Core Viewpoint - The China Securities Index for small and medium-sized comprehensive energy shows a decline in performance over various time frames, indicating potential challenges in the energy sector [1][2]. Group 1: Index Performance - The China Securities Index for small and medium-sized comprehensive energy closed at 1901.11 points, with a decline of 6.73% over the past month, 6.43% over the past three months, and 10.19% year-to-date [1]. - The index is categorized into 11 industries based on the classification standards of the China Securities Index series, reflecting the overall performance of different industry securities [1]. Group 2: Index Holdings - The top ten holdings in the index include companies such as China Coal Energy (8.65%), Yongtai Energy (8.55%), and Jereh Oilfield Services (5.15%) [1]. - The index's market composition shows that the Shanghai Stock Exchange accounts for 54.91%, the Shenzhen Stock Exchange for 22.93%, and the Hong Kong Stock Exchange for 22.16% [2]. Group 3: Industry Composition - The index's industry composition reveals that coal accounts for 31.95%, coke for 26.40%, and oil refining for 13.43% [2]. - Other significant sectors include oil and gas extraction (10.52%), oilfield services (7.66%), and oil and gas circulation (5.27%) [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Adjustments to the weight factors occur simultaneously with sample changes, and special circumstances may lead to temporary adjustments [2].

内容概要：近年来，天津市围绕深入实施高质量发展"十项行动"，推进科技创新、产业焕新、城市更 新，有效盘活存量、培育增量、提升质量，不断健全机制、创新方法，着力提升改革的精准性、针对 性、实效性，以更大的决心和力度不断推动改革工作取得新成效。在政府部门大力推动下，天津在新质 生产力方面稳步发展，"三新""三量"取得了明显成效，绿色石化、高端装备、汽车制造等产业核心竞争 力不断提升，为经济高质量发展注入了新的动力和活力。 上市企业：渤海化学（600800）、海油工程（600583）、中海油服（601808）、长荣股份（300195）、 建科智能（300823）、捷强装备（300875）、美腾科技（688420）、凯发电气（300407） 相关企业：中国石油化工股份有限公司天津分公司、中海石油（中国）有限公司天津分公司、中国石油 天然气股份有限公司大港油田分公司、天津渤海化工集团有限责任公司、天津得川石化有限公司、中沙 （天津）石化有限公司、中石化（天津）石油化工有限公司、彼合彼方机器人（天津）有限公司、天津 超众机器人科技有限公司、艾普斯（天津）工业组装技术有限公司、天津朗誉机器人有限公司、伽利略 （天津）技术有 ...

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating potential for excess returns in certain segments under tariff impacts [4][5]. Core Insights - The petrochemical index has historically underperformed the broader market, but segments like refining and oil services have shown periods of excess returns [5][6]. - As of April 11, 2025, refining margins for major domestic refineries reached 767 CNY/ton, with a significant month-on-month increase of 24.16% [9]. - The report highlights that the current procurement of crude oil in China is primarily from Russia and Middle Eastern countries, limiting the impact on refining costs from U.S. imports [9]. - The oil service sector is expected to continue its upward trend due to domestic requirements for increased reserves and production [11]. Summary by Sections Upstream Sector - Brent crude oil prices closed at 64.76 USD/barrel on April 11, 2025, reflecting a decrease of 1.25% from the previous week [20]. - The number of active oil rigs in the U.S. decreased to 583, down by 7 rigs week-on-week [30]. Refining Sector - The report notes a recovery in refining profitability, with domestic refining margins improving significantly [9]. - The Singapore refining margin for major products was reported at 9.87 USD/barrel, down by 4.08 USD/barrel from the previous week [9]. Polyester Sector - PTA profitability has increased, with the average price in East China at 4316.25 CNY/ton, down 11.43% week-on-week [9]. - The report suggests that the polyester industry is currently underperforming but may improve as new capacities are expected to taper off in the coming years [9]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [16]. - It also suggests looking at companies with high dividend yields like China Petroleum and China National Offshore Oil Corporation [16]. - For the ethylene production segment, Satellite Chemical is highlighted as a key player due to favorable supply-demand dynamics [16]. - In the polyester sector, companies like Tongkun Co. and Wankai New Materials are recommended as they are expected to benefit from tightening supply-demand conditions [16].

Core Points - The CSI All Share Oil and Gas Extraction and Oilfield Services Index opened at 3989.28 points and has seen a decline of 2.47% in the past month, 1.93% in the past three months, and 6.22% year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the CSI All Share Index, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Index Composition - The top ten weighted companies in the CSI All Share Oil and Gas Extraction and Oilfield Services Index are: CNOOC Engineering (14.9%), Jereh (14.77%), CNOOC Development (9.84%), China Oilfield Services (9.69%), Sinopec Oilfield Service (9.31%), China National Petroleum Engineering (6.66%), Hongtian (3.84%), Sinopec Machinery (3.69%), Deweier (2.98%), and Haimer Technology (2.96%) [1] - The market segments of the index holdings show that the Shanghai Stock Exchange accounts for 62.59%, the Shenzhen Stock Exchange for 36.79%, and the Beijing Stock Exchange for 0.62% [2] - In terms of industry composition, oilfield services represent 50.78% and oil and gas extraction represent 49.22% of the index holdings [2] Index Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Temporary adjustments occur when the CSI All Share Index samples are modified, and changes in industry classification due to special events will also prompt corresponding adjustments in the index samples [2]

Investment Rating - The report does not explicitly state an investment rating for the oil processing industry Core Insights - The report highlights a downward adjustment in the 2025 crude oil inventory forecast by EIA, indicating a more cautious outlook on supply and demand dynamics in the oil market [1][20] Summary by Sections Crude Oil Price Overview - As of April 9, 2025, Brent crude, WTI, Russian ESPO, and Russian Urals prices were $65.48, $62.35, $56.53, and $65.49 per barrel respectively, with month-to-date changes of -5.48% for Brent and -5.57% for WTI [7][8] Crude Oil Inventory - As of April 4, 2025, total U.S. crude oil inventory was 83,905.5 million barrels, with a month-on-month increase of 824.4 million barrels [14][19] - IEA, EIA, and OPEC predict global crude oil inventory changes for 2025 to be +57.52, +3.11, and -138.23 thousand barrels per day respectively, with an average forecast change of -25.87 thousand barrels per day [20] Crude Oil Supply - The 2025 global crude oil supply forecasts by IEA, EIA, and OPEC are 10,448.69, 10,416.72, and 10,381.77 million barrels per day respectively, reflecting increases from 2024 [26] - For Q1 2025, the predicted year-on-year supply increments are +150.86, +120.55, and +144.82 thousand barrels per day from IEA, EIA, and OPEC respectively [26] Crude Oil Demand - The 2025 global crude oil demand forecasts by IEA, EIA, and OPEC are 10,391.17, 10,413.61, and 10,520.00 million barrels per day respectively, with year-on-year increases from 2024 [20] - For Q1 2025, the predicted year-on-year demand increments are +123.54, +188.93, and +144.24 thousand barrels per day from IEA, EIA, and OPEC respectively [20] Related Listed Companies - The report mentions several related companies including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [1][2]

为什么这时候突然发红包？ 2024年，海油工程实现归母净利润21.61亿元，同比增长33.38%；扣非净利润18.09亿元，同比增长 46.20%。 2025年政府工作报告，第一次把 "深海科技" 四个字单独拎出来，和商业航天、低空经济并列，还加 了"安全健康发展"的限定词。 这相当于，国家拿着喇叭喊："兄弟们，去海底捞钱，我给你们开绿灯！" 因为陆地上的油快不够用了。 中国原油对外依存度长期超过70%，而南海已探明的石油储量相当于波斯湾的1/3，天然气储量相当于 卡塔尔的两倍。 更刺激的是，南海深海区还有全球最大的可燃冰储量——这玩意烧起来比传统天然气还干净，关键是： 1立方米可燃冰，居然能释放160立方米天然气。 但很少有人敢大规模开采。 因为深海作业是烧钱黑洞：水深每增加100米，设备成本指数级上涨，1500米的海底作业相当于在珠峰 顶上修高铁。 直到中国搞出了"奋斗者号"万米深潜器、自主式水下机器人（AUV）、钛合金耐压壳体这些黑科技， 深海采油才从科幻片，变成了生意经。 深海印钞机的硬核实力 上次给的政策红包，到底有多大？ 直接看数字：2025年政府给深海科技定的KPI是——海洋生产总值突破13万亿 ...

工业富联：第一季度净利润预计52亿元—53亿元，同比增长24%—27% 工业富联公告称，2025年第一季度预计营业收入1590亿元-1610亿元，同比增长34.0%-35.6%；预计归属 于上市公司股东的净利润为52亿元-53亿元，同比增长24.4%-26.8%。云计算业务方面，板块营业收入同 比增长超过50%，AI服务器、通用服务器营业收入同比皆超过50%。通讯及移动网络设备方面，公司积 极推进战略布局，有效实现对客户的稳健出货。公司将继续聚焦主营业务，推动AI+技术创新和经营提 质增效。 中国联通：为进一步回报股东，3月公司将此前回购的5.13亿股全部注销 中国联通公告称，公司将深入实施融合创新战略，推进"网络向新、技术向新、服务向新"，2025年将着 力实现创新动力更足、能力优势更强、业务结构更优、经营效益更好、品牌形象卓著。同时，公司坚持 战略引领与价值导向，持续推动提升上市公司投资价值，过去几年每股分红保持双位数增长。为进一步 回报股东，2025年3月公司将此前回购的5.13亿股全部注销。此外，公司将持续完善股东沟通渠道，积 极倾听中小股东声音，与投资者高频次交流。 海油工程：控股股东中国海油集团拟 ...

证券代码：600583 证券简称：海油工程 公告编号：2025-014 海洋石油工程股份有限公司 2024 年年度股东大会决议公告 重要内容提示： 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。 (一) 股东大会召开的时间：2025 年 4 月 8 日 (二) 股东大会召开的地点：天津港保税区海滨十五路 199 号海油工程 A 座办 公楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 756 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,536,991,363 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 57.3804 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长王章领先生主持会议。本次股东大 会采用现场投票和网络投票相结合的方式表决， ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 85191300 传真：(86-10) 85191350 junhebj@junhe.com 北京市君合律师事务所 关于海洋石油工程股份有限公司 2024 年年度股东大会的法律意见书 致：海洋石油工程股份有限公司 北京市君合律师事务所受海洋石油工程股份有限公司（以下简称"贵公 司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东大会规则》（以下简称"《股东大会规则》"）等法律、法规、规章 及《海洋石油工程股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，就贵公司 2024 年年度股东大会（以下简称"本次股东大会"）有关事宜出 具本法律意见书。 本法律意见书仅供见证本次股东大会相关事项合法性之目的而使用，未经本 所书面同意，任何人不得将其用作其他任何目的。 为出具本法律意见书之目的，本所委派律师现场列席了贵公司本次股东大 会，并根据有关法律法规的规定和要求，按照律师行业公认的业务标准、道德规 范和勤勉尽责精神，对贵公司提供的与本次股东大会有关的文件和事实进行了核 查和验证。在此基础 ...

证券代码：600583 证券简称：海油工程 公告编号：临 2025-013 海洋石油工程股份有限公司 关于控股股东增持公司股份计划的公告 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： ● 海洋石油工程股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日收到控股股东中国海洋石油集团有限公司（以下简称 "中国海油集团"） 通知，中国海油集团拟自本公告披露之日起 12 个月内通过上海证券交易 所采用集中竞价方式增持公司 A 股股份，增持总金额不低于人民币 3 亿 元，不高于人民币 5 亿元（以下简称"本次增持计划"）。 ● 本次增持计划可能存在因资本市场情况发生变化或目前尚无法预 判的其他风险因素导致增持计划的实施无法达到预期的风险。 一、增持主体 （一）增持主体：公司控股股东中国海油集团。 （二）增持主体已持有股份的数量、占公司总股本的比例：截至本公 告披露日，中国海油集团持有公司 2,446,340,509 股 A 股股份，占公司已 发行总股本的 55.33%。 （三）增持主体在本次公告前十二个月内 ...