Company Overview - 中港石油有限公司 acquired 100% of the natural gas oil field project in Utah, USA in 2010, located in the Uinta Basin, known for its historical significance in oil and gas operations and equipped with mature infrastructure [2] - The Utah natural gas field is a shale gas field with estimated proven and probable (2P) reserves of approximately 94,510.8 million cubic feet of natural gas and 906.9 thousand barrels of oil and condensate as of December 31, 2015 [2] - The company focuses on oil and gas exploration, extraction, and operation in the Utah natural gas field, emphasizing natural gas as a cleaner and cheaper energy source compared to coal and oil [2] Financial Performance - As of December 31, 2024, 中港石油 reported total revenue of 142 million yuan, a decrease of 5.18% year-on-year; net profit attributable to shareholders was -19.8932 million yuan, an increase of 31.33% year-on-year; gross margin was 1.42%, and debt-to-asset ratio was 19.76% [1] Market Performance - As of June 12, the Hang Seng Index fell by 1.36% to 24,035.38 points, while 中港石油's stock price rose by 12.12% to 0.74 HKD per share, with a trading volume of 10.3594 million shares and a turnover of 7.1872 million HKD, showing a volatility of 15.15% [1] - Over the past month, 中港石油 has seen a cumulative increase of 37.5%, and a year-to-date increase of 22.22%, outperforming the Hang Seng Index's increase of 21.47% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the oil and gas industry (TTM) is -3.55 times, with a median of 4.1 times; 中港石油's P/E ratio stands at -26.71 times, ranking 28th in the industry [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the context of a volatile bond market and a passive widening of credit spreads, investors should prioritize high - coupon assets for certain returns and prepare in advance for the spread compression market driven by the seasonal inflow of wealth management funds in July [1][5]. - The current core contradiction in the credit bond market is the co - existence of weakening allocation demand and a passive widening of spreads in a volatile environment. Investors should seize pricing deviation opportunities under the protection of coupon safety cushions [5]. - The volatile market pattern caused by the interplay of multiple factors will continue, providing tactical opportunities for layout during market adjustments [6]. - The coupon strategy is the optimal solution in a volatile market, and portfolios should be constructed in a stratified manner according to the characteristics of liabilities [7]. - Investors should "pre - position" for the seasonal spread compression market in July and seize structural opportunities in specific bond varieties [8]. 3. Summary by Relevant Catalog 3.1 Yield and Spread Overview 3.1.1 Yields and Changes of Each Tenor - Yields of various types of bonds at different tenors are presented, along with their weekly changes and historical percentiles. For example, the 0.5 - year Treasury yield is 1.41%, down 4.0bp from last week, with a historical percentile of 8.4% [14]. 3.1.2 Spreads and Changes of Each Tenor - Credit spreads of various types of bonds at different tenors are shown, including their weekly changes and historical percentiles. For instance, the 0.5 - year credit spread of public non - perpetual urban investment bonds is 25bp, up 2.1bp from last week, with a historical percentile of 12.7% [16]. 3.2 Yields and Spreads of Credit Bonds by Category (Hermite Algorithm) 3.2.1 Yields and Spreads of Urban Investment Bonds by Region - **Yields and Changes of Each Tenor**: Yields of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are provided. For example, the 0.5 - year yield of Anhui's public non - perpetual urban investment bonds is 1.77%, up 2.6bp from last week, with a historical percentile of 1.1% [19]. - **Spreads and Changes of Each Tenor**: Credit spreads of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are given. For example, the 0.5 - year credit spread of Anhui's public non - perpetual urban investment bonds is 30.41bp, up 4.6bp from last week, with a historical percentile of 7.2% [22]. - **Yields and Changes of Each Implied Rating**: Yields of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are presented. For example, the AAA - rated yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.8bp from last week, with a historical percentile of 5.1% [26]. - **Spreads and Changes of Each Implied Rating**: Credit spreads of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are shown. For example, the AAA - rated credit spread of Anhui's public non - perpetual urban investment bonds is 28.96bp, up 4.8bp from last week, with a historical percentile of 32.2% [31]. - **Yields and Changes of Each Administrative Level**: Yields of public non - perpetual urban investment bonds in different provinces at each administrative level, their weekly changes, and historical percentiles are provided. For example, the provincial - level yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.5bp from last week, with a historical percentile of 3.7% [35].

Group 1 - The core viewpoint of the news highlights the recent performance of Energy International Investment, which saw a stock price increase of 12.94% on June 3, closing at 0.48 HKD per share, despite a cumulative decline of 11.46% over the past month and year, underperforming the Hang Seng Index by 15.44% [1] - Financial data indicates that for the period ending September 30, 2024, Energy International Investment reported total revenue of 66.406 million HKD, a decrease of 52.83% year-on-year, while net profit attributable to shareholders was 18.8303 million HKD, an increase of 13.34% [1] - The company has a gross margin of 92.25% and a debt-to-asset ratio of 35.49% [1] Group 2 - Currently, there are no institutional investment ratings for Energy International Investment [1] - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the oil and gas sector is -5.71 times, with a median of 4.02 times. Energy International Investment has a P/E ratio of 8.43 times, ranking 15th in the industry [1] - Comparatively, other companies in the sector have the following P/E ratios: Zhujiang Steel Pipe at 0.86 times, CGII Holdings at 4.02 times, Yuga International Holdings at 4.84 times, CITIC Resources at 5.01 times, and Jiaoyun Gas at 5.23 times [1][2]

行业估值方面，石油及天然气行业市盈率（TTM）平均值为-5.71倍，行业中值4.02倍。延长石油国际市 盈率6.2倍，行业排名第8位；其他珠江钢管（01938.HK）为0.86倍、CGII HLDGS（01940.HK）为4.02 倍、域高国际控股（01621.HK）为4.84倍、中信资源（01205.HK）为5.01倍、交运燃气（01407.HK） 为5.23倍。 资料显示，延长石油国际有限公司的业务贯穿油气行业的上、下游。上游业务包括油气勘探、开发及开 采;下游业务包括燃油买卖及分销。延长石油集团海外业务及旗舰延长石油国际是其最大主要股东—延 长石油集团发展海外业务的重要平台,延长石油集团为中国从事勘探及开发石油和天然气的四大国有企 业之一。2021年,延长石油集团位居《财富》世界500强企业第234位。在大股东的支持下,延长石油国际 积极在政治稳定地区寻求并购机会,锐意成为中型国际能源企业。上游业务延长石油国际透过其全资子 公司Novus EnergyInc.(「Novus」)成功进入北美油气市场。Novus在加拿大萨斯喀彻尔省及艾伯塔省从 事油气生产业务。Novus油气生产业务:Novus在加拿大的萨 ...

Company Overview - Huisheng Engineering (02236.HK) is a leading energy engineering EPC (Engineering, Procurement, and Construction) service provider in China, established in 1997 and listed in Hong Kong in 2012. The company specializes in technical and engineering construction services across five major fields: refining, petrochemicals, coal chemicals, new materials, and new energy [3]. Financial Performance - As of December 31, 2024, Huisheng Engineering reported total revenue of 5.647 billion yuan, representing a year-on-year growth of 46.96%. The net profit attributable to shareholders was 142 million yuan, with a significant increase of 172.21%. The gross profit margin stood at 7.88%, and the debt-to-asset ratio was 78.42% [2]. Stock Performance - Over the past month, Huisheng Engineering has seen a cumulative increase of 1.79%, and since the beginning of the year, the stock has risen by 33.8%, outperforming the Hang Seng Index, which has increased by 16.1% during the same period. The stock closed at 0.305 HKD per share, with a daily increase of 7.02% and a trading volume of 3.504 million shares [1][2]. Valuation Metrics - Currently, there are no institutional investment ratings for Huisheng Engineering. The company's price-to-earnings (P/E) ratio is 7.59, ranking 12th in the oil and gas industry, which has an average P/E ratio of -5.93 and a median of 4.06. Comparatively, other companies in the sector have lower P/E ratios, such as Zhujiang Steel Pipe (0.86) and CGII Holdings (4.06) [3].

Company Overview - Yufengchang Holdings Limited primarily engages in diesel sales in Hong Kong, providing services that include sourcing diesel through oil trading companies and delivering it to customers using the company's fleet of diesel tankers [2] - The company has established itself as a significant diesel supplier in the logistics industry in Hong Kong, with a market share of approximately 10.5%, ranking second in terms of revenue from diesel sales in 2017 [2] Financial Performance - As of September 30, 2024, Yufengchang Holdings reported total revenue of 8.5445 million HKD, a decrease of 83.17% year-on-year [1] - The company experienced a net loss attributable to shareholders of 4.3169 million HKD, representing a year-on-year decline of 466.82% [1] - The gross margin stood at 0.12%, with a debt-to-asset ratio of 49.3% [1] Market Position and Valuation - The current price of Yufengchang Holdings is 0.55 HKD per share, reflecting a 37.5% increase, although it has seen a cumulative decline of 12.09% over the past month and 36.51% year-to-date [1] - The company's price-to-earnings (P/E) ratio is -0.95, ranking 41st in its industry, while the average P/E ratio for the oil and gas sector is -6.49 [1] - No investment ratings have been provided by institutions for Yufengchang Holdings at this time [1]

Company Overview - Jixing New Energy Limited (stock code: 03395.HK) is primarily engaged in the exploration, development, and production of oil and gas, with a focus on natural gas [2] - The company is headquartered in Alberta, Canada, and its main assets are concentrated in two core areas: Alberta Foothills and Peace River [2] - As of June 30, 2022, the company held 28,000 net acres of land in the Western Canadian Sedimentary Basin (WCSB) and produced an average of 1,821 barrels per day of natural gas and oil [2] Financial Performance - As of March 31, 2025, the company reported total revenue of 13.72 million CNY, a decrease of 2.72% year-on-year [1] - The net profit attributable to shareholders was -18.01 million CNY, reflecting a year-on-year decline of 4.26% [1] - The gross margin was -54.16%, and the debt-to-asset ratio stood at 195.64% [1] Market Performance - On May 23, the stock price closed at 0.1 HKD per share, marking an increase of 31.58% with a trading volume of 213,000 shares and a turnover of 20,000 HKD [1] - Over the past month, the stock has seen a cumulative increase of 5.56%, but it has declined by 60% year-to-date, underperforming the Hang Seng Index by 17.37% [1] - Currently, there are no institutional investment ratings for the stock [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the oil and gas industry (TTM) is -6.48, with a median of 4.14 [1] - Jixing New Energy's P/E ratio is -0.36, ranking 44th in the industry [1] - Comparatively, other companies in the sector have P/E ratios such as Zhujiang Steel Pipe (0.86), CGII HLDGS (4.14), and others ranging from 4.84 to 5.21 [1]

Company Overview - F8 Enterprises (08347.HK) is listed on the Hong Kong Stock Exchange and focuses on the transportation and sales of diesel and related products in Hong Kong and mainland China [3] - The company provides industrial diesel for construction projects and marine diesel for ships, along with lubricants for engineering machinery and vehicles [3] - F8 Enterprises has a well-equipped fleet of diesel tankers and maintains strong long-term relationships with major customers and suppliers, positioning itself as a leading integrated diesel supplier in Hong Kong's engineering sector [3] Financial Performance - As of September 30, 2024, F8 Enterprises reported total revenue of 166 million HKD, representing a year-on-year growth of 36.26% [2] - The net profit attributable to shareholders was 1.71 million HKD, showing a significant increase of 178.48% year-on-year [2] - The company's gross margin stands at 5.42%, with a debt-to-asset ratio of 42.13% [2] Stock Performance - Over the past month, F8 Enterprises has seen a cumulative increase of 7.78%, and a year-to-date increase of 29.33%, outperforming the Hang Seng Index by 16.38% [2] - The stock closed at 0.106 HKD per share on May 19, with a trading volume of 56,000 shares and a turnover of 6,104 HKD, reflecting a price fluctuation of 3.09% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the oil and gas industry is -6.51 times, with a median of 4.1 times [3] - F8 Enterprises has a P/E ratio of -3.08 times, ranking 38th in the industry [3] - Comparatively, other companies in the sector have P/E ratios ranging from 0.84 times to 5.16 times [3]

Company Overview - 延长石油国际有限公司 operates across the upstream and downstream sectors of the oil and gas industry, with upstream activities including exploration, development, and production, while downstream activities involve the sale and distribution of fuel [2] - The company is a significant platform for 延长石油集团, which is one of China's four state-owned enterprises engaged in oil and gas exploration and development [2] - 延长石油集团 ranked 234th in the Fortune Global 500 in 2021, indicating its substantial market presence and support for 延长石油国际's international expansion efforts [2] Financial Performance - As of December 31, 2024, 延长石油国际 reported total revenue of 27.026 billion yuan, representing a year-on-year growth of 5.2% [1] - The company's net profit attributable to shareholders was 50.1247 million yuan, showing a significant decline of 75.12% compared to the previous year [1] - The gross profit margin stood at 1.07%, with a debt-to-asset ratio of 53.57% [1] Market Position and Valuation - 延长石油国际's price-to-earnings (P/E) ratio is 5.59, ranking 8th in the oil and gas industry, which has an average P/E ratio of -18.17 and a median of 2.43 [1] - The company has underperformed the Hang Seng Index, with a cumulative increase of 5.77% over the past month and year, lagging behind the index's 14% rise [1] Business Operations - The upstream segment includes Novus Energy Inc., which has successfully entered the North American oil and gas market, focusing on production in Saskatchewan and Alberta [2] - Novus has drilled approximately 360 horizontal wells since its inception in 2009 and currently holds 160,000 net acres of land, indicating significant development potential [2] - The downstream segment operates through 河南延长, which has a distribution capacity exceeding 2 million tons of refined oil annually and maintains a 100% cash collection rate under its "payment before delivery" policy [2]

Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]