Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a decline in revenue and net profit for Q1 2025, despite an increase in oil and gas production, highlighting the impact of falling international oil prices on financial performance [1][2][3] Financial Performance - In Q1 2025, CNOOC achieved operating revenue of 106.85 billion yuan, a year-on-year decrease of 4.1% [1] - The net profit attributable to shareholders was 36.56 billion yuan, down 7.9% year-on-year [1] - The average realized oil price was 72.65 USD/barrel, a decrease of 7.7% year-on-year, while the average realized gas price increased by 1.2% to 7.78 USD/thousand cubic feet [2] Production and Exploration - CNOOC's net production reached 188.8 million barrels of oil equivalent, an increase of 4.8% year-on-year, with domestic production rising by 6.2% [1][2] - The company made two new discoveries and successfully evaluated 14 oil and gas structures during the quarter [2] - Significant contributions to production came from the Bohai region and overseas projects, particularly from Brazil's Mero2 [1][2] Capital Expenditure and Projects - Capital expenditure for the quarter was approximately 27.71 billion yuan, a decrease of 4.5% year-on-year [2] - Several new projects, including the Panyu 10/11 block and the Wenchang 19-1 oil field, have been successfully put into production [2][3] - The Wenchang 9-7 oil field development project was announced to have commenced production, with an expected peak output of about 12,000 barrels of oil equivalent per day by 2027 [3][4] Future Outlook - CNOOC's controlling shareholder announced plans to increase shareholdings in the company by 2 to 4 billion yuan over the next 12 months, reflecting confidence in the company's long-term investment value [3] - The company aims to enhance operational efficiency and achieve its annual production and operational targets [3]

2025 年 04 月 29 日 与传统风格相关性更低，A 股资产配置 新方向：大成中证全指自由现金流 ETF （159235）投资价值分析 ——指数基金产品研究系列报告之二百四十七 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 方思齐 A0230123090003 fangsq@swsresearch.com 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 益 量 化 研 究 权 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共25页 简单金融 成就梦想 股 票 基 金 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 现金流 ETF 已经成为海外市场热门产品，国内产品申报火热。国内自由现金流产品目前 处于起步阶段，而海外现金流产品已经取得了丰硕的发展成果。其中规模领先的 COWZ 规模已超 200 亿美元。近期国内现金流 ETF 迎来集中申报浪潮， ...

Group 1 - The core point of the article is that China National Offshore Oil Corporation (CNOOC) reported a net profit attributable to shareholders of 36.563 billion yuan in the first quarter of 2025, representing a year-on-year decrease of 7.9% [1] Group 2 - The reported net profit for the first quarter of 2025 is 36.563 billion yuan [1] - The year-on-year decrease in net profit is 7.9% [1]

Group 1 - The company reported a revenue of 106.854 billion RMB for the first quarter, representing a year-on-year decrease of 4.1% [1] - The net profit for the first quarter was 36.563 billion RMB, showing a year-on-year decline of 7.9% [1]

Financial Performance - CNOOC Limited reported a revenue of RMB 106,854 million for Q1 2025, a decrease of 4.1% compared to RMB 111,468 million in the same period last year[6]. - The net profit attributable to shareholders was RMB 36,563 million, down 7.9% from RMB 39,719 million year-on-year[6]. - The cash flow from operating activities was RMB 57,274 million, reflecting a decline of 4.5% from RMB 59,978 million in the previous year[6]. - The company's oil and gas sales revenue for Q1 2025 was approximately RMB 88.27 billion, a decrease of 1.9% year-on-year due to falling oil prices[15]. - Operating profit for Q1 2025 was RMB 49,927 million, down 5.7% from RMB 52,597 million in Q1 2024[21]. - Net profit for Q1 2025 was RMB 36,601 million, a decline of 7.1% from RMB 39,726 million in Q1 2024[22]. Production and Sales - In Q1 2025, the company's total net production reached 188.8 million barrels of oil equivalent, an increase of 4.8% year-on-year[14]. - The company's net production in China was 130.8 million barrels of oil equivalent, up 6.2% year-on-year, primarily due to contributions from the Bozhong 19-6 oil and gas field[14]. - Natural gas sales increased by 15.8% to RMB 13,635 million, compared to RMB 11,774 million in the previous year[10]. Pricing and Costs - The average realized price for crude oil was USD 72.65 per barrel, a decrease of 7.7% from USD 78.75 per barrel in the same quarter last year[10]. - The average realized gas price was $7.78 per thousand cubic feet, an increase of 1.2% year-on-year[15]. - The Brent crude oil futures average price for Q1 2025 was $74.98 per barrel, down 8.3% year-on-year[14]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 1,102,706 million, representing a 4.4% increase from RMB 1,056,281 million at the end of the previous year[6]. - Total liabilities as of March 31, 2025, amounted to RMB 316,922 million, up from RMB 306,845 million at the end of 2024[20]. - The total equity attributable to shareholders of the parent company increased to RMB 783,824 million as of March 31, 2025, from RMB 747,548 million at the end of 2024[20]. Cash Flow and Financing - Cash flow from investing activities for Q1 2025 was negative RMB 35,408 million, compared to negative RMB 33,884 million in Q1 2024[24]. - The company reported a basic earnings per share of RMB 0.77 for Q1 2025, down from RMB 0.84 in Q1 2024[23]. - Cash inflow from borrowings decreased significantly to $9 million in Q1 2025 from $1,331 million in Q1 2024, representing a decline of 99.32%[25]. - Total cash inflow from financing activities was $42 million in Q1 2025, down from $1,352 million in Q1 2024, a decrease of 96.91%[25]. - The net cash flow from financing activities was negative $1,794 million in Q1 2025, worsening from negative $1,156 million in Q1 2024[25]. Capital Expenditures and Discoveries - Capital expenditures totaled RMB 27,713 million, down 4.5% from RMB 29,014 million in the same period last year[10]. - The company made two new discoveries and successfully evaluated 14 oil and gas structures during the quarter[14]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 233,407[12]. - The largest shareholder, China National Offshore Oil Corporation (BVI), holds 60.54% of the shares[12]. Leadership and Future Outlook - The company is set to implement new accounting standards starting in 2025, which may affect financial reporting[26]. - The board of directors includes key executives such as CEO Zhou Xinhui and CFO Mu Xiuping, indicating strong leadership continuity[26].

Core Viewpoint - The news highlights the performance and potential of state-owned enterprises (SOEs) in China, particularly in the context of ongoing reforms and the integration of artificial intelligence in operations, which may enhance their competitiveness and market performance [2][4]. Group 1: ETF Performance - As of April 29, 2025, the National Enterprise Win-Win ETF (159719) decreased by 0.47%, with a latest price of 1.48 yuan. Over the past week, it has seen a cumulative increase of 0.54% [1]. - The National Enterprise Win-Win ETF had a turnover of 1.2% during the trading session, with a transaction volume of 2.3576 million yuan. The average daily transaction volume over the past year was 17.9394 million yuan [1]. - The Greater Bay Area ETF (512970) increased by 0.43%, with a latest price of 1.16 yuan. Over the past year, it has accumulated a rise of 13.72% [4]. Group 2: Index and Component Stocks - The National Enterprise Win-Win ETF closely tracks the FTSE China National Enterprise Open Win-Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong. The top ten constituent stocks are predominantly "China National" stocks [4][6]. - The top ten stocks in the index include China Petroleum, China Petrochemical, China Construction, and China Mobile, with respective weightings of 15.58%, 12.33%, and 8.89% [6]. - The Greater Bay Area Development Theme Index (931000) saw a slight increase of 0.06%, with notable performers including Keda Manufacturing and Weigao Medical, which rose by 6.95% and 4.54%, respectively [4]. Group 3: Policy and Market Outlook - The State-owned Assets Supervision and Administration Commission (SASAC) is actively promoting the "AI+" initiative, focusing on integrating artificial intelligence into enterprise operations to enhance efficiency [1]. - According to Galaxy Securities, SOEs are expected to play a crucial role in China's modernization process, with ongoing reforms aimed at improving core competitiveness and operational efficiency [2]. - The market-oriented operational mechanisms of SOEs are being refined, with plans to implement performance adjustments and exit strategies for underperforming entities by 2025, which may lead to improved profitability [2].

Core Viewpoint - The marine engineering equipment manufacturing industry in China is experiencing high-quality development, significantly supporting the marine economy and the construction of a maritime power. The industry is projected to achieve a value-added of 103.2 billion yuan in 2024, representing a growth of 9.1% compared to 2023 [1][20]. Group 1: Industry Overview - The marine oil and gas engineering equipment sector is crucial for the development of marine resources, with advancements in technology leading to the establishment of various standards and series of equipment [1][4]. - Recent achievements include the construction of significant marine equipment such as the FPSO "Ocean Oil 119" and the semi-submersible production and storage platform "Deep Sea No. 1" [1][20]. - The utilization rates of marine drilling equipment in China are notably higher than the global average, with mobile drilling equipment at 93% [1][20]. Group 2: Industry Development History - The marine oil and gas engineering equipment industry in China began in the 1960s, initially relying on imported technology and equipment. Over the decades, the industry has evolved, with significant advancements in domestic capabilities [6]. - The introduction of policies supporting equipment localization has led to breakthroughs in key technologies, particularly in deepwater and ultra-deepwater equipment [6][8]. Group 3: Industry Policies - The Chinese government has implemented various policies to support the marine engineering equipment sector, including plans to enhance the production capacity of marine engineering products and accelerate the development of new equipment [8][10]. - The Ministry of Industry and Information Technology has also promoted the integration of 5G technology in marine applications, enhancing operational efficiency [8][10]. Group 4: Industry Chain - The marine oil and gas engineering equipment industry chain consists of upstream design and raw material supply, midstream manufacturing, and downstream service provision to oil service companies and operators [11]. Group 5: Market Trends - The industry is expected to see continued demand growth, particularly in deepwater and unconventional resource development, driven by technological advancements and the push for sustainable practices [29][30][32]. - The focus on green technology and low-carbon solutions is becoming increasingly important, with a shift towards renewable energy equipment and environmentally friendly materials [30][32]. Group 6: Key Companies - Major players in the industry include CNOOC Engineering, CNOOC Services, and China Shipbuilding Industry Corporation, which dominate various segments of the marine oil and gas exploration and production equipment market [22][23]. - CNOOC Engineering is recognized as the largest marine oil and gas engineering contractor in the Asia-Pacific region, while CNOOC Services is a leading offshore drilling contractor [25][27].

Investment Rating - The report maintains an "Overweight" rating for the chemical industry, specifically for the petrochemical and transportation sectors [4]. Core Views - The macroeconomic recovery in China, driven by various government measures to stabilize employment and promote economic growth, is expected to positively impact the chemical industry, leading to a rebound in profitability for chemical products in 2025 [1][2]. - The report anticipates a recovery in cyclical sectors such as refining, MDI (Methylene Diphenyl Diisocyanate), agricultural chemicals, and vitamins, with overall chemical prices expected to rise from their current lows [2]. Summary by Sections 1. Industry Overview - The Chinese government has introduced several measures to stabilize employment and promote economic growth, which are expected to support the chemical industry [1]. - In Q1 2025, China's GDP grew by 5.4% year-on-year, surpassing the growth rate of 5% for the entire year of 2024 [1]. 2. Chemical Product Price Trends - Refining: Lower energy prices are expected to ease cost pressures for downstream refining companies, with a positive outlook for large refining and coal chemical enterprises [2]. - MDI: Major companies have increased MDI prices by €175 per ton in Europe and $100-$300 per ton in other regions, although the average industry price continues to decline [2]. - Agricultural Chemicals: Potash prices have rebounded due to seasonal demand and tariffs, while phosphate prices are also showing signs of recovery [2]. - Vitamins: Supply for certain vitamins is shifting towards China, with prices for Vitamin D3 rising significantly [2]. 3. Investment Recommendations - The report suggests focusing on undervalued, high-dividend companies in the oil sector, including China National Petroleum, Sinopec, and CNOOC [3]. - It also highlights opportunities in domestic material companies benefiting from the trend of domestic substitution, as well as in the agricultural chemicals and private refining sectors [3]. - Companies in the vitamin and methionine sectors are also recommended for investment [3].

Market Overview - The Shanghai Composite Index fell by 0.20% on April 28, with five sectors rising, led by banking and steel, which increased by 0.98% and 0.53% respectively [1] - The real estate and comprehensive sectors experienced the largest declines, down by 3.66% and 2.52% respectively [1] - The oil and petrochemical sector saw a slight decrease of 0.03% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 29.894 billion yuan, with only two sectors seeing net inflows: steel with 200 million yuan and oil and petrochemicals with 66.93 million yuan [1] - The electronics sector had the largest net outflow, totaling 3.104 billion yuan, followed by the automotive sector with a net outflow of 2.516 billion yuan [1] Oil and Petrochemical Sector Details - Within the oil and petrochemical sector, there are 48 stocks, with 9 rising and 36 falling, including one hitting the daily limit down [2] - The top net inflow stocks in this sector included China National Offshore Oil Corporation (CNOOC) with 53.071 million yuan, China Petroleum & Chemical Corporation (Sinopec) with 50.902 million yuan, and Huajin Chemical with 44.7347 million yuan [2] - The stocks with the largest net outflows included ST Xinchao with 39.0339 million yuan, Intercontinental Oil and Gas with 22.5732 million yuan, and Bohai Chemical with 17.033 million yuan [2][3]

Core Points - The China Securities Index Hong Kong 300 Value Index (HK300V) reported a decline of 3.40% over the past month, an increase of 4.61% over the past three months, and a year-to-date increase of 3.37% [1] - The index is composed of four indices: the China Securities Index Hong Kong 300 Growth Index, the China Securities Index Hong Kong 300 Value Index, the China Securities Index Hong Kong 300 Relative Growth Index, and the China Securities Index Hong Kong 300 Relative Value Index [1] - The top ten holdings of the HK300V index include HSBC Holdings (11.0%), China Construction Bank (10.45%), China Mobile (7.86%), Industrial and Commercial Bank of China (7.47%), Bank of China (5.71%), Ping An Insurance (5.39%), CNOOC (4.73%), China Merchants Bank (3.2%), Agricultural Bank of China (2.28%), and Bank of China Hong Kong (2.03%) [1] Industry Breakdown - The financial sector constitutes 59.06% of the index holdings, followed by communication services at 11.70%, energy at 10.51%, real estate at 8.19%, and industrials at 3.65% [2] - The index undergoes adjustments every six months, with sample adjustments implemented on the next trading day after the second Friday of June and December [2] - The weight factors are adjusted in accordance with the sample adjustments, and temporary adjustments occur when the underlying index samples are modified [2]