Key TakeawaysBank of Canada Deputy Governor Vincent underscored the growing urgency of Canada's weak productivity, describing it as a systemic issue trapping the economy in a vicious circle.The U.S. Bureau of Labor Statistics' decision to cancel the October 2025 Employment Situation Release and reschedule other key jobs reports has led to a notable drop in December Fed rate-cut expectations.Novartis AG (NVS) announced a substantial $23 billion investment in U.S. infrastructure over the next five years, high ...

中辉能化观点 | 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | | | 欧洲柴油价格上涨带动油价反弹。成品油：欧美成品油利润良好，欧洲柴 | | 原油 | | 油价格大涨带动油价反弹；供需：消费淡季，OPEC+仍在扩产周期，全球 | | ★ | 谨慎看空 | 海上浮仓以及在途原油激增，原油供给过剩压力逐渐上升；关注变量：美 | | | | 国页岩油产量变化，俄乌以及南美地缘进展。策略：空单部分止盈。 | | | | 基差偏高，期货盘面偏高估，价格承压。成本端原油受俄乌地缘扰动，震 | | LPG | | 荡调整；供需方面，液化气商品量下降，下游 PDH 开工小幅下降，需求 | | ★ | 谨慎看空 | 端韧性较强；库存端利好，港口与厂内库存连续去库。策略：轻仓试空。 | | | | 社会库存缓慢去化，盘面低位震荡。国内开工季节性回升，近期进口资源 | | L | 空头盘整 | 集中到港，国内外供给充足。下游开工率连续 5 周下滑，11 月下旬后棚膜 | | ★ | | 旺季逐步收尾，需求支部不足。油价中期仍存下移风险，成本支撑不足。 | | | | 策略：绝对价格低位，空单 ...

Core Insights - CIMC has transitioned from "scale leadership" to "quality leadership" over the past five years, establishing a solid foundation in technology, industry, capital, and governance to integrate deeply into national strategies and participate in global competition [1] Group 1: Business Transformation and Strategy - CIMC has set "high-end, intelligent, and green" as the core strategy for its transformation and upgrade, focusing on enhancing its influence in the global high-end equipment sector [1] - During the 14th Five-Year Plan, CIMC has solidified its leading position in high-end manufacturing, concentrating on logistics and energy equipment, and has cultivated nine national-level "manufacturing single champion" products [1] - The company has established three national-level smart factories and two fully connected 5G factories, advancing its industrial manufacturing from 3.0 to 4.0 [1] Group 2: Clean Energy Initiatives - Guided by the "dual carbon" goals, CIMC has developed a full industrial chain layout for clean energy, including hydrogen energy, energy storage, LNG, and green methanol [1] - The company has implemented projects such as the co-production of hydrogen from coke oven gas and LNG, and is advancing a bio-green methanol factory, contributing to carbon reduction pathways [1] Group 3: New Business Development - CIMC has achieved significant results in expanding its emerging business, securing a $1.5 billion national first FLNG modification total package order and launching the world's first modular container wind turbine nacelle and ultra-large modular data center projects [2] - The company has leveraged capital market reforms to diversify financing for its subsidiaries, enhancing the synergy between capital and industry, which provides stable funding support for technological research and capacity expansion [2] Group 4: Shareholder Returns and Market Position - CIMC has adhered to the principle of "sharing development results," with cumulative cash dividends exceeding 5 billion yuan over five years and a dividend payout ratio maintained above 30% [2] - The company has established a collaborative repurchase structure between A-shares and H-shares, improved disclosure quality, and strengthened market value management and shareholder communication [2]

The oil market’s main bullish driver is the Rosneft/Lukoil sanctions, but so far they’ve only led to a buildup of Russian crude at sea. Total’s Power Move Questions Oil Majors’s Renewable Pull-Out - France’s national oil champion TotalEnergies (NYSE:TTE) has agreed to purchase a 50% stake in Western European power generation assets held by the Czech billionaire Daniel Kretinsky. - TotalEnergies committed to European power assets just as it was reported to be considering selling some of its renewable e ...

Technip Energies N.V. (PARIS: TE) (the “Company”) announces the completion of its share buy-back program, which launch was announced in a press release dated May 12, 2025. Between June 30, 2025, and November 13, 2025, the Company acquired 1,265,324 of its own shares (representing 0.71% of the share capital), at an average price per share of 35.56 euros. As announced in the press release dated May 12, 2025, the shares acquired under the share buy-back program will be used to meet the Company's obligations u ...

Core Insights - Shell plc faced a significant arbitration defeat against Venture Global, with the International Chamber of Commerce ruling in favor of Venture Global and ordering Shell to cover legal fees [1] - The dispute arose from Venture Global's failure to deliver contracted LNG while capitalizing on the spot market during the price surge following Russia's invasion of Ukraine [1] - Venture Global sold over 400 LNG cargoes into the spot market instead of fulfilling long-term contracts with major buyers like Shell and BP [1] Legal Proceedings - Shell has appealed the arbitration ruling in the New York Supreme Court, claiming that Venture Global withheld crucial evidence related to the delayed start-up of the Calcasieu Pass LNG facility [2] - Shell argues that undisclosed communications may have influenced testimony and compromised procedural fairness, prompting the appeal [2] Market Reactions - Venture Global maintains that the arbitration process was fair and rejects Shell's claims, asserting that the Calcasieu Pass facility was not obligated to fulfill long-term contracts until its commercial start-up in April 2025 [4] - Venture Global's stock experienced a sharp decline due to investor concerns amid ongoing litigation and past market volatility [4] Industry Context - The Shell-Venture Global dispute is part of a broader trend of arbitration battles involving LNG producers and buyers, with total claims previously estimated at $5.5 billion [6] - BP recently won a similar arbitration case against Venture Global, raising concerns about other pending claims against the LNG operator [5] - The ongoing disputes highlight growing tensions over delivery obligations and transparency in LNG contracting, which may influence future long-term agreements [6]

TotalEnergies (NYSE:TTE) M&A Announcement November 17, 2025 07:00 AM ET Company ParticipantsPatrick Pouyanné - CEOStéphane Michel - President of Gas, Renewables and PowerConference Call ParticipantsNone - Analyst 6None - Analyst 8None - Analyst 9None - Analyst 11None - Analyst 1None - Analyst 2None - Analyst 5None - Analyst 10None - Analyst 3None - Analyst 4None - Analyst 7OperatorGood afternoon. Thanks for joining this webcast about TotalEnergies' acquisition of 50% of EPH flexible generation assets in Eur ...

TotalEnergies (TTE) has agreed to acquire 50% of Energetický a pr?myslový holding’s (EPH) flexible generation platform—spanning gas-fired plants, biomass units, and batteries—in a €5.1 billion all-stock transaction that deepens the French major’s integration of gas, LNG, and power across Europe. The deal, valuing the portfolio at €10.6 billion (7.6x expected 2026 EBITDA), will create a 50/50 joint venture between TotalEnergies and EPH, placing more than 14 GW of flex-gen assets under shared industrial man ...

11月13日，韩国K造船（原STX造船海洋）发布公告称，与欧洲地区两家船东分别签订了2+1艘11.5万吨 级阿芙拉型油船和2艘5万吨级MR型成品油船的建造合同，合同总金额达4600亿韩元（约合3.15美元、 22.3亿元人民币）。 长期以来，K造船一直以5万吨级MR型油船、11.5万吨级阿芙拉型油船等中型油船为主打产品。近年 来，为积极应对国际海事组织（IMO）环保新规，满足全球环保船舶需求，K造船以丰富的中型成品油 船建造经验和交付业绩为基础，持续投资开发了LNG、氨、甲醇、氢/LNG混烧动力等多型环保燃料船 舶。 今年前三季度，K造船累计实现营业收入8997亿韩元（约合6.16亿美元、43.7亿元人民币），已达到去 年全年的96.26%；实现营业利润847亿韩元（约合5800万美元、4.1亿元人民币），达到去年全年的 763%。 2024年，K造船实现营业收入9347亿韩元（按年度平均汇率约合6.89亿美元、49亿元人民币），同比增 长32%；实现营业利润111亿韩元（约合818万美元、5800万元人民币），实现当期净利润425亿韩元 （约合3132万美元、2.24亿元人民币），成功扭亏为盈。 K造船相关 ...

ConocoPhillips has made a natural gas discovery in the Otway Basin off the Australian coast, the company said today, adding that the reserves tapped and their commercial viability have yet to be estimated. “The Essington-1 well is the first discovery in the Otway since 2021 and is a promising start to ConocoPhillips’ exploration activities in the region. The initial results are encouraging, and we look forward to continuing drilling our second exploration well in December,” the president of Conoco’s Austr ...