Investment Rating - The report maintains an "Outperform" rating for the chemical industry, indicating a positive outlook based on expected economic recovery and demand improvement [1]. Core Insights - The basic chemical industry is expected to see a recovery in profitability, with 2024 revenues projected to reach CNY 2,219.98 billion, a year-on-year increase of 2.66%, while net profit is expected to decline by 8.18% to CNY 108.87 billion [6][26]. - The oil and petrochemical sector is anticipated to maintain stable revenues and profits, with 2024 revenues estimated at CNY 7,941.40 billion, a decrease of 2.81%, and net profit expected to grow by 0.58% to CNY 372.14 billion [1][26]. - The report highlights that 23 out of 33 sub-industries in the basic chemical sector experienced revenue growth in 2024, with significant increases in chlor-alkali and textile chemicals [6][15]. Summary by Sections Industry Overview - The basic chemical industry is experiencing a decline in profitability, with gross and net profit margins at 16.27% and 5.13%, respectively, both down from 2023 [26]. - The report notes that the industry has been in a continuous decline in profitability from 2022 to 2024, but signs of stabilization are emerging [26]. Sub-Industry Performance - In 2024, chlor-alkali and textile chemicals showed the highest profit growth rates at 262.84% and 125.27%, respectively [15][26]. - Conversely, non-metallic materials and other plastic products faced significant profit declines of 79.24% and 67.49% [15][26]. Quarterly Analysis - For Q4 2024, the basic chemical industry reported revenues of CNY 565.72 billion, a year-on-year increase of 5.15%, but a quarter-on-quarter decline of 0.90% [6][7]. - Net profit for Q4 2024 was CNY 14.16 billion, down 10.73% year-on-year and 51.03% quarter-on-quarter [6][7]. Investment Recommendations - The report suggests focusing on companies in rapidly developing downstream sectors, particularly in new materials, energy security, and policy-driven demand recovery [1][26]. - Recommended companies include China National Petroleum, China National Offshore Oil, and various technology firms in the semiconductor and new energy materials sectors [1][26].

Group 1 - The central enterprise energy ETF has a turnover rate of 2.38% and a transaction volume of 3.0688 million yuan, with an average daily transaction volume of 5.4144 million yuan over the past week as of May 16 [2] - The index tracked by the ETF, the China Securities National New Central Enterprise Modern Energy Index, is currently at a historical low valuation with a price-to-book ratio (PB) of 1.41, which is below 95.4% of the time over the past year, indicating a strong valuation cost-effectiveness [2] - The top ten weighted stocks in the index, including Changjiang Electric Power and China Nuclear Power, account for a total of 51.18% of the index as of April 30, 2025 [2] Group 2 - The A-share market has historically undervalued low-covariance assets due to insufficient risk awareness, but there is a growing recognition of the importance of the "return-risk ratio" amid increased market volatility, leading to a valuation uplift for utility and other low-covariance assets [2] - Huayuan Securities recommends selecting hydropower with strong risk resistance and undervalued quality thermal power benefiting from declining coal prices, while also suggesting a preference for undervalued quality wind power operators despite uncertainties in the new energy market under Document No. 136 [2]

Group 1 - The National Petroleum and Natural Gas Index (399439) has shown a slight increase of 0.30% as of May 19, 2025, with notable gains in constituent stocks such as Huajin Co. (000059) up by 3.62% and Lansi Heavy Industry (603169) up by 2.22% [1] - The Oil and Gas ETF (159697) has risen by 0.52%, currently priced at 0.97 yuan, indicating a positive trend in the oil and gas sector [2] - Recent innovations in key technologies for oil and gas exploration and development have positioned shale gas as a significant area for sustainable resource development in China, with major shale gas demonstration zones established in the Sichuan Basin [2] Group 2 - The Sichuan Basin has identified eight shale gas fields with a total resource volume of 16.5 trillion cubic meters, contributing to national energy security through the localization of critical equipment and tools [2] - East China Securities anticipates a recovery in trade, which will positively impact oil demand, predicting that oil prices may bottom out in the second quarter and recover thereafter, benefiting upstream resource companies [2] - Guoxin Securities highlights the vast potential for deep-sea oil and gas development in China's northern and central southern South China Sea, supported by relevant technological policies [2][3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, with major players including China National Petroleum (601857) and China Petroleum & Chemical (600028) [3]

Group 1 - The implementation of the Central Eight Regulations has been prioritized by China National Offshore Oil Corporation (CNOOC) at all levels, integrating learning into daily practices and emphasizing leadership involvement [1][2] - Hainan Branch has developed a detailed implementation plan for learning education, including a task list and important activity arrangements, utilizing various methods such as reading classes and online learning platforms [1] - Shanghai Branch has established a working group to enhance the organization and coordination of learning education, with all grassroots party organizations having completed their deployment by the end of March [1] Group 2 - Zhonglian Company has initiated grassroots engagement through a "Four Down to the Grassroots" approach, optimizing mechanisms to address issues faced by frontline employees [2] - The Engineering Technology Company in Shanghai has created a three-dimensional working structure to ensure effective communication and implementation of the Central Eight Regulations [2] - The Sinopec Zhongjie Petrochemical Party Branch has implemented a three-pronged learning mechanism combining personal study, group study, and on-site learning to enhance the effectiveness of education [2][3] Group 3 - The Tianjin Branch has promoted a culture of frugality and efficiency in the Zhuangzhong 19-4 oilfield through various learning activities [3] - The Zhanjiang Branch has adopted a "most run once" reform approach to reduce bureaucratic burdens at the grassroots level [3] - CNOOC's procurement center has launched a "three stricts" initiative to enhance transparency and accountability in procurement processes, aiming to eliminate corruption [3]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1]. Core Insights - The report highlights the potential revaluation of phosphate rock value due to ongoing supply-demand tensions, with increasing demand for phosphate fertilizers and lithium iron phosphate batteries [6][4]. - The chemical industry is expected to enter a restocking cycle in 2025, driven by low inventory levels and improving profitability among leading chemical companies [5][27]. - The report emphasizes the expansion of phosphate production capacity by Batian Co., which is set to increase its phosphate rock extraction capacity to 2 million tons per year [4][6]. Summary by Sections Core Target Tracking - The report tracks key companies in the chemical sector, including Batian Co., which is expanding its phosphate production capacity significantly [4][6]. - It also notes the performance of various chemical products, with a focus on price increases for butadiene and polyester filament due to favorable market conditions [10][14]. Market Observation - The chemical sector has shown a relative performance of 6.7% over the past month, outperforming the CSI 300 index [2]. - The report indicates that the chemical industry is experiencing a recovery phase, with several companies poised for growth due to favorable market dynamics [5][27]. Data Tracking - The report provides detailed tracking of price movements for key chemical products, including butadiene, polyester filament, and various fertilizers, indicating a general upward trend in prices [10][12][17]. - It also highlights the current chemical industry sentiment index at 93.10, reflecting a positive outlook for the sector [6][33]. Investment Recommendations - The report suggests focusing on companies with low-cost expansion capabilities, such as Wanhua Chemical and various tire manufacturers, as well as those benefiting from rising product prices [5][7]. - It emphasizes the importance of high dividend yield companies in the chemical sector, particularly state-owned enterprises with stable financials [8][29].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, suggesting investment opportunities in key companies [3][5]. Core Insights - The EIA has continuously revised down its oil price forecasts for 2025 and 2026, now predicting an average of $66 and $59 per barrel respectively. The forecast for US natural gas prices is $4.1 and $4.8 per million British thermal units for the same years [6][7]. - Global oil demand growth is expected to remain stable, with IEA projecting increases of 740,000 and 760,000 barrels per day for 2025 and 2026 respectively. OPEC forecasts a demand increase of 1.3 million and 1.28 million barrels per day for the same years [10][11]. - On the supply side, OPEC is expected to contribute additional production, with EIA forecasting a global oil production increase of 1.38 million and 1.3 million barrels per day for 2025 and 2026 respectively [15][18]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $65.41 per barrel, a 2.35% increase week-on-week. WTI futures rose by 2.41% to $62.49 per barrel [25]. - The US oil rig count decreased to 576, down by 2 from the previous week and down 28 year-on-year [38][41]. Refining Sector - The Singapore refining margin increased to $12.72 per barrel, while the US gasoline crack spread rose to $27.41 per barrel [6][19]. - The report anticipates improved refining profitability as oil prices adjust, with a gradual recovery expected as economic conditions improve [6][19]. Polyester Sector - PTA prices have risen, while PTA profitability has declined. The report notes that the overall performance of the polyester industry is average, with a potential improvement expected as new capacities come online [6][19]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong. It also suggests investing in companies with high dividend yields like China National Petroleum and CNOOC [21][22]. - For the downstream polyester sector, companies like Tongkun Co. and Wankai New Materials are highlighted as potential investment opportunities [21][22].

Core Insights - The Industrial and Commercial Bank of China (ICBC) has launched the ICBC CSI All-Share Free Cash Flow ETF (code: 159236) on May 16, 2025, on the Shenzhen Stock Exchange, which closely tracks the CSI Free Cash Flow Index [1] - The ETF focuses on high free cash flow rate companies with stable operating cash flow over five years, targeting cyclical sectors like coal and oil, as well as consumer and growth sectors such as home appliances and pharmaceuticals, characterized by high profitability, low valuation, and high dividends [1] - As of May 12, 2025, the top ten weighted stocks in the index include Midea Group, China Shenhua, CNOOC, Wuliangye, and COSCO Shipping, accounting for a total of 65.55% of the index [1] Index Composition - The top ten stocks in the CSI Free Cash Flow Index are as follows: - Midea Group: 10.61% - China Shenhua: 10.52% - CNOOC: 9.89% - Wuliangye: 9.51% - COSCO Shipping: 7.39% - Shaanxi Coal and Chemical Industry: 6.28% - China Coal Energy: 3.77% - Aluminum Corporation of China: 3.63% - China Power: 2.13% - Yuntianhua: 1.82% [2] Comparison with Dividend Index - The CSI Free Cash Flow Index differs from the Dividend Index in stock selection criteria, industry distribution, rebalancing frequency, and stock concentration [4] - The Free Cash Flow Index excludes financial and real estate sectors, focusing more on financial quality and being more sensitive to fundamental changes, while the Dividend Index has a higher distribution in banking and real estate, which has negatively impacted its performance since 2015 [4] - The Free Cash Flow Index uses free cash flow for weighting rather than free cash flow rate, resulting in higher stock concentration with the top ten stocks accounting for over 65% of the index [4]

Investment Rating - The report maintains a rating of "Increase" for the industry, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - The demand for ion exchange resins is expanding across various sectors, including semiconductors, nuclear power, and pharmaceuticals, with a particular focus on leading companies like Bluestar Technology and ZG Co [4][5]. - In the semiconductor industry, ion exchange resins are crucial for producing ultra-pure water, which is essential for the manufacturing of electronic components. The production of a single integrated circuit requires approximately 3 to 5 liters of ultra-pure water, with a 6-inch wafer consuming about 1.2 tons [1]. - In the nuclear industry, ion exchange resins are used in the water treatment systems of reactors, ensuring the provision of high-quality ultra-pure water, which is vital for the stable operation of steam generators [2]. - In the biopharmaceutical sector, ion exchange resins are widely utilized for the separation and purification of various biological drugs, including antibiotics and traditional Chinese medicine components, due to their high efficiency and product purity [3]. Summary by Sections Semiconductor Industry - Ion exchange resins are primarily used in ultra-pure water production for cleaning and processing electronic components, with stringent quality requirements as technology advances [1]. Nuclear Industry - The use of nuclear-grade resins in reactor water treatment systems is critical for maintaining operational efficiency and reducing fouling in steam generators [2]. Pharmaceutical Industry - Ion exchange and adsorption resins are extensively applied in the extraction and purification of a wide range of biopharmaceuticals, benefiting from their simple operation and high product purity [3]. Company Focus - Bluestar Technology is recognized as a leading domestic player in the adsorption separation materials and technology sector, with a current production capacity of 50,000 tons per year and plans for expansion [4]. - ZG Co is also highlighted for its significant production capabilities in ion exchange and adsorption resins, with ongoing investments in new projects to enhance its production capacity [4].

Investment Rating - The report maintains a rating of "Increase" for the industry, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - The demand for ion exchange resins is expanding across various sectors, including semiconductors, nuclear industry, and pharmaceuticals, with a particular focus on leading companies like Bluestar Technology and ZG Co [4][5]. - In the semiconductor sector, ion exchange resins are crucial for producing ultra-pure water, which is essential for the manufacturing of electronic components. The production of a single integrated circuit requires approximately 3 to 5 liters of ultra-pure water, with a 6-inch wafer consuming about 1.2 tons [1]. - In the nuclear industry, ion exchange resins are used in the water treatment systems of reactors, ensuring the provision of high-quality ultra-pure water, which is vital for the stable operation of steam generators [2]. - The pharmaceutical sector utilizes ion exchange resins for the separation and purification of various biopharmaceuticals, including antibiotics and traditional Chinese medicine components, due to their high purity and operational efficiency [3]. Summary by Sections Semiconductor Industry - Ion exchange resins are primarily used in ultra-pure water production for semiconductor manufacturing, with stringent quality requirements as technology advances [1]. Nuclear Industry - The use of nuclear-grade ion exchange resins in reactor water treatment systems is critical for maintaining operational efficiency and reducing fouling in steam generators [2]. Pharmaceutical Industry - Ion exchange and adsorption resins are widely applied in the pharmaceutical industry for the extraction and purification of various drugs, benefiting from their simple operation and high product purity [3]. Company Focus - Bluestar Technology is recognized as a leading domestic player in the adsorption separation materials and technology sector, with a current production capacity of 50,000 tons per year and plans for expansion [4]. - ZG Co is actively investing in the ion exchange and adsorption resin field, with a designed production capacity of 19,750 tons and plans for a new project in Hubei with a total investment of 1 billion RMB [4].

中国海洋石油有限公司 2024年度股东周年大会 会议材料 2025年5月16日 董事会函件 致各位股东 尊敬的先生和女士： 2024年度股东周年大会 说明函件及建议修订组织章程细则 1. 绪言 本函件旨在向阁下提供将于股东周年大会提呈以供阁下考虑并批准的决议案详情以及相 关资料，使阁下能就对该等决议案投票赞成或反对或放弃投票作出知情决定。该等决议 案其中包括重选董事、选举董事、续聘审计机构、宣派末期股息、授权董事会决定中期 派息、有关授出发行股份及回购股份之一般性授权，以及《中国海洋石油有限公司组织 章程细则》（"组织章程细则"）和《中国海洋石油有限公司股东大会议事规则》 （"股东大会议事规则"）的建议修订。该等决议案及有关资料详情载列于董事会函件 内。 2024年度股东周年大会将于二零二五年六月五日上午十时于香港中环法院道太古广场港 岛香格里拉大酒店举行。 2. 将于股东周年大会上决议的事项 (A) 公司截至二零二四年十二月三十一日止年度之经审计的财务报表、独立 核数师报告及董事会报告书 兹提述本公司于二零二五年三月二十八日在上海证券交易所（"上交所"）网站 （www.sse.com.cn，下同）披露的《中 ...