Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully implemented its "14th Five-Year Plan," achieving significant milestones in energy security, green transformation, and technological innovation, with confidence in meeting all targets by the end of the year [2][3]. Group 1: Energy Security and Production Growth - CNOOC has completed its oil and gas reserve increase and production "seven-year action plan" two years ahead of schedule, contributing over 70% of the national crude oil increase last year [4]. - The company has made breakthroughs in deep-water exploration and development, enhancing its understanding of marine resources and achieving significant discoveries in previously unexplored areas [4][5]. - CNOOC's integrated collaboration has led to record production levels, with the Bohai Oilfield aiming to exceed 40 million tons this year and the South China Sea East Oilfield surpassing 20 million cubic meters annually [5]. Group 2: Green Development Initiatives - CNOOC has achieved year-on-year reductions in energy consumption and carbon emissions since the start of the "14th Five-Year Plan" [6][7]. - The company has implemented a comprehensive green development strategy, focusing on carbon reduction, pollution control, and energy structure transformation [7][8]. - Major projects, such as the offshore oilfield shore power project, have been completed, and the company has exceeded national energy efficiency targets in refining and chemical sectors [9]. Group 3: Technological Innovation and New Energy Development - CNOOC has received national awards for its technological advancements in deep-water gas field development and oil and gas exploration [11]. - The company has developed key technologies and equipment, enhancing its capability to convert marine resources into tangible production [11][12]. - CNOOC is actively investing in strategic emerging industries, with a 21.8% increase in investment in these sectors, and is focusing on digital transformation and artificial intelligence applications [12].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a new record in drilling speed for oil and gas wells in China, with a maximum daily drilling depth of 2618 meters on August 12, surpassing the height from the peak of Emei Mountain to its foot [1] Group 1 - CNOOC efficiently completed surface operations for six development wells in the Dongfang 1-1 gas field, marking a significant achievement in the industry [1] - The new record of 2618 meters in a single day sets a benchmark for domestic oil and gas well drilling operations [1]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully completed surface operations for six development wells in the Dongfang 1-1 gas field, setting a new domestic record for daily drilling progress [1] Group 1 - CNOOC announced the completion of surface operations for six development wells in the Dongfang 1-1 gas field on September 11 [1] - On August 12, the company achieved a maximum daily drilling depth of 2,618 meters, surpassing the height from the peak of Emei Mountain to its foot, marking a new record for daily drilling progress in domestic oil and gas wells [1]

Summary of Key Points Core Viewpoint - A total of 62 stocks received buy ratings from institutions today, with 7 stocks receiving initial attention from institutions. The average increase for these stocks was 2.01%, outperforming the Shanghai Composite Index [1][2]. Company Ratings - The stocks with the highest number of buy ratings include Yunnan Baiyao and Shandong Gold, each receiving 2 buy ratings [1]. - The stocks with significant upside potential based on target prices include Aofei Data, with a target price of 29.78 yuan, indicating a potential increase of 35.92% [1]. - Other notable stocks with high upside potential are Youyou Green Energy and Little Bear Electric, with expected increases of 34.56% and 24.84%, respectively [1]. Market Performance - Among the stocks rated as buy, 48 experienced price increases today, with some reaching the daily limit up, including Shannon Chip and Shenzhen South Circuit [1]. - The top gainers included Juhe Materials, Megmeet, and Oulu Tong, with increases of 12.79%, 7.91%, and 7.79%, respectively [1]. - Conversely, the stocks with the largest declines included Longxin General, San Sheng Guojian, and Shandong Gold, with decreases of 3.00%, 1.39%, and 1.35% [1]. Industry Focus - The electronics and basic chemicals sectors were the most favored, each having 9 stocks listed in the buy rating category. The machinery and petroleum sectors also attracted attention, with 7 and 6 stocks, respectively [2].

中国海油（600938）10日宣布,我国首个海上二氧化碳封存示范项目——恩平15-1油田碳封存项目累计 封存二氧化碳突破1亿立方米,减少的碳排放量相当于植树220万棵,标志着我国海上二氧化碳封存技术、 装备和工程能力已臻成熟。据预测,未来10年,该油田将回注二氧化碳超100万吨,驱动原油增产达20万 吨。新华 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully implemented its "14th Five-Year Plan," achieving significant milestones in energy security, green development, and technological innovation, positioning itself as a leader in the marine energy sector [2][3]. Group 1: High Aspirations for Energy Security - CNOOC has completed its oil and gas reserve increase and production plan two years ahead of schedule, contributing over 70% of the national crude oil increase last year [4][5]. - The company has made significant breakthroughs in deep-water exploration and development, enhancing its understanding of marine resources and achieving major discoveries in previously unexplored areas [4][5]. - CNOOC's integrated collaboration has led to the establishment of China's largest crude oil production base in Bohai, with production expected to exceed 40 million tons this year [5][6]. Group 2: Quality-Oriented Green Development - Since the beginning of the "14th Five-Year Plan," CNOOC has achieved a year-on-year dual reduction in energy consumption intensity and carbon emission intensity [7][8]. - The company has implemented a green development strategy, focusing on carbon reduction, pollution control, and energy structure transformation, and has published its first ecological environment protection annual report [9][10]. - CNOOC has completed significant projects, such as the largest offshore oilfield shore power project, and has achieved benchmark levels in refining and chemical sectors [10][11]. Group 3: Innovation and New Development - CNOOC has received national awards for its technological innovations in deep-water gas field development and exploration theories, enhancing its competitive edge in the industry [12][13]. - The company has made substantial investments in strategic emerging industries, with a year-on-year increase of 21.8% in investments [14]. - CNOOC is advancing its digital transformation through the development of artificial intelligence models tailored to its operations, promoting modernization and efficiency [14][15].

Group 1 - The oil and gas extraction sector increased by 0.17% on September 11, with China National Offshore Oil Corporation (CNOOC) leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] - The trading volume and turnover for key stocks in the oil and gas extraction sector showed mixed results, with some stocks experiencing declines [1] Group 2 - The net capital flow in the oil and gas extraction sector showed a net outflow of 30.76 million yuan from main funds and 47.77 million yuan from speculative funds, while retail investors had a net inflow of 78.53 million yuan [1] - Specific stock performances indicated that *ST Xinchao had a net inflow of 1.49 million yuan from main funds, while CNOOC experienced a net outflow of 17.23 million yuan [2] - The overall sentiment in the sector appears to be cautious, with significant outflows from institutional and speculative investors contrasted by retail investor interest [2]

Core Viewpoint - The first offshore carbon dioxide (CO2) storage demonstration project in China has successfully stored over 100 million cubic meters of CO2, indicating the maturity of China's offshore CO2 storage technology and its significance in achieving national carbon neutrality goals and promoting a green low-carbon transition in the economy [2][4]. Group 1: Project Overview - The Enping 15-1 oil field, located in the Pearl River Mouth Basin, is China's first high CO2 content oil field, where the offshore CO2 capture and storage project was initiated in June 2023, achieving an annual CO2 storage volume exceeding 40 million cubic meters [4][8]. - The project has introduced a new model of "carbon-driven oil, oil solidifying carbon" by utilizing CO2 to enhance oil recovery, resulting in an increase of 200,000 tons of crude oil production [6][8]. Group 2: Technological Advancements - The project has transitioned from a "technical blank" to "independent and controllable" capabilities, establishing a complete set of standardized operating procedures that provide important practical experience and data support for the large-scale application of offshore carbon storage technology [9][10]. - The Enping 15-1 platform has developed and added CO2 compressors and gas treatment systems to ensure precise control of gas quality during the injection process, addressing potential corrosion and emissions issues associated with traditional oil extraction methods [12]. Group 3: Future Developments - Over the next decade, the Enping 15-1 oil field is expected to inject over 550 million cubic meters of CO2, further driving crude oil production [8]. - China is promoting the cluster development of CO2 capture, storage, and utilization projects, with plans to establish a competitive offshore carbon capture and storage industry chain, including a 10 million-ton-level carbon capture and storage cluster project in Huizhou, Guangdong [14].

Core Viewpoint - The report from Guohai Securities highlights that in the first half of 2025, China National Offshore Oil Corporation (CNOOC) is facing a challenging external environment and downward pressure on international oil prices, but it remains committed to its core oil and gas business, focusing on increasing reserves and production while leveraging technological innovation for growth [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 207.608 billion yuan, a year-on-year decrease of 8.45% [1] - The net profit attributable to shareholders of the listed company was 69.533 billion yuan, reflecting a year-on-year decline of 12.79% [1] Competitive Advantages - The company possesses significant core competitive advantages in the oil and gas industry, including a large scale of oil and gas resources and leading production growth capabilities [1] - CNOOC is recognized as the primary producer of oil and natural gas in China's offshore regions, with extensive experience in oil and gas exploration and development [1] - The company has established itself as an expert in offshore oil and gas exploration and development, mastering a complete set of technical systems for offshore operations [1] Financial Stability and Shareholder Returns - CNOOC maintains good cost control and stable financial performance, supported by a diversified asset structure [1] - The company is committed to advancing green and low-carbon development while ensuring shareholder returns, with a proposed dividend payout ratio of no less than 45% from 2025 to 2027, subject to approval at the shareholders' meeting [1] - The company adheres to the principle of returning value to shareholders and will adjust its dividend policy as necessary [1] Outlook - CNOOC is viewed positively for its operational resilience and growth potential, maintaining a "buy" rating [1]

石油石化 | 证券研究报告 — 业绩评论 2025 年 9 月 11 日 600938.SH 买入 原评级：买入 市场价格:人民币 25.95 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (10.1) (1.0) (2.0) 1.4 相对上证综指 (26.8) (5.7) (14.0) (37.8) 发行股数 (百万) 47,529.95 流通股 (百万) 47,529.95 总市值 (人民币 百万) 1,233,402.31 3 个月日均交易额 (人民币 百万) 1,064.62 主要股东 中国海洋石油(BVI)公司 60.54% (8%) 2% 12% 22% 32% 42% Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 Jun-25 Jul-25 Aug-25 Sep-25 中国海油 上证综指 资料来源：公司公告， Wind ，中银证券 以 2025 年 9 月 9 日收市价为标准 相关研究报告 《中国海油》20250407 《中国海油》20241031 《中国海油》20240614 中银国际证 ...