Core Insights - Deep-sea resource development focuses on areas deeper than 200 meters, encompassing strategic resources such as minerals, energy, and biological resources, which are crucial for overcoming land resource limitations and ensuring national security [1][2] - The Chinese government has integrated deep-sea development into its national security strategy, designating it as a strategic emerging industry in the 2025 government work report, supported by a special fund of 50 billion yuan for marine economy [1][5] - The industry is projected to reach a scale of 3.25 trillion yuan by 2025 and exceed 5 trillion yuan by 2030, driven by significant growth in oil and gas development, mining, and biopharmaceutical sectors [1][9] Industry Overview - Deep-sea resource development involves exploration, extraction, and utilization of resources in deep-sea areas, aiming to acquire strategic resources through advanced technologies [2][3] - The sector is categorized into five main types: deep-sea mineral resources, oil and gas resources, biological resources, energy resources, and spatial resources [3] Development Drivers - National strategy and policy support are key drivers, with deep-sea development included in China's national security framework and significant funding allocated to support technological advancements [5][6] - The high dependency on foreign oil and gas, with over 70% reliance, necessitates deep-sea oil and gas development as a strategic solution to energy security [5][6] - Technological breakthroughs and domestic equipment manufacturing have positioned China to lead in deep-sea resource development, enhancing its global competitiveness [6][7] Current Industry Status - The deep-sea economy is rapidly growing, with the marine economy reaching 10.54 trillion yuan in 2024, driven by significant demand in deep-sea oil and gas and biological resource development [8][9] - The deep-sea oil and gas sector has seen substantial advancements, with the first ultra-deepwater gas field "Deep Sea No. 1" entering production, marking China's entry into the global first tier of deep-sea oil and gas development [10][11] Corporate Landscape - Major companies in the deep-sea resource development sector include China National Offshore Oil Corporation, China Shipbuilding Industry Corporation, and others, forming a comprehensive ecosystem from resource development to equipment manufacturing [13][14] - The industry is characterized by a full-chain ecosystem that integrates resource development, equipment manufacturing, technological innovation, and regional collaboration [13][14] Future Trends - The industry is expected to evolve towards technological integration and intelligence, with AI and quantum sensing driving automation and efficiency in exploration and extraction processes [15][16] - Environmental sustainability will become a core focus, with the adoption of eco-friendly technologies and the establishment of monitoring systems to minimize ecological impact [16][17] - Expansion into ultra-deepwater and polar regions will reshape the competitive landscape, necessitating international cooperation and standard-setting to address high costs and technical challenges [17][18]

"嘉克杯"国际焊接技能大赛被誉为"焊接世界杯"，是全球最具影响力的焊接竞赛之一。本届大赛共吸引 来自中国、巴西、印度、蒙古等国家的400名焊接高手同台竞技。大赛设置了焊接技能、焊接机器人、 虚拟仿真、焊接创新技术四大赛项，并首次增设"工匠组"，进一步丰富了赛事内涵，提升了竞技水平。 中化新网讯 在9月10日闭幕的2025"一带一路"暨金砖国家技能发展与技术创新大赛"嘉克杯"国际焊接技 能大赛上，海洋石油工程股份有限公司代表队斩获包括5个单项冠军在内的24个奖项。 海油工程共派出19名选手参加了比赛。在手工焊条电弧焊、熔化极混合气体保护焊、钨极氩弧焊等传统 比赛项目中，该公司选手包揽第一名，延续领先优势。在新增设的机器人焊接赛中，海油工程选手凭借 扎实的编程、操作与维护能力荣获一等奖。 图为海油工程参赛选手在进行焊接机器人编程。(攸程 摄) 据悉，"嘉克杯"国际焊接技能大赛自2010年创办以来，海油工程累计斩获团体金奖9次、一等奖59人 次，培养出一大批技术精湛、作风过硬的海油"焊将"，为海洋油气装备制造领域高质量发展提供了强有 力的人才支撑。 ...

Core Viewpoint - The oil and gas industry has achieved significant exploration breakthroughs, with domestic oil and gas reserves expected to increase, benefiting oil service companies as the country deepens its reserve and production strategies [4]. Group 1: Exploration and Production Breakthroughs - The Ministry of Natural Resources announced major breakthroughs in energy mineral exploration, discovering 10 large oil fields and 19 large gas fields during the "14th Five-Year Plan" period [4]. - New oil and gas reserves have significantly increased, supporting stable oil production of 200 million tons and natural gas production exceeding 240 billion cubic meters [4]. - From 2019 to 2024, China's crude oil production is expected to grow at a CAGR of 2.2%, while natural gas production is projected to grow at a CAGR of 7.3% [4]. Group 2: Capital Expenditure Trends - Global upstream capital expenditure is projected to decline slightly to around $600 billion in 2025, a year-on-year decrease of 4%, with deepwater investments expected to drop by 6% [5]. - As of July 2025, the average day rate for jack-up rigs is $109,700, a 5.9% increase year-on-year, while semi-submersible rigs average $279,600, up 11.5% year-on-year, both at their highest levels since 2022 [5]. Group 3: Oil Service Companies' Performance - In the first half of 2025, major oil service companies benefited from the ongoing domestic "reserve and production increase" strategy and the gradual release of overseas business performance [6]. - CNOOC's oil service subsidiary reported a 23.3% year-on-year increase in net profit, while other companies like CNOOC Engineering and CNOOC Development saw net profit increases of 13.1% and a 27% rise in gross profit, respectively [6]. - The gross profit margins for CNOOC's oil service companies improved year-on-year, indicating a continuous enhancement in operational quality [6]. Group 4: International Competitiveness - In the first half of 2025, the gross profit margins of international oil service giants Schlumberger, Halliburton, and Baker Hughes decreased compared to their 2024 annual levels, while CNOOC's subsidiaries showed improvements [8]. - The annualized ROE for CNOOC's oil service companies remained resilient, with slight increases compared to 2024, indicating a potential enhancement in international competitiveness [8].

Investment Rating - The report maintains an "Accumulate" rating for the oil and gas industry [6] Core Viewpoints - The oil and gas industry has achieved significant exploration breakthroughs, with the oil service sector expected to benefit from the ongoing domestic reserve increase and production actions [10][11] - The "Three Barrel Oil" companies have significantly increased capital expenditures from 2020 to 2023, and are expected to maintain high levels in 2024 and 2025, which will benefit their affiliated oil service companies [11][12] - Global upstream capital expenditures are projected to decline slightly in 2025, but domestic investment is expected to remain high due to supportive policies [12] - The oil service sector's performance has improved, with major companies showing resilience in profitability despite falling oil prices [21][26] Summary by Sections Oil and Gas Breakthroughs - The Ministry of Natural Resources announced major breakthroughs in energy mineral exploration, including the discovery of 10 large oil fields and 19 large gas fields during the 14th Five-Year Plan period [10] - New geological reserves of over 300 billion cubic meters have been confirmed in the Ordos Basin alone, supporting stable oil production of 200 million tons and natural gas production exceeding 240 billion cubic meters [10][11] Capital Expenditure Trends - The "Three Barrel Oil" companies plan to invest approximately 210 billion, 72.9 billion, and 130 billion yuan in upstream capital expenditures for 2025, reflecting a 6% decrease from 2024 but still maintaining high levels [11][12] - Global upstream exploration and development spending is expected to be around 600 billion USD in 2025, a 4% year-on-year decline, with deepwater investments projected to decrease by 6% [12] Oil Service Sector Performance - In the first half of 2025, major oil service companies reported significant profit increases, with CNOOC Services' net profit rising by 23.3% and CNOOC Development's by 13.1% [21] - The gross profit margins of key oil service companies have improved, with CNOOC Services, CNOOC Engineering, and CNOOC Development showing increases compared to the previous year [21][26] International Competitiveness - The international competitiveness of domestic oil service companies is expected to improve, as their return on equity (ROE) has shown resilience compared to major international competitors [26] - The gross profit margins of domestic oil service companies have increased, while international competitors have experienced declines in their margins [26] Investment Recommendations - The report suggests a positive outlook for the "Three Barrel Oil" companies and the oil service sector, as well as for leading companies in the refining and chemical sectors [5]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Cautiously Optimistic" investment rating [3][4]. Core Insights - OPEC's actual production increase is lower than expected, leading to an anticipated stable oil price range of $60-70 per barrel in the medium term [4][5]. - The upstream sector shows signs of recovery with oil prices rising, while drilling day rates remain stable [4][24]. - The refining sector is experiencing mixed results, with some product margins improving while others decline [4]. - The polyester sector is expected to see a recovery in profitability as supply and demand dynamics improve [4][18]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $66.99 per barrel, a week-on-week increase of 2.27%, while WTI futures rose by 1.33% to $62.69 per barrel [4][24]. - U.S. commercial crude oil inventories increased by 2.42 million barrels to 425 million barrels, remaining 4% lower than the five-year average [24][25]. - The number of active U.S. drilling rigs increased by 2 to 539, although this is a decrease of 51 rigs year-on-year [35][38]. Refining Sector - The Singapore refining margin for major products decreased to $16.66 per barrel, down by $1.41 from the previous week [4]. - The price spread between gasoline and WTI crude oil fell to $18.30 per barrel, down by $2.48 from the previous week [4]. - The report suggests that refining profitability may improve as economic recovery progresses [4]. Polyester Sector - PTA prices have declined, with the average price in East China at 4606.6 CNY per ton, down 2.02% week-on-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [4][18]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials [4][18]. - In the refining sector, it suggests monitoring quality companies like Hengli Petrochemical and Sinopec [4][18]. - For upstream exploration and production, it highlights companies like CNOOC and China National Petroleum Corporation as having strong prospects [4][18].

Report Title - "Crude Oil Weekly Report: OPEC+ Rapidly Increases Production, International Oil Prices Decline" [1] Report Date - September 14, 2025 [1] Report Authors - Energy and Chemical Chief Securities Analyst: Chen Shuxian, CFA [1] - Energy and Chemical Analyst: Zhou Shaowen [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $66.7/$62.7 per barrel, down $0.8/$1.2 from last week respectively. In the US, crude oil production, inventory, and the number of active rigs and fracturing fleets increased, while refinery processing volume decreased, and import and export volumes changed. US refined oil prices, inventory, production, and demand also showed various changes. [2] Summary by Relevant Catalogs 1. Crude Oil Weekly Data Briefing - **Upstream Key Company Performance**: For example, China National Offshore Oil Corporation (600938.SH) had a weekly increase of 2.2%, and China National Petroleum Corporation (601857.SH) had a weekly decrease of 2.4%. [8][9] - **Crude Oil Price**: Brent, WTI, Russian Urals, and Russian ESPO crude oil prices had different degrees of decline compared to last week. [9] - **Crude Oil Inventory**: US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.2/4.1/0.2 billion barrels respectively, with weekly changes of +445/+394/+51/-37 million barrels. [2][9] - **Crude Oil Production**: US crude oil production was 13.5 million barrels per day, up 70,000 barrels per day from last week. The number of active crude oil rigs was 416, up 2, and the number of active fracturing fleets was 164, up 5. [2][9] - **Refinery Data**: US refinery crude oil processing volume was 16.82 million barrels per day, down 50,000 barrels per day, and the refinery operating rate was 94.9%, up 0.6 pct. [2][9] - **Import and Export Volume**: US crude oil imports, exports, and net imports were 6.27/2.75/3.53 million barrels per day, with weekly changes of -47/-114/+67 million barrels per day. [2][9] - **Refined Oil Data**: US gasoline, diesel, and jet fuel had weekly average prices of $83/$97/$90 per barrel, down $1.8/$1.5/$4.1 from last week respectively. Inventory, production, demand, and import and export volumes also changed. [2][11] 2. This Week's Petroleum and Petrochemical Sector Market Review - **Petroleum and Petrochemical Sector Performance**: Not detailed in the given content - **Sector Listed Company Performance**: Many listed companies in the petroleum and petrochemical sector showed different degrees of rise and fall this week. For example, Sinopec Oilfield Service Corporation (600871.SH) had a weekly increase of 3.4%, and China Petroleum & Chemical Corporation (600028.SH) had a weekly decrease of 1.2%. [24] 3. Crude Oil Sector Data Tracking - **Crude Oil Price**: Analyzed the price relationships and spreads among various types of crude oil, such as Brent, WTI, Russian Urals, and Russian ESPO, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price. [9][38] - **Crude Oil Inventory**: Studied the correlations between US commercial crude oil inventory and oil prices, and changes in US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory. [45][49] - **Crude Oil Supply**: Focused on US crude oil production, the number of oil rigs, and the number of fracturing fleets, and their relationships with oil prices. [60][62] - **Crude Oil Demand**: Mainly looked at US refinery processing volume and operating rate. [9] - **Crude Oil Import and Export**: Analyzed US crude oil import, export, and net import volumes. [78] 4. Refined Oil Sector Data Tracking - **Refined Oil Price**: Analyzed the price adjustment rules of domestic refined oil based on international oil prices, and the price relationships and spreads between crude oil and refined oil in the US, Europe, and Singapore. [89][116] - **Refined Oil Inventory**: Studied the inventory changes of US gasoline, diesel, jet fuel, and Singapore gasoline and diesel. [11][130] - **Refined Oil Supply**: Focused on US gasoline, diesel, and jet fuel production. [152] - **Refined Oil Demand**: Mainly looked at US gasoline, diesel, and jet fuel consumption and the number of US airport passenger security checks. [156][157] - **Refined Oil Import and Export**: Analyzed US gasoline, diesel, and jet fuel import, export, and net export volumes. [170][173] 5. Oil Service Sector Data Tracking - **Day Rate**: Presented the average daily rates of self - elevating drilling platforms and semi - submersible drilling platforms. [187][188] Recommended Companies - 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 concerned about include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Machinery Co., Ltd. (000852.SZ) [3]

Core Viewpoint - The company, CNOOC Engineering (600583), maintains a steady development trend and plans to continue increasing its cash dividend ratio sustainably [1] Group 1 - The company has responded to investor inquiries on September 11, indicating its commitment to stable growth [1] - The company emphasizes its ongoing strategy to ensure a consistent increase in cash dividends [1]

Market Overview - On September 11, the oil service engineering sector rose by 0.15% compared to the previous trading day, with CNOOC Development leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - CNOOC Development (600968) closed at 3.97, with an increase of 1.28% and a trading volume of 620,900 shares, totaling a transaction value of 244 million yuan [1] - CNOOC Engineering (600583) closed at 5.39, up 0.75%, with a trading volume of 425,400 shares and a transaction value of 228 million yuan [1] - PetroChina Engineering (600871) closed at 2.10, up 0.48%, with a trading volume of 1,144,800 shares and a transaction value of 238 million yuan [1] - Other notable stocks include Renji Co. (002629) at 7.20 (+0.42%) and Yingshisi (601808) at 13.91 (+0.36%) [1] Capital Flow Analysis - The oil service engineering sector experienced a net outflow of 126 million yuan from institutional investors, while retail investors saw a net inflow of 157 million yuan [2] - The table indicates that CNOOC Development had a net inflow of 43.45 million yuan from institutional investors, while retail investors had a net outflow of 28.67 million yuan [3] - CNOOC Engineering saw a net inflow of 10.30 million yuan from institutional investors, with retail investors experiencing a net outflow of 1.61 million yuan [3] Summary of Key Stocks - CNOOC Development (600968) had a significant institutional net inflow of 43.45 million yuan, while retail investors had a net outflow of 28.67 million yuan [3] - CNOOC Engineering (600583) had a net inflow of 10.30 million yuan from institutional investors, with retail investors seeing a net outflow of 1.61 million yuan [3] - Other stocks like PetroChina Engineering (600871) and Renji Co. (002629) also showed varied capital flows, indicating mixed investor sentiment [3]

近日，海油工程（600583）中标卡塔尔能源公司BH（Bul Hanine）海上油田扩建项目，获两份总价值为 40亿美元的工程、采购、施工和安装 (EPCI) 合同。项目作业地点位于波斯湾卡塔尔海域，共包含新 建、水下、改造和弃置4个标段，海油工程中标其中两个标段，主要工作内容包括多个结构物的新建、 多条海底管缆的铺设，以及部分已建设施的改造工作。 ...

Market Performance - The oil service engineering sector increased by 0.65% on September 5, with Beiken Energy leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Beiken Energy (002828) closed at 10.63, up 2.90% with a trading volume of 136,300 shares and a turnover of 143 million yuan [1] - Other notable performers included: - Qianeng Hengxin (300191) at 20.91, up 2.85% [1] - Daoxian Petroleum (300164) at 5.29, up 2.72% [1] - Renji Co., Ltd. (002629) at 7.17, up 2.28% [1] - Zhun Oil Co. (002207) at 7.57, up 2.16% [1] Capital Flow - The oil service engineering sector saw a net inflow of 43.6 million yuan from institutional investors, while retail investors experienced a net outflow of 56.1 million yuan [2][3] - The main stocks with significant capital flow included: - PetroChina Oilfield Services (600871) with a net inflow of 36.1 million yuan from institutional investors [3] - CNOOC Engineering (600583) with a net inflow of 35.8 million yuan from institutional investors [3] - Zhun Oil Co. (002207) with a net inflow of 5.2 million yuan from institutional investors [3]