Investment Rating - The report maintains a "Buy" rating for the company in both A and H shares [8]. Core Insights - The company reported a net oil and gas production of 188.8 million barrels of oil equivalent in Q1, representing a year-on-year increase of 4.8%. The breakdown includes 145.5 million barrels of oil and 253.0 billion cubic feet of natural gas [2]. - The average Brent futures price in Q1 decreased by 8.3% year-on-year to $75.0 per barrel, while the company's realized oil price fell by 7.7% to $72.7 per barrel, indicating a narrowing discount [2]. - The company has effectively controlled its five key cost metrics, with Q1 costs decreasing by $0.56 per barrel to $27.03 per barrel. Future reductions in costs are anticipated due to economies of scale [2]. - The company has set its full-year capital expenditure guidance for 2025 at RMB 125-135 billion and has raised the lower limit of its dividend payout ratio for 2025-2027 to 45%, up from 40% for 2022-2024, resulting in a dividend yield of 5.2% for A shares and 8.0% for H shares based on the closing price on June 5 [2][5]. Summary by Sections Production and Financial Performance - The company aims to increase its natural gas production, leveraging domestic gas consumption growth and focusing on three major gas fields. The production structure is expected to stabilize at 78:22 in favor of oil [3]. - The company’s net profit forecasts for 2025-2027 are RMB 142.5 billion, RMB 144.1 billion, and RMB 148.4 billion, respectively, with EPS projected at RMB 3.00, RMB 3.03, and RMB 3.12 [5][22]. Market and Pricing Outlook - The report notes that the OPEC group has continuously raised its production targets, leading to fluctuations in oil prices. The Brent crude oil price forecast for 2025-2026 is maintained at $67 and $66 per barrel, respectively [4]. - The company is expected to benefit from the commencement of production in its overseas projects, such as the Buzios 7 project in Brazil and the Stabroek block in Guyana, which are projected to contribute significantly to low-cost production increases [3]. Valuation Metrics - The report maintains a target price of RMB 37.50 for A shares and HKD 27.42 for H shares, based on a cautious valuation approach of 12.5x PE for A shares and 8.5x PE for H shares [5].

Industry Overview and Transformation Needs - The petrochemical industry is a pillar of the national economy, characterized by a long industrial chain, complex processes, and high safety and environmental requirements. The industry faces challenges such as increasing resource and environmental constraints, high safety production pressure, and low efficiency of traditional production models. Digital transformation is key to improving total factor productivity. As of the end of 2023, the application rate of industrial cloud platforms in the petrochemical industry reached 56.5%, and the CNC rate of key processes was 80.6%, but issues like data silos and insufficient system collaboration remain. The industrial internet can optimize production processes, enhance safety control, and promote green and low-carbon initiatives, becoming the core driving force for industry transformation [1][2][3]. Integration Application Overall Architecture - The integration of the industrial internet and petrochemical industry is centered around "data + platform + model," forming a three-tier architecture: 1. Edge Layer: Collects data from production equipment and process parameters through sensors and smart instruments, achieving real-time connection between physical assets and virtual systems [2]. 2. Platform Layer: Builds an industrial internet platform that integrates data resources and develops industrial models for process optimization and predictive maintenance, forming general PaaS capabilities [3]. 3. Application Layer: Focuses on production, safety, and management scenarios, developing intelligent applications such as smart scheduling, supply chain collaboration, and environmental monitoring to achieve business loop optimization [4]. Core Application Scenarios - The guide proposes an "8+2" application model covering the entire design, production, and management chain: - Intelligent Production: Optimizes process parameters using advanced process control (APC) and digital twin technologies, enhancing production stability and efficiency [5]. - Safety Production: Establishes an "industrial internet + safety production" system, utilizing IoT and AI visual technologies to monitor hazards and manage emergency responses, reducing safety accident risks [5]. - Green and Low-Carbon: Uses energy management systems (EMS) and carbon emission monitoring to optimize energy allocation and promote applications like waste heat recovery and circular economy in chemical parks, supporting carbon neutrality goals [5]. - Supply Chain Collaboration: Integrates production, logistics, and sales data to achieve demand forecasting, inventory optimization, and cross-enterprise collaboration [5]. Implementation Path and Key Capability Building - Infrastructure Upgrade: - Promotes the deployment of 5G and industrial PON networks to achieve coordination between internal and external networks, addressing traditional network wiring complexity and high latency [6][7]. - Establishes an identification and resolution system to provide unique identification for equipment and products throughout their lifecycle, supporting data interoperability and supply chain traceability [7]. - Data System Construction: - Builds an industrial data lake to integrate multi-source heterogeneous data, enhancing data quality through governance to support data-driven decision-making in process optimization and energy consumption analysis [8]. - Security Assurance: - Constructs a security protection system covering equipment, networks, and data, strengthening industrial control security monitoring, data encryption, and access control to prevent cyberattacks and data breaches [9]. Typical Cases and Achievements - The guide includes several practical cases demonstrating the effectiveness of integration applications: - CNOOC's identification resolution secondary node: Achieved supply chain collaboration and product traceability, connecting 64 enterprises with over 370 million identification registrations, enhancing fertilizer anti-counterfeiting traceability efficiency, resulting in an annual economic benefit exceeding 4.7 million yuan [10]. - PetroChina's Longqing ethane-to-ethylene intelligent factory: Achieved a 100% stability rate in equipment operation and a 20% increase in labor productivity, saving 12,500 tons of standard coal annually [10]. - Maonan Petrochemical Industrial Park's safety risk prevention platform: Integrated environmental and safety data for real-time monitoring of pollutant emissions and emergency response, achieving a 97.34% hazard rectification rate, enhancing the park's inherent safety level [10]. Summary - The integration of the industrial internet and the petrochemical industry represents a resonance of technological innovation and industrial transformation. The industry is transitioning from "experience-driven" to "data-driven" through data-driven, intelligent decision-making, and ecological collaboration. Future efforts should focus on strengthening standard systems, cultivating cross-disciplinary talent, and empowering small and medium-sized enterprises to promote the scaling and intelligent evolution of integration applications, building a safe, efficient, and green modern petrochemical industry system [11].

Investment Rating - The report maintains an "Outperform" rating for the oil and gas industry [6][7]. Core Views - OPEC+ has announced a continuation of production increases of 411,000 barrels per day for July, significantly impacting oil prices due to geopolitical tensions and tariff policies [1][2]. - The Brent crude oil price is expected to stabilize between $65 and $75 per barrel in 2025, while WTI crude oil is projected to be between $60 and $70 per barrel [3][18]. Summary by Sections 1. May Oil Price Review - In May 2025, the average price of Brent crude oil futures was $64.0 per barrel, down by $2.5 from the previous month, while WTI averaged $61.3 per barrel, down by $1.5 [1][14]. - The fluctuations in oil prices were influenced by the "reciprocal tariff" policy, OPEC+ production announcements, and geopolitical events in the Middle East [1][14]. 2. Oil Price Outlook - OPEC+ has decided to extend production increases of 411,000 barrels per day, which is three times the original increase plan [2][16]. - Major energy agencies forecast an increase in global oil demand of 730,000 to 1,300,000 barrels per day in 2025, and 760,000 to 1,280,000 barrels per day in 2026 [3][17]. 3. Key Data Tracking - As of May 30, 2025, WTI crude oil futures settled at $60.79 per barrel, a 4.4% increase from the previous month, while Brent settled at $63.90 per barrel, a 1.2% increase [36]. - The average production of U.S. crude oil in May 2025 was 13.4 million barrels per day, a decrease of 0.3% from the previous month [44]. - The report highlights that the capital expenditure willingness in overseas markets is low, indicating a lack of conditions for significant production increases [44][29]. 4. Recommended Stocks - The report recommends key stocks including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), Satellite Chemical, CNOOC Development, and Guanghui Energy [4].

Group 1 - The core viewpoint emphasizes the importance of state-owned enterprises (SOEs) in driving local economic growth and stability through significant project investments and collaborations [2][3] - The Jianggao Road Phase II renovation project at the Taizhou South Railway Station is a key infrastructure initiative, with a completion target of 30 months, showcasing the active construction environment in Taizhou [1] - A total of 21 projects with a combined investment of approximately 443 billion yuan were signed at the Taizhou Central and Local SOE Collaborative Development Forum, indicating a strong commitment to local economic development [2] Group 2 - The establishment of the Central and Local SOE Party Building Alliance, which includes 64 entities, aims to enhance resource sharing and collaboration across various industries in Taizhou [2] - Taizhou has successfully attracted 72 cooperative projects with central and provincial enterprises, totaling 1,413 billion yuan in investments, highlighting the city's strategic partnerships [2] - The focus on integrating state-owned capital with social capital through high-quality projects is a key strategy for supporting sustainable economic development in Taizhou [3] Group 3 - The city is actively enhancing its transportation infrastructure with the construction of two high-speed rail lines, aiming to leverage its geographical advantages for broader connectivity [4] - Taizhou is fostering innovation by creating industry innovation platforms and a dual pyramid R&D matrix to ensure seamless integration between the innovation chain and the industrial chain [4] - The city is committed to improving its business environment to attract enterprises and talent, promoting Taizhou as a favorable destination for investment [4]

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Stock Connect Central Enterprises Dividend Index, which has shown significant growth over various time frames, including an 8.25% increase in the past month and a 6.87% increase year-to-date [1][2]. - The index is designed to reflect the overall performance of listed companies controlled by central enterprises within the Hong Kong Stock Connect that have stable dividend levels and high dividend yields [1][2]. - The index's top ten holdings include major companies such as COSCO Shipping Holdings (7.14%), Orient Overseas International (3.28%), and China Petroleum & Chemical Corporation (2.76%) [1][2]. Group 2 - The industry composition of the index shows that finance accounts for 33.25%, industrials for 29.84%, and energy for 15.31%, indicating a diverse sector representation [2]. - The index undergoes annual adjustments, with the next scheduled adjustment occurring on the trading day following the second Friday of December each year [2]. - Public funds tracking the index include the Huaxia CSI Hong Kong Stock Connect Central Enterprises Dividend Link A and C, as well as the Huaxia CSI Hong Kong Stock Connect Central Enterprises Dividend ETF [2].

Investment Rating - The report maintains an "Outperform" rating for the oil and gas industry [6][7]. Core Views - OPEC+ has announced a continuation of production increases of 411,000 barrels per day for July, significantly impacting oil prices due to geopolitical tensions and tariff policies [1][2]. - The Brent crude oil price is expected to stabilize between $65 and $75 per barrel in 2025, while WTI crude oil is projected to be between $60 and $70 per barrel [3][18]. Summary by Sections 1. May Oil Price Review - In May 2025, the average price of Brent crude oil futures was $64.0 per barrel, down $2.5 from the previous month, while WTI averaged $61.3 per barrel, down $1.5 [1][14]. - Oil prices experienced significant fluctuations due to tariff policies and geopolitical tensions, with OPEC+ planning to accelerate production in June [1][14]. 2. Oil Price Outlook - OPEC+ has extended its production increase plan, with a significant rise in output expected to be completed by October 2025, ahead of the original schedule [2][19]. - Major energy agencies forecast an increase in global oil demand of 730,000 to 1.3 million barrels per day in 2025, and 760,000 to 1.28 million barrels per day in 2026 [3][17]. 3. Key Data Tracking 3.1 Crude Oil Prices and Spreads - As of May 30, 2025, WTI crude oil settled at $60.79 per barrel, up $2.6 (+4.4%), while Brent settled at $63.90, up $0.8 (+1.2%) [36]. - The average Brent-WTI price spread was $3.07 per barrel, narrowing by $0.45 from the previous month [36]. 3.2 Crude Oil Supply - U.S. crude oil production averaged 13.4 million barrels per day in May 2025, a decrease of 42,000 barrels per day (-0.3%) [44]. - The number of active oil rigs in the U.S. decreased by 13 to an average of 468 rigs [44]. 4. Recommended Stocks - The report recommends investing in China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), Satellite Chemical, CNOOC Development, and Guanghui Energy, all rated as "Outperform" [4][6].

本组织章程细则中文译本只供参考，本组织章程细则中文译本与英文版本的内容如 有任何差异或不一致，应以英文版本为准。 组织章程细则 目 录 页码 《公司条例》（香港法例第 622 章） 股份有限公司 中国海洋石油有限公司 (CNOOC Limited) 之 组织章程细则* * 经 2004 年 6 月 14 日、2005 年 12 月 31 日、2009 年 5 月 27 日、2021 年 10 月 26 日、2024 年 6 月 7 日及 2025 年 6 月 5 日通过之特别决议修订 表 A 等所载的规例不适用 不时生效的香港法例第 32 章）附表 1 中表 A 及《公司（章程细则范本）公 告》（香港法例第 622H 章）附表一所载的规例，以及任何与公司有关的法 例所载的其他类似的规定不适用于本公司。 释义 「联系人」指不时修订的上市规则所赋予的涵义； 「核数师」指本公司现时的核数师； 「主席」指主持股东或董事会任何会议的主席； 「本公司」指上述名称的公司； 「条例」指《公司条例》（香港法例第 622 章），包括与该条例合并或取代 该条例的每项其他条例；倘有任何取代条例，本章程细则提及的该条例条文 应被理解为 ...

| 证券代码：600938 证券简称：中国海油 公告编号：2025-020 | | | | | --- | --- | --- | --- | | 中国海洋石油有限公司 | | | | | 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。 | | | | | 重要内容提示： | | | | | ? 本次会议是否有否决议案：无 | | | | | 一、 会议召开和出席情况 | | | | | (一) 股东大会召开的时间：2025 年 6 月 5 日 | | | | | (二) 股东大会召开的地点：香港中环法院道太古广场港岛香格里拉大酒店 | | | | | (三) 出席会议的普通股股东及其持有股份情况： | | | | | 其中：A 股股东人数 | 4,369 | | | | 境外上市外资股股东人数（港股） 739 | | | | | 其中：A 股股东持有股份总数 | 436,623,702 | | | | 30,044,227,093 境外上市外资股股东持有股份总数（港股） | | | | | 份总数的比例（ ...

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。 陳澤銘 -2- 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，自二零二五年六月五日起生效： 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) - - - - 非執行董事 王德華 M - M - 獨立非執行董事 邱致中 - - C M 林伯強 - M - M 李淑賢 C M - - 陳澤銘 M - M - -1- 附註： C 董事會下屬委員會主席 M 董事會下屬委員會成員 C 主持提名委員會工作 C 主持戰略與 ...

第一章 总则 东大会的运作，提高股东大会议事效率，保证股东大会程序及决议的合 法性，保障股东的合法权益，根据《公司条例》 （香港法例第 622 章） （以下简称《条例》） 、《国务院办公厅转发 <证监会关于开展创新企业境> 内发行股票或存托凭证试点若干意见>的通知》、《创新企业境内发行股 票或存托凭证上市后持续监管实施办法（试行） 》、《香港联合交易所有限 公司证券上市规则》 （以下简称《联交所上市规则》） 、《上海证券交易所 股票上市规则》等法律、法规、规范性文件和《中国海洋石油有限公司 组织章程细则》 （以下简称《组织章程细则》 ）的有关规定，特制定本规 则。 第九条 股东大会的提案是针对应当由股东大会讨论的事项所提出的具体议案。 提案的内容应当属于股东大会的职权范围，有明确议题和具体决议事项， 并且符合法律、法规和《组织章程细则》的有关规定。 。 第一条 为规范中国海洋石油有限公司（CNOOC Limited，以下简称「公司」 ）股 第三条 本规则对公司、全体股东、股东代理人、全体董事、高级管理人员、股 东大会的有关工作人员、列席股东大会的其他人员具有约束力。 第四条 公司董事会（以下简称董事会）应严格 ...