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 ...

证券代码：600938 证券简称：中国海油 公告编号：2025-019 中国海洋石油有限公司 关于召开2024年度股东周年大会的通知 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、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年度股东周年大会 (二) 股东大会召集人 中国海洋石油有限公司（以下简称"本公司","公司"）董事会 (三) 投票方式 本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 5 日 10 点 00 分 召开地点：香港中环法院道太古广场港岛香格里拉大酒店。 (五) 网络投票的系统、起止日期和投票时间。 不涉及。 二、 会议审议事项 本次股东大会审议议案及投票股东类型 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 5 日 至2025 年 6 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025 ...

Investment Rating - The report maintains a "Positive" investment rating for the petrochemical industry [9] Core Insights - The petrochemical industry is experiencing a downturn in revenue and net profit due to pressures from real estate and infrastructure, as well as global trade tensions, but the industry is nearing historical lows in terms of profitability [2][6] - There is a notable divergence in profitability among sub-industries, with downstream processing, coal chemical, and gas chemical sectors showing positive growth, indicating structural investment opportunities [2][6] - Key investment opportunities are identified in high-quality growth, growth potential, and high dividend yield sectors [2][7] Summary by Sections Industry Performance Overview - The petrochemical sector's revenue and net profit are projected to decline in 2024 and Q1 2025, with overall revenue for 2024 estimated at approximately 8,210.4 billion yuan, a decrease of 3.02% year-on-year, and net profit at about 395.0 billion yuan, down 0.54% [21][22] - For Q1 2025, revenue is expected to be around 200.5 billion yuan, reflecting a 6.14% decline, with net profit decreasing by 4.43% [21][22] Sub-Industry Analysis - The performance of various sub-sectors in 2024 shows mixed results: - Petrochemical (-0.54%) - Oil and gas services and equipment (-7.61%) - Energy extraction (4.87%) - Oil and gas storage and sales (-35.41%) - Traditional refining (-19.10%) - Private refining (-38.09%) - Coal and gas chemicals (19.21%) - Downstream processing (117.14%) [6][22] - In Q1 2025, the performance continues to vary: - Petrochemical (-4.43%) - Oil and gas services and equipment (18.13%) - Energy extraction (-2.48%) - Oil and gas storage and sales (-2.43%) - Traditional refining (-28.31%) - Private refining (-9.55%) - Coal and gas chemicals (65.79%) - Downstream processing (55.26%) [6][22] Investment Focus - The report emphasizes three main investment themes: 1. Gradual recovery in the industry, favoring quality leading companies with rising volumes and prices [7] 2. Opportunities in high-end materials and technology import substitution, particularly in POE and ethylene technology [7] 3. Stable cash flow and high dividend yields, particularly in central and state-owned enterprises, which may see a revaluation [7][8] Recommended Stocks - Key stocks to focus on include: - High-quality growth: Satellite Chemical, Baofeng Energy, Zhongman Petroleum, New Natural Gas, and Guanghui Energy - High-end material import substitution: AkzoNobel and Dingjide - Beneficiaries of coal chemical investments in regions like Xinjiang and Shanxi: Aerospace Engineering - Recovery plays: Huajin Co., Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical - High dividend stocks: CNOOC, PetroChina, and Sinopec [8]

从中证油气产业指数持仓的市场板块来看，上海证券交易所占比70.91%、深圳证券交易所占比 29.09%。 从中证油气产业指数持仓样本的行业来看，能源占比61.44%、原材料占比20.57%、工业占比15.14%、 金融占比1.77%、公用事业占比1.08%。 金融界5月15日消息，上证指数低开低走，中证油气产业指数 (油气产业，H30198)下跌1.04%，报 1751.37点，成交额139.48亿元。 数据统计显示，中证油气产业指数近一个月上涨4.60%，近三个月下跌1.07%，年至今下跌4.38%。 据了解，中证油气产业指数从沪深市场中选取业务涉及石油与天然气的开采、设备制造、运输、销售、 炼制加工，以及初级石油化工产品生产等领域的上市公司证券作为指数样本，以反映油气产业相关上市 公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证油气产业指数十大权重分别为：中国石油（10.46%）、中国海油（9.96%）、中 国石化（9.54%）、广汇能源（5.02%）、杰瑞股份（3.89%）、招商轮船（3.83%）、恒力石化 （3.14%）、卫星化学（3.12%）、 ...

Core Viewpoint - The Zhanjiang Lingang Economic Zone aims to achieve high-quality development by leveraging its geographical advantages and strategic location to attract industrial transfer and investment, particularly from the Pearl River Delta region [3][5][7]. Group 1: Development Plans and Objectives - The total planned area of the Zhanjiang Lingang Economic Zone is 148.81 square kilometers, including the 68.99 square kilometers of the Fen Yong Leizhou area and 79.82 square kilometers of the Wushi area [3]. - The economic zone is strategically located near the ASEAN market, with the Leizhou Wushi Port being only 158 nautical miles from Haiphong, Vietnam, and facing the Hainan Free Trade Port across the sea [3][5]. - The development plan includes a "1+4" work system, which consists of one implementation plan and four lists detailing key tasks, responsibilities, policies, and projects [7]. Group 2: Key Tasks and Focus Areas - Six key tasks have been identified to support high-quality development, including accelerating the development of the Wushi Port area, constructing a unique industrial cluster, optimizing the business environment, promoting innovation, facilitating orderly industrial transfer, and aligning with supportive policies [7][8]. - The first task focuses on the development of the Wushi Port area, which aims to become a major modern port connecting to ASEAN and the Hainan Free Trade Port [7]. - The second task emphasizes the establishment of a unique industrial cluster targeting industries such as electronic information, new materials, light textiles, and agricultural product processing, while also developing supporting industries like renewable energy and logistics [8]. Group 3: Strategic Advantages - Zhanjiang's geographical advantages include its location at the intersection of the Guangdong-Hong Kong-Macao Greater Bay Area, Hainan Free Trade Port, and the Western Land-Sea New Corridor, providing a strong foundation for industrial development [5]. - The region has abundant land resources with lower land costs compared to the Pearl River Delta, offering significant development cost advantages [5]. - The surrounding population provides a substantial labor resource for industrial development, enhancing the region's attractiveness for businesses [5].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [5]. Core Insights - The MXD6 market is projected to grow significantly, with a forecasted increase from approximately $410 million in 2024 to $760 million by 2033, reflecting a compound annual growth rate (CAGR) of about 7.1% [2]. - MXD6 is recognized for its superior properties, making it suitable for lightweight applications in automotive and drone industries, as well as for barrier packaging materials [1][2]. - The demand for MXD6 is expected to rise due to trends in low-altitude economy and robotics, which require lightweight materials [2][3]. Summary by Sections Industry Overview - MXD6 is a high-performance engineering plastic characterized by high strength, rigidity, heat resistance, wear resistance, aging resistance, chemical resistance, flame retardancy, and high barrier properties [1]. - It can effectively prevent oxygen permeation and carbon dioxide escape, making it ideal for products with high gas barrier requirements [1]. Market Size and Growth - The global MXD6 market size is estimated to reach approximately $410 million in 2024, with production expected to be around 30,000 to 40,000 tons [2]. - The automotive sector's market size for MXD6 is projected to grow from $132 million in 2023 to $225 million by 2033 [2]. Supply Chain and Competition - Major global suppliers of MXD6 include Mitsubishi Gas Chemical and Solvay, with domestic companies like Sinochem International and Qicai Chemical making significant advancements in production capabilities [3]. - Qicai Chemical has announced the trial production of a 5,000 tons/year MXD6 project, while Sinochem has achieved stable quality in its MXD6 production [3]. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the oil and gas sector, as well as material companies benefiting from domestic substitution trends [4].

中化新网讯 日前，由西南油气田公司承担的天然气净化领域首个"富氧克劳斯"项目——天然气净化总 厂万州分厂硫黄回收工艺升级改造项目在重庆投产。项目投产后，预计2025年将增加原料气处理量3800 万立方米，硫黄产量3839吨。按每户家庭日均用气1立方米计算，可满足3800万户家庭一天的用气需 求。 据悉，这是"富氧克劳斯"技术在天然气净化领域的首次应用。面对高含硫净化装置设备易腐蚀、易泄 漏，设施故障频发，安全风险高、现场风险管控难度大等挑战，天然气净化总厂精准评估改造项目、施 工节点及技术力量，采用装置大修与改造同步推进的方式，高效完成历时30天的改造工程。 据介绍，天然气净化总厂是国内实际处理量最大的天然气净化厂，具备日处理原料天然气6280万立方 米、年处理原料天然气210亿立方米的生产能力。万州分厂是中国石油首座实现自主设计、自主运营、 自主管理的高含硫天然气净化厂，日产能200万立方米，填补了国内高含硫净化技术领域的空白。万州 分厂通过应用"四新"技术，创下首次应用中国石油自主知识产权的CPS硫黄回收工艺、CPO氧化吸收尾 气处理工艺等8项"首次"，为特高含硫气田的开发提供了有力技术支撑。 近年来，随 ...

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and chemical transportation industry [6]. Core Views - The easing of trade tensions between the US and China is expected to benefit cyclical sectors, with a positive outlook for the recovery of the petrochemical and chemical transportation sectors [2][4]. - The macroeconomic recovery and overall industrial demand improvement are anticipated to drive a rebound in chemical product profitability, with prices expected to rise from their lows throughout 2025 [4]. Summary by Sections 1. Industry Overview - The US plans to adjust tariffs on Chinese goods, which includes a temporary suspension of 24% tariffs for the first 90 days, while retaining a 10% tariff [2]. - China will also modify its tariffs on US goods similarly, indicating a potential easing of trade friction [2]. 2. Demand Stimulus Measures - Recent meetings in China have focused on stimulating demand and stabilizing employment and the economy, with measures to promote consumption, stabilize foreign trade, and support effective investment [3]. 3. Sector Performance Outlook - The report highlights a positive outlook for several cyclical sectors, including refining, MDI (Methylene Diphenyl Diisocyanate), agricultural chemicals, and vitamins, driven by macroeconomic recovery and industrial demand [4]. - Specific sectors mentioned include: - **Refining**: Lower energy prices are expected to ease cost pressures for downstream refining companies [4]. - **MDI**: Price increases have been observed from major companies, with price hikes ranging from 100 to 300 USD per ton [4]. - **Agricultural Chemicals**: Prices for fertilizers and pesticides are showing signs of recovery, influenced by seasonal demand and international trade dynamics [4]. - **Vitamins**: Supply shifts towards China are noted, with prices for certain vitamins increasing due to global supply constraints [4]. 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, as well as companies benefiting from domestic substitution trends in materials [5]. - Specific companies to watch include: - **Oil and Gas**: China National Petroleum, Sinopec, CNOOC, and related service companies [5]. - **Materials**: Companies like Jingrui Electric Materials and Tongcheng New Materials are highlighted for their potential benefits from domestic substitution trends [5]. - **Agricultural Chemicals**: Companies such as Wanhua Chemical and Hualu Hengsheng are recommended due to favorable market conditions [5]. - **Vitamins and Amino Acids**: Companies like Andisu and Zhejiang Medicine are noted for their growth potential in these sectors [5].

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, China National Petroleum, and China National Offshore Oil Corporation [10]. Core Viewpoints - The report highlights significant price increases in natural gas (6.81%) and paraxylene (5.30%), while synthetic ammonia and coal tar experienced notable declines [4][20]. - It suggests focusing on investment opportunities in import substitution, domestic demand, and high-dividend assets due to the current market dynamics and geopolitical uncertainties [6][22]. Summary by Sections Price Movements - Major price increases this week include natural gas (6.81%), paraxylene (5.30%), and urea (4.86%), while significant declines were seen in synthetic ammonia (-4.35%) and hydrochloric acid (-4.76%) [4][20][22]. Market Analysis - The report discusses the impact of OPEC's recent production cuts on international oil prices, which have stabilized around $61.02 per barrel for WTI and $63.91 for Brent, with expectations of a central price around $70 in 2025 [6][20]. - It emphasizes the importance of domestic chemical products that can replace imports due to tariff impacts, particularly in lubricants and specialty coatings [8][22]. Company Recommendations - Specific companies recommended for investment include Sinopec, China National Petroleum, and China National Offshore Oil Corporation, which are expected to benefit from high dividend yields [6][22]. - The report also highlights opportunities in the tire industry, suggesting companies like Senqcia and Sailun Tire as potential investments following recent price corrections [8][22]. Sector Performance - The overall performance of the chemical industry remains weak, with mixed results across sub-sectors due to past capacity expansions and weak demand [22]. - However, certain sectors like tires, lubricants, and coatings are showing better-than-expected performance, warranting continued attention [22].

Group 1 - 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 the 3500-4000 meter range in China [1] - The breakthrough validates the advanced nature of China's independent deepwater drilling and completion technology system, which is crucial for promoting large-scale growth of deepwater oil and gas resources [1][2] - Since the 14th Five-Year Plan, the volume of deepwater drilling and completion operations in China has increased by over 74% compared to the previous five years, supporting the production of large deepwater oil and gas projects [1] Group 2 - CNOOC's drilling team has successfully tackled four major global technical challenges in deepwater, deep-layer, high-temperature, and high-pressure environments, enhancing pressure control precision to within 0.2 MPa [2] - The successful drilling of the Lingshui 36-1 gas field and the "Deep Sea No. 1" project demonstrates the potential of China's deepwater carbonate exploration [2] - CNOOC aims to further advance deepwater oil and gas development technologies towards deeper and faster operations, transitioning from experience-driven to data-driven and intelligent decision-making processes [3]