Core Insights - The report highlights the resilience and growth potential of the logistics and procurement sector in China, with a total social logistics volume of 138.7 trillion yuan in the first five months of the year, reflecting a year-on-year growth of 5.3% [2] - The monetary policy committee of the People's Bank of China emphasizes the need for a moderately loose monetary policy to support stable economic growth and maintain reasonable price levels [2] - China's foreign trade shows unique resilience, with a total import and export value of 17.94 trillion yuan in the first five months, marking a 2.5% year-on-year increase [2] - The industrial sector's profit has seen a slight decline, with profits totaling 2.72 trillion yuan in the first five months, down 1.1% year-on-year, influenced by insufficient effective demand and declining industrial product prices [2] - The small and medium-sized enterprises (SMEs) sector is rapidly developing, with over 60 million SMEs expected by the end of 2024, and significant growth in revenue for large-scale industrial SMEs [2] Industry Analysis - The pet food industry shows strong consumer resilience, with pet food sales reaching 7.5 billion yuan during the 618 shopping festival, indicating a robust growth trend [7][8] - The report identifies a shift towards health-oriented and refined pet food products, with emerging categories like air-dried and baked food experiencing rapid growth [7] - The export of pet food has faced challenges due to tariff disruptions, with a 5.52% year-on-year decline in export volume in May, but the long-term impact is expected to be manageable [9] - The oil service engineering sector is experiencing high demand due to increased capital expenditure in the upstream oil and gas sector, with significant revenue growth projected for companies like CNOOC [11][12][15] - The report forecasts that CNOOC's capital expenditure will range from 125 billion to 135 billion yuan in 2025, driving further growth in oil service engineering business [14][15]

Investment Rating - The report maintains a "Positive" investment rating for the oil and petrochemical industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The oil service engineering sector is experiencing significant profitability growth due to high upstream capital expenditure in the global oil and gas industry, driven by improving demand and easing inflation pressures [4][5]. - Domestic oil and gas resource dependency is high, with consumption increasing annually, suggesting a strong potential for future demand growth that will drive upstream exploration and development [5][23]. - Global upstream oil and gas investments are projected to remain robust, with expected expenditures of $474 billion, $538 billion, and $590 billion from 2022 to 2024, reflecting year-on-year growth rates of 18.2%, 13.5%, and 9.67% respectively [6][29]. - The report highlights that companies like CNOOC are expected to increase capital expenditures, which will further stimulate oil service engineering business volumes [7][36]. Summary by Sections Section 1: Economic Environment and Performance - Since 2024, the easing of inflation in the U.S. and gradual recovery of the domestic economy have positively impacted the profitability of the oil service engineering sector, with revenues reaching 310.84 billion yuan in 2024, a 4.7% increase year-on-year, and net profits of 10.916 billion yuan, up 10.79% [4][15]. - In Q1 2025, the sector achieved revenues of 63.406 billion yuan, a 4.08% increase year-on-year, with net profits of 2.713 billion yuan, reflecting a 20.77% growth [4][15]. Section 2: Future Demand and Capital Expenditure - China's crude oil production is projected to increase from 204.72 million tons in 2022 to 212.89 million tons in 2024, while imports are significantly higher, indicating a dependency ratio exceeding 250% [5][23]. - Natural gas production is also on the rise, with consumption reaching 394.49 billion cubic meters in 2023, suggesting a strong upward trend in demand [5][25]. - The report anticipates that domestic crude oil demand will rise to 17.10 million barrels per day in 2024, a 4.46% increase year-on-year [5][25]. Section 3: Investment Recommendations - The report recommends focusing on companies with high growth potential, such as CNOOC and its subsidiaries, which are expected to benefit from increased capital expenditures and favorable market conditions [8][43]. - CNOOC's capital expenditure for 2025 is projected to be between 125 billion and 135 billion yuan, with expected revenue growth of 11% and net profit growth of 50.7% for its oil service engineering subsidiary [7][36].

Investment Rating - The investment rating for the oil and petrochemical industry is "Outperform the Market" [2][6][24] Core Viewpoints - The report highlights the increasing tensions in the Middle East, particularly regarding Iran's potential closure of the Strait of Hormuz, which could significantly impact global oil supply and prices [3][4][19] - OPEC+ has announced substantial production increases, but actual output has not met expectations due to compensatory cuts from member countries [8][12] - The rising operational costs for U.S. shale oil production are expected to lead to a decline in U.S. oil output by 2026 [13][16] Summary by Sections Industry Events - The Iranian parliament has suggested closing the Strait of Hormuz, a critical passage for global oil and gas, which could lead to a spike in oil prices if implemented [3][4] - Historical precedents show that threats or actions to close the Strait have previously resulted in significant price increases, with predictions of oil prices reaching $120 per barrel if a closure occurs [5][19] OPEC+ Production Plans - OPEC+ has announced a collective reduction of 2 million barrels per day and has extended voluntary cuts until the end of 2026, with plans to gradually restore production starting in 2025 [8][12] - Despite these announcements, actual production increases have been lower than planned, primarily due to compensatory measures from countries like Iraq and the UAE [12] U.S. Shale Oil Production - The operational costs for existing U.S. shale oil wells have risen, with average costs now at $41 per barrel, leading to a forecasted decline in production [13][16] - The EIA predicts a decrease in U.S. oil production from 13.5 million barrels per day in Q2 2025 to 13.3 million barrels per day by Q4 2026 [16] Investment Recommendations - If Iran proceeds with closing the Strait of Hormuz or if other geopolitical tensions escalate, there is a strong possibility of a significant rise in international oil prices [19] - The report estimates that Brent crude oil prices could stabilize between $70 and $80 per barrel, while WTI prices could range from $65 to $75 per barrel under current conditions [19] Company Valuations - Key companies in the sector, such as China National Petroleum and CNOOC, are rated as "Outperform the Market" with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [20]

证券代码：600968 证券简称：海油发展 公告编号：2025-021 中海油能源发展股份有限公司2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本10,165,104,199股为基数，每股派发现金红利 0.135元（含税），共计派发现金红利1,372,289,066.865元（含税）。 A 股每股现金红利0.135元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/25 | － | 2025/6/26 | 2025/6/26 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经中海油能源发展股 ...

Summary of the Conference Call for CNOOC Development Company Overview - CNOOC Development is a subsidiary of CNOOC, focusing on integrated energy technology services in the oil and gas sector, covering the entire industry chain with a diversified industrial system [3][4] Financial Performance - In Q1 2025, CNOOC Development achieved revenue of 10.074 billion yuan, a year-on-year increase of 9.42% [2][4] - The net profit attributable to shareholders reached 594 million yuan, up 18.56% year-on-year, marking a historical high [2][4] - Net profit margin and gross profit margin improved to 6.14% and 12.9%, respectively, indicating enhanced profitability [2][4] - In 2024, operating costs rose by 5%, lower than the revenue growth of 6.5%, demonstrating effective cost control [2][5] - Revenue per employee was 255,600 yuan, with a 12% increase in profit per employee, reflecting improved operational efficiency [2][5] Revenue Sources - Energy logistics services accounted for the largest share of revenue at 44.19% [2][5] - The energy technology services sector experienced the fastest growth, with a year-on-year increase of 31.27%, indicating an optimization of the business structure [2][5] Digital Transformation Initiatives - CNOOC Development is actively pursuing digital transformation through the development of industrial software that integrates data and AI technology [2][6] - Achievements include significant advancements in intelligent well control and efficient offshore oilfield operations, with automation productivity reaching 74.4% [2][6] Competitive Position - CNOOC Development holds a dominant position in the nearshore market in China, ranking second in Asia and fourth globally in FPSO (Floating Production Storage and Offloading) units [4][7] - The company is the only provider of emergency marine environmental services for oil spills in China, with a 6-hour emergency response capability within 50 nautical miles of the coast [4][7] Future Profit Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 4.135 billion yuan, 4.699 billion yuan, and 5.281 billion yuan, respectively, with corresponding EPS of 0.41 yuan, 0.46 yuan, and 0.52 yuan [4][8] - The company maintains a strong buy rating, with P/E ratios projected at 10x, 8x, and 7x for the respective years [4][8] Risks - CNOOC Development faces risks related to international political and economic fluctuations, volatility in oil and gas prices, and potential underperformance in technological innovation [4][9] - The company has low reliance on new capital expenditures due to its business nature, but accounts receivable may impact performance, with most receivables expected to be collected within a year [4][9]

油气股延续涨势，准油股份（002207）、贝肯能源（002828）涨停，洲际油气（600759）、通源石油 （300164）、海油发展（600968）、中曼石油（603619）等集体高开。 暗盘资金一眼洞悉庄家意图>> ...

证券代码：600968 证券简称：海油发展 公告编号：2025-020 中海油能源发展股份有限公司 关于第五届董事会延期换届选举的提示性公告 新一届董事会换届选举完成前，公司第五届董事会成员、董事会各专门委员 会委员及公司高级管理人员将按照相关法律法规和《公司章程》等规定继续履行 职责。 公司董事会延期换届不会影响公司的正常运营。公司将尽快推进董事会换届 工作，并按有关规定及时履行信息披露义务。 特此公告。 中海油能源发展股份有限公司董事会 2025 年 6 月 13 日 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。 中海油能源发展股份有限公司（以下简称"公司"）第五届董事会将于 2025 年 6 月 13 日任期届满。鉴于相关换届工作尚在筹备中，为确保公司董事会工作 的连续性和稳定性，公司董事会将延期换届，公司第五届董事会各专门委员会委 员及高级管理人员的任期亦相应顺延。 ...

Meeting Overview - The shareholders' meeting was held on June 9, 2025, at the Hyatt Hotel in Beijing [1] - The attendance rate of shareholders was 84.9188% [1] - The meeting was presided over by Mr. Zhou Tianyu, acting as the chairman [1] Voting Results - All proposed resolutions were passed with significant majority votes, with A-shareholders voting as follows: - Resolution 1: 99.1416% in favor, 0.8286% against, 0.0298% abstained [1] - Resolution 2: 99.1476% in favor, 0.8258% against, 0.0266% abstained [1] - Resolution 3: 99.1465% in favor, 0.8257% against, 0.0278% abstained [1] - Resolution 4: 99.1469% in favor, 0.8252% against, 0.0279% abstained [1] - Resolution 5: 99.1729% in favor, 0.8257% against, 0.0014% abstained [1] Special Resolutions - Special resolutions required a two-thirds majority and were successfully passed [3] - Ordinary resolutions required a simple majority and were also successfully passed [3] Legal Compliance - The meeting's procedures and resolutions were confirmed to comply with relevant laws and regulations, ensuring their legality and validity [4]

Core Viewpoint - The legal opinion from Beijing Deheng Law Firm confirms the legitimacy of the 2024 Annual General Meeting (AGM) of CNOOC Energy Development Co., Ltd., ensuring compliance with relevant laws and regulations [2][3][7] Group 1: Meeting Procedures - The AGM is scheduled for June 9, 2025, at 14:30 at the Hyatt Regency Beijing Wangjing [5] - The notice for the AGM was published on May 20, 2025, in major financial newspapers and on the Shanghai Stock Exchange website, detailing the meeting time, location, and agenda [4][6] - The meeting procedures, including the notification time and method, comply with the Company Law and relevant regulations [4][7] Group 2: Attendance and Voting - A total of 433 shareholders and authorized representatives attended the AGM, representing 8,632,090,301 shares, which is 84.9188% of the total voting shares [5][6] - The AGM was convened by the company's board of directors, and the qualifications of attendees and the convenor were verified to meet legal requirements [5][7] Group 3: Resolutions and Voting Results - The AGM reviewed and approved 18 resolutions, including the 2024 annual reports, profit distribution plan, and various amendments to the company's regulations [6][7] - The voting process combined on-site and online voting, with results verified by designated counters and monitors [6][7] Group 4: Legal Conclusion - The legal opinion concludes that all aspects of the AGM, including the convening, attendance, and voting procedures, are in accordance with the Company Law, Securities Law, and the company's articles of association, rendering the resolutions valid [7]

证券代码：600968 证券简称：海油发展 公告编号：2025-019 中海油能源发展股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 二、 议案审议情况 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 9 日 (二)股东大会召开的地点：北京市朝阳区广顺南大街 8 号望京凯悦酒店 悦府 1+2 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 433 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 8,632,090,301 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 84.9188 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事周天育先生（代行董事长职责）主持。 本次股东大会采用现场投票和网络投票相 ...