Investment Rating - The report maintains a "Buy" rating for several companies including Senqilin, Sinopec, Juhua, Yangnong Chemical, CNOOC, Sailun Tire, Tongkun, Zhenhua, and Guangxin [10]. Core Viewpoints - The report suggests focusing on import substitution, domestic demand, and high dividend opportunities in the chemical industry due to recent OPEC production cuts and stabilizing international oil prices [5][21]. - The report highlights that while some chemical products have seen price increases, the overall industry remains weak due to past capacity expansions and weak demand [21][32]. Summary by Sections Industry Tracking - International oil prices have shown mixed trends, with WTI at $63.02 per barrel and Brent at $66.87 per barrel as of April 25, 2025, reflecting a decline of 2.57% and 1.60% respectively [5][22]. - The domestic gasoline market has seen a slight decrease in prices, with average prices for gasoline and diesel dropping by 0.69% and 0.41% respectively [23]. Price Movements - Significant price increases were noted for products such as polymer MDI (up 7.64%) and diammonium phosphate (up 3.57%), while coal tar and sulfur saw declines of 11.11% and 9.72% respectively [20][21]. - The report indicates that the chemical industry is experiencing a mixed performance across different sectors, with some like the tire and lubricant industries performing better than expected [21][32]. Investment Opportunities - The report emphasizes the potential for investment in sectors benefiting from import substitution, such as lubricating oil additives and special coatings, as domestic products gain market share due to tariff impacts [8][21]. - It also highlights the resilience of the tire industry amid trade tensions, suggesting companies like Senqilin and Sailun Tire as potential investment opportunities [21][32]. Company Focus - Specific companies are highlighted for their strong dividend yields and market positions, including Sinopec, CNOOC, and others in the chemical sector with around 5% dividend yields [21][32].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a record high oil and gas production of over 3.2 million tons in the first quarter of this year from the Liaodong Bay oilfield group, marking a significant year-on-year increase [1] Group 1: Production and Infrastructure - The Liaodong Bay oilfield group, located in the northern Bohai Sea, has produced over 240 million tons of oil and gas since its first platform was launched in 1992, with a daily production equivalent exceeding 36,000 tons [3] - The oilfield group consists of 19 producing oil and gas fields, over 80 offshore platforms, 3 land terminals, and more than 1,500 production wells, maintaining an annual production of over 10 million tons for 15 consecutive years [3] Group 2: Technological Advancements - CNOOC has overcome various technical challenges in the region, including the development of conventional heavy oil fields and complex geological structures, achieving several "China firsts" in offshore oil development technology [3] - The company has pioneered integrated high-temperature injection and extraction technology for ultra-heavy oil and efficient development techniques for multi-layer heavy oil, leading to the successful production of China's first large-scale ultra-heavy oil field and multi-layer heavy oil field [4] Group 3: Future Development Strategy - CNOOC aims to stabilize production from old oilfields while accelerating the development of new oilfields and enhancing heavy oil extraction, with a target to increase daily crude oil production to over 2,200 tons from the Liaodong Bay oilfield group by 2024 [4] - The company is implementing the largest secondary adjustment project in China's offshore oil sector to boost production from aging oilfields, ensuring a solid foundation for stable production and enhancing energy supply capabilities [4]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly regarding propylene profitability and the expected tightening of supply-demand dynamics [4][5]. Core Insights - The report highlights the anticipated reduction in operating rates for PDH units due to high costs associated with U.S. propane imports, which could lead to a significant drop in propylene supply [4][5]. - It emphasizes the potential for increased imports from Japan and South Korea, although these may not fully compensate for the domestic supply gap [4][5]. - The report suggests that the overall profitability of PDH units remains low, and future tariffs could delay or cancel planned new capacity [4][5]. Summary by Sections Upstream Sector - Brent crude oil prices closed at $66.87 per barrel, a decrease of 1.60% from the previous week, while WTI prices fell by 2.57% to $63.02 per barrel [4][22]. - U.S. commercial crude oil inventories increased by 244,000 barrels, while gasoline inventories decreased by 4.476 million barrels [25][22]. - The report notes a stable day rate for self-elevating drilling rigs, indicating a recovery trend in the oil service sector [4][22]. Refining Sector - The report indicates an increase in overseas refined oil crack spreads, with Singapore's refining margin rising to $10.75 per barrel [4][22]. - The profitability of domestic refining products is expected to improve gradually as economic recovery progresses [4][22]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance within the polyester supply chain [4][22]. - The report suggests that the polyester industry may see improvements in the medium to long term as new capacity comes online [4][22]. Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [4][17]. - It also highlights the potential for valuation recovery in companies like Satellite Chemical and Tongkun Co., given the expected improvements in the industry [4][17].

Investment Rating - The report maintains a "Buy" rating for several companies in the oil and gas sector, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [5]. Core Insights - OPEC+ production policies and U.S. economic policies will continue to influence oil prices in the short term. Recent statements from Kazakhstan's new energy minister and OPEC+ members regarding potential production increases have led to market concerns about supply [1][9]. - As of April 25, 2025, Brent crude oil futures settled at $66.87 per barrel, down 1.60% week-on-week, while WTI futures settled at $63.02 per barrel, down 2.57% week-on-week [2][10]. - U.S. crude oil production remains stable at 13.46 million barrels per day, with refinery throughput increasing to 15.89 million barrels per day, reflecting a week-on-week increase of 330,000 barrels [2][10]. Summary by Sections Industry Overview - The report highlights that the current supply-demand dynamics in the oil market are consistent with previous predictions, indicating a price range above $60 per barrel [1][9]. Price Trends - The dollar index rose to 99.57, reflecting a week-on-week increase of 0.34 percentage points. Meanwhile, natural gas prices have also seen a decline, with NYMEX natural gas futures closing at $2.96 per million British thermal units, down 8.74% week-on-week [2][10][47]. Company Performance - The report recommends focusing on companies with stable production growth and low cost per barrel, such as CNOOC, PetroChina, and Sinopec, which are expected to benefit from high dividend yields and improved valuations [4][12]. - Key company earnings forecasts indicate that CNOOC is projected to have an EPS of 2.90 yuan in 2024, with a PE ratio of 9, while PetroChina is expected to have an EPS of 0.90 yuan with a PE ratio of 9 [5]. Market Dynamics - The report notes an increase in U.S. crude oil inventories, with strategic reserves at 397.48 million barrels, up 470,000 barrels week-on-week. Conversely, gasoline inventories decreased by 448,000 barrels [3][11]. Investment Recommendations - The report suggests two main investment themes: focusing on oil companies with strong earnings certainty and high dividends, and those in the natural gas sector that are in a growth phase, such as New Natural Gas and Zhongman Petroleum [4][12].

Core Viewpoint - The article discusses the recent quarterly report of E Fund's star fund manager Zhang Kun, highlighting his portfolio adjustments and investment philosophy amidst changing market conditions [1][2]. Group 1: Fund Performance and Adjustments - As of the end of Q1 2025, Zhang Kun's managed funds have a total scale exceeding 60.82 billion yuan, an increase of 1.841 billion yuan from the end of the previous year [2]. - The largest fund, E Fund Blue Chip Selection, saw its scale grow by over 1.4 billion yuan to 38.908 billion yuan, while E Fund Quality Selection increased by 500 million yuan to 14.169 billion yuan [2]. - All four funds experienced varying degrees of net redemptions, with E Fund Blue Chip Selection facing a net redemption of 960 million units [3]. Group 2: Portfolio Composition and Strategy - Zhang Kun maintained a high stock position, with stock holdings remaining above 94% across his funds, and a consistent allocation of around 45% in Hong Kong stocks [4]. - In Q1, he optimized the structure of his holdings, reducing exposure to internet stocks while increasing investments in logistics and tourism sectors [5]. - Major reductions were noted in holdings of Tencent Holdings, Alibaba-W, and Yanghe Brewery, with reductions around 30% for Alibaba and Yanghe, and over 10% for Tencent [5][6]. Group 3: Market Outlook and Investment Philosophy - Zhang Kun emphasized that the stock market's returns are fundamentally linked to corporate earnings, which he believes will not remain below the return on equity (ROE) levels for an extended period [7]. - He noted improvements in competitive landscapes across certain industries and highlighted the importance of focusing on companies with strong business models and shareholder-friendly capital allocation [7]. - The manager expressed optimism regarding the economic impact of real estate downturns and consumer stimulus policies, suggesting that investors should concentrate on corporate performance rather than macroeconomic concerns [7].

金十数据4月23日讯，中国海油4月23日公告，汪东进因任职变化不再担任公司非执行董事、董事长、提 名委员会主席及战略与可持续发展委员会主席。自2025年4月23日起至公司新任董事长、新任提名委员 会主席、新任战略与可持续发展委员会主席委任生效之日止的期间，公司副董事长周心怀先生主持董事 会、提名委员会及战略与可持续发展委员会工作。 中国海油：汪东进辞任董事长 ...

证券代码：600938 证券简称：中国海油 公告编号：2025-013 中国海洋石油有限公司 关于非执行董事、董事长、提名委员会主席 及战略与可持续发展委员会主席辞任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国海洋石油有限公司（"本公司"）董事会宣布，汪东进先生（"汪先生"）因任职 变化不再担任本公司非执行董事、董事长、提名委员会主席及战略与可持续发展委员 会主席。 董事会于 2025 年 4 月 23 日以书面决议形式审议通过有关董事长辞任的议案，表 决结果为 8 票同意，0 票反对，0 票弃权，汪先生未参与表决。 汪先生已确认其与董事会并无任何意见分歧，亦无任何与其辞任有关的事项须提 请本公司股东、香港联合交易所有限公司及上海证券交易所注意。 自 2025 年 4 月 23 日起至本公司新任董事长、新任提名委员会主席、新任战略与 可持续发展委员会主席委任生效之日止的期间，本公司副董事长周心怀先生主持董事 会、提名委员会及战略与可持续发展委员会工作。 2025 年 4 月 23 日 董事会对汪先生为本公司及海 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 CNOOC Limited （中國海洋石油有限公司） （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及 80883（人民幣櫃台） 公告 董事名單與其角色和職能 中國海洋石油有限公司董事會（「董事會」）成員及其各自於董事會及董事會下屬委 員會的角色及職能載列如下，自二零二五年四月二十三日起生效： | 董事會下屬 | 審核委員會 | 提名委員會 | 薪酬委員會 | 戰略與可持續 | | --- | --- | --- | --- | --- | | 委員會 | | | | 發展委員會 | | 董事 | | | | | | 執行董事 | | | | | | 周心懷(副董事長及 | - | C1 | - | C2 | | 首席執行官) | | | | | | 閻洪濤(總裁) | - | - | - | M | | 穆秀平(首席財務官) | - | - | - | - | | 非執行 ...

Core Viewpoint - The China Oil and Gas Industry Index has shown mixed performance, with a recent increase but a decline over the past month, three months, and year-to-date [1][2] Group 1: Index Performance - The China Oil and Gas Industry Index rose by 1.05% to 1713.36 points, with a trading volume of 15.536 billion yuan [1] - Over the past month, the index has decreased by 6.82%, down 4.76% over the last three months, and down 8.39% year-to-date [1] Group 2: Index Composition - The index includes companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production [1] - The top ten weighted companies in the index are: China National Petroleum (10.5%), China National Offshore Oil (10.09%), Sinopec (9.72%), Guanghui Energy (4.84%), China Merchants Energy (3.68%), Jereh Group (3.56%), Hengli Petrochemical (3.28%), Satellite Chemical (2.77%), COSCO Shipping Energy (2.69%), and Dongfang Shenghong (2.66%) [1] - The index is primarily composed of companies listed on the Shanghai Stock Exchange (71.86%) and the Shenzhen Stock Exchange (28.14%) [1] Group 3: Sector Allocation - The sector allocation of the index shows that energy accounts for 62.08%, materials for 20.17%, industrials for 14.79%, finance for 1.86%, and utilities for 1.10% [2] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the oil and gas industry include: Guotai China Oil and Gas Industry Link A, Guotai China Oil and Gas Industry Link C, and Guotai China Oil and Gas Industry ETF [2]

Group 1 - The Chinese National Offshore Oil Corporation (CNOOC) is focusing on strengthening party conduct and anti-corruption efforts through a coordinated approach, emphasizing the importance of integrating political responsibilities with business operations [1][2] - CNOOC's disciplinary inspection team has identified 18 specific tasks to enhance accountability and governance within the organization, aiming to improve the awareness of functional regulatory responsibilities among headquarters departments [1][2] - The establishment of new offices, such as the Inspection Office and the Party Conduct and Anti-Corruption Work Office, is part of CNOOC's reform efforts to clarify responsibilities and improve the implementation of regulatory duties [2] Group 2 - CNOOC is prioritizing the identification and rectification of prominent issues, particularly in procurement and engineering sectors, to eliminate conditions that foster corruption [3] - The company is implementing a comprehensive reform of its procurement system, focusing on separation of management and procurement, centralized purchasing, and transparency to enhance oversight and reduce opportunities for corruption [3] - A self-inspection initiative has been launched across the engineering sector to address issues such as fraudulent invoicing and improper expense claims, involving over 20,000 personnel [3]