中曼石油公告，公司全资子公司中曼海湾拟收购昕华夏开曼持有的昕华夏迪拜49%股权，交易金额为 5.63亿元人民币（折合7,931.83万美元）。收购完成后，中曼海湾将持有昕华夏迪拜100%股权，从而间 接持有坚戈区块100%权益。本次交易构成关联交易，但不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 ...

Report Summary 1. Industry Investment Rating No investment rating information was provided in the report. 2. Core Views - **Copper**: The copper market is expected to be volatile and bullish in the short term due to supply disruptions at the Grasberg mine, weak TC/RC fees, reduced scrap copper supply, and strong demand before the holiday [10]. - **Crude Oil**: The supply - demand balance of crude oil is weakening. It is recommended to short on rallies due to OPEC+ production adjustments, the end of the peak travel season, and concerns about demand [11][12]. - **Asphalt**: The asphalt futures price is expected to decline in a volatile manner due to increased supply, limited demand, and potential pressure on crude oil prices [13]. - **PP**: PP is expected to trade in a range. The market is affected by new capacity, increased downstream demand during the peak season, but with less - than - expected demand and no anti - involution policies [15]. - **Plastic**: Plastic is expected to move sideways. The market is influenced by new capacity, improving downstream demand in the peak season, but with less - than - expected demand and no anti - involution policies [16][17]. - **PVC**: PVC is expected to face downward pressure in the near term due to increased supply, weak export expectations, high inventory, and slow real - estate recovery [18]. - **Urea**: The weak reality of the urea market remains unchanged. The price may experience a technical rebound, but the supply is still abundant, with pressure around 1730 yuan/ton [19][20]. 3. Summary by Directory 3.1 Futures Market Overview - As of September 25, most domestic futures main contracts rose. Container shipping to Europe increased nearly 4%, and some metals and agricultural products also had significant gains. Some contracts like gold, cotton, and rubber declined slightly. Among stock index futures, most rose except for IM, and among bond futures, most declined except for TL [6]. 3.2 Fund Flows - As of 15:16 on September 25, the main contracts of domestic futures saw funds flowing into沪铜2511 (5.346 billion yuan),沪深300 2512 (1.257 billion yuan), and菜油2601 (880 million yuan), and flowing out of中证1000 2512 (3.222 billion yuan),沪金2512 (2.353 billion yuan), and中证500 2512 (1.2 billion yuan) [8]. 3.3 Specific Commodity Analysis - **Copper**: The Grasberg mine accident disrupted supply. TC/RC fees were weak, and smelter profits were under pressure. August production decreased slightly month - on - month but increased year - on - year. September production is expected to drop significantly. Demand for pre - holiday restocking is strong [10]. - **Crude Oil**: OPEC+ will adjust production in October, increasing pressure in the fourth quarter. The peak travel season is over, and refinery operating rates are falling. However, inventory drawdowns and geopolitical factors are affecting prices [11][12]. - **Asphalt**: The asphalt production rate decreased slightly but remained low. September production is expected to increase. Downstream demand is restricted by funds and weather. Cost support has strengthened, but futures prices are expected to decline [13]. - **PP**: The downstream operating rate increased slightly but remained low. New capacity has been put into operation, and there are more maintenance devices. Demand during the peak season is less than expected [15]. - **Plastic**: The operating rate increased to a neutral level. The downstream demand in the peak season is improving but not as expected. New capacity has been added [16]. - **PVC**: The supply decreased slightly, and downstream demand increased during the peak season. Export expectations are weak, and inventory is high. New capacity has been launched [18]. - **Urea**: The daily production has recovered, and the demand is weak. The inventory is high, and the market is in a weak situation [20].

吉木萨尔页岩油示范区位于准噶尔盆地东部，面积1278平方公里，估算资源量超过10亿吨。2024年 累计产量突破100万吨，是我国首个年产突破百万吨的国家级陆相页岩油示范区。 按照规划，2025年吉木萨尔页岩油年产量将达到170万吨，全面完成国家级陆相页岩油示范区建 设。（记者尚升、顾煜） 【纠错】 【责任编辑:邱丽芳】 记者从中国石油新疆油田获悉，截至9月25日，我国首个国家级陆相页岩油示范区——中国石油新 疆吉木萨尔页岩油累计产量突破500万吨，达到500.3万吨，标志着我国对页岩油的开发从技术探索迈向 稳定产出阶段。 页岩油属于业内公认最难开采的石油之一。吉木萨尔页岩油埋深超3800米，渗透率仅为常规油藏的 万分之一。示范区构建了我国陆相页岩油开发标准和全链条技术体系，钻井速度创下水平井一天钻进 1860米的纪录，同时，建成国内首个"无人巡检"采油管理区。 ...

Core Insights - The transformation of traditional industries through digitalization and intelligent manufacturing is essential for maintaining production stability and enhancing competitiveness in the manufacturing sector [1][2][3] Group 1: Digital Transformation in Manufacturing - The era of relying solely on physical labor for oil extraction has ended, with a shift towards digital equipment and technology to ensure stable production [1] - The manufacturing industry is accelerating its upgrade towards high-end, intelligent, and green production, utilizing technologies such as smart factories and industrial internet [1][2] - The Third National Craftsman Innovation Exchange Conference showcased advanced technologies, including AI and digital tools, highlighting the achievements of "Made in China" and the spirit of craftsmanship [1] Group 2: The Role of Craftsmen - Embracing new technologies and opening new avenues is crucial, with the integration of craftsmanship and intelligent manufacturing leading to enhanced productivity [2] - The development of skilled craftsmen is vital for the manufacturing sector, emphasizing the importance of continuous learning and innovation to adapt to new technologies [2][3] - The need for a skilled workforce is increasing, with a focus on cultivating high-skilled talents to support industrial upgrades and meet market demands [3] Group 3: Policy and Support for Craftsmen - Building a strong foundation for cultivating craftsmen requires comprehensive support, including improving skill formation systems and ensuring labor rights [3] - Initiatives such as training camps for craftsmen and research projects in key technology areas are being implemented to enhance skill development [3] - The synergy between policy support, industry demand, and talent growth is essential for maximizing the benefits of skilled craftsmanship in the manufacturing sector [3]

Core Viewpoint - The article emphasizes the importance of pursuing excellence and innovation in the manufacturing industry, highlighting the role of skilled workers and the integration of new technologies to drive high-quality development [1][2][3]. Group 1: Industry Transformation - The manufacturing industry is accelerating its upgrade towards high-end, intelligent, and green production, with technologies like smart factories, industrial internet, and digital twin shaping new advantages for "Chinese manufacturing" [1]. - The integration of advanced technologies, such as AI and digital tools, is transforming traditional manufacturing processes, showcasing the achievements of "great power manufacturing" [1][2]. Group 2: Role of Skilled Workers - The demand for high-skilled talent is increasing, with a focus on cultivating a workforce that is knowledgeable, skilled, and innovative, as emphasized by President Xi Jinping [3]. - The article highlights the journey of skilled workers who are adapting to new technologies, such as data analysis and robotics, to enhance production efficiency and quality [2][3]. Group 3: Support and Development - There is a need for a robust support system to cultivate skilled workers, including improving skill formation systems, career development pathways, and protecting labor rights [3]. - Initiatives like training camps for skilled workers and research projects in key technology areas are essential for fostering talent and ensuring effective conversion of technological achievements into manufacturing processes [3].

新华社香港9月24日电 香港恒生指数24日涨359.53点，涨幅1.37%，收报26518.65点。全日主板成交 2887.72亿港元。 国企指数涨152.65点，收报9442.99点，涨幅1.64%。恒生科技指数涨156.09点，收报6323.15点，涨幅 2.53%。 蓝筹股方面，腾讯控股涨2.05%，收报648.5港元；香港交易所涨0.18%，收报438.2港元；中国移动涨 0.65%，收报85.7港元；汇丰控股跌1.01%，收报107.5港元。 香港本地股方面，长实集团涨0.38%，收报36.68港元；新鸿基地产涨0.05%，收报92.5港元；恒基地产 涨0.51%，收报27.44港元。 中资金融股方面，中国银行跌0.23%，收报4.27港元；建设银行跌0.4%，收报7.47港元；工商银行涨 0.52%，收报5.81港元；中国平安涨0.19%，收报52.4港元；中国人寿涨0.37%，收报21.56港元。 石油石化股方面，中国石油化工股份无升跌，收报4.07港元；中国石油股份无升跌，收报7.07港元；中 国海洋石油涨0.85%，收报19.07港元。 【纠错】 【责任编辑:王頔】 ...

早盘港股迎来反转，恒生指数高开高走后震荡上行，截至收盘上涨0.37%。其中内石油涨幅居前，内银 行、工商、公用、科技等紧随其后，内房地逆势小跌。 内房地深V反转，截至目前已回到中轴上方，小涨0.12%。不可能个股涨跌互现，其中建发国际、中国 海外、越秀地产等股小幅上涨；万物云、贝壳、碧桂园服务等股小幅下跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 内石油开盘后直线拉升，截至目前上涨1.56%。其中中海油服大涨1.95%，中国海油上涨1.96%，中国石 油、中国石化、中石炼化等股涨幅均在1%上方。 内银行止跌企稳，早盘低开高走，截至目前上涨0.89%。其中重庆农村商业银行大涨2.85%，邮储银 行、民生银行、交通银行、工商银行、中信银行等股多股涨幅均在1%上方。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Overseas, Powell mentioned that there are risks of rising inflation and falling employment, and the Fed needs to balance. The US September PMI was in line with expectations, with stocks adjusting, the dollar index fluctuating weakly, gold hitting a new high, and oil prices rising due to supply disruptions. Domestically, the stock, bond, and commodity markets all adjusted on Tuesday. The stock market is expected to continue to fluctuate, and the bond market is in a wait - and - see state with limited allocation space. [2][3] - Precious metals continued to rise, driven by factors such as the Fed's expected interest rate cut, geopolitical risks, a weak dollar, and the repair of the gold - silver ratio. They may show a volatile trend in the short term. [4] - Copper prices are expected to remain stable and volatile in the short term, with limited downward adjustment space, considering the Fed's policy stance and fundamental factors. [6][7] - Aluminum is expected to have a slow adjustment in the short term, with limited downside space, as market sentiment is cautious and fundamentals show improving consumption. [8][10] - Alumina continues to be weak, dominated by supply - side pressure. [11] - Zinc prices are expected to continue to trade in a narrow range at a low level, with limited downward adjustment space, as the market stabilizes and short - term consumption is disrupted by weather. [12] - Lead prices may decline as supply is expected to increase, although short - term support from pre - holiday stocking exists. [13][14] - Tin prices will maintain a high - level volatile trend, with their movement following market sentiment, as the raw material supply and demand contradiction is not significantly improved. [15] - Industrial silicon is expected to have a weak and volatile trend, considering supply growth and demand - side factors. [16][17] - Lithium carbonate prices are oscillating as the market is avoiding policy risks, although there are signs of marginal improvement in fundamentals. [18][19] - Nickel prices are fluctuating with limited driving factors, and the short - term trend may be adjusted under technical guidance. [20][21] - Oil prices are expected to be volatile in the short term, with a clear long - term downward trend due to supply surplus, but geopolitical factors are causing short - term disruptions. [22][23] - For soda ash and glass, the fundamentals are stable, and there are opportunities in the price spread. [24] - Steel prices are expected to oscillate and adjust as spot trading is poor. [25] - Iron ore prices are expected to maintain a high - level volatile trend, with supply and demand factors affecting the market. [26] 3. Summary According to Relevant Catalogs 3.1 Macro - Overseas: Powell stated that inflation and employment risks coexist, and the Fed's decision - making is not driven by political factors. The US September S&P manufacturing and services PMI were in line with expectations, both in the expansion range. Stocks adjusted, the dollar index was weak, gold reached a new high, and oil prices rose. [2] - Domestic: The stock, bond, and commodity markets adjusted on Tuesday. The stock market is expected to continue to fluctuate, and the bond market is in a wait - and - see state. The 10Y and 30Y interest rates rose to 1.79% and 2.09% respectively. [3] 3.2 Precious Metals - COMEX gold futures rose 0.58% to $3796.9 per ounce, and COMEX silver futures rose 0.12% to $44.265 per ounce. Driven by multiple factors, precious metals are expected to maintain a strong performance in the long term but may show a volatile trend in the short term. [4][5] 3.3 Copper - Shanghai copper's main contract had a narrow - range oscillation, and LME copper hovered around the $10,000 mark. Considering the Fed's policy and fundamentals, copper prices are expected to remain stable and volatile in the short term, with limited downward adjustment space. [6][7] 3.4 Aluminum - Shanghai aluminum's main contract closed at 20,685 yuan per ton, down 0.41%. Due to market caution and improving fundamentals, it is expected to have a slow adjustment in the short term, with limited downside space. [8][10] 3.5 Alumina - The futures main contract closed at 2877 yuan per ton, down 1.94%. With supply pressure, it continues to be weak. [11] 3.6 Zinc - Shanghai zinc's main contract had an intraday decline and a night - session sideways movement. Affected by weather and market sentiment, it is expected to continue to trade in a narrow range at a low level, with limited downward adjustment space. [12] 3.7 Lead - Shanghai lead's main contract declined. With the expected increase in supply, lead prices may decline after the pre - holiday stocking phase. [13][14] 3.8 Tin - Shanghai tin's main contract had a high - level volatile trend. Although consumption improvement is limited, the raw material supply and demand contradiction supports tin prices, and its movement follows market sentiment. [15] 3.9 Industrial Silicon - The main contract of industrial silicon declined. With supply growth and demand - side factors, it is expected to have a weak and volatile trend. [16][17] 3.10 Lithium Carbonate - Lithium carbonate prices oscillated. Although there are signs of marginal improvement in fundamentals, the market is avoiding the risk of the September 30 lithium mine ruling. [18][19] 3.11 Nickel - Nickel prices fluctuated. With limited driving factors and unclear disturbances from Indonesian mine suspensions, the short - term trend may be adjusted under technical guidance. [20][21] 3.12 Crude Oil - Oil prices had a night - session gap - up opening. In the short term, they are expected to be volatile due to geopolitical factors, while in the long term, a downward trend is clear due to supply surplus. [22][23] 3.13 Soda Ash and Glass - The soda ash main contract oscillated, and the glass main contract was slightly stronger. The fundamentals are stable, and there are opportunities in the price spread. [24] 3.14 Steel (Screw and Coil) - Steel futures oscillated and declined slightly. With poor spot trading, prices are expected to oscillate and adjust. [25] 3.15 Iron Ore - Iron ore futures oscillated and adjusted. With supply and demand changes, it is expected to maintain a high - level volatile trend. [26] 3.16 Metal Main Varieties Trading Data - The report provides trading data for various metals such as copper, aluminum, zinc, etc., including closing prices, price changes, trading volumes, and positions on September 23. [27] 3.17 Industrial Data Perspective - It presents detailed industrial data for metals such as copper, nickel, zinc, etc., including inventory, spot quotes, and price differentials on September 23 and September 22. [29][33]

Market Performance - The Hang Seng Index fell by 185.02 points, a decrease of 0.7%, closing at 26,159.12 points [1] - The H-share Index dropped by 80.39 points, closing at 9,290.34 points, a decline of 0.86% [1] - The Hang Seng Tech Index decreased by 90.85 points, closing at 6,167.06 points, down 1.45% [1] - The total turnover on the main board was HKD 294.56 billion [1] Blue Chip Stocks - Tencent Holdings decreased by 0.86%, closing at HKD 635.5 [1] - Hong Kong Exchanges and Clearing fell by 1.17%, closing at HKD 437.4 [1] - China Mobile declined by 0.29%, closing at HKD 85.15 [1] - HSBC Holdings increased by 1.31%, closing at HKD 108.6 [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.54%, closing at HKD 36.54 [1] - Sun Hung Kai Properties decreased by 1.07%, closing at HKD 92.45 [1] - Henderson Land Development dropped by 1.44%, closing at HKD 27.3 [1] Chinese Financial Stocks - Bank of China remained unchanged, closing at HKD 4.28 [1] - China Construction Bank rose by 0.67%, closing at HKD 7.5 [1] - Industrial and Commercial Bank of China increased by 0.7%, closing at HKD 5.78 [1] - Ping An Insurance fell by 1.23%, closing at HKD 52.3 [1] - China Life Insurance decreased by 0.56%, closing at HKD 21.48 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation fell by 0.25%, closing at HKD 4.07 [1] - China National Petroleum Corporation decreased by 0.28%, closing at HKD 7.07 [1] - CNOOC Limited dropped by 0.68%, closing at HKD 18.91 [1]

Group 1 - The contractor's HSE (Health, Safety, Environment) training certification has expired, leading to immediate disqualification from participation [1] - The management area has implemented a comprehensive control system to shift contractor safety management from reactive to proactive measures, ensuring key projects progress as planned [1] - The core of the "three controls" management approach is to make safety a standard requirement for contractor operations [1] Group 2 - The management area has organized specialized training for contractor supervisors, covering seven operational monitoring requirements, responsibilities, safety measures, and personnel credential verification [2] - Qualified supervisors will be included in the contractor monitoring personnel list, and only those on the list can perform monitoring duties [2] - Any violation of safety regulations by construction personnel will result in immediate dismissal and inclusion in a "blacklist" [2]