Investment Rating - The report maintains an "Outperform" rating for the oil and gas industry [6][7]. Core Views - OPEC+ has announced a continuation of production increases of 411,000 barrels per day for July, significantly impacting oil prices due to geopolitical tensions and tariff policies [1][2]. - The Brent crude oil price is expected to stabilize between $65 and $75 per barrel in 2025, while WTI crude oil is projected to be between $60 and $70 per barrel [3][18]. Summary by Sections 1. May Oil Price Review - In May 2025, the average price of Brent crude oil futures was $64.0 per barrel, down by $2.5 from the previous month, while WTI averaged $61.3 per barrel, down by $1.5 [1][14]. - The fluctuations in oil prices were influenced by the "reciprocal tariff" policy, OPEC+ production announcements, and geopolitical events in the Middle East [1][14]. 2. Oil Price Outlook - OPEC+ has decided to extend production increases of 411,000 barrels per day, which is three times the original increase plan [2][16]. - Major energy agencies forecast an increase in global oil demand of 730,000 to 1,300,000 barrels per day in 2025, and 760,000 to 1,280,000 barrels per day in 2026 [3][17]. 3. Key Data Tracking - As of May 30, 2025, WTI crude oil futures settled at $60.79 per barrel, a 4.4% increase from the previous month, while Brent settled at $63.90 per barrel, a 1.2% increase [36]. - The average production of U.S. crude oil in May 2025 was 13.4 million barrels per day, a decrease of 0.3% from the previous month [44]. - The report highlights that the capital expenditure willingness in overseas markets is low, indicating a lack of conditions for significant production increases [44][29]. 4. Recommended Stocks - The report recommends key stocks including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), Satellite Chemical, CNOOC Development, and Guanghui Energy [4].

Investment Rating - The report maintains an "Outperform" rating for the oil and gas industry [6][7]. Core Views - OPEC+ has announced a continuation of production increases of 411,000 barrels per day for July, significantly impacting oil prices due to geopolitical tensions and tariff policies [1][2]. - The Brent crude oil price is expected to stabilize between $65 and $75 per barrel in 2025, while WTI crude oil is projected to be between $60 and $70 per barrel [3][18]. Summary by Sections 1. May Oil Price Review - In May 2025, the average price of Brent crude oil futures was $64.0 per barrel, down $2.5 from the previous month, while WTI averaged $61.3 per barrel, down $1.5 [1][14]. - Oil prices experienced significant fluctuations due to tariff policies and geopolitical tensions, with OPEC+ planning to accelerate production in June [1][14]. 2. Oil Price Outlook - OPEC+ has extended its production increase plan, with a significant rise in output expected to be completed by October 2025, ahead of the original schedule [2][19]. - Major energy agencies forecast an increase in global oil demand of 730,000 to 1.3 million barrels per day in 2025, and 760,000 to 1.28 million barrels per day in 2026 [3][17]. 3. Key Data Tracking 3.1 Crude Oil Prices and Spreads - As of May 30, 2025, WTI crude oil settled at $60.79 per barrel, up $2.6 (+4.4%), while Brent settled at $63.90, up $0.8 (+1.2%) [36]. - The average Brent-WTI price spread was $3.07 per barrel, narrowing by $0.45 from the previous month [36]. 3.2 Crude Oil Supply - U.S. crude oil production averaged 13.4 million barrels per day in May 2025, a decrease of 42,000 barrels per day (-0.3%) [44]. - The number of active oil rigs in the U.S. decreased by 13 to an average of 468 rigs [44]. 4. Recommended Stocks - The report recommends investing in China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), Satellite Chemical, CNOOC Development, and Guanghui Energy, all rated as "Outperform" [4][6].

Core Points - The company is preparing for the 2024 Annual General Meeting (AGM) to ensure the protection of investors' rights and the smooth conduct of the meeting [1][2][3] - The company reported a net profit of 3.656 billion yuan for 2024, representing an 18.66% year-on-year increase [4][5] - Total assets reached 49.503 billion yuan, with a debt-to-asset ratio of 43.71% [4][5] Meeting Procedures - The AGM will be held at the Hyatt Hotel in Beijing, with specific procedures for attendance and voting outlined [3][4] - Shareholders must register to speak at the meeting 15 minutes prior, with a limit of ten speakers based on shareholding [2][3] - Voting will be conducted via a named ballot system, with results announced by the meeting host [2][3] Financial Performance - The company’s total assets increased by 10.24% from the previous year, reaching 49.503 billion yuan [4][18] - Operating revenue for 2024 was reported at 52.517 billion yuan, a 6.51% increase from the previous year [18] - The basic earnings per share rose to 0.3597 yuan, reflecting an 18.66% increase [18] Board and Management Activities - The board held seven meetings during the year, discussing 48 proposals, all of which were approved unanimously [5][7] - The board emphasized the integration of party leadership with corporate governance to enhance decision-making and risk management [4][8] Shareholder Returns - The company plans to distribute a cash dividend of 1.35 yuan per 10 shares, totaling approximately 1.372 billion yuan, which is 37.53% of the net profit [19] - The proposed dividend reflects the company's commitment to returning value to shareholders while maintaining financial stability [19] Future Plans - The company aims to enhance corporate governance and compliance, focusing on risk management and investor relations [8][9] - Plans for 2025 include applying for credit lines totaling up to 8 billion yuan from various financial institutions [24][25]

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 ...

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].

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 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 ...

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 ...

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 | √ | | ...

Core Viewpoint The company, CNOOC Energy Development Co., Ltd., is revising its Articles of Association to enhance corporate governance, protect minority shareholders' rights, and comply with new regulations issued by the China Securities Regulatory Commission. Summary by Sections Revision of Articles of Association - The company plans to revise its Articles of Association to align with the newly issued "Guidelines for Articles of Association of Listed Companies" and "Rules for Shareholders' Meetings" [1] - Key revisions include refining clause expressions, strengthening shareholders' rights to information, and standardizing the responsibilities of directors and supervisors [1][2] Governance Structure Changes - The company will eliminate the supervisory board and transfer its statutory powers to the audit committee of the board of directors [1][2] - The internal audit system will be optimized, enhancing the board's management of internal audit activities [1] Shareholder Rights Enhancements - The revisions aim to reinforce shareholders' rights, including the right to information and participation in decision-making processes [1][2] - The company will clarify the rights and obligations of shareholders, ensuring equal treatment among shareholders of the same class of shares [1][2] Financial and Capital Management - The company will implement stricter rules regarding financial assistance for share purchases, limiting such assistance to 10% of the total issued capital [6] - The methods for increasing capital will be expanded, allowing for public and private placements as well as stock dividends [6][7] Compliance and Legal Framework - The revised Articles will ensure compliance with the Company Law and Securities Law, providing a legal framework for corporate governance and shareholder relations [1][2] - The company will establish clear procedures for shareholder meetings and decision-making processes, ensuring transparency and accountability [19][20]