沪指8月19日下跌0.02%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为综合、通信，涨幅 分别为3.48%、1.87%。跌幅居前的行业为非银金融、国防军工，跌幅分别为1.64%、1.55%。石油石化 行业位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出618.30亿元，今日有6个行业主力资金净流入，家用电器行业主 力资金净流入规模居首，该行业今日上涨0.87%，全天净流入资金21.75亿元，其次是食品饮料行业，日 涨幅为1.04%，净流入资金为19.81亿元。 主力资金净流出的行业有25个，电子行业主力资金净流出规模居首，全天净流出资金106.05亿元，其次 是非银金融行业，净流出资金为84.32亿元，净流出资金较多的还有国防军工、计算机、有色金属等行 业。 石油石化行业今日下跌0.58%，全天主力资金净流出6.18亿元，该行业所属的个股共47只，今日上涨的 有18只，涨停的有1只；下跌的有27只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有16只，其中，净流入资金超千万元的有7只，净流入资金居首的是康普顿，今日净流入资金 3048.11万元，紧随其后的是海油发展、岳阳兴 ...

证券研究报告 原油周报：美国原油库存量增加，国际油价下降 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2025年8月17日 请务必阅读正文之后的免责声明部分 投资要点 ◼ 【美国原油】 2 ◼ 1）原油价格：本周Brent/WTI原油期货周均价分别66.2/63.3美元/桶，较上周分别-1.0/-1.4美元/桶。 ◼ 2）原油库存：美国原油总库存、商业原油库存、战略原油库存、库欣原油库存分别8.3/4.3/4.0/0.2亿桶，环比 +326/+304/+23/+5万桶。 ◼ 3）原油产量：美国原油产量为1333万桶/天，环比+4万桶/天。美国活跃原油钻机本周412台，环比+1台。美国活跃压 裂车队本周163部，环比+4部。 ◼ 4）原油需求：美国炼厂原油加工量为1718万桶/天，环比+6万桶/天；美国炼厂原油开工率为96.4%，环比-0.5pct。 ◼ 【美国成品油】 ◼ 1）成品油价格和价差：美国汽油、柴 ...

融券方面，当日融券卖出0.17万股，净买入30.44万股。 最近三个交易日，13日-15日，海油发展分别获融资买入2.69亿元、0.84亿元、0.42亿元。 8月15日，沪深两融数据显示，海油发展获融资买入额0.42亿元，居两市第576位，当日融资偿还额1.50 亿元，净卖出10744.47万元。 ...

Core Viewpoint - The article discusses the procurement announcement for lithium iron phosphate battery energy storage systems by CNOOC Development-Clean Energy Company, highlighting the growing importance of electrochemical energy storage technology in enhancing power system stability and supporting renewable energy integration [2][4]. Group 1: Project Overview - The project involves the procurement of lithium iron phosphate battery energy storage systems, with a focus on the technical specifications of battery cells rated at 280Ah [2][5]. - The procurement agreement is valid for three years, with a "1+1+1" execution method, allowing for annual renewal if both parties agree [3][4]. Group 2: Technical and Financial Aspects - The energy storage systems are expected to contribute to grid stability, peak shaving, and cost reduction for enterprises by balancing electricity supply and demand [4][5]. - The funding for the project is sourced from the company’s own funds, and the financial situation has been confirmed as secured [4]. Group 3: Bidding Process - The bidding process requires participants to have valid business licenses and relevant certifications, and only manufacturers of the products can participate, excluding agents and traders [6]. - Bidders must provide proof of production capacity and past performance in supplying energy storage systems, with specific documentation required to validate their qualifications [6]. Group 4: Submission Details - Bidders must submit their proposals online by August 25, 2025, and the procurement documents can be purchased through the CNOOC supply chain digital platform [8]. - The bid document costs 200 yuan, and all submissions must adhere to the specified guidelines to avoid disqualification [8].

Market Performance - On August 13, the oil service engineering sector rose by 0.75% compared to the previous trading day, with CNOOC Development leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - CNOOC Development (600968) closed at 4.15, with a gain of 3.23% and a trading volume of 1.7567 million shares, amounting to a transaction value of 730 million yuan [1] - Other notable stocks included PetroChina Oilfield Services (600871) with a closing price of 2.05, up 0.99%, and Zhongman Petroleum (619609) at 19.79, up 0.61% [1] - Conversely, stocks like Renji Co. (002629) and Zhongyou Engineering (600339) saw slight declines of 0.27% and 0.28%, respectively [1] Capital Flow Analysis - The oil service engineering sector experienced a net outflow of 122 million yuan from institutional investors, while retail investors saw a net inflow of 207 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Detailed Capital Flow for Key Stocks - CNOOC Development had a net inflow of 49.2 million yuan from institutional investors, while retail investors contributed a net inflow of 6.55 million yuan [3] - In contrast, stocks like Renji Co. and Zhongyou Engineering faced net outflows from both institutional and retail investors, indicating weaker demand [3] - The data suggests that while some stocks are attracting retail interest, institutional investors are more cautious, leading to varied performance across the sector [3]

海油发展股价报4.03元，较前一交易日下跌0.07元。开盘价为4.11元，最高触及4.12元，最低下探4.00 元，成交量为673154手，成交金额达2.71亿元。 风险提示：股市有风险，投资需谨慎。 海油发展属于采掘行业，公司主营业务涵盖海洋石油工程技术服务、装备制造、油田化学等领域。作为 国内领先的海洋石油工程服务提供商，公司业务覆盖油气田开发全生命周期。 石油石化行业8月11日整体表现疲软，板块主力资金净流出6.09亿元。在板块内47只个股中，海油发展 主力资金净流出5619.28万元，位列板块资金流出榜第三位。近五个交易日，公司主力资金累计净流出 4243.49万元。 来源：金融界 ...

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the impact of fluctuating international oil prices and the recent price changes in titanium dioxide and refrigerants, suggesting a focus on mid-year earnings reports and the influence of supply-side factors in related sub-industries [2][3][11] - It emphasizes the importance of self-sufficiency in electronic materials companies and the stability of dividend policies in energy enterprises [11] Summary by Sections Industry Dynamics - In the week of August 4-10, 2025, among 100 tracked chemical products, 18 saw price increases, 39 experienced declines, and 43 remained stable. 38% of products had month-on-month price increases, while 56% saw decreases [10][31] - International oil prices fell, with WTI crude oil closing at $63.88 per barrel, down 5.12% for the week, and Brent crude at $66.59 per barrel, down 4.42% [10][32] - Titanium dioxide prices decreased to an average of 13,302 RMB/ton, down 1.10% from the previous week, with a year-to-date decline of 7.24% [10][33] - Refrigerant prices increased, with R32 averaging 56,500 RMB/ton, up 2.73% week-on-week and 31.40% year-to-date [10] Investment Recommendations - The report suggests focusing on mid-year earnings, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials [11] - Long-term investment themes include the sustained high demand in the oil and gas extraction sector, the rapid development of downstream industries, and the potential for recovery in demand supported by policy [11] - Recommended stocks include China Petroleum, China Oilfield Services, and several technology and chemical companies [11] Key Stocks for August - The report identifies Satellite Chemical and Anji Technology as key stocks for August, highlighting their strong performance and growth potential [12][18]

Oil Market Overview - Brent and WTI crude oil futures averaged $67.4 and $64.9 per barrel respectively, down $4.2 and $3.6 from the previous week [2] - Total U.S. crude oil inventory stands at 830 million barrels, with commercial inventory at 420 million barrels, strategic inventory at 400 million barrels, and Cushing inventory at 20 million barrels, showing changes of -2.79 million, -3.03 million, +0.23 million, and +0.45 million barrels respectively [2] - U.S. crude oil production is at 13.28 million barrels per day, a decrease of 30,000 barrels per day from the previous week [2] - U.S. refinery crude oil processing volume is 17.12 million barrels per day, an increase of 210,000 barrels per day, with a refinery utilization rate of 96.9%, up 1.5 percentage points [2] Refined Products - Average prices for gasoline, diesel, and jet fuel in the U.S. are $88, $96, and $89 per barrel respectively, down $3.9, $5.2, and $5.1 from the previous week [3] - U.S. gasoline, diesel, and jet fuel inventories are at 230 million, 110 million, and 40 million barrels respectively, with changes of -1.32 million, -0.57 million, and +0.97 million barrels [4] - Production of gasoline, diesel, and jet fuel in the U.S. is at 980,000, 511,000, and 198,000 barrels per day respectively, with changes of -24, -10, and +11 thousand barrels per day [5] - Consumption of gasoline, diesel, and jet fuel in the U.S. is at 904,000, 372,000, and 171,000 barrels per day respectively, with changes of -11, +12, and -39 thousand barrels per day [6] Trade Dynamics - U.S. gasoline imports, exports, and net exports are 120,000, 950,000, and 820,000 barrels per day respectively, with changes of +1, +6, and +5 thousand barrels per day [6] - U.S. diesel imports, exports, and net exports are 80,000, 1.55 million, and 1.47 million barrels per day respectively, with changes of -15, +23, and +38 thousand barrels per day [6] - U.S. jet fuel imports, exports, and net exports are 0, 140,000, and 140,000 barrels per day respectively, with changes of -6, 0, and +6 thousand barrels per day [6] Related Companies - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [6]

Market Performance - The oil service engineering sector rose by 0.6% on August 6, with CNOOC Services leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Individual Stock Performance - Notable gainers included: - CNOOC Services (601808) at 14.04, up 1.23% with a trading volume of 80,500 shares and a turnover of 112 million yuan [1] - Zhongman Petroleum (603619) at 19.32, up 1.20% with a trading volume of 81,000 shares and a turnover of 156 million yuan [1] - Huibo Yin (002554) at 2.91, up 1.04% with a trading volume of 280,000 shares and a turnover of 81.09 million yuan [1] Capital Flow Analysis - The oil service engineering sector experienced a net outflow of 58.64 million yuan from institutional investors and 28.80 million yuan from retail investors, while retail investors saw a net inflow of 87.44 million yuan [2] - Individual stock capital flows showed: - Zhongyou Engineering (600339) had a net inflow of 6.99 million yuan from institutional investors [3] - Huibo Yin (002554) had a net inflow of 3.08 million yuan from retail investors [3] - CNOOC Services (601808) saw a net outflow of 6.14 million yuan from institutional investors [3]

Investment Rating - Investment recommendation: Outperform the market (maintained) [8] Core Viewpoints - The report emphasizes the significant potential of deep-sea oil and gas resources in China, particularly in the South China Sea, where there are abundant untapped mineral resources. The report highlights that CNOOC is the largest offshore oil and gas operator in China, with a comprehensive industrial chain covering exploration, engineering construction, equipment operation, and oilfield services. The deep-sea economic strategy is expected to enhance the value of CNOOC and related marine oil and gas service industries [10][19]. - The report identifies three key barriers in the deep-sea sector: the increasing demand for high-performance and specialized chemical materials in extreme marine environments, the corrosion challenges faced by marine engineering, and the anticipated growth in demand for sealing materials driven by the marine economy [11][12][13]. Summary by Sections 1. Marine Resource Endowment and CNOOC's Leadership - The report discusses the importance of the Central Economic Committee's meeting on July 1, 2025, which focused on promoting high-quality development of the marine economy and enhancing marine resource development capabilities. It is expected that supportive policies will accelerate the development of deep-sea technology, equipment manufacturing, and material applications [3][18]. - CNOOC is positioned as a key player in China's deep-sea energy security strategy, with significant oil and gas reserves in the South China Sea, estimated at approximately 3.6 billion barrels of oil and 40.3 trillion cubic feet of natural gas [19][22]. 2. Demand for High-Performance and Specialized Chemical Materials - The report highlights the growing market demand for marine new materials, which are essential for modern marine economic development. These materials are crucial for various applications, including naval equipment, shipbuilding, marine engineering, and resource development [81]. - The report notes that the marine engineering sector faces severe corrosion challenges, necessitating advanced anti-corrosion technologies and materials to ensure the safety and economic efficiency of marine equipment [86][87]. 3. Investment Recommendations - The report suggests focusing on leading central enterprises in deep-sea oil and gas exploration and extraction, particularly CNOOC, as well as the marine oil and gas service industry. Additionally, it recommends paying attention to high-performance anti-corrosion coatings and sealing materials due to their critical demand in extreme marine environments [14].