Group 1 - The "Deep Sea No. 1" project has achieved a maximum daily production capacity of over 15 million cubic meters, making it China's largest offshore oil and gas field [1] - 70% of global oil and gas resources are located in the ocean, with 44% in deep and ultra-deep water areas [1] - China is leveraging robotics and intelligent technology to reshape the cost curve and safety boundaries of offshore oil and gas resource development [1] Group 2 - Intelligent systems are becoming the central nervous system for deep-sea oil and gas resource development, allowing for remote operation during extreme weather [2] - The "Deep Sea No. 1" underwater production system can be remotely controlled to avoid production losses during typhoons [2] - Safety measures include wearable devices for workers that monitor health metrics and high-definition cameras for real-time hazard detection [2] Group 3 - The West River 24-7 platform in the South China Sea has made significant advancements in intelligent oil extraction and operational safety [3] - AI is projected to reduce production costs by approximately $7 per barrel of oil equivalent, representing a 17.5% decrease [3] Group 4 - The "FCV4000" underwater robot can operate at depths of 4,000 meters, performing complex tasks in harsh deep-sea conditions [4] - The robot is designed with a high-strength titanium alloy shell and can execute precise operations using advanced intelligent control systems [4] Group 5 - Underwater robots are crucial for offshore oil and gas exploration and maintenance, significantly reducing operational costs [5] - The "Qilin Arm," a lightweight underwater robotic arm, can cut procurement and maintenance costs by over 50% annually [5] Group 6 - China has made significant advancements in marine engineering, achieving multiple "Asia First" milestones in deep-water platforms and equipment [6] - Chinese marine equipment manufacturing capabilities are gaining international recognition, with recent deliveries for global deep-water projects [6]

Core Viewpoint - The China National Offshore Oil Corporation (CNOOC) is showcasing its commitment to energy stability and sustainable development at the third China International Supply Chain Promotion Expo, emphasizing its role as a leading offshore oil and gas producer in China and its efforts in technological innovation and environmental protection [1][2]. Group 1: Company Performance and Achievements - CNOOC has achieved a net proven reserve of 7.27 billion barrels of oil equivalent by the end of 2024, marking a year-on-year increase of 7.2%, with a stable reserve life of 10 years [1]. - The company has made 11 new oil and gas discoveries and successfully evaluated 30 oil and gas structures in 2024 [1]. - CNOOC is the largest LNG importer in China and the second largest in the world, with a cumulative LNG import of 330 million tons from 2006 to 2024, accounting for 39.3% of China's total LNG imports in 2024 [1]. Group 2: Environmental and Social Responsibility - CNOOC is actively pursuing a dual carbon strategy, focusing on building a new energy system and promoting green transformation in energy development, including investments in wind power, shore power, and carbon capture, utilization, and storage (CCUS) [2]. - The company has implemented nearly 200 marine ecological protection projects through its marine environment and ecology protection foundation, with a total investment exceeding 200 million RMB [2]. Group 3: International Cooperation and Community Engagement - CNOOC has established a presence in 20 countries and regions worldwide, with over 70% of its local employees, reflecting its commitment to mutual benefit and open cooperation [2]. - The company hosted the first "Blue Ocean Lecture" at the expo, highlighting its 40-year journey and commitment to building a maritime power, attracting nearly 100 participants from academia, industry, and media [3].

第三届链博会在 北京举办，中国海油集团能源经济研究院党委副书记、副院长、工会主席胡森林接受中国经济网记者专 访。 现今，生态优先、绿色低碳的发展道路是大势所趋，油气行业正在经历深刻转型。中国海油集团能源经 济研究院党委副书记、副院长、工会主席胡森林接受中国经济网记者专访时表示，"我认为，能源转型 带来的机遇大于挑战，中国海油正积极推动化石能源清洁化和清洁能源规模化。" 数据显示，截至今年5月底，风电、光伏装机总规模已经是历史性的超过了火电，达到了16.5亿千 瓦。"中国构建了全球最大、发展最快的可再生能源体系。"国家能源局党组成员总经济师鲁俊岭在第三 届链博会上这样表示。 胡森林透露，在传统能源领域，中国海油持续优化能源结构，大幅提高天然气占比；在新能源领域，依 托产业链优势，在海上风电领域积极布局，"十五五" 期间计划加大力度形成更大产业规模，同时也在 CCUS（碳捕获和封存）、地热、氢能等领域探索尝试。首个海上CCUS项目已在恩平油田投入使 用。"这些实践表明，传统能源企业完全可以通过技术创新实现绿色发展。" 针对深水油气开发的技术创新，胡森林分享了"项目牵引+前瞻布局"的双轮驱动模式。他介绍，从300米 ...

Core Viewpoint - The third China International Supply Chain Promotion Expo showcased advancements in various sectors, with a focus on clean energy and the role of the Belt and Road Initiative (BRI) in global energy governance [1][6]. Group 1: Clean Energy and BRI - The clean energy chain exhibition highlighted the full-cycle industrial chain of clean energy, attracting leading industry players [1]. - The BRI is expected to play a significant role in global energy governance by promoting diversified energy governance mechanisms and creating a cooperative platform for energy collaboration among BRI countries [1][6]. - China National Offshore Oil Corporation (CNOOC) has established four major oil and gas cooperation zones in BRI countries, holding assets in 11 countries with a production share of 65% [4][6]. Group 2: Oil and Gas Discoveries - CNOOC reported a significant oil discovery in Guyana, with over 10 billion barrels identified, positioning it as the fourth-largest oil producer in Latin America [2][4]. - The production in Guyana is projected to double to 1.3 million barrels per day by 2030, enhancing CNOOC's overseas investment returns [2][11]. Group 3: Technological Advancements - CNOOC is advancing in deepwater exploration, carbon capture technology, and offshore wind power, establishing a strong competitive edge [2][8]. - The company has developed the "Deep Sea No. 1" energy station for 1,500-meter deepwater oil and gas field development and the world's first deep-sea floating wind power platform [2][8]. Group 4: Risk Management and Strategic Focus - CNOOC adheres to a principle of avoiding high-risk areas and investments, effectively managing geopolitical and market volatility risks [3][11]. - The company is optimizing its global asset portfolio by advancing low-cost projects in Guyana and Brazil while disposing of non-core assets [3][11]. Group 5: Future Energy Cooperation Trends - Future international energy cooperation is expected to be more regionally focused, with complex and changing environments for resource countries [13][14]. - Energy security concerns and economic development aspirations will create opportunities for energy cooperation, particularly in newly discovered oil and gas regions [14].

Core Viewpoint - The AI Fund Pengyang Dividend Preferred Mixed A (009102) reported a profit of 568,900 yuan for Q2 2025, with a net asset value growth rate of 0.62% during the period [3]. Fund Performance - As of July 17, the fund's unit net value was 1.213 yuan, with a one-year compounded unit net value growth rate of 17.58%, ranking 333 out of 601 comparable funds [4][3]. - The fund's performance over the last three months showed a growth rate of 8.89%, ranking 359 out of 607, and over the last six months, it was 9.89%, ranking 326 out of 607 [4]. Fund Management Strategy - The fund manager, Li Renwang, indicated that adjustments were made based on risk-reward ratios, including clearing positions in companies heavily impacted by tariffs and increasing investments in music platform companies and food delivery services [3]. - The fund maintained an average stock position of 90.5% over the last three years, higher than the industry average of 85.32% [14]. Fund Holdings - As of June 30, the fund's top holdings included Tencent Holdings, China National Offshore Oil Corporation, Kweichow Moutai, and others, indicating a diversified portfolio [19]. Risk Metrics - The fund's Sharpe ratio over the last three years was 0.414, ranking 48 out of 468 comparable funds, while the maximum drawdown was 19.57%, ranking 447 out of 461 [9][11].

Core Viewpoint - The AI Fund Zhongtai Dividend Quantitative Stock Selection A (021167) reported a profit of 69,300 yuan in Q2 2025, with a net value growth rate of 0.58% for the period, and a total fund size of 12.2475 million yuan as of the end of Q2 2025 [3][16]. Fund Performance - As of July 17, the fund's unit net value was 1.066 yuan [3]. - The fund's performance over different periods includes a 4.66% growth rate over the last three months, 3.23% over the last six months, and 8.37% over the last year, ranking 93rd, 97th, and 92nd respectively among comparable funds [4]. Investment Strategy - The fund employs a quantitative investment strategy based on objective indicators, focusing on dividend yield, historical volatility, and stability of historical dividend yields when selecting stocks [3]. - The investment portfolio is constructed to minimize exposure to non-dividend-related factors such as scale and industry [3]. Portfolio Composition - As of Q2 2025, the fund's investment portfolio is heavily weighted in the industrial, financial, and consumer discretionary sectors [3]. - The top ten holdings include China National Offshore Oil Corporation, Agricultural Bank of China, China State Construction Engineering, Kweichow Moutai, China Merchants Bank, Anhui Conch Cement, Industrial and Commercial Bank of China, Gree Electric Appliances, Jiuli Special Materials, and Meihua Holdings [19]. Risk Metrics - The fund's Sharpe ratio since inception is 0.616 [9]. - The maximum drawdown since inception is 12.37%, with the largest quarterly drawdown occurring in Q2 2025 at 6.3% [11]. Fund Positioning - The average stock position since inception is 90.04%, compared to the industry average of 88.05%. The fund reached a peak stock position of 92.43% at the end of H1 2025 and a low of 85.08% at the end of Q3 2024 [14].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][7] Core Viewpoints - The company is steadily advancing domestic oil and gas reserves and production, with a significant breakthrough in metamorphic rock exploration in the South China Sea [2][3] - The Bohai Oilfield has achieved a record oil and gas production of 20.5 million tons in the first half of 2025, enhancing offshore oil and gas supply capabilities [4][9] - The Guyana Stabroek block has reached a new monthly production high, with the Yellowtail project expected to commence production in Q4 2025, increasing total capacity to 940,000 barrels per day [4][10] Summary by Sections Domestic Production - The Weizhou 10-5 South Oilfield has made a significant breakthrough in metamorphic rock exploration, with a test well producing 400 barrels of oil and 16.5 million cubic feet of gas per day [3][8] - The Weizhou 5-3 oilfield development project has been put into production, with an expected peak output of approximately 10,000 barrels of oil equivalent per day by 2026 [3][8] Financial Forecasts - The Brent oil price forecast for 2025-2027 has been revised down from $75 to $68 per barrel, leading to a reduction in the company's net profit estimates to 126.3 billion, 129.7 billion, and 135 billion yuan for 2025, 2026, and 2027 respectively [6][17] - Corresponding EPS estimates are 2.66, 2.73, and 2.84 yuan, with PE ratios of 9.7, 9.4, and 9.0x for the same years [6][17] Market Conditions - OPEC+ is gradually exiting an additional voluntary production cut of 2.2 million barrels per day, with short-term demand supported by seasonal factors [5][13] - The average WTI crude oil price for Q2 2025 is projected at $64.0 per barrel, reflecting a 10.5% quarter-on-quarter decline and a 20.7% year-on-year decline [5][14]

Core Viewpoint - The China Securities Index for domestic resources has shown positive performance, with a recent increase in value and significant year-to-date growth, indicating a favorable market trend for resource-related stocks [1]. Group 1: Index Performance - The China Securities Index for domestic resources rose by 0.29% to 3511.13 points, with a trading volume of 35.435 billion yuan [1]. - Over the past month, the index has increased by 1.37%, by 5.59% over the last three months, and by 5.12% year-to-date [1]. Group 2: Index Composition - The top ten holdings in the China Securities Index for domestic resources are: Zijin Mining (15.56%), China Shenhua (6.62%), China Petroleum (5.46%), China Petrochemical (4.52%), Northern Rare Earth (4.1%), Shaanxi Coal and Chemical (3.98%), China National Offshore Oil (3.32%), Luoyang Molybdenum (3.07%), China Aluminum (3.06%), and Shandong Gold (2.99%) [1]. - The index is primarily composed of the materials sector (68.47%) and the energy sector (31.53%) [2]. Group 3: Market Structure - The Shanghai Stock Exchange accounts for 78.58% of the index's holdings, while the Shenzhen Stock Exchange represents 21.42% [1]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. Group 4: Related Funds - Public funds tracking the domestic resources index include Minsheng Jianyin China Securities Domestic Resources C and Minsheng Jianyin China Securities Domestic Resources A [3].

Group 1 - The core viewpoint of the news is that the China Hong Kong 300 upstream index has shown positive performance, with a 0.94% increase over the past month, an 18.02% increase over the past three months, and a 12.03% increase year-to-date [1] - The China Hong Kong 300 upstream index is composed of securities selected based on the China Securities Industry Classification, reflecting the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [1] - The index has a base date of December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten holdings of the China Hong Kong 300 upstream index include China National Offshore Oil Corporation (28.76%), PetroChina Company Limited (13.17%), Zijin Mining Group (10.73%), China Shenhua Energy Company (9.47%), Sinopec Limited (9.06%), China Hongqiao Group (4.45%), China Coal Energy Company (3.29%), Zhaojin Mining Industry Company (3.19%), Luoyang Molybdenum Company (2.74%), and Yanzhou Coal Mining Company (2.33%) [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry composition, the China Hong Kong 300 upstream index has a significant allocation to oil and gas at 51.38%, followed by precious metals at 15.91%, coal at 15.56%, and industrial metals at 14.64% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Special circumstances may lead to temporary adjustments to the index, such as delisting of sample companies or corporate actions like mergers and acquisitions [2]

Core Insights - The "Deep Sea No. 1" Phase II project has achieved full production, marking it as the largest offshore gas field in China with a maximum daily output of 15 million cubic meters [2][4] - This gas field is notable for being the deepest and most challenging to develop in terms of geological conditions, with 12 underwater wells exceeding 60,000 meters in total depth, temperatures reaching 138 degrees Celsius, and pressures up to 69 MPa [4][6] - The successful completion of the project is a significant milestone for China's deep-water high-pressure gas development, positioning the country among global leaders in this field [6][9] Production Capacity and Technical Challenges - The "Deep Sea No. 1" gas field consists of 23 underwater gas wells, all operational, contributing to a projected annual gas output of over 4.5 billion cubic meters [2][9] - The project faced extreme geological challenges, including high temperature and pressure, requiring innovative solutions and extensive research to ensure safe and efficient drilling operations [4][7] - The development of the underwater production system involved complex equipment and technology, with a focus on optimizing production management and simulating various operational scenarios [4][5] Technological Innovations and Achievements - The project has led to the creation of five world-first key technologies for drilling high-pressure wells, enhancing operational efficiency by over 30% [9] - A significant achievement includes the successful development of domestically produced high-density completion fluids, which saved nearly 100 million yuan in operational costs [7][9] - The establishment of a complete technical system for deep-water gas field development is expected to facilitate the economic and efficient development of other complex offshore oil and gas reserves in the future [10] Strategic Importance - The "Deep Sea No. 1" gas field is crucial for China's energy supply, with marine oil and gas production becoming a primary focus, accounting for approximately 80% of the national crude oil increase in 2024 [6][10] - The gas produced will support industrial and residential users in the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port, integrating into the national gas pipeline network [9][10]