Core Viewpoint - The China Securities Hong Kong 100 Energy Index (H100 Energy) has shown a recent decline, with a 1.81% drop over the past month, but a 13.60% increase over the last three months, and a year-to-date increase of 0.78% [2]. Group 1: Index Performance - The H100 Energy Index reported a value of 2485.04 points as of July 16 [1]. - The index has experienced a monthly decline of 1.81%, a quarterly increase of 13.60%, and a year-to-date increase of 0.78% [2]. Group 2: Index Composition - The H100 Energy Index is entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [3]. - The sector breakdown of the index includes 47.50% in oil refining, 36.74% in integrated oil and gas companies, and 15.76% in coal [3]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Core Viewpoint - The core technology autonomy of oil and gas industrial software is crucial for ensuring national energy security and enhancing the resilience of the industrial chain, as emphasized by China National Petroleum Corporation (CNPC) [1][3]. Group 1: Technological Breakthroughs - CNPC has successfully developed the "HiSimPro" integrated dynamic simulation engine for oil and gas reservoirs, wells, and pipelines, achieving breakthroughs in five core technologies and constructing five mathematical models [1][5]. - The team has tackled five major core technologies, including implicit finite volume discretization techniques and large-scale oil and gas reservoir simulation algorithms, enabling precise handling of multi-phase and multi-component flow [3][4]. - The HiSimPro software platform integrates various simulation capabilities, including dynamic simulation of oil and gas reservoirs, well dynamics, and pipeline dynamics, with a total of five primary functional modules and 24 secondary functional modules [5][6]. Group 2: Strategic Importance - The development of autonomous industrial software is seen as a lifeline for national energy security, especially in the context of long-standing Western monopolies in the oil and gas dynamic simulation field [3][4]. - CNPC's initiative aligns with national strategic technology construction, aiming to address urgent energy technology security needs and overcome "bottleneck" technologies [3][4]. Group 3: Collaborative Ecosystem - CNPC is fostering a collaborative ecosystem involving industry, academia, and research to enhance the development and application of oil and gas industrial software [8]. - Partnerships with universities and research institutes are being established to create a robust ecosystem for oil and gas software development and application [8][9]. Group 4: Application and Future Prospects - The HiSimPro software has been applied in various oil and gas fields, demonstrating its effectiveness in integrated asset management and production optimization [9]. - The company aims for large-scale application of its software by 2027, contributing to the overall goal of achieving comprehensive domestic production of core industrial software [9].

Group 1 - The 12th World Congress of Chemical Engineering and the 21st Asia-Pacific Chemical Alliance Conference opened in Beijing, marking the first joint event in China [1] - The chemical engineering sector is seen as a bridge discipline that connects fundamental sciences with industrial applications, driving societal progress and development [1] - The chemical industry is entering a new transformative phase due to the acceleration of a new round of technological revolution and industrial change [3] Group 2 - Liaohe Petrochemical's history dates back to the 1970s when it began producing domestic polyester fibers, marking a significant milestone in China's chemical industry [4] - Chen Ying, a senior expert at Liaohe Petrochemical, led the development of PETG copolyester, making China the third country to master its production technology after overcoming foreign monopolies [6][9] - The development of high-performance synthetic rubber at Dushanzi Petrochemical has allowed the company to break foreign monopolies in the domestic market, with significant production capacity established [25][27] Group 3 - Lanzhou Petrochemical has been a key player in China's refining and petrochemical industry since the 1950s, contributing to the development of synthetic rubber products [34] - The annual production of synthetic rubber in China reached 9.1 million tons by 2023, accounting for nearly half of the global market share, significantly altering the global rubber industry landscape [37] Group 4 - Jilin Petrochemical, established in the 1950s, has evolved from relying on imported technology to developing its own, with plans to reach an annual ABS production capacity of 1.8 million tons by 2025 [45] - Dushanzi Petrochemical achieved a world-first in the continuous production of different metallocene catalysts, showcasing China's capability in independent innovation [53]

Core Viewpoint - The company is actively pursuing a green transformation by integrating distributed photovoltaic projects into its operations, aligning with global energy transition trends and national carbon neutrality strategies [2][5]. Group 1: Green Transformation Initiatives - The company has established 262 distributed photovoltaic power stations with a total installed capacity of 42.31 megawatts, generating 85.12 million kilowatt-hours of electricity, which is equivalent to replacing 26,005 tons of standard coal and reducing carbon dioxide emissions by 56,785 tons [5]. - The company has achieved significant collaboration across departments to facilitate the efficient implementation of photovoltaic projects, utilizing idle land and rooftops for energy generation [2][5]. Group 2: Technological Innovations - The first off-grid zero-carbon well site, Mu165, exemplifies the company's innovative approach, utilizing a system that combines solar, storage, and wind energy to achieve self-sufficiency in energy supply [5]. - The company is expanding the application of photovoltaic technology beyond oil and gas production to include ecological protection and community development, continuously extending the boundaries of its "three integrations" strategy [7].

Investment Rating - The report does not explicitly state an investment rating for the oil industry in China Core Insights - Chinese apparent oil demand showed year-on-year growth for the first time in three months, increasing by 160 thousand barrels per day (kb/d) to 15.9 million barrels per day (mb/d) in May, driven by strong demand for petrochemicals and travel fuels during the Labour Day holiday [3][6] - Crude imports fell by 720 kb/d month-on-month (MoM) and 90 kb/d year-on-year (YoY) in May, attributed to peak refinery maintenance and high inventory levels [52][61] - Refinery throughput decreased by 200 kb/d MoM, with offline capacity reaching 2.1 mb/d due to maintenance at major state-owned refiners [5][64] - Diesel demand weakened, falling by 60 kb/d MoM and 220 kb/d YoY, influenced by the penetration of new energy vehicles (NEVs) and a struggling real estate sector [12][15] - Jet fuel demand rose by 55 kb/d MoM, supported by increased travel during the Labour Day holiday, although it was down 120 kb/d YoY [26][34] Summary by Sections Supply and Demand - Chinese apparent oil demand increased by 1% YoY in May, with strong naphtha demand as refiners replaced US LPG and ethane imports [3][6] - Crude imports softened further in May, with Iranian crude imports dropping by 40% MoM due to sanctions risk and high inventory levels [4][53] - Refinery throughput fell by 200 kb/d MoM, with all major state-owned refiners offline during peak maintenance [5][64] Product Exports and Imports - Refined product net exports weakened in May, with diesel exports reduced due to strong domestic margins [6][67] - Total product exports fell by 180 kb/d MoM and 220 kb/d YoY, driven by lower gasoline and fuel oil exports [68][93] - LPG imports decreased by 230 kb/d MoM due to a 125% tariff on US LPG, which was later reduced to 10% [76][41] Inventory Data - Crude stocks built rapidly in May, adding approximately 33 million barrels due to low refinery demand [156] - Observable product inventories drew by around 20 million barrels in May, with significant draws in diesel and gasoline stocks [157][161] Refining Data - Gasoline cracks averaged $14.0/bbl in May, down $2.0/bbl from April, while diesel cracks rose to $21.4/bbl [112][113] - Refinery output of diesel and gasoline declined in May, with jet fuel output increasing due to higher demand [141][147] Trade Quotas - China has released two batches of clean product export quotas for 2025, totaling 31.8 million tons, slightly lower YoY [98][100] - The allocation of quotas primarily favors state-owned companies, with Sinopec and PetroChina receiving about 72% of available quotas [98][100]

石油化工产业不仅是能源转化的"心脏"，更是工业经济的"血脉"。 它的应用像空气一样无处不在，比如早餐包装的塑料盒，上班穿的化纤衬衫，手机里的电器元件，新能 源汽车的各种零部件都是来自炼化产品。 从基础民生到高端科技，从传统制造到战略新兴产业，石油炼化是国家能源安全、工业发展和经济稳定 的重要支柱。 以中石油为例，"减油增化"战略成功落实，2024年化工商品产量同比增长10.4%，乙烯和PX产量同比分 别增长8.1%和31.4%。 此外，2024年一年之内完成可研批复55项，一系列转型升级项目加紧推进，有力支撑炼化业务加快向产 业链中高端迈进。可以说，中国石油炼化企业正在向"率先建成世界一流"的目标迈进。 在未来，随着新质炼化时代的到来，从大国变为强国是中国石油化工产业追求的终极目标。 广东揭阳地势平坦，海岸线绵长，淡水资源丰富，为大规模建厂、造码头以及化工生产，提供了得天独 厚的自然条件。 这是企业选择落户广东揭阳惠来县的重要原因之一。 作为中石油一次性投资最大的炼化一体化项目，广东石化的建设并非一帆风顺。 2018年，项目重启之时，地处广东揭阳南海之滨的厂区，几乎还是一张白纸。 重启也为企业带来了崭新的定位 ...

Core Viewpoint - The article highlights the advancements in the renewable energy hydrogen production project at PetroChina's Yumen Oilfield, emphasizing its significance in promoting the hydrogen energy industry and achieving carbon neutrality goals [2][5]. Group 1: Project Developments - The Yumen Oilfield project has successfully integrated two new 1000Nm³/h electrolyzers with two previously operational units, creating a "4-to-1" hydrogen production system [2]. - The project utilizes Intel's IGBT PWM hydrogen power supply, which features a two-stage IGBT circuit for soft start current/voltage regulation, achieving high power factor and low harmonics [4]. Group 2: Industry Significance - This project is China's first large-scale renewable energy hydrogen production initiative, exploring the integration of wind and solar energy with the green hydrogen industry [5]. - The project serves as an important demonstration for advancing the hydrogen energy sector, facilitating renewable energy consumption, and supporting the achievement of "dual carbon" targets [5].

沪指7月14日上涨0.27%，申万所属行业中，今日上涨的有21个，涨幅居前的行业为机械设备、公用事 业，涨幅分别为1.23%、1.04%。石油石化行业今日上涨0.86%。跌幅居前的行业为房地产、传媒，跌幅 分别为1.29%、1.24%。 石油石化行业今日上涨0.86%，全天主力资金净流入9110.01万元，该行业所属的个股共47只，今日上涨 的有28只，涨停的有1只；下跌的有17只。以资金流向数据进行统计，该行业资金净流入的个股有18 只，其中，净流入资金超千万元的有7只，净流入资金居首的是中国石油，今日净流入资金2.55亿元， 紧随其后的是中国石化、中国海油，净流入资金分别为9607.06万元、8486.13万元。石油石化行业资金 净流出个股中，资金净流出超千万元的有14只，净流出资金居前的有广汇能源、*ST新潮、广聚能源， 净流出资金分别为1.11亿元、4323.51万元、3926.64万元。（数据宝） | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601857 | 中国石油 | 2.66 ...

Core Viewpoint - The article highlights the measures taken by China National Petroleum Corporation's Changqing Oilfield to ensure employee safety and operational efficiency during extreme high-temperature conditions, emphasizing a comprehensive approach to heat prevention and management [3][4][6]. Group 1: Employee Safety Measures - The company has implemented various strategies to protect employees from high temperatures, including training on outdoor work safety and adjusting work schedules to avoid peak heat hours [3][4]. - Employees are provided with cooling drinks and first aid kits at repair sites to enhance their safety during high-temperature operations [3][4]. - A "three-level joint guarantee" responsibility system has been established to ensure comprehensive supervision of operations during high-temperature periods [4][6]. Group 2: Equipment Protection Strategies - Equipment is safeguarded through the construction of shade and cooling structures, such as rain shelters for gas-driven compressors and simple shade canopies for electric welding machines [4]. - Remote monitoring and control systems are utilized to diagnose and adjust equipment operations, minimizing the need for manual intervention in high-temperature conditions [4][6]. Group 3: Production Achievements - The company has successfully completed repairs on 35 gas gathering stations and 4 purification units, with the commissioning of 98 new wells, resulting in an annual gas production of 6.219 billion cubic meters, exceeding planned production targets [6].

Core Insights - The first domestically produced 40 MPa high-pressure large-capacity centrifugal gas injection compressor has been successfully implemented at the Yaha gas storage facility in the Tarim Oilfield, marking a significant milestone in China's gas storage technology [1][2] - This development signifies the complete localization of gas storage equipment, breaking foreign technology monopolies and providing new technical support for national energy security [1][2] Group 1: Equipment and Technology - The 40 MPa compressor is designed to handle a daily natural gas volume of 5.5 million cubic meters, with an injection pressure of 40 MPa and a motor power of 23 megawatts, significantly enhancing the gas storage efficiency [2][5] - The compressor's development involved collaboration with Shenyang Blower Group Co., Ltd., focusing on key technologies such as high-pressure cylinder design and efficient flow models, resulting in a product with completely independent intellectual property rights [5] - Innovative technologies include a compact drive scheme using "variable frequency motor + gearbox + high-low pressure cylinder coaxial" to reduce footprint and investment costs, as well as advanced manufacturing techniques for the impeller [5] Group 2: Project Overview - The Yaha gas storage facility is located in the Kucha area of Aksu, Xinjiang, and is China's first deep-layer condensate gas storage facility, part of a key construction project by China National Petroleum Corporation [2] - The construction of the gas storage facility follows a phased approach, with an initial working gas volume of 2.4 billion cubic meters, aimed at seasonal peak shaving and emergency gas supply for five regions in southern Xinjiang [2] - Upon completion of the second phase, the facility will achieve a strategic working gas volume of 5 billion cubic meters, enhancing the peak shaving and emergency gas supply capabilities of the West-to-East Gas Transmission pipeline [2]