证券代码：600583 证券简称：海油工程 公告编号：临 2025-031 海洋石油工程股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 投资者可于 2025 年 10 月 21 日（星期二）至 10 月 27 日（星期一） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 tijing@cooec.com.cn 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 海洋石油工程股份有限公司（以下简称"公司"）将于 2025 年 10 月 25 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年前三季度经营成果、财务状况，公司计划 于 2025 年 10 月 28 日（星期二）9:00-10:00 举行 2025 年第三季度 业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年 1-9 1 会议召开时间：202 ...

Investment Rating - The report maintains a positive outlook on the petrochemical industry, highlighting potential recovery in polyester profitability and favorable conditions for leading refining companies [15]. Core Views - IEA has raised its crude oil production forecast, while OPEC's production has significantly increased, indicating a continued oversupply in the market despite low demand [3][12]. - The upstream sector is experiencing a decline in oil prices, but day rates for self-elevating drilling rigs are on the rise, suggesting a potential for increased profitability in oil services [18]. - The refining sector is facing mixed results, with overseas refined oil crack spreads declining, while olefin price spreads show variability [49]. Summary by Sections Upstream Sector - Brent crude oil prices fell to $61.29 per barrel, a decrease of 2.30% week-on-week, while WTI prices also saw a similar decline [18]. - As of October 10, U.S. commercial crude oil inventories increased by 3.524 million barrels, indicating a growing supply [20]. - The number of U.S. drilling rigs remained stable at 548, with a slight increase of 1 rig from the previous week [31]. Refining Sector - The Singapore refining margin for major products decreased to $19.58 per barrel, down by $0.47 from the previous week [51]. - The U.S. gasoline RBOB-WTI spread increased to $17.19 per barrel, reflecting a slight upward trend despite historical averages being higher [56]. Investment Recommendations - The report suggests focusing on leading polyester companies such as Tongkun Co. and Wankai New Materials due to expected recovery in profitability [15]. - It also recommends high-quality refining companies like Hengli Petrochemical and Sinopec, anticipating improved competitive dynamics in the refining sector [15]. - For upstream exploration and development, companies like CNOOC and China National Petroleum are highlighted for their resilience against declining oil prices [15].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a favorable investment rating for key companies within the sector [3][17]. Core Insights - The IEA has raised its crude oil production forecast, while OPEC's production significantly increased in September, leading to an anticipated oversupply in the market [4][5]. - The upstream sector is experiencing a decline in oil prices, with Brent crude futures closing at $61.29 per barrel, a decrease of 2.30% week-over-week [20]. - The refining sector shows mixed results, with overseas refined oil crack spreads declining, while olefin price spreads vary [4][17]. - The polyester sector is expected to see a recovery in profitability as supply and demand improve, with a focus on leading companies in the industry [17]. Summary by Sections Upstream Sector - Brent crude oil prices fell to $61.29 per barrel, down 2.30% from the previous week, while WTI prices also decreased [20]. - As of October 10, U.S. commercial crude oil inventories rose to 424 million barrels, an increase of 3.524 million barrels week-over-week [22]. - The number of active oil rigs in the U.S. remained stable at 548, with a year-over-year decrease of 37 rigs [35]. Refining Sector - The Singapore refining margin for major products decreased to $19.58 per barrel, down $0.47 from the previous week [4]. - The price spread for gasoline in the U.S. increased slightly to $17.19 per barrel, while olefin price spreads showed mixed trends [4][17]. Polyester Sector - PTA prices have declined, with the average price in East China at 4407.5 RMB per ton, down 3.41% week-over-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacities come online and demand recovers [17]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials, as well as refining companies like Hengli Petrochemical and Sinopec [17]. - It also highlights the potential for improved profitability in the oil and gas sector, suggesting investments in companies with high dividend yields like PetroChina and CNOOC [17].

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry, consistent with the previous rating [1]. Core Insights - International oil prices have declined due to various factors, including trade tensions between the US and China, which have created a volatile market environment. As of October 17, 2025, Brent and WTI crude oil prices were $61.29 and $57.15 per barrel, respectively [2][9]. - The report highlights a significant increase in global oil supply, with the IEA forecasting a more severe oversupply situation for the coming year [2]. - The US crude oil production reached 13.636 million barrels per day, showing a slight increase of 0.07 million barrels per day from the previous week [2][50]. - The report notes a decrease in US refinery crude processing to 15.130 million barrels per day, down by 1.167 million barrels per day, with a refinery utilization rate of 85.70%, a decline of 6.7 percentage points [2][62]. Summary by Sections Oil Price Review - Brent crude futures settled at $61.29 per barrel, down $1.44 (-2.30%) from the previous week, while WTI crude futures settled at $57.15 per barrel, down $1.75 (-2.97%) [2][19]. Offshore Drilling Services - As of October 13, 2025, the number of global offshore self-elevating drilling platforms was 373, an increase of 2 from the previous week, while the number of floating drilling platforms remained stable at 132 [2][29]. Crude Oil Supply - The US crude oil production was reported at 13.636 million barrels per day, with the number of active drilling rigs remaining at 418 [2][50]. Crude Oil Demand - US refinery crude processing decreased to 15.130 million barrels per day, with a utilization rate of 85.70% [2][62]. Crude Oil Inventory - As of October 10, 2025, total US crude oil inventories stood at 832 million barrels, an increase of 4.284 million barrels (+0.52%) from the previous week [2][63]. Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [2][3].

中油工程（600339.SH）可谓今年中东订单潮的"大赢家"。公司日前公告，子公司与伊拉克巴士拉石油 公司签署伊拉克巴士拉省海水输送管道总包项目EPC（工程总承包）合同，合同金额25.24亿美元（约 合人民币180.32亿元），工作范围包括建设联络站到油田分输站的支线管道及管道附属地面设施等。 这并非中油工程今年拿下的首笔中东百亿订单。6月13日，该公司公告称子公司与道达尔能源签署伊拉 克阿塔维油田气体处理厂项目EPSCC承包合同，合同金额16.01亿美元（约合115.38亿元人民币）。 海油工程（600583.SH）也在中东市场取得突破。8月末，公司称收到卡塔尔能源公司的中标通知书， 成为"BH"项目两个标段中标人，中标金额约40亿美元（约285亿元人民币），主要工作包括多个结构物 的新建、多条海底管缆的铺设、以及部分已建设施改造。 石化油服（600871.SH）、杰瑞股份（002353.SZ）等公司同样在中东表现亮眼。今年2月，杰瑞股份公 告称子公司与阿联酋阿布扎比国家石油公司陆上公司就Bab等区块的井场数字化改造EPC项目签署正式 合同，项目预估总金额9.2亿美元（约合65.55亿元人民币）。9月末，石 ...

Core Viewpoint - The oil service sector in China has seen significant growth in the Middle East, with several companies securing large contracts, despite the overall decline in international oil prices this year [1][5]. Group 1: Major Contracts and Achievements - China National Petroleum Engineering Co. (中油工程) has emerged as a major winner in the Middle East, securing a contract worth $2.524 billion (approximately 18.032 billion RMB) for a seawater pipeline project in Iraq [2]. - CNOOC Engineering (海油工程) has also made strides, winning a bid from Qatar Energy for a project valued at around $4 billion (approximately 28.5 billion RMB) [2]. - Other companies like Jereh (杰瑞股份) and Sinopec Oilfield Service (石化油服) have also reported significant contracts, with Jereh signing a $920 million (approximately 6.555 billion RMB) contract for a digital transformation project in Abu Dhabi [3]. Group 2: Market Dynamics and Opportunities - The increase in contracts for Chinese oil service companies is attributed to the rising oil extraction activities in the Middle East, driven by OPEC+ increasing production [5][6]. - The Middle East remains a key market for oil and gas, with significant proven reserves, and Chinese companies are leveraging their experience and integrated solutions to capture market share [6]. Group 3: Long-term Financial Impact - The contracts secured by Chinese oil service companies typically span 4-5 years, providing a stable revenue stream and positively impacting financial performance over the coming years [7]. - For instance, Jereh reported a 39.21% year-on-year increase in revenue to 6.901 billion RMB in the first half of the year, with overseas market revenue growing by over 38% [8]. Group 4: Strategic Positioning and Future Outlook - Chinese oil service companies are transitioning from subcontractors to main contractors in the Middle East, enhancing their market recognition and capabilities [7]. - Companies are also establishing local production bases to improve service delivery and capitalize on regional advantages, which is expected to further strengthen their market position [7].

Investment Rating - The report maintains a positive outlook on the polyester sector, suggesting a recovery in profitability as supply and demand improve, and recommends focusing on leading companies in the sector [4][6][9]. Core Insights - The report highlights a slight increase in oil prices in Q3 2025, with Brent crude averaging $68.2 per barrel, a 2.1% increase quarter-on-quarter but a 13.4% decrease year-on-year [4][5]. - The performance of key companies in the oil and petrochemical sector is projected to show stability or slight growth, with specific profit forecasts for major players such as China National Petroleum Corporation and CNOOC [4][6][8]. - The report emphasizes the potential for improved profitability in refining companies due to lower operational costs and favorable market conditions, particularly for leading firms like Hengli Petrochemical and Rongsheng Petrochemical [4][6][9]. Summary by Sections Oil Price Trends - Brent crude oil prices showed a quarter-on-quarter increase of 2.1% and a year-on-year decrease of 13.4%, with Q3 2025 prices averaging $68.2 per barrel [4][5]. - Gasoline and diesel prices experienced a net decrease of 75 yuan per ton over the quarter, with adjustments made in July, August, and September [4]. Price Differentials - The report notes that the price differentials for various petrochemical products have shown mixed trends, with some margins expanding while others contracted [6][7]. - The ethylene-to-naphtha differential was reported at $238 per ton, reflecting a 7.5% decrease quarter-on-quarter but a 23.7% increase year-on-year [6]. Company Performance Forecasts - Key companies are expected to report varying profit results for Q3 2025, with China National Petroleum Corporation projected to achieve a net profit of 38 billion yuan, a year-on-year decrease of 13% but a quarter-on-quarter increase of 2% [4][8]. - CNOOC is forecasted to report a net profit of 34 billion yuan, down 8% year-on-year but up 3% quarter-on-quarter [4][8]. Investment Recommendations - The report recommends focusing on leading polyester companies such as Tongkun Co. and Wankai New Materials, as well as refining companies like Hengli Petrochemical and Rongsheng Petrochemical, due to their favorable market positions [4][6][9]. - It also suggests that the oil exploration and production sector remains robust, with continued high capital expenditures expected for offshore oil service companies [4][9].

行 业 及 产 业 行 业 研 2025 年 10 月 15 日 油价环比小幅上行，2025Q3 上游 景气有所修复，中下游景气有待复 苏 看好 ——石油化工 2025 年三季报业绩前瞻 证 券 研 究 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 丁莹 A0230125070005 dingying@swsresearch.com 联系人 丁莹 (8621)23297818× dingying@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： ⚫ 风险提示：地缘政治影响；石油及化工品价格波动；经济下行风险。 请务必仔细阅读正文之后的各项信息披露与声明 究 / 行 业 点 评 报 告 石油石化 相关研究 - ⚫ 2025Q3 原油价格环比上涨、同比下降，成品油价格下调：2025 年 7、8、9 月布伦特原 油均价分别为 69.6、67.3、6 ...

Core Viewpoint - The oil service engineering sector experienced a slight increase of 0.67% on October 14, with Renji Co., Ltd. leading the gains, while the overall market indices saw declines [1]. Market Performance - The Shanghai Composite Index closed at 3865.23, down 0.62% - The Shenzhen Component Index closed at 12895.11, down 2.54% [1]. Individual Stock Performance - Renji Co., Ltd. (002629) closed at 8.48, up 9.99% with a trading volume of 249,700 shares and a turnover of 201 million yuan - Zhongman Petroleum (603619) closed at 20.19, up 4.77% with a trading volume of 267,000 shares and a turnover of 536 million yuan - Other notable performers include Tongyuan Petroleum (300164) up 2.81%, Beiken Energy (002828) up 2.21%, and Zhun Oil Co. (002207) up 2.20% [1]. Capital Flow Analysis - The oil service engineering sector saw a net inflow of 80.77 million yuan from institutional investors, while retail investors contributed a net inflow of 48.83 million yuan - However, there was a net outflow of 130 million yuan from speculative funds [2]. Detailed Capital Flow for Key Stocks - Renji Co., Ltd. had a net inflow of 57.91 million yuan from institutional investors, but a net outflow of 21.63 million yuan from speculative funds - Tongyuan Petroleum saw a net inflow of 33.00 million yuan from institutional investors, while Zhun Oil Co. had a net inflow of 14.04 million yuan [3].

齐鲁晚报.齐鲁壹点记者赵波 10月13日，海洋石油工程股份有限公司(下称"海油工程（600583）")发布消息，随着合同金额约40亿美元的卡塔尔BH EPIC总包项目启动会的召开，标志 着我国承揽的合同金额最大的国际海洋油气工程总包项目全面启动，推动中卡能源合作再上新台阶，对高质量推进共建"一带一路"国际油气合作具有重要 意义。 据海油工程总裁助理兼中东项目集总经理刘瑞介绍，项目团队深入研究合同条款和技术要求，系统识别项目重点难点，通过管理前置和风险研判，制定详 细周密的实施计划和质量管理方案，充分发挥国内全产业链资源优势，以精细化、标准化管控和强有力的组织管理为抓手，全力推动项目高标准、高质量 开展。 据了解，卡塔尔BH EPIC总包项目是海油工程继NFA、NFPS COMP2、ISND5-2、RUYA等项目之后，再次承揽的卡塔尔海洋油气田建设项目。近年来， 海油工程深耕中东市场，充分发挥中东项目集海外项目"桥头堡"作用，统筹中东区域市场开发和项目管理，与沙特阿美、卡塔尔能源公司等中东石油公司 建立了良好的合作关系，国际工程一揽子总承包能力获得中东市场高度认可。 下一步，海油工程将持续加快国际化发展步伐，将 ...