Core Viewpoint - The article emphasizes the importance of the newly issued "Energy Planning Management Measures" in enhancing the systematic, authoritative, scientific, and adaptive nature of energy planning, thereby promoting high-quality energy development in China [2][10]. Group 1: Systematic Enhancement of Energy Planning - The "Management Measures" clarify the scope of energy planning, which includes national comprehensive energy planning, sector-specific energy planning, regional energy planning, and provincial energy planning [4][5]. - It establishes a unified energy planning system by defining the relationships among various levels of energy planning, ensuring that they complement each other and adhere to national economic and social development plans [5][6]. Group 2: Authoritative Enhancement of Energy Planning - The "Management Measures" specify the entities responsible for energy planning and the approval processes, reinforcing the authority and seriousness of energy planning [6][7]. - It mandates that only approved provincial comprehensive energy plans can serve as the basis for energy development, ensuring consistency and coordination across different levels of planning [7][8]. Group 3: Scientific Enhancement of Energy Planning - The article highlights the need for scientific research in energy planning, advocating for a comprehensive approach that considers energy security and green transition [9]. - It stresses the importance of aligning energy planning with ecological and carbon emission policies, ensuring that projects meet legal and regulatory requirements [9][10]. Group 4: Adaptive Enhancement of Energy Planning - The "Management Measures" outline the need for dynamic monitoring and evaluation of energy planning implementation, allowing for timely adjustments based on changing external conditions [10][11]. - It emphasizes that any adjustments to energy plans must follow a formal approval process, maintaining the authority and integrity of the planning system [11].

2025 年 9 月 30 日 ——中国石油（601857.SH/0857.HK）公告点评 要点 事件：中国石油集团公众号消息，大庆古龙陆相页岩油国家级示范区新增 1.58 亿吨页岩油探明储量。 点评： 公司研究 古龙页岩油示范区新增 1.58 亿吨探明储量，助力页岩油开发突破 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（亿元） | 30,110 | 29,380 | 28,981 | 28,895 | 29,250 | | 营业收入增长率 | -7.04% | -2.43% | -1.36% | -0.30% | 1.23% | | 归母净利润（亿元） | 1,611 | 1,647 | 1,661 | 1,712 | 1,757 | | 归母净利润增长率 | 7.88% | 2.19% | 0.88% | 3.04% | 2.62% | | EPS（元） | 0.88 | 0.90 | 0.91 | 0.94 | 0.96 | | ROE（归属母公司)（摊薄） | 11. ...

Group 1 - Total has agreed to sell part of its stake in North American solar assets to KKR & Co., valuing the entire asset portfolio at $1.25 billion, including debt [1] - The company will receive $950 million upon completion of the transaction, which involves selling half of a 1.4 GW asset portfolio [1] - This divestiture is part of Total's strategy to enhance returns on green investments by selling 50% of its stakes in renewable projects after they are built [1] Group 2 - Total's debt has approximately doubled since the beginning of the year, reaching around $26 billion by the end of June, primarily due to falling oil prices [2] - The company has been actively acquiring renewable energy projects, including a 50% stake in a biogas production company in Poland and a 50% stake in a 2 GW integrated energy project in Texas [2] - Total aims for electricity to account for 20% of its energy sales by the end of this decade, despite other companies like Shell and BP reducing their clean energy investments [2]

Market Performance - The three major US stock indices closed higher on September 30, with the Dow Jones up by 0.15%, the Nasdaq up by 0.48%, and the S&P 500 up by 0.26% [1] - Large technology stocks showed mixed performance, with Nvidia rising over 2% and Amazon increasing more than 1%, while Broadcom fell nearly 2% [1] Sector Performance - Cryptocurrency-related stocks saw significant gains, with Coinbase rising over 6%, Circle and Century Aluminum increasing more than 5%, and Southern Copper up over 3% [1] - The oil and gas sector experienced notable declines, with major companies such as BP, Chevron, ExxonMobil, and Total all dropping more than 2% [1]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and it is expected that the monetary policy will remain loose. The Treasury bond futures are expected to have no trend - like market, and a certain degree of caution should be maintained [6]. - It is still optimistic about the long - term performance of Chinese equity assets, and existing long positions can be held. However, recent market fluctuations have increased, and risk control is required [8]. - The long - term bull market trend of precious metals is expected to continue, and previous long positions can be held [10]. - The medium - term weakness of rebar prices is difficult to change, and hot - rolled coils may have a similar trend. Investors can focus on short - selling opportunities at high positions during rebounds [12]. - The supply - demand pattern of iron ore supports prices in the short - term but may weaken in the medium - term. Investors can focus on buying opportunities during pullbacks [14]. - Coke and coking coal futures may continue to pull back in the short - term, and investors can focus on buying opportunities during pullbacks [15]. - Ferroalloys may continue to have oversupply in the short - term. After a decline, attention can be paid to long - position opportunities at low levels when the spot market falls into a loss again [18]. - For crude oil, there are both bearish factors from funds and bullish factors from geopolitical risks. The main contract can focus on long - position opportunities [19][21]. - The supply of fuel oil in Asia has eased, and the price is supported. The main contract can be used to narrow the price spread between high - and low - sulfur fuel oils [23][24]. - Synthetic rubber is expected to fluctuate. There is cost support below, but weak demand and high inventory may suppress the price rebound space [26]. - For natural rubber, control positions mainly due to approaching holidays [29]. - PVC continues to have an oversupply situation, but the downward space is limited. Attention should be paid to changes on the supply side [31]. - Urea may fluctuate in the short - term with support below [33]. - Short - term PX supply and demand maintain a tight balance, and it may fluctuate and adjust. Attention should be paid to changes in crude oil at the cost end and macro - policies [35]. - Short - term PTA may fluctuate. There is improvement in processing fees, but the demand improvement is limited [37]. - Near - term ethylene glycol may be under pressure, and interval participation is recommended. Attention should be paid to port inventory and import changes [38]. - Short - term short - fiber may fluctuate following costs. Attention should be paid to cost changes and macro - policy adjustments [40]. - Bottle chips are expected to fluctuate following the cost end [41]. - Carbonate lithium is expected to return to the logic of supply - demand surplus in the short - term, and the price may be weak. Attention should be paid to the conclusion of the Jiangxi mining license event [42]. - Copper prices maintain a high level, but there is a possibility of correction. The main contract of Shanghai copper can be temporarily observed [45]. - Tin prices are expected to fluctuate strongly [48]. - Nickel prices are expected to fluctuate [49]. - After adjustment, attention can be paid to long - position opportunities for call options in the support range of soybean meal. Soybean oil can be temporarily observed [50]. - Palm oil can be temporarily observed [52]. - Rapeseed oil can be considered for a long - position idea during pullbacks [54]. - Cotton prices are expected to be under pressure in the medium - and long - term [57]. - Sugar prices are expected to fluctuate at a low level [61]. - Apple prices are expected to have a higher opening price for late - maturing apples this year compared to last year. Observe before the holiday [64]. - For live pigs, consider short - selling at high levels in the near - term and anti - arbitrage strategies [66]. - For eggs, pay attention to short - selling opportunities after a rebound [69]. - Corn can be observed, and corn starch may follow the corn market [71]. 3. Summaries According to Relevant Catalogs Treasury Bonds - Last trading day, Treasury bond futures closed up across the board. The central bank carried out reverse - repurchase operations, resulting in a net investment of 411.5 billion yuan on a single day [5]. - The central bank's monetary policy committee suggested maintaining loose monetary policy. From January to August, the profits of industrial enterprises above designated size increased by 0.9% year - on - year, and in August, the profit growth rate turned positive [6]. - It is expected that Treasury bond futures will have no trend - like market, and caution should be maintained [7]. Stock Index - Last trading day, stock index futures showed mixed results. The State - owned Assets Supervision and Administration Commission emphasized the need to prevent "involution - type" competition [8]. - Although the domestic economic recovery momentum is not strong, the valuation of domestic assets is low, and there is room for repair. The market sentiment has warmed up, and it is still optimistic about the long - term performance of Chinese equity assets [8]. Precious Metals - Last trading day, gold and silver futures closed up. The global trade and financial environment is complex, and the trend of "de - globalization" and "de - dollarization" is beneficial to the allocation and hedging value of gold. The Fed may continue to cut interest rates, providing upward momentum for gold [10]. - It is expected that the long - term bull market trend of precious metals will continue, and previous long positions can be held [10]. Rebar and Hot - Rolled Coils - Last trading day, rebar and hot - rolled coil futures pulled back slightly. In the medium - term, the price of finished products is dominated by the industrial supply - demand logic. The demand for rebar is still declining year - on - year, but there is a slight improvement in the traditional peak season. The supply is in an over - capacity situation, and the inventory pressure has increased [12]. - The price of rebar may remain weak in the medium - term, and hot - rolled coils may have a similar trend. Investors can focus on short - selling opportunities at high positions during rebounds [12]. Iron Ore - Last trading day, iron ore futures pulled back slightly. The demand still supports the price, but the supply - demand pattern may weaken in the medium - term. The futures may continue to fluctuate in the short - term [14]. - Investors can focus on buying opportunities during pullbacks [14]. Coke and Coking Coal - Last trading day, coke and coking coal futures pulled back significantly. Before the holiday, the coking market is in a replenishment cycle, but the upward space for coal prices may be limited [15]. - The futures may continue to pull back in the short - term, and investors can focus on buying opportunities during pullbacks [15]. Ferroalloys - Last trading day, manganese - silicon and silicon - iron futures closed down. The supply of ferroalloys is still in an oversupply situation in the short - term, and the high inventory puts pressure on the market [17]. - After a decline, attention can be paid to long - position opportunities at low levels when the spot market falls into a loss again [18]. Crude Oil - Last trading day, INE crude oil rose significantly but was blocked by the 60 - day moving average. CFTC data shows that fund managers hold net short positions in US crude oil futures and options. The number of oil and gas rigs in the US has increased, and OPEC + has achieved about 75% of its additional oil production target [19]. - There are both bearish factors from funds and bullish factors from geopolitical risks. The main contract can focus on long - position opportunities [19][21]. Fuel Oil - Last trading day, fuel oil continued to rise. The inventory of fuel oil in Japan and Singapore has decreased, and Trump's threat to impose high tariffs on Russia has led to a strong price trend [23]. - The main contract can be used to narrow the price spread between high - and low - sulfur fuel oils [25]. Synthetic Rubber - Last trading day, synthetic rubber futures closed down. It is expected to fluctuate this week. There is cost support below, but weak demand and high inventory may suppress the price rebound space [26]. Natural Rubber - Last trading day, natural rubber futures closed down. The supply disturbance has slowed down, and it is necessary to control positions mainly due to approaching holidays [29]. PVC - Last trading day, PVC futures closed down. The oversupply situation continues, but the downward space is limited. Attention should be paid to changes on the supply side [31]. Urea - Last trading day, urea futures closed down. Before the National Day holiday, factories have great pressure to reduce prices to attract orders. In the medium - term, there is support below [33]. - It is expected to fluctuate in the short - term with support below [34]. PX - Last trading day, PX futures rose. The short - term supply - demand maintains a tight balance, and the PXN spread is relatively strong. The cost end has support for a rebound, but increased supply slightly suppresses the market [35]. - It may fluctuate and adjust in the short - term, and attention should be paid to changes in crude oil at the cost end and macro - policies [36]. PTA - Last trading day, PTA futures closed down. The short - term processing fees have improved, but the demand improvement is limited. It may fluctuate in the short - term [37]. Ethylene Glycol - Last trading day, ethylene glycol futures closed down. The near - term supply is reduced, but the demand improvement is limited. It may be under pressure and can be participated in within an interval [38]. Short - Fiber - Last trading day, short - fiber futures closed down slightly. The short - term supply remains at a relatively high level, and the demand has improved month - on - month. It may fluctuate following costs [40]. Bottle Chips - Last trading day, bottle - chip futures closed down. The raw material price has rebounded slightly, and the load has decreased slightly. It is expected to fluctuate following the cost end [41]. Carbonate Lithium - Last trading day, carbonate lithium futures closed down. The market's expectation of a shortage of ore may reverse, and it is expected to return to the logic of supply - demand surplus in the short - term, with a weak price trend [42]. Copper - Last trading day, Shanghai copper rose first and then fell. Copper prices maintain a high level, but there is a possibility of correction. The main contract can be temporarily observed [45]. Tin - Last trading day, Shanghai tin fluctuated. The supply is tight, and the price is expected to fluctuate strongly [47]. Nickel - Last trading day, Shanghai nickel fell. The supply of high - grade nickel ore is tight, but the overall supply of primary nickel is in an oversupply situation. The price is expected to fluctuate [49]. Soybean Oil and Soybean Meal - Last trading day, soybean meal and soybean oil futures closed down. The soybean crushing volume of major oil mills remains at a high level, the inventory of soybean meal has increased, and the inventory of soybean oil has decreased slightly [50]. - After adjustment, attention can be paid to long - position opportunities for call options in the support range of soybean meal. Soybean oil can be temporarily observed [51]. Palm Oil - Malaysian palm oil fell. The export volume from September 1st to 25th increased compared to the previous month. China's palm oil imports in August increased by 82.7% month - on - month [52]. - It can be temporarily observed [53]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices fell back. The EU's rapeseed production forecast was raised, and Canada's rapeseed export volume increased. China's rapeseed, rapeseed meal, and rapeseed oil inventories are at relatively high levels [54]. - Rapeseed oil can be considered for a long - position idea during pullbacks [56]. Cotton - Last trading day, domestic cotton futures fell sharply and then rebounded. The US cotton growth and inventory data were released, and China's cotton planting area and output are expected to increase [57]. - Cotton prices are expected to be under pressure in the medium - and long - term [59]. Sugar - Last trading day, domestic sugar futures rose first and then fell. Brazil's sugar production increased in the second half of August, and India's sugar production forecast remained unchanged. China's sugar imports increased from January to August [61]. - It is expected to fluctuate at a low level [62]. Apples - Last trading day, domestic apple futures rose first and then fell. The price of early - maturing apples is firm, and the output of the 2025 - 2026 production season is expected to increase slightly [64]. - The opening price of late - maturing apples this year is expected to be higher than last year. Observe before the holiday [64]. Live Pigs - Yesterday, the national average price of live pigs fell. The market is in a state of increasing supply and demand before the double festivals. The supply pressure is prominent, and the price may fluctuate slightly [66]. - Consider short - selling at high levels in the near - term and anti - arbitrage strategies [68]. Eggs - Last trading day, the average price of eggs in the main production areas remained unchanged, and that in the main sales areas fell. The inventory of laying hens is at a relatively high level, and the supply is expected to increase in October [69]. - Pay attention to short - selling opportunities after a rebound [70]. Corn and Corn Starch - Last trading day, corn and corn starch futures rose. The inventory of northern ports decreased, and the inventory of southern ports returned to a relatively low level. The demand for corn maintains a slight growth trend [71]. - Corn can be observed, and corn starch may follow the corn market [73].

Core Viewpoint - Total has agreed to sell part of its stake in North American solar assets to KKR & Co, valuing the entire asset portfolio at $1.25 billion, including debt [1] Group 1: Transaction Details - The transaction involves the sale of half of a 1.4 GW asset portfolio, with Total expected to receive $950 million upon completion [1] - The deal includes six large solar power facilities with a total installed capacity of 1.3 GW and 41 distributed generation facilities with a capacity of 140 MW, primarily located in the U.S. [1] - Total has been attempting to sell its renewable energy assets in the U.S. as part of a strategy to enhance returns on green investments by divesting 50% of its stake after project completion [1] Group 2: Financial Context - Total's debt has nearly doubled since the beginning of the year, reaching approximately $26 billion by the end of June, attributed to falling oil prices [2] - The company has also agreed to acquire a 49% stake in natural gas production assets operated by Continental Resources in Oklahoma for an undisclosed amount [1] - As of the end of the second quarter, Total's net solar installed capacity in North America reached 2.8 GW, along with approximately 900 MW of onshore wind capacity [2] Group 3: Strategic Direction - Total continues to pursue its diversification strategy, aiming for electricity to account for 20% of its energy sales by the end of the decade, despite other companies like Shell and BP scaling back clean energy investments due to poor returns [2] - Recent acquisitions include a 50% stake in a Polish biogas production company and a 50% stake in a Texas-based integrated energy project with 2 GW capacity [2]

9月23日，特朗普在联合国大会上发表演讲。其演讲持续了57分钟，远超联合国大会规定的15分钟时间，创下历任美国总统在联大发言时间的新纪录。 发言中除了批评联合国、北约及气候变化政策外，还指责中国和印度通过购买俄罗斯石油，资助了俄方将乌克兰危机持续下去。 佩斯科夫还表示，俄罗斯成功将其能源资源出口转向其他市场。他称："俄罗斯相当成功地将自己的能源出口转向了其它方向，……。对我们来说，欧洲市 场已不再是溢价市场，东方市场正在成为溢价市场。" 俄中的长期能源合同表明，特朗普、欧洲、泽连斯基，对中俄的能源合作威胁，根本不起任何作用。特别是中国，根本不吃他们那一套。 有人老是说起中俄历史上的恩恩怨怨，历史上沙俄对中国犯下的罪行当然不能忘怀。但国际斗争是讲现实的，中国现在是世界上第一大石油进口国。去年进 口了5.5亿吨。90%以上是通过马六甲海峡海上运输到中国的。美国要求中国不要从俄罗斯进口石油，可谁能保证一旦有大事的时候，美国不会封锁马六甲 海峡？我们听美国的，毁掉与俄罗斯的能源合作关系，可美国随时能掐住中国的能源战略通道，我们能当那样的傻子吗？ 两边下注，既买中东的石油，又买俄罗斯的石油，是中国能源安全唯一正确的选择 ...

Core Insights - The report by Zhiyan Consulting analyzes the competitive landscape and investment development of the liquefied petroleum gas (LPG) industry in China from 2025 to 2031 [1] Price Trends - As of mid-September 2025, the market price of LPG is reported at 4507.7 yuan per ton, reflecting a year-on-year decrease of 9.93% and a month-on-month increase of 0.09% [1] - The highest recorded price in the last five years occurred in mid-September 2022, reaching 5738 yuan per ton [1]

2019-2025年9月中旬柴油（0#国VI）市场价格变动统计图 相关报告：智研咨询发布的《2025-2031年中国生物柴油行业市场现状调查及发展趋向研判报告》 根据国家统计局公布的数据，石油天然气类别下的柴油（0#国VI）2025年9月中旬市场价格为6987.8元/ 吨，同比下滑3.71%，环比下滑0.21%，纵观近5年同时期其价格，2022年9月中旬达到最大值，有9001.9 元/吨。 数据来源：国家统计局 ...

相关报告：智研咨询发布的《2025-2031年中国乙醇汽油行业发展现状调查及市场分析预测报告》 根据国家统计局公布的数据，石油天然气类别下的汽油（95#国VI）2025年9月中旬市场价格为8401元/ 吨，同比下滑4.69%，环比下滑0.23%，纵观近5年同时期其价格，2023年9月中旬达到最大值，有9845.2 元/吨。 2019-2025年9月中旬汽油（95#国VI）市场价格变动统计图 数据来源：国家统计局 ...