Group 1 - CNOOC (Oriental) Energy Co., Ltd. was established on September 11, with a registered capital of 1 billion yuan [1] - CNOOC (Hainan) New Energy Co., Ltd., a wholly-owned subsidiary of CNOOC, holds a 55% stake, while Mingyang Smart Energy holds a 45% stake [1] - The business scope includes power generation, transmission, and distribution services, as well as installation, maintenance, and testing of electrical facilities [1] Group 2 - The company will engage in various technical services related to power generation, including solar and wind power technology services [1] - Research and development for wind farm systems and offshore wind power systems are also part of the company's operations [1] - The company is authorized to conduct business activities that are not prohibited or restricted by laws and regulations [1]

9月10日，2025年中国国际服务贸易交易会(下称"服贸会")在北京开幕。与中国服务贸易同频共振的13 年，服贸会也完成了"华丽蜕变"，从最初聚焦服务外包，到如今全面拥抱数智化，并把绿色化、国际化 融入展会基因。参展的石油和化工企业则顺应服务贸易数字化、智能化、绿色化新趋势，展示专业化解 决方案、一体化产业生态和多元化服务体系，让服贸会成为石化产业发展新成果的秀场。 科技"打底"，成就一体化服务生态与专业化解决方案。积极参与本届服贸会的中国石化，在首钢园环境 服务专题展区现场设置面积为304平方米的展区，重点展示中国石化在新能源、新技术创新研发与应用 方面的最新成果，以及面向市场推出的数字化、一体化服务生态。 整个展区科技感十足，模块化空间布局与数字科技演绎引人注目。其中，新能源服务展区聚焦氢能和二 氧化碳捕集、利用与封存(CCUS)技术，以及地热、风光绿电、生物燃料等领域，充分展示中国石化在 洁净能源方面的成果，体现了中国石化在能源转型和产业升级方面作出的贡献；人·车·生活展区设置易 捷养车、易捷咖啡、加油充电服务、易捷特色商品等板块，系统展示易捷多元业态与"能源+服务"新生 态；多样化服务体系展区集中呈现 ...

截至2025年9月15日9:45，国证自由现金流指数上涨0.07%，成分股上海建工一字涨停，亚太股份、安孚科技、中通客车、太龙股份等领涨。自由现金流 ETF(159201)多空胶着，最新报价1.12元。流动性方面，截至9月12日，自由现金流ETF近1月日均成交3.43亿元，排名可比基金第一。资金流入方面，自由现 金流ETF近10个交易日内有7日资金净流入，合计"吸金"9792.07万元。 截至9月12日，自由现金流ETF近6月净值上涨12.46%。从收益能力看，截至2025年9月12日，自由现金流ETF自成立以来，最高单月回报为7%，最长连涨月 数为4个月，最长连涨涨幅为16.68%，涨跌月数比为5/1，上涨月份平均收益率为3.46%，月盈利百分比为83.33%，月盈利概率为82.11%，历史持有6个月盈 利概率为100%。截至2025年9月12日，自由现金流ETF近3个月超越基准年化收益为11.31%。 跟踪精度方面，截至2025年9月12日，自由现金流ETF近1月跟踪误差为0.064%，在可比基金中跟踪精度最高。 自由现金流ETF紧密跟踪国证自由现金流指数，国证自由现金流指数反映沪深北交易所自由现金流水平 ...

Core Viewpoint - The article discusses the development of green methanol as a sustainable energy source, highlighting its potential in various applications and the importance of industry collaboration in advancing technology and market adoption [2][28]. Event Overview - The 2025 Liquid Sunshine Industry Development Forum will take place from September 24 to 26 in Dalian, Liaoning, organized by DT New Energy and supported by various industry leaders [2][4]. - The forum will feature multiple sessions focusing on green methanol, including key technology advancements, industry strategies, and international collaboration [4][28]. Session Highlights - The opening ceremony will include discussions on the macro development of liquid sunshine (green methanol) and key technologies for its production [28][33]. - Notable sessions will cover topics such as carbon dioxide high-value utilization, biomass gasification coupled with green hydrogen production, and the ecological construction and application of green methanol [28][38]. Participant Engagement - Over 40 companies involved in green methanol projects are expected to attend, including major players like China Petroleum and Chemical Corporation and China National Offshore Oil Corporation [11][12]. - The event will also feature a welcome dinner and opportunities for networking among industry professionals [4][37]. Technical Presentations - Presentations will include insights on renewable methanol technology, carbon capture and resource utilization, and advancements in sustainable aviation fuel production [33][42]. - Experts from various institutions, including Tsinghua University and the Chinese Academy of Sciences, will share their research and developments in green methanol technologies [32][41].

2025 年 09 月 14 日 行业研究 评级：推荐(维持) | 研究所： | | --- | 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 杨丽蓉 S0350524090008 yanglr@ghzq.com.cn [Table_Title] 反内卷有望重估化工行业，丙烯酸及酯、聚合 MDI 价格上涨 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/09/12 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 6.2% | 17.4% | 51.0% | | 沪深 300 | 9.1% | 16.2% | 42.5% | 相关报告 《基础化工行业周报：碳酸锂、光引发剂价格上涨， 反内卷有望带动化工景气反转（推荐）*基础化工* 李永磊，董伯骏，杨丽蓉》——2025-08-17 《基础化工行业周报：钾肥、草甘膦、有机硅价格 上涨，关注中报业绩预增投资机会（推荐）*基础 ...

2025 年 9 月 14 日 行业研究 油气实现重大找矿突破，油服行业有望维持景气 ——石油化工行业周报第 420 期（20250908—20250914） 要点 油气行业实现重大找矿突破，油服有望受益于国内增储上产行动持续深化。 9 月 10 日，自然资源部宣布，我国能源矿产特别是石油、天然气和铀矿实现重 大找矿突破。"十四五"期间，新发现 10 个大型油田、19 个大型气田，新增 油气储量的大幅增长，支撑保障了我国石油稳产 2 亿吨，天然气产量超过 2400 亿方。下一步，自然资源部将持续推进新一轮找矿突破战略行动，加大勘探开 发力度。得益于我国长期以来的增储上产战略，2019 年以来我国原油产量止 跌回升，天然气产量稳步增长，19-24 年我国原油产量 CAGR 为 2.2%，天然 气产量 CAGR 为 7.3%。"三桶油"响应国家增储上产号召，于 2020-2023 年 间大力提升资本开支，并于 2024、2025 年维持高位，使得"三桶油"下属油 服企业充分受益。 25 年全球上游资本开支小幅下行，钻井日费维持高位。Raytad Energy 预测 2025 年全球上游勘探开发支出预计在 6000 ...

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Cautiously Optimistic" investment rating [3][4]. Core Insights - OPEC's actual production increase is lower than expected, leading to an anticipated stable oil price range of $60-70 per barrel in the medium term [4][5]. - The upstream sector shows signs of recovery with oil prices rising, while drilling day rates remain stable [4][24]. - The refining sector is experiencing mixed results, with some product margins improving while others decline [4]. - The polyester sector is expected to see a recovery in profitability as supply and demand dynamics improve [4][18]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $66.99 per barrel, a week-on-week increase of 2.27%, while WTI futures rose by 1.33% to $62.69 per barrel [4][24]. - U.S. commercial crude oil inventories increased by 2.42 million barrels to 425 million barrels, remaining 4% lower than the five-year average [24][25]. - The number of active U.S. drilling rigs increased by 2 to 539, although this is a decrease of 51 rigs year-on-year [35][38]. Refining Sector - The Singapore refining margin for major products decreased to $16.66 per barrel, down by $1.41 from the previous week [4]. - The price spread between gasoline and WTI crude oil fell to $18.30 per barrel, down by $2.48 from the previous week [4]. - The report suggests that refining profitability may improve as economic recovery progresses [4]. Polyester Sector - PTA prices have declined, with the average price in East China at 4606.6 CNY per ton, down 2.02% week-on-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [4][18]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials [4][18]. - In the refining sector, it suggests monitoring quality companies like Hengli Petrochemical and Sinopec [4][18]. - For upstream exploration and production, it highlights companies like CNOOC and China National Petroleum Corporation as having strong prospects [4][18].

证券研究报告 原油周报：OPEC+快速增产，国际油价下降 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2025年9月14日 请务必阅读正文之后的免责声明部分 投资要点 ◼ 【美国原油】 4 2 ◼ 1）原油价格：本周Brent/WTI原油期货周均价分别66.7/62.7美元/桶，较上周分别-0.8/-1.2美元/桶。 ◼ 2）原油库存：美国原油总库存、商业原油库存、战略原油库存、库欣原油库存分别8.3/4.2/4.1/0.2亿桶，环比 +445/+394/+51/-37万桶。 ◼ 3）原油产量：美国原油产量为1350万桶/天，环比+7万桶/天。美国活跃原油钻机本周416台，环比+2台。美国活跃压 裂车队本周164部，环比+5部。 ◼ 4）原油需求：美国炼厂原油加工量为1682万桶/天，环比-5万桶/天；美国炼厂原油开工率为94.9%，环比+0.6pct。 ◼ 5）原油进出口量：美国原油进口量、出口量、净进口 ...

Core Insights - The report highlights that in 2024, China's oil and gas production reached a historic high of 4.09 million tons, marking a continuous increase for eight years, and successfully completed the "Seven-Year Action Plan" two years ahead of schedule [1][8]. Group 1: Production and Exploration Achievements - In 2024, China's crude oil production reached 213 million tons, nearing historical peaks, while natural gas production exceeded 246.5 billion cubic meters, maintaining a growth of over 10 billion cubic meters for eight consecutive years [1][8]. - The marine and unconventional oil and gas sectors were the main contributors to production growth, with marine oil and gas production exceeding 85 million tons and shale oil production increasing by 35% year-on-year to over 6 million tons [1][2]. Group 2: Exploration Breakthroughs - The exploration sector focused on five key areas: deep and ultra-deep layers, marine, unconventional, new regions, and mature exploration areas, achieving significant breakthroughs [2]. - Notable achievements include the completion of China's first ultra-deep well "Deep Earth Taka 1" at a depth of 10,910 meters and the discovery of major oil fields in the Pearl River Mouth Basin and Qiongdongnan Basin [2]. Group 3: Technological Innovations - In 2024, China made significant advancements in oil and gas geological theory, exploration and development technologies, and equipment autonomy, enhancing the industry's technological capabilities [3]. - The introduction of high-density seismic exploration technology and advancements in shale gas drilling techniques led to an additional crude oil production of over 36 million tons in 2024 [3]. Group 4: Green Transition and Renewable Energy Integration - The oil and gas industry accelerated its integration with renewable energy, adding over 4 million kilowatts of solar and wind power capacity in 2024, and achieving record geothermal heating area [4]. - The application of CCUS (Carbon Capture, Utilization, and Storage) technology deepened, with 10 new CCUS-EOR projects added in 2024, cumulatively injecting 14.73 million tons of CO2 [4]. Group 5: Future Outlook - For 2025, the oil and gas industry aims to focus on high-quality development, with plans to maintain crude oil production at 200 million tons and continue increasing natural gas production by over 10 billion cubic meters for nine consecutive years [4].

机构：中银证券 研究员：徐中良 2025 年上半年公司实现营业收入2076.08 亿元，同比下降8.45%；归母净利润695.33 亿元，同比下降 12.79%。其中，二季度实现营业收入1007.54 亿元，同比下降12.62%，环比下降5.71%；归母净利润 329.70 亿元，同比下降17.60%，环比下降9.83%。公司增储上产成果丰硕，油气主业根基牢固，提质增 效持续深化，成本竞争优势进一步巩固，业绩韧性凸显，抗风险能力提升，看好公司油气主业的高质量 发展，维持"买入"评级。 支撑评级的要点 价值创造能力稳步提升，财务指标稳健向好。2025 年上半年，布伦特原油均价同比下跌15.1%，公司销 售毛利率为53.5%，同比下降0.2 pct，净资产收益率（摊薄）为8.8%，同比下降2.3 pct，资本负债率 8.4%，较去年末下降2.5 pct；公司经营活动现金流净流入1091.8 亿元，同比下降7.9%，投资活动现金流 净流出737.8 亿元，同比减少6.4%，融资活动现金流净流出224.5 亿元，同比减少26.0%。在油价下行周 期，公司展现出较强的盈利韧性，财务状况健康良好。 增储上产成果丰硕，技术 ...