人民财讯9月8日电，据中国石油网消息，近日，中国石油首套自主研发的百千瓦级大温差跨临界二氧化 碳空气源热泵机组，在长庆油田采油一厂午107井组顺利完成试车并正式投入运行。该机组由中石油深 圳新能源研究院有限公司自主研制，标志着中国石油在大温差热泵技术领域实现从实验室研究到工业化 应用的跨越式突破。 转自：证券时报 ...

Core Insights - Shell plc's subsidiary, Shell Nederland Raffinaderij B.V., has decided to cancel the construction of a biofuels facility at the Shell Energy and Chemicals Park in Rotterdam due to its commercial unviability [1][9]. Group 1: Project Cancellation - The decision to scrap the biofuels project was based on a thorough evaluation of market dynamics and project costs, concluding that it would not provide affordable, low-carbon products to customers [2]. - The Rotterdam biofuels project was initially set to produce 820,000 metric tons of biofuels annually, with construction expected to start in 2022 and operations in 2024, but faced a pause for reassessment due to challenging market conditions [3]. Group 2: Commitment to Low-Carbon Strategy - Despite the cancellation, Shell remains dedicated to low-carbon energy, investing $8 billion in power, carbon capture and storage (CCS), hydrogen, and low-carbon fuels between 2023 and 2024 [4]. - Shell has also successfully injected and stored CO2 under the Northern Lights CCS project in Norway, showcasing its ongoing commitment to low-carbon initiatives [5]. Group 3: Strategic Investments in the Netherlands - The Netherlands continues to be central to Shell's energy transition strategy, with €6.5 billion invested in projects like the Porthos CCS project and Holland Hydrogen 1, indicating Shell's intent to advance both traditional and renewable energy systems [6]. Group 4: Market Position and Alternatives - Shell is recognized as one of the primary oil supermajors, with a current Zacks Rank of 3 (Hold) [7]. - Investors may consider other energy sector stocks with better rankings, such as Repsol (Zacks Rank 1), Antero Midstream (Zacks Rank 2), and Enbridge (Zacks Rank 2) [8].

Group 1 - The National Development and Reform Commission (NDRC) announced that domestic gasoline and diesel prices will not be adjusted due to slight fluctuations in international crude oil prices [2] - Since the last adjustment on August 21, 2020, the average price of international oil in the first ten working days of September has shown a change of less than 50 yuan per ton compared to the average price in the ten working days prior to August 21 [2] - The NDRC emphasized that major oil companies, including PetroChina, Sinopec, and CNOOC, must ensure stable supply and strictly adhere to national pricing policies [2] Group 2 - The NDRC's price monitoring center indicated that global economic recovery and improvement in crude oil demand will take time, and short-term international oil prices are expected to remain volatile [2] - Local authorities are urged to enhance market supervision and strictly investigate any violations of national pricing policies to maintain normal market order [2] - Consumers are encouraged to report price violations through the 12315 platform [2]

Core Viewpoint - Morgan Stanley's research report indicates that CNOOC's A/H shares have underperformed PetroChina's A/H shares by 13% to 22% year-to-date, viewing OPEC's production increase as a signal of demand recovery and healthy global inventory levels rather than internal chaos or price wars [1] Group 1: Company Performance - CNOOC is expected to align its earnings yield with PetroChina, which may help limit its stock price decline despite an anticipated drop in international oil prices to $55 per barrel by the first quarter of next year [1] - The average earnings per share forecast for CNOOC has been raised by approximately 19% for the years 2026 to 2030 [1] Group 2: Target Price and Ratings - CNOOC's H-share target price has been increased from HKD 13.5 to HKD 23, with the rating upgraded from "Underweight" to "Overweight" [1] - CNOOC's A-share has been covered for the first time with an "Overweight" rating and a target price of CNY 30 [1]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides trend outlooks for various commodities, including precious metals, base metals, energy, chemicals, and agricultural products. For example, gold is expected to break new highs, while silver is likely to reach previous highs. Copper prices are expected to remain firm due to a weaker US dollar, and zinc is expected to trade within a range [2][7][14]. - The market is influenced by multiple factors such as macro - economic data, central bank policies, and geopolitical events. For instance, weak US JOLTS job openings data has strengthened the market's expectation of a September interest rate cut [7][14][17]. 3. Summary by Commodity Precious Metals - **Gold**: Expected to break new highs. The trend strength is 2, indicating a strong bullish view. Yesterday, the closing price of Shanghai Gold 2510 was 814.88, with a daily increase of 1.31%, and the night - session closing price was 821.68, with a night - session increase of 1.40% [2][7][10]. - **Silver**: Expected to reach previous highs. The trend strength is 2, also indicating a strong bullish view. The closing price of Shanghai Silver 2510 was 9820, with a daily decrease of 0.04%, and the night - session closing price was 9918.00, with a night - session increase of 1.34% [2][7][10]. Base Metals - **Copper**: With the US dollar under pressure, copper prices are firm. The trend strength is 1, suggesting a moderately bullish view. The closing price of the Shanghai Copper main contract was 80,110, with a daily increase of 0.56%, and the night - session closing price was 80260, with a night - session increase of 0.19% [2][13][15]. - **Zinc**: Expected to trade within a range. The trend strength is 0, indicating a neutral view. The closing price of the Shanghai Zinc main contract was 22285, with a daily decrease of 0.18% [2][16][18]. - **Lead**: With continuous inventory reduction, lead prices are supported. The trend strength is 0, a neutral view. The closing price of the Shanghai Lead main contract was 16865, with a daily increase of 0.09% [2][19]. - **Tin**: Expected to trade within a range. The trend strength is 1, a moderately bullish view. The closing price of the Shanghai Tin main contract was 273,120, with a daily decrease of 0.31% [2][22][27]. - **Aluminum**: Expected to trade within a range. The trend strength is 0, a neutral view. The closing price of the Shanghai Aluminum main contract was 20710, with a decrease of 10 compared to the previous day [2][28][29]. - **Alumina**: The price center is moving down. The trend strength is - 1, indicating a bearish view. The closing price of the Shanghai Alumina main contract was 2992, with a decrease of 30 compared to the previous day [2][28][29]. - **Nickel and Stainless Steel**: Nickel is expected to have narrow - range fluctuations based on fundamentals and be affected by news - driven sentiment. Stainless steel prices are expected to have narrow - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of the Shanghai Nickel main contract was 121,790, and the closing price of the Stainless Steel main contract was 12,915 [2][31][36]. Energy and Chemicals - **Carbonate Lithium**: Spot trading has improved, but the continuous increase in warehouse receipts suppresses the futures market. The trend strength is 0, a neutral view. The closing price of the 2509 contract was 72,080, with a decrease of 1,200 compared to the previous day [2][37][41]. - **Industrial Silicon**: With warehouse receipt accumulation, the strategy is to short at high prices. The trend strength is 0, a neutral view. The closing price of Si2511 was 8,490, with an increase of 20 compared to the previous day [2][42][45]. - **Polysilicon**: Attention should be paid to market news. The trend strength is 1, a moderately bullish view. The closing price of PS2511 was 52,160, with an increase of 285 compared to the previous day [2][43][45]. - **Iron Ore**: Due to repeated macro - expectations, it is expected to have wide - range fluctuations. The trend strength is 0, a neutral view. The closing price of the futures was 777.0, with an increase of 5.5 and a daily increase of 0.71% [2][46]. - **Rebar and Hot - Rolled Coil**: Both are expected to have wide - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of RB2510 was 3,034, with a decrease of 10 and a decrease of 0.33%; the closing price of HC2510 was 3,310, with a decrease of 6 and a decrease of 0.18% [2][48][49]. - **Silicon Ferrosilicon and Manganese Silico - Manganese**: Both are expected to have wide - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of Silicon Ferrosilicon 2511 was 5520, with a decrease of 8; the closing price of Manganese Silico - Manganese 2511 was 5720, with a decrease of 10 [2][53][55]. - **Coke and Coking Coal**: Both are expected to have wide - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of JM2601 was 1106, with a decrease of 6.5 and a decrease of 0.6%; the closing price of J2601 was 1594, with a decrease of 2.5 and a decrease of 0.2% [2][56]. - **Log**: Expected to fluctuate repeatedly. The trend strength is 0, a neutral view. The closing price of the 2509 contract was 775.5, with a daily decrease of 2.8% [2][58][61]. - **Para - Xylene**: The cost has collapsed, and the unilateral trend has weakened. The trend strength is not provided. The closing price of the PX main contract was 6810, with a decrease of 24 and a decrease of 0.35% [2][62]. - **PTA**: The strategy is to take a long position in the spread between different months. The trend strength is not provided. The closing price of the PTA main contract was 4732, with a decrease of 24 and a decrease of 0.50% [2][62]. - **MEG**: The unilateral trend is weak. The trend strength is not provided. The closing price of the MEG main contract was 4331, with a decrease of 8 and a decrease of 0.18% [2][62]. Agricultural Products - **Palm Oil**: Lacks continuous driving forces and is waiting for a correction. The trend strength is not provided [2][61]. - **Soybean Oil**: Expected to have an oscillatory adjustment. The trend strength is not provided [2][61]. - **Soybean Meal**: Due to trade friction concerns, US soybeans are weak, while domestic soybean meal is slightly stronger. The trend strength is not provided [2][63]. - **Corn**: Expected to trade within a range. The trend strength is not provided [2][65]. - **Sugar**: Attention should be paid to the production and cost in Guangxi. The trend strength is not provided [2][66]. - **Cotton**: Attention should be paid to the new crop listing situation. The trend strength is not provided [2][67]. - **Egg**: The near - term trading sentiment is strong. The trend strength is not provided [2][69]. - **Live Pig**: The spot market is weak, while the long - term expectation is strong. The trend strength is not provided [2][70]. - **Peanut**: Attention should be paid to the new peanut listing. The trend strength is not provided [2][71].

Core Insights - WTI October crude oil futures closed down by $1.62, a decline of nearly 2.47%, settling at $63.97 per barrel [1] - Brent November crude oil futures fell by $1.54, approximately a 2.23% decrease, closing at $67.60 per barrel [1] - Abu Dhabi Murban crude oil futures dropped by 2.72%, priced at $70.01 per barrel as of 02:00 Beijing time [1] Natural Gas and Other Commodities - NYMEX October natural gas futures increased by about 1.83%, closing at $3.0640 per million British thermal units [1] - NYMEX October gasoline futures settled at $2.0120 per gallon [1] - NYMEX October heating oil futures closed at $2.3609 per gallon [1] European Market Movements - At the end of the European trading session on September 3, ICE UK natural gas futures rose by 1.42% [1] - TTF benchmark Dutch natural gas futures increased by 1.07% [1] - ICE EU carbon emission trading allowances (futures prices) rose by 1.13% [1]

Core Insights - Suncor Energy reported a revenue of $8.6 billion for the quarter ended June 2025, reflecting a year-over-year decline of 9.8% and an EPS of $0.51, down from $0.93 in the same quarter last year, but exceeded the Zacks Consensus Estimate for revenue by 11.28% and for EPS by 2% [1] Financial Performance - Revenue: $8.6 billion, down 9.8% year-over-year [1] - EPS: $0.51, compared to $0.93 in the previous year [1] - Revenue surprise: +11.28% over the Zacks Consensus Estimate of $7.72 billion [1] - EPS surprise: +2% over the consensus estimate of $0.50 [1] Key Metrics - Total upstream production per day: 808.10 Kbbls, exceeding the average estimate of 791.40 Kbbls [4] - Total refined product sales per day: 600.5 million barrels, surpassing the estimate of 493.77 million barrels [4] - Sales volumes per day - Total Oil Sands operations: 747.8 million barrels, above the estimate of 730.66 million barrels [4] - Crude oil processed per day - Eastern North America: 231.1 million barrels, compared to the estimate of 202.02 million barrels [4] - Crude oil processed per day - Western North America: 211.2 million barrels, exceeding the estimate of 195.2 million barrels [4] - Total crude oil processed per day: 442.3 million barrels, above the estimate of 397.22 million barrels [4] - Production volumes per day - Oil Sands operations - non-upgraded bitumen: 310.2 million barrels, exceeding the estimate of 265.67 million barrels [4] - Production volumes per day - Oil Sands Operations - Upgraded (SCO and Diesel): 438.2 million barrels, below the estimate of 464.99 million barrels [4] - Sales volumes per day - Oil Sands operations - Upgraded (SCO and Diesel): 440.2 million barrels, compared to the estimate of 464.99 million barrels [4] - Sales volumes per day - Oil Sands operations - non-upgraded bitumen: 307.6 million barrels, above the estimate of 265.67 million barrels [4] - Production volumes per day - Total Fort Hills bitumen production: 162.9 million barrels, exceeding the estimate of 157.14 million barrels [4] - Production volumes per day - Total Syncrude production: 196.5 million barrels, below the estimate of 212.74 million barrels [4] Stock Performance - Suncor Energy shares returned +5.3% over the past month, outperforming the Zacks S&P 500 composite's +3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the **global oil industry**, focusing on the dynamics of **OPEC+**, **U.S. shale oil**, and **refining capacity** [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19]. Core Insights and Arguments - **OPEC+ Production and Compliance**: OPEC+ has increased its voluntary production cuts, with compliance rates improving. However, actual production has often fallen below target levels in recent years [3][5]. - **Impact of Price Wars**: Saudi Arabia has engaged in two significant price wars, the first due to the U.S. shale boom and the second following a breakdown in agreements with Russia. Both resulted in financial strain for Saudi Arabia without achieving substantial market share gains [6][7]. - **U.S. Shale Revolution**: The U.S. has transitioned from a net importer to an exporter of oil due to the shale revolution, leading to global oversupply and price declines. U.S. shale companies' capital expenditures (CAPEX) are closely tied to oil prices, with a notable increase in domestic CAPEX share [7][10]. - **Resource Pressure on U.S. Shale Companies**: The lifespan of reserves for U.S. shale companies has decreased, prompting potential strategies such as reducing output or increasing CAPEX to address resource pressures [11]. - **Global Refining Trends**: There is a shift in global refining product consumption towards lighter components, with the Asia-Pacific region becoming the primary consumer, accounting for nearly 40% of global oil consumption [1][4][14]. - **Refinery Capacity and Utilization**: Global refining capacity is currently in excess, with a decline in utilization rates. China's rapid expansion in refining capacity is also facing oversupply issues [2][18]. Additional Important Insights - **OPEC+ Internal Dynamics**: Russia's strategy within OPEC+ has involved circumventing production cuts by adjusting baseline production levels, leading to internal conflicts within the organization [8]. - **Future Supply and Demand Outlook**: Projections indicate that by 2025-2026, supply from U.S. shale, Canadian pipelines, and new projects in Brazil and Kazakhstan will exceed demand growth, putting downward pressure on oil prices [2][19]. - **Capital Expenditure Trends**: Despite a recent uptick in CAPEX among U.S. shale companies, overall levels remain lower than during the peak of the shale revolution, indicating a cautious approach to investment [10][12]. - **Consumer Behavior Changes**: In the U.S., gasoline and diesel remain dominant, while in China, the consumption of lighter components like liquefied petroleum gas is increasing, reflecting a shift in energy consumption patterns [17]. This summary encapsulates the critical points discussed in the conference call records, providing a comprehensive overview of the current state and future outlook of the global oil industry.

Report Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - The current crude oil market presents a game pattern of strong reality and weak expectation. Geopolitical disturbances on the supply - side provide short - term strong support, and the destocking rhythm of refined oil in China strengthens demand resilience. However, the OPEC+ meeting maintaining production policies may weaken medium - and long - term supply constraints, and the risk of Saudi Arabia releasing idle production capacity and potential impacts of India's consumption policy adjustment form upward pressure. In the short term, the SC - WTI premium may remain high. If geopolitical risks do not escalate beyond expectations, oil prices may show a high - level oscillation pattern within a range [3]. Summary by Directory 1. Daily Market Summary a. Crude Oil Futures Market Data Analysis - **Prices and Spreads**: On September 2, 2025, the price of the Shanghai Crude Oil (SC) main contract rose from 483.5 yuan/barrel to 490.4 yuan/barrel, a 1.43% increase. WTI and Brent prices remained unchanged at 64.61 and 68.16 dollars/barrel respectively. The SC - Brent spread rose from - 0.38 dollars/barrel to +0.45 dollars/barrel, a 218% increase, indicating that domestic crude oil strengthened relative to Brent. The SC - WTI spread expanded from 3.17 to 4.0 dollars/barrel, and the SC premium over WTI increased significantly. The near - far month spread (SC continuous 1 - continuous 3) rose from - 0.1 to +0.2 yuan/barrel, reflecting the tight supply expectation in the spot market [1]. - **Positions and Transactions**: Although the warehouse receipts of Chinese crude oil, fuel oil, asphalt and other varieties remained unchanged on September 2, the warehouse receipts of petroleum asphalt plants decreased by 1000 tons, implying the pick - up demand of physical enterprises [1]. b. Industrial Chain Supply - Demand and Inventory Changes Analysis - **Supply Side**: The attack on Russian refineries continued to ferment, and the CDU maintenance volume in Russia reached 6.4 million tons in August, leading to a contraction in high - sulfur fuel oil supply. The attack on a refinery in a European country disrupted regional refined oil supply and strengthened the geopolitical premium. The sanctions on Yangshan Warehouse reduced the circulation inventory of crude oil in the Chinese market. However, it is necessary to be vigilant that the OPEC+ meeting over the weekend may maintain the production policy unchanged, and the potential risk of Saudi Arabia increasing production still needs attention [2]. - **Demand Side**: The commercial inventory of refined oil in China was fully destocked. The diesel inventory decreased by 2.54% month - on - month to 102.52 million barrels, reaching a three - month low, indicating strong industrial oil demand. The supply of low - sulfur fuel oil in major bunkering ports remained tight. The expectation of a decrease in arbitrage cargoes in Singapore in the second half of September strengthened the structural demand for the switch from high - sulfur to low - sulfur in the Asia - Pacific region. India's plan to cut gasoline vehicle consumption tax may stimulate traditional energy demand, but the competition from electric vehicles may compress long - term demand growth [2]. - **Inventory Side**: China's weekly crude oil inventory decreased by 0.21% to 209.84 million barrels, declining for the fourth consecutive week. Although the data of the US strategic crude oil reserve was not updated, combined with the recent actions of the EIA, the replenishment demand still provided support for WTI. Notably, the positive SC - Brent spread indicated that the inventory pressure in the Chinese region had eased compared with Europe [2]. 2. Industrial Chain Price Monitoring a. Crude Oil - **Futures Prices**: On September 2, 2025, the SC price was 490.40 yuan/barrel, up 1.43% from the previous day; WTI was 65.62 dollars/barrel, up 1.56%; Brent was 69.07 dollars/barrel, up 1.34%; the OPEC basket price remained unchanged at 70.98 dollars/barrel [5]. - **Spot Prices**: Various crude oil spot prices showed different degrees of increase, such as Oman rising 1.27% to 71.90 dollars/barrel, and Victory rising 1.82% to 66.60 dollars/barrel [5]. - **Spreads**: The SC - Brent spread rose from - 0.38 to 0.45 dollars/barrel, a 218.42% increase; the SC - WTI spread expanded from 3.17 to 4.00 dollars/barrel, a 26.18% increase [5]. - **Other Assets**: The US dollar index rose 0.63% to 98.32; the S&P 500 index fell 0.69% to 6,415.54 points; the DAX index fell 2.29% to 23,487.33 points; the RMB exchange rate rose 0.20% to 7.15 [5]. - **Inventory and Production**: The US commercial crude oil inventory decreased by 0.57% to 41,829,200 barrels; the Cushing inventory decreased by 3.57% to 2,263,200 barrels; the US strategic reserve inventory increased by 0.19% to 40,420,100 barrels; the API inventory decreased by 0.22% to 44,982,200 barrels. The US refinery weekly operating rate decreased by 2.07% to 94.60%, and the crude oil processing volume decreased by 1.91% to 1,688,000 barrels per day [5]. b. Fuel Oil - **Futures Prices**: The FU price was 2,847.00 yuan/ton, up 0.53% from the previous day; the LU price was 3,559.00 yuan/ton, up 2.45% [6]. - **Spot Prices**: Most fuel oil spot prices increased, such as NYMEX fuel oil IF0380 in Singapore rising 2.66% to 237.16 cents/gallon [6]. - **Paper Prices**: Some paper prices remained unchanged, while some data were not updated [6]. - **Spreads**: The China high - low sulfur spread increased by 10.90% to 712.00 yuan/ton; the LU - Singapore FOB (0.5%S) spread increased by 4.22% to - 1,929.00 yuan/ton [6]. - **Inventory**: The Singapore fuel oil inventory increased by 7.33% to 24.724 million barrels [6]. 3. Industry Dynamics and Interpretations a. Supply - The sanctions on Yangshan Warehouse led to a tightening of supply. The willingness of short - sellers to deliver at Yangshan Warehouse decreased, and they closed their positions and left the market, resulting in the fuel oil price no longer being anchored to Yangshan Warehouse and the price center moving up. The attack on Russian refineries continued to disrupt the high - sulfur supply, and the supply of low - sulfur fuel oil in major bunkering ports was tight [7][8]. b. Demand - India's Tata Motors proposed to cut the consumption tax on some gasoline vehicles, which would make their prices lower than those of electric vehicles, potentially stimulating traditional energy demand [9]. c. Inventory - On September 2, the warehouse receipts of medium - sulfur crude oil futures, low - sulfur fuel oil futures, fuel oil futures, and petroleum asphalt futures warehouses remained unchanged, while the petroleum asphalt factory warehouse receipts decreased by 1000 tons. China's crude oil and refined oil inventories continued to decline [10]. d. Market Information - Brazil officially applied to join the International Energy Agency (IEA). The crude oil market closed early due to holidays, and trading was light, but the price showed an oscillating upward trend. The market was dominated by positive factors, but the concern about Saudi Arabia increasing production over the weekend limited the upside of oil prices. The spot gold price broke through the $3500 mark in the Asian session, and the market expected the OPEC+ to maintain production at the meeting over the weekend [11]. 4. Industrial Chain Data Charts - The report provides multiple data charts, including the prices and spreads of WTI and Brent first - line contracts, the SC - WTI spread statistics, the US weekly crude oil production, the number of oil rigs in the US and Canada, etc., with data sources from WIND, EIA, etc. [12][14][18]

Core Viewpoint - China National Petroleum Corporation (CNPC) has shown significant trading activity with a notable increase in stock price and financing activities, indicating strong market interest and potential investment opportunities [1][2]. Financing Activities - On September 2, CNPC's stock price increased by 4.25%, with a trading volume of 3.42 billion yuan. The financing buy-in amounted to 325 million yuan, while financing repayment was 220 million yuan, resulting in a net financing buy of 105 million yuan [1]. - As of September 2, the total financing and securities lending balance for CNPC reached 2.467 billion yuan, with the financing balance of 2.443 billion yuan accounting for 0.17% of the circulating market value, which is above the 50th percentile level over the past year [1]. Securities Lending - On the same day, CNPC repaid 38,600 shares in securities lending and sold 870,300 shares, generating a selling amount of approximately 7.90 million yuan based on the closing price. The remaining securities lending volume was 2.681 million shares, with a balance of 24.34 million yuan, exceeding the 90th percentile level over the past year [1]. Company Overview - CNPC, established on November 5, 1999, and listed on November 5, 2007, is primarily engaged in the exploration, development, production, transportation, and sales of crude oil and natural gas, as well as renewable energy [2]. - The company's revenue composition includes refining products (73.89%), crude oil (45.28%), natural gas (39.06%), chemical products (10.48%), and other segments [2]. Financial Performance - For the first half of 2025, CNPC reported a revenue of 1.450 trillion yuan, a year-on-year decrease of 6.68%, and a net profit attributable to shareholders of 83.993 billion yuan, down 5.21% year-on-year [2]. Dividend Distribution - Since its A-share listing, CNPC has distributed a total of 835.015 billion yuan in dividends, with 243.890 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, CNPC's top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 856 million shares, an increase of 358,300 shares from the previous period [3]. - Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, with significant increases in their holdings [3].