本周看点 1、人民币国际化加速前进的"三重驱动" 跨境使用规模稳步增长，债券投融资受到青睐，离岸人民币市场不断升温……今年以来，人民币国际化不断取得积极进展，受到海外广泛关注和积极评 价。 国际航空运输协会11月初宣布将人民币纳入其清算系统的可结算货币名单，允许全球航空公司与航空供应商以人民币进行结算。今年年中，埃及宣布允许 中国企业使用人民币在埃及注册公司。 人民币在跨境贸易投资领域正获得更广泛使用。据中国人民银行最新发布的《人民币国际化报告（2025）》，2025年上半年，银行代客人民币跨境收付金 额合计为34.9万亿元，同比增长14.0%。人民币已成为全球第二大贸易融资货币；按全口径计算，人民币为全球第三大支付货币。 与此同时，人民币债券投融资受到国际市场青睐。今年4月，中国财政部在英国伦敦发行首笔60亿元人民币绿色主权债券，总申购金额是发行金额的6.9 倍。高认购倍数印证了国际投资者对中国主权债券的认可。10月，中国银行伦敦分行发行全球首笔以英镑和离岸人民币双币种计价的绿色债券。 2、我国海上最大油田年产油气突破4000万吨 中国海油21日宣布，我国海上最大油田——渤海油田2025年累计生产油气当量突 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced that the cumulative oil and gas equivalent production of the Bohai Oilfield will exceed 40 million tons by 2025, setting a historical record [1]. Group 1: Bohai Oilfield Overview - The Bohai Oilfield is the largest offshore oilfield in China, having contributed over 600 million tons of crude oil to date [3]. - Established in 1965, the Bohai Oilfield is located in the Bohai Sea and consists of eight production operation areas: Liaodong, Liaobei, Bohan, Bozhong, Boxi, Pengbo, Qinhuangdao, and Caofeidian [4][6]. - The oilfield has over 200 operational oil and gas production facilities, including five shore power land switch stations and substations, and seven land terminals [8]. Group 2: Production and Technological Advancements - The Bohai Oilfield has more than 60 operational oil and gas fields, with an annual production exceeding 40 million tons and a cumulative crude oil production of over 600 million tons [10]. - As a core support area for offshore oil and gas development in China, the Bohai Oilfield has achieved breakthroughs in exploring and developing complex fields, including shallow sea conventional oil reservoirs and unconventional heavy oil [11]. - Since the implementation of the "Seven-Year Action Plan" for oil and gas reserve increase and production in 2019, the Bohai Oilfield has introduced innovative exploration theories and discovered six billion-ton-level oil and gas fields [12]. Group 3: Equipment and Innovation - The development of marine oil and gas resources relies heavily on high-end equipment, with significant growth in marine oil and gas equipment manufacturing during the 14th Five-Year Plan period, doubling the steel processing volume compared to the previous five years [13]. - The industry has transitioned from customized equipment to standardized, modular designs, enhancing construction efficiency by over 20% [14]. - The first marine oil and gas completion tool "smart factory" has been successfully launched, promoting the intelligent manufacturing of high-end marine completion tools [16]. Group 4: Future Projections - By 2025, the Bohai Oilfield is expected to complete seven capacity construction projects ahead of schedule by nearly 150 days, achieving a capacity construction acceleration of over 5% [20]. - According to the National Energy Administration, domestic crude oil production is projected to reach 215 million tons by 2025, with marine crude oil production expected to exceed 68 million tons, contributing approximately 80% of the total increase in national crude oil production [22].

Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Viewpoints - Progress in peace negotiations between Russia and Ukraine has led to a decrease in oil prices, reflecting a retreat from geopolitical premiums [6]. - The U.S. labor market shows signs of weakness, with a reduction of 41,000 jobs in October and November combined, and the unemployment rate rising to 4.6%, the highest since October 2021 [6]. - The CPI for November recorded a year-on-year increase of 2.7%, below market expectations, suggesting potential easing of inflationary pressures [6]. - In the fluorochemical sector, the 2026 refrigerant quotas are set to increase, and government subsidies for home appliances are expected to continue, supporting demand [6]. - The automotive sector is experiencing sustained growth due to government incentives for vehicle scrappage and replacement [6]. Summary by Sections Oil and Petrochemicals - The report highlights the successful progress in peace talks between Russia and Ukraine, which has contributed to a decline in oil prices, with WTI and Brent crude futures dropping by 1.67% and 1.09% respectively [6]. - The U.S. refining capacity is recovering post-maintenance, with a slight reduction in commercial crude oil inventories, while gasoline and jet fuel stocks are increasing [6]. - The report notes that domestic oil companies are diversifying their oil and gas sources to reduce sensitivity to international oil price fluctuations [7]. Fluorochemicals - The 2026 production quotas for HFCs have been announced, with a total of 797,845 tons, an increase of 5,963 tons from the previous year [6]. - The demand for refrigerants is expected to improve due to ongoing government subsidies and a strong automotive market [6]. Semiconductor Materials - The semiconductor materials sector is experiencing a positive inventory destocking trend, with improving fundamentals in the end market [7]. - The report suggests that the upward cycle in semiconductor materials, combined with domestic substitution, may lead to further price increases [7].

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry, consistent with the previous rating [1]. Core Insights - International oil prices experienced fluctuations, with Brent and WTI prices recorded at $60.05 and $56.52 per barrel respectively as of December 19, 2025, reflecting a decrease of 1.75% and 1.60% from the previous week [2][9]. - The geopolitical situation, particularly discussions around the Russia-Ukraine peace agreement and U.S. sanctions on Venezuela, has influenced market dynamics, leading to a mixed impact on oil prices [2][9]. - The oil and petrochemical sector showed resilience, with a 1.60% increase in the sector's performance compared to a 0.28% decline in the broader market (CSI 300) [10]. Summary by Sections Oil Price Review - As of December 19, 2025, Brent crude futures settled at $60.05 per barrel, down $1.07 (-1.75%), while WTI crude futures settled at $56.52 per barrel, down $0.92 (-1.60%) [2][17]. - The Urals crude price remained stable at $65.49 per barrel, while ESPO crude fell to $47.86 per barrel, down $1.77 (-3.57%) [2][17]. Offshore Drilling Services - The number of global offshore self-elevating drilling rigs increased to 375, with a net addition of 7 rigs, while floating drilling rigs rose to 131, with a net addition of 2 rigs [27]. U.S. Oil Supply - U.S. crude oil production was reported at 13.843 million barrels per day, a decrease of 10,000 barrels from the previous week [44]. - The active rig count in the U.S. decreased to 406, down by 8 rigs [44]. U.S. Oil Demand - U.S. refinery crude processing increased to 16.988 million barrels per day, with a utilization rate of 94.80%, up 0.3 percentage points from the previous week [55]. U.S. Oil Inventory - Total U.S. crude oil inventory stood at 837 million barrels, a decrease of 1.025 million barrels (-0.12%) from the previous week [62]. - Strategic oil reserves increased slightly to 412 million barrels, while commercial inventories decreased to 424 million barrels [62]. Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina, among others [3].

Core Insights - China National Offshore Oil Corporation (CNOOC) announced that the Bohai Oilfield, the largest offshore oilfield in China, is expected to exceed a cumulative production of 40 million tons of oil equivalent by 2025, setting a historical record [1][3]. Group 1: Production Goals and Achievements - The Bohai Oilfield, established in 1965, is the birthplace of China's marine oil industry and has become the country's largest offshore oil production base, with over 60 producing oilfields and more than 200 production facilities, accumulating over 600 million tons of crude oil [1][3]. - CNOOC has set a target to increase oil and gas production from 30 million tons to 40 million tons by 2025, indicating a significant production leap [3]. Group 2: Capacity Expansion and Technological Innovation - The Tianjin branch of CNOOC stated that capacity construction at the Bohai Oilfield will accelerate, with a focus on standardized upgrades and high-efficiency drilling operations, aiming for a record high in drilling and completion activities in 2025 [3]. - The company is also revitalizing older oilfields, with successful implementation of secondary adjustment projects, ensuring that annual crude oil production from older fields exceeds 32 million tons by 2025 [3]. - Technological innovations have led to significant breakthroughs in domestic equipment for complex oil and gas development, including the deployment of the first domestically produced shallow water subsea production system, marking a major advancement in China's shallow water development model [3]. Group 3: Industry Context - According to the National Energy Administration, during the 14th Five-Year Plan period, China's oil and natural gas production is expected to steadily increase, with offshore crude oil becoming a crucial growth driver, accounting for over 60% of the country's new oil production for five consecutive years [3].

Core Insights - China National Offshore Oil Corporation (CNOOC) announced that the Bohai Oilfield, the largest offshore oilfield in China, is expected to achieve a cumulative oil and gas equivalent production of over 40 million tons by 2025, setting a historical record [1][3] Group 1: Production and Capacity - The Bohai Oilfield, established in 1965, is the birthplace of China's offshore oil industry and currently has over 60 producing oilfields and more than 200 production facilities, with cumulative crude oil production exceeding 600 million tons [1] - In 2025, the Bohai Oilfield's capacity construction will accelerate, with the annual drilling and completion operations expected to reach a historical high, facilitating the rapid completion and production of key projects, including the Kenli 10-2 and Bohai Zhong 26-6 oilfields [3] - The annual crude oil production from mature oilfields is projected to exceed 32 million tons, maintaining a stable production baseline [3] Group 2: Technological Advancements and Sustainability - CNOOC is advancing its digital transformation and green low-carbon development, achieving significant breakthroughs in the localization of key equipment, including the successful deployment of the first domestically produced shallow-water subsea production system [3] - The Qinhuangdao 32-6 intelligent oilfield project, China's first offshore intelligent oilfield, is leveraging technologies for automation and collaborative production operations to enhance traditional oil and gas production [3] - The largest offshore oilfield group in China has completed its shore power application project, with over 80% of oilfields connected to shore power, replacing traditional self-generated electricity with clean energy [3] Group 3: Industry Growth - During the 14th Five-Year Plan period, marine crude oil has become a significant growth driver for China's oil and gas production, accounting for over 60% of the national oil production increase for five consecutive years [4] - The Bohai Oilfield has seen an average annual growth of 5% in oil and gas production over the past five years, contributing nearly 40% of the total increase in crude oil production nationwide, solidifying its role as a core force in supporting domestic oil and gas reserves and production [4]

Investment Rating - The report does not explicitly state an investment rating for the oil processing industry Core Insights - The average global crude oil inventory change for 2026 is projected to be +204.90 thousand barrels per day according to IEA, EIA, and OPEC [2] - For Q4 2025, the average inventory change is expected to be +162.53 thousand barrels per day, showing a revision from previous forecasts [2] - Global crude oil supply for 2025 is forecasted at 10617.36, 10607.84, and 10470.71 thousand barrels per day by IEA, EIA, and OPEC respectively, indicating a year-on-year increase [2] - The global crude oil demand for 2025 is estimated at 10392.25, 10393.68, and 10513.66 thousand barrels per day by IEA, EIA, and OPEC respectively, reflecting a modest increase from 2024 [2] Summary by Sections Oil Supply - IEA, EIA, and OPEC predict global crude oil supply for 2026 to be 10865.02, 10742.59, and 10654.18 thousand barrels per day respectively, with increases from 2025 [2][35] - The Q4 2025 supply increase is projected at +414.30, +385.36, and +254.12 thousand barrels per day by IEA, EIA, and OPEC respectively [35] Oil Demand - The demand for 2026 is forecasted at 10478.51, 10516.87, and 10651.70 thousand barrels per day by IEA, EIA, and OPEC respectively, indicating a growth from 2025 [2][35] - The demand increase for Q4 2025 is expected to be +108.72, +130.72, and +152.22 thousand barrels per day by IEA, EIA, and OPEC respectively [4] Oil Prices - As of December 18, 2025, Brent crude, WTI, Russian ESPO, and Russian Urals prices are reported at 59.82, 56.00, 47.94, and 65.49 USD per barrel respectively, with significant declines observed over the year [9][10] - Year-to-date price changes show Brent down by -21.22%, WTI by -23.42%, and Russian ESPO by -33.37% [9][10] Oil Inventory - The global crude oil inventory change for 2025 is projected at +225.11, +214.16, and -42.95 thousand barrels per day by IEA, EIA, and OPEC respectively, with an average increase of +132.11 thousand barrels per day [26] - The U.S. total crude oil inventory as of December 12, 2025, stands at 83658.8 thousand barrels, reflecting a slight increase [19][20]

新华社北京12月21日电（记者王悦阳）中国海油21日宣布，我国海上最大油田——渤海油田2025年累计 生产油气当量突破4000万吨，创历史新高，为国家能源安全和经济社会高质量发展提供坚实保障。 【纠错】 【责任编辑:张樵苏】 渤海油田是我国海上产量最高、规模最大的主力油田，现拥有60余个在生产油气田、200余座生产设 施，累计生产原油超6亿吨。近五年，渤海油田油气产量年均增长5%，原油增量约占全国总增量近 40%。 渤海油田加速推进数智化转型和绿色低碳发展，关键装备国产化取得重大突破，成功投用首套国产化浅 水水下生产系统。秦皇岛32-6智能油田通过无人化少人化、生产运营协同化等技术赋能传统油气生产。 此外，我国最大规模海上油田群岸电应用工程全面收官，超80%油田接入岸电。 中国海油天津分公司相关负责人表示，2025年，渤海油田产能建设全面提速，全年钻完井作业量创历史 新高，高效推动垦利10-2、渤中26-6等亿吨级油田在内的多个重点项目快速建成投产。 在全力拓展新油田产能的同时，2025年渤海油田老油田年产原油超3200万吨，稳住产量"基本盘"。 ...

Investment Rating - The report indicates a positive outlook for the petrochemical sector, with the overall performance of the sector outperforming the Shanghai Composite Index by 1.57% this week [9]. Core Insights - Oil prices have remained volatile, influenced by geopolitical developments, particularly the progress in Russia-Ukraine negotiations and the fluctuating situation in Venezuela, which has led to a widening discount on Venezuelan oil [14]. - The average operating rate of domestic refineries is stable at 75.11%, while the average refining profit for major refineries is reported at 613.88 CNY/ton, showing a decrease from the previous period [3]. - The polyester sector is experiencing weak demand as the year-end approaches, with expectations of reduced operating rates for weaving machines [3]. - The ethylene market remains stable, with domestic prices holding steady, while propylene prices have seen a slight decline due to ample supply [3]. Summary by Sections Market Overview - The petrochemical sector has outperformed the Shanghai Composite Index, with various indices showing mixed performance, such as the polyester index increasing by 4.65% [9][10]. Oil and Gas Sector - As of December 18, WTI crude oil is priced at 56.15 USD, down by 1.45 USD, while Brent crude is at 61.43 USD, down by 0.95 USD. The U.S. commercial crude oil inventory decreased by 1.274 million barrels [14]. - The U.S. active oil rig count increased by 1 to 414 rigs, indicating a slight uptick in exploration activity [14]. Refining Sector - The average refining profit for major refineries is reported at 613.88 CNY/ton, a decrease of 31.59 CNY/ton from the previous period [3]. - The average operating rate for major refineries is stable at 75.11% [3]. Polyester Sector - The average profit for polyester products shows a decline, with POY150D at 38.35 CNY/ton, down by 71.09 CNY/ton, and FDY150D at -166.66 CNY/ton, down by 81.13 CNY/ton [3]. - PTA processing fees have slightly decreased to 156.51 CNY/ton, indicating ongoing challenges in profitability within the sector [3]. Olefins Sector - Ethylene prices remain stable at 6172 CNY/ton, while propylene prices in Shandong have decreased to 5955 CNY/ton, reflecting a 2.22% decline [3].

Investment Rating - The report maintains a "Buy" rating for the following companies: China National Petroleum Corporation (PetroChina), China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), Zhongman Petroleum and Natural Gas, and New Natural Gas [2][3]. Core Views - The report highlights concerns over oil price weakness due to supply surplus fears, exacerbated by geopolitical tensions and sanctions affecting Venezuela [7][10]. - It suggests that the oil price has a floor, with stable earnings expected for oil companies, particularly those with low production costs and high dividends [12]. - The report emphasizes the importance of focusing on industry leaders with strong performance stability and high dividends, particularly PetroChina and Sinopec [12]. Summary by Sections 1. Weekly Insights - Oil prices have shown weakness amid concerns of oversupply and geopolitical tensions, particularly regarding Venezuela and the Russia-Ukraine conflict [7][10]. - The Brent crude oil futures price settled at $60.47 per barrel, down 1.06% week-on-week, while WTI futures settled at $56.52 per barrel, down 1.60% [10][36]. 2. Market Performance - As of December 19, the CITIC Petroleum and Chemical sector rose by 1.9%, outperforming the CSI 300 index, which fell by 0.3% [14][17]. - The report notes that the other petrochemical sub-sector had the highest weekly increase of 5.1% [17]. 3. Company Performance - The report lists the top performers in the petroleum and petrochemical sector, with Shengtong Energy leading at a 61.06% increase [18]. - Conversely, Heshun Petroleum experienced the largest decline at 9.70% [18]. 4. Industry Dynamics - The report discusses the stable growth in natural gas production, with November output reaching 21.9 billion cubic meters, a 5.7% year-on-year increase [21]. - It also notes that OPEC's total oil production remained stable at 2,848 million barrels per day in November [56]. 5. Oil and Gas Price Tracking - The report provides detailed tracking of oil and gas prices, indicating a decline in both Brent and WTI crude oil prices compared to the previous week [36][45]. - Natural gas prices also showed a decrease, with NYMEX natural gas futures closing at $4.03 per million British thermal units, down 1.83% week-on-week [45].