点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 "三桶油" 24 年再创佳绩，油价波动期业绩韧性凸显 2024 年布油均价为 79.86 美元 / 桶，同比 -2.8% ，总体维持高位，但 24 年 9 月至 12 月受中东地缘政治缓 和、原油需求预期下行等因素影响，国际油价快速下跌。中国石油实现归母净利润 1647 亿元，同比 +2% ，中国海油实现归母净利润 1379 亿元，同比 +11% ，中国石化受炼化业务拖累，实现归母净利润 503 亿 元，同比 -17% ，但上游板块息税前利润逆势增长 24% 。 2024 年，海外石油巨头受炼油盈利走弱、天然 气销量下降等因素影响，业绩持续下行。埃克森美孚、雪佛龙、壳牌、 BP 、道达尔 24 年归母净利润分别 同比 -6% ...

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 "三桶油" 24 年再创佳绩，油价波动期业绩韧性凸显 2024 年布油均价为 79.86 美元 / 桶，同比 -2.8% ，总体维持高位，但 24 年 9 月至 12 月受中东地缘政治缓 和、原油需求预期下行等因素影响，国际油价快速下跌。中国石油实现归母净利润 1647 亿元，同比 +2% ，中国海油实现归母净利润 1379 亿元，同比 +11% ，中国石化受炼化业务拖累，实现归母净利润 503 亿 元，同比 -17% ，但上游板块息税前利润逆势增长 24% 。 2024 年，海外石油巨头受炼油盈利走弱、天然 气销量下降等因素影响，业绩持续下行。埃克森美孚、雪佛龙、壳牌、 BP 、道达尔 24 年归母净利润分别 同比 -6% 、 -17% ...

Core Viewpoint - The A-share market indices showed mixed performance, with the Shanghai 180 Industry Layered Equal Weight Index declining by 0.48% to 10,897.68 points, with a trading volume of 98.172 billion yuan. Over the past month, this index has decreased by 3.04%, increased by 0.81% over the last three months, and has fallen by 2.88% year-to-date [1]. Group 1 - The Shanghai 180 Industry Layered Equal Weight Index and the Shanghai 180 Equal Weight Index share the same sample, but the former uses an industry-layered equal weighting method, while the latter employs a simple equal weighting approach. This results in different risk-return characteristics to cater to diverse investor preferences [1]. - The top ten holdings of the Shanghai 180 Industry Layered Equal Weight Index include Poly Development (4.43%), Zhangjiang Hi-Tech (4.26%), China Telecom (2.85%), China Mobile (2.53%), China Unicom (2.42%), China Satellite Communications (2.16%), China Petroleum (1.13%), Dongpeng Beverage (1.11%), China Shenhua (1.1%), and China National Offshore Oil Corporation (1.08%) [1]. Group 2 - The Shanghai Stock Exchange accounts for 100% of the holdings in the Shanghai 180 Industry Layered Equal Weight Index. The industry distribution of the index includes Communication Services (9.96%), Consumer Staples (9.64%), Information Technology (9.60%), Materials (9.32%), Financials (9.24%), Healthcare (9.23%), Utilities (9.07%), Real Estate (8.69%), Industrials (8.53%), Consumer Discretionary (8.48%), and Energy (8.25%) [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year. The sample adjustment typically does not exceed 10%, and the weight factors are adjusted accordingly. In special circumstances, temporary adjustments may be made [2].

Group 1 - The core index of the A-share market showed mixed performance, with the China Securities Energy Index rising by 0.89% to 2609.76 points, with a trading volume of 9.268 billion yuan [1] - Over the past month, the China Securities Energy Index has decreased by 2.70%, down 8.34% over the last three months, and down 13.01% year-to-date [1] - The top ten weighted stocks in the China Securities Energy Index include China Shenhua (15.98%), China Petroleum (13.33%), and China Petrochemical (12.31%) [1] Group 2 - The China Securities Energy Index is composed entirely of energy sector stocks, with a 100% industry representation [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Temporary adjustments to the index samples occur when the China Securities 800 Index undergoes changes, and companies that experience special events affecting their industry classification will also lead to adjustments in the index [2]

Group 1 - The China Securities Index for the Hong Kong-Shanghai-Shenzhen 500 Energy Index closed at 2024.62 points, with a decline of 3.20% over the past month, 8.92% over the past three months, and 12.35% year-to-date [1] - The index is composed of 11 industry categories, reflecting the overall performance of different industry securities within the index series [1] - The top ten weighted stocks in the index include China National Offshore Oil Corporation (15.64%), China Shenhua Energy (12.01%), and China Petroleum & Chemical Corporation (8.40%) [1] Group 2 - The industry composition of the index shows that coal accounts for 37.51%, integrated oil and gas companies for 34.93%, and fuel refining for 20.53% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Special circumstances may lead to temporary adjustments to the index samples, such as delisting or corporate actions like mergers and acquisitions [2]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a significant milestone by completing a deepwater drilling operation in 11.5 days, setting a new record for drilling cycles in ultra-deep water depths of 3500 to 4000 meters, showcasing the advanced capabilities of China's independent deepwater drilling technology [2][3]. Group 1: Technological Advancements - The successful drilling operation demonstrates the effectiveness of China's complete technical system for deepwater drilling and the "intelligent" technology strength in the ultra-deepwater drilling sector [2]. - CNOOC has developed a unique deepwater intelligent drilling technology system and lean management model, breaking down drilling tasks into hundreds of routine operations, which enhances safety and efficiency throughout the drilling process [2]. Group 2: Industry Growth and Impact - Since the 14th Five-Year Plan, the volume of deepwater well drilling operations in China has increased by over 74% compared to the previous five years, supporting the production of large deepwater oil and gas projects and the continuous rise in marine oil and gas output [3]. - Major projects such as the "Deep Sea No. 1" and the Lingshui 36-1 gas fields have been efficiently drilled, contributing to the large-scale development of complex offshore oil and gas resources and accelerating the growth of China's marine drilling equipment industry [3]. Group 3: Future Directions - CNOOC aims to further advance deepwater oil and gas development technologies towards deeper and faster drilling, transitioning from experience-driven to data-driven and intelligent decision-making processes [3]. - The breakthroughs in deepwater drilling technology not only enhance operational efficiency and safety but also provide a "Chinese solution" for global deep-sea oil and gas development, highlighting China's independent innovation capabilities in marine technology [3].

Summary of Conference Call Records Company Overview - The conference call pertains to China National Offshore Oil Corporation (CNOOC), focusing on its operational and financial performance for the year 2024 [1][2][3]. Key Points and Arguments Financial Performance - CNOOC achieved a net production of 726.8 million barrels of oil equivalent, representing a year-on-year increase of 7.2% [2] - The company reported a net profit of approximately RMB 1,379 billion, maintaining a high profit level despite a 3% decline in Brent oil prices [3][9] - The total dividend for the year was HKD 1.40 per share, a 12% increase compared to the previous year, with a payout ratio of 44.7% [3][10] Production and Reserves - The company’s proven reserves reached a historical high of 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167% and a reserve life of 10 years [5] - Domestic net production increased by 5.6%, while overseas net production rose by 10.8%, primarily due to contributions from key oil fields [5][6] Cost Management - CNOOC maintained a competitive cost advantage, with major costs decreasing by 37% compared to 2013 [3] - The average oil production cost was USD 28.52 per barrel, reflecting a 1.1% decrease year-on-year [9] Strategic Initiatives - The company emphasized the importance of digital transformation and technological innovation to enhance production capabilities [7][8] - CNOOC is committed to green energy initiatives, including the development of offshore carbon capture and storage (CCS) projects [8] Additional Important Content - CNOOC's board has approved a value management plan to enhance shareholder value [1] - The company is focused on high-quality development and safety, ensuring robust governance and risk management practices [1][2] - Future strategies include a commitment to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, subject to shareholder approval [10] - The company plans to continue its efforts in exploration and production, with several key projects expected to contribute to future growth [6][9]

Summary of Conference Call Records Company and Industry - The conference call pertains to a Chinese offshore oil and gas company, focusing on its production, development projects, and financial performance in the energy sector. Key Points and Arguments Production and Development - The company has improved its production capabilities, with a projected increase in the oil recovery rate by 1.2 percentage points in 2024, bringing the natural avoidance rate down to 9.6% [1][4] - Key new projects for 2024 include: - The Sui Dong 361 Liao 52 oil field secondary adjustment project, with a peak daily output of 30,000 barrels of oil equivalent [1] - The Guo Zhong 19-2 oil field development project, which has seen a 27% acceleration in construction [1] - The Deep Sea No. 1 Phase II natural gas development project, expected to reach a peak daily output of 28,000 barrels of oil equivalent [1] - The Liu Hua 11141 oil field secondary development project, with a peak daily output of 18,000 barrels of oil equivalent [1] Cost Management and Efficiency - The company has maintained its average drilling cost below the company average, achieving the best drilling efficiency in five years [2] - Cost control measures have resulted in a 1.1% decrease in overall costs, with average operational costs remaining stable [5] - The company has implemented engineering standardization, leading to a 27% increase in overall capacity construction speed and a 5% reduction in costs through bulk procurement [2] Financial Performance - The company reported a stable oil and gas sales revenue and net profit, aligning with market trends [4] - Total assets exceeded RMB 1 trillion, with capital expenditures of RMB 132.5 billion supporting reserve increases and infrastructure development [5] - The company plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, subject to market conditions [6] Technological Advancements - The company has successfully launched Asia's first cylindrical FPSO and deepwater platform, enhancing its offshore oil and gas development capabilities [3] - Digital transformation initiatives have been implemented, including the development of intelligent oil and gas vessels [3] Environmental and Social Governance (ESG) - The company emphasizes its commitment to ESG, focusing on minimizing environmental impact and maximizing social contributions [4] - The company has initiated carbon capture and storage projects, with over 110,000 tons of CO2 injected [4] Market Outlook and Challenges - The company acknowledges the challenges posed by geopolitical tensions and trade policies, particularly regarding oil demand [28][30] - The company remains committed to enhancing its production capabilities while managing costs and risks associated with market uncertainties [29][30] Strategic Focus - The company aims to balance domestic energy security with its growth objectives, focusing on increasing natural gas production and optimizing overseas projects [26][27] - The company is exploring new technologies in deepwater exploration and production, with a focus on maintaining operational stability [38] Other Important Content - The company has received national awards for its innovative projects, highlighting its commitment to technological advancement in the energy sector [3] - The management has expressed confidence in meeting its three-year production targets, despite the increasing difficulty of achieving growth due to a larger production base [7][8]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **oil and gas industry** and the **coal industry** investment strategies, focusing on the performance of major companies in these sectors [1][2]. Key Points and Arguments - The oil sector is divided into three main segments: **oil and gas extraction**, **refining**, and **trading**. The performance of the three major oil companies is compared with oil prices, although specific company details are not disclosed [1]. - The **domestic economic recovery** is noted, with the oil and gas extraction sector showing signs of profitability, while the trading segment has experienced a slight decline [2]. - In 2024, the **CPI in the U.S.** is expected to rise at a decreasing rate, dropping below **3.0%**, indicating a potential slowdown in interest rate hikes by the Federal Reserve [2]. - The **revenue** for the oil and gas extraction sector in the first three quarters of 2024 reached **336.17 billion yuan**, a **6.01%** year-on-year increase, while the trading segment's revenue was **522.36 billion yuan**, reflecting a **2.52%** decline [3]. - Oil prices are projected to remain within a comfortable profit zone for oil companies, with a monthly average price of **$80.8 per barrel** for 2024, despite fluctuations [4]. - The **Brent crude oil price** averaged **$78.34 per barrel** in February, with a decline of **3.56%** from March [5]. - The **global oil supply** is expected to gradually increase in early 2025, but uncertainties remain regarding demand, particularly due to the new U.S. presidential administration's policies [5]. - OPEC's strategy includes **dynamic production cuts** and collaboration with non-OPEC countries to address market imbalances, with a recent decision to extend voluntary production cuts until March 2025 [6][7]. - The **Brent crude oil price** has shown steady growth since 2021, with a year-on-year increase of **0.7%** in the third quarter of 2024 [7]. - Companies like **CNOOC** and **PetroChina** reported significant profit growth, with CNOOC achieving a **19.5%** increase in net profit for the first three quarters of 2024 [8]. - Investment recommendations emphasize focusing on companies with **high dividends** and **growth potential**, particularly in a high oil price environment [8]. Additional Important Insights - The **capital expenditure** in the oil sector is increasing, which is expected to enhance production capacity and overall growth, distinguishing it from the coal sector [9][10]. - The discussion highlights the importance of balancing **dividend yields** and **growth potential**, with oil companies showing a lower dividend rate compared to coal companies [10]. This summary encapsulates the essential insights from the conference call, providing a comprehensive overview of the oil and gas industry's current state and future outlook.

本次股票上市流通日期为 2025 年 4 月 21 日。 一、 本次限售股上市类型 经中国证券监督管理委员会《关于核准中国海洋石油有限公司首次公开发行 股票的批复》（证监许可〔2022〕632号）核准并经上海证券交易所（以下简称"上 交所"）同意，中国海洋石油有限公司（以下简称"公司"）公开发行人民币普通股 （A股）股票（以下简称"首次公开发行"或"本次发行"）2,600,000,000股（超额 配售选择权行使前），并于2022年4月21日在上交所上市交易。 证券代码：600938 证券简称：中国海油 公告编号：2025-012 中国海洋石油有限公司 关于首次公开发行部分限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发战略配售股票（限售期为 36 个月）股份；股票认 购方式为网下，上市股数为 148,148,147 股。 本次股票上市流通总数为 148,148,147 股,均为首发战略配售股份。 2022年5月20日，本次发行超额配售选择权行使期届满，公司在初始发 ...