Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, with a price forecast of $66 per barrel for 2025 [3][5]. Core Insights - The report indicates a trend towards a looser supply-demand balance for crude oil in 2025, with the EIA projecting a global oil supply surplus of approximately 820,000 barrels per day this year [4][19]. - The report highlights that the upstream sector is showing signs of recovery, with drilling day rates expected to increase as global capital expenditures rise [4][21]. - The refining sector is experiencing improved profitability due to rising product price spreads, although current levels remain low [4][21]. - The polyester sector is underperforming, with PTA and polyester filament profits declining, but a gradual improvement is anticipated as new capacities come online [4][21]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $77.01 per barrel, a 3.75% increase week-on-week, while WTI futures rose by 1.18% to $73.84 per barrel [4][25]. - U.S. commercial crude oil inventories decreased to 421 million barrels, down 11.47 million barrels from the previous week, marking a 10% decline compared to the same period last year [4][27]. Refining Sector - The Singapore refining margin for major products increased to $11.58 per barrel, up $6.18 from the previous week [4]. - The report notes that while refining product spreads have improved, they remain at low levels, with expectations for gradual enhancement as economic recovery progresses [4][21]. Polyester Sector - The report states that PTA prices have turned from decline to increase, with the average price in East China reaching 5,084 RMB per ton, a 4.69% increase week-on-week [4]. - The overall performance of the polyester industry is described as average, with a need to monitor demand changes closely [4][21]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as upstream service companies like CNOOC Services and Haiyou Engineering [4][21][22]. - It also suggests that the polyester sector may see long-term improvements, advocating for investments in leading companies like Tongkun Co. and Wankai New Materials [4][21][22].

Core Viewpoint - The article highlights the transformation of China's manufacturing industry towards a greener and more efficient model, exemplified by the Haiyou Engineering's intelligent manufacturing base in Tianjin, which utilizes advanced technologies to enhance production efficiency and reduce environmental impact [1][4]. Group 1: Intelligent Manufacturing and Efficiency - Haiyou Engineering's Tianjin intelligent manufacturing base has introduced over 600 advanced energy-saving and environmentally friendly devices, improving overall production efficiency by more than 20% compared to traditional methods [3]. - The facility has developed China's first integrated intelligent manufacturing management platform for marine oil and gas equipment, which reduces steel usage by 10% [3]. Group 2: Green Development Initiatives - The Chinese government aims to reduce energy consumption per unit of GDP by 13.5% by 2025, prompting companies to explore the integration of digital technology and green development [4]. - As of this year, China has established over 6,430 green factories, with energy consumption and carbon emissions per unit of GDP decreasing by over 26% and 35% respectively since 2012 [7]. Group 3: Renewable Energy Usage - The Tianjin facility has committed to purchasing approximately 14 million kilowatt-hours of green electricity annually, with a recent order for 180,000 kilowatt-hours for June [4][5]. - The factory's energy monitoring system allows for real-time tracking of energy consumption, leading to estimated annual savings of over 3 million kilowatt-hours and a reduction of over 2,000 tons in carbon emissions [5]. Group 4: Supply Chain and Certification - Haiyou Engineering has completed green evaluations for over 11,500 suppliers, aiming to enhance their understanding of green supply chains and encourage proactive green transformations [8]. - The company has over 140 suppliers certified for green practices as of the end of 2024, reflecting its commitment to sustainable supply chain management [8].

Investment Rating - The report maintains an "Increase" rating for the oil and petrochemical industry [5] Core Viewpoints - International oil prices have shown a downward trend recently, with Brent crude settling at approximately $63.90 per barrel, down about 1.30% week-on-week, and down approximately 15.80% since the beginning of the year [19][21] - The North American active rig count has decreased week-on-week, with a notable year-on-year decline of 37 rigs, indicating a potential future increase in global drilling platform activity [31] - The refining sector shows promising recovery potential, with significant increases in price differentials for various products, suggesting improved profitability for refining companies [35] Market Performance - The CITIC oil and petrochemical sector rose approximately 0.37% during the week of May 26 to May 30, outperforming the Shanghai Composite Index by about 0.39 percentage points [16] - Key stocks that led the gains include Hengtong Co., Hongtian Co., and Compton, while stocks like Guangju Energy and Dongfang Shenghong saw declines [17][18] Investment Recommendations - The report identifies four main investment themes: 1. Focus on major energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas exploration and green transformation [53] 2. Increased global upstream capital expenditure benefiting oil service companies such as CNOOC Services and Offshore Engineering [53] 3. Accelerated development of coal chemical projects and natural gas resources in Xinjiang, with a focus on companies like Baofeng Energy and New Natural Gas [53] 4. Refining companies planning new capacities and accelerating new material projects, recommending companies like Satellite Chemical and Hengli Petrochemical [53]

Group 1 - The National Petroleum and Natural Gas Index (399439) has seen an increase of 0.43% as of May 28, 2025, with notable gains from companies such as Zhuoran Co. (688121) up 4.25% and Lansi Heavy Industry (603169) up 3.81% [1] - The oil and gas ETF (159697) rose by 0.31%, with the latest price reported at 0.97 yuan [2] - The development project of the Kenli 10-2 oilfield group, which is the largest lithologic oilfield discovered offshore China with proven geological reserves exceeding 100 million tons, has entered the offshore operation phase [2] Group 2 - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, including major companies like China National Petroleum (601857) and Sinopec (600028) [3] - Short-term pressures on international oil prices are expected due to tariff policies and OPEC+ production increases, but geopolitical risk premiums and global demand resilience may support oil price stability [2] - The oil and gas upstream capital expenditure is increasing, leading to a recovery in the oil service industry and enhanced competitiveness driven by technological advancements [2]

Group 1 - The National Petroleum and Natural Gas Index (399439) has shown a slight increase of 0.30% as of May 19, 2025, with notable gains in constituent stocks such as Huajin Co. (000059) up by 3.62% and Lansi Heavy Industry (603169) up by 2.22% [1] - The Oil and Gas ETF (159697) has risen by 0.52%, currently priced at 0.97 yuan, indicating a positive trend in the oil and gas sector [2] - Recent innovations in key technologies for oil and gas exploration and development have positioned shale gas as a significant area for sustainable resource development in China, with major shale gas demonstration zones established in the Sichuan Basin [2] Group 2 - The Sichuan Basin has identified eight shale gas fields with a total resource volume of 16.5 trillion cubic meters, contributing to national energy security through the localization of critical equipment and tools [2] - East China Securities anticipates a recovery in trade, which will positively impact oil demand, predicting that oil prices may bottom out in the second quarter and recover thereafter, benefiting upstream resource companies [2] - Guoxin Securities highlights the vast potential for deep-sea oil and gas development in China's northern and central southern South China Sea, supported by relevant technological policies [2][3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, with major players including China National Petroleum (601857) and China Petroleum & Chemical (600028) [3]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, suggesting investment opportunities in key companies [3][5]. Core Insights - The EIA has continuously revised down its oil price forecasts for 2025 and 2026, now predicting an average of $66 and $59 per barrel respectively. The forecast for US natural gas prices is $4.1 and $4.8 per million British thermal units for the same years [6][7]. - Global oil demand growth is expected to remain stable, with IEA projecting increases of 740,000 and 760,000 barrels per day for 2025 and 2026 respectively. OPEC forecasts a demand increase of 1.3 million and 1.28 million barrels per day for the same years [10][11]. - On the supply side, OPEC is expected to contribute additional production, with EIA forecasting a global oil production increase of 1.38 million and 1.3 million barrels per day for 2025 and 2026 respectively [15][18]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $65.41 per barrel, a 2.35% increase week-on-week. WTI futures rose by 2.41% to $62.49 per barrel [25]. - The US oil rig count decreased to 576, down by 2 from the previous week and down 28 year-on-year [38][41]. Refining Sector - The Singapore refining margin increased to $12.72 per barrel, while the US gasoline crack spread rose to $27.41 per barrel [6][19]. - The report anticipates improved refining profitability as oil prices adjust, with a gradual recovery expected as economic conditions improve [6][19]. Polyester Sector - PTA prices have risen, while PTA profitability has declined. The report notes that the overall performance of the polyester industry is average, with a potential improvement expected as new capacities come online [6][19]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong. It also suggests investing in companies with high dividend yields like China National Petroleum and CNOOC [21][22]. - For the downstream polyester sector, companies like Tongkun Co. and Wankai New Materials are highlighted as potential investment opportunities [21][22].

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, suggesting investment opportunities in high-quality refining companies and upstream service providers [2][4]. Core Insights - The European refining sector is undergoing significant restructuring due to declining demand, aging facilities, and reduced profitability, with refining capacity decreasing by 4.2 million barrels per day since 2005, a drop of over 23% [4][5]. - The average age of European refineries is 66 years, significantly higher than the global average of 51 years, leading to increased maintenance costs and declining competitiveness [7][10]. - High natural gas prices continue to exert pressure on refinery profitability, with expectations that European gas prices will remain elevated, negatively impacting operational costs [10][12]. - Several refineries are expected to shut down in 2025, including Shell's Rheinland refinery and BP's Gelsenkirchen refinery, collectively removing 390,000 barrels per day of capacity [12][13]. Summary by Sections Upstream Sector - As of May 9, 2025, Brent crude futures closed at $63.91 per barrel, a week-on-week increase of 4.27%, while WTI futures rose by 4.68% to $41.02 per barrel [19]. - U.S. commercial crude oil inventories decreased by 2.032 million barrels to 438 million barrels, which is 7% lower than the five-year average for this time of year [21][22]. - The number of active drilling rigs in the U.S. decreased by 6 to 578, a year-on-year decline of 25 rigs [19][30]. Refining Sector - The Singapore refining margin for major products was $10.90 per barrel as of May 9, 2025, down by $6.31 from the previous week [53]. - The price spread for ethylene was $245.67 per ton, up by $30.80 from the previous week, while propylene saw a decrease in its price spread [4][50]. Polyester Sector - PTA prices increased to an average of 4551.67 RMB per ton, reflecting a week-on-week rise of 0.75% [4][50]. - The overall performance of the polyester industry remains average, with a need to monitor demand changes closely [4][50]. Investment Recommendations - The report suggests focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to expected improvements in cost structures and competitive positioning [4][14]. - It also highlights the potential for recovery in the valuation of companies like Satellite Chemical and Tongkun Co., given the anticipated easing of tariffs affecting polyester demand [4][14].

丨证券研究报告丨 联合研究丨公司点评丨海油工程（600583.SH） [Table_Title] 海上工作量显著提升，盈利能力持续改善 报告要点 [Table_Summary] 公司发布 2025 一季报， 2025 年一季度，公司实现营业收入 50.96 亿元，同比减少 10.15%； 利润总额达到 6.27 亿元，同比增加 11.17%；实现归母净利润 5.41 亿元，同比增加 13.85%。 公司稳步推进国内外油气工程建设，海上安装工作量提升显著；盈利能力持续改善，2025Q1 单 季度毛利率是 2020 年以来最高水平；新签订单趋缓，但在手订单充足未来工作量仍有保障； 海洋油气资源潜力巨大，中海油增储上产公司有望充分受益；大力发展深海科技，公司有望受 益。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 魏凯 赵智勇 王岭峰 臧雄 SAC：S0490520080009 SAC：S0490517110001 SAC：S0490521080001 SAC：S0490518070005 SFC：BUT964 SFC ...

据海油工程拉力千斤顶牵引装船系统负责人宋晓修介绍，本次交付的系统由10台1000吨拉力千斤顶、4 台1000吨助推千斤顶、动力站、控制系统和固定锚点组成，按照常规装船摩擦系数计算，最大牵引重量 可达5万吨，一次可拖动近40000辆家用小汽车。千斤顶采用高强合金材料，拉力系数较常规材料提高 20%，装船速度较国际同类设备提升15%。 中化新网讯 4月29日，由海洋石油工程股份有限公司（简称"海油工程（600583）"）牵头研制的我国首 套5万吨级拉力千斤顶牵引装船系统交付，关键部件全部实现国产化，标志着我国海洋工程装备制造能 力取得关键突破，对提升我国大型海洋油气结构物装船能力具有重要意义。 大吨位拉力千斤顶系统研发与制造涉及材料力学、液压控制、结构设计等多学科交叉技术，面临高强度 材料稳定性、设备轻量化控制、多顶高速同步控制等行业难题。海油工程联合柳州欧维姆机械股份有限 公司成立攻关小组，历时一年多时间，成功攻克10多项关键技术，创新应用"柴油机直驱与负载敏感变 量泵+比例阀控制"和5G物联技术，构建"一中枢多终端"智能控制系统，可实现远程监测维护和高速工 况下毫米级误差控制，作业安全性能提升40%，运维效率 ...

证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 海油工程(600583.SH) | | | [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大 厦B座 邮编：100031 25Q1 利润率创新高，公司业绩保持增长 [Table_ReportDate] 2025 年 4 月 28 日 [Table_S 事件：2025 ummar年y]4 月 25 日，海油工程发布 2025 年一季度报告，2025 年第 一季度，公司单季度营业收入 50.96 亿元，同比下降 10%，环比下降 46.5%；单季度归母净利润 5.41 亿元，同比上涨 14%，环比上涨 30%；单 季度扣非后净利润 4.77 ...