Group 1 - The core index of the petrochemical industry, the China Securities Petrochemical Industry Index, rose by 0.37% to 1009.79 points with a trading volume of 11.339 billion yuan on July 1 [1] - Over the past month, the index has increased by 2.08%, but it has decreased by 2.96% over the last three months and by 4.36% year-to-date [1] - The index is designed to reflect the overall performance of listed companies in key industries such as steel, shipping, petrochemicals, textiles, light industry, equipment, and logistics, with a base date of December 31, 2008, set at 1000.0 points [1] Group 2 - The top ten holdings in the China Securities Petrochemical Industry Index include Wanhua Chemical (9.98%), China Petroleum (9.61%), China Petrochemical (8.1%), and others [1] - The index's market composition shows that 70.15% of holdings are from the Shanghai Stock Exchange, while 29.85% are from the Shenzhen Stock Exchange [1] - In terms of industry composition, raw materials account for 75.54% and energy for 24.46% of the index holdings [1] Group 3 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Public funds tracking the petrochemical industry include various funds from Huaxia and E Fund, such as Huaxia China Securities Petrochemical Industry Link A and E Fund China Securities Petrochemical Industry ETF [2]

Group 1: Report Overview - The report is the second in Huatai Futures' series on the listing of pure benzene, focusing on the domestic supply pattern of pure benzene in China [3] Group 2: China's Pure Benzene Capacity Investment - China still mainly uses petroleum benzene. Before 2019, the proportion of petroleum benzene capacity in benzene capacity was around 65%. After the wave of private large refinery startups in 2019, it has now risen to 75% [11] - Petroleum benzene is the main driver of the growth in the pure benzene supply. In 2025, the growth rate of benzene capacity is expected to be 7.1%, with petroleum benzene at 8.1% and hydrogenated benzene at only 4.2% [12] - The development of China's pure benzene capacity has gone through four stages: slow growth from the 1960s to the 1980s, rapid development in the 1980s, slowdown after 2010, and rapid expansion since 2019 [14][15] - In 2025, there is still pressure on pure benzene capacity investment. The growth rate of new petroleum benzene capacity is 8.1%, slightly higher than 6.6% in 2024. Attention should be paid to the startup rhythm of Yulong in the third quarter [16] - China's petroleum benzene production mainly comes from catalytic reforming, ethylene cracking, and toluene disproportionation. The proportion of catalytic reforming capacity has decreased to 44%, while toluene disproportionation has reached around 22%, and ethylene cracking has dropped to 23% [20] Group 3: China's Pure Benzene Supply Pattern - China's pure benzene supply is mainly dominated by state - owned enterprises, with private enterprises gradually playing an important role. Since 2014, the proportion of private enterprise capacity has been increasing [21] - State - owned enterprises still hold the majority of pure benzene capacity. Sinopec accounts for 25%, PetroChina 17%, and CNOOC 7%. Private refineries such as Zhejiang Petrochemical, Hengli, and Shenghong together account for nearly 24% [22][24] Group 4: Supplier Analysis by Process - For pure benzene produced by the catalytic reforming process, state - owned enterprises such as Sinopec (23%), PetroChina (18%), and CNOOC (5%) are the main suppliers, and private refineries account for 26%. The operation of reforming benzene is mainly planned, following refinery maintenance and profit [31] - For pure benzene produced by the ethylene cracking process, the proportion of state - owned enterprises is higher. Sinopec accounts for 41%, and private refineries account for 14%. The operation depends on ethylene cracking device maintenance and olefin demand [32] - For pure benzene produced by the toluene disproportionation process, the proportion of state - owned enterprises has decreased, and private refineries account for nearly 40%. The operation is flexible, depending on the profit of disproportionation and toluene demand for gasoline blending [33] Group 5: Regional Supply Pattern - China's pure benzene capacity is mainly concentrated in the East China region, accounting for 39%, followed by South China (23%) and Shandong (19%). East China is the main area for production, trade, and paper - based trading of pure benzene [38] Group 6: Hydrogenated Benzene Supply Pattern - In 2024, petroleum benzene production accounted for 71% of China's total pure benzene supply, imports 15%, and hydrogenated benzene 14% [46] - Hydrogenated benzene supply is mainly from private enterprises, and its capacity has grown slowly since 2016. Capacity is concentrated in North China and Shandong, and the industry concentration is relatively low [46][48]

Group 1 - Hainan Free Trade Port has achieved breakthroughs in "zero tariffs" on imported raw materials and value-added processing policies, with the first "zero tariff" crude oil processing enterprise benefiting from a tax reduction of 2.368 million yuan [1] - The 20th batch of innovative cases for Hainan Free Trade Port has been released, focusing on seven key areas including education openness, business environment, consumer services, healthcare, and ethnic culture, aimed at addressing deep-seated development bottlenecks [2] Group 2 - China's first self-operated ultra-deepwater gas field, "Deep Sea No. 1," has fully commenced production with the successful opening of the last production well in its second phase, marking its fourth anniversary [5] Group 3 - The 2025 International Designer Competition in Hainan has been launched with a theme of "Digital Links the World, Design Empowers Going Global," introducing a "dual track + proposition system" to leverage digital technology in the design industry [7] - An international seminar on typhoon observation and a scientific experiment on near-shore typhoon intensity changes has been successfully held in Haikou, aiming to promote the establishment of a collaborative early warning mechanism for typhoons in the Asia-Pacific region [9]

1. Report Industry Investment Rating There is no information provided about the industry investment rating in the given content. 2. Core Viewpoints of the Report - The cease - fire of the Israel - Iran conflict led to a significant decline in international oil prices [1] - The report provides a comprehensive analysis of the weekly data of the US crude oil and refined oil markets, including prices, inventories, production, demand, and import - export volumes [2] - It also presents the performance of the petroleum and petrochemical sector and related listed companies, along with their valuations [21][24] 3. Summary According to Relevant Catalogs 3.1 Crude Oil Weekly Data Briefing - The data sources include Bloomberg, WIND, EIA, TSA, Baker Hughes, and the Dongwu Securities Research Institute [8][9] 3.2 This Week's Petroleum and Petrochemical Sector Market Review 3.2.1 Petroleum and Petrochemical Sector Performance - Information on the sector's performance includes the sector's sub - industry price changes and the trend of the sector's sub - industries and the CSI 300 index [17] - Data sources are WIND and the Dongwu Securities Research Institute [15][20] 3.2.2 Performance of Listed Companies in the Sector - The report shows the price changes of major companies in the upstream sector in different time periods (last week, last month, last three months, last year, and since the beginning of 2025) [22] - A valuation table for listed companies is provided, including share prices, total market values, net profits attributable to the parent company, PE, and PB ratios from 2024 to 2027 [24] 3.3 Crude Oil Sector Data Tracking 3.3.1 Crude Oil Price - Analyzes the prices and price differences of Brent, WTI, Urals, ESPO crude oils, and the relationships between crude oil prices and the US dollar index, copper prices [29][39][43] - Data sources are WIND and the Dongwu Securities Research Institute [30][32][34] 3.3.2 Crude Oil Inventory - Examines the correlation between US commercial crude oil inventory and oil prices, and the relationship between the weekly destocking rate of US commercial crude oil and the price change of Brent crude oil [45][46] - Presents data on US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory [48][49][53] - Data sources are WIND and the Dongwu Securities Research Institute [45][48][49] 3.3.3 Crude Oil Supply - Analyzes US crude oil production, the number of active crude oil rigs, and the number of active fracturing fleets, as well as their relationships with oil prices [57][58] - Data sources are WIND and the Dongwu Securities Research Institute [57][59] 3.3.4 Crude Oil Demand - Analyzes US refinery crude oil processing volume, refinery operating rate, and Shandong refinery operating rate [62][64] - Data sources are WIND and the Dongwu Securities Research Institute [63][64] 3.3.5 Crude Oil Import and Export - Analyzes US crude oil import volume, export volume, net import volume, and the import - export volume of crude oil and petroleum products [67][70] - Data sources are WIND and the Dongwu Securities Research Institute [68][69][70] 3.4 Refined Oil Sector Data Tracking 3.4.1 Refined Oil Price - Analyzes the prices and price differences between crude oil and domestic/US/European/Singapore gasoline, diesel, and jet fuel, as well as the wholesale - retail price differences of domestic gasoline and diesel [75][84][90] - Data sources are WIND and the Dongwu Securities Research Institute [75][77][82] 3.4.2 Refined Oil Inventory - Presents data on US gasoline, diesel, aviation kerosene inventories, and Singapore gasoline and diesel inventories [102][105][111] - Data sources are WIND and the Dongwu Securities Research Institute [102][106][112] 3.4.3 Refined Oil Supply - Analyzes US gasoline, diesel, and aviation kerosene production [117][118][120] - Data sources are WIND and the Dongwu Securities Research Institute [119][120] 3.4.4 Refined Oil Demand - Analyzes US gasoline, diesel, aviation kerosene consumption, and the number of airport security checks for passengers [122][125][129] - Data sources are WIND and the Dongwu Securities Research Institute [123][126][130] 3.4.5 Refined Oil Import and Export - Analyzes the import - export situation and net export volume of US gasoline, diesel, and aviation kerosene [132][135][136] - Data sources are WIND and the Dongwu Securities Research Institute [133][136][137] 3.5 Oil Service Sector Data Tracking - Analyzes the average daily rates of self - elevating and semi - submersible drilling platforms in the industry [146][147][149] - Data sources are WIND and the Dongwu Securities Research Institute [146][148][150]

Core Insights - The report highlights the resilience and growth potential of the logistics and procurement sector in China, with a total social logistics volume of 138.7 trillion yuan in the first five months of the year, reflecting a year-on-year growth of 5.3% [2] - The monetary policy committee of the People's Bank of China emphasizes the need for a moderately loose monetary policy to support stable economic growth and maintain reasonable price levels [2] - China's foreign trade shows unique resilience, with a total import and export value of 17.94 trillion yuan in the first five months, marking a 2.5% year-on-year increase [2] - The industrial sector's profit has seen a slight decline, with profits totaling 2.72 trillion yuan in the first five months, down 1.1% year-on-year, influenced by insufficient effective demand and declining industrial product prices [2] - The small and medium-sized enterprises (SMEs) sector is rapidly developing, with over 60 million SMEs expected by the end of 2024, and significant growth in revenue for large-scale industrial SMEs [2] Industry Analysis - The pet food industry shows strong consumer resilience, with pet food sales reaching 7.5 billion yuan during the 618 shopping festival, indicating a robust growth trend [7][8] - The report identifies a shift towards health-oriented and refined pet food products, with emerging categories like air-dried and baked food experiencing rapid growth [7] - The export of pet food has faced challenges due to tariff disruptions, with a 5.52% year-on-year decline in export volume in May, but the long-term impact is expected to be manageable [9] - The oil service engineering sector is experiencing high demand due to increased capital expenditure in the upstream oil and gas sector, with significant revenue growth projected for companies like CNOOC [11][12][15] - The report forecasts that CNOOC's capital expenditure will range from 125 billion to 135 billion yuan in 2025, driving further growth in oil service engineering business [14][15]

Core Insights - The South China Sea's oil and gas exploration history reflects China's transformation from a "follower" to a "leader" in deep-sea oil and gas exploration technology, with over 25 billion tons of oil and gas resources discovered, surpassing the reserves of the entire Persian Gulf [2][4][12] Group 1: Exploration Achievements - In March 2025, CNOOC announced the discovery of the Huizhou 19-6 oil field, estimated at 1 billion tons, marking a significant milestone in China's decades-long efforts in the South China Sea [4] - The South China Sea's proven oil and gas reserves include 1.38 billion tons of crude oil and 5 trillion cubic meters of natural gas in the Pearl River Mouth Basin, and an estimated 1.3 billion tons of crude oil in the Zengmu Basin [4] Group 2: Technological Advancements - The introduction of the "Ocean Oil 981" platform revolutionized deep-sea exploration, enabling drilling at depths of up to 3,000 meters and revealing previously hidden oil and gas resources [6][10] - The "Ocean Oil 982" platform, known as the "underwater screwdriver," can autonomously drill and extract oil at depths of 3,000 meters, while the "Sea Base No. 1" platform, launched in October 2022, set records for height and weight in China's offshore oil production [10] Group 3: Engineering and Research Efforts - Chinese engineers, referred to as the "deep-sea daredevils," have overcome extreme conditions in the Huizhou 19-6 oil field, located over 5,400 meters underwater, utilizing self-developed technologies to tackle high-temperature and high-pressure drilling challenges [8][11] - The commitment to research and development in high-temperature and high-pressure drilling technology has led to significant breakthroughs, with thousands of drill bits discarded during the decade-long effort [11] Group 4: Strategic Importance - The development of oil and gas resources in the South China Sea is crucial for national energy security and plays a role in international political dynamics, with China actively safeguarding its interests against competing claims from countries like Vietnam and Malaysia [12] - China is also taking steps to establish itself as a rule-maker in international deep-sea exploration, moving away from reliance on Western-dominated regulations [12] Group 5: Environmental Considerations and Future Plans - Despite facing criticism from environmental organizations, China is implementing measures such as zero-discharge drilling fluids and 24-hour monitoring systems to ensure sustainable development [13] - By 2030, China plans to discover two to three additional billion-ton oil fields in the South China Sea, with infrastructure projects aimed at diversifying energy supply and achieving regional balance [13][15]

人民网内罗毕6月27日电 （记者黄炜鑫）坎帕拉消息：中国海洋石油乌干达有限公司27日邀请第24批中国援乌干达医疗队、项目合作伙伴和所在地区卫 生中心医护团队在乌干达翠鸟油田周边社区开展大型义诊活动。活动期间共为当地700余名患者提供免费诊治，通过社区沟通会、广播、传单等多种形式为 1.2万居民提供卫生健康培训与妇幼保健指导，并向当地社区捐赠了医疗设备和常备药品。 义诊现场。田雨摄 中国驻乌干达使馆公参范学成在致辞中表示，义诊活动不仅是为当地提供的医疗卫生服务，更是中乌两国深厚友谊的见证。中国海油通过一系列社会责 任项目，为乌干达经济社会发展作出了积极贡献，也为巩固中乌两国全面战略合作伙伴关系谱写了生动实践。相信以中国海油为示范，更多的中资企业将来 到乌干达，支持国家发展并增进民生福祉。 中国海洋石油乌干达有限公司副总裁胡伟杰表示，义诊活动是中国海油长期致力于企地融合、改善民生和共同发展的缩影，也是落实中非"十大伙伴行 动"的重要举措。在推动油田建设的同时，公司始终将当地民众的健康安全摆在突出位置，将持续加大投入、巩固合作，也希望在社区民众的见证和支持 下，"翠鸟"油田将早日投产，为深化中乌能源及各领域合作贡献 ...

Investment Rating - The report maintains a "Positive" investment rating for the oil and petrochemical industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The oil service engineering sector is experiencing significant profitability growth due to high upstream capital expenditure in the global oil and gas industry, driven by improving demand and easing inflation pressures [4][5]. - Domestic oil and gas resource dependency is high, with consumption increasing annually, suggesting a strong potential for future demand growth that will drive upstream exploration and development [5][23]. - Global upstream oil and gas investments are projected to remain robust, with expected expenditures of $474 billion, $538 billion, and $590 billion from 2022 to 2024, reflecting year-on-year growth rates of 18.2%, 13.5%, and 9.67% respectively [6][29]. - The report highlights that companies like CNOOC are expected to increase capital expenditures, which will further stimulate oil service engineering business volumes [7][36]. Summary by Sections Section 1: Economic Environment and Performance - Since 2024, the easing of inflation in the U.S. and gradual recovery of the domestic economy have positively impacted the profitability of the oil service engineering sector, with revenues reaching 310.84 billion yuan in 2024, a 4.7% increase year-on-year, and net profits of 10.916 billion yuan, up 10.79% [4][15]. - In Q1 2025, the sector achieved revenues of 63.406 billion yuan, a 4.08% increase year-on-year, with net profits of 2.713 billion yuan, reflecting a 20.77% growth [4][15]. Section 2: Future Demand and Capital Expenditure - China's crude oil production is projected to increase from 204.72 million tons in 2022 to 212.89 million tons in 2024, while imports are significantly higher, indicating a dependency ratio exceeding 250% [5][23]. - Natural gas production is also on the rise, with consumption reaching 394.49 billion cubic meters in 2023, suggesting a strong upward trend in demand [5][25]. - The report anticipates that domestic crude oil demand will rise to 17.10 million barrels per day in 2024, a 4.46% increase year-on-year [5][25]. Section 3: Investment Recommendations - The report recommends focusing on companies with high growth potential, such as CNOOC and its subsidiaries, which are expected to benefit from increased capital expenditures and favorable market conditions [8][43]. - CNOOC's capital expenditure for 2025 is projected to be between 125 billion and 135 billion yuan, with expected revenue growth of 11% and net profit growth of 50.7% for its oil service engineering subsidiary [7][36].

6月27日，中国海油盘中下跌1.02%，截至14:28，报26.10元/股，成交7.11亿元，换手率0.91%，总市值 12405.32亿元。 资金流向方面，主力资金净流出1.00亿元，特大单买入4436.89万元，占比6.24%，卖出1.40亿元，占比 19.65%；大单买入1.31亿元，占比18.37%，卖出1.36亿元，占比19.06%。 中国海油今年以来股价跌11.56%，近5个交易日跌2.21%，近20日涨1.52%，近60日涨1.20%。 分红方面，中国海油A股上市后累计派现1955.76亿元。 转自：新浪证券-红岸工作室 资料显示，中国海洋石油有限公司位于北京市东城区朝阳门北大街25号,香港花园道1号中银大厦65层， 成立日期1999年8月20日，上市日期2022年4月21日，公司主营业务涉及中国海洋石油有限公司是一家主 要从事原油和天然气的勘探、生产及销售的中国公司。该公司经营三个分部。勘探及生产分部从事常规 油气业务、页己油气业务、油砂业务和其他非常规油气业务。贸易业务分部从事原油转口贸易业务。公 司业务分部从事总部管理、资金管理以及研究开发等业务。该公司主要在中国、加拿大、美国、英国、 尼 ...

参考新华社2014年报道可以发现，西气东输四线或将连接中国-中亚天然气管道D线。D线以土库曼斯坦复兴气田为气源，途经乌兹别克斯坦、塔吉克斯坦、 吉尔吉斯斯坦进入中国，止于新疆乌恰的末站，全长1000公里。值得一提的是，中亚D线的末站——新疆乌恰县，恰是西气东输四线的起点。 中油国际管道公司介绍，中亚天然气管道西起土库曼斯坦和乌兹别克斯坦边境，途经乌兹别克斯坦中部和哈萨克斯坦南部，在新疆霍尔果斯口岸入境，目前 实现ABC三线并行，入境后与西气东输二、三线管道相连，单线长1837公里公里，总设计输气能力550亿方/年。 中国石油中亚天然气管道公司总经理曹亚明此前在接受新华社采访时介绍，中亚D线将首次途经塔吉克斯坦和吉尔吉斯斯坦两个国家，与已建成的ABC线一 道形成中国-中亚天然气管道网。该线设计年输气量300亿方，投产后将提升中国-中亚天然气管道的整体输气能力至850亿方。 西气东输四线气源主要来自中亚和塔里木气田。与二线、三线联合运行后，西气东输管道系统年输送能力将升至千亿方，可满足国内去年1/4的天然气消费 需求。 国家管网6月26日晚间消息，国家"十四五"石油天然气发展规划重点项目——西气东输四线（吐鲁番- ...