Core Viewpoint - The "Xuanji" geological rotary steering drilling system developed by China National Offshore Oil Corporation (CNOOC) has achieved significant advancements in directional drilling technology, enabling precise targeting and real-time data transmission over long distances [1] Group 1: Technological Advancements - The "Xuanji" system has transmitted over 500,000 curves and exceeded 500G in total data volume, marking a leap in China's oil and gas directional drilling technology [1] - This technology, referred to as "deep earth guidance," allows for precise drilling along reservoir boundaries and targeting deep-layer objectives [1] - The system has achieved a 40-fold increase in transmission speed, reaching world-class levels [1] Group 2: Operational Achievements - The system successfully conducted remote data transmission over 9,000 kilometers from China to Uganda, hitting deep earth targets [1] - In complex geological operations exceeding 5,000 meters, the Chinese technical team remotely controlled downhole equipment in Uganda, overcoming various technical challenges [1] - The Ugandan Petroleum Authority has highly praised the performance of the "Xuanji" system [1] Group 3: Application and Expansion - The "Xuanji" system is currently being applied on a large scale across all offshore and onshore oil fields in China [1] - The technology has also been promoted to countries involved in the Belt and Road Initiative, including Indonesia and Iraq [1]

金融界8月18日消息，上证指数高开高走，中证香港300相对价值指数 (HK300RV，H11174)报2207.11 点。 数据统计显示，中证香港300相对价值指数近一个月上涨3.28%，近三个月上涨11.08%，年至今上涨 27.60%。 据了解，中证香港300风格指数系列由中证香港300成长指数、中证香港300价值指数、中证香港300相对 成长指数以及中证香港300相对价值指数4条指数构成，以反映基于中证香港300指数样本的不同风格证 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。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。中证香港300价值指数和中证香港300成长指数每次调整的样本比例一般不超过20%。定期调整 设置缓冲区，Z值在对应指数的样本空间中，排名在80名之前的新样本优先进入；排名120名之前的老 样本优先保留。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，指数样本 随之进行相应调整。当样本退 ...

Group 1 - The oil and gas extraction sector experienced a decline of 0.3% on August 18, with Blue Flame Holdings leading the drop [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] - The main funds in the oil and gas extraction sector saw a net outflow of 167 million yuan, while retail investors had a net inflow of 136 million yuan [1] Group 2 - Among individual stocks, *ST Xinchao had a closing price of 4.39 yuan with a slight increase of 0.46%, while Blue Flame Holdings closed at 7.19 yuan, down 0.69% [1] - The trading volume for *ST Xinchao was 947,600 shares, with a transaction amount of 423 million yuan, while Blue Flame Holdings had a trading volume of 187,500 shares [1] - The net inflow of retail funds for *ST Xinchao was 24.48 million yuan, while Blue Flame Holdings saw a net outflow of 204.62 million yuan [2]

8月18日，石油行业上涨0.93%，今日主力资金流出2.37亿元，成分股11只上涨，5只下跌。 主力资金净流出居前的分别为中国海油（1.44亿元）、广汇能源（7942.11万元）、*ST新潮（3592.69万 元）、广聚能源（3096.85万元）、中国石油（2726.69万元）。 序号代码名称最新价涨跌幅主力净流入主力净占比1002221东华能源9.313.334750.29万元13.2%2300839 博汇股份14.925.592187.29万元7.09%3600759洲际油气2.410.01086.94万元3.7%4000059华锦股份 5.330.381069.52万元7.37%5600028中国石化5.680.0656.32万元0.83%6603353和顺石油17.051.31446.14万 元7.94%7603798康普顿12.5-1.11385.02万元4.34%8000698沈阳化工4.121.23362.42万元5.68%9000637茂 化实华4.160.24246.60万元5.12%10600688上海石化2.860.35152.68万元1.38% 来源：金融界 ...

Core Insights - The "Xuanji" system developed by China National Offshore Oil Corporation (CNOOC) has achieved a significant milestone in oil and gas directional drilling technology, with over 500,000 curve transmissions and a total data volume exceeding 500G, equivalent to the data from 1,000 wells or a single well of 1 million meters [1] - This revolutionary technology allows for precise drilling towards deep targets and along reservoir boundaries, representing the highest level of drilling technology globally [1] Group 1 - The "Xuanji" system has established a real-time data transmission link from the well site to the cloud and application end, enabling high-speed communication for deep data transmission [1] - The system utilizes fluid pressure wave transmission technology to efficiently and stably transmit formation information across various media, successfully creating a communication channel over 9,000 kilometers between China and Uganda [1] - The technology team in China has improved the data transmission rate from 1bps to 40bps, achieving world-class standards and creating an end-to-end control loop from downhole instruments to decision centers [2] Group 2 - The "Xuanji" system has been applied on a large scale in important oil fields across China and has been promoted to countries involved in the Belt and Road Initiative, including Indonesia, Iraq, and Uganda [2] - The system has completed 151 operations overseas, with a cumulative drilling length of 120,000 meters, establishing a comprehensive industrial layout and global application [2] - The Ugandan Petroleum Authority has highly praised the "Xuanji" system for its capability in global systematic collaborative operations, providing strong technical support for the exploration and development of complex oil and gas fields [2]

Group 1: Global Natural Gas Market Outlook - Global natural gas demand is far from peaking, with LNG expected to become the primary trading method [1] - By 2030, global natural gas production is projected to reach 4.56 trillion cubic meters, with a CAGR of 1.6% from 2023 to 2030 [1] - Global LNG capacity is anticipated to exceed 90 million tons by 2030, indicating ongoing expansion in the LNG sector [1] Group 2: Domestic Natural Gas Consumption and Supply - China's apparent natural gas consumption is expected to reach 4,234.65 billion cubic meters in 2024, reflecting an 8.6% year-on-year increase [2] - Natural gas imports in China are projected to be 132 million tons in 2024, a 9.8% increase year-on-year, with foreign dependency exceeding 40% [2] - The CAGR for natural gas production in China from 2014 to 2024 is estimated at 7.2% [2] Group 3: Infrastructure Development - By the end of 2024, China's total long-distance natural gas pipeline mileage is expected to reach 128,000 kilometers, forming a strategic pipeline network [3] - The LNG receiving capacity has reached a historical high, with 32 operational LNG receiving stations and a total unloading capacity of 14.4 million tons per year [3] - The gas storage and peak-shaving capacity has increased by 17.4% year-on-year, reaching 27 billion cubic meters [3] Group 4: Market Development and Pricing Mechanism - Since 2015, China has implemented various reforms to establish a price linkage mechanism for natural gas, promoting marketization [4] - The dual pricing system for natural gas has been largely eliminated, and a market framework has been established [4] - Residential natural gas prices have been gradually increased across multiple provinces and cities [4]

Group 1 - Global natural gas demand is far from peaking, with LNG expected to become the main trading method [1] - By 2030, global natural gas production is projected to reach 4.56 trillion cubic meters, with a CAGR of 1.6% from 2023 to 2030 [1] - China's natural gas consumption is expected to grow at a CAGR of 8.9% from 2014 to 2024, driven mainly by urban gas [2] Group 2 - China's natural gas import volume is projected to reach 132 million tons in 2024, with a year-on-year increase of 9.8% [2] - By the end of 2024, the total length of natural gas long-distance pipelines in China is expected to reach 128,000 kilometers [3] - The construction of LNG receiving stations has reached a historical high, with a total receiving capacity of 14.4 million tons per year [3] Group 3 - The market-oriented development of natural gas is progressing steadily, with a series of reforms since 2015 to establish a price linkage mechanism [4] - The dual-track pricing system for natural gas in China has been largely eliminated, establishing a market-oriented framework [4]

Group 1 - The Energy ETF (159930) opened with a gain of 0.59%, priced at 1.369 yuan [1] - Major holdings in the Energy ETF include China Shenhua, which rose by 10.01%, while China Petroleum fell by 0.12% [1] - The ETF's performance benchmark is the CSI Energy Index, managed by Huatai-PineBridge Fund Management Co., Ltd., with a return of 36.12% since its inception on August 23, 2013, and a return of 4.40% over the past month [1] Group 2 - Other notable stock movements include China Petrochemical rising by 0.18%, Shaanxi Coal and Chemical Industry increasing by 1.07%, and Yanzhou Coal Mining up by 1.00% [1] - The ETF also saw gains from Jereh Oilfield Services (0.96%), China Coal Energy (1.15%), Shanxi Coking Coal (0.14%), and Meijin Energy (1.31%) [1]

中央纪委国家监委网站 初英杰 从平台高点俯瞰"深海一号"能源站。吴显松 摄 "深海一号"二期项目全面投产前，蛙人对平台水下结构进行检查。汪洋 摄 "深海一号"二期项目全面投产前，中国海油技术人员排查设备隐患。汪洋 摄 习近平总书记强调，能源保障和安全事关国计民生，是须臾不可忽视的"国之大者"。为端稳端牢"能源饭碗"，我国油气领域科研工作者和建设者们不断创 新，持续奋斗。前不久，在我国首个自营超深水大气田"深海一号"投产四周年之际，中国海洋石油集团有限公司对外宣布，"深海一号"二期项目已全面投 产。至此，"深海一号"大气田一期与二期共23口水下气井均投入生产运行，成为国内目前产量最大的海上气田。"深海一号"二期项目是我国首个深水高压天 然气开发项目，最大作业水深近千米，最大井深超过5500米。在其建设过程中，项目团队如何克服深水、高温、高压等重重挑战，突破了哪些技术难关？请 随记者一同探访。 "深海一号"二期项目生产稳中向好，来自中国海油海南分公司工程技术作业中心、负责项目钻完井现场工作的钻井总监代锐和完井总监王恒十分高兴。回忆 建设期间遇到的难题，他们仍印象深刻。 与一期项目相比，二期项目的开发建设面临更为严 ...

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]