Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5] Core Insights - The demand for biodiesel is expected to grow significantly due to its environmental benefits and the expansion of its application in various sectors, including aviation and power generation [1][2] - The introduction of mandatory Sustainable Aviation Fuel (SAF) blending requirements in the EU starting in 2025 is anticipated to drive up prices for related products in the supply chain [2] - The successful establishment of export channels for domestic bio-jet fuel marks a significant milestone for China's biofuel industry, allowing for international market access [3] Summary by Sections 1. Industry Overview - Biodiesel is recognized for its renewable nature and broad raw material sources, contributing to sustainable economic development and energy transition [1] - The International Air Transport Association (IATA) projects that by 2050, 65% of emissions reductions in aviation will come from the use of biofuels [1] 2. Policy Impact - The EU's SAF mandate requires a minimum of 2% SAF in aviation fuel by 2025, increasing to 6% by 2030 and 70% by 2050, which is expected to accelerate the growth of the SAF market [2] - China's "14th Five-Year Plan" emphasizes the development of non-grain biomass liquid fuels, including biodiesel and bio-jet fuel, aligning with the country's carbon neutrality goals [1] 3. Market Dynamics - The export volume of domestic kitchen waste oil is projected to grow from 730,000 tons in 2019 to 2.78 million tons by 2024, reflecting a compound annual growth rate of 23% [2] - As of June 4, 2025, the average market prices for domestic waste oil and biodiesel are reported at 6,200 RMB/ton and 7,925 RMB/ton, respectively, showing increases of 36% and 17% from their October 2024 lows [2] 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum, Sinopec, and CNOOC [4] - It also highlights opportunities in domestic material companies benefiting from the trend of local substitution, as well as in the pesticide and fertilizer sectors [4]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5] Core Insights - The demand for biodiesel is expected to grow significantly due to its environmental benefits and the expansion of its application in various sectors, including aviation and power generation [1][2] - The introduction of mandatory Sustainable Aviation Fuel (SAF) blending requirements in the EU starting in 2025 is anticipated to drive up prices for related products in the supply chain [2] - The recent approval of export channels for domestic bio-jet fuel marks a significant development for China's biofuel industry, allowing for international trade and enhancing competitive advantages for leading companies [3] Summary by Sections 1. Industry Overview - The report highlights the strategic importance of biodiesel in achieving sustainable economic development and reducing environmental pollution, with a focus on its growing applications in transportation and energy sectors [1] 2. Policy Impact - The EU's SAF blending mandate will require at least 2% SAF in aviation fuel by 2025, increasing to 6% by 2030 and 70% by 2050, which is expected to significantly boost demand for biofuels [2] 3. Market Developments - The export approval for bio-jet fuel from Jiangsu province represents a breakthrough for the domestic biofuel industry, allowing for a production capacity of 372,400 tons in 2025 [3] 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend companies in the oil and gas sector, as well as those benefiting from domestic substitution trends in materials and chemicals [4]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5] Core Viewpoints - The demand for biodiesel is expected to grow significantly due to its environmental benefits and the expansion of its application in various sectors, including aviation and power generation [1][2] - The introduction of mandatory Sustainable Aviation Fuel (SAF) blending requirements in the EU is anticipated to drive up prices for related products in the supply chain [2] - The establishment of export channels for domestic bio-jet fuel marks a significant development for China's biofuel industry, allowing for international market access [3] Summary by Sections 1. Industry Overview - Biodiesel is recognized for its renewable nature and broad raw material sources, contributing to sustainable economic development and energy transition [1] - The International Air Transport Association (IATA) projects that by 2050, 65% of emissions reductions in aviation will come from the use of biofuels [1] 2. Policy Impact - The EU mandates a minimum of 2% SAF in aviation fuel starting January 2025, increasing to 6% by 2030 and 70% by 2050, which is expected to significantly boost the SAF market [2] - China's "14th Five-Year Plan" emphasizes the development of non-grain biomass liquid fuels, including biodiesel and bio-jet fuel, aligning with the country's carbon neutrality goals [1] 3. Market Dynamics - The export volume of domestic kitchen waste oil is projected to grow from 730,000 tons in 2019 to 2.78 million tons by 2024, reflecting a compound annual growth rate of 23% [2] - As of June 4, 2025, the average market prices for domestic waste oil and biodiesel are reported at 6,200 RMB/ton and 7,925 RMB/ton, respectively, showing increases of 36% and 17% from their October 2024 lows [2] 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, as well as companies benefiting from domestic substitution trends in materials [4]

调研纪要：未来几年，中国海油国内外产量将持续增长，主要来自渤海、圭亚那和巴西。公司追求相对 成本优势，不追求绝对成本下降。资本支出计划基于中长期油价假设，保持稳定预算和合理结构。公司 坚持油气并举、向气倾斜，推进天然气勘探，提高国内天然气产量。天然气项目稳产周期长、采收率 高、作业成本低，国内海气销售价格稳定。公司已建立完整技术体系，突破1500米超深水开发关键技 术，科技自主可控水平不断提高。 机构简介： 根据市场公开信息及6月4日披露的机构调研信息，知名私募久期投资近期对1家上市公司进行了调研， 相关名单如下： 1）中国海油 （上海久期投资有限公司参与公司现场参观） 上海久期投资有限公司（简称"久期投资"）是一家专注于固定收益类投资的阳光私募资产管理机构，成 立于2013年12月，2014年4月获得中国基金业协会颁发的私募基金管理人资质。公司产品条线分为固定 收益类、固收增强类和宏观策略类，通过债券、股票和黑色大宗商品市场的大类资产配置和价值发掘， 为投资者创造长期可持续的稳健回报。"固收+"产品以利率趋势判断下的信用策略为基础策略，根据宏 观资产轮动判断，选择合适的资产种类如利率、可转债、权益资产等，分 ...

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [4] Core Views - The importance of energy security has been highlighted due to escalating geopolitical tensions and tariff conflicts, with China's reliance on oil and gas imports reaching 72% and 43% respectively in 2024 [1] - The "Three Oil Giants" are focusing on independent innovation to achieve high-quality development, with specific targets for domestic production and technology advancements set for 2024 and beyond [2] - The report suggests a positive outlook for undervalued, high-dividend, and well-performing companies in the "Three Oil Giants" and oil service sectors, as well as for domestic material companies benefiting from the trend of domestic substitution [3] Summary by Sections 1. Industry Overview - Geopolitical uncertainties and tariff conflicts are posing challenges to China's energy security, emphasizing the need for increased domestic oil and gas production [1] 2. Company Innovations - The "Three Oil Giants" are advancing in key technologies to enhance domestic production capabilities, with specific goals for equipment localization and technological breakthroughs by 2024 [2] 3. Investment Recommendations - The report recommends focusing on the "Three Oil Giants" (China National Petroleum, Sinopec, CNOOC) and oil service companies, as well as material companies that are expected to benefit from domestic substitution trends [3]

Investment Rating - The report maintains an "Increase" rating for the oil and petrochemical industry [5] Core Viewpoints - International oil prices have shown a downward trend recently, with Brent crude settling at approximately $63.90 per barrel, down about 1.30% week-on-week, and down approximately 15.80% since the beginning of the year [19][21] - The North American active rig count has decreased week-on-week, with a notable year-on-year decline of 37 rigs, indicating a potential future increase in global drilling platform activity [31] - The refining sector shows promising recovery potential, with significant increases in price differentials for various products, suggesting improved profitability for refining companies [35] Market Performance - The CITIC oil and petrochemical sector rose approximately 0.37% during the week of May 26 to May 30, outperforming the Shanghai Composite Index by about 0.39 percentage points [16] - Key stocks that led the gains include Hengtong Co., Hongtian Co., and Compton, while stocks like Guangju Energy and Dongfang Shenghong saw declines [17][18] Investment Recommendations - The report identifies four main investment themes: 1. Focus on major energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas exploration and green transformation [53] 2. Increased global upstream capital expenditure benefiting oil service companies such as CNOOC Services and Offshore Engineering [53] 3. Accelerated development of coal chemical projects and natural gas resources in Xinjiang, with a focus on companies like Baofeng Energy and New Natural Gas [53] 4. Refining companies planning new capacities and accelerating new material projects, recommending companies like Satellite Chemical and Hengli Petrochemical [53]

Core Viewpoint - The "Xuanji" geological rotary steering drilling system, developed by CNOOC Services, represents a significant technological advancement in China's oil and gas exploration and production, providing essential support for increasing reserves and production [1][3][7]. Group 1: Technological Advancements - The "Xuanji" system has achieved industrial application in China, marking a milestone in high-end drilling technology for oil and gas exploration [1]. - The system has a 90% application rate in offshore oil and gas exploration, demonstrating its critical role in the industry [1]. - CNOOC Services has successfully developed over 20 key technologies, making China the second country in the world to possess this technology [3]. Group 2: Performance Metrics - The "Xuanji" system has improved the average oil and gas reservoir encounter rate to 92%, with an overall first-time success rate exceeding 95% [3]. - In a recent operation in Bohai Oilfield, the system achieved a drilling speed increase of 6%, with a sandstone encounter rate of 100% and production reaching 150% of the design capacity [4]. - The system has completed 2660 operations globally, with a cumulative footage of nearly 250.44 million meters, showcasing its effectiveness in challenging geological conditions [6]. Group 3: Economic and Social Impact - The application of the "Xuanji" system has led to a decrease in service prices from foreign oil service providers, enhancing China's competitiveness in high-end drilling equipment [4]. - The project has established a collaborative development network integrating production, learning, research, and application, promoting domestic research and breakthroughs in related fields [4]. - The "Xuanji" system has been recognized internationally, particularly in Belt and Road Initiative countries, enhancing China's reputation in global oil and gas exploration [6].

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report highlights significant price increases in phosphate rock (10.00%) and glyphosate (6.79%), while products like butadiene and aniline saw substantial declines [3][4]. - It suggests focusing on import substitution, domestic demand, and high dividend opportunities in the current market environment [5][21]. - The international oil prices are stabilizing, with WTI at $60.79 per barrel and Brent at $63.90 per barrel, indicating a projected average of $70 for 2025 [5][20]. Summary by Sections Industry Tracking - International oil prices are fluctuating within a narrow range, with market assessments indicating a stable supply outlook [22]. - The domestic propane market experienced a decline after an initial stabilization, with average prices at 4988 CNY/ton [25]. - The domestic coal market showed mixed price movements, averaging 532 CNY/ton, with expectations of increased demand as summer approaches [26]. Price Movements - Significant price increases were noted in phosphate rock and glyphosate, while butadiene and aniline experienced notable declines [19]. - The report indicates a weak overall performance in the chemical industry, with mixed results across sub-sectors due to past capacity expansions and weak demand [21]. Investment Opportunities - The report emphasizes the potential for investment in sectors benefiting from import substitution, such as lubricating oil additives and special coatings [21]. - It also highlights the resilience of the tire industry, suggesting companies like Senqilin and Sailun Tire as potential investment targets [21]. - The report recommends focusing on high-quality assets with strong dividend yields, particularly in the oil sector, including Sinopec and China National Offshore Oil Corporation [21].

美国市场 利好： 5月7日，位于美国得克萨斯州的自由港液化天然气公司(FreeportLNG)周三将接收更多的原料气，这表明该美国液化天然气出口工厂在周二中断后正在逐步 恢复服务。 利空： 1、 美国能源部重启液化天然气出口许可审批。 2、 5月23日(周五)，美国联邦能源管理委员会(FERC)在一份文件显示，其已批准Venture Global在路易斯安那州继续建设其CP2液化天然气工厂。 利空： 1、 5月6日，挪威议会命令工党少数派政府启动新一轮边境地区油气勘探许可，为增加石油钻探奠定基础。 2、5月14日，Sonatrach与斯洛文尼亚主要天然气供应商Geoplin签署了一项协议，通过连接阿尔及利亚和意大利的天然气管道向斯洛文尼亚输送天然气。 3、5月29日(周四)，美国能源部宣布，Sempra的Port Arthur第二阶段项目已获得美国批准，可向欧洲和亚洲市场出口液化天然气。 1.2 利好： 1、 5月6日，根据一份欧盟委员会的文件草案，欧盟委员会将于下个月提议，在2027年底之前禁止根据现有合同进口剩余的俄罗斯天然气和液化天然气。 2、 5月26日(周一)，Equinor在一份监管文件中称，由于 ...

Core Viewpoint - The article discusses the transformation of the Hong Kong stock market, highlighting its resurgence as a capital haven despite previous challenges, driven by significant reforms and an influx of southbound capital from mainland investors [3][6][12]. Group 1: Market Performance and Trends - Xiaomi completed a HKD 4.25 billion placement, marking the third-largest flash placement in Hong Kong's history, following Meituan and BYD [3]. - In 2023, Hong Kong's IPO financing reached HKD 653.25 billion, a year-on-year increase of 691.33%, while total placements surged to HKD 1,242.68 billion, up 853.47% [4]. - The first quarter of 2023 saw a new high of 27% in equity holdings of Hong Kong stocks by actively managed public funds [4]. Group 2: Challenges Faced by the Market - Prior to 2023, Hong Kong stocks faced a four-year decline, with IPO fundraising dropping to HKD 46.3 billion in 2022, an 86% decrease from 2021, making it the lowest in 20 years [3][4]. - The market suffered from liquidity issues, with large-cap stocks contributing 90% of liquidity, while small-cap stocks struggled [9][10]. - The market's challenges were exacerbated by external factors such as aggressive interest rate hikes by the Federal Reserve and geopolitical tensions [8][10]. Group 3: Reforms and Strategic Changes - The new leadership at the Hong Kong Stock Exchange, including CEO Chen Yiting and Chairman Tang Jiacheng, aims to address liquidity issues and attract competitive companies [12][13]. - Reforms include lowering the listing thresholds for companies, with market capitalization requirements for commercialized companies reduced from HKD 60 billion to HKD 40 billion [13]. - The introduction of the FINI platform has improved the efficiency of new stock subscriptions, significantly reducing the time funds are frozen during the process [14][16]. Group 4: Capital Inflows and Market Dynamics - The influx of southbound capital has been a key driver of market resilience, with significant investments in technology and new consumer sectors [18][20]. - Public funds have increased their holdings in major stocks like Tencent and Alibaba, with a notable rise in technology-related ETFs [20][22]. - Insurance funds have actively increased their stakes in high-dividend stocks, contributing to the overall liquidity of the market [23].