Quantitative Models and Construction Methods Model Name: Central Enterprise Innovation Index (000861.CSI) - **Model Construction Idea**: The index selects 100 representative listed companies under the State-owned Assets Supervision and Administration Commission (SASAC) based on their innovation and profitability to reflect the overall performance of innovative central enterprises[8] - **Model Construction Process**: - **Sample Space**: All listed companies under SASAC[9] - **Step 1**: Rank the securities in the sample space by average daily trading volume over the past year and exclude the bottom 20%[9] - **Step 2**: Select the remaining securities controlled by SASAC and its subsidiaries[9] - **Step 3**: Exclude securities with negative operating cash flow in the past year and negative net profit excluding non-recurring items in the past two years[9] - **Step 4**: Calculate the innovation score for non-financial companies based on R&D expenditure, R&D personnel ratio, patent quality score, and participation in national or industry standards. For financial companies, use revenue, net profit, patent quality score, and participation in standards[9] - **Step 5**: Rank the remaining securities by innovation score and select the top 50% as innovation-themed securities[9] - **Step 6**: Calculate the quality score for non-financial companies based on ROE, net profit growth, earnings quality, and financial leverage. For financial companies, use ROE and net profit growth. Combine the quality score with the scale score (based on market cap) to get a comprehensive score[9] - **Step 7**: Select the top 100 securities by comprehensive score as index samples[9] - **Adjustment**: The index samples are adjusted semi-annually[9] - **Model Evaluation**: The index is designed to reflect the performance of innovative central enterprises, with a focus on maintaining representativeness and accuracy through regular adjustments[8][9] Model Backtesting Results - **Central Enterprise Innovation Index**: - **Cumulative Return Since Inception**: 138.08%[5][10] - **Excess Return Over Major Indices**: - CSI 300: 79.25%[5] - SSE Composite Index: 83.67%[5] - CSI 500: 54.40%[5] - CSI 800: 74.09%[5] - **5-Year Cumulative Return**: 33.70%[10] - **Excess Return Over Major Indices in 5 Years**: - CSI 300: 49.24%[10] - SSE Composite Index: 29.47%[10] - CSI 800: 47.94%[10] Quantitative Factors and Construction Methods Factor Name: Innovation Score - **Factor Construction Idea**: Evaluate the innovation capability of non-financial and financial companies based on specific indicators[9] - **Factor Construction Process**: - **Non-Financial Companies**: - R&D expenditure to market cap ratio (40% weight) - R&D personnel ratio (10% weight) - Patent quality score (40% weight) - Participation in national or industry standards (10% weight)[9] - **Financial Companies**: - Revenue (40% weight) - Net profit (10% weight) - Patent quality score (40% weight) - Participation in national or industry standards (10% weight)[9] - **Calculation**: Sum the weighted scores to get the innovation score[9] Factor Name: Quality Score - **Factor Construction Idea**: Assess the financial quality of companies based on profitability and financial stability[9] - **Factor Construction Process**: - **Non-Financial Companies**: - ROE (30% weight) - Net profit growth (35% weight) - Earnings quality (25% weight) - Financial leverage (10% weight)[9] - **Financial Companies**: - ROE (50% weight) - Net profit growth (50% weight)[9] - **Calculation**: Sum the weighted scores to get the quality score[9] Factor Backtesting Results - **Innovation Score**: - **Top 50% Selection**: Used to identify innovation-themed securities[9] - **Quality Score**: - **Comprehensive Score Calculation**: Combined with scale score to select top 100 securities[9]

证券研究报告 原油周报：美国原油产量下滑，钻机&压裂车队数量下降 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7月27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 1. 原油周度数据简报 2. 本周石油石化板块行情回顾 3. 原油板块数据追踪 4. 成品油板块数据追踪 5. 油服板块数据追踪 6. 风险提示 2 ◼ 1）原油价格：本周Brent/WTI原油期货周均价分别68.8/65.8美元/桶，较上周分别-0.3/-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8.2/4.2/4.0/0.2亿桶，环比-337/- 317/-20/+46万桶。 ◼ 3）原油产量：美国原油产量为1327万桶/天，环比-10万桶/天。美国活跃原油钻机本周415台，环比-7台。美国活跃压 裂车队本周174部，环比-6部。 ◼ 4）原油需求：美国炼 ...

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 ...

石化周报 油价震荡，关注 OPEC+下周会议 2025 年 07 月 26 日 ➢ 油价震荡，关注 OPEC+下周会议。基本面方面，欧佩克+联合部长级监督 委员会（JMMC）将于 7 月 28 日举行，涉及额外自愿减产 220 万桶/日的八个 OPEC+产油国的会议则将于 8 月 3 日单独举行，目前市场预期 OPEC+将不会对 当前的增产计划做出调整，即八个 OPEC+产油国将于 9 月进一步增产 54.8 万桶 /日，而后此前 220 万桶/日的减产将全面解除。国际形势方面，关税引发的贸易 争端仍在持续，7 月 23 日，欧盟成员国就另一份价值约 720 亿欧元的清单进行 表决并通过，主要涉及飞机、汽车及电气设备等高价值工业产品，叠加 4 月欧盟 批准的涉及大豆、摩托车、牛仔裤等商品的 210 亿欧元的第一轮关税措施，欧盟 两份清单形成的一揽子报复清单总额达 930 亿欧元；欧盟表示，如果无法在 8 月 1 日美关税措施生效日之前与美达成满意的贸易协议，欧盟将采取反制措施应对 美关税，如果谈判破裂，反制措施将于 8 月 7 日开始生效。目前，原油基本面暂 无明显好转，OPEC+的增产基本对冲了旺季的需求回 ...

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].

中海油化工与新材料科学研究院（北京）有限公司，成立于2016年，位于北京市，是一家以从事研究和 试验发展为主的企业。企业注册资本96123.55万人民币。通过天眼查大数据分析，中海油化工与新材料 科学研究院（北京）有限公司共对外投资了1家企业，参与招投标项目283次，专利信息203条，此外企 业还拥有行政许可3个。 中海油（青岛）重质油加工工程技术研究中心有限公司，成立于2007年，位于青岛市，是一家以从事研 究和试验发展为主的企业。企业注册资本82362.89万人民币。通过天眼查大数据分析，中海油（青岛） 重质油加工工程技术研究中心有限公司参与招投标项目51次，专利信息179条，此外企业还拥有行政许 可20个。 金融界2025年7月26日消息，国家知识产权局信息显示，中国海洋石油集团有限公司;中海石油炼化有限 责任公司;中海油化工与新材料科学研究院（北京）有限公司;中海油（青岛）重质油加工工程技术研究 中心有限公司取得一项名为"一种催化裂化或催化裂解过程中的分馏装置、方法及用途"的专利，授权公 告号CN116676099B，申请日期为2023年06月。 天眼查资料显示，中国海洋石油集团有限公司，成立于198 ...

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].

智通财经7月25日电，天眼查显示，近日，中海油甬能（宁波）仓储有限公司成立，法定代表人为李戎 戈，注册资本约22.14亿人民币，经营范围含普通货物仓储服务、仓储设备租赁服务、货物进出口、技 术进出口等。股东信息显示，该公司由中国海油旗下中海石油化工进出口有限公司以及宁波开投能源集 团有限公司共同持股。 中国海油等在宁波成立仓储公司 注册资本22.14亿 ...

2025 年 7 月 25 日 公司研究 渤海亿吨级浅层岩性油田投产，助力公司高质量增储上产 ——中国海油（600938.SH）事件点评 要点 事件：根据公司官网，垦利 10-2 油田群开发项目（一期）已投产，标志着中国 海上最大规模浅层岩性油田正式进入生产阶段。 点评： 项目高峰产量 1.94 万桶油当量/日，助力公司高质量增储上产。垦利 10-2 油田 群开发项目位于渤海南部海域，平均水深约 20 米，依托已有设施进行开发，新 建 1 座中心平台和 2 座井口平台。计划投产开发井 79 口，包括冷采井 33 口， 热采井 24 口，注水井 21 口，水源井 1 口，预计 2026 年实现约 1.94 万桶油当 量/日的高峰产量，油品性质为重质原油。垦利 10-2 油田是渤海湾盆地凹陷带浅 层发现的首个亿吨级岩性油田，项目的成功投产，标志着中国海上复杂稠油油藏 开发迈入新阶段，将有力推动中国海油渤海油田年内实现 4000 万吨总产量目标， 以高水平开发实现公司高质量发展。 加强科技攻关，创新开发稠油油藏。作为我国海上首次开发的枝蔓状稠油油藏， 垦利 10-2 油田的储量分布具有"散、窄、薄、杂"的特点，开采 ...

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]