Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) [4] Core Views - The company focuses on high-quality development with stable capital expenditures and solid cost advantages, leading to a robust financial performance in 2024 and 2025 [2][11] - CNOOC's revenue for 2024 is projected at 420.5 billion RMB, a year-on-year increase of 0.94%, while the net profit attributable to shareholders is expected to reach 137.9 billion RMB, up 11.38% year-on-year [1][2] Financial Performance Summary - In Q1 2025, the company reported a revenue of approximately 106.9 billion RMB, a decrease of 4% year-on-year, with a net profit of 36.56 billion RMB, down 7.9% year-on-year [1][3] - The average realized oil price in Q1 2025 was 72.65 USD per barrel, a decline of 7.7% year-on-year, while natural gas prices increased by 1.2% to 7.78 USD per thousand cubic feet [3][10] - CNOOC's total oil and gas production for 2024 was 726.8 million barrels of oil equivalent, reflecting a year-on-year growth of 7.2% [2][10] Cost Management and Capital Expenditure - The company achieved a barrel of oil cost of 28.52 USD in 2024, a slight decrease from 28.83 USD in 2023, indicating improved cost management [10] - For 2025, CNOOC plans to maintain high capital expenditures between 125 billion to 135 billion RMB, focusing on exploration and production [11] Profitability Forecast - The forecast for net profit attributable to shareholders for 2025 is 139.76 billion RMB, with an expected EPS of 2.94 RMB [11][13] - The company is projected to maintain a stable net profit growth trajectory through 2027, with estimates of 143.45 billion RMB and 144.67 billion RMB for 2026 and 2027, respectively [11][13]

Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) [4] Core Views - The financial indicators for 2024 show steady improvement, with a significant increase in net profit attributable to shareholders by 11.38% year-on-year, reaching 137.936 billion yuan [2][11] - The company focuses on its core oil and gas business, continuously increasing reserves and production, leading to a rise in oil and gas output and net profit margin despite fluctuations in international oil prices [2][11] - The average realized oil price for the first quarter of 2025 was 72.65 USD/barrel, a decrease of 7.7% year-on-year, while gas prices increased by 1.2% [3][11] Financial Performance Summary - In 2024, the operating revenue is projected to be 420.506 billion yuan, a year-on-year increase of 0.94%, with a net profit of 137.936 billion yuan [2][13] - The company achieved an oil and gas production of 726.8 million barrels of oil equivalent in 2024, a growth of 7.2% year-on-year, with a sales net profit margin of 32.81%, up by 3.02% [2][11] - The debt-to-asset ratio improved to 29.05%, a decrease of 4.53% year-on-year, indicating better financial stability [2][11] Cost Management - The average oil cost per barrel for 2024 was 28.52 USD, down from 28.83 USD in 2023, reflecting a solid cost advantage [10] - The company plans to maintain high capital expenditures in 2025, with a budget of 125 to 135 billion yuan, focusing on exploration and development [11][13] Production Goals - The production target for 2025 is set between 760 to 780 million barrels of oil equivalent, representing a year-on-year growth of 5.9% [11][13] - The company aims to pursue high-quality development and effective production growth [11]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [4] Core Views - The IEA and EIA have raised their oil demand forecasts, with emerging markets expected to drive significant growth in oil demand in 2025, increasing by 860,000 barrels per day [1] - Despite economic slowdowns, emerging economies are projected to be the main contributors to oil demand growth, while OECD countries are expected to see a decline in demand [1] - OPEC+ production has decreased, and the execution of their production increase plans is under scrutiny, with potential impacts from geopolitical uncertainties [2][3] - The report highlights the importance of energy security amid ongoing geopolitical tensions, with major Chinese oil companies planning significant capital expenditures for upstream operations [3] Summary by Sections Oil and Petrochemicals - The IEA's May report adjusted the global oil demand forecast for 2025 upwards by 100,000 barrels per day to 74 million barrels per day, emphasizing the role of emerging markets [1] - The EIA also revised its 2025 global oil demand growth forecast to 1.38 million barrels per day, an increase of 30,000 barrels per day from the previous month [1] - OPEC's April production fell to 40.916 million barrels per day, a decrease of 106,000 barrels per day from the previous month, influenced by declines in Iran, Venezuela, and Kazakhstan [2] Geopolitical and Energy Security - Ongoing geopolitical uncertainties, including conflicts in Ukraine and the Middle East, pose challenges to energy security, prompting major Chinese oil companies to respond with increased capital expenditures [3] - The report suggests a continued positive outlook for major Chinese oil companies and their associated service firms [3] Investment Recommendations - The report recommends focusing on undervalued, high-dividend, and well-performing companies in the oil sector, including China National Petroleum, Sinopec, and CNOOC [3] - It also highlights opportunities in domestic material companies benefiting from the trend of domestic substitution, as well as in the pesticide and fertilizer sectors [3]

恩平15-1油田为高含二氧化碳油田，若按常规模式开发，二氧化碳将随原油一起被采出地面，不仅对海 上平台设施和海底管线造成腐蚀，还将增加二氧化碳排放量。 5月22日，智通财经从中国海油获悉，中国首个海上CCUS(二氧化碳捕集、利用与封存)项目在珠江口盆 地的恩平15-1平台正式投用。 据中国海油介绍，该油田开发伴生的二氧化碳被捕集、提纯、加压至超临界状态，通过该口CCUS井， 以初期8吨/小时的速度注入地下油藏，在驱动原油增产的同时，实现二氧化碳封存。 中国海油恩平油田作业区总经理万年辉表示，恩平15-1平台CCUS项目的投用，实现了中国海上二氧化 碳捕集、利用、封存装备技术的全链条升级，未来10年将规模化回注二氧化碳超100万吨，并驱动原油 增产达20万吨。 随着装备的进一步升级，该项目二氧化碳回注量将提升至17吨/小时，高峰单井增油量达1.5万吨/年，具 备更强的增产降碳能力。 恩平15-1平台是目前亚洲最大的海上原油生产平台，距离深圳西南约200公里，作业水深约90米，所开 发油田群高峰日产原油超7500吨。 于是，在2023年底，中国海油启动了恩平15-1油田CCUS项目。今年3月，中国海油发布消息称， ...

Core Viewpoint - The launch of China's first offshore carbon capture, utilization, and storage project at the Enping 15-1 platform in the Pearl River Mouth Basin marks a significant breakthrough in offshore carbon sequestration technology in the country [1] Company Summary - China National Offshore Oil Corporation (CNOOC) has successfully initiated the first offshore carbon capture project, indicating advancements in environmental technology within the oil and gas sector [1] Industry Summary - The project represents a major development in the offshore carbon capture and storage industry in China, highlighting the country's commitment to reducing carbon emissions and enhancing sustainable practices in energy production [1]

Core Insights - China National Offshore Oil Corporation (CNOOC) announced that the Bohai Oilfield aims to achieve an output of 40 million tons by 2025, making it the highest offshore production and largest oilfield in China [2] - The Bohai Oilfield has been in operation since 1965, with over 50 oil and gas fields and more than 200 production facilities, accumulating over 600 million tons of crude oil [2] - The oilfield has complex geological structures, making exploration and development challenging, but CNOOC has made significant technological advancements in exploration [2] - The Bohai Oilfield is a crucial growth driver for China's oil and gas reserves, with a record production of over 36 million tons in 2024, accounting for nearly one-sixth of the national crude oil output [2] - Key projects such as the Bohai Zhong 26-6 oilfield development and Luda 5-2 North oilfield phase II are expected to contribute to stable production growth [2][3] Industry Developments - The construction of the Kenli 10-2 oilfield group development project has made significant progress, with a central processing platform of approximately 20,000 tons completed and set to be operational within the year [3] - This new project is expected to inject new momentum into the Bohai Oilfield's goal of reaching 40 million tons of oil and gas output, enhancing energy supply capabilities for the Beijing-Tianjin-Hebei region and the Bohai Sea area [3]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5] Core Viewpoints - The domestic demand in China shows strong resilience, and the report is optimistic about the opportunities arising from packaging upgrades under new consumption trends. In April 2025, the total retail sales of consumer goods reached 3.72 trillion yuan, a year-on-year increase of 5.1%, although the growth rate decreased by 0.8 percentage points compared to March. From January to April, the total retail sales amounted to 16.18 trillion yuan, with a year-on-year growth of 4.7%, an increase of 0.6 percentage points compared to the same period last year [1][2] - The global high-barrier packaging film market is expected to exceed 100 billion yuan by 2030, with significant market potential for barrier materials such as PVDC, EVOH, and MXD6. The market for high-barrier packaging films is projected to reach 80.59 billion yuan in 2024, with a CAGR of 4.99% from 2024 to 2030 [2][4] - MXD6 is currently dominated by foreign companies, but domestic firms are expected to break through technical barriers and increase production. Companies like Sinochem International and Qicai Chemical are making significant advancements in MXD6 production technology, with Qicai Chemical's 5,000 tons/year MXD6 project entering trial production in September 2024 [3][4] Summary by Sections 1. Industry Overview - The report highlights the ongoing upgrade in product packaging driven by the trends of lightweight and high-performance materials, particularly in the food, pharmaceutical, and fine chemical sectors [1] 2. Market Size and Growth - The global high-barrier packaging film market is projected to grow significantly, with estimates of 80.59 billion yuan in 2024 and 107.97 billion yuan by 2030, indicating a robust growth trajectory [2] 3. Domestic Production and Competition - Domestic production of MXD6 is set to increase as companies overcome technical barriers, with notable projects underway that will enhance local supply and potentially lower prices [3]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully produced the first ton of green methanol from urban waste, marking a significant step in sustainable energy production and carbon reduction efforts [2]. Group 1: Project Overview - The green methanol project utilizes biogas generated from urban waste such as kitchen scraps and animal manure, leveraging existing natural gas methanol production facilities [2]. - The project has achieved a greenhouse gas reduction of 79% over its entire lifecycle compared to traditional methanol, exceeding the EU's reduction standards by 10% [2]. Group 2: Certification and Market Access - The project received the ISCC EU certification in early May, which is essential for bioenergy products entering the EU market, thus facilitating international market access for CNOOC's green methanol [2]. - The ISCC EU certification signifies that the green methanol product is recognized in over 100 countries and regions, providing a solid foundation for future production and sales [2]. Group 3: Industry Implications - The green methanol demonstration project aims to create a circular economy model centered around "urban waste - clean energy - green fuel," contributing to the company's transition towards greener practices [2]. - Green methanol, produced from renewable resources, is expected to play a crucial role in achieving carbon neutrality goals and has significant market potential, particularly in the shipping industry [3].

Core Viewpoint - The collaboration between major Chinese oil companies and electric vehicle manufacturers is accelerating the development of charging and battery swapping infrastructure, which is crucial for the growth of the electric vehicle market in China [2][8]. Group 1: Infrastructure Development - Sinopec and BYD have successfully established China's first megawatt fast charging station in Shenzhen, which is part of a broader initiative to create a comprehensive energy service network [2][3]. - China National Petroleum Corporation (CNPC) has opened its first supercharging station in Shanghai, equipped with multiple high-capacity charging units to cater to various user needs [4]. - The partnership between CATL and Sinopec aims to build at least 500 battery swapping stations this year, with a long-term goal of expanding to 10,000 stations nationwide [2][3]. Group 2: Strategic Partnerships - Sinopec and CATL have signed a cooperation agreement to leverage their respective strengths in energy infrastructure and battery technology for the development of battery swapping stations [3][6]. - CNOOC has partnered with NIO to promote battery swapping models, with plans to create a comprehensive energy service area that integrates oil, solar power, supercharging, and battery swapping [4][6]. Group 3: Market Trends and Opportunities - The rural areas are emerging as a new growth point for the electric vehicle market, prompting major oil companies to engage in the development of charging infrastructure in these regions [5][8]. - The transition from traditional energy suppliers to integrated energy service providers is reshaping the competitive landscape, with oil companies aiming to capture new market shares in the electric vehicle sector [2][8]. Group 4: Future Outlook - The ongoing development of charging networks is expected to provide comprehensive coverage across urban and rural areas, enhancing the convenience of electric vehicle usage [10]. - Innovations in charging speed, battery life, and energy storage efficiency are anticipated, which will further improve the user experience in the electric vehicle market [10]. - The exploration of diverse business models, including energy retail and data operations, is likely to create a comprehensive energy service ecosystem [10].

国家会议中心总经理孙晓芳在WGC2025展览开幕式上介绍，展览分为三个展区，涵盖燃气产业链的十多个领域，参展的中外企业共计200余家，包含埃克森 美孚、壳牌、道达尔、BP、马石油、卡塔尔能源等全球顶级能源企业，国际企业展览面积占比超过50%，为国际化高端交流与合作搭建了平台。预计吸引 逾3万名中外观众参观交流。 中国经济网北京5月20日讯（记者王婉莹）第29届世界燃气大会（WGC2025）20日在国家会议中心开幕，以"赋能可持续未来"为主题，吸引来自全球70个国 家和地区的3000余名代表，这也是世界燃气大会自创办近百年来首次在中国举办。WGC2025同期举办的展览面积约5万平方米，创下历届世界燃气大会配套 展览面积之最。 以"赋能可持续未来"为主题的第29届世界燃气大会在京举办。中国经济网记者王婉莹/摄 作为国际燃气联盟（IGU）三大旗舰活动之一，世界燃气大会每三年举办一届，被誉为全球燃气行业的"奥林匹克大会"。世界燃气大会于1931年首次亮相英 国伦敦，至今已成功举办28届。本届WGC2025由国际燃气联盟主办、北京燃气集团承办、首都会展集团独家运营。 本届WGC2025将举办80余场高规格专题论坛，涵盖 ...