FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00857 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 21,098,900,000 | RMB | | 1 RMB | | 21,098,900,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 21,098,900,000 | RMB | | 1 RMB | | 21,098,900,000 | 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國石油天然氣股份有限公司（於中華人⺠共和國註册成立之股份有限公司） 呈交日期: 2 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 专利摘要显示，本发明涉及一种断陷盆地火山岩储层的评价方法，属于物理勘探技术领域。通过孔喉半 径分布与压汞排驱压力关系，确定储层下限的参数值；构建与孔隙度、含气饱和度及渗透率相关的地质 函数；综合储层平均孔喉半径、综合评价参数、孔隙度、渗透率，建立储层综合分级评价标准。基于已 完钻井测井资料及地震资料，对火山岩气藏有利区评价、勘探及开发部署等工作提供地质依据。 天眼查资料显示，中国石油天然气股份有限公司，成立于1999年，位于北京市，是一家以从事石油和天 然气开采业为主的企业。企业注册资本18302097万人民币。通过天眼查大数据分析，中国石油天然气股 份有限公司共对外投资了1296家企业，参与招投标项目443次，财产线索方面有商标信息38条，专利信 息5000条，此外企业还拥有行政许可168个。 国家知识产权局信息显示，中国石油天然气股份有限公司申请一项名为"一种断陷盆地火山岩储层的评 价方法"的专利，公开号CN121276612A，申请日期为2024年7月。 ...

Core Viewpoint - The arrest of Venezuelan President Maduro has minimal immediate impact on global oil prices due to Venezuela's current oil production being less than 1% of global output, with 60-90% of its oil exported to China, leading to a global supply surplus. However, in the medium to long term, the potential lifting of sanctions and the return of U.S. companies could restore production, increasing global supply and putting downward pressure on oil prices. The impact on China includes higher export prices and increased replacement costs, while Russia faces economic threats from lower oil prices [1][3][21]. Group 1: Current Oil Production and Market Impact - Venezuela holds the largest oil reserves globally, totaling 303 billion barrels, accounting for 17% of global reserves, but its actual production is significantly lower due to mismanagement and sanctions [8][10]. - Currently, Venezuela's oil production is less than 1% of global output, with an average daily production of around 90,000 to 110,000 barrels, a drastic decline from over 3.5 million barrels per day in the 1970s [12][13]. - The majority of Venezuela's oil, over 60%, is exported to China, which limits its impact on the global oil market [14][17]. Group 2: Future Projections and Geopolitical Implications - The geopolitical changes in Venezuela are unlikely to have a substantial effect on the global oil market, as the country's oil production is severely constrained [21]. - If Venezuela's oil production is restored, it could take 1 to 2 years, potentially increasing global supply and lowering oil prices [21]. - The shift in Venezuela's political landscape may lead to a reorientation of oil exports towards the Americas, reducing supply to China and increasing import costs by 20-30% for China, particularly in diesel and asphalt [21]. - The control of Venezuelan oil resources by the U.S. could impact the internationalization of the Renminbi, as it may strengthen the dollar's dominance in oil transactions [21]. Group 3: Impact on Russia - A change in Venezuela's regime could have severe economic implications for Russia, as lower oil prices could disrupt its state capitalism model, necessitating significant economic adjustments [21].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 中国石油集团渤海石油装备制造有限公司，成立于2008年，位于天津市，是一家以从事专用设备制造业 为主的企业。企业注册资本619773.124226万人民币。通过天眼查大数据分析，中国石油集团渤海石油 装备制造有限公司共对外投资了28家企业，参与招投标项目2762次，财产线索方面有商标信息32条，专 利信息1490条，此外企业还拥有行政许可3个。 国家知识产权局信息显示，中国石油天然气集团有限公司、中国石油集团渤海石油装备制造有限公司取 得一项名为"螺杆钻具转子抛光轮及其设计方法"的专利，授权公告号CN117464581B，申请日期为2022 年7月。 天眼查资料显示，中国石油天然气集团有限公司，成立于1990年，位于北京市，是一家以从事石油和天 然气开采业为主的企业。企业注册资本48690000万人民币。通过天眼查大数据分析，中国石油天然气集 团有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1447条，专利 信息5000条，此外企业还拥有行政许可28个。 ...

国家知识产权局信息显示，大庆油田有限责任公司、中国石油天然气股份有限公司申请一项名为"一种 三元复合驱开采指标预测方法及装置"的专利，公开号CN121273289A，申请日期为2024年7月。 专利摘要显示，本发明涉及石油开采技术领域，尤其涉及一种三元复合驱开采指标预测方法及装置。该 方法包括：根据注入方案和预测基础参数，确定不同含水变化关键点的体积与含水基础数据；根据注入 方案和预测基础参数，确定最低注入速度；根据最低注入速度，建立注入体积与注入时间和/或注入速 度的定液或递减关系；根据注入体积与注入时间和/或注入速度的定液或递减关系，对不同含水变化关 键点的体积与含水基础数据进行线性内插，得到注入速度与含水变化对应关系；根据注入速度与含水变 化对应关系，确定采油量，完成工区开采指标预测。以解决现有开采指标预测时，通过模型参数求解难 度大，成本高，没有考虑多因素影响作用，预测指标变化区间相对局限的问题。 天眼查资料显示，大庆油田有限责任公司，成立于2000年，位于大庆市，是一家以从事石油和天然气开 采业为主的企业。企业注册资本4750000万人民币。通过天眼查大数据分析，大庆油田有限责任公司共 对外投资了3 ...

Core Viewpoint - The Guangxi Petrochemical Integration Project has successfully transitioned from a "fuel-type" to a "chemical material-type" operation with the commissioning of China's first epoxy propylene-styrene (POSM) co-production unit, marking a significant milestone in the industry [1]. Group 1: Project Overview - The POSM unit is a critical component of the petrochemical chain, featuring 35 towers, 21 reactors, and over 400 rotating devices, covering an area larger than that of an ethylene unit [2]. - The project was completed in 24 months, setting a new domestic record for similar installations, with a full process integration achieved in just 48 hours [1][2]. Group 2: Technical Challenges and Solutions - The waste alkali incinerator posed significant operational challenges, often leading to reduced efficiency in similar domestic units [2]. - A dedicated technical research team conducted in-depth investigations into existing units that faced issues, transforming identified risks into stringent technical requirements for suppliers [2]. Group 3: Engineering Innovations - The project team implemented an "surgical" optimization plan for the installation of two large oxidation reactors, which are crucial for the unit's operation, allowing for better space management and time savings [4][5]. - The transportation of these reactors faced logistical challenges, including low water levels and adverse weather, but the team successfully coordinated efforts to ensure timely delivery [5]. Group 4: Team Dynamics and Performance - The project was executed by a young and resilient team of fewer than 20 core members, all with 10 to 15 years of experience, emphasizing a collaborative problem-solving approach [7]. - The team managed to adapt to significant design changes during peak periods, demonstrating flexibility and commitment to project goals [7]. Group 5: Operational Success - The POSM unit has been in stable operation for over two months, producing high-quality products that meet leading domestic performance indicators [7]. - The project is now recognized as an industry benchmark not only for construction speed but also for operational efficiency, environmental performance, and product quality [7].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了267家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可41个。 中石化（上海）石油化工研究院有限公司，成立于2022年，位于上海市，是一家以从事研究和试验发展 为主的企业。企业注册资本49800万人民币。通过天眼查大数据分析，中石化（上海）石油化工研究院 有限公司共对外投资了2家企业，参与招投标项目2580次，专利信息839条，此外企业还拥有行政许可 133个。 国家知识产权局信息显示，中国石油化工股份有限公司取得一项名为"一种功能型暂堵材料及其制备方 法和应用"的专利，授权公告号CN120005592B，申请日期为2023年11月。 ...

Core Insights - In December 2025, the average price of Brent crude oil futures was $61.6 per barrel, a decrease of $2.0 per barrel month-on-month, with a month-end price of $60.9 per barrel. WTI crude oil futures averaged $57.9 per barrel, down $1.6 per barrel month-on-month, closing at $57.4 per barrel [1] - OPEC+ plans to completely exit a voluntary production cut of 2.2 million barrels per day from April to September 2025, and on September 7, 2025, it was decided to lift the voluntary production cut agreement of 1.66 million barrels per day reached in April 2023 within 12 months [1] Supply Side - OPEC+ announced a pause in production increases for the first quarter of 2026 due to seasonal reasons, despite plans to increase production by 137,000 barrels per day from October to December 2025 [1] - The IEA indicated that there would be a significant oversupply in the oil market next year, contributing to price fluctuations [1] Demand Side - Major international energy agencies project an increase in global oil demand of 830,000 to 1.3 million barrels per day in 2025, with demand estimates from OPEC, IEA, and EIA for 2025 being 105.14, 103.85, and 103.94 million barrels per day respectively, reflecting increases of 130, 83, and 114 thousand barrels per day compared to 2024 [2] - For 2026, oil demand is expected to grow by 860,000 to 1.38 million barrels per day, with estimates of 106.52, 104.71, and 105.17 million barrels per day from the same agencies [2] Industry Outlook - The Chinese petrochemical industry is facing an overall surplus in refining capacity, with a focus on optimizing supply-side dynamics through strict control of new refining capacity and a scientific approach to the release of new ethylene and paraxylene capacities [3] - The expected price range for Brent crude oil in 2026 is projected to be between $55 and $65 per barrel, while WTI crude oil is expected to range from $52 to $62 per barrel, influenced by high fiscal balance oil price costs from OPEC+ and elevated new well costs in U.S. shale oil [3] - Recommended stocks include China National Offshore Oil Corporation, China Petroleum, Satellite Chemical, and CNOOC Development [3]

Core Viewpoint - The report from Zhongyin International indicates that the recent capture of Venezuelan President Maduro by the US military and President Trump's encouragement for US oil companies to invest in Venezuela's oil industry may negatively impact oil prices due to the potential doubling of Venezuela's oil production to 2 million barrels per day over time [2] Group 1: Oil Price Impact - Trump's statements are expected to exert downward pressure on oil prices [2] - Zhongyin International believes that WTI crude oil prices will not remain below $50 per barrel in the long term, as this would hinder US companies' investments in Venezuela [2] Group 2: Market Monitoring - Close attention is required on the situations in Iran and Ukraine, as they may influence market dynamics [2] - Zhongyin International maintains a "neutral" rating on the Chinese oil industry, anticipating potential selling pressure on China Petroleum & Chemical Corporation (00857) in the short term [2]

Group 1 - The core viewpoint of the article is that U.S. President Trump has urged American oil companies to increase investments in Venezuela's oil industry following the swift capture of Venezuelan President Maduro by U.S. forces, which may negatively impact oil prices [1] - According to the report, Venezuela's oil production could potentially double to 2 million barrels per day with investment and time, leading to a possible decline in oil prices in the near term [1] - The report maintains that WTI crude oil prices are unlikely to stay below $50 per barrel in the long term, as this would hinder U.S. companies' investments in Venezuela [1] Group 2 - The report emphasizes the need to closely monitor the situations in Iran and Ukraine, as they may also influence oil prices and market dynamics [1] - The company maintains a "neutral" rating on the Chinese oil industry, indicating that Chinese oil stocks (00857) may face selling pressure in the short term [1]