Core Viewpoint - The "Deep Sea No. 1" Phase II project has been fully put into production, making it China's first deep-water high-pressure gas field, with an expected annual gas production exceeding 4.5 billion cubic meters, positioning it as the largest offshore gas field in the country [1][4]. Group 1: Production and Capacity - The "Deep Sea No. 1" gas field has achieved full production with 23 underwater gas wells, capable of supplying over 15 million cubic meters of natural gas daily to the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan [4]. - The gas field has geological reserves exceeding 150 billion cubic meters, with a maximum operational water depth of over 1,500 meters and a maximum formation temperature of 138 degrees Celsius [7]. Group 2: Technological Advancements - The project has overcome significant challenges related to "deep water, deep layers, high temperature, and high pressure," introducing a new development model that utilizes a deep-water semi-submersible platform for remote-controlled underwater production systems [10]. - Innovations have led to the establishment of a comprehensive design system for China's independent development of deep-water oil and gas resources, addressing world-class technical challenges [10]. Group 3: Equipment Development - China has developed a series of large deep-sea oil and gas equipment, including "Deep Sea No. 1," "Sea Base Series," and "Sea Aster No. 1," enhancing its capabilities in deep-water engineering [11]. - The country has also made breakthroughs in critical equipment development, contributing to the advancement of 3,000-meter-class deep-water engineering vessels [11]. Group 4: Future Outlook - In 2024, China's marine energy supply is expected to continue growing, with marine crude oil and natural gas production projected to increase by 4.7% and 8.7% year-on-year, respectively [13].

Core Insights - The "Deep Sea No. 1" Phase II project has been fully put into production, expected to produce over 4.5 billion cubic meters of gas annually, making it the largest offshore gas field in China [1][3] - The project consists of 23 underwater gas wells, capable of supplying over 15 million cubic meters of natural gas daily to regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan [3][5] - The gas field is characterized by its deep water operation, with a maximum operational depth exceeding 1500 meters and a geological temperature reaching up to 138 degrees Celsius [5][13] Project Details - The Phase I project was launched in June 2021, while Phase II includes 12 underwater gas wells across three areas, along with new infrastructure such as a jacket platform and underwater production systems [7][9] - The project has upgraded existing shallow water facilities to a multi-functional platform, enhancing capabilities for gas processing, shallow water drilling, and cross-regional gas distribution [9] Industry Development - China's deepwater oil and gas engineering capabilities have significantly improved, transitioning from shallow to ultra-deep water operations, with equipment technology reaching world-class standards [11][17] - The "Deep Sea No. 1" project faces extreme challenges due to its high temperature and pressure conditions, marking it as the most complex deepwater gas field developed independently in China [13][15] - The project has pioneered a new development model for deepwater gas fields, integrating remote-controlled underwater production systems with shallow water platforms, addressing significant technical challenges [15] Future Outlook - The combination of production, research, and development has led to comprehensive improvements in design, construction, installation, and commissioning of deepwater oil and gas equipment [19] - In 2024, China's marine energy supply is expected to continue growing, with marine crude oil and natural gas production projected to increase by 4.7% and 8.7% year-on-year, respectively [19]

Market Performance - A-shares saw a morning surge with the Shanghai Composite Index rising by 1.15% to 3420.57 points, Shenzhen Component Index up 1.68%, and ChiNext Index increasing by 2.3%[1] - The Hong Kong Hang Seng Index closed up 2.06% at 24177.07 points, with the Hang Seng Tech Index rising by 2.14% and the Hang Seng China Enterprises Index increasing by 1.9%[1] - The total trading volume in the Hong Kong market reached 2404.815 billion HKD[1] U.S. Market Trends - All three major U.S. stock indices rose over 1%, with the Dow Jones up 1.19%, S&P 500 increasing by 1.11% to 6092.18 points, and Nasdaq rising by 1.43%[1] - Federal Reserve Chairman Jerome Powell indicated a balanced stance on interest rate cuts, suggesting a wait-and-see approach regarding tariff impacts on the economy[8] Geopolitical Developments - A fragile ceasefire agreement between Israel and Iran remains in place, but the fate of highly enriched uranium is still uncertain, with the International Atomic Energy Agency seeking to return to Iran for verification[8][11] Economic Policies - The People's Bank of China and six other departments issued guidelines to enhance financial support for boosting and expanding consumption, emphasizing structural monetary policy tools and credit support for key service sectors[11]

Core Insights - The 2025 Top 100 Chinese Listed Companies in Soft Power has been announced, with TSMC ranking first with a soft power value of 571.6 billion RMB, and the total soft power value of the list exceeding 2.5 trillion RMB, reflecting a year-on-year growth of 26.85% [1][2][4] Group 1: Soft Power Rankings - TSMC leads the list with a soft power value of 571.6 billion RMB, followed by Kweichow Moutai at 256.3 billion RMB and Tencent Holdings at 202.4 billion RMB [4][7] - The top ten companies account for 60.03% of the total soft power value, with a combined value of 1.52 trillion RMB, an increase of 42.91% from the previous year [4][5] Group 2: Financial Performance - In 2024, the total revenue of listed companies reached 71.98 trillion RMB, with a net profit of 5.22 trillion RMB, and 4,036 companies reported profits [5][6] - The overall R&D investment by listed companies amounted to 1.88 trillion RMB, representing 51.96% of the national R&D expenditure, with a research intensity of 2.61%, up by 0.1 percentage points year-on-year [6][5] Group 3: R&D and Innovation - The R&D investment of listed companies increased by nearly 60 billion RMB compared to the previous year, with 926 companies having a research intensity exceeding 10%, primarily in technology sectors such as computer, pharmaceutical, and electronics [6][5] - Private companies demonstrated strong innovation vitality, with an overall R&D intensity of 4.19%, significantly higher than the market average [6]

6月24日，中国海油今日收盘26.15元，下跌2.21%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到9.22倍，总市值12429.08亿元。 从行业市盈率排名来看，公司所处的石油行业行业市盈率平均12.92倍，行业中值30.72倍，中国海油排 名第9位。 截至2025年一季报，共有163家机构持仓中国海油，其中基金152家、其他7家、券商3家、社保1家，合 计持股数109249.59万股，持股市值283.72亿元。 中国海洋石油有限公司的主营业务是原油和天然气的勘探、开发、生产及销售。公司的主要产品是原 油、天然气。 最新一期业绩显示，2025年一季报，公司实现营业收入1068.54亿元，同比-4.14%；净利润365.63亿元， 同比-7.90%，销售毛利率54.65%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)2中国海油9.229.011.5912429.08亿行业平均 12.9211.661.221778.21亿行业中值30.7235.231.5957.67亿1ST新潮9.208.411.01218.30亿3中国石油 9.909.961.0516398.68亿4广汇能源1 ...

Group 1 - The shale gas sector experienced a decline of 3.04%, ranking among the top losers in the concept sector as of the market close on June 24 [1] - Major companies within the shale gas sector, such as Tongyuan Petroleum, Bekin Energy, and Zhun Oil, hit the daily limit down, while a few companies like Hongtian Co., Liaoning Chengda, and Nuwei Co. saw gains of 10.01%, 2.84%, and 2.73% respectively [1][2] - The shale gas concept sector saw a net outflow of 833 million yuan from main funds, with 30 stocks experiencing net outflows, and six stocks seeing outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stock was Tongyuan Petroleum, with a net outflow of 164.2 million yuan and a decline of 20.03% [2][3] - Other significant net outflows included China National Offshore Oil Corporation (CNOOC) with 124.98 million yuan, Sinopec with 105.65 million yuan, and New Energy Power with 69.73 million yuan [2] - Conversely, stocks with the highest net inflows included Hongtian Co. with 74.88 million yuan, Haohua Technology with 23.22 million yuan, and Aerospace Intelligence with 13.82 million yuan [2][3]

Group 1: Company Initiatives - China National Offshore Oil Corporation (CNOOC) is implementing a comprehensive green transformation across its operations, focusing on ecological restoration and sustainable development [1][5] - The company has launched multiple solar photovoltaic projects, including a 1.88 MW installation at the Basuo Port, generating over 2 million kWh annually, and a planned 3.89 MW expansion [2][4] - CNOOC's Daguikou Company has transformed its rooftop into a "roof power plant" with 17,575 solar panels, producing 3.6 million kWh of clean energy and reducing carbon emissions by nearly 2,000 tons [6][8] Group 2: Environmental Impact - The initiatives at Basuo Port are expected to reduce carbon emissions by over 10,000 tons annually through the transition to LNG fueling for vehicles and the implementation of electric loading systems [4][5] - The Daguikou Company's solar project has led to a 12% reduction in carbon footprint intensity, showcasing the effectiveness of integrating renewable energy into operations [8][12] - CNOOC's efforts in VOCs treatment at the Fudao Company have achieved a removal efficiency of over 97%, significantly lowering harmful emissions [9][11] Group 3: Ecological Restoration - CNOOC's Huhe Company has successfully rehabilitated 19 hectares of abandoned mining pits into thriving ecological forests, utilizing waste materials from production processes [15][17] - The collaboration between Huhe Company and local government has resulted in a cost-effective solution for waste disposal while enhancing local environmental quality [16][17] - The ecological restoration efforts have transformed previously unusable land into recreational areas for the community, demonstrating the company's commitment to sustainable practices [17][19]

Group 1 - The A-share oil and gas exploration sector opened with significant declines, with Tongyuan Petroleum hitting the 20% limit down [1] - Multiple stocks, including Continental Oil, Huai Oil, Beiken Energy, and Zhongman Petroleum, also reached their daily limit down [1] - China National Offshore Oil Corporation (CNOOC) and CNOOC Services followed the downward trend [1] Group 2 - The market reaction is influenced by Trump's statement claiming that Israel and Iran have fully agreed to a comprehensive ceasefire [1]

Investment Rating - The investment rating for the oil and petrochemical industry is "Outperform the Market" [2][6][24] Core Viewpoints - The report highlights the increasing tensions in the Middle East, particularly regarding Iran's potential closure of the Strait of Hormuz, which could significantly impact global oil supply and prices [3][4][19] - OPEC+ has announced substantial production increases, but actual output has not met expectations due to compensatory cuts from member countries [8][12] - The rising operational costs for U.S. shale oil production are expected to lead to a decline in U.S. oil output by 2026 [13][16] Summary by Sections Industry Events - The Iranian parliament has suggested closing the Strait of Hormuz, a critical passage for global oil and gas, which could lead to a spike in oil prices if implemented [3][4] - Historical precedents show that threats or actions to close the Strait have previously resulted in significant price increases, with predictions of oil prices reaching $120 per barrel if a closure occurs [5][19] OPEC+ Production Plans - OPEC+ has announced a collective reduction of 2 million barrels per day and has extended voluntary cuts until the end of 2026, with plans to gradually restore production starting in 2025 [8][12] - Despite these announcements, actual production increases have been lower than planned, primarily due to compensatory measures from countries like Iraq and the UAE [12] U.S. Shale Oil Production - The operational costs for existing U.S. shale oil wells have risen, with average costs now at $41 per barrel, leading to a forecasted decline in production [13][16] - The EIA predicts a decrease in U.S. oil production from 13.5 million barrels per day in Q2 2025 to 13.3 million barrels per day by Q4 2026 [16] Investment Recommendations - If Iran proceeds with closing the Strait of Hormuz or if other geopolitical tensions escalate, there is a strong possibility of a significant rise in international oil prices [19] - The report estimates that Brent crude oil prices could stabilize between $70 and $80 per barrel, while WTI prices could range from $65 to $75 per barrel under current conditions [19] Company Valuations - Key companies in the sector, such as China National Petroleum and CNOOC, are rated as "Outperform the Market" with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [20]

Group 1 - CNOOC Sales (Guangdong) Co., Ltd. was established on June 18, with a registered capital of 5 billion RMB [1] - The legal representative of the new company is She Haobin, and its business scope includes wholesale of refined oil, storage of refined oil, sales of new energy vehicle battery swap facilities, sales of new energy vehicles, and sales of petroleum products [1] - The company is wholly owned by CNOOC's subsidiary, CNOOC Oil Refining Co., Ltd. [1]