Core Viewpoint - CNOOC Engineering (海油工程) plans to acquire 49% of the shares of China Offshore Fluor Engineering (中海福陆) for 859 million yuan, aiming to enhance control and optimize management efficiency in the deepwater and new energy engineering sectors [1][2][3] Group 1: Acquisition Details - The acquisition will increase CNOOC Engineering's stake in China Offshore Fluor Engineering from 51% to 100%, allowing for full control [2][3] - The transaction price of 859 million yuan is significantly lower than the assessed value of approximately 4.017 billion yuan [3] - China Offshore Fluor Engineering reported a net profit of 50.81 million yuan for 2024 and 90.91 million yuan for the first three quarters of 2025, indicating strong financial performance [1][3] Group 2: Financial Performance - As of September 30, 2025, China Offshore Fluor Engineering had a net asset value of 4.046 billion yuan and projected revenues of 2.276 billion yuan for 2024 [3] - CNOOC Engineering's financial health is robust, with a debt-to-asset ratio of 39.35% as of September 2025, down from 41.38% at the end of 2024 [3] - The company has consistently increased its net profit, with figures of 854 million yuan, 1.237 billion yuan, 1.809 billion yuan, and 1.404 billion yuan from 2022 to the first three quarters of 2025 [5][6] Group 3: Research and Development - CNOOC Engineering has invested over 1 billion yuan in R&D annually from 2022 to 2024, totaling 4.317 billion yuan over four years [7] - In the first three quarters of 2025, R&D expenses increased by 21.93% to 782 million yuan despite a 13.54% decline in revenue [7] - The company focuses on technological innovation to drive growth, enhancing its capabilities in deepwater and new energy engineering [1][7] Group 4: Market Position and Orders - CNOOC Engineering is a leading contractor in the Asia-Pacific region for offshore oil and gas engineering, with a strong order backlog of approximately 59.5 billion yuan as of the third quarter of 2025 [6] - The company achieved a market contract value of 37.24 billion yuan in the first three quarters of 2025, a year-on-year increase of 124.85% [6]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300164 通源石油 | | 1557.04万 | 5.95% | -513.68万 | -1.96% | -1043.37万 | -3.98% | | 002629 仁智股份 | | 671.06万 | 7.18% | -496.70万 | -5.32% | -174.36万 | -1.87% | | 002207 准油股份 | | 632.88万 | 6.69% | -158.74万 | -1.68% | -474.14万 | -5.01% | | 600583 海油工程 | | 505.53万 | 2.81% | -636.96万 | -3.54% | 131.43万 | 0.73% | | 603727 博迈科 | | 453.63万 | 11.71% | 27.97万 | 0.72% | -481.60万 | -12.44% | | 601808 中海油服 ...

来源：中国能源网 【美国原油供给】截至2025年12月12日当周，美国原油产量为1384.3万桶/天，较上周减少1.0万桶/天。 截至2025年12月19日当周，美国活跃钻机数量为406台，较上周减少8台。截至2025年12月19日当周，美 国压裂车队数量为160部，较上周减少8部。 【美国原油需求】截至2025年12月12日当周，美国炼厂原油加工量为1698.8万桶/天，较上周增加12.8万 桶/天，美国炼厂开工率为94.80%，较上周上升0.3pct。 【美国原油库存】截至2025年12月12日当周，美国原油总库存为8.37亿桶，较上周减少102.5万桶 （-0.12%）；战略原油库存为4.12亿桶，较上周增加24.9万桶（+0.06%）；商业原油库存为4.24亿桶， 较上周减少127.4万桶（-0.30%）；库欣地区原油库存为2086.2万桶，较上周减少74.2万桶（-3.43%）。 【美国成品油库存】截至2025年12月12日当周，美国汽油总体、车用汽油、柴油、航空煤油库存分别为 22562.7、1426.3、11850.0、4357.6万桶，较上周分别+480.8（+2.18%）、-192.1（-1 ...

Core Viewpoint - Saipem has been awarded an offshore engineering, procurement, construction, and installation (EPCI) contract by QatarEnergy LNG in collaboration with China's Offshore Oil Engineering Company [1] Group 1: Company Overview - Saipem is a prominent player in the offshore engineering sector, focusing on providing comprehensive services including engineering, procurement, construction, and installation [1] - The partnership with QatarEnergy LNG and China's Offshore Oil Engineering Company highlights Saipem's strategic collaborations in the energy sector [1] Group 2: Industry Context - The award of the EPCI contract signifies ongoing investments and developments in the LNG sector, particularly in offshore projects [1] - Collaborations between international companies and local firms, such as the partnership with QatarEnergy and China's Offshore Oil Engineering, reflect a trend towards joint ventures in the energy industry [1]

证券研究报告 原油周报：国际油价下跌，关注地缘风险 大化工首席分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 石化化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2025年12月21日 请务必阅读正文之后的免责声明部分 投资要点 ◼ 【美国原油】 2 ◼ 1）原油价格：本周Brent/WTI原油期货周均价分别59.9/56.1美元/桶，较上周分别-1.9/-2.0美元/桶。 ◼ 2）原油库存：美国原油总库存、商业原油库存、战略原油库存、库欣原油库存分别8.4/4.2/4.1/0.2亿桶，环比-103/- 127/+25/-74万桶。 ◼ 3）原油产量：美国原油产量为1384万桶/天，环比-1万桶/天。美国活跃原油钻机本周406台，环比-8台。美国活跃压裂 车队本周168部，环比-8部。 ◼ 4）原油需求：美国炼厂原油加工量为1699万桶/天，环比+13万桶/天；美国炼厂原油开工率为94.8%，环比+0.3pct。 ◼ 5）原油进出口量：美国原油进口量、出口量、净进口量为653/ ...

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 experienced fluctuations, with Brent and WTI prices recorded at $60.05 and $56.52 per barrel respectively as of December 19, 2025, reflecting a decrease of 1.75% and 1.60% from the previous week [2][9]. - The geopolitical situation, particularly discussions around the Russia-Ukraine peace agreement and U.S. sanctions on Venezuela, has influenced market dynamics, leading to a mixed impact on oil prices [2][9]. - The oil and petrochemical sector showed resilience, with a 1.60% increase in the sector's performance compared to a 0.28% decline in the broader market (CSI 300) [10]. Summary by Sections Oil Price Review - As of December 19, 2025, Brent crude futures settled at $60.05 per barrel, down $1.07 (-1.75%), while WTI crude futures settled at $56.52 per barrel, down $0.92 (-1.60%) [2][17]. - The Urals crude price remained stable at $65.49 per barrel, while ESPO crude fell to $47.86 per barrel, down $1.77 (-3.57%) [2][17]. Offshore Drilling Services - The number of global offshore self-elevating drilling rigs increased to 375, with a net addition of 7 rigs, while floating drilling rigs rose to 131, with a net addition of 2 rigs [27]. U.S. Oil Supply - U.S. crude oil production was reported at 13.843 million barrels per day, a decrease of 10,000 barrels from the previous week [44]. - The active rig count in the U.S. decreased to 406, down by 8 rigs [44]. U.S. Oil Demand - U.S. refinery crude processing increased to 16.988 million barrels per day, with a utilization rate of 94.80%, up 0.3 percentage points from the previous week [55]. U.S. Oil Inventory - Total U.S. crude oil inventory stood at 837 million barrels, a decrease of 1.025 million barrels (-0.12%) from the previous week [62]. - Strategic oil reserves increased slightly to 412 million barrels, while commercial inventories decreased to 424 million barrels [62]. Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina, among others [3].

Investment Rating - The report does not explicitly state an investment rating for the oil processing industry Core Insights - The average global crude oil inventory change for 2026 is projected to be +204.90 thousand barrels per day according to IEA, EIA, and OPEC [2] - For Q4 2025, the average inventory change is expected to be +162.53 thousand barrels per day, showing a revision from previous forecasts [2] - Global crude oil supply for 2025 is forecasted at 10617.36, 10607.84, and 10470.71 thousand barrels per day by IEA, EIA, and OPEC respectively, indicating a year-on-year increase [2] - The global crude oil demand for 2025 is estimated at 10392.25, 10393.68, and 10513.66 thousand barrels per day by IEA, EIA, and OPEC respectively, reflecting a modest increase from 2024 [2] Summary by Sections Oil Supply - IEA, EIA, and OPEC predict global crude oil supply for 2026 to be 10865.02, 10742.59, and 10654.18 thousand barrels per day respectively, with increases from 2025 [2][35] - The Q4 2025 supply increase is projected at +414.30, +385.36, and +254.12 thousand barrels per day by IEA, EIA, and OPEC respectively [35] Oil Demand - The demand for 2026 is forecasted at 10478.51, 10516.87, and 10651.70 thousand barrels per day by IEA, EIA, and OPEC respectively, indicating a growth from 2025 [2][35] - The demand increase for Q4 2025 is expected to be +108.72, +130.72, and +152.22 thousand barrels per day by IEA, EIA, and OPEC respectively [4] Oil Prices - As of December 18, 2025, Brent crude, WTI, Russian ESPO, and Russian Urals prices are reported at 59.82, 56.00, 47.94, and 65.49 USD per barrel respectively, with significant declines observed over the year [9][10] - Year-to-date price changes show Brent down by -21.22%, WTI by -23.42%, and Russian ESPO by -33.37% [9][10] Oil Inventory - The global crude oil inventory change for 2025 is projected at +225.11, +214.16, and -42.95 thousand barrels per day by IEA, EIA, and OPEC respectively, with an average increase of +132.11 thousand barrels per day [26] - The U.S. total crude oil inventory as of December 12, 2025, stands at 83658.8 thousand barrels, reflecting a slight increase [19][20]

本周行情综述 风险提示 地缘政治扰动超预期；海外经济出现衰退；行业及国际政策环境变化。 敬请参阅最后一页特别声明 1 原油：本周油价维持震荡。俄乌谈判进展顺利施压油价，柏林谈判美乌在多个关键议题上形成初步共识，美方表 示乌俄之间约 90%的问题已解决，准备前往俄罗斯继续推动谈判。同时欧盟理事会对俄罗斯"影子舰队"实施制 裁。而委内瑞拉局势反复，其原油的折扣幅度已扩大至较布油低 21 美元，而上周折价 14 至 15 美元。周中市场 预期特朗普或下令对委内瑞拉宣战，但 18 号特朗普在国情咨文演讲中未提到委内瑞拉，随后表示仍不排除与委 内瑞拉开战的可能性。总体看，俄乌和谈推进而美委局势紧张，地缘博弈持续。截止 12 月 18 日，WTI 现货收于 56.15 美元，环比-1.45 美元；BRENT 现货收于 61.43 美元，环比-0.95 美元。EIA12 月 12 日当周商业原油库存 环比-127.4 万桶，前值-181.2 万桶。其中库欣原油环比-74.2 万桶，前值+30.8 万桶。汽油库存环比+480.8 万 桶，前值+639.7 万桶。炼厂开工率环比+0.3%至 94.8%。美国原油库存下降，净进口 ...

中海福陆重工有限公司 已审财务报表 2024年度 中海福陆重工有限公司 | | | | | | 页 | 次 | | --- | --- | --- | --- | | 一、 | 审计报告 | 1 – | 2 | | 二、 | 已审财务报表 | | | | | 资产负债表 | 3 – | 4 | | | 利润表 | | 5 | | | 现金流量表 | | 6 | | | 所有者权益变动表 | 7 – | 8 | | | 财务报表附注 | 9 – | 48 | 中海福陆重工有限公司董事会： 审计报告 安永华明（2025）审字第70069552_G01号 中海福陆重工有限公司 一、审计意见 我们审计了中海福陆重工有限公司的财务报表，包括2024年12月31日的资产负债表， 2024年度的利润表、所有者权益变动表和现金流量表以及相关财务报表附注。 我们认为，后附的中海福陆重工有限公司的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了中海福陆重工有限公司2024年12月31日的财务状况以及2024年度的经 营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计 ...

本报告依据中国资产评估准则编制 海洋石油工程(珠海)有限公司 拟股权收购涉及的 中海福陆重工有限公司 股东全部权益价值 产评估报告 中天华资评报字[2025]第10675号 (共1册, 第1册) 北京中天华 公司 20 77 3.1 , j.s in 10 gra t. ge 中海福陆重工有限公司股东全部权益价值资产评估报告 二、委托人或者其他资产评估报告使用人应当按照法律、行政法规规定及本资 产评估报告载明的使用范围使用资产评估报告;委托人或者其他资产评估报告使用 人违反前述规定使用资产评估报告的,本资产评估机构及资产评估师不承担责任。 本资产评估报告仅供委托人、资产评估委托合同中约定的其他资产评估报告使 用人和法律、行政法规规定的资产评估报告使用人使用;除此之外,其他任何机构 和个人不能成为资产评估报告的使用人。 目 录 | 声 明 | | --- | | 摘 要 | | 一、委托人、被评估单位和资产评估委托合同约定的其他资产评估报告使用人概况3 | | 二、评估目的 . | | 三、评估对象和评估范围… | | 四、价值类型 ……………………………………………………………………………………………………… ...