech Chip ETF (588200) exceeding a transaction amount of 1 billion yuan, reaching 1.627 billion yuan [1][3] - The Hong Kong Innovative Drug ETF (513120) remains active in cross-border ETFs, with a half-day transaction amount exceeding 5 billion yuan, reaching 6.258 billion yuan [1][4] Industry and Thematic ETFs Summary - The Sci-Tech Chip ETF (588200) had a current price of 2.295 yuan, with a decline of 1.88%, and a total transaction amount of 1.627 billion yuan [3] - Other notable ETFs include: - Battery ETF (159755): 1.127 yuan, -2.51%, 0.891 billion yuan - Semiconductor ETF (512480): 1.416 yuan, -2.14%, 0.834 billion yuan - Securities ETF (512880): 1.241 yuan, -0.56%, 0.818 billion yuan - Communication ETF (515880): 2.567 yuan, -2.25%, 0.692 billion yuan [3] Cross-Border ETFs Summary - The Hong Kong Innovative Drug ETF (513120) had a current price of 1.42 yuan, with an increase of 0.35%, and a total transaction amount of 6.258 billion yuan [4] - Other significant cross-border ETFs include: - Hong Kong Securities ETF (513090): 2.195 yuan, -1.48%, 4.084 billion yuan - Hang Seng Technology ETF (513130): 0.778 yuan, -2.14%, 3.300 billion yuan - Hang Seng Technology Index ETF (513180): 0.793 yuan, -2.1%, 2.542 billion yuan [4] Oil and Gas Resource ETFs Summary - The Oil and Gas Resource ETF (563150) saw a half-day increase of 2.04%, with a current price of 1.1 yuan and a transaction amount of 2.884 million yuan [5][6] - The ETF tracks the China Securities Oil and Gas Resource Index, which includes companies involved in oil and gas extraction, services, equipment manufacturing, refining, processing, transportation, and sales [6][7] - Key stocks in the index include: - China Petroleum (601857): 9.85% weight - Sinopec (600028): 8.45% weight - Jereh Group (002353): 7.53% weight [7]

光大证券指出，面对新一轮油价波动周期，"三桶油"深化增储上产，加强成本管控，业绩韧性凸显。中 国石油、中国石化、中国海油2025年油气当量产量计划分别增长1.6%、1.5%、5.9%；炼油板块推进低 成本"油转化"、高价值"油转特"，销售板块向"油气氢电服"综合能源服务商转型，化工业务提升高附加 值产品比例。当前原油市场面临供需过剩，OPEC+暂停增产有望改善过剩风险。IEA预计2026年原油需 求增长70万桶/日，供给增长240万桶/日。地缘政治方面，欧美对俄制裁加剧，俄乌冲突长期化或为油 价提供风险溢价。短期油价受需求低迷及累库压力影响承压，但中长期供需格局仍具景气基础，"三桶 油"有望实现穿越周期的长期成长。 石油ETF（561360）跟踪的是油气产业指数（H30198），该指数从市场中选取涉及石油、天然气勘探开 采、储运销售及相关服务业务的上市公司证券作为指数样本，以反映油气产业链相关上市公司证券的整 体表现。该指数成分股覆盖上游勘探开发、中游运输储存和下游加工销售等全产业链环节，具有显著的 周期性特征。 （文章来源：每日经济新闻） ...

Group 1 - The International Energy Agency (IEA) projects that global oil and gas demand may continue to grow until 2050, with oil demand reaching 113 million barrels per day by 2050, a 13% increase from 2024 levels [1] - Liquefied natural gas (LNG) supply is expected to increase by 50% by 2030 under current policy scenarios [1] - Despite significant investments in decarbonization, there has been no clear evidence of energy transition and emission reduction over the past thirty years, with economic and population growth being the main drivers of increased carbon emissions [1][3] Group 2 - Stephen D. Eule from the National Center for Energy Analysis (NCEA) describes the energy transition as an illusion rather than a quantifiable trend, suggesting that the use of oil and gas will significantly increase alongside the rise of renewable energy and battery technologies [3] - Research indicates that reducing one ton of carbon emissions through a shift to low-carbon energy results in a decrease of 12.4 tons of carbon in economic energy intensity [3] - The carbon emissions per unit of energy consumption in 2024 are only 3% lower than in 1990, making the goal of achieving net-zero emissions by 2050 challenging [3]