Group 1 - The core technology developed by the company is an electrochemical oil removal method based on low-pressure high-frequency pulsed electric fields, which effectively separates heavy oil wastewater without the use of demulsifiers [1][2] - The technology has been successfully applied in CNOOC Huizhou Petrochemical Company for over a year, processing more than 180,000 tons of heavy oil wastewater [1] - The technology allows for rapid demulsification within 50 seconds and efficient oil-water separation within 30 seconds, achieving oil content in treated water below 5 ppm [2] Group 2 - The technology is versatile and can be used for high oil content wastewater, including electro-dehydrated black water and sludge from crude oil tanks [2] - The industrial demonstration unit built in Huizhou Petrochemical has shown satisfactory results, with average oil content and suspended solids reduced to 16.6 mg/L and 25 mg/L, respectively, and treatment costs reduced by over 60% compared to conventional methods [2] - Future plans include expanding the technology's application to high-acid crude oil and aging oil wastewater treatment, as well as developing smaller units for different scales of sludge treatment [3]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced the completion of the Dasha Petrochemical Refining and Chemical Integration Project in Ningbo, Zhejiang, marking the establishment of the largest world-class petrochemical industrial base in China, which is significant for enhancing the country's capability in high-end chemical materials and efficient conversion of heavy oil [2][3]. Group 1: Project Overview - The Dasha Petrochemical project has a total investment of 21 billion yuan and is the largest newly built petrochemical industrial base in China, featuring a core production facility that utilizes domestically developed technology for the direct cracking of heavy oil into chemical products, achieving a 100% domestic production rate [3]. - The project includes a 3.2 million tons per year catalytic cracking unit, which is the largest single unit for direct conversion of heavy oil to olefins in the country, producing 1.2 million tons of polymer-grade ethylene and propylene annually, essential for everyday products [5][7]. Group 2: Environmental Impact and Efficiency - The new production process reduces energy consumption per unit product by over 30% compared to traditional methods and is expected to decrease carbon dioxide emissions by 200,000 tons annually, significantly improving the efficiency of heavy oil resource utilization [7][10]. - The project aims to optimize China's petrochemical raw material structure and reduce carbon emissions from olefin products, contributing to the low-carbon transition of refining enterprises [7]. Group 3: Technological Innovations - The project team developed a novel "face-up lining construction technology" to address challenges in the installation of large equipment, which shortened the construction period by 90 days, setting a new record for the shortest installation time for such equipment in China [9][10]. - The use of new lining materials and segmented pouring techniques effectively resolved issues related to deformation and cracking during traditional construction methods [10]. Group 4: Industry Implications - The completion of the Dasha Petrochemical project enhances China's capability for independent construction of core chemical processes and equipment, accelerating the petrochemical industry's transition towards refinement and greening [10]. - This project supports the development of Ningbo as a world-class green petrochemical industrial base and contributes to the integrated development of the Yangtze River Economic Belt and the Yangtze River Delta [10].

Core Insights - The Invesco Great Wall State-Owned Enterprise Value Mixed A Fund (018294) has a latest net value of 1.3787 yuan, with a weekly return of -0.04%, a three-month return of 11.07%, and a year-to-date return of 14.41% [1] - The fund was established on May 30, 2023, and managed by Zou Lihua, with a total scale of 295 million yuan as of June 30, 2025 [1] - The top ten stock holdings of the fund include Zijin Mining, China Mobile, Shenhuo Co., Tencent Holdings, China National Offshore Oil, Chuan Yi Co., Sinopharm Holdings, Zhuhai Mining, Yun Aluminum, and CRRC Corporation, accounting for a total of 52.32% of the portfolio [1]

Core Insights - The Dasha Petrochemical Refining and Chemical Integration Project in Ningbo has been fully completed, marking the addition of a new project to China's largest petrochemical industrial base, with total olefin production capacity exceeding 10 million tons [1][6] - The project involves 18 large refining and chemical units, primarily producing high-end chemical products such as polypropylene, widely used in the new energy vehicle and electronics industries, with a total investment of 21 billion yuan [1][5] - The project utilizes domestically sourced medium and light crude oil, supplemented by imported crude oil, and employs a "deep catalytic cracking" process to expand into downstream chemical industries [5][6] Technological Advancements - The project has overcome several critical technologies in the refining sector, establishing the largest heavy oil-to-olefins facility in the country, thus providing core technological support for the independent control of high-end chemical material supply chains [6][8] - The innovative "upside-down lining construction technology" was introduced for the installation of core equipment, which includes a reactor and regenerator with the largest diameter in the country, enhancing construction efficiency [3][6] - The core unit, a 3.2 million tons/year catalytic cracking facility, is the largest heavy oil-to-polymer-grade olefins equipment in the nation, producing high-purity ethylene and propylene for various applications [8][10] Environmental Impact - The new production process reduces unit product energy consumption by over 30% compared to traditional methods and is expected to decrease carbon dioxide emissions by 200,000 tons annually, significantly improving the utilization efficiency of heavy oil resources [5][6] - The project focuses on developing high-end strategic new materials, including recyclable cable materials and ultra-high molecular weight polyethylene, contributing to an innovative ecosystem from research and development to industrial application [10]

Group 1 - China National Offshore Oil Corporation (CNOOC) announced the completion of the Dasha Petrochemical Integration Project in Ningbo, Zhejiang, marking a significant addition to China's largest petrochemical industrial base [1][3] - The total investment for the project is 21 billion yuan, with the core production unit being a 3.2 million tons per year catalytic cracking unit, utilizing domestically developed technology for direct cracking of heavy oil [3] - The unit is capable of producing 1.2 million tons of polymer-grade ethylene and propylene annually, making it the largest single unit for direct conversion of heavy oil to polymer-grade olefins in the country [3] Group 2 - After the commissioning of the catalytic cracking unit, the Dasha Petrochemical's olefin production capacity will reach 1.8 million tons per year, establishing it as the largest production base for direct conversion of heavy oil to olefins in China [3]

Group 1 - China National Offshore Oil Corporation (CNOOC) has completed the Dasha Petrochemical Refining and Chemical Integration Project in Ningbo, Zhejiang, with a total investment of 21 billion yuan. The core facility has an annual capacity of 3.2 million tons, producing 1.2 million tons of ethylene and propylene, essential raw materials for everyday products [2] - The X-37B spaceplane of the U.S. Space Force has been launched from Cape Canaveral, Florida, to test communication and navigation technologies, including a laser communication demonstration and an advanced navigation system based on quantum inertial technology [2] - Air Liquide, a French industrial gas company, has signed an agreement to acquire South Korean industrial gas manufacturer DIG Airgas for an enterprise value of 2.85 billion euros (4.6 trillion won), with the transaction expected to be completed in the first half of 2026 [2]

Core Insights - China National Offshore Oil Corporation (CNOOC) announced the completion of its integrated refining and petrochemical project in Ningbo, Zhejiang, which is significant for enhancing the efficient conversion of heavy oil and improving the self-sufficiency of high-end chemical materials [1] Investment and Economic Impact - The total investment for the project is 21 billion yuan, making it the largest newly constructed petrochemical industrial base in China [1] - The core facilities of the project can produce 1.2 million tons of ethylene and propylene annually, which are essential raw materials for everyday products such as mineral water bottles, food packaging bags, and synthetic clothing [1] Production Capacity and Environmental Benefits - After the project is operational, the annual production capacity of the Dasha Petrochemical will reach 1.8 million tons of olefins, establishing it as the largest heavy oil direct conversion to olefins production base in the country [1] - The new production process adopted by the core facilities can reduce energy consumption per unit product by over 30%, leading to a reduction of 200,000 tons of carbon dioxide emissions annually, significantly enhancing the efficiency of heavy oil resource utilization [1] Industry Advancement - The completion of the Dasha Petrochemical integrated refining and petrochemical project will further enhance China's capability in independently constructing core chemical processes and equipment, accelerating the petrochemical industry towards refinement and greening [1]

Company Overview - As of August 22, China National Offshore Oil Corporation (CNOOC) shares were priced at 25.66 yuan, down 0.11 yuan or 0.43% from the previous trading day [1] - The company has a total market capitalization of 12196.19 billion yuan and a price-to-earnings ratio of 8.34 times [1] - CNOOC is a major producer of offshore oil and natural gas in China, with operations in oil and gas exploration and development, technical services, refining and sales, natural gas and power generation, and financial services [1] Project Development - CNOOC's integrated refining and petrochemical project in Dasha, Ningbo, was fully completed on August 22, with a total investment of 21 billion yuan [1] - The core facilities of the project have an annual production capacity of 1.2 million tons of polymer-grade ethylene and propylene, increasing the total annual olefin production capacity to 1.8 million tons [1] - The project utilizes a self-developed heavy oil direct cracking technology with a 100% domestic production rate, expected to reduce carbon dioxide emissions by 200,000 tons annually [1] Market Activity - On August 22, the net outflow of main funds was 62.8953 million yuan, accounting for 0.08% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 311 million yuan, representing 0.41% of the circulating market value [1]

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [1] Core Views - The report highlights the recent price movements in lithium carbonate, international oil prices, and organic silicon prices, with a focus on the implications of these changes for various sub-industries [1][7] - Key areas of focus for August include mid-year report trends, the impact of "anti-involution" on supply in related sub-industries, the importance of self-sufficiency in electronic materials companies, and stable dividend policies in energy companies [1][8] Industry Dynamics - In the week of August 11-17, 2025, among 100 tracked chemical products, 28 saw price increases, 42 saw declines, and 30 remained stable. Overall, 57% of products had a month-on-month average price increase, while 37% saw a decrease [2][7] - The average price of lithium carbonate increased by 17.48% compared to the previous week, reaching 84,000 CNY/ton, marking a cumulative increase of 41.18% since June 20 [2][7] - International oil prices fell, with WTI crude oil futures closing at 62.80 USD/barrel (down 1.69%) and Brent crude at 65.85 USD/barrel (down 1.11%) [2][7] - Organic silicon prices decreased by 8.00% to an average of 11,500 CNY/ton, attributed to weak terminal demand and the conclusion of pre-sale orders [2][7] Investment Recommendations - The report suggests focusing on mid-year report trends, the effects of "anti-involution" on supply, the significance of self-sufficiency in electronic materials, and the stability of dividend policies in energy companies [1][8] - Long-term investment themes include the sustained high prices of crude oil, the ongoing recovery of the oil service industry, and the rapid development of downstream industries, particularly in new materials [8] - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several technology and chemical companies [8][9]

中国海洋石油集团有限公司22日宣布，公司旗下千万吨级炼化一体化项目——中海石油大榭石化炼化一 体化项目（以下简称"大榭石化"）在浙江宁波全面建成，对推动国家重质油高效转化、提升高端化工材 料自主可控能力有着重要意义。 相比传统工艺，该项目核心装置采用的全新生产工艺可降低单位产品能耗30%以上，大幅提升重质油资 源的利用效率，每年可减少二氧化碳排放20万吨，对优化我国石化原料结构、降低单套烯烃产品的碳排 放具有深远意义。 此外，在项目的建设过程中，因核心设备反应器、再生器的封头直径为国内最长，且呈碗状结构，给吊 装作业带来极大困难。针对此难题，项目团队首创"仰脸衬里施工技术"，将直径21米（约7层楼高）、 重1145吨（相当于200头成年非洲象重量）的巨型钢铁碗先翻身吊装至25米高空，再由施工人员钻进两 器内部进行"仰脸"衬里施工。在此基础上，项目团队采用自主研发的新型衬里材料及分块浇注工艺，有 效解决了传统作业先施工、后吊装易造成两器封头变形、衬里开裂等顽疾问题，使工期直接缩短90天， 刷新了国内两器吊装工期最短纪录，为国产大型石化装备建设树立了业界新标杆。 （文章来源：新华财经） 记者从中国海油了解到，该项 ...