1. Report's Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - Crude oil prices may remain volatile in the short term but face downward risks in the medium to long term The overall supply - demand imbalance in the industry persists, with supply likely to exceed demand If the supply increment continues to be released, prices may be pressured downward [7] 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Crude Oil Futures Market Data Change Analysis - **Main Contracts and Basis**: As of November 24, 2025, the prices of crude oil main contracts rose slightly. SC crude oil futures were reported at 447.9 yuan/barrel, up 0.5 yuan (0.11% increase) from 447.4 yuan/barrel on November 21; WTI crude oil futures were at 58.89 dollars/barrel, up 0.91 dollars (1.57% increase); Brent crude oil futures were at 62.75 dollars/barrel, up 0.86 dollars (1.39% increase) [2] - **Spreads**: SC - Brent spread was 0.28 dollars/barrel, down 0.75 dollars (72.82% decrease); SC - WTI spread was 4.14 dollars/barrel, down 0.8 dollars (16.19% decrease); Brent - WTI spread was 3.86 dollars/barrel, down 0.05 dollars (1.28% decrease); SC continuous - consecutive 3 spread was - 4.0 yuan/barrel, down 2.2 yuan (122.22% decrease), indicating a significant weakening of the spread and a relative weakening of near - month contracts [2] 3.1.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply Side**: Information shows potential supply increases. Abu Dhabi National Oil Company announced the establishment of a new company to manage the Ghasha gas field, with an expected daily production of 1.8 billion standard cubic feet of natural gas and 150,000 barrels of oil and condensate; Suriname opened 60% of its offshore oil and gas exploration areas; Russia's Tuapse refinery resumed oil processing on November 21; Abu Dhabi National Oil Company increased its oil reserves by 7 billion barrels to a total of 120 billion barrels Geopolitical factors may affect supply stability [3] - **Demand Side**: Demand signals are divided. The US Secretary of Commerce mentioned raising diesel prices with the EU, suggesting stronger refined oil demand; Indonesia's state - owned oil company sold 100,000 barrels of gasoline to VIVO However, Malaysia's palm oil exports from November 1 - 20 decreased by 14.1% - 20.5% month - on - month, and the decline in external markets such as crude oil futures may drag down overall energy demand; Russia's oil and gas revenues in November are expected to decline by 35% year - on - year, and Oman's fiscal revenue from January - September decreased by 8% due to reduced oil revenues [4] - **Inventory Side**: There is a lack of direct inventory indicators, but indirect evidence points to pressure. The decline in Russia's oil and gas revenues and Oman's fiscal revenue implies high inventory or oversupply; Indonesia's auction of a sanctioned oil tanker may reflect the disposal of excess crude oil inventory The risk of overall supply - demand imbalance has increased [5][6] 3.1.3 Price Trend Judgment - Crude oil prices may remain volatile in the short term but face downward risks in the medium to long term In the short term, the price increase on November 24 was due to supply - side events and partial demand - side support, but the widespread weakening of spreads shows market concerns about supply - demand balance The continuous expansion of supply may exacerbate oversupply, while the divided demand signals indicate unstable global demand Indirect inventory signals strengthen the expectation of oversupply [7] 3.2 Industrial Chain Price Monitoring 3.2.1 Crude Oil - **Futures Prices**: SC, WTI, and Brent crude oil futures prices rose on November 24 compared to November 21, while the OPEC basket price remained unchanged - **Spot Prices**: The spot prices of some crude oil varieties such as Shengli, Dubai, ESPO, and Duri decreased - **Spreads**: All spreads, including SC - Brent, SC - WTI, Brent - WTI, and SC continuous - consecutive 3, showed a weakening trend - **Other Assets**: The US dollar index, S&P 500, DAX index, and US strategic reserve inventory increased, while the RMB exchange rate remained stable The US commercial crude oil inventory and Cushing inventory decreased, and the API inventory increased The US refinery's weekly operating rate and crude oil processing volume increased [8] 3.2.2 Fuel Oil - **Futures Prices**: The price of FU fuel oil futures rose, while the prices of LU and NYMEX fuel oil futures decreased Some prices in IF0380, MDO, MGO, etc. remained unchanged - **Spot Prices**: Most spot prices remained stable, with only slight increases in the FOB prices of marine 180CST and 380CST in Singapore and a decrease in the CIF price of Russian M100 - **Paper Prices**: The paper prices of high - sulfur 180 and 380 in Singapore's near - month contracts increased slightly - **Spreads**: Spreads such as Singapore's high - low sulfur spread, China's high - low sulfur spread, LU - Singapore FOB(0.5%S), and FU - Singapore 380CST all changed to varying degrees - **Platts and Inventory**: The Platts prices of 380CST and 180CST decreased, and the Singapore inventory decreased Some US distillate inventory data were not updated [9] 3.3 Industry Dynamics and Interpretation 3.3.1 Supply - On November 24, Abu Dhabi National Oil Company will establish a new company to manage the Ghasha acid gas field, with an expected daily production of 1.8 billion standard cubic feet of natural gas and 150,000 barrels of oil and condensate; Suriname opened 60% of its offshore oil and gas exploration areas; Syria received nearly 1 million barrels of crude oil from Saudi Arabia [10][11] 3.3.2 Demand - Russia's Tuapse refinery resumed oil processing on November 21; the US Secretary of Commerce mentioned raising diesel prices with the EU; Indonesia's state - owned oil company sold 100,000 barrels of gasoline to VIVO [12] 3.3.3 Inventory - Abu Dhabi National Oil Company's board of directors will increase oil reserves by 7 billion barrels, bringing the total to 120 billion barrels [13] 3.3.4 Market Information - On November 24, Xi Jinping had a phone call with US President Trump, clarifying China's principled stance on the Taiwan issue; the US may directly dialogue with Venezuelan President Maduro; at the close, Shanghai gold, silver, and SC crude oil main contracts all rose; Oman's fiscal revenue from January - September decreased by 8% due to reduced oil revenues; Kazakhstan's national oil and gas company's revenue increased by 11% year - on - year in the first nine months; Russia's oil and gas revenues in November are expected to decline by 35% year - on - year; Indonesia is auctioning a sanctioned supertanker and its crude oil; Malaysia's palm oil futures may decline due to negative fundamentals and lower external markets [14][15] 3.4 Industrial Chain Data Charts - The report includes multiple data charts related to the oil industry, such as the prices and spreads of WTI and Brent first - line contracts, US weekly crude oil production, OPEC crude oil production, etc [16][18][20]

黄金方面： 地缘政治方面，近期美国总统特朗普在谈及乌克兰时表示，乌克兰谈判可能正在取得进展，近期或有好事发生。乌克兰总统泽 连斯基表示，结束冲突的步骤清单趋近可行，将同美国总统特朗普商讨敏感话题，这暗示近期俄乌冲突有望迎来降温。 今日晚间还将公布美国9月零售销售月率，该数据因美国停摆而推迟公布。根据彭博社调查数据，经济学家预计9月份零售销售 额将增长0.4%，不及上一个月的0.6%，这一轻微的回落可能暗示美国的消费出现回调的信号。 百利好特约智昇研究资深分析师辰宇认为，由于美国的失业率走弱，以及预期消费触顶，市场重新押注美联储降息，黄金价格 有望重拾涨势。 技术面：日线上，近期行情回调测试62日均线并且企稳，上一个交易日行情再度上行且收中阳线，暗示短期行情较为强势，存 在进一步走高的机会。4小时线上，行情再度突破20日均线上行，多头占优势。日内关注下方4114美元一线支撑。 原油方面： 美国截至11月21日当周石油钻井数录得419口，超过前值417口，钻机数的增加暗示美国原油产量将大概率维持在高位。欧佩克 +也将在12月份增产13.7万桶/日。非欧佩克产油国的原油产量也维持在高位，巴西和圭亚那石油出口量创历史 ...

Group 1 - The state of Oregon has declared a state of emergency to ensure sufficient fuel supply during the closure of the Olympic pipeline due to a leak [1] - The Olympic pipeline, operated by BP, supplies over 90% of the fuel to Oregon and has been closed for a week since the leak was first reported [2] - BP is currently investigating the source of the leak as part of their response efforts [2]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Oil prices are maintaining a volatile trend. The progress of the Russia - Ukraine peace talks is slow, the Fed's dovish stance has increased the expectation of a December interest rate cut, boosting risk assets, and the new crude oil import quota issued by the Ministry of Commerce is expected to support China's crude oil imports at the end of the year [2] - Short - term oil prices are expected to be weakly volatile, and a mid - term short - position allocation is recommended, with a strategy of shorting the calendar spread [3] 3. Summary by Relevant Catalogs Market News and Important Data - The price of light sweet crude oil futures for January delivery on the New York Mercantile Exchange rose 78 cents to $58.84 per barrel, a 1.34% increase; the price of Brent crude oil futures for January delivery rose 81 cents to $63.37 per barrel, a 1.29% increase. The SC crude oil main contract closed up 0.94% at 450 yuan per barrel [1] - JPMorgan Chase believes that due to oversupply, Brent crude oil prices may fall to the $30 - 40 range in 2027. It maintains the average price forecast of Brent crude oil in 2026 at $58 per barrel, expects the average price of WTI crude oil in 2026 to be $54 per barrel, and forecasts the average price of Brent crude oil in 2027 to be $57 per barrel and WTI crude oil to be $53 per barrel [1] - Iran's Foreign Ministry Spokesman Ismail Baghaei condemned the recent anti - Iran resolution passed by the IAEA Board of Governors, saying it was a "stain" on the designers and initiators, and that it interfered with the agency's operations and undermined its independence [1] - The US - Ukraine talks in Geneva showed progress in ending the Russia - Ukraine conflict, but the November 27 deadline for the agreement may be extended to next week. European natural gas prices are still higher than before the 2022 energy crisis, but are now a fraction of the peak, and additional supply is expected to push prices down further in the coming years [1] - The board of Abu Dhabi National Oil Company will increase oil reserves by 7 billion barrels to 120 billion barrels and establish a new company to manage an acid gas field, which is expected to produce 1.8 billion standard cubic feet of natural gas, 150,000 barrels of oil and condensate per day [1] - The total number of US oil rigs for the week ending November 21 was 419, up from 417 the previous week; the total number of US natural gas rigs was 127, up from 125 the previous week [1] Investment Logic - Oil prices are in a volatile state. The Russia - Ukraine peace talks are difficult to reach a short - term agreement, the Fed's dovish remarks have increased the December interest rate cut expectation, and the new crude oil import quota is expected to support China's crude oil imports at the end of the year [2] Strategy - Short - term: Oil prices are expected to be weakly volatile; Mid - term: Short - position allocation, shorting the calendar spread [3] Risks - Downside risks: A peace agreement is reached between Russia and Ukraine, and macro black - swan events occur [3] - Upside risks: Supply of sanctioned oil (from Russia, Iran, Venezuela) tightens, and large - scale supply disruptions occur due to Middle East conflicts [4]

Core Viewpoint - The Central Commission for Discipline Inspection and National Supervisory Commission is intensifying efforts to combat corruption within China National Offshore Oil Corporation (CNOOC) by enhancing supplier governance and eliminating corrupt practices [1][2][3][4]. Group 1: Supplier Governance - The CNOOC's disciplinary inspection team has reported significant breakthroughs in handling cases of occupational crimes, resulting in the identification of numerous non-compliant suppliers [1][2]. - A total of 128 non-compliant suppliers have been banned since 2025, and 161 suppliers have been reported for disciplinary action [1][2]. - The team has established a closed-loop management system for reporting, follow-up supervision, and feedback on supplier governance [1]. Group 2: Addressing Corruption - The inspection team is focusing on issues such as interest transfer between leaders and suppliers, and has conducted investigations into 181 suppliers involved in corruption since the 19th National Congress of the Communist Party [2][3]. - In 2025, 17 typical cases of suppliers corrupting leadership were exposed, reinforcing a high-pressure environment against corruption [2]. - The team has processed 21 suppliers and held 35 individuals accountable this year alone [2]. Group 3: Systematic Reforms - CNOOC is implementing reforms to separate management, operation, and usage in procurement processes, aiming for centralized management of bidding and procurement across the system [3][4]. - A digital platform for supplier management is being developed to enhance the monitoring and evaluation of suppliers throughout the entire procurement process [4]. - The company is promoting a comprehensive regulatory framework for supplier management, including compliance and risk prevention measures [4].

摘要北京时间周二（11月25日）亚市盘中，美元指数交投于100.153附近，现货黄金开盘于4135.90美元/ 盎司，目前交投于4126.40美元/盎司附近，黄金t+d交投于940.54元/克附近，沪金主力交投于945.36元/克 附近。 北京时间周二（11月25日）亚市盘中，美元指数交投于100.153附近，现货黄金开盘于4135.90美元/盎 司，目前交投于4126.40美元/盎司附近，黄金t+d交投于940.54元/克附近，沪金主力交投于945.36元/克附 近。 上一交易日美元指数收跌0.00%，报100.187，现货黄金收涨1.72%，报4134.63美元/盎司。在现货黄金下 跌之际，其他贵金属纷纷上涨：现货白银收涨2.68%，报51.34美元/盎司；现货铂金收涨2.15%，报 1543.55美元/盎司；现货钯金收涨1.84%，至1400.00美元/盎司。 1、美国总统特朗普：（谈及乌克兰会谈）可能有好事发生，乌克兰谈判可能正在取得进展。德国总理 默茨：本周乌克兰谈判不会取得突破。乌克兰官员：此前的28点和平计划已不复存在，美乌已起草新的 19点和平计划，但政治上最敏感的部分将留给两国总统决定。泽连 ...

Core Viewpoint - Venezuela is seeking critical raw material supplies from Chevron (CVX.US) after a U.S. warship intercepted a Russian cargo ship near its waters, threatening the transportation of these essential materials [1] Group 1 - Chevron can only begin loading crude oil after delivering a batch of diluted bitumen to Venezuela [1]

Market Overview - The stock market experienced significant volatility last week, with major indices showing wild swings, particularly after NVIDIA Corp's earnings report [2] - The Dow Jones Industrial Average closed at 46,245, up 1.08%; the S&P 500 at 6,602, up 0.98%; and the NASDAQ at 22,273, up 0.88% [2] Treasury Bonds - Treasury yields decreased across the curve, with the 30-year bond closing at 4.72% and the 10-year note at 4.07% [3] - The New York Fed President's comments increased expectations for a potential 25 basis-point rate cut in December, which contributed to positive trading on Friday [3] Oil and Gas Sector - The oil market faced declines, with Brent Crude closing at $62.49, down 1.4%, and West Texas Intermediate at $58, down 1.69%, marking the lowest close since last May [4] - The selling pressure was linked to potential developments in the Russia-Ukraine conflict, as President Trump sought a response from Ukraine regarding a peace proposal [4] - Natural gas prices increased by 2.19% to $4.57, driven by expectations of a cold winter and rising electricity demand [4] Economic Outlook - The upcoming Thanksgiving holiday and limited economic data are expected to result in a quieter week on Wall Street compared to the previous one [5] - There is a noted conflict between AI bubble skeptics and proponents, with discussions around the potential for significant technological advancements [5] - The possibility of a December rate cut could support a year-end market rally [5]

中国海油11月24日大宗交易平台出现一笔成交，成交量240.00万股，成交金额6386.40万元，大宗交易成 交价为26.61元，相对今日收盘价折价4.96%。该笔交易的买方营业部为华安证券股份有限公司重庆分公 司，卖方营业部为光大证券股份有限公司重庆金昌路证券营业部。 证券时报·数据宝统计显示，中国海油今日收盘价为28.00元，下跌3.15%，日换手率为1.46%，成交额为 12.29亿元，全天主力资金净流出1.57亿元，近5日该股累计下跌3.31%，近5日资金合计净流出2.29亿 元。 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 240.00 | 6386.40 | 26.61 | -4.96 | 华安证券股份有限 | 光大证券股份有限公司重庆 | | | | | | 公司重庆分公司 | 金昌路证券营业部 | （文章来源：证券时报网） 两融数据显示，该股最新融资余额为13.74亿元，近5日减少9499.24万 ...

Core Insights - On November 24, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 9.685 billion, 4.391 billion, and 2.454 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 7.089 billion, 4.143 billion, and 2.119 billion respectively [1] Southbound Trading Activity - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Alibaba-W (09988): Trading amount of 9.685 billion, net buying of 0.882 billion [2] - SMIC (00981): Trading amount of 4.391 billion, net selling of 0.483 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.454 billion, net buying of 0.107 billion [2] - Other notable companies include Hua Hong Semiconductor (01347) with 2.341 billion and Tencent Holdings (00700) with 2.145 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Alibaba-W (09988): Trading amount of 7.089 billion, net buying of 3.184 billion [2] - SMIC (00981): Trading amount of 4.143 billion, net selling of 0.541 billion [2] - Tencent Holdings (00700): Trading amount of 2.119 billion, net buying of 1.054 billion [2] - Other significant companies include Hua Hong Semiconductor (01347) with 1.997 billion and Xiaomi Group-W (01810) with 1.443 billion [2]