Report Summary 1. Report Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoint The report provides a weekly update on the US crude oil and refined oil markets, including price, inventory, production, demand, and import/export data. It also list recommended and suggested companies in the oil and gas sector [2][3]. 3. Summary by Section 3.1 Crude Oil Weekly Data Briefing - **Upstream Company Performance**: The report presents the stock price changes and valuations of major upstream companies, such as CNOOC, PetroChina, and Sinopec, over different time - frames [8][9]. - **Crude Oil Price**: Brent and WTI crude oil futures had weekly average prices of $68.8 and $65.8 per barrel respectively, down $0.3 and $1.2 from the previous week [2][9]. - **Crude Oil Inventory**: US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.2, 4.2, 4.0, and 0.2 billion barrels respectively, with weekly changes of - 337, - 317, - 20, and + 46 thousand barrels [2][9]. - **Crude Oil Production**: US crude oil production was 13.27 million barrels per day, down 100 thousand barrels per day. The number of active oil rigs was 415, down 7, and the number of active fracturing fleets was 174, down 6 [2][9]. - **Crude Oil Demand**: US refinery crude oil processing volume was 16.94 million barrels per day, up 90 thousand barrels per day, and the refinery utilization rate was 95.5%, up 1.6 percentage points [2][9]. - **Crude Oil Import and Export**: US crude oil imports, exports, and net imports were 5.98, 3.86, and 2.12 million barrels per day respectively, with weekly changes of - 400, + 340, and - 740 thousand barrels per day [2][9]. 3.2 This Week's Petroleum and Petrochemical Sector Market Review - **Sector Performance**: The report shows the performance of the petroleum and petrochemical sector and its sub - industries, as well as the performance of listed companies in the sector [13][23]. - **Company Performance**: It details the stock price changes of various upstream companies in the sector over different time - frames, including CNOOC, PetroChina, and Sinopec [24]. 3.3 Crude Oil Sector Data Tracking - **Price**: It analyzes the prices of different types of crude oil (Brent, WTI, Russian Urals, Russian ESPO) and their relationships with other factors such as the US dollar index and copper prices [9][41][46]. - **Inventory**: It examines the relationship between US commercial crude oil inventory and oil prices, and presents the inventory data of different types of US crude oil [48][52][62]. - **Supply**: It tracks US crude oil production, the number of oil rigs, and the number of fracturing fleets [65][67][71]. - **Demand**: It monitors US refinery processing volume and utilization rate, as well as the utilization rate of Chinese refineries [74][75][80]. - **Import and Export**: It shows US crude oil import, export, and net import data [86][87][92]. 3.4 Refined Oil Sector Data Tracking - **Price**: It analyzes the prices of refined oil products (gasoline, diesel, jet fuel) in different regions (US, China, Europe, Singapore) and their spreads with crude oil [10][97][123]. - **Inventory**: It presents the inventory data of US and Singapore refined oil products [142][143][154]. - **Supply**: It tracks the production of US refined oil products [160][161][164]. - **Demand**: It monitors the consumption of US refined oil products and the number of US airport passengers [165][166][169]. - **Import and Export**: It shows the import, export, and net export data of US refined oil products [177][178][183]. 3.5 Oilfield Services Sector Data Tracking It tracks the average daily rates of self - elevating and semi - submersible drilling platforms [192][194][195]. 3.6 Recommended Companies The report recommends CNOOC, PetroChina, Sinopec, CNOOC Energy Technology & Services, Offshore Oil Engineering, and CNOOC Energy Development. It also suggests paying attention to Sinopec Oilfield Service, China Petroleum Engineering & Construction, and Sinopec Mechanical Engineering [3].

以下文章来源于环行星球 ，作者环行星球 环行星球 . 旅行+多元文化+人生体验，看遍这个五彩斑斓的世界。合作请联系：xiaobaibai_9999（注明品牌和需 求） 本文来自微信公众号： 环行星球 ，作者：无刺王冠龙，原文标题：《一个月5万，"特殊工作"的真 实生存法则》，题图来自：AI生成 现代工业中，有一些特殊的产物，它们像大海中孤独的钢铁巨兽。这上面没有居民，却承担着世界能 源产出的重任。它们不是船，却能浮在海上；它们不是工厂，却24小时轰鸣不止——这就是海上石 油钻井平台。 每次提起我曾在海上平台上工作的经历，朋友们的反应总是惊讶："怎么上去的？""你胆子真 大！""听说那地方工资可高了！" 而我想说的是：他们永远不会明白，在深海中，凌晨三点被手电筒照醒，立马穿上工服、背着工具走 进嘶吼的钻台底部，绑着固定扣，差点被风吹进海里，跟大自然较劲。 很多人第一次听说海上平台，是在电影《深水地平线》里。那场火光冲天的灾难场景让人记忆犹新。 但现实中的钻井平台远比影视作品更复杂，也更真实。在海上钻井平台上工作，是一种怎样的体验？ 真的像传说中那样，"干一个月，歇一个月，年薪几十万"吗？ 我曾经在平台上干过那些 ...

Investment Rating - The report recommends a positive investment outlook for several companies in the oil and gas sector, highlighting their strong earnings certainty and high dividend characteristics [4][12]. Core Insights - Oil prices are expected to remain volatile in the short term, with OPEC+ likely to maintain its current production increase plans, leading to a potential increase of 548,000 barrels per day in September [1][9]. - The report emphasizes the impact of ongoing trade disputes, particularly between the EU and the US, which could affect market dynamics and economic outlook [1][9]. - The US oil production has decreased, while refinery processing rates have increased, indicating a shift in the supply-demand balance [10][11]. Summary by Sections Industry Overview - The OPEC+ Joint Ministerial Monitoring Committee (JMMC) is scheduled to meet on July 28, with a separate meeting for eight member countries regarding voluntary production cuts on August 3 [1][9]. - Current market expectations suggest no adjustments to the existing production increase plans, with a full lifting of previous cuts anticipated [1][9]. Market Performance - As of July 25, the Brent crude oil futures price was $68.44 per barrel, down 1.21% week-on-week, while WTI futures settled at $65.16 per barrel, down 3.24% [10][37]. - The report notes a decrease in US crude oil production to 13.27 million barrels per day, a reduction of 100,000 barrels from the previous week [10][11]. Company Performance - The report provides earnings forecasts and valuations for key companies, including: - China National Petroleum Corporation (PetroChina) with a recommended rating and an estimated EPS of 0.90 yuan for 2024 [5]. - China National Offshore Oil Corporation (CNOOC) also recommended, with an estimated EPS of 2.90 yuan for 2024 [5]. - Sinopec (China Petroleum & Chemical Corporation) is highlighted for its high dividend yield and integrated operations [5][12]. Investment Recommendations - The report suggests focusing on companies with strong resource advantages and robust risk management capabilities, such as PetroChina, CNOOC, and Sinopec [4][12]. - It also recommends monitoring companies in growth phases, like Zhongman Petroleum and New Natural Gas, which are encouraged by domestic policies to increase oil and gas reserves [4][12].

Core Viewpoint - The successful production launch of the Kenli 10-2 oilfield group marks a significant milestone for China's offshore oil development, particularly in the complex heavy oil reservoir sector [2][3]. Group 1: Project Overview - The Kenli 10-2 oilfield group is located in the southern Bohai Sea with an average water depth of approximately 20 meters, utilizing existing facilities for development [3]. - The project plans to develop 79 wells, including 33 cold production wells, 24 thermal production wells, 21 water injection wells, and 1 water source well, aiming for a peak production of approximately 19,400 barrels of oil equivalent per day by 2026 [3]. Group 2: Technological Innovations - The oilfield features a unique "conventional water injection + steam flooding + steam drive" joint development approach, addressing the challenges posed by the reservoir's "scattered, narrow, thin, and mixed" characteristics [4]. - The project platform integrates both conventional cold production and thermal production systems, making it one of the most complex production platforms in the Bohai region [4]. - The company has achieved significant breakthroughs in drilling and completion engineering, including the large-scale application of self-developed high-temperature electric submersible pump technology, enhancing production efficiency [4]. Group 3: Future Capital Expenditure and Production Goals - The company plans to maintain high capital expenditures, with a budget of 125 to 135 billion yuan for 2025, focusing on exploration, development, and production [5]. - The production target for 2025 is set at 760 to 780 million barrels of oil equivalent, reflecting a year-on-year growth of 5.9%, with subsequent years showing stable growth rates [5].

Core Insights - China National Offshore Oil Corporation (CNOOC) and its subsidiaries have recently obtained a patent for a fractional device and method used in catalytic cracking or catalytic cracking processes, with the patent application date being June 2023 [1][3]. Company Overview - CNOOC was established in 1983 and is headquartered in Beijing, primarily engaged in oil and gas extraction. The company has a registered capital of 11,380 million RMB and has invested in 45 enterprises, participated in 5,000 bidding projects, and holds 281 trademark records and 5,000 patent records [1]. - CNOOC Refining & Chemical Co., Ltd. was founded in 2005, also located in Beijing, focusing on oil, coal, and other fuel processing. It has a registered capital of approximately 1,899.55 million RMB, invested in 28 enterprises, participated in 4,043 bidding projects, and holds 456 trademark records and 476 patent records [2]. - CNOOC Chemical and New Materials Research Institute (Beijing) Co., Ltd. was established in 2016, with a registered capital of 96.12 million RMB. The company has invested in 1 enterprise, participated in 283 bidding projects, and holds 203 patent records [2]. - CNOOC (Qingdao) Heavy Oil Processing Engineering Technology Research Center Co., Ltd. was founded in 2007, located in Qingdao, with a registered capital of approximately 82.36 million RMB. It has participated in 51 bidding projects and holds 179 patent records [2].

Investment Rating - The report maintains an "Overweight" rating for the oil and gas sector [5]. Core Views - The demand for oil has been supported by the traditional peak season in the Northern Hemisphere, with oil prices remaining relatively high since July [1][11]. - The report indicates that the actual tightness in the oil market may be greater than the IEA's supply-demand balance suggests, highlighting the importance of OPEC+'s production adjustments and seasonal consumption trends [1][4]. - Long-term, high-dividend energy companies with the ability to increase production and reduce costs, as well as those with growing natural gas operations, are expected to present investment opportunities [4][66]. Demand Side Summary - Global oil demand growth slowed significantly in Q2 2025, dropping from 1.1 million barrels per day in Q1 to 0.55 million barrels per day in Q2 [2][17]. - China's commercial crude oil inventory saw a record quarterly increase, which is crucial for long-term energy security [2][23]. - The traditional peak season for travel and electricity demand in Q3 is expected to further tighten the market, with historical data indicating a combined increase of 900,000 barrels per day in oil demand for power generation from May to August [2][23]. Supply Side Summary - Global oil supply is projected to increase by 2.1 million barrels per day in 2025 and 1.3 million barrels per day in 2026, with OPEC+ accelerating production [3][38]. - In June, oil exports from the Gulf region surged, driven by concerns over supply disruptions due to geopolitical tensions [3][43]. - OPEC+ has raised its production targets for August, indicating a significant reduction in voluntary production cuts implemented since 2023, which could lead to an oversupply in the market [3][43][66]. Key Recommendations - The report recommends investing in high-dividend energy companies with the capacity to increase production and reduce costs, specifically highlighting China National Offshore Oil Corporation (CNOOC) and China Petroleum [4][66]. - The forecast for Brent crude oil prices is set at $68 and $62 per barrel for 2025 and 2026, respectively, with Q3 and Q4 2025 prices expected to be $68 and $63 per barrel [4][66].

Group 1 - China National Offshore Oil Corporation (CNOOC) has established a new storage company in Ningbo with a registered capital of approximately 2.214 billion RMB [1] - The newly formed company, CNOOC Yongneng (Ningbo) Storage Co., Ltd., will engage in ordinary cargo storage services, storage equipment leasing, import and export of goods, and technology import and export [1] - The shareholders of the new company include CNOOC's subsidiary, CNOOC Petrochemical Import and Export Co., Ltd., and Ningbo Kaitou Energy Group Co., Ltd. [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The successful production launch of the Kenli 10-2 oilfield project marks a significant milestone for China National Offshore Oil Corporation (CNOOC), enhancing its capacity for high-quality reserves and production [1][2] - The project is expected to reach a peak production of 19,400 barrels of oil equivalent per day by 2026, contributing to CNOOC's goal of achieving a total annual production of 40 million tons in the Bohai oilfield [2][4] - CNOOC is focusing on technological innovation to efficiently develop heavy oil reservoirs, employing a combination of conventional water injection and steam-assisted methods [3] Summary by Sections Production and Development - The Kenli 10-2 oilfield is the first billion-ton level lithologic oilfield discovered in the shallow layers of the Bohai Bay Basin, indicating a new phase in the development of complex heavy oil reservoirs [2][3] - The project includes the construction of one central platform and two wellhead platforms, with plans to drill 79 wells, including cold and thermal recovery wells [2] Financial Projections - CNOOC's capital expenditure for 2025 is projected to be between 125 billion to 135 billion yuan, with a focus on exploration, development, and production [4] - The company aims for production targets of 760-780 million barrels of oil equivalent in 2025, with a year-on-year growth of 5.9% [4] Profitability and Valuation - The report forecasts CNOOC's net profit for 2025-2027 to be 135.4 billion, 139.8 billion, and 144.3 billion yuan respectively, with corresponding EPS of 2.85, 2.94, and 3.04 yuan per share [4][11] - The company is expected to maintain a stable production scale while pursuing high-quality development and effective cost control [4][13]

Group 1: Zhang Kun's Investment Strategy - Zhang Kun maintains a focus on core consumer stocks and is optimistic about the long-term resilience of the economy, with a total fund size of 55.047 billion yuan as of Q2 2025 [1] - The performance of Zhang Kun's funds in the first half of the year shows a return of 15.38% for the E Fund Asia Select fund, while the E Fund Blue Chip Select fund returned only 0.83% [1][3] - The top ten holdings include Tencent Holdings, Alibaba-W, and Wuliangye, with significant increases in positions for JD Health and SF Express, while Tencent Holdings saw a reduction [2][3] Group 2: Market Analysis and Outlook - Zhang Kun emphasizes that the current low valuations of holdings reflect expectations of future profit declines, making them attractive for long-term investors [4] - He believes that the economic growth will be driven by market forces, individual dynamism, and technological advancements, with a vision for GDP per capita to reach the level of moderately developed countries by 2035 [3][4] Group 3: Zhu Shaoxing's Investment Focus - Zhu Shaoxing's fund, the Fortune Tianhui Select Growth Mixed Fund, has a scale of 23.544 billion yuan and a stock position of 94.05%, with the top ten holdings accounting for 34.98% of net value [5][6] - The top ten holdings include Guizhou Moutai and Ningbo Bank, with new entries like Jerry Holdings and Guangdong Hongda, while companies like BYD and Luxshare Precision have exited the top ten [6][7] Group 4: Market Conditions and Future Expectations - Zhu Shaoxing notes that the market experienced volatility due to trade tensions but expects a resolution through negotiations, with monetary and fiscal policies actively supporting the market [7][8] - He highlights that the overall valuation of A-shares remains attractive, and the risk-reward ratio for equity assets is favorable, focusing on collecting high-potential companies for long-term value realization [8]

Industry News - Three departments jointly announced the addition of two new electricity professions, including 17 new occupations and 42 new job types in the energy and electricity sector [3] - The world's first international standard proposal for product carbon footprint in the photovoltaic field has been officially established, focusing on the carbon footprint accounting methodology for photovoltaic modules [3] - A new oil field with a production capacity of one billion tons has been successfully put into operation in the Bohai Sea, marking a significant step for China's offshore oil production and energy security [3] Corporate News - China Southern Power Grid has restored 97.1% of users affected by Typhoon "Wipha," completing repair tasks across all affected areas [5] - China National Nuclear Power has established a new company, China Nuclear Shandong Energy Development Co., Ltd., to develop energy projects in Shandong Province [7] - Huadian New Energy plans to use raised funds of 15.592 billion yuan to replace self-raised funds previously invested in fundraising projects [7] - NIO Energy has officially settled its headquarters in Wuhan, aiming to enhance its manufacturing capabilities and technological development [7] Local News - Guangdong will establish a zero-carbon smart industrial park, expected to be operational by June 2027, providing at least 40% of the power battery recycling materials for the Greater Bay Area [8] - 24 sets of 2000-meter deepwater marine equipment have been delivered, enhancing China's deepwater marine equipment manufacturing capabilities [8] International News - The next round of US-China negotiations may discuss China's purchase of Russian and Iranian oil, with China emphasizing the importance of dialogue and cooperation [10] - The largest biomass power station under construction in West Africa has successfully completed its electrical commissioning, expected to provide sustainable clean energy and reduce carbon emissions [10]