Core Viewpoint - The oil and gas extraction sector experienced a decline of 0.43% on September 29, with *ST Xinchao leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 0.9% and the Shenzhen Component Index increasing by 2.05% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3862.53, up by 0.9% [1]. - The Shenzhen Component Index closed at 13479.43, up by 2.05% [1]. - The oil and gas extraction sector's decline was led by *ST Xinchao, which fell by 1.11% to a closing price of 3.56 [1]. Group 2: Individual Stock Performance - Intercontinental Oil & Gas (600759) closed at 2.28, with a slight increase of 0.44% and a trading volume of 1.2146 million shares, amounting to a transaction value of 274 million [1]. - Blue Flame Holdings (000968) remained unchanged at 6.89, with a trading volume of 70,100 shares and a transaction value of 47.996 million [1]. - China National Offshore Oil Corporation (600938) closed at 26.40, down by 0.38%, with a trading volume of 315,400 shares and a transaction value of 831 million [1]. Group 3: Fund Flow Analysis - The oil and gas extraction sector saw a net outflow of 5.5946 million from institutional investors and a net outflow of 10.2858 million from retail investors, while retail investors had a net inflow of 15.8804 million [1]. - China National Offshore Oil Corporation (600938) experienced a net inflow of 5.2561 million from institutional investors, while retail investors had a net inflow of 9.1706 million [2]. - *ST Xinchao (600777) had a net inflow of 88,900 from institutional investors, but a significant net outflow of 273.11 million from retail investors [2].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a significant breakthrough in lithological exploration in the Paleogene system of the Liaozhong sag in the Bohai Bay Basin, successfully drilling high-yield oil and gas wells, which further strengthens China's offshore oil and gas resource reserves [1] Group 1 - CNOOC's successful drilling of high-yield oil and gas wells marks a major advancement in the exploration of offshore resources [1] - The achievement is expected to enhance the foundation of China's offshore oil and gas resource reserves [1]

Core Insights - China's offshore oil and gas exploration has achieved significant breakthroughs, particularly in the Bohai Bay Basin's Liaozhong Depression, with the successful drilling of high-yield oil and gas wells [1][3] - The JZ27-6-3 well encountered a 57.4-meter oil and gas layer and reached a total depth of 1,925 meters, producing approximately 500 tons of crude oil and 20,000 cubic meters of natural gas per day [1][3] Exploration Achievements - The region's complex oil and gas reservoir structure had previously hindered large-scale exploration, but China National Offshore Oil Corporation (CNOOC) has made technological advancements to address these challenges [3] - CNOOC established a coupling relationship between sediments and uplifts, innovating a model for the advantageous migration of Paleogene lithologic bodies, which led to the identification of rich oil and gas accumulation zones [3] Strategic Implications - The breakthrough in the Liaozhong Depression confirms the substantial exploration potential of Paleogene lithologic oil and gas reservoirs in the Bohai Bay Basin, facilitating secondary exploration in older oil fields [3] - This discovery is crucial for ensuring stable energy supply in the Beijing-Tianjin-Hebei region and the surrounding Bohai Sea area, while also providing replicable technical routes and practical experiences for similar explorations in China's maritime regions [3]

1. Report Industry Investment Rating - The investment view of the synthetic rubber industry is "oscillating bearish" [2] 2. Core View of the Report - The domestic butadiene market has weakened slightly. Butadiene rubber is affected by macro - sentiment, and the market's attempt to support prices has been hindered. Under the pressure of high inventory and high production, the synthetic rubber market is viewed with a bearish attitude in the short - term. In terms of valuation, the correlation between the BR futures and NR has increased, showing stronger rubber - related attributes [2] 3. Summary According to Relevant Catalogs 3.1 Market Review - During the reporting period, the prices of high - cis butadiene rubber of Sinopec Chemical Marketing and major sales companies of PetroChina remained stable. As of September 25, 2025, the mainstream ex - factory price of high - cis butadiene rubber in China was between 11,700 - 11,800 yuan/ton. The temporary shutdown of Shandong Yihua's butadiene rubber plant due to a malfunction did not boost the supply in the short - term as the overall supply of private spot resources was sufficient, and there was an expectation of concentrated restart of maintenance plants at the end of September. The increase in external supply of butadiene led to a decline in the transaction center, and the cost side also lacked driving force. Although the mainstream supply price of butadiene rubber was lowered at the end of the previous period, the price centers of arbitrage resources and private resources in the first and middle of the week were still significantly lower than the spot cost of the two - oil resources. Some industry players were still waiting for a further decline in the mainstream supply price. In the middle and late weeks, the supply of low - priced arbitrage resources decreased, and the price gap between high - end and low - end spot narrowed slightly. As the pre - holiday stocking was coming to an end, downstream buyers continued to purchase on dips [3] 3.2 Supply and Demand Analysis 3.2.1 Supply - **Butadiene**: Last week, the domestic butadiene production was 103,000 tons (-1.91%), and the capacity utilization rate was 66.3%. Devices such as Nanjing Chengzhi, Sierbang, Yanshan Petrochemical, Dongming Petrochemical, Jilin Petrochemical Phase I, Fushun Petrochemical, and Fujian Refining & Petrochemical's No.1 unit remained shut down, and production continued to decline [2] - **Butadiene Rubber**: The butadiene rubber plants of Shandong Weite, Taiyo - Yuubu, and Haopu New Materials continued maintenance. Shandong Yihua's plant was shut down temporarily due to a malfunction. The production and capacity utilization rate of high - cis butadiene rubber decreased [2] 3.2.2 Demand - **Semi - steel Tires**: During the period, the market trading was dull. In some regions, the sales of all - season tires were weak, the social inventory was sufficient and the consumption was slow, so agents were not active in purchasing. For the snow - tire market, product promotion meetings of various brands were held one after another, and the channel inventory was relatively sufficient. Future attention should be paid to the terminal demand [2] - **All - steel Tires**: During the period, the market trading was average, mainly for regular sales, and the transaction price was stable. There was no obvious pre - holiday stocking, and the inventory was mainly consumed during the period. It is expected that the market stocking volume will increase significantly in the next period [2] 3.3 Inventory Analysis - **Butadiene**: Last week, the butadiene port inventory was 277,500 tons, a week - on - week increase of 20.13%. Some devices continued to operate at reduced capacity, the refinery inventory decreased, and the suppliers sold more goods before the holiday, so the inventory remained at a relatively low level. The port inventory increased significantly due to the arrival of ocean - going vessels during the week, but there was no obvious short - term inventory pressure [2] - **Butadiene Rubber**: The inventory of high - cis butadiene rubber enterprises + traders was 32,300 tons, a week - on - week decrease of 4.21%. The inventory of sample production enterprises increased slightly, while the inventory of sample trading enterprises decreased [2] 3.4 Price and Spread Analysis - **Price**: The prices of high - cis butadiene rubber of major enterprises remained stable during the period, but most prices showed a week - on - week downward trend. For example, the ex - factory price of Sinopec's North China Qilu, North China Yanshan, East China Yangzi, and South China Maoming decreased by 200 yuan/ton week - on - week [7][8] - **Spread/Price Ratio**: The RU - BR spread was 4,040 yuan/ton (-1.22%); the NR - BR spread was 1,005 yuan/ton (+17.54%); the BR - SC price ratio was - 0.12% [2] 3.5 Profit Analysis - The production profit of butadiene through oxidative dehydrogenation of butene was 186 yuan/ton, and the production profit through C4 extraction was 1,861.1 yuan/ton. The production profit of butadiene rubber was - 225 yuan/ton, and the gross profit rate was - 1.89% [2] 3.6 Geopolitical and Macroeconomic Factors - On September 25 local time, US President Trump announced on his social media platform that a 25% tariff would be imposed on all imported heavy - duty trucks starting from October 1. The crude oil market is in a range - bound game due to geopolitical factors, sanctions, and the expected oversupply in the fundamentals caused by OPEC+ production increases. The US non - farm payroll data for August was lower than market expectations, and the Federal Reserve cut interest rates by 25bp as expected, with two more interest rate cuts expected within the year, with a total cut of 50bp or more. Geopolitical situations in Russia - Ukraine, US - Venezuela, and the Middle East are frequently disturbed in the short - term and show a tense trend [2] 3.7 Trading Strategy - **Single - side Trading**: Oscillating upward - **Arbitrage**: Pay attention to the strategy of going long on BR and short on NR/RU. Key risks to monitor include downstream demand, cost changes, device maintenance, and geopolitical factors [2]

9月29日，中国海油宣布在渤海湾盆地成功钻获高产油气井。这是JZ27-6-3井测试现场放喷。 (中国海油 供图) 该区域油气储层构造复杂，多年来一直未有规模性勘探发现。中国海油持续推进老油田"接续勘探工 程"，围绕在产油田周边开展新层系、新类型技术攻关。辽中凹陷古近系岩性勘探的重大突破，印证了 渤海湾盆地古近系岩性油气藏巨大的勘探潜力，推动老油区二次勘探进程，也为中国海域类似领域的勘 探提供了可复制的技术路线和实践经验。 近年来，中国海油先后在多个海域实现了多种类型古近系大中型油气田重大发现，不断丰富中国海上油 气资源储备。据介绍，此次在辽中凹陷的勘探新发现，对保障京津冀和环渤海地区能源稳定供应具有重 要意义。(完) 中新社北京9月29日电 (记者 王恩博)记者29日从中国海油获悉，其在渤海湾盆地辽中凹陷古近系岩性勘 探领域取得重大突破，成功钻获高产油气井，进一步夯实了中国海上油气资源储量基础。 辽中凹陷位于渤海北部海域，平均水深22米。探井JZ27-6-3井钻遇油气层57.4米，完钻井深1925米。经 测试，该井日产原油约500吨，日产天然气约2万立方米。 ...

9月26日，中国海油跌0.38%，成交额5.89亿元。两融数据显示，当日中国海油获融资买入额4369.65万 元，融资偿还6877.85万元，融资净买入-2508.20万元。截至9月26日，中国海油融资融券余额合计14.16 亿元。 融资方面，中国海油当日融资买入4369.65万元。当前融资余额14.06亿元，占流通市值的1.78%，融资 余额低于近一年10%分位水平，处于低位。 融券方面，中国海油9月26日融券偿还3800.00股，融券卖出2.81万股，按当日收盘价计算，卖出金额 74.47万元；融券余量36.42万股，融券余额965.13万元，低于近一年40%分位水平，处于较低位。 来源：新浪证券-红岸工作室 资料显示，中国海洋石油有限公司位于北京市东城区朝阳门北大街25号,香港花园道1号中银大厦65层， 成立日期1999年8月20日，上市日期2022年4月21日，公司主营业务涉及中国海洋石油有限公司是一家主 要从事原油和天然气的勘探、生产及销售的中国公司。该公司经营三个分部。勘探及生产分部从事常规 油气业务、页己油气业务、油砂业务和其他非常规油气业务。贸易业务分部从事原油转口贸易业务。公 司业务分部从事 ...

据了解，该区域油气储层构造复杂，多年来一直未有规模性勘探发现。中国海油科研人员持续进行技术 攻关，开展多专业联合研究，建立起沉积物与凸起之间的耦合关系，创新提出古近系岩性体优势运移模 式，破解了古近系岩性体难以规模成藏的科研难题，锁定岩性油气藏富集区带，实现勘探突破。 中国海油持续推进老油田"接续勘探工程"，围绕在产油田周边开展新层系、新类型技术攻关。辽中凹陷 古近系岩性勘探的重大突破，印证了渤海湾盆地古近系岩性油气藏巨大的勘探潜力，推动老油区二次勘 探进程，也为中国海域类似领域的勘探提供了可复制的技术路线和实践经验。 新华财经北京9月29日电（记者安娜） 记者29日从中国海油获悉，我国在渤海湾盆地辽中凹陷古近系岩 性勘探领域取得重大突破，成功钻获高产油气井，进一步夯实了我国海上油气资源储量基础。 辽中凹陷位于渤海北部海域，平均水深22米。探井JZ27-6-3井钻遇油气层57.4米，完钻井深1925米。经 测试，该井日产原油约500吨，日产天然气约2万立方米。 （文章来源：新华财经） 近年来，中国海油先后在多个海域实现了多种类型古近系大中型油气田重大发现，不断丰富我国海上油 气资源储备。此次在辽中凹陷的勘探新 ...

何杨：随着"深海一号"大气田等一批超深水、高压海底管道相继建成，我国海底管道工程装备技术能力已成功跻身国际先进水平，并在装备技 术体系完整性等方面走在了国际前列。 中国海底管道工程走向国际市场 在国内海洋油气工程加快建设的同时，我国积极拓展国际市场，在"一带一路"等国际重点油气合作区域擦亮了中国"海底管道工程"品牌。 今年以来，我国海底管道工程海外合作加速落地： 7月，"海洋石油202"和"海洋石油295"等海上作业船只首次赴文莱参与海底管道施工作业； 央视网消息：9月28日，随着滨海109铺管船将最后一节海管终止封头铺设到渤海南部海域，我国海底油气管道总长度突破10000公里，跃居世 界前列。 我国海底管道装备技术能力达到国际先进水平 作为海洋油气开发的"生命线"，海底管道工程是集设计、建造、安装、运维于一体的高精尖领域，不仅技术体系复杂、施工难度极大，对技术 装备提出了严苛考验。随着一系列关键技术突破与国产化成果落地，我国海底管道工程装备技术已实现跨越式发展。 海底并非一马平川，海山、海丘、海沟复杂交错，海底管道内部输送介质多为高温高压油气，外部面临风浪流、台风、泥沙迁移、地质断层等 极端海洋环境及恶劣地 ...

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a recovery in industry prosperity [3][5]. Core Viewpoints - The "Petrochemical Industry Steady Growth Work Plan" aims for an average annual growth of over 5% in the industry's added value from 2025 to 2026, with a focus on stabilizing economic benefits and enhancing technological innovation [4][5]. - The report highlights five key initiatives to achieve these goals, including strengthening technological innovation, expanding effective investment, and enhancing market demand [6][10]. - The upstream sector is experiencing a trend of widening supply and demand, with expectations of oil prices maintaining a medium to high level despite potential downward adjustments [4][18]. - The refining sector is seeing improved profitability due to a recovery in oil prices, although the current product price differentials remain low [4][45]. - The polyester sector shows signs of recovery, with expectations for improved profitability as supply and demand conditions improve [14]. Summary by Sections Upstream Sector - Brent crude oil prices increased to $70.13 per barrel, a 5.17% rise week-on-week, while WTI prices rose to $65.72 per barrel, up 4.85% [4][18]. - U.S. commercial crude oil inventories decreased to 415 million barrels, down 610,000 barrels from the previous week, and are 4% lower than the five-year average [20][22]. - The number of U.S. drilling rigs increased to 549, up 7 rigs week-on-week, but down 38 rigs year-on-year [28]. Refining Sector - The Singapore refining margin for major products fell to $13.54 per barrel, down $4.51 from the previous week [4]. - The report notes that while refining product price differentials have improved, they remain at low levels, with expectations for gradual improvement as the economy recovers [4][45]. Polyester Sector - PTA prices have stabilized, with the average price in East China at 4528.6 CNY per ton, down 1.69% week-on-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [14]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as high-quality refining companies like Hengli Petrochemical and Sinopec [14][15]. - It also suggests monitoring companies in the upstream exploration and development sector, which are expected to maintain high profitability due to sustained capital expenditures [14].

Core Points - China National Offshore Oil Corporation (CNOOC) announced that the total length of its subsea oil and gas pipelines has successfully surpassed 10,000 kilometers, positioning it among the world's leaders in this sector [1][2] - The subsea pipeline system is described as the "lifeline" of marine oil and gas production, connecting various facilities within oil and gas fields and ensuring stable transportation of resources to land terminals [1] - Since the 14th Five-Year Plan, CNOOC has significantly enhanced its pipeline laying capabilities through major engineering projects and collaborations with domestic universities and research institutions, laying over 1,500 kilometers of subsea pipelines [1] Industry Developments - CNOOC's engineering installation division has undertaken over 10 projects in Southeast Asia, the Middle East, and Africa, laying more than 500 kilometers of subsea pipelines and setting multiple industry records for the largest and heaviest subsea pipes [2] - After 40 years of technological advancements and engineering practices, CNOOC's subsea oil and gas pipeline engineering technology and equipment capabilities have achieved comprehensive breakthroughs, marking a milestone in enhancing national energy security [2]