Investment Rating - The oil and gas industry is rated as "Outperform" [4][6] Core Views - In July 2025, Brent crude oil futures averaged $69.4 per barrel, a slight decrease of $0.4 from the previous month, while WTI averaged $67.1 per barrel, down $0.6 [1][13] - OPEC+ announced an accelerated production increase of 548,000 barrels per day for August, with plans to complete the remaining increase by September 2025 [2][17] - Global oil demand is expected to grow by 700,000 to 1.3 million barrels per day in 2025, with similar growth projected for 2026 [3][18] - The expected price range for Brent crude oil in 2025 is between $65 and $75 per barrel, while WTI is projected to be between $60 and $70 per barrel [3][19] Summary by Sections July Oil Price Review - Brent crude oil futures closed at $73.2 per barrel at the end of July, while WTI closed at $70.0 per barrel [1][13] - The oil price experienced fluctuations due to geopolitical tensions and seasonal demand [1][13] Oil Price Outlook - OPEC+ has extended its voluntary production cuts and announced an increase in production rates [2][17] - The demand for oil is expected to rise significantly, with major energy agencies forecasting increases in daily consumption [3][18] Key Data Tracking - As of July 30, 2025, WTI crude oil futures settled at $70.00 per barrel, reflecting a 7.5% increase from the previous month [40] - U.S. crude oil production averaged 13.337 million barrels per day in July, showing a slight decrease [46] - The average operating rate of U.S. refineries was 94.9% in July, indicating strong demand for refined products [56]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國海洋石油有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 第 3 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00883 | | 說明 | 於香港聯交所上市的股份（「香港股份」） | | | | | 多櫃檯證券代號 | 80883 | RMB | 說明 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | ...

Core Insights - The report highlights that the total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - A total of 1,144 company secretaries earn over 1 million yuan annually, accounting for more than 21% of the total [1] Salary Distribution - The average annual salary for company secretaries in the oil and petrochemical sector is 795,600 yuan, with a relatively even distribution across salary ranges: below 500,000 yuan (34%), 500,000-1,000,000 yuan (36%), and 1,000,000-2,000,000 yuan (30%) [5] - Only two company secretaries earn over 1.5 million yuan: Xu Shehua from Runbei Hangke and Wang Hua from China National Petroleum [5] Age Distribution - The majority of company secretaries (77%) are aged between 40-60 years, while those aged 30-40 years account for 38%, and those aged 30 or younger represent 4% [1][3] - The youngest company secretaries in the industry are Fu Rao from Beiken Energy and Hu Rui from Yuxin Co., both aged 27 [1] Educational Background - The educational qualifications of company secretaries show that 2% have an associate degree, 41% hold a bachelor's degree, 53% possess a master's degree, and 4% have a doctoral degree, with nearly 60% holding a master's degree or higher [3] - Notably, Song Xiaoqing from Keli Co. is the only company secretary with an associate degree, while Cai Huaiyu and Xu Yuguo from China National Offshore Oil Corporation are among the few with doctoral degrees [3] Investor Engagement - There is significant variation in the number of investor meetings held by listed companies, with 35% of companies hosting fewer than 10 meetings annually, while 44% hold between 10 and 100 meetings [7] - Companies with the highest number of investor meetings include Daqing Huake (899 meetings), Haiyou Development (562 meetings), and PetroChina Oilfield Services (517 meetings) [9]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - A total of 1,144 company secretaries earned over 1 million yuan annually, accounting for more than 21% of the total [1] Salary Distribution - The average annual salary for company secretaries in the oil and petrochemical sector is 795,600 yuan, with a relatively even distribution across salary ranges: below 500,000 yuan (34%), 500,000-1,000,000 yuan (36%), and 1,000,000-2,000,000 yuan (30%) [5] - Only two company secretaries earn over 1.5 million yuan: Xu Shehua from Runbei Hangke and Wang Hua from China National Petroleum [5] Age Distribution - The majority of company secretaries (77%) are aged between 40-60 years, while those aged 30-40 years account for 38%, and those aged 30 or younger represent 4% [1][3] - The youngest company secretaries in the industry are Fu Rao from Beiken Energy and Hu Rui from Yuxin Co., both aged 27 [1] Educational Background - The educational qualifications of company secretaries show that 2% have an associate degree, 41% hold a bachelor's degree, 53% possess a master's degree, and 4% have a doctoral degree, with nearly 60% holding a master's degree or higher [3] - Notably, Song Xiaoqing from Keli Co. is the only company secretary with an associate degree, while Cai Huaiyu and Xu Yuguo from China National Offshore Oil Corporation are among the few with doctoral degrees [3] Investor Engagement - There is significant variation in the number of investor meetings held by listed companies, with 35% of companies hosting fewer than 10 meetings annually, while 44% hold between 10 and 100 meetings [7] - Companies with the highest number of investor meetings include Daqing Huake (899 meetings), Haiyou Development (562 meetings), and PetroChina Oilfield Services (517 meetings) [9]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully completed the 800th oil export operation using the "Haiyang Shiyou 115" FPSO, marking a significant milestone in its offshore oil production capabilities [1] Group 1 - The "Haiyang Shiyou 115" FPSO has cumulatively exported over 293 million barrels of crude oil [1] - This volume is equivalent to filling more than 158,000 standard oil tankers [1]

Group 1 - The core viewpoint of the news highlights the recent trading performance of China National Offshore Oil Corporation (CNOOC), indicating a decline in stock price and net financing outflow on July 31 [1] - On July 31, CNOOC's stock price fell by 1.25%, with a trading volume of 883 million yuan, and a net financing outflow of 22.59 million yuan [1] - As of July 31, the total margin balance for CNOOC was 1.698 billion yuan, with a financing balance of 1.687 billion yuan, representing 2.16% of the circulating market value, which is below the 20th percentile of the past year [1] Group 2 - CNOOC, established on August 20, 1999, is primarily engaged in the exploration, production, and sales of crude oil and natural gas, with operations in various countries including China, Canada, the USA, the UK, Nigeria, and Brazil [2] - The company's revenue composition shows that oil and gas sales account for 84.57%, trade for 13.11%, and other businesses for 2.32% [2] - For the first quarter of 2025, CNOOC reported a revenue of 106.854 billion yuan, a year-on-year decrease of 4.14%, and a net profit attributable to shareholders of 36.563 billion yuan, down 7.95% year-on-year [2] Group 3 - Since its A-share listing, CNOOC has distributed a total of 224.335 billion yuan in dividends, with 176.364 billion yuan distributed over the past three years [3]

Group 1 - The core viewpoint of the news is the performance and structure of the China Europe Central State-Owned Enterprises Dividend Index Fund (QDII) A, which has experienced a decline in value and has specific characteristics regarding its holdings and management [1][3]. - As of July 31, the fund has seen a decrease of 1.89%, with a latest net value of 1.24 yuan, marking a cumulative decline of 2.31% over five consecutive trading days [1]. - The fund was established on July 31, 2024, with a total size of 0.44 billion yuan and has achieved a cumulative return of 24.95% since inception [1]. Group 2 - As of June 30, 2025, the top ten holdings of the fund account for a total of 28.90%, with the largest holding being China COSCO Shipping (6.62%) [2]. - Other significant holdings include Orient Overseas International (3.04%), CITIC Bank (2.92%), and China Petroleum (2.45%) among others [2]. - The fund's holder structure shows that institutional investors hold 0.10 billion shares (46.36%), while individual investors hold 0.12 billion shares (53.64%) [1]. Group 3 - The current fund manager is Ms. Fang Shenshen, who has a background in finance and has held various positions in investment management prior to her current role [1]. - She has been managing the fund since July 1, 2024, and has experience with other funds under China Europe Fund Management Company [1].

从资金流向上来看，当日油气开采板块主力资金净流出1.1亿元，游资资金净流入2019.88万元，散户资金 净流入8934.87万元。油气开采板块个股资金流向见下表： 证券之星消息，7月31日油气开采板块较上一交易日下跌2.31%，*ST新潮领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。油气开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600938 | 與澳圖出 | 26.16 | -1.25% | 33.66万 | | 8.83 Z | | 000968 | 蓝焰控股 | 7.02 | -2.77% | 22.44万 | | 1.58亿 | | 600759 | 洲际油气 | 2.39 | -2.85% | 156.47万 | | 3.76亿 | | 600777 | *ST新潮 | 4.16 | -5.02% | 54.68万 | | 2.31亿 | | 代码 | 名称 | | | 主力净流入 ...

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 从指数持仓来看，中证香港300资源指数十大权重分别为：中国海洋石油（28.08%）、中国石油股份 （13.56%）、紫金矿业（10.98%）、中国神华（9.65%）、中国石油化工股份（9.33%）、中国宏桥 （4.87%）、中煤能源（3.43%）、洛阳钼业（3.06%）、招金矿业（2.89%）、兖矿能源（2.47%）。 从中证香港300资源指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300资源指数持仓样本的行业来看，石油与天然气占比51.36%、煤炭占比16.03%、贵金属占 比15.66%、工业金属占比15.53%、稀有金属占比0.91%、其他有色金属及合金占比0.52%。 金融界7月31日消息，上证指数低开低走， ...

从指数持仓来看，上证能源行业指数十大权重分别为：中国石油（14.59%）、中国神华（14.15%）、 中国石化（12.7%）、陕西煤业（11.58%）、中国海油（9.18%）、广汇能源（3.63%）、兖矿能源 （3.37%）、中煤能源（3.24%）、潞安环能（2.5%）、淮北矿业（2.02%）。 金融界7月31日消息，上证指数低开低走，上证能源行业指数 (上证能源，000032)下跌1.76%，报 1846.97点，成交额139.24亿元。 数据统计显示，上证能源行业指数近一个月上涨4.12%，近三个月上涨6.54%，年至今下跌8.54%。 据了解，上证行业指数系列将沪市的全部样本按照行业分类标准划分为能源、原材料、工业等一级行 业，并选择各个行业对应的上市公司证券编制相应的行业指数，以反映上证行业指数在二级市场的整体 表现。该指数以2003年12月31日为基日，以1000.0点为基点。 从上证能源行业指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证能源行业指数持仓样本的行业来看，能源占比100.00%。 ...