Core Viewpoint - The domestic oil giants, referred to as the "Three Oil Companies" (China National Petroleum Corporation, Sinopec, and CNOOC), are facing profit pressures due to fluctuating international oil prices, but they are responding to transformation and change in different ways [1][4]. Group 1: International Oil Price Trends - International oil prices have generally declined, with Brent crude oil averaging $70.93 per barrel, down 14.3% year-on-year, and West Texas Intermediate crude oil down 14.1% [3]. - The drop in oil prices has significantly impacted corporate profits, akin to an invisible constraint on their earnings [3]. Group 2: Financial Performance of the "Three Oil Companies" - China National Petroleum Corporation reported a profit of 126.29 billion yuan, a year-on-year decline of 4.9% [4]. - Sinopec's profit was 29.98 billion yuan, marking the most significant decline among the three [4]. - CNOOC's performance was relatively stable, with a profit of 101.97 billion yuan, down 12.6% year-on-year [4]. Group 3: Net Profit Margin Differences - CNOOC boasts a net profit margin of 32.63%, significantly higher than China National Petroleum's 5.82% and Sinopec's 1.42% [6]. - The differences in profit margins are attributed to each company's unique business structure, which influences their risk resilience [6]. Group 4: Business Models and Challenges - CNOOC focuses on upstream exploration and production, with oil and gas sales accounting for over 80% of its total revenue, allowing it to maintain high profit margins despite price fluctuations [8]. - In contrast, China National Petroleum and Sinopec have a full industry chain layout, facing challenges from refining profitability and chemical sector pressures due to market demand and oversupply [8]. - Sinopec's chemical sector reported a loss of 7.43 billion yuan in the first three quarters, exceeding last year's losses, while China National Petroleum's chemical profits were nearly halved [8]. Group 5: Future Outlook and Strategies - Despite challenges, Sinopec remains optimistic about the chemical industry's recovery, anticipating market balance as the economy stabilizes and outdated capacities are eliminated [9]. - Both China National Petroleum and Sinopec are pursuing transformations towards higher-end refining and chemical production, which will require time and investment [9]. - The sales of refined oil products have also declined, with China National Petroleum's gasoline sales down 3.1% and Sinopec's domestic refined oil sales down 3.6% year-on-year, influenced by the rise of electric vehicles [9]. - CNOOC is utilizing futures and derivatives trading for hedging to stabilize earnings and mitigate risks from price volatility [10]. Group 6: Industry Challenges and Opportunities - The performance of the "Three Oil Companies" reflects the broader challenges and opportunities facing the oil industry amid energy transition [11]. - Traditional oil companies must actively seek new growth points to remain competitive in a rapidly changing market [11].

中国石化江苏石油分公司（简称"江苏石油"）成立于1953年，1998年划入中国石化集团，主营成品油、 天然气、易捷服务等业务，是江苏省成品油供应的"主渠道、顶梁柱"。 "十四五"时期，江苏石油完整准确全面贯彻新发展理念，主动服务构建新发展格局，实现成品油经营总 量超8000万吨，销售收入较"十三五"时期增长超18%，不断为"强富美高"新江苏现代化建设作出新贡 献。 端牢能源饭碗勇立发展潮头 在营加油站超2500座、每天为超140万辆车服务，作为省内成品油供应"主渠道、顶梁柱"，江苏石油以 实际行动彰显央企使命担当，已建立省级应急储备库存，确保成品油能源安全、供应稳定、运输成本节 约，护航经济平稳运行。 努力推进化石能源洁净化、洁净能源规模化，江苏石油建设LNG（液化天然气）加气走廊骨干网，保 障江苏52%的车用供应，2022年至2024年，LNG零售量年均增长率达41%。2021年5月，江苏石油首座 加氢站——中国石化江苏南京高淳城北科技新城加氢站建成投运，截至目前，江苏石油已在全省建成13 座加氢站，按照"以油育氢、油氢合建"原则，构建加氢走廊骨干网络。 顺应绿色发展潮流，江苏石油正坚定向"净零"排放迈进。 ...

官方数据，尤其是劳动力市场数据的持续缺失，使得投资者和美联储难以准确评估美国经济状况，也无 法判断美国需要降息的幅度与速度。美联储在最近一次货币政策会议上宣布将基准利率下调25个基点， 但后续是否进一步降息仍有待观察。本周多位美联储官员将发表例行讲话，市场关注有关经济和货币政 策方面的表述。 近期美国非官方数据释放的信号好坏参半。10月美国供应管理协会（ISM）非制造业指数和自动数据处 理公司（ADP）私营部门就业数据均好于预期。然而，就业咨询公司挑战者（Challenger,Gray -&- Christmas）的数据显示，10月美国企业裁员人数超过15万人，为2003年以来同期最高水平。 美国财政部将于周一拍卖580亿美元3年期国债，周三拍卖420亿美元10年期国债，周四拍卖250亿美元30 年期国债。此次拍卖将考验投资者对长期国债的需求意愿。 财报季进入中后期，本周值得关注的企业包括思科、应用材料和迪士尼等，中概股腾讯、京东、网易等 也将披露业绩。 上周国际市场风云变幻，美国政府停摆继续，科技股估值担忧再起。美股全线下挫，道指周跌1.21%， 纳指周跌3.04%，标普500指数周跌1.63%。欧洲三大股 ...

沙特阿拉伯国家石油公司也就是咱们常说的沙特阿美，刚公布了第三季度的业绩，这份成绩单是真的亮眼。 净利润拿到了269.4亿美元，比上一季度多赚了不少，放在全球能源市场都算拔尖的表现。 今年全球经济走势不明朗，油价整体都挺压抑的，很多油企都在发愁怎么稳住盈利。 阿美能在这种环境下交出这么好的答卷，确实让人意外。 季度平均油价是70.1美元一桶，比上一季度高了一些，但比去年同期还是低了点。 即便如此，阿美还是靠实打实的操作实现了盈利增长。 阿美这季度的盈利增长，核心离不开两点。 一是产量上去了，OPEC+慢慢放宽产量限制后，阿美没浪费这个机会，顺势扩大了开采规模。 二是油价的环比回升，虽然涨幅不算特别大，但叠加产量优势，直接带动了盈利往上走。 更让人惊喜的是现金流的表现。 这季度自由现金流达到了235.6亿美元，比上一季度多了一半还多，跟去年同期比也涨了。 最关键的是，这部分现金流第一次超过了分红支出。 之前好几个季度，阿美都是现金流跟不上分红金额，现在终于扭转了这个局面。 分红方面，阿美也没让股东失望。 美国银行的分析师说得实在，阿美这强劲的资产负债表和低成本的上游业务，支撑它既有钱搞投资，又能稳住股东回报。 资 ...

Core Viewpoint - The China Aviation Oil Group (China Aviation Oil) is planning a restructuring with another central enterprise, as announced by its subsidiary listed on the Singapore Exchange [1][3]. Group 1: Restructuring Details - The restructuring is currently in the planning stage and requires further procedures and approvals [3]. - It is expected that the restructuring will not significantly impact the normal business operations of the company and its subsidiaries [3]. - As of the announcement date, China Aviation Oil Group holds 51.31% of the total issued shares of the company [3]. Group 2: Company Background - China Aviation Oil was originally part of the People's Liberation Army Air Force and was separated from military control in 1980, becoming a central enterprise under the State-owned Assets Supervision and Administration Commission in 2003 [3]. - The company is the largest aviation fuel service provider in Asia, involved in procurement, transportation, storage, testing, sales, and refueling services [3]. - It provides fuel supply guarantees to 258 transportation airports and 454 general airports in China, serving 585 global airline customers [3]. Group 3: Related Company Information - China Aviation Oil Group's subsidiary, China Aviation Oil Group Petroleum Co., Ltd. (China Aviation Petroleum), had previously submitted an IPO application in 2020 but voluntarily withdrew it in January 2024 [4]. - Financial data for China Aviation Petroleum shows revenues of 19.984 billion yuan, 15.715 billion yuan, 20.101 billion yuan, and 9.926 billion yuan for the years 2019 to 2022, with net profits of 283 million yuan, 156 million yuan, 108 million yuan, and 41.976 million yuan respectively [5].

Core Viewpoint - China Aviation Oil Group is planning a restructuring with another enterprise group, which is currently in the planning stage and requires further procedures and approvals [1][3][4]. Group 1: Company Overview - China Aviation Oil Group, ranked 88th among central enterprises, is the largest aviation fuel service provider in Asia, involved in procurement, transportation, storage, testing, sales, and refueling [4]. - The company primarily operates in five major sectors: aviation fuel, petroleum, logistics, international, and general aviation, serving 258 transport airports and 454 general airports in China [4]. - It provides fuel supply services to 585 global airline customers and offers wholesale, retail, storage, and distribution of gasoline, diesel, and petrochemical products across 26 provinces [4]. Group 2: Restructuring Details - The restructuring is expected not to significantly impact the normal operations of the company and its subsidiaries [3]. - As of the announcement date, China Aviation Oil Group holds 51.31% of the issued shares of China Aviation Oil (Singapore) Corporation [3]. - The restructuring is still in the planning phase and may be subject to changes due to uncertain factors [4].

Core Insights - The Badr El-Din Petroleum Company has announced the discovery of new natural gas resources in the Western Desert of Egypt [1] Company Summary - Badr El-Din Petroleum Company is actively exploring and expanding its natural gas resources, indicating a potential increase in production capacity and reserves [1] Industry Summary - The discovery of new natural gas resources in the Western Desert may enhance Egypt's position in the energy market, contributing to the country's overall energy strategy and economic growth [1]

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. For each specific energy and chemical product, the ratings are as follows: - Crude oil: Volatile [1] - Fuel oil: Volatile [1] - Asphalt: Volatile [3] - Polyester: Volatile [4] - Rubber: Volatile [6] - Methanol: Volatile [6] - Polyolefin: Volatile [8] - Polyvinyl chloride: Volatile and weakening [8] 2. Core Viewpoints of the Report - **Crude oil**: On Thursday, oil prices fluctuated and declined. Due to increased refinery production, Russia's oil exports from its western ports in November are expected to slightly decrease but remain close to recent historical highs. The official selling price premiums of some Saudi crude oil grades have been adjusted. Currently, oil prices lack a clear driving force and will continue to fluctuate [1]. - **Fuel oil**: The main contracts of fuel oil showed mixed trends. The overall supply of fuel oil in Singapore in November is expected to remain sufficient. The market structures of low - sulfur and high - sulfur fuel oils may continue to reverse, and the LU - FU spread still has some room to rebound [1][3]. - **Asphalt**: The main asphalt contract declined. The northern market demand is shrinking due to temperature, while the southern market has some project rush - work demands but may first consume low - priced social inventory resources. The supply pressure in November has eased, and the price is expected to fluctuate narrowly [3]. - **Polyester**: Affected by market news, PX&TA futures prices rebounded significantly, and the processing margin on the disk narrowed. The downstream polyester maintains a high operating rate, and further attention should be paid to the increase in maintenance due to low processing fees. Ethylene glycol has high production, low inventory, and a large number of upcoming production capacities, with limited downstream demand growth and a strong expectation of inventory accumulation [4]. - **Rubber**: The prices of rubber main contracts rose. Due to increased rainfall in the producing areas, raw material prices are unstable. The demand for all - steel tires is better than that of semi - steel tires, and rubber prices will fluctuate [6]. - **Methanol**: Due to the shutdown of major methanol plants in Inner Mongolia and the news of gas restrictions on Iranian plants, the market expects a decrease in subsequent supply, leading to a rebound in methanol prices. However, MTO profit has started to weaken, and traditional downstream support is relatively limited, so methanol prices will tend to fluctuate widely at the bottom [6]. - **Polyolefin**: Polyolefin is gradually moving towards a situation of strong supply and weak demand, with high pressure on inventory transfer to downstream. The weak performance of short - term crude oil prices weakens the cost support for polyolefin, but the current spread is at a low level in the past five years, so polyolefin prices are expected to fluctuate at the bottom [8]. - **Polyvinyl chloride**: The PVC market price has been adjusted downward. Supply remains high, and demand will decline as real - estate construction slows down. The supply - demand pressure is high, and the price is expected to show a weakening and fluctuating trend [8]. 3. Summary According to Relevant Catalogs 3.1 Research Perspectives - **Crude oil**: WTI December contract closed down $0.17 to $59.43 per barrel, a decline of 0.29%; Brent January contract closed down $0.14 to $63.38 per barrel, a decline of 0.22%; SC2512 closed at 454.4 yuan/barrel, down 6.1 yuan/barrel, a decline of 1.32%. Russia's November western port oil exports are expected to be about 2.3 million barrels per day, slightly lower than October's 2.4 million barrels per day. Some Saudi crude oil grade premiums have been reduced by $0.3 per barrel [1]. - **Fuel oil**: The main contract FU2601 of fuel oil on the Shanghai Futures Exchange rose 0.04% to 2,728 yuan/ton; the main contract LU2601 of low - sulfur fuel oil fell 0.24% to 3,269 yuan/ton. As of the week of November 5, Singapore's on - land fuel oil inventory decreased by 299,000 barrels (1.21%) week - on - week, while Fujairah's fuel oil inventory increased by 2.166 million barrels (33.35%) week - on - week [1][3]. - **Asphalt**: The main asphalt contract BU2601 fell 2.05% to 3,109 yuan/ton. This week, the shipment volume of 54 domestic asphalt manufacturers increased by 2.9% week - on - week, and the capacity utilization rate of 69 modified asphalt enterprises decreased by 4.7% compared with before the holiday and 2.5% year - on - year [3]. - **Polyester**: TA601 closed at 4,688 yuan/ton, up 1.91%; EG2601 closed at 3,924 yuan/ton, up 0.26%. As of November 6, the overall ethylene glycol operating load in mainland China was 72.44% (down 3.76% from the previous period), and the PTA load was adjusted to 76.4%. The domestic polyester load was around 91.5% [4]. - **Rubber**: The main contract RU2601 of Shanghai rubber rose 195 yuan/ton to 15,045 yuan/ton, and the main contract NR rose 195 yuan/ton to 12,130 yuan/ton. The weekly operating load of domestic semi - steel tires was 74.45%, down 0.24 percentage points from last week and 4.37 percentage points from the same period last year; the operating load of all - steel tires in Shandong was 65.54%, up 0.21 percentage points from last week and 5.35 percentage points from the same period last year [6]. - **Methanol**: The spot price in Jiangsu was 2,095 yuan/ton. Due to plant failures and gas restrictions, the market expects a decrease in supply, but MTO profit has weakened, and traditional downstream support is limited [6]. - **Polyolefin**: The mainstream price of East China拉丝 was 6,400 - 6,600 yuan/ton. The profit margins of various production methods of polyolefin were negative. The prices of PE films decreased compared with last week [8]. - **Polyvinyl chloride**: The prices in East, North, and South China PVC markets were adjusted downward. Supply remains high, and demand will decline as real - estate construction slows down [8] 3.2 Daily Data Monitoring The report provides the basis price data for multiple energy and chemical products on November 6 and 5, including spot prices, futures prices, basis, basis rates, and the position of the latest basis rate in historical data [10]. 3.3 Market News - Russia's November oil exports from western ports are expected to slightly decrease due to increased refinery production but remain close to historical highs [14]. - ConocoPhillips raised its full - year production forecast after reporting higher - than - expected third - quarter earnings. The third - quarter production reached 2.4 million barrels of oil equivalent per day, an increase of 48,200 barrels of oil equivalent per day year - on - year. The company expects fourth - quarter production to be between 2.3 million and 2.34 million barrels of oil equivalent per day and raised its 2025 production forecast to 2.375 million barrels of oil equivalent per day, while lowering its 2025 operating cost forecast from $10.9 billion to $10.6 billion [14]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts for multiple energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short - fiber, LLDPE, polypropylene, PVC, methanol, styrene, 20 - grade rubber, rubber, synthetic rubber, European line container shipping, and para - xylene [16][17][18][22][24][26][29][30][32]. - **4.2 Main Contract Basis**: It shows the basis charts of main contracts for multiple products, such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, LLDPE, natural rubber, 20 - grade rubber, para - xylene, synthetic rubber, and bottle chips [33][38][39][42][43][44]. - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of different contracts for multiple products, including fuel oil, asphalt, European line container shipping index, PTA, ethylene glycol, PP, LLDPE, and natural rubber [48][50][53][56][59][61]. - **4.4 Inter - product Spreads**: It includes the spread and ratio charts between different products, such as crude oil internal and external markets, crude oil B - W spread, fuel oil high - low sulfur spread, fuel oil/asphalt ratio, BU/SC ratio, ethylene glycol - PTA spread, PP - LLDPE spread, and natural rubber - 20 - grade rubber spread [64][67][69][75]. - **4.5 Production Profits**: The report shows the production profit charts of LLDPE and PP [72].

据悉，阿布扎比国家石油公司ADNOC是一家领先的多元化能源和石化集团，由阿布扎比酋长国全资拥 有。"此次参展不仅彰显了阿联酋与中国逾四十年的能源合作成果，也延续了ADNOC于2025年4月在北 京设立办公室的重要战略布局。"阿布扎比国家石油公司ADNOC展区工作人员介绍道。 记者在现场了解到，ADNOC与中国企业的合作涵盖多个能源领域，包括与新奥天然气和振华石油签署 的大规模液化天然气（LNG）供应协议，以及与中国海油（600938）达成的上游与下游战略框架协 议。此外，ADNOC还与中国石油在上游项目中开展合作，并携手中国石化与振华石油推进制造出口设 施建设。 今年ADNOC代表团由集团各业务单元的高层领导组成，同时包括Masdar和TA'ZIZ的代表。Masdar是全 球发展最快的可再生能源企业之一，也是绿色氢能领域的领导者；TA'ZIZ则是ADNOC集团旗下的重要 平台，致力于推动阿联酋工业发展与经济多元化。TA'ZIZ近期将价值19.9亿美元工程总承包（EPC）合 同授予中国化学（601117）工程第七建设有限公司（CC7），用于建设全球三大一体化单体聚氯乙烯 （PVC）生产基地之一。 中国经济网上海 ...

Core Viewpoint - The report from First Shanghai recommends a "buy" rating for China National Offshore Oil Corporation (CNOOC), projecting revenues and net profits for 2025-2027, with a target price of HKD 25.98 based on an 8.5x PE valuation for 2026 [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of CNY 33.947 billion, a year-on-year increase of 0.81%, and a net profit attributable to shareholders of CNY 2.853 billion, up 6.11% year-on-year [1]. - In Q3 alone, the company reported revenue of CNY 11.350 billion, a decrease of 5.75% year-on-year, and a net profit of CNY 1.023 billion, down 4.51% year-on-year [1]. - The decline in oil prices, typhoon-related production cuts, and rising natural gas prices were the main factors affecting performance [1]. Production and Discoveries - The company achieved a record high net production of oil and gas for the first three quarters, totaling 578.3 million barrels of oil equivalent, an increase of 6.7% year-on-year [1]. - In the first three quarters, the average Brent crude oil price was USD 69.91 per barrel, down 14.6% year-on-year, while the realized gas price was USD 7.86 per thousand cubic feet, up 1.0% year-on-year [1]. - The company made five new discoveries and successfully evaluated 22 oil and gas structures, expanding its reserves significantly [2]. Dividend and Cash Flow - The company plans to maintain a dividend payout ratio of no less than 45% for the year 2025-2027, subject to shareholder approval [2]. - The company has healthy operating cash flow under the current oil price environment, with a current dividend yield of 6.7%, highlighting its strong dividend attributes [2].