1. Report Industry Investment Rating Not provided in the content 2. Core Viewpoints of the Report - This week, the average weekly prices of Brent/WTI crude oil futures were $69.8/$67.9 per barrel, up $1.6/$1.6 from last week [2]. - The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.3/4.0/0.2 billion barrels respectively, with a week - on - week increase of 731/707/24/46 thousand barrels [2]. - US crude oil production was 13.39 million barrels per day, a week - on - week decrease of 50 thousand barrels per day. The number of active US crude oil rigs this week was 424, a week - on - week decrease of 1. The number of active US fracturing fleets this week was 176, a week - on - week increase of 4 [2]. - US refinery crude oil processing volume was 17.01 million barrels per day, a week - on - week decrease of 100 thousand barrels per day; the US refinery crude oil utilization rate was 94.7%, a week - on - week decrease of 0.2 percentage points [2]. - US crude oil imports, exports, and net imports were 6.01/2.76/3.26 million barrels per day, with a week - on - week change of - 910 thousand/+450 thousand/ - 1.36 million barrels per day [2]. - The average weekly prices of US gasoline, diesel, and jet fuel were $91/$102/$90 per barrel respectively, with a week - on - week change of +$2.9/+$2.1/ - $4.1. The price spreads with crude oil were $21/$32/$20 per barrel respectively, with a week - on - week change of +$1.2/+$0.4/ - $5.8 [2]. - US gasoline, diesel, and aviation kerosene inventories were 2.3/1.0/0.4 billion barrels respectively, with a week - on - week decrease of 266/83/91 thousand barrels [2]. - US gasoline, diesel, and aviation kerosene production were 9.9/5.09/1.96 million barrels per day respectively, with a week - on - week increase of 280 thousand/60 thousand/40 thousand barrels per day [2]. - US gasoline, diesel, and aviation kerosene consumption were 9.9/5.09/1.96 million barrels per day respectively, with a week - on - week increase of 280 thousand/60 thousand/40 thousand barrels per day [2]. - US gasoline imports, exports, and net exports were 130 thousand/1.04 million/910 thousand barrels per day respectively, with a week - on - week change of - 40 thousand/+260 thousand/+300 thousand barrels per day. US diesel imports, exports, and net exports were 40 thousand/1.59 million/1.54 million barrels per day respectively, with a week - on - week change of - 80 thousand/+230 thousand/+310 thousand barrels per day. US aviation kerosene imports, exports, and net exports were 80 thousand/250 thousand/170 thousand barrels per day respectively, with a week - on - week change of +10 thousand/+80 thousand/+70 thousand barrels per day [2]. - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec Corp. (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be noted include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Mechanical & Electrical Equipment Co., Ltd. (000852.SZ) [3]. 3. Summary by Directory 1. Crude Oil Weekly Data Briefing - Data sources include Bloomberg, WIND, EIA, TSA, Baker Hughes, and Dongwu Securities Research Institute [8][9] 2. This Week's Petroleum and Petrochemical Sector Market Review 2.1 Petroleum and Petrochemical Sector Performance - Information on the performance of the petroleum and petrochemical sector, including the rise and fall of various sub - industries and the trend of the sector and the CSI 300 index, with data sources from WIND and Dongwu Securities Research Institute [11][18] 2.2 Sector Listed Company Performance - The table shows the rise and fall of major upstream companies in the sector, including companies such as CNOOC Limited, PetroChina Company Limited, and Sinopec Corp., with data sources from WIND and Dongwu Securities Research Institute [22][23] - The valuation table of listed companies shows the stock price, total market value, net profit attributable to the parent company, PE, and PB of companies such as CNOOC Limited, PetroChina Company Limited, and Sinopec Corp. from 2024A to 2027E, with data sources from Wind and Dongwu Securities Research Institute [24] 3. Crude Oil Sector Data Tracking 3.1 Crude Oil Price - Analyzes the prices and price spreads of Brent, WTI, Urals, ESPO crude oil, etc., as well as the relationship between the US dollar index, copper price, and WTI crude oil price, with data sources from WIND and Dongwu Securities Research Institute [26][29] 3.2 Crude Oil Inventory - Studies the relationship between US commercial crude oil inventory and oil prices, the weekly destocking speed of US commercial crude oil and the rise and fall of Brent oil, and the inventory of US total crude oil, commercial crude oil, strategic crude oil, and Cushing crude oil, with data sources from WIND and Dongwu Securities Research Institute [44][45] 3.3 Crude Oil Supply - Analyzes US crude oil production, the number of US crude oil rigs, and the number of fracturing fleets and their relationship with oil prices, with data sources from WIND and Dongwu Securities Research Institute [57][58] 3.4 Crude Oil Demand - Analyzes US refinery crude oil processing volume, refinery utilization rate, and Shandong refinery utilization rate, with data sources from WIND and Dongwu Securities Research Institute [61][63] 3.5 Crude Oil Import and Export - Analyzes US crude oil import, export, and net import volume, as well as the import, export, and net import volume of US crude oil and petroleum products, with data sources from WIND and Dongwu Securities Research Institute [66][68] 4. Refined Oil Sector Data Tracking 4.1 Refined Oil Price - Analyzes the prices and price spreads of crude oil and domestic/US/European/Singapore gasoline, diesel, and aviation kerosene, as well as the domestic gasoline and diesel wholesale - retail price spreads, with data sources from WIND and Dongwu Securities Research Institute [73][76] 4.2 Refined Oil Inventory - Analyzes the inventory of US gasoline, diesel, aviation kerosene, and Singapore gasoline and diesel, with data sources from WIND and Dongwu Securities Research Institute [99][100] 4.3 Refined Oil Supply - Analyzes US gasoline, diesel, and aviation kerosene production, with data sources from WIND and Dongwu Securities Research Institute [115][116] 4.4 Refined Oil Demand - Analyzes US gasoline, diesel, and aviation kerosene consumption and the number of US passenger airport security checks, with data sources from WIND and Dongwu Securities Research Institute [117][118] 4.5 Refined Oil Import and Export - Analyzes US gasoline, diesel, and aviation kerosene import, export, and net export volume, with data sources from WIND and Dongwu Securities Research Institute [126][127] 5. Oilfield Services Sector Data Tracking - Analyzes the average daily fees of self - elevating drilling platforms and semi - submersible drilling platforms in the industry, with data sources from WIND and Dongwu Securities Research Institute [139][141]

Core Points - China National Offshore Oil Corporation (CNOOC) has successfully delivered 24 sets of 2000-meter deep international suction anchors for the Mero Phase II project in Brazil, marking a significant achievement in deepwater engineering [2] - The suction anchors, which utilize negative pressure to secure marine facilities, are essential for deep-sea energy development and are recognized for their high efficiency, reusability, and load-bearing capacity [2] - The project represents the largest application depth for suction anchors constructed domestically, with a total structural weight of approximately 2674 tons [2] Technical Innovations - The Mero Phase II suction anchors feature a maximum construction height of 21 meters, a diameter of 8 meters, and a wall thickness of only 25 millimeters, presenting substantial construction challenges [3] - The project team pioneered several construction techniques, including horizontal extension and vertical assembly, and employed advanced technologies such as 3D scanning and finite element simulation to address technical difficulties [3] - The quality assurance rate exceeded 99.9%, with dimensional deviations maintained within 1 millimeter per meter, achieving an industry-leading standard [3] Industry Contributions - CNOOC has been enhancing its core technologies in deepwater oil and gas equipment, successfully constructing several significant platforms, including the world's first 100,000-ton semi-submersible production and storage platform [3] - The company has also delivered multiple large-scale floating production storage and offloading units (FPSOs) internationally, contributing to the global deepwater oil and gas equipment market and promoting high-level cooperation in marine energy [3]

Core Viewpoint - The delivery of 24 sets of 2000-meter deep-water suction anchors by China National Offshore Oil Corporation (CNOOC) to Brazil marks a significant achievement in China's deep-sea equipment manufacturing, showcasing international recognition of "Made in China" deep-sea technology [1] Group 1: Company Achievements - CNOOC has successfully constructed and delivered 24 sets of 2000-meter deep-water suction anchors, which are among the largest deep-sea oil and gas equipment exported by China [1] - The suction anchor is a critical piece of equipment for deep-water mooring, functioning like a large suction cup that firmly attaches to the seabed, ensuring efficient fixation of marine facilities [1] Group 2: Industry Impact - The delivery signifies a milestone in the acceptance of Chinese deep-sea equipment in the international mainstream market, indicating a growing competitiveness of China's manufacturing capabilities in the deep-sea energy sector [1] - The suction anchor is referred to as the "stabilizing needle" for deep-sea energy development, highlighting its importance in the industry [1]

Core Viewpoint - The Shanghai Composite Index rose by 0.48% on July 10, with 18 out of 28 sectors experiencing gains, particularly in real estate and oil & petrochemicals, which increased by 3.19% and 1.54% respectively [1] Industry Summary - The oil & petrochemical sector saw a 1.54% increase, with a net inflow of 525 million yuan in capital. Out of 48 stocks in this sector, 34 rose, and 1 hit the daily limit up, while 12 declined [1] - The top three stocks with the highest net capital inflow were China National Offshore Oil Corporation (CNOOC) with 440 million yuan, followed by China Petroleum & Chemical Corporation (Sinopec) with 264 million yuan, and China Petroleum with 55.96 million yuan [1] - The stocks with the largest net capital outflow included Guanghui Energy, Yueyang Xingchang, and Zhongman Petroleum, with outflows of 176 million yuan, 36.79 million yuan, and 27.54 million yuan respectively [1] Stock Performance - CNOOC's stock rose by 3.59% with a turnover rate of 3.74% and a main capital flow of 440.40 million yuan [1] - Sinopec's stock increased by 1.41% with a turnover rate of 0.24% and a main capital flow of 264.20 million yuan [1] - China Petroleum's stock saw a 0.93% rise with a turnover rate of 0.08% and a main capital flow of 55.96 million yuan [1]

Core Viewpoint - High dividend stocks continue to perform strongly, with a focus on "high dividend + low valuation" large-cap blue-chip stocks in the value ETF (510030), which saw a price increase of 1.45% as of the report time [1]. Group 1: Market Performance - The value ETF (510030) opened with fluctuations and rose by 1.45%, with a trading price of 1.119 as of 13:11 [2]. - The 180 Value Index has outperformed major A-share indices, with a year-to-date increase of 7.44%, compared to the Shanghai Composite Index's 4.22% and the CSI 300 Index's 1.44% [3][4]. Group 2: Stock Performance - Key stocks in the banking and non-banking financial sectors showed significant gains, with Minsheng Bank soaring over 7%, and China National Offshore Oil Corporation and Industrial and Commercial Bank of China both rising over 3% [1]. - Other notable stocks included China Ping An, China Merchants Bank, and Huaxia Bank, each increasing by over 2% [1]. Group 3: Investment Insights - The current valuation of the 180 Value Index is at a price-to-book ratio of 0.85, indicating a favorable long-term investment opportunity [4]. - Analysts suggest that in the current uncertain global environment, investors may prefer dividend assets due to their stable cash flow and high dividend yields, which are expected to attract more capital in the medium to long term [4][5].

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report suggests focusing on import substitution, pure domestic demand, and high dividend opportunities in the chemical industry [6][20]. - The international oil price is expected to stabilize between $65 and $70 per barrel in 2025, influenced by geopolitical factors and trade agreements [6][21]. - The chemical industry is currently experiencing a mixed performance, with some sectors like lubricants showing better-than-expected results, while others remain weak due to overcapacity and weak demand [20][21]. Summary by Sections Chemical Industry Investment Suggestions - Key products with significant price increases include butanone (up 13.55%), urea (up 13.16%), and TDI (up 6.73%) [17]. - Products with notable price declines include methanol (down 9.84%), PS (down 9.62%), and pure MDI (down 8.89%) [17][20]. - The report emphasizes the importance of focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand [20][21]. Market Performance - The basic chemical sector has shown a performance of 20.4% over the past 12 months, outperforming the Shanghai Composite Index [2]. - The report highlights the volatility in international oil prices, with Brent crude at $68.30 per barrel and WTI at $66.50 per barrel as of July 4 [6][21]. Company Focus and Earnings Forecast - Specific companies recommended for investment include Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others, with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [10]. - The report suggests that companies like China National Petroleum and China National Offshore Oil Corporation are attractive due to their high dividend yields [6][20].

Key Points - Juhua Co., Ltd. expects a net profit of 1.97 billion to 2.13 billion yuan for the first half of 2025, representing a year-on-year increase of 136% to 155% [1] - The main reasons for the significant profit growth include the continuous recovery in the prices of fluorinated refrigerants and stable growth in production and sales of core products [2] - Haida Group anticipates a net profit of 2.5 billion to 2.8 billion yuan for the first half of 2025, reflecting a year-on-year increase of 17.64% to 31.76% [3][4] - Huagong Technology expects a net profit of 890 million to 950 million yuan for the first half of 2025, indicating a year-on-year growth of 42.43% to 52.03% [5][6] - Yun Aluminum Co., Ltd. forecasts a net profit of 2.7 billion to 2.8 billion yuan for the first half of 2025, showing a year-on-year increase of 7.19% to 11.16% [7][8] - Saint Farm anticipates a net profit of 850 million to 950 million yuan for the first half of 2025, representing a year-on-year increase of 732.89% to 830.88% [13] - Dinglong Co., Ltd. expects a net profit of 290 million to 320 million yuan for the first half of 2025, reflecting a year-on-year increase of 33.12% to 46.9% [14] - Yuxiu Capital forecasts a net profit of 1.473 billion to 1.575 billion yuan for the first half of 2025, indicating a year-on-year growth of 45% to 55% [15] - Haohua Technology expects a net profit of 590 million to 650 million yuan for the first half of 2025, representing a year-on-year increase of 59.30% to 75.50% [16] - Huace Navigation anticipates a net profit of 320 million to 335 million yuan for the first half of 2025, indicating a year-on-year growth of 27.37% to 33.34% [18] - Dajin Heavy Industry expects a net profit of 510 million to 570 million yuan for the first half of 2025, reflecting a year-on-year increase of 193.32% to 227.83% [20] - Shandong Steel anticipates a net profit of approximately 12.71 million yuan for the first half of 2025, marking a turnaround from loss to profit [22]

Group 1 - China National Offshore Oil Corporation (CNOOC) has appointed Zhang Chuanjiang as the new chairman, effective from July 8, 2023 [1] - Zhang Chuanjiang has extensive experience in the energy sector, having held various leadership positions in companies such as China Shenhua Coal to Liquid and China Datang Corporation [1] - The previous chairman, Wang Dongjin, stepped down from his roles, including non-executive director and chairman, effective April 23, 2025 [1] Group 2 - Wang Dongjin has a long career in the oil industry, having worked in various capacities within China National Petroleum Corporation (CNPC) before joining CNOOC in 2018 [2][3] - In the first quarter of 2023, CNOOC reported a revenue of 106.85 billion yuan, a year-on-year decrease of 4.1%, and a net profit attributable to shareholders of 36.56 billion yuan, down 7.9% year-on-year [3]

1 张先生不存在根据上海证券交易所的相关规定不得担任上市公司董事的情形。 董事会借此机会对张先生表示衷心祝贺。 证券代码：600938 证券简称：中国海油 公告编号：2025-022 中国海洋石油有限公司 关于委任公司董事长、非执行董事、提名委员 会主席及战略与可持续发展委员会主席 的公告 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。 本公司董事会于 2025 年 7 月 8 日审议通过有关委任董事长、非执行董事及董事会 下属委员会主席的议案，表决结果为 8 票同意，0 票反对，0 票弃权。本公司提名委员 会已审议通过该议案，并同意提交董事会审议。董事会宣布： 自 2025 年 7 月 8 日起，张传江先生（"张先生"）获委任为本公司董事长、非执 行董事、提名委员会主席及战略与可持续发展委员会主席。张先生的简历详见附件。 本公司已于 2025 年 7 月 8 日与张先生订立服务协议（"服务协议"）。张先生将 任职至本公司 2025 年度股东周年大会召开之日，且将有资格于该股东周年大会上参与 重选。根据本公司与张先生之间的服务 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 CNOOC Limited （中國海洋石油有限公司） （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及 80883（人民幣櫃台） 公告 承董事會命 中國海洋石油有限公司 徐玉高 聯席公司秘書 香港，二零二五年七月八日 於本公告刊發日期， 董事會由以下成員組成： 非執行董事 董事名單與其角色和職能 | 董事會下屬 | 審核委員會 | 提名委員會 | 薪酬委員會 | 戰略與可持續 | | --- | --- | --- | --- | --- | | 委員會 | | | | 發展委員會 | | 董事 | | | | | | 執行董事 | | | | | | 周心懷(副董事長及 | - | - | - | M | | 首席執行官) | | | | | | 閻洪濤(總裁) | - | - | - | M | | 穆秀平(首席財務官) | - | - | - | - | | 非執行董 ...