Industry Investment Rating - No information provided Core Viewpoints - This week, oil prices remained volatile. OPEC+ decided to suspend production increases in Q1 next year. The US EIA commercial crude oil inventory increased by 5.202 million barrels due to increased imports and reduced refining activities, with the increase higher than market expectations. Western sanctions on Russia and Iran have led to a record high in on - board oil storage, and Russian oil in the Indian market has traded at the largest discount in nearly a year. This week, refining profits in European and American refineries rebounded, and Western sanctions and the extended maintenance of Dangote Refinery supported the gasoline and diesel cracking sentiment. The domestic fundamentals are neutral. The global fundamental surplus and sanctions factors support the Dubai market, and Brent crude oil maintains a volatile pattern, expected to fluctuate in the range of $55 - 65 in Q4 [7] Summary by Relevant Catalogs 1. Market Data - From November 5th to 11th, 2025, WTI increased by $0.91, BRENT by $1.10, and DUBAI by $0.59. Other indicators also showed corresponding changes [3] - From November 5th to 11th, 2025, SC decreased by 3.00, OMAN increased by 0.99. Domestic gasoline increased by 20.00, and domestic diesel increased by 5.00. Other related indicators also had corresponding changes [3] - From November 5th to 11th, 2025, Japanese naphtha - BRT decreased by 13.59, Singapore 380 - BRT decreased by 9.96. Other related indicators also showed corresponding changes [3] 2. Daily News - Germany requires SEFE to terminate the long - term natural gas import agreement with Russia. Canceling the contract may cost about 10 billion euros (11.6 billion US dollars), and the annual import volume is about 2.9 million tons with a contract term until 2040 [4] - The key indicator of the North Sea crude oil market has fallen to a low point in more than a year, reflecting concerns about future supply surplus. The international energy agency has predicted a record supply surplus of crude oil [4] - Russia is willing to discuss the preparation of a summit with the US if the US resumes the proposal. Russia is also willing to communicate regarding Trump's doubts about Russia's nuclear test, and Venezuela has not sought military support from Russia [5] - Russia's seaborne crude oil exports have reached a two - month low, and about 35% of the tankers' final destinations are unknown, with most likely heading to Asia [5] 3. Inventory - In the week ending October 31st, US crude oil exports increased by 0.6 barrels/day to 4.367 million barrels/day, domestic production increased by 0.7 barrels to 13.651 million barrels/day, commercial crude oil inventory (excluding strategic reserves) increased by 5.202 million barrels to 421 million barrels, and strategic petroleum reserve (SPR) inventory increased by 498,000 barrels to 409.6 million barrels [6] - From October 31st to November 6th, both gasoline and diesel inventories decreased. Gasoline was 10.5757 million tons, down 0.4%, and diesel was 12.8962 million tons, down 1.82% [7] 4. Weekly Viewpoints - This week, oil prices fluctuated. OPEC+ suspended production increases in Q1 next year. The US EIA commercial crude oil inventory increased. Western sanctions on Russia and Iran affected the market. European and American refinery profits rebounded, and the domestic fundamentals are neutral. Brent crude oil is expected to fluctuate between $55 - 65 in Q4 [7]

Core Viewpoint - The successful completion of the water pressure test for the first LNG storage tank (No. 3) at Zhejiang Energy Zhoushan Liuhong LNG receiving station confirms the safety and sealing performance of the tank structure, meeting design standards [1] Group 1: Test Details - The water pressure test, referred to as a "water injection health check," aims to verify the liquid tightness of the inner tank welds and the load-bearing capacity of the tank foundation, which are critical for the safe storage of low-temperature LNG [1] - The test utilized seawater as the testing medium, with a water height of 23.04 meters and a total water volume of approximately 140,100 cubic meters, equivalent to about 56 standard swimming pools [1] Group 2: Safety Measures and Technology - To ensure the smooth execution of the test, the project team developed a specialized plan, conducted multiple rounds of technical briefings, and systematically eliminated safety hazards [1] - The innovative use of a digital twin measurement system, combined with high-precision radar level gauges and 3D modeling technology, enabled real-time millimeter-level visualization monitoring of the tank's liquid level changes [1] Group 3: Test Results and Quality Control - The test results met all standards, confirming the reliability of the foundation and pile quality, with excellent performance in the inner tank welding results: radiographic testing at 99.80%, penetrant testing at 99.99%, and spectral testing at 100% [1] - According to the evaluation by CNOOC Quality Supervision Station Bohai Branch, the welding process of the tank is advanced, with high-quality materials and strict quality control, achieving a first-pass qualification rate at the domestic advanced level [1]

Core Insights - Shandong Province's Linqu County is focusing on ensuring energy supply during the winter season by implementing strategies to "ensure supply, strengthen emergency response, and solidify the foundation" [1][2] Energy Supply Assurance - Natural gas supply is robust, with 36,350 households using "coal-to-gas" systems and a total of 14.7 million cubic meters of residential gas allocated for the heating season [1] - The LNG station has a peak adjustment capacity of 540,000 cubic meters, and gas companies have established a three-tiered list to prioritize residential gas supply [1] - Electricity supply is being reinforced with a plan for emergency load control, ensuring 344,200 kilowatts of emergency capacity is available [1] - A total of 68 contingency plans have been revised, and 4 drills conducted to ensure readiness for peak demand [1] Coal Supply Assurance - The establishment of a 100,000-ton government emergency coal reserve through Shandong Leao New Energy, with two urban heating companies pre-storing 30,000 tons of coal, ensuring over 20 days of supply [2] - Long-term purchase agreements have been signed by heating companies, ensuring stable supply and funding for coal purchases [2] Future Plans - Linqu County will continue to enhance energy inventory reserves and deepen monitoring and early warning systems for electricity and heating supply to ensure residents stay warm during winter [2]

Core Viewpoint - Sichuan Meifeng announced an investment in a gas recovery project, highlighting its commitment to expanding its energy sector operations and leveraging its experience in natural gas production [1] Investment Details - The project involves an investment of approximately 90 million yuan (about 12.5 million USD) [1] - It aims to construct a gas recovery facility with a processing capacity of 300,000 cubic meters per day [1] - The total construction period for the project is estimated to be around 12 months [1] Strategic Implications - The investment is expected to enhance the company's operational capabilities in the natural gas sector [1] - It is seen as a significant step in promoting the company's energy business expansion and future development [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) has organized a video conference to arrange energy supply for the heating season of 2025-2026, indicating a generally balanced energy supply and demand but acknowledging potential risks due to extreme weather and complex international situations [1] Group 1: Energy Supply Stability - Emphasis on stabilizing energy production and supply, ensuring coal production organization and transportation support [1] - All types of power sources should be fully operational, with wind and solar energy playing a significant role in electricity supply [1] - Proper arrangements for natural gas resource production and supply are essential [1] Group 2: Contract Fulfillment - Focus on improving the fulfillment of long-term coal contracts, particularly for heating needs in northern regions, especially Northeast China [1] - Companies are urged to strictly adhere to signed gas supply contracts [1] Group 3: Peak Energy Supply Management - Maintaining a dynamic clearance of coal stocks for power plants with less than 15 days of supply [1] - Ensuring peak output from coal-fired power plants and utilizing gas, hydro, pumped storage, and electrochemical energy storage for peak supply [1] - Effective use of gas storage facilities and LNG tanks for peak demand management [1] Group 4: Safety Production - Reinforcement of local and corporate responsibilities for safety production, ensuring adherence to energy safety operation standards [1]

Core Points - The opening of the gas extraction valve at the Hutu Bi gas storage facility marks the start of winter natural gas supply in China, with over 5 million cubic meters of clean natural gas entering the pipeline [1] - The facility completed a record high of over 3 billion cubic meters of gas injection during the 13th injection cycle, adhering to the principle of maximizing storage capacity [1] - The company has implemented a winter supply plan, ensuring the reliability of gas injection, storage, extraction, and transportation [1] - The Hutu Bi gas storage facility plays a dual role in seasonal peak shaving and emergency gas supply for the northern Xinjiang region, supplying gas to cities like Urumqi and Changji, as well as to major cities along the West-to-East Gas Transmission Project [2] - Since its commissioning in 2013, the facility has successfully completed 13 gas injection cycles and 12 gas extraction cycles, with a cumulative gas injection and extraction volume exceeding 47 billion cubic meters, ranking first in the country [2]

Core Insights - Chinese enterprises are shifting their investment focus in Qatar from traditional sectors to innovation-driven industries, aligning with Qatar's "2030 National Vision" for diversified development [1][2][4] Trade and Economic Cooperation - China is Qatar's largest trading partner, with a projected trade volume of $24.22 billion in 2024, including $4.174 billion in exports and $20.046 billion in imports [1] - From January to August 2025, the bilateral trade volume reached $16.374 billion, reflecting a year-on-year increase of $199 million, or 1.1% [1] Energy Cooperation - Qatar is China's second-largest source of liquefied natural gas (LNG), with imports expected to reach 18.3464 million tons in 2024 [1] - Qatar holds the world's third-largest natural gas reserves, particularly in the North Field, which is the largest single gas field globally [1] Investment Trends - Investment diversification is evident in four key areas: - Digital economy and ICT, with enhanced cooperation in cloud computing, smart cities, and 5G [2][4] - Advanced manufacturing and transportation, including the introduction of electric buses [4] - Gaming and creative industries, with Chinese firms entering the entertainment and digital content sectors [4] - Legal and professional services, with Chinese law firms establishing branches in Qatar [4] Renewable Energy Initiatives - Qatar aims to achieve 18% renewable energy share and a 25% reduction in greenhouse gas emissions by 2030, with significant projects like the 800 MW Al Kharsaah solar power plant [2][6] - Plans for a global largest blue ammonia plant by 2026 to support hydrogen and ammonia-based clean energy solutions [3][6] Innovation and Research - Qatar ranks first in the GCC for university-industry research collaboration and fourth globally in the ITU ICT Development Index [5] - R&D spending increased from 3.25 billion QAR in 2012 to 4.45 billion QAR in 2021, with a target of 1.5% of GDP by 2030 [5] Investment Incentives - Qatar offers a comprehensive set of incentives for foreign investors, including up to 40% coverage of eligible local investment costs for five years in sectors like advanced manufacturing, logistics, technology, and financial services [7][8]

Industry News - China's largest gas storage facility has commenced its 13th cycle of gas extraction, injecting over 5 million cubic meters of natural gas into the pipeline to ensure supply for the upcoming winter and spring [2] - The output of recycled non-ferrous metals in China is expected to exceed 20 million tons by the end of 2025, marking a significant increase from 14.5 million tons at the end of the 13th Five-Year Plan, with an average annual growth rate of 7.2% [3] - China's offshore wind power capacity reached a cumulative installed capacity of 44.61 million kilowatts in the first three quarters of this year, maintaining its position as the world's leader for four consecutive years [3] - The world's first commercial supercritical carbon dioxide power generation unit has successfully completed grid debugging, paving the way for full-power operation [3] - A perovskite solar cell with a light-to-electricity conversion efficiency of 27.2% has been developed, significantly enhancing its operational stability and laying a foundation for industrialization [4] - China has made significant progress in the ITER project, with the successful final design review of key diagnostic systems, which is crucial for the manufacturing and delivery of the system [4] - In October, the sales of new energy vehicles in China surpassed 50% of total new car sales for the first time, indicating strong growth in the sector [4] International News - Russia is preparing to transfer nuclear technology to India, indicating a new level of cooperation in the nuclear energy sector, including discussions on small nuclear power plants [5] - Australia has released a net-zero emissions investment guide aimed at attracting international investment to support its net-zero emissions goals, focusing on key technologies and industries [6] Corporate News - Guizhou Energy Group has increased its registered capital from 10 billion RMB to 20 billion RMB, with the addition of Southwest Energy and Mining Group as a shareholder [7]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) successfully completed the simultaneous unloading of two LNG carriers, "Zhongneng Fushi" and "Wulande," at the Tianjin LNG receiving station, marking the first dual LNG vessel operation during this heating season [1] - A total of 166,000 tons of LNG were unloaded, sufficient to meet the heating needs of over 16 million households in the Beijing-Tianjin-Hebei region for one month [1] - Since November, the Tianjin LNG receiving station has exported over 100 million cubic meters of natural gas and transported approximately 1,500 truckloads of LNG, establishing a dual supply guarantee through pipeline and liquid transportation [1] - As energy supply enters a critical phase, relevant units in Tianjin are enhancing coordination to ensure the safe and stable transportation of LNG for heating supply in the Beijing-Tianjin-Hebei region [1]

Group 1 - The article emphasizes the active promotion of market expansion and capacity enhancement, focusing on increasing the submission and recommendation of mature asset types and facilitating the listing of new asset types to gradually include various assets suitable for issuance, thereby promoting steady market growth [1] - It highlights the importance of strengthening specialized coordination services, guiding localities to establish a sound REITs coordination service mechanism for private investment projects, and accelerating the resolution of difficulties and issues in the cultivation of private investment projects [1] - The article discusses the continuous improvement of work efficiency, promoting the institutionalization, standardization, and normalization of project recommendation and issuance, while ensuring the quality of underlying assets [1] Group 2 - The document outlines measures to encourage private capital participation in specific projects requiring national approval, such as railways, nuclear power, and water supply, emphasizing the need for specialized feasibility studies to assess the viability of private investment [2] - It encourages and supports private capital involvement, suggesting that the specific shareholding ratio for private enterprises can exceed 10% for eligible projects, thereby signaling a strong commitment to promoting private investment [2] - The article stresses the importance of early-stage research and demonstration regarding the introduction of private capital, providing more opportunities for private investment participation [2]