Report Title - Crude Oil Weekly Report: Continued Conflict in the Middle East Drives Up International Oil Prices [1] Report Date - March 23, 2026 [1] Report Analysts - Chen Shuxian, Chief Securities Analyst for Big Chemicals, CFA, License No. S0600523020004, Contact: chensx@dwzq.com.cn [1] - Zhou Shaowen, Securities Analyst for Petrochemicals, License No. S0600525070005, Contact: zhoushm@dwzq.com.cn [1] Report Investment Highlights US Crude Oil - **Price**: The weekly average prices of Brent/WTI crude oil futures from March 16 - 20 were $106.4/$96.1 per barrel, up $9.9/$4.1 per barrel from the previous week [4] - **Inventory**: Total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.6/4.5/4.2/0.3 billion barrels respectively, with a week - on - week increase of 6.16/6.16/0/0.94 million barrels [4] - **Production**: US crude oil production was 13.67 million barrels per day, down 0.01 million barrels per day week - on - week. The number of active US crude oil rigs was 414 this week, up 2 from the previous week. The number of active US fracturing fleets was 172 this week, down 8 from the previous week [4] - **Demand**: US refinery crude oil processing volume was 16.23 million barrels per day, up 0.06 million barrels per day week - on - week; the refinery crude oil utilization rate was 91.4%, up 0.6 percentage points week - on - week [4] - **Imports and Exports**: US crude oil imports, exports, and net imports were 7.19/4.9/2.3 million barrels per day, with a week - on - week change of +0.77/+1.46/ - 0.69 million barrels per day [4] US Refined Oil - **Price and Spread**: The weekly average prices of US gasoline, diesel, and jet fuel were $131/$174/$153 per barrel respectively, up $13.9/$23.2/$11.3 per barrel from the previous week; the spreads to crude oil were $26/$69/$48 per barrel respectively, up $6.5/$15.8/$3.9 per barrel from the previous week [4] - **Inventory**: US gasoline, diesel, and jet fuel inventories were 2.4/1.2/0.4 billion barrels respectively, with a week - on - week change of - 5.44/ - 2.53/+2.38 million barrels [4] - **Production**: US gasoline, diesel, and jet fuel production were 9.43/4.87/1.88 million barrels per day respectively, with a week - on - week change of - 0.46/ - 0.08/+0.07 million barrels per day [4] - **Demand**: US gasoline, diesel, and jet fuel consumption were 8.73/4.4/1.37 million barrels per day respectively, with a week - on - week change of - 0.51/+0.33/ - 0.42 million barrels per day [4] - **Imports and Exports**: - Gasoline: Imports, exports, and net exports were 0.06/0.95/0.89 million barrels per day, with a week - on - week change of - 0.12/+0.07/+0.19 million barrels per day [4] - Diesel: Imports, exports, and net exports were 0.22/1.05/0.83 million barrels per day, with a week - on - week change of +0.04/ - 0.2/ - 0.24 million barrels per day [4] - Jet fuel: Imports, exports, and net exports were 0.15/0.32/0.17 million barrels per day, with a week - on - week change of +0.09/+0.11/+0.03 million barrels per day [4] Recommended Listed Companies - Recommended: CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec Corporation (600028.SH/0386.HK), CNOOC Energy Technology & Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), CNOOC Energy Development Co., Ltd. (600968.SH) [5] - Suggested to pay attention to: Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), Sinopec Mechanical Engineering Corporation (000852.SZ) [5] Report Structure and Summary 1. Crude Oil Weekly Data Briefing - Data sources include Bloomberg, WIND, EIA, TSA, Baker Hughes, and Dongwu Securities Research Institute [10][11] 2. This Week's Performance Review of the Petrochemical Sector 2.1 Petrochemical Sector Performance - Information about the performance of the petrochemical sector and its sub - industries, including their price movements and trends, with data from WIND and Dongwu Securities Research Institute [13][14][15] 2.2 Performance of Listed Companies in the Sector - **Upstream Companies' Price Movements**: Provided price, market capitalization, and price change data for multiple upstream listed companies in the petrochemical sector over different time periods (last week, last month, last three months, last year, and since the beginning of 2026) [23][24][25] - **Valuation of Listed Companies**: Presented the valuation table of listed companies, including stock price, market capitalization, net profit attributable to shareholders, PE, and PB for different years (2024A, 2025E, 2026E, 2027E) [26] 3. Crude Oil Sector Data Tracking 3.1 Crude Oil Price - Analyzed the prices and price spreads of various crude oils such as Brent, WTI, Russian Urals, and ESPO, as well as the relationship between the US dollar index, LME copper price, and WTI crude oil price [32][34][36] 3.2 Crude Oil Inventory - Studied the inventory of US crude oil, including total inventory, commercial inventory, strategic inventory, and Cushing inventory, and the relationship between inventory and oil prices [42][43][45] 3.3 Crude Oil Supply - Tracked US crude oil production, the number of oil rigs, and the number of fracturing fleets, and their relationship with oil prices [56][58][59] 3.4 Crude Oil Demand - Monitored US refinery crude oil processing volume, refinery utilization rate, and the seasonal and regular utilization rates of refineries in Shandong and major refineries in China [63][65][68] 3.5 Crude Oil Imports and Exports - Analyzed US crude oil imports, exports, and net imports, as well as the imports, exports, and net imports of crude oil and petroleum products [72][74] 4. Refined Oil Sector Data Tracking 4.1 Refined Oil Price - Discussed the relationship between international oil prices and domestic refined oil prices, and analyzed the price spreads between crude oil and various refined oils in different regions (US, Europe, Singapore) [79][82][104] 4.2 Refined Oil Inventory - Tracked the inventories of gasoline, diesel, and jet fuel in the US and Singapore [117][122][127] 4.3 Refined Oil Supply - Monitored the production of gasoline, diesel, and jet fuel in the US [134][136] 4.4 Refined Oil Demand - Analyzed the consumption of gasoline, diesel, and jet fuel in the US, as well as the number of airport security checks [140][143][148] 4.5 Refined Oil Imports and Exports - Studied the import, export, and net export situations of gasoline, diesel, and jet fuel in the US [151][156][157] 5. Oilfield Services Sector Data Tracking - Tracked the average daily rates of self - elevating drilling platforms and semi - submersible drilling platforms in the industry [167][171]

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [1] Core Views - International oil prices have risen, impacting the prices of methanol and methionine due to ongoing geopolitical conflicts affecting oil and some petrochemical product supplies and transportation [1] - The current P/E ratio for the SW basic chemical sector is 28.03, at the 81.52 percentile historically, while the P/B ratio is 2.53, at the 70.98 percentile historically [1] - The report anticipates that the current round of industry expansion is nearing its end, with measures like "anti-involution" expected to catalyze a recovery in industry profits [1] - The new materials sector is expected to benefit from rapid downstream demand growth, potentially initiating a new phase of high growth [1] Summary by Sections Industry Dynamics - As of March 22, 2026, the SW petrochemical sector's P/E ratio is 16.74, at the 50.60 percentile historically, and the P/B ratio is 1.62, at the 55.15 percentile historically [1] - The report highlights the need to focus on large energy state-owned enterprises, leading companies in coal chemical with stable and relatively low-cost raw material supply, and leading fine chemical companies with favorable supply-demand dynamics [1] Investment Recommendations - Short-term focus on large energy state-owned enterprises, coal chemical leaders, and fine chemical leaders with good cost transmission [1] - Long-term investment themes include traditional chemical leaders showing resilience, continuous improvement in supply-demand dynamics in sub-sectors like refining, polyester, dyes, organic silicon, pesticides, refrigerants, and phosphorous chemicals [1] - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical, Hengli Petrochemical, and others [1] Price Trends - For the week of March 16-22, 2026, 60 out of 100 tracked chemical products saw price increases, with notable rises in vitamin A, ethylene, naphtha, TDI, and methionine [28] - Methanol prices increased to 2,432 RMB/ton, up 7.04% week-on-week and 27.93% month-on-month [30] - Methionine prices rose to 39.5 RMB/kg, up 25.4% week-on-week and 111.23% month-on-month [31]

Investment Rating - The report maintains a "Recommend" rating for the oil and petrochemical industry [1] Core Insights - The upstream oil and gas extraction sector is experiencing increased prosperity, while the downstream sector requires more time for recovery [1] - Short-term oil price volatility is leading to a rebalancing of the industry chain, with downstream players shifting from stockpiling to a wait-and-see approach [4] - In the medium term, low downstream inventory levels suggest potential for price increases, supported by demand recovery [4] - Long-term trends indicate an optimized industry structure and supply contraction, leading to improved refining profitability [4] Industry Overview - The total market capitalization of the oil and petrochemical industry is approximately 61,086.24 billion yuan, with 50 listed companies [1] - The circulating market value stands at about 37,235.48 billion yuan [1] - The industry has shown strong absolute performance over the past 1 month (7.4%), 6 months (36.7%), and 12 months (49.0%) [2] Oil Price and Supply - Brent crude oil prices have risen significantly, reaching 108.65 USD/barrel, an increase of 8.15% week-on-week [4] - U.S. crude oil production has slightly decreased to 13.668 million barrels per day, while OPEC production has increased to 28.63 million barrels per day [4] - U.S. refinery utilization rates have increased to 91.4%, while China's refinery utilization has decreased to 75.22% [4] Aromatics and Olefins - Aromatics prices have shown mixed trends, with PX prices at 1264 USD/ton, while PTA prices have decreased to 6525 yuan/ton [12] - Olefins prices have also varied, with ethylene priced at 10,000 yuan/ton and propylene at 8,625 yuan/ton [12] - The report highlights the profitability of the aromatics and olefins sectors, indicating potential for growth [12] Investment Recommendations - The report suggests focusing on oil and gas production companies such as China National Offshore Oil Corporation and Guanghui Energy [4] - It also recommends large refining companies like Rongsheng Petrochemical and Hengli Petrochemical, as well as companies involved in long filament and bottle materials [4] - The report emphasizes the potential for increased capital expenditure in oil and gas due to geopolitical events affecting overseas oil fields and refining facilities [4] Company Earnings Forecasts - Key companies in the sector, such as China National Offshore Oil Corporation, Rongsheng Petrochemical, and Guanghui Energy, are projected to have strong earnings growth, with EPS estimates for 2026 showing significant increases [5]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical industry [5] Core Insights - The ongoing US-Iran conflict poses significant challenges to the supply chain of key petrochemical raw materials, with the closure of the Strait of Hormuz severely impacting oil supply and prices [1][9] - Approximately 48% of China's crude oil imports, 70% of methanol imports, 50% of LPG imports, and 40% of naphtha imports are sourced from the Middle East, indicating a critical dependency on this region [1][9] - The report emphasizes the importance of state-owned enterprises (SOEs) in ensuring energy security and material supply, supported by national strategies to enhance core competitiveness and resource allocation [2][10] Summary by Sections Section 1: Energy Security and Supply Chain - The report highlights the role of SOEs in maintaining energy supply chains amid geopolitical tensions, with a focus on enhancing domestic production capabilities and strategic reserves [2][10] - The "Three Oil Giants" (China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation) are identified as key players in increasing domestic oil and gas production [11] Section 2: Agricultural and Chemical Security - The report underscores the strategic importance of food security, particularly in the fertilizer sector, with policies aimed at stabilizing prices and ensuring supply [12] - Fertilizer companies with stable raw material supply are expected to benefit from favorable market conditions due to government support [12] Section 3: Defense Materials - SOEs are positioned to strengthen the supply of defense materials, with companies like Hohhot Technology and Huajin Corporation playing pivotal roles in ensuring resource stability for national defense [13] Section 4: Technological Advancements - The report discusses breakthroughs in material technology by petrochemical SOEs, which are crucial for reducing dependency on imports and supporting emerging industries [14] - Initiatives like the "New Materials Acceleration Project" by China Petroleum aim to enhance domestic production capabilities in strategic materials [14]

Investment Rating - The report maintains a "Buy" rating for the following companies: China National Offshore Oil Corporation (CNOOC), Zhongman Petroleum, China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and New Natural Gas [2][3]. Core Insights - The report highlights the significant impact of the Middle East situation on energy production facilities, with oil prices expected to remain above $100 per barrel due to ongoing geopolitical tensions [7][9]. - The report notes that the recent attacks on energy facilities in the Middle East have led to a substantial reduction in LNG production capacity, with approximately 17% of Qatar's LNG capacity affected, which could disrupt global supply for 3 to 5 years [9][10]. - The report suggests that the U.S. oil production is declining while refinery processing rates are increasing, indicating a potential shift in market dynamics [10][11]. Summary by Sections 1. Weekly Market Overview - The petrochemical sector saw a decline of 5.0%, underperforming the CSI 300 index, which fell by 2.2% [16][19]. - The oil extraction sub-sector had the highest weekly increase of 0.3%, while other petrochemical sub-sectors experienced a significant drop of 12.3% [19]. 2. Company Performance - The report lists the top performers in the petrochemical sector, with *ST Xinchao rising by 18.31% and Blue Flame Holdings by 8.88% [22][23]. - Conversely, Bohai Chemical saw the largest decline at 20.53%, followed by Rongsheng Petrochemical at 16.96% [22][23]. 3. Industry Dynamics - The report indicates that Japan is releasing oil reserves to mitigate rising prices due to tensions in the Middle East, with a release of approximately 80 million barrels [25][26]. - Saudi Arabia is offering long-term customers the option to receive oil through alternative routes due to potential disruptions in the Strait of Hormuz [26]. 4. Oil and Gas Prices - As of March 20, Brent crude oil futures settled at $112.19 per barrel, reflecting an increase of 8.77% week-on-week [10]. - The NYMEX natural gas futures closed at $3.10 per million British thermal units, down 1.15% week-on-week, while Northeast Asia's LNG prices surged by 20.13% to $22.73 per million British thermal units [10]. 5. Production and Inventory Data - U.S. crude oil production decreased to 13.67 million barrels per day, while refinery processing rates increased to 16.23 million barrels per day [10][11]. - The commercial crude oil inventory rose by 616 million barrels week-on-week, totaling 44,926 million barrels [11]. 6. Investment Recommendations - The report recommends focusing on companies with high dividend yields and strong performance during rising oil price phases, specifically CNOOC, Zhongman Petroleum, and New Natural Gas [7][10].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The current oil prices exhibit high uncertainty, primarily driven by geopolitical conflicts. The U.S. is managing market expectations by releasing strategic reserves and lifting sanctions on Iranian and Russian oil, which has pressured prices downward. However, the situation in the Strait of Hormuz remains critical, and prices are expected to trend upward if the blockade continues beyond two months [17][18][19] Summary by Sections Market Overview - The oil and petrochemical sector underperformed against the Shanghai Composite Index, with a decline of 4.58%. The oil and gas resource index fell by 2.86%, while the refining and chemical index dropped by 5.20% [10][11] Oil Sector - As of March 20, WTI spot price was $98.23, down $0.48, while Brent was $117.08, up $13.4. U.S. commercial crude oil inventories increased by 6.156 million barrels, with a production rate of 13.668 million barrels per day [16][15] - The geopolitical situation remains tense, with the U.S. increasing military presence in the Middle East, which may lead to further price volatility [15][17] Refining Sector - The average refining margin for major refineries was 1826.41 yuan/ton, down 109.28 yuan/ton from the previous period. Independent refineries reported a negative margin of -79.27 yuan/ton, indicating significant pressure on profitability [14][15] Polyester Sector - The average profit level for polyester POY150D was 702.17 yuan/ton, down 49.89 yuan/ton. The market is under pressure from high costs and low demand, with inventory levels rising [15] Olefins Sector - The domestic ethylene market price averaged 9957 yuan/ton, up 4.49% from the previous week. However, demand is expected to decrease as downstream facilities implement production cuts [15]

Core Viewpoint - The article discusses the recent management changes at China National Offshore Oil Corporation (CNOOC), highlighting the appointment of Huang Yongzhang as Vice Chairman, Executive Director, CEO, and President, along with other executive adjustments to optimize the company's governance structure and decision-making processes [2][3]. Group 1: Management Changes - Huang Yongzhang has been appointed as Vice Chairman, Executive Director, CEO, President, and member of the Strategic and Sustainable Development Committee [2][3]. - Yan Hongtao has resigned from his positions as Executive Director, President, member of the Strategic and Sustainable Development Committee, and Safety Supervisor due to work adjustments [3][7]. - Mu Xiuping has also resigned from her role as Executive Director but continues to serve as Chief Financial Officer [3][7]. Group 2: Other Executive Appointments - Other executives, including Huo Jian, Yu Jin, Yan Hongtao, and Mu Xiuping, have been appointed as Senior Vice Presidents, with Yu Jin additionally taking on the role of Safety Supervisor [7]. - Sun Dalu, Zhao Chunming, Liu Yongjie, and Liu Xiaogang have stepped down from their positions as Executive Vice Presidents and Vice Presidents, respectively [7]. Group 3: Huang Yongzhang's Background - Huang Yongzhang, born in 1966, is a senior engineer with a doctorate in engineering and has held various significant positions in the oil and petrochemical sectors, including roles at China National Petroleum Corporation [9]. - His recent roles include serving as Vice President of China National Petroleum Corporation and as a board member of China National Petroleum Corporation Limited [9]. Group 4: Compensation Details - A service agreement has been established with Huang Yongzhang, with an expected salary of no more than RMB 1.2 million for his role as CEO and President in 2026 [4]. - The compensation committee will review and propose adjustments to the remuneration of directors and senior management as necessary [4].

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，概不對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） 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，二零二六年三月二十日 於本公告刊發日期， 董事會由以下成員組成： 非執行董事 公告 董事名單與其角色和職能 中國海洋石油有限公司董事會（「董事會」）成員及其各自於董事會及董事會下屬委 員會的角色及職能載列如下，自二零二六年三月二十日起生效： | 董事會下屬 委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | 戰略與可持續 發展委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | 執行董事 | | | | | | 黃永章（副董事長、 | - | - | - | M | | 首席執行官及總裁） | | | | | | 非執行 ...

关于召开 2025 年度业绩说明会的公告 中国海洋石油有限公司 证券代码：600938 证券简称：中国海油 公告编号：2026-006 二、 说明会的时间、地点、方式、语言 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。 会议召开时间：2026 年 3 月 30 日（星期一）16:00-17:00 会议召开方式：网络互动 会议召开地址：上海证券交易所上证路演中心（以下简称"上证路演中心"） （一） 会议时间：2026 年 3 月 30 日 16:00-17:00 （二） 会议召开地址：上证路演中心（http://roadshow.sseinfo.com/） （三） 会议召开方式：网络互动 重要内容提示： 投资者可于 2026 年 3 月 23 日（星期一）至 3 月 27 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@cnooc.com.cn 进行提问。 中国海洋石油有限公司（以下简称"公司"）将于 2026 年 3 月 26 日闭市后 发布公司 2025 年年度报告。为便于广 ...

证券代码：600938 证券简称：中国海油 公告编号：2026-005 中国海洋石油有限公司 关于董事、高级管理人员变更及调整董事会 下属委员会组成的公告 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。 中国海洋石油有限公司（"本公司"）董事会宣布，为优化本公司治理结构，适 应本公司决策流程及经营管理需要，以下董事、高级管理人员变更及调整董事会下属 委员会组成，自 2026 年 3 月 20 日生效。 一、委任副董事长、首席执行官及变更执行董事、总裁、董事会下属委员会组成 阎洪涛先生（"阎先生"）因工作调整，辞任执行董事、总裁、战略与可持续发 展委员会成员及安全总监；穆秀平女士（"穆女士"）因工作调整，辞任执行董事。 阎先生和穆女士已确认其与董事会并无任何意见分歧，亦无任何与其董事职务变动有 关的事项须提请本公司股东、香港联合交易所有限公司（"香港联交所"）或上海证 券交易所（"上交所"）注意。 黄永章先生（"黄先生"）获委任为副董事长、执行董事、首席执行官、总裁及 战略与可持续发展委员会成员。黄先生的简历情况请见附件。 本公 ...