中海油能源发展股份有限公司 2024 年年度股东大会会议资料 中海油能源发展股份有限公司 2024 年年度股东大会会议须知 各位股东及股东代表： 中海油能源发展股份有限公司 2024 年年度股东大会 会议资料 二○二五年六月 为维护投资者的合法权益，确保中海油能源发展股份有限公司（以下简称 "公司"或"海油发展"）2024 年年度股东大会的顺利召开，依据中国证券监 督管理委员会《上市公司股东会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》《证券法》《上市公司股东会规则》和《公司章程》 的规定，认真做好召开股东大会的各项工作。 三、为保证股东大会的严肃性和正常秩序，切实维护与会股东（包括股东 代表，下同）的合法权益，除出席会议的股东、公司董事、监事、高级管理人 员、公司聘请的律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入 会场。 四、出席会议的股东最晚须在会议召开前 15 分钟到达会议现场向董事会办 公室办理签到手续，并请按规定出示股票账户卡、持股凭证、身份证或法人单 位证明、授权委托书及出席人身份证等，经验证后领取会议资料，方可出席会 议。 五、股东需要在股东大会发言的，应于会议开始前 ...

Key Points - The report highlights a selection of stocks for May, including companies like SF Holding, Jitu Express, and Guizhou Moutai, indicating a focus on logistics, technology, and consumer goods sectors [1] - The report emphasizes the use of an AI industry allocation system based on the "cycle-signal-momentum" framework, which aims to enhance investment strategies in a rapidly changing market environment [5][6] - The oil and gas sector, particularly CNOOC Development, is identified as a key player in marine energy services, with a strong focus on digital transformation and green low-carbon business strategies [9][10] Company Analysis - CNOOC Development has shown significant revenue growth from CNY 19.376 billion in 2016 to CNY 52.517 billion in 2024, with a compound annual growth rate (CAGR) of 13.27% [10] - The company's net profit increased from CNY 0.622 billion to CNY 3.656 billion during the same period, reflecting a CAGR of 24.78% [10] - In Q1 2025, CNOOC Development reported revenue of CNY 10.074 billion, a year-on-year increase of 9.42%, and a net profit of CNY 0.594 billion, up 18.48% [10] Industry Insights - The marine oil and gas service market is expected to grow, with China's self-sufficiency rates for oil and gas needing improvement, highlighting the importance of marine oil and gas in energy security [11] - By 2025, marine oil and gas exploration and development investments are projected to reach USD 220 billion, accounting for 36% of global oil and gas exploration and development investments [11] - The report notes that advancements in marine oil extraction technology and digitalization are expected to benefit both oil service companies and oil and gas firms [11][12]

Investment Rating - The report assigns a "Buy" rating for the company 600968.SH and an "Accumulate" rating for 688548.SH, both with no prior ratings [1]. Core Views - The company, known as CNOOC Development, is a comprehensive service provider in the marine energy sector, focusing on oil and gas exploration and development, as well as low-carbon energy services. The report highlights the company's integrated service capabilities and its strategic focus on digital transformation and deep-sea technology, which are expected to drive steady growth in operating performance [4][9]. Summary by Sections Section 1: Deepening Marine Energy Service Industry - CNOOC Development is controlled by China National Offshore Oil Corporation (CNOOC) and has been listed since June 2019. The company provides a range of services across the oil and gas industry, including exploration, development, production, and logistics [19]. - The company has seen significant revenue growth, with operating income increasing from 19.376 billion RMB in 2016 to 52.517 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 13.27% [25]. - The company is expanding its market presence both domestically and internationally, with a focus on enhancing its competitive edge in the global market [31][32]. Section 2: Marine Oil and Gas Extraction - The report notes that marine oil and gas extraction is crucial for national energy security, with CNOOC's production targets set to increase significantly in the coming years. The marine oil production is expected to reach 68 million tons by 2025 [52][53]. - Globally, marine oil and gas exploration is projected to continue growing, with marine resources accounting for a significant portion of new oil and gas reserves [57][66]. Section 3: Comprehensive Marine Energy Service Provider - CNOOC Development is positioned as a key player in the integration of traditional energy and new energy sectors, focusing on technology innovation and sustainable development [21]. - The company has a strong emphasis on low-carbon and digital services, with a notable increase in research and development investments, which reached 1.537 billion RMB in 2024 [33][40]. - The company maintains a robust dividend policy, with total dividends reaching 1.372 billion RMB in 2024, indicating strong cash flow and high dividend potential [40].

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - IEA, EIA, and OPEC have different forecasts for global crude oil inventory, supply, and demand in 2025. The average forecast for inventory change is -4 barrels per day, remaining flat compared to the previous month. Supply and demand are both expected to increase compared to 2024 [2]. - Non - OECD countries, represented by China, are expected to be the main contributors to the global crude oil demand growth in 2025, while OECD countries' demand growth will be relatively weak [127]. - IEA predicts that the demand for chemical oil will recover significantly in 2025, both globally and in China [136][139]. Summary by Directory 1. Global Crude Oil Inventory - IEA, EIA, and OPEC predict 2025 global crude oil inventory changes to be +70, +41, -122 barrels per day respectively, with changes of -10, -5, +10 barrels per day compared to April 2025 forecasts. The average inventory change forecast is -4 barrels per day, unchanged from the previous month [2]. 2. Global Crude Oil Supply 2.1 Global Crude Oil Supply Overview - IEA, EIA, and OPEC predict 2025 crude oil supply to be 10460, 10412, 10378 barrels per day respectively, an increase of 160, 137, 142 barrels per day compared to 2024, and an increase of 30, 2, 10 barrels per day compared to April 2025 forecasts [2]. 2.2 Global Major Regional Crude Oil Supply Situation - **Three - institution regional supply increment forecasts**: IEA expects supply increments in 2025 to be concentrated in OECD and non - OECD countries in the Americas; EIA expects increments in North, Central, and South American countries; OPEC expects increments in OECD countries in the Americas [33][35][40]. - **OPEC+**: In April 2025, the total crude oil production of 12 OPEC countries was 2671 barrels per day, a decrease of 6.2 barrels per day month - on - month. OPEC+ has a total remaining capacity of 644 barrels per day, a decrease of 3 barrels per day month - on - month [43][47]. - **Russia**: In April 2025, Russia's export volume was 760 barrels per day, an increase of 20 barrels per day year - on - year [65]. - **USA**: EIA predicts that the average US crude oil production in 2025 will be 1341 barrels per day, an increase of 21 barrels per day compared to 2024 and a decrease of 9 barrels per day compared to the April 2025 forecast [75]. 3. Global Crude Oil Demand 3.1 Global Crude Oil Demand Overview - IEA, EIA, and OPEC predict 2025 crude oil demand to be 10390, 10372, 10500 barrels per day respectively, an increase of 70, 98, 125 barrels per day compared to 2024, and changes of +40, +7, -5 barrels per day compared to April 2025 forecasts [2]. - OECD countries' crude oil demand growth in 2025 is expected to be weak, while non - OECD countries' demand will grow significantly, with China potentially leading the growth [127]. 3.3 Global Different Petroleum Product Demand Situation - Globally, IEA predicts that in 2025, the demand for aviation kerosene, diesel, and gasoline will increase by 12, 4, 21 barrels per day respectively compared to 2024, and the demand for LPG, ethane, and naphtha in the chemical sector will increase by 25, 19 barrels per day respectively [136]. - In China, IEA predicts that in 2025, the demand for aviation kerosene, diesel, and gasoline will change by +4, +1, -12 barrels per day respectively compared to 2024, and the demand for LPG, ethane, and naphtha in the chemical sector will increase by 3, 15 barrels per day respectively [139]. Related Listed Companies - Recommended companies include CNOOC, PetroChina, Sinopec, COSL, Offshore Oil Engineering, and CNOOC Energy Technology & Services [3]. - Companies to be noted include Sinopec Oilfield Service, CNPC Engineering, and Sinopec Mechanical Engineering [3].

证券研究报告 原油周报：受地缘因素影响，国际油价高位震荡 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 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年5月25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65.0/61.8美元/桶，较上周分别-0.5/-0.8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8.4/4.4/4.0/0.2亿桶，环比 +217/+133/+84/-46万桶。 ◼ 3）原油产量：美国原油产量为1339万桶/天，环比+1万桶/天。美国活跃原油钻机本周465台，环比-8台。美国活跃压 裂车队本周186部，环比-7部。 ◼ 4）原油需求：美国炼厂原油加工量为1649万桶/天，环比+9万桶/天；美国炼厂原油开工率为90.7%，环比+0.5pct。 ◼ 5）原油进出口量：美国原油进口量、出口量、净进口量 ...

Core Viewpoint - CNOOC Energy Development Co., Ltd. is revising its articles of association and various management systems to enhance corporate governance and align with new regulations [2][3][4] Company Announcements - The fifth board of directors of CNOOC Energy Development held its 19th meeting on May 19, 2025, approving multiple resolutions, including amendments to the articles of association and various management rules, all of which received unanimous approval [1][3] - The company plans to revise its articles of association to comply with the newly amended Company Law of the People's Republic of China and the guidelines issued by the China Securities Regulatory Commission [2][3] Management Systems - The external investment management system aims to standardize investment behaviors, reduce risks, and enhance investment efficiency, requiring board or shareholder approval for projects exceeding specific thresholds [2][3] - The external guarantee management system is designed to regulate guarantee behaviors, protect investor rights, and ensure financial safety, mandating disclosure for guarantees provided by subsidiaries and requiring board approval for specific guarantees [2][3][6] Governance Structure - The articles of association state that the registered capital of CNOOC Energy Development is RMB 10,165,104,199, with its headquarters located in Dongcheng District, Beijing, covering areas such as technology research and development and product manufacturing [4] - The shareholder meeting rules ensure orderly and standardized operations of the shareholder meetings, which include annual and temporary meetings, with specific powers outlined for the board of directors [4][5] Independent Directors - The independent director working system aims to improve corporate governance and protect minority shareholder interests, requiring independent directors to hold no other positions within the company and to have no conflicts of interest [5]

中海油能源发展股份有限公司 董事会议事规则 2025 年 5 月 中海油能源发展股份有限公司 董事会议事规则 第一章 总 则 第一条 为明确中海油能源发展股份有限公司(以下简称 "公司")董事会的职责权限，规范董事会的议事及决策程序， 充分发挥董事会的经营决策作用，维护公司、股东的合法权 益，保障董事会依法独立、规范、有效地行使职权，确保董 事会的工作效率和科学决策，根据《中华人民共和国公司法》 (以下简称"《公司法》")、《上市公司章程指引》及其他法律、 法规、规范性文件以及《中海油能源发展股份有限公司章程》 (以下简称"《公司章程》")，结合公司实际情况，制定本议 事规则。 第二条 董事会是公司经营决策的常设机构，执行股东 会的决议。董事会应当在《公司法》《公司章程》及其他有 关法律、法规及规范性文件规定的范围内行使职权，不得超 越职权范围，并不得干涉董事对自身合法权利的处分。 第二章 董事会的构成 第三条 公司设董事会。 第四条 董事会由 7 名董事组成，设董事长 1 名；独立 董事 3 名、职工代表董事 1 人。 第五条 公司董事长由公司董事担任，以全体董事的过 半数选举产生和罢免。 第六条 公司设董 ...

中海油能源发展股份有限公司 规范与关联方资金往来管理办法 2025 年 5 月 中海油能源发展股份有限公司 规范与关联方资金往来管理办法 第一条 为规范中海油能源发展股份有限公司(以下简称 "公司")与控股股东、实际控制人及其他关联方的资金往来 事项，最大程度保护投资者合法权益，避免公司控股股东、实 际控制人及其他关联方占用公司资金，根据《中华人民共和国 公司法》《中华人民共和国证券法》《上市公司监管指引第 8 号 ——上市公司资金往来、对外担保的监管要求》等法律、法规、 规范性文件的相关规定以及《中海油能源发展股份有限公司章 程》(以下简称"《公司章程》")、《中海油能源发展股份有限公 司关联交易管理制度》(以下简称"《关联交易管理制度》")， 结合公司实际情况，制订本办法。 第二条 本办法适用于公司与控股股东、实际控制人及其 他关联方资金往来管理。公司其他关联交易事项根据《关联交 易管理制度》等制度进行规范和管理。 1 股股东、实际控制人及其他关联方使用的资金等。 经营性资金占用是指控股股东、实际控制人及其他关联方 通过采购、销售等日常经营管理环节的关联交易所产生的对公 司资金的占用。 非经营性资金占用是 ...

证券代码：600968 证券简称：海油发展 公告编号：2025-018 中海油能源发展股份有限公司 关于召开2024年年度股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 6 月 9 日 14 点 30 分 召开地点：北京市朝阳区广顺南大街 8 号望京凯悦酒店 悦府 1+2 股东大会召开日期：2025年6月9日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 无 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | 非累积投票议案 | | | | 1 | 2024 年度董事会工作报告 | √ | | ...

中海油能源发展股份有限公司 对外投资管理制度 2025 年 5 月 中海油能源发展股份有限公司 (三) 通过购买目标企业股权的方式所实施的收购、兼并 行为； (四) 证券投资、委托理财、固定资产投资等； (五) 法律、法规规定的其他对外投资。 对外投资管理制度 第一章 总 则 第一条 为规范中海油能源发展股份有限公司(以下简 称"公司")对外投资行为，降低投资风险，提高投资效益， 保证公司及股东的权益，使公司的对外投资决策科学化、规 范化，根据《中华人民共和国公司法》《中华人民共和国合 同法》《上海证券交易所股票上市规则》和《中海油能源发 展股份有限公司章程》(以下简称"《公司章程》")等有关规 定，制定本制度。 第二条 本制度所称对外投资，是指为获取未来收益而 预先支付一定数量的货币，实物或出让权利的行为。具体包 括： (一) 公司独立新设企业、独立出资的经营项目及向子公 司增资； (二) 公司出资与其他境内（外）独立法人实体、自然人 成立合资、合作公司或开发项目； 第三条 公司的对外投资管理实行分级决策。坚持效益 第一、科学论证、程序规范的原则。 1 第四条 本制度适用于公司及公司直接或间接控制的控 股子 ...