Core Viewpoints - The report highlights the divergence in commodity trends and the continuous growth of high-tech investments in China and the US, with significant performance variations in global stock markets and commodities [8][11]. Global Asset Review - As of December 19, global stock markets showed mixed results, with European markets performing better; major commodities like gold, copper, and aluminum saw price increases, while oil prices declined [11][12]. - The report notes that the UK FTSE 100 outperformed other indices, while the Hang Seng Tech Index and Nikkei 225 faced pressure [11]. - The report indicates that gold prices rose slightly due to expectations of interest rate cuts and geopolitical risks, while oil prices fell due to concerns over oversupply [12]. Domestic Equity Market Review - In the domestic equity market, financials outperformed other sectors, with an average daily trading volume of 17,410 billion yuan, down from 19,359 billion yuan [18]. - Among the 31 sectors tracked, 19 sectors saw gains, with retail trade (+6.66%), non-bank financials (+2.90%), and beauty care (+2.87%) leading the way, while electronics (-3.28%) and power equipment (-3.12%) lagged [18][19]. Interest Rate and Exchange Rate Tracking - The report notes a continued loose monetary environment, with the central bank conducting reverse repos to maintain liquidity, while the bond market is expected to remain stable amid weak recovery signals [20][22]. - The US bond market showed a cautious decline in yields, with the 10-year Treasury yield at 4.16%, reflecting mixed signals from employment and inflation data [26][28]. - The report highlights the strong performance of the renminbi, supported by domestic economic resilience and favorable external conditions, with the currency appreciating against the US dollar [30][31]. Commodity Tracking - The report tracks energy commodities, noting that WTI crude oil prices fluctuated around $56.52 per barrel, with US crude oil production increasing year-on-year [32]. - It also highlights the significant drop in liquefied natural gas prices in China, attributed to high inventory levels and weak demand [36].

来源：视觉中国 卓创资讯成品油分析师于雅欣认为，本计价周期以来，欧洲局势和谈顺利，在地缘降温和基本面偏弱的拖累下，油价多日出现偏弱下跌行情，后期南美石 油出口出现问题，市场转向南美地缘扰动，整体看本周期国际油价偏弱下跌后企稳并小幅反弹，对应的原油变化率在负值范围内不断加深。 扬子晚报网 12 月 19 日讯（记者 徐兢）本计价周期以来（2025年12月8日24时至12月22日24时），国际原油呈现震荡下跌后企稳行情，受此影响，国内参 考的原油变化率负值开局后跌幅加深，第9个工作日计算后的下调幅度在165元/吨，下周一晚24时，2025年国内成品油零售限价调整有望以下调收官。 据卓创资讯测算，截至12月18日收盘，国内第9个工作日参考原油变化率-3.86%，预计汽柴油下调165元/吨。折合升价92#汽油、95#汽油、0#柴油分别下 调0.13、0.14、0.14元。 本次下调落实后，消费者用油成本将继续减少。以油箱容量为50升的小型私家车为例，加满一箱92#汽油将少花6.5元左右。以月跑两千公里，百公里油耗 在8升的小型私家车为例，到下次调价窗口也就是2026年1月6号24点之前的半个月内，消费者用油成本将下降 ...

Core Viewpoint - BP has announced the appointment of Meg O'Neill as the next CEO, effective April 1, 2026, marking the first female CEO in the company's history [1] Management Changes - O'Neill will replace Murray Auchincloss, who has served as CEO for less than two years [1] - This marks the second CEO change for BP in under two years, following Auchincloss's appointment in January 2024 after Bernard Looney's resignation [1] Background of New CEO - Meg O'Neill has been the CEO of Woodside Energy since 2021, leading it to become the largest energy company listed on the Australian Securities Exchange [1] - Prior to her role at Woodside, O'Neill worked for ExxonMobil for 23 years, holding various technical, operational, and managerial positions [1] Company Performance Context - The management change comes as BP faces challenges in its transition to renewable energy, resulting in profitability issues and a stock price lagging behind competitors like ExxonMobil and Shell [1]

作为城市服务的重要窗口，我深知加油站的职责远不只是给车辆加油，更是为这座城市的温暖运转注入 持久动力。2021年，我们在站内精心打造"爱心驿站"，为环卫工人、快递小哥等新就业群体提供热水热 饭、应急药品等"7+X"暖心服务。我常常对员工们说："只要顾客有需要，我们一定全力帮忙。"如今， 这句话已深深融入每位员工的日常行动，成为全体员工的自觉遵循。2023年暑假，一对来自深圳的母子 在外滩不慎走散，我们迅速伸出援手帮孩子找到妈妈，母亲激动得热泪盈眶，连声感谢："还好有你 们，上海这座城市真的很暖心！" 在外人看来，我们每天的工作只是提枪加油，但正是这日复一日的坚守，为上海这座超大城市的油品供 应和民生保障贡献着坚实力量。未来，我们也将立足加油站"小窗口"，继续为社会作贡献，为人民城市 加油，让每一滴油都闪耀着为民服务的光芒，传递着温暖与希望！ 曹博文 整理 情服务 我是中国石化上海石油第一加油站的现任站经理戚美娟。这座加油站外表朴实无华，但承载着77年的厚 重历史，是上海第一座由中国人开办的加油站，1949年上海解放后被命名为"第一加油站"（1号站）。 多年来，我始终坚守传承红色基因的使命，不断践行"为美好生活 ...

中国石油的逆袭：从"贫油国"到全球第一炼油大国，世界措手不及 在全球能源格局中，石油从来都是硬通货，是国力的标志，是国家安全与工业命脉的关键资源。 曾几何时，我国被贴上"贫油国"的标签，不论是西方专家，还是国内学者，都认为我们的石油储量捉襟见肘，根本无法与美俄两国相提并论。 但如今，仅仅数十年时间，我国不仅摘掉了这顶沉重的帽子，更以惊人的速度跃升为全球炼油产能第一的大国，石油日产量突破百万吨，产能位居世界前 列。 新中国成立之初，国内能源匮乏，石油年产量仅12万吨，连基本工业运转都难以维持，而且那个年代的国际环境并不友好，石油这一战略资源一度被西方封 锁。 外有封锁，内无资源，怎么办？自己干！在这种背景下，国家将"自己动手，丰衣足食"的精神应用到了石油领域，开启了艰难的勘探之路。 西方专家曾断言："中国没油。"但他们看不到的是，一群中国人正用双手和信念改变这个判断。 新疆、甘肃、青海等西北地区相继发现油田，尤其是1959年大庆油田的横空出世，成为中国能源史上的转折点。 那一刻，不只是石油喷涌而出，更是中国人对"资源贫乏"这个偏见的一次有力回击，大庆油田的崛起，不仅让我国彻底甩掉了"贫油帽"，更唤醒了全国的石 ...

智通财经记者 | 田鹤琪 "近年来，全球低碳新能源投资保持持续增长。据国际能源署(IEA）预计，2025年全球清洁能源投资总 额将首次突破2.2亿美元。油气行业低碳投资额保持在300亿美元以上，但投资占比出现下降。" 12月17日，《能源展望2060系列报告发布会暨2026能源化工产业发展论坛》在北京召开。中国石化经济 技术研究院(下称中石化经研院)公司管理研究所副所长胡微微在平行论坛上作出上述表述。 在政府政策、市场趋势和股东意愿等内外部因素共同作用下，国际石油公司曾纷纷开展低碳和新能源领 域投资，快速布局低碳和新能源相关业务。 但近年来，国际石油公司的低碳布局正面临内外压力。 内部层面，近五年，多元化进程较快的企业，承受着价值增长与现金流稳定的双重压力；外部层面，资 本市场更认可 "审慎布局" 的企业，这类公司2020年以来股价增幅领跑，股息水平也相对较高。 在此影响下，2023年后，部分企业开始回调碳减排目标，为低碳业务"松绑"。此前布局较激进的公司重 新重视油气业务，降低低碳投资规模，调整投资节奏，将资金优先投向短周期、高现金流的优质项目。 "我们从石油公司们的投资经验中也能获得几方面启示。"胡微微表 ...

Core Insights - BP is one of the largest integrated energy companies globally, with a diverse upstream oil and gas portfolio and a robust downstream refining business, while also investing in lower-carbon energy for future needs [1] Group 1: BP's Strategic Shifts - BP has undergone two significant strategic shifts in the past five years, initially planning to transition to an integrated energy company with a tenfold increase in low-carbon energy investments by 2030 and a 40% reduction in fossil fuel production [4] - Earlier this year, BP abandoned its transition plan, reallocating capital back to oil and gas, expecting production growth into 2030, and planning to sell assets to reduce debt, aiming for a 20% compound annual growth in adjusted free cash flow through 2027 [5] Group 2: Comparison with ExxonMobil - Unlike BP, ExxonMobil has maintained a consistent strategy focused on its core strengths, investing in competitive advantages to enhance profitability and reduce costs [7] - ExxonMobil has achieved significant success, delivering $14.3 billion in structural cost savings since 2019 and doubling unit earnings during the same period [9]

（文章来源：证券日报） 证券日报网讯 12月18日，通源石油在互动平台回答投资者提问时表示，三桶油是公司国内的主要客 户，公司与其长期保持稳固的合作关系。2025年上半年三桶油的营业收入占比约11%。 ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the oil and gas sector [2] Financial Performance - For the first three quarters of 2025, Sinopec's main revenue was 21,134.41 billion yuan, a year-on-year decrease of 10.69% [2] - The net profit attributable to shareholders was 299.84 billion yuan, down 32.23% year-on-year [2] - The net profit excluding non-recurring items was 305.52 billion yuan, a decrease of 30.51% year-on-year [2] - In Q3 2025, the single-quarter main revenue was 7,043.89 billion yuan, a decline of 10.88% year-on-year [2] - The single-quarter net profit attributable to shareholders was 85.01 billion yuan, a slight decrease of 0.5% year-on-year [2] - The single-quarter net profit excluding non-recurring items was 93.37 billion yuan, an increase of 11.35% year-on-year [2] - The company's debt ratio stood at 54.69%, with investment income of 73.42 billion yuan and financial expenses of 112.5 billion yuan [2] - The gross profit margin was reported at 15.68% [2] Market Activity - As of December 18, 2025, Sinopec's stock closed at 5.93 yuan, up 1.54% with a turnover rate of 0.12% [1] - The trading volume was 1,129,300 hands, with a total transaction value of 668 million yuan [1] - On December 18, the net outflow of main funds was 33.49 million yuan, accounting for 5.02% of the total transaction value, while retail funds saw a net inflow of 37.59 million yuan, making up 5.63% of the total [1] Analyst Ratings - In the last 90 days, 10 institutions rated Sinopec with a buy rating, and the average target price set by these institutions was 7.6 yuan [3]

受需求前景乐观叠加地缘政治紧张局势引发的避险情绪升温推动，贵金属价格周三普遍走高。当天，大 量投机性买盘也进一步放大了价格波动，白色贵金属白银、钯金以及铂金涨幅明显，其中，白银价格盘 中突破每盎司66美元，刷新历史纪录。 17日美国三大股指集体收跌 纳指跌超1.8% 当地时间周三，市场在消化美国就业数据以及美联储官员讲话的同时，等待即将公布的美国通胀数据， 以此来判断美联储下一步的货币政策走向，投资者交易谨慎，观望情绪浓厚。继上周被传部分数据中心 项目延期交付后，据英国《金融时报》周三报道，由于谈判陷入停滞，甲骨文公司主要的数据中心合作 伙伴——资产管理公司蓝色猫头鹰资本(Blue Owl Capital)将不再支持在密歇根州为OpenAI建造的数据中 心项目。 据悉，这一项目价值高达100亿美元。虽然甲骨文随后表示谈判进展顺利，投资者仍然担心当私募信贷 市场开始收紧资助后，AI基础设施建设的资金链有断裂的风险。甲骨文股价当天下跌超5%，科技股承 压拖累美股三大股指集体下跌。截至当天收盘，道指下跌0.47%，标普500指数下跌1.16%，纳指跌幅为 1.81%。 17日贵金属价格显著上涨 华纳兄弟探索公司董事 ...