Core Viewpoint - South Sudan, the world's youngest country, has shown resilience in the face of ongoing challenges since its independence in 2011, with some development in infrastructure and healthcare, but continues to struggle with political instability, economic difficulties, and humanitarian crises [1][4][9]. Infrastructure and Development - South Sudan has made some progress in infrastructure and education, with new buildings and key projects like road reconstructions and airport expansions being completed despite difficult conditions [3][4]. - A modern hospital was built in Northern South Sudan with international aid, highlighting improvements in healthcare access for local communities [3]. Political and Economic Challenges - The country has faced significant political turmoil since independence, including civil conflicts that have resulted in hundreds of thousands of deaths and millions displaced [4][9]. - Economic development has been hampered by political instability, with infrastructure in many areas remaining underdeveloped, and basic services like electricity being unreliable [5][9]. - South Sudan's economy is heavily reliant on oil, which accounts for 90% of government revenue, but ongoing conflicts in Sudan have disrupted oil exports [9]. Humanitarian Issues - Recent floods have severely impacted agricultural production, leading to food shortages and worsening humanitarian conditions, with inflation rates rising significantly [7][9]. - The price of staple foods, such as maize flour, has doubled in six months, reflecting the economic strain on households [7]. International Relations and Support - South Sudan's relationship with the U.S. has changed since its independence, with reduced support as the geopolitical landscape has shifted [7]. - China has emerged as a key partner, providing assistance in energy, infrastructure, and peacekeeping, and has been involved in various development projects [12]. Future Prospects - The South Sudanese government has initiated a 10-year strategic development plan aimed at fostering a prosperous society and consolidating peace [11]. - There is a recognition that establishing a stable political order and converting resources into public welfare is crucial for the country's future [10][11].

准噶尔盆地东缘的戈壁滩上，占地相当于59个标准足球场的新疆昌吉换流站坐落于此。空中银线纵横交 错，铁塔高耸入云，换流变压器持续发出低沉的嗡鸣。作为昌吉—古泉±1100千伏特高压直流输电工程 的送端起点，昌吉换流站自2019年9月投运以来，累计向外送电3680亿千瓦时，本年度送电已达512亿千 瓦时。 2000多个日日夜夜的安全稳定运行，离不开运维人员24小时运检保障。站长王鸿在昌吉换流站开工建设 时，就来到这片戈壁滩，"看着昌吉换流站逐步建成、稳定运行，我既为能参与这项工程而自豪，也时 刻铭记着肩上沉甸甸的责任。"3万多台设备日夜不停工作，各路奔来的电流被不断升压，最终冲出换流 站，稳定输往东部地区，点亮万家灯火。 昌吉换流站使用的±1100千伏特高压直流换流变压器，由特变电工股份有限公司自主研发。全国五一劳 动奖章获得者、2023年"大国工匠年度人物"张国云，是特变电工新疆变压器厂的首席技师。他所攻克的 技术之一，就是±1100千伏特高压直流换流变压器的线圈绕制。 自1999年毕业进入特变电工，张国云已在生产一线工作了26年。他感慨："公司最初生产中低压小产 品，现在制造大国重器；我有幸参与包括吉泉直流工程 ...

近两年来，该模式在太平油田持续落地，目前已完钻投产水平井7口，单井平均日产油7.3吨，较设计产 能提升46%，为同类油藏高效开发提供了经验。 首战告捷后，团队针对区块"井网密度高、低效老井多、剩余油分布散"的特点对症下药，利用侧钻 井"成本低、见效快、效益好"的优势，今年重点部署了沾29-侧平43和沾29-侧平4两口井，并创新推出 侧钻井钻完井一体化投产新模式。 据了解，这套模式以"精准钻井、高效完井、全程护层"为核心，同步组建多单位联合作战室，打破信息 壁垒、全力赋能油藏。油层钻遇情况、轨迹控制数据等关键信息实时传输，技术人员同步综合研判，为 钻井施工提供即时决策支持，确保每一口井都精准命中优质油层，从源头减缓含水上升速度。 从井位规划到钻井施工，从投产准备到后期管理，一体化整合让"地上地下无缝衔接"，油层浸泡时间大 幅缩减，油层保护效果最大化。通过表皮系数测定，高效解堵后，近井地带渗透率提升近4倍。最终， 两口侧钻井投产后平均单井日产油稳定在10吨，产能较改造前提升81%，提产技术进一步凸显。 如今，东胜公司已围绕强边底水稠油藏，构建起"精细地质研究+先进工艺技术+全程油层保护+定向精 准控水"的高效开发 ...

现河采油厂还推出"设备用电健康档案"，每日筛查30口高耗井，依托"日督周导月考核"机制推动基层节 电，年综合维护成本降低18%。 "从粗放用电到精准智控，从刚性节电到柔性优电，我们正以'油藏经营+能效管控'推动高质量发 展。"厂长魏勇舟表示，当前，现河采油厂正用一度电、一方热、一束光，书写老油田绿色转型的新篇 章。 乐安采油管理区则巧妙运用分时电价政策，让稠油井在用电谷期提高冲次、峰期降低负荷。22口井通过 智能调参，单月节电1303千瓦时，15口井的井筒电加热设备安装"空调式"调功装置，依据油温自动调整 加热功率，月省电费3864元。"让油井在低价时'多干活'，高价时'巧干活'，这一柔性生产模式使谷期用 电占比从47.8%提升至52.2%，度电成本下降1.8%。"管理区经理刘凯说。 河106区块通过"立体耦合"技术改善油藏驱替效果，实施"补方向+调流线"措施166井次，部署加密井23 口和调驱7组，压减无效产液37万吨，增油5.02万吨，年节电费1100万元。"我们改变了过去高耗液、低 效产的开发方式，为每一方液量算清效益账。"生产管理部副经理杨文辉说道。 绿色能源的应用也为节能提供新路径。厂区内光伏板与抽 ...

Core Insights - The trial operation of the Xicheng Jingwu Reclaimed Water Plant has enabled Shengli Power Plant to utilize nearly 10,000 cubic meters of reclaimed water daily, marking a significant step in water resource recycling for Shengli Oilfield [1] - The combined annual reclaimed water usage for Shengli Power Plant and Shengli Guodian (Dongying) Thermal Power Company is expected to reach 3.5 million cubic meters, which can replace an equal amount of water from the Yellow River [1] - The project aims to alleviate water resource pressure in the region, especially with the anticipated increase in water demand due to the accelerated construction of Guoneng (Dongying) power generation units [1] Water Resource Management - Shengli Power Plant and Shengli Guodian (Dongying) Thermal Power Company have a combined annual water consumption of 15 million cubic meters, primarily relying on Xin'an Reservoir and municipal water as backup sources [1] - The implementation of reclaimed water utilization is seen as a necessary solution to address water resource bottlenecks, in line with the "Four Waters and Four Determinations" principle [1][2] - The reclaimed water project, developed by Lucheng Water Affairs, Beikong Water Affairs, and Oil City Water Affairs, utilizes treated wastewater from the Xicheng South Sewage Treatment Plant, with a daily production capacity of 30,000 cubic meters [1][2] Quality and Efficiency - The reclaimed water's chloride ion content remains stable at around 20 mg/L, with multiple indicators surpassing conventional water sources, leading to reduced treatment costs for the power plant's boiler water [2] - The expected replacement of fresh water by Shengli Power Plant this year is approximately 1.5 million cubic meters, with future potential for surrounding power companies to utilize wastewater as a source for the reclaimed water plant [2] - The focus on optimizing water resource management in the Shengli Oilfield region includes promoting the reuse of unconventional water sources for enhanced efficiency in oilfield operations [2]

Core Viewpoint - The article discusses the green transformation of the Jidong Oilfield, focusing on carbon recycling and energy efficiency improvements in oil production processes [1][2][4]. Group 1: Carbon Recycling and Utilization - The Jidong Oilfield is implementing a project to inject 20,000 cubic meters of carbon dioxide into oil layers to enhance oil recovery, with a maximum injection capacity of 60,000 cubic meters per day expected after full production [1][2]. - The project aims to recycle over 30,000 tons of carbon dioxide annually, significantly reducing external procurement costs and ensuring stable production [2]. Group 2: Energy Efficiency and Cost Reduction - The Jidong Oilfield has optimized its operational systems, promoted energy-saving equipment, and implemented meticulous management, leading to an 18.5% improvement in energy efficiency across production systems [4]. - The oilfield has closed down 7 oil transfer stations, 185 metering rooms, and 7 water injection stations, reducing the total length of various pipelines by 323 kilometers, resulting in a 44.9% decrease in energy consumption compared to historical highs [4]. Group 3: Clean Energy Integration - The Jidong Oilfield is accelerating the replacement of traditional energy sources with clean energy, including solar thermal and waste heat utilization, to achieve a greener production process [4][6]. - The oilfield has installed 1,495 solar panels, generating over 920,000 kilowatt-hours annually, and has developed the largest water surface photovoltaic project under PetroChina, saving 28,200 tons of coal per year [6]. Group 4: Future Goals and Certifications - The Jidong Oilfield's land operation area became the first oil extraction unit in PetroChina to receive "carbon neutrality" certification, with plans to expand the use of renewable energy and implement carbon storage and carbon-driven oil projects [6].

新华社香港10月10日电 香港恒生指数10日跌462.27点，跌幅1.73%，收报26290.32点。全日主板成交 3337.37亿港元。 国企指数跌171.81点，收报9358.32点，跌幅1.8%。恒生科技指数跌211.59点，收报6259.75点，跌幅 3.27%。 蓝筹股方面，腾讯控股跌3.55%，收报651.5港元；香港交易所跌2.67%，收报444.6港元；中国移动涨 0.53%，收报84.8港元；汇丰控股跌0.48%，收报103.5港元。 香港本地股方面，长实集团跌0.78%，收报38.4港元；新鸿基地产涨0.41%，收报96.8港元；恒基地产涨 0.37%，收报27.34港元。 中资金融股方面，中国银行涨0.24%，收报4.2港元；建设银行涨0.69%，收报7.34港元；工商银行涨 0.18%，收报5.66港元；中国平安涨0.75%，收报53.9港元；中国人寿涨0.91%，收报22.06港元。 石油石化股方面，中国石油化工股份无升跌，收报4.11港元；中国石油股份涨0.14%，收报7.27港元； 中国海洋石油涨0.32%，收报18.86港元。 【纠错】 【责任编辑:赵阳】 ...

Market Overview - The Chinese asset market experienced a collective pullback, with the A-share market declining significantly after a strong opening on the first trading day post-holiday. The Shanghai Composite Index fell approximately 1% to below 3900 points, while the ChiNext Index dropped over 5% before slightly narrowing its losses at the close [1] - The total trading volume in the Shanghai and Shenzhen markets decreased by 137.8 billion yuan compared to the previous day, totaling 253.45 billion yuan [1] Sector Performance - The semiconductor sector saw a substantial decline, with companies like Aojie Technology and Dongxin Co. dropping over 10%, and SMIC falling nearly 8% [2][3] - Conversely, resource sectors such as gas, coal, steel, and oil experienced gains, with companies like Dazhong Public Utilities and Hongtong Gas hitting the daily limit up [2][7] - The coal sector is expected to see improved performance in Q3 due to rising coal prices, with potential further increases in Q4 as winter demand rises [8] Semiconductor Sector Insights - Analysts suggest that the recent adjustment in the semiconductor sector is a short-term fluctuation driven by profit-taking, rather than a fundamental shift in the industry's long-term growth prospects. The trend of domestic substitution remains a key focus [3][5] - Domestic wafer fabs are progressively establishing high levels of localization, particularly in advanced storage, with expectations for stable expansion needs through 2025 and rapid growth anticipated by 2026 [5] Brokerage Sector Dynamics - The brokerage sector showed strong performance, with stocks like Guosen Securities reaching their daily limit. The sector's growth is supported by favorable policies, improved market confidence, and a shift towards high-value-added services [9][10] - The current environment is seen as enhancing the brokerage sector's profitability outlook, making it an attractive investment opportunity [10]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In October, geopolitical disturbances and supply surplus will continue to dominate the oil market. With the rising expectation of interest rate cuts and uncertainties in the Russia-Ukraine situation, but the extremely low level of crude oil inventories provides bottom support. It is expected that oil prices will continue to fluctuate mainly in the range of WTI $60 - $65 per barrel, similar to September. In the medium to long term, pay attention to shorting opportunities on rebounds caused by geopolitical disturbances. For safety, virtual call options can be used to hedge the risk of upward breakthrough due to sudden geopolitical events. The surplus pattern will further intensify in the next six months, and crude oil is still considered to be in a downward trend. Although OPEC+ has not clearly defined its production increase route, once oil prices rise, it will boost OPEC+'s enthusiasm for increasing production, which will always suppress the upside of oil prices [5]. Summary by Relevant Catalogs 1. International Crude Oil Analysis - **Price Trend**: In September, the oil market was mainly driven by geopolitical and supply surplus factors, with prices fluctuating between WTI $60 - $65 per barrel. Geopolitical concerns pushed oil prices to challenge the upper pressure level, but they failed to break through effectively. When concerns about surplus intensified, potential geopolitical risks and low inventories supported oil prices above $60. As of September 30, the monthly average settlement prices of WTI and Brent were $63.57 per barrel (-3.21%) and $67.58 per barrel (-3.54%) respectively; the monthly average settlement price of INE SC was 486.19 yuan per barrel (-1.01%) [8]. - **Financial Aspect**: In September, the economic data released by the United States showed that inflation was controllable but employment was weak. At the beginning of the month, the expectation of interest rate cuts increased, and the Fed cut interest rates as scheduled at the September FOMC meeting and sent a dovish signal. As of September 30, the S&P 500 index continued to rebound since mid - April, reaching 6753.72; the VIX volatility was 16.3, significantly lower than when the tariff policy was first implemented and still at a low level this month [13]. - **Crude Oil Volatility and Dollar Index**: The crude oil ETF volatility and the dollar index fluctuated. As of September 30, the crude oil volatility ETF was 31.53, and the dollar index was 98.849. In September, the drivers of the crude oil market were intertwined with geopolitical, macroeconomic, and fundamental factors. Overall, the crude oil volatility remained at the bottom, lacking a strong driver to break through the oscillation range. The employment data released in September was worse than expected, combined with the Fed's interest rate cut, causing the dollar index to oscillate at a low level [17]. - **Crude Oil Fund Net Long Positions**: The net long positions of WTI funds increased, but the speculative net long positions decreased. As of September 23, the net long positions of WTI managed funds increased by 0.19 million contracts month - on - month to 2.65 million contracts, a monthly increase of 7.6%; the speculative net long positions decreased by 0.84 million contracts to 7.65 million contracts, a monthly decrease of 9.9%. There were obvious differences in the market, and the long positions of funds showed characteristics of left - hand side layout. Oil prices generally continued to oscillate within a range, and the trading volume had decreased significantly [20]. 2. Crude Oil Supply - Side Analysis - **OPEC Production**: In August, OPEC's crude oil production increased by 47.8 barrels per day to 2794.8 barrels per day compared with the previous month. Most countries have started to increase production, with Saudi Arabia, the UAE, and Iraq leading the pace. However, the production of the eight core OPEC+ countries that agreed to increase production was still 15.4 barrels per day lower than the plan in August, mainly because some countries were implementing their submitted compensatory production cut plans [25]. - **OPEC+ Production Cut Situation**: According to the IEA's statistical caliber, the production of nine OPEC member countries in August was 2328 barrels per day, an increase of 19 barrels per day compared with the previous month. Among them, the UAE, Iraq, Kuwait, and Kazakhstan still had significant over - production, but the overall over - production amplitude of the nine countries decreased compared with the previous month, perhaps because the organization's requirement to produce according to the quota began to have a certain effect. Seven countries updated their compensatory production cut plans, and the concentrated production cuts were extended to the first half of next year [29]. - **Saudi and Iranian Production**: Saudi Arabia's production continued to rise. In August, its crude oil production increased by 25.9 barrels per day to 970.9 barrels per day. Iran's production continued to decline. In August, its crude oil production decreased by 2.7 barrels per day to 321.8 barrels per day. Sanctions on Iran in late July and the 12 - day war between Israel and Iran in June hindered Iran's subsequent oil production, and the impact of geopolitics has begun to be reflected in its production [33]. - **Russian Supply**: According to OPEC's statistical caliber, Russia's crude oil production in August was 917.3 barrels per day, an increase of 5.3 barrels per day compared with the previous month; according to the IEA's statistical caliber, its production was 928 barrels per day, an increase of 8 barrels per day compared with the previous month. Under the production increase plan, production is gradually recovering but still at a relatively low level [41]. - **US Production**: As of the week of October 3, the number of active oil rigs in the US increased by 10 to 422 compared with the previous month, a year - on - year decrease of 57. The high oil prices during the peak season in the third quarter boosted producers' sentiment, and the number of drilling rigs stopped falling. The improvement in drilling and well efficiency enables producers to maintain record - high production while controlling capital expenditure. As of the week of October 3, US crude oil production rebounded, increasing by 12.4 barrels per day to 1362.9 barrels per day compared with the previous week and month, a year - on - year increase of 1.71%. The low oil prices in the first half of the year had suppressed producers' enthusiasm and compressed the increase in US oil production. However, the high oil prices since June seem to have boosted production enthusiasm again, and US crude oil production has continuously refreshed the historical record since last year in September [45][48]. 3. Crude Oil Demand - Side Analysis - **US Petroleum Product Demand**: As of the week of October 3, the total average daily demand for refined oil products in the US was 2089.7 barrels per day, an increase of 55.3 barrels per day compared with the previous week and a year - on - year increase of 1.68%. September is a period of seasonal weakening in oil product demand, and the weakening support of demand for oil prices has caused the oscillation center of oil prices to move down. In October, there will be a phased rebound peak in oil product demand [52]. - **US Crude Oil, Gasoline, and Distillate Data**: From September 5 to October 3, US crude oil production increased by 13.4 barrels per day, consumption increased by 0.9 barrels per day, refinery processing volume decreased by 52.1 barrels per day, and the refinery utilization rate decreased by 2.5 percentage points. Gasoline production increased by 16.6 barrels per day, and the implied demand decreased by 12.5 barrels per day. Distillate production decreased by 6 barrels per day, and the implied demand increased by 1.7 barrels per day [56]. - **US Gasoline, Diesel, and Kerosene Consumption**: As of the four - week period ending on October 3, the average demand for gasoline in the US increased by 10.3 barrels per day to 880.2 barrels per day, a year - on - year decrease of 2.62%; the average demand for distillates increased by 24.2 barrels per day to 383 barrels per day, a year - on - year decrease of 1.08%; the average consumption of kerosene decreased by 1.4 barrels per day to 164 barrels per day, a year - on - year decrease of 6.92% [57]. - **US Gasoline and Heating Oil Crack Spreads**: As of October 8, the gasoline crack spread was $17.65 per barrel, and the heating oil crack spread was $33.68 per barrel. In September, the crack spread trends were in line with the seasonality of each oil product. Gasoline entered the seasonal off - season as expected, and the spread continued to decline. The demand for distillates was still in the seasonal recovery period, and the crack spread performed better [61]. - **European Diesel and Heating Oil Crack Spreads**: As of October 8, the ICE diesel crack spread was $26.31 per barrel, and the heating oil crack spread was $29.98 per barrel. In the first half of the third quarter, European diesel performed better than heating oil due to low inventories and peak - season restocking demand. The overall oil products were in a relatively warm atmosphere driven by diesel, and the crack spreads continued to rise and remained at a high level in September [65]. - **China's Oil and Refinery Situation**: In August, China's crude oil processing volume increased by 439.1 million tons year - on - year to 6346 million tons (+7.43%); the import volume increased by 39.2 million tons year - on - year to 4949.2 million tons (+0.8%). Since the beginning of this year, the escalation of the Middle East situation has raised concerns about supply, leading to a surge in China's oil imports from the Gulf region. At the same time, the recovery of Russian oil supply has been much higher than the same period in previous years. The import volume rebounded seasonally in August [68]. - **Institutional Forecasts for Demand Growth**: Three major international institutions have become more optimistic about this year's demand growth. OPEC maintained its previous forecast, while the IEA and EIA raised their forecasts for global oil demand growth. In September, the EIA, IEA, and OPEC expected this year's global crude oil demand growth rates to be 90 barrels per day (↑), 74 barrels per day (↑), and 130 barrels per day (-) respectively. Next year's growth rates are expected to be 128 barrels per day, 70 barrels per day, and 140 barrels per day respectively [73]. 4. Crude Oil Inventory - Side Analysis - **US Crude Oil Inventory**: In September, US commercial crude oil inventories first decreased and then increased. As of October 3, EIA commercial crude oil inventories increased by 3.715 million barrels to 420.26 million barrels compared with the previous week, a year - on - year decrease of 0.59%; SPR inventories increased by 285,000 barrels to 406.99 million barrels; and Cushing crude oil inventories decreased by 763,000 barrels to 22.704 million barrels [74]. - **Inventory Changes**: As of the four - week period ending on October 3, the net import volume of US crude oil decreased by 71.3 barrels per day to 281.3 barrels per day. The refinery processing volume decreased by 52.1 barrels per day to 1629.7 barrels per day compared with the end of the previous month, and the refinery utilization rate rebounded by 1 percentage point to 92.4% last week [78]. - **WTI Monthly Spread**: The WTI monthly spread generally maintained a backwardation structure. As of September 30, the WTI M1 - M2 monthly spread was $0.44 per barrel, and the M1 - M5 monthly spread was $1.01 per barrel. The monthly spread indicator continued to weaken. As the demand for refined oil products in the US gradually peaks, the support of the peak season for oil prices begins to weaken. At the same time, with OPEC's accelerated production increase in the near term, the monthly spread may remain at a low level and rebound periodically during geopolitical disturbances [81]. - **Brent Monthly Spread**: The Brent monthly spread still maintained a backwardation structure. As of September 30, the Brent M1 - M2 monthly spread was $0.99 per barrel, and the M1 - M5 monthly spread was $1.88 per barrel. Similar to the WTI monthly spread, the Brent monthly spread also showed a contango pattern but was relatively stronger. This is because the sanctions imposed by Europe and the US on Russia due to the Russia - Ukraine conflict have made the supply outlook in the European region more tense [84]. 5. Crude Oil Supply - Demand Balance Difference - **Global Oil Supply - Demand Balance Sheet**: In September, the EIA predicted that this year's global oil supply would be 105.54 million barrels per day, and the demand would be 103.81 million barrels per day, with a daily surplus of 1.73 million barrels, which continued to increase compared with the previous month. Although the EIA raised its demand forecast in this period, due to OPEC+ opening a flexible production increase window of 1.65 million barrels per day, it is expected that the pressure of supply surplus will be greater this year [88]. - **Term Structure**: The US fundamental data indicates that the off - season has arrived, and the term structure continues to flatten. However, due to geopolitical factors, the supply of Brent still has a tight expectation, and the strong crack spread can support a more robust contango structure. Currently, international oil products can maintain a contango term structure. However, as the peak - season demand gradually weakens, if OPEC continues to accelerate production increase in the near term, the term structure may change [91].

Core Viewpoint - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) has shown positive performance with a closing increase of 1.82% and a trading volume of 102 million yuan on October 9, 2024 [1] Fund Overview - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of September 30, 2024, the fund's total shares stood at 4.371 billion, with a total size of 4.311 billion yuan, reflecting a year-to-date increase of 16.68% in shares and 23.11% in size compared to December 31, 2024 [1] Liquidity Analysis - Over the last 20 trading days, the ETF has accumulated a trading amount of 2.256 billion yuan, averaging 113 million yuan per day; since the beginning of the year, the total trading amount has reached 22.881 billion yuan, with an average daily trading amount of 124 million yuan [1] Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong managing since July 25, 2024, achieving a return of 14.42%, while Wang has managed since July 15, 2025, with a return of 1.23% [2] Top Holdings - The ETF's top holdings include China Mobile (10.83%), China Petroleum (10.55%), COSCO Shipping Holdings (9.66%), CNOOC (9.03%), China Shenhua (8.09%), Sinopec (7.66%), China Telecom (4.85%), China Unicom (3.68%), China Merchants Bank (2.63%), and China Coal Energy (2.57%) [2][3]