Investment Rating - The report maintains an "Outperform" rating for the oil and gas industry [3][2]. Core Insights - The geopolitical tensions in the Middle East are expected to elevate the risk premium and transportation costs for oil, leading to an increase in the central price of crude oil [4]. - The closure of the Strait of Hormuz by Iran has caused significant disruptions in international oil supply, with Brent crude prices rising sharply [8]. - The conflict has also led to a surge in European natural gas prices, adversely affecting the competitiveness of European chemical companies [10]. Summary by Sections Oil and Gas Industry - The report highlights the strategic reassessment of oil and gas assets, emphasizing the competitive edge of the chemical industry [1]. - It suggests focusing on oil and gas production companies such as China National Petroleum Corporation, CNOOC, and Zhongman Petroleum, as well as oil service companies like CNOOC Services and China Oil Engineering [17]. Geopolitical Impact - The report discusses the implications of military actions in the Middle East, particularly the closure of the Strait of Hormuz, which is a critical passage for global oil transport [5][8]. - Historical context is provided, noting that previous threats to close the Strait have led to significant spikes in oil prices [6]. Chemical Industry - The report indicates that the rise in natural gas prices in Europe could lead to the closure of approximately 37 million tons of chemical production capacity by 2025, which is about 9% of Europe's total capacity [14]. - It identifies domestic chemical companies like Sinochem and Wanhua Chemical as potentially benefiting from the increased competitiveness due to rising energy prices in Europe [17]. Company Valuations - The report includes a table of key companies with earnings forecasts and valuations, indicating that companies like China National Petroleum Corporation and CNOOC are expected to perform well in the coming years [19].

证券代码：600339 证券简称：中油工程 公告编号：临 2026-006 中国石油集团工程股份有限公司 关于 A 股股票交易异常波动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经公司自查并向控股股东及实际控制人书面问询核实，截至本公告披露 日，公司、公司控股股东及实际控制人不存在应披露而未披露的重大信息。 近期公司股票交易价格波动较大，且国际油气工程市场因地缘政治等多 重因素存在一定不确定性，敬请广大投资者注意风险。 一、股票交易异常波动的具体情况 公司 A 股股票在 2026 年 2 月 27 日、3 月 2 日和 3 月 3 日连续三个交易日内 收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规 定，属于股票交易异常波动的情形。 二、公司关注并核实的相关的情况 针对公司股票交易异常波动，公司对有关事项进行了自查，并向公司控股股 东及实际控制人中国石油天然气集团有限公司发函问询，具体情况核实如下： 特别提示： 中国石油集团工程股份有限公司（以下简称"公司"）A 股股票在 2026 年 2 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Core Viewpoints - This week, the weekly average prices of Brent/WTI crude oil futures were $71.3/$65.9 per barrel, up $1.3/$1.1 per barrel from last week [2]. - The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.5/4.4/4.2/0.2 billion barrels, with a week - on - week increase of 15.99/15.99/0/0.88 million barrels respectively [2]. - US crude oil production was 13.7 million barrels per day, a week - on - week decrease of 30,000 barrels per day. The number of active US crude oil rigs this week was 407, a week - on - week decrease of 2. The number of active US fracturing fleets this week was 160, a week - on - week increase of 7 [2]. - US refinery crude oil processing volume was 15.66 million barrels per day, a week - on - week decrease of 420,000 barrels per day; the US refinery crude oil utilization rate was 88.6%, a week - on - week decrease of 2.4 percentage points [2]. - US crude oil imports, exports, and net imports were 6.66/4.31/2.35 million barrels per day, with a week - on - week change of +140,000/ - 280,000/+410,000 barrels per day respectively [2]. - The weekly average prices of US gasoline, diesel, and jet fuel were $84/$112/$89 per barrel, with a week - on - week change of +$2.7/+$8.6/ - $5.1 per barrel respectively; the price spreads with crude oil were $13/$41/$17 per barrel, with a week - on - week change of +$1.0/+$6.9/ - $6.9 per barrel respectively [2]. - US gasoline, diesel, and aviation kerosene inventories were 2.5/1.2/0.4 billion barrels, with a week - on - week change of - 1.01/+0.25/ - 1.44 million barrels respectively [2]. - US gasoline, diesel, and aviation kerosene production were 9.22/4.75/1.67 million barrels per day, a week - on - week decrease of 220,000/140,000/120,000 barrels per day respectively [2]. - US gasoline, diesel, and aviation kerosene consumption were 8.73/3.90/1.72 million barrels per day, with a week - on - week change of - 20,000/ - 860,000/+130,000 barrels per day respectively [2]. - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be noted include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Mechanical & Electrical Equipment Co., Ltd. (000852.SZ) [3]. 3. Summary by Directory 2. This Week's Performance of the Petroleum and Petrochemical Sector 2.1 Performance of the Petroleum and Petrochemical Sector No specific performance data is provided in the content. 2.2 Performance of Listed Companies in the Sector - The table shows the latest prices, total market values, and price changes in the past week, month, three months, and year of multiple listed companies in the petroleum and petrochemical sector, such as CNOOC Limited, PetroChina Company Limited, and Sinopec [22]. - The valuation table presents the stock prices, total market values, net profits attributable to the parent company, PE, and PB of multiple listed companies from 2024 to 2027 [24]. 3. Crude Oil Sector Data Tracking 3.1 Crude Oil Prices - Analyzes the price relationships and spreads between various crude oils, such as Brent, WTI, Russian Urals, and ESPO crude oils, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price [29][34][38]. 3.2 Crude Oil Inventory - Discusses the correlation between US commercial crude oil inventory and oil prices from 2010 to February 2026, and shows the data of US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory [40][45][52]. 3.3 Crude Oil Supply - Shows the US crude oil production, the number of crude oil rigs, and the number of fracturing fleets [58][60][61]. 3.4 Crude Oil Demand - Presents the US refinery crude oil processing volume, refinery utilization rate, and the seasonal utilization rates of Shandong and Chinese major refineries [66][68][71]. 3.5 Crude Oil Import and Export - Displays the US crude oil imports, exports, and net imports, as well as the imports, exports, and net imports of crude oil and petroleum products [75][77]. 4. Refined Oil Sector Data Tracking 4.1 Refined Oil Prices - When the international crude oil price is above $80 per barrel, the increase in domestic gasoline and diesel prices slows down, and enterprises bear the profit reduction caused by cost changes. When the international crude oil price is at $80 per barrel, the spreads between domestic gasoline/diesel and crude oil reach their phased highs [82]. - Analyzes the relationships between international crude oil prices and domestic gasoline, diesel, and aviation kerosene prices and spreads from 2017 to February 2026 [85][87][102]. 4.2 Refined Oil Inventory - Shows the inventory data of US gasoline, diesel, aviation kerosene, and Singapore gasoline and diesel [120][125][135]. 4.3 Refined Oil Supply - Presents the production data of US gasoline, diesel, and aviation kerosene [137][139]. 4.4 Refined Oil Demand - Displays the consumption data of US gasoline, diesel, and aviation kerosene, as well as the number of US airport passenger security checks [143][144][152]. 4.5 Refined Oil Import and Export - Shows the import, export, and net export data of US gasoline, diesel, and aviation kerosene [154][159][160]. 5. Oilfield Services Sector Data Tracking - Analyzes the average daily rates of self - elevating and semi - submersible drilling platforms in the industry [170][174].

Core Viewpoint - China Petroleum Engineering Corporation (CPE) reported a new contract signing amount of 10.989 billion yuan for the year ending January 2026, representing a year-on-year increase of 9.15% [1] Group 1: Contract Performance - The total new contracts signed in the domestic market amounted to 9.52 billion yuan, while the foreign market contributed 1.469 billion yuan [1] - The company indicated that some contracts have longer execution periods, which may impact future operating income and total profit [1]

Group 1 - The company reported a cumulative new contract amount of 10.989 billion yuan for January 2026, representing a year-on-year increase of 9.15% [2] - In January 2026, the company signed two major contracts, each exceeding 1 billion yuan, with a total contract value of 2.442 billion yuan [2] - The new contract amount data is a preliminary statistic and may not fully match future revenue due to various factors such as project implementation changes and financial accounting [2] Group 2 - In January 2026, the company provided a bank credit guarantee amounting to approximately 1.3709 million yuan [5] - The company approved a total guarantee limit of up to 46.945 billion yuan for 2026, which includes guarantees for subsidiaries with varying debt ratios [6][8] - As of January 31, 2026, the total guarantee balance was approximately 42.712 billion yuan, accounting for 161.11% of the company's audited net assets as of December 31, 2024, with no overdue guarantees reported [11]

Group 1 - The core point of the article is that China National Petroleum Engineering Co., Ltd. announced a new contract signing amount of 10.989 billion yuan for the year ending January 2026, representing a year-on-year growth of 9.15% [2]

Core Viewpoint - China National Petroleum Engineering Co., Ltd. (中油工程) announced a bank credit guarantee amounting to approximately RMB 1.3709 million, with a total guarantee balance of about RMB 42.712 billion as of January 31, 2026, representing 161.11% of the company's audited net assets as of December 31, 2024 [1] Summary by Relevant Sections - **Guarantee Amount**: The company and its subsidiaries have a bank credit guarantee of approximately RMB 1.3709 million, effective from January 2026 [1] - **Total Guarantee Balance**: As of January 31, 2026, the total guarantee balance stands at approximately RMB 42.712 billion [1] - **Proportion of Net Assets**: The guarantee balance accounts for 161.11% of the company's audited net assets as of December 31, 2024 [1] - **No Overdue Guarantees**: The company reported no overdue guarantees in its announcement [1]

Group 1: Company Performance - Cambrian achieved a net profit of 2.059 billion yuan in 2025, turning a profit due to a significant increase in revenue, which reached 6.497 billion yuan, a 453.21% increase year-on-year [1] - Muxi reported a total revenue of 1.644 billion yuan in 2025, a 121.26% increase, with net losses narrowing by 44.53% to 781.45 million yuan [2] - Moer Thread's revenue grew by 243.37% to 1.506 billion yuan in 2025, with net losses reduced by 36.70% to 1.024 billion yuan [3] - Lingdian Electric Control's net profit increased by 745.02% to 135 million yuan, despite a slight revenue decrease of 0.17% to 1.194 billion yuan [4] - JinkoSolar reported a net loss of 6.786 billion yuan in 2025, a decrease of 6,959.50%, with total revenue falling by 29.18% to 65.492 billion yuan [16] Group 2: Corporate Actions - Huicheng is planning to issue H-shares and list on the Hong Kong Stock Exchange, with details still under discussion [5] - Zhongying Technology is planning to acquire at least 51% of Yingzhong Electric, which is expected to constitute a major asset restructuring [7] - Jierong Technology's actual controller is under investigation for suspected violations of information disclosure laws [6] Group 3: Market and Industry Trends - The AI industry is driving demand for computing power, benefiting companies like Cambrian and Moer Thread, which are expanding their market presence [1][3] - Muxi's GPU product shipments have significantly increased, reflecting strong market recognition and demand [2] - The global photovoltaic industry is facing price fluctuations and trade protection policies, impacting JinkoSolar's profitability [16]

证券代码：600339 证券简称：中油工程 公告编号：2026-004 中国石油集团工程股份有限公司 关于 2026 年 1 月份担保发生情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | 实际为其提供的 担保余额（不含 | 是否在前 | 本次担 保是否 | | --- | --- | --- | --- | --- | | | | | 期预计额 度内 | 有反担 | | | | 本次担保金额） | | 保 | | 廊坊中油朗威工程项目管理有限公司 | 137.09 万元 | 2,078.43 万元 | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公司对外担保总额（万元） | 4,271,200.86 | | 对外担保总额占上市公司最近一期经审计净资产的比例（%） | 161.11 | | 特别风险提示（如有请勾选） | 对外担保总额（含本次）超过 ...

重要内容提示： 证券代码：600339 证券简称：中油工程 公告编号：临 2026-005 中国石油集团工程股份有限公司 关于 2026 年 1 月份新签合同额情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 特别风险提示：在合同履行过程中如遇市场、经济、政治等不可预计的或不可抗 力等因素，有可能会影响合同正常履行，提请广大投资者注意投资风险。 截至2026年1月末，公司当年度累计实现新签合同额109.89亿元，同比增长 9.15%。 现将有关内容公告如下： 一、2026年度公司累计新签合同额情况 1. 按市场区域划分统计： 单位：亿元 币种：人民币 | 市场区域 | 新签合同额 | 占比 | | --- | --- | --- | | 国内市场 | 95.20 | 86.63% | | 国外市场 | 14.69 | 13.37% | | 合计 | 109.89 | / | 1 2. 按专业领域划分统计： 单位：亿元 币种：人民币 中国石油集团工程股份有限公司（以下简称"公司"）新签合同额数据为阶段性 统计数据 ...