1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Core Viewpoints - This week, the weekly average prices of Brent/WTI crude oil futures were $71.3/$65.9 per barrel, up $1.3/$1.1 per barrel from last week [2]. - The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.5/4.4/4.2/0.2 billion barrels, with a week - on - week increase of 15.99/15.99/0/0.88 million barrels respectively [2]. - US crude oil production was 13.7 million barrels per day, a week - on - week decrease of 30,000 barrels per day. The number of active US crude oil rigs this week was 407, a week - on - week decrease of 2. The number of active US fracturing fleets this week was 160, a week - on - week increase of 7 [2]. - US refinery crude oil processing volume was 15.66 million barrels per day, a week - on - week decrease of 420,000 barrels per day; the US refinery crude oil utilization rate was 88.6%, a week - on - week decrease of 2.4 percentage points [2]. - US crude oil imports, exports, and net imports were 6.66/4.31/2.35 million barrels per day, with a week - on - week change of +140,000/ - 280,000/+410,000 barrels per day respectively [2]. - The weekly average prices of US gasoline, diesel, and jet fuel were $84/$112/$89 per barrel, with a week - on - week change of +$2.7/+$8.6/ - $5.1 per barrel respectively; the price spreads with crude oil were $13/$41/$17 per barrel, with a week - on - week change of +$1.0/+$6.9/ - $6.9 per barrel respectively [2]. - US gasoline, diesel, and aviation kerosene inventories were 2.5/1.2/0.4 billion barrels, with a week - on - week change of - 1.01/+0.25/ - 1.44 million barrels respectively [2]. - US gasoline, diesel, and aviation kerosene production were 9.22/4.75/1.67 million barrels per day, a week - on - week decrease of 220,000/140,000/120,000 barrels per day respectively [2]. - US gasoline, diesel, and aviation kerosene consumption were 8.73/3.90/1.72 million barrels per day, with a week - on - week change of - 20,000/ - 860,000/+130,000 barrels per day respectively [2]. - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be noted include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Mechanical & Electrical Equipment Co., Ltd. (000852.SZ) [3]. 3. Summary by Directory 2. This Week's Performance of the Petroleum and Petrochemical Sector 2.1 Performance of the Petroleum and Petrochemical Sector No specific performance data is provided in the content. 2.2 Performance of Listed Companies in the Sector - The table shows the latest prices, total market values, and price changes in the past week, month, three months, and year of multiple listed companies in the petroleum and petrochemical sector, such as CNOOC Limited, PetroChina Company Limited, and Sinopec [22]. - The valuation table presents the stock prices, total market values, net profits attributable to the parent company, PE, and PB of multiple listed companies from 2024 to 2027 [24]. 3. Crude Oil Sector Data Tracking 3.1 Crude Oil Prices - Analyzes the price relationships and spreads between various crude oils, such as Brent, WTI, Russian Urals, and ESPO crude oils, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price [29][34][38]. 3.2 Crude Oil Inventory - Discusses the correlation between US commercial crude oil inventory and oil prices from 2010 to February 2026, and shows the data of US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory [40][45][52]. 3.3 Crude Oil Supply - Shows the US crude oil production, the number of crude oil rigs, and the number of fracturing fleets [58][60][61]. 3.4 Crude Oil Demand - Presents the US refinery crude oil processing volume, refinery utilization rate, and the seasonal utilization rates of Shandong and Chinese major refineries [66][68][71]. 3.5 Crude Oil Import and Export - Displays the US crude oil imports, exports, and net imports, as well as the imports, exports, and net imports of crude oil and petroleum products [75][77]. 4. Refined Oil Sector Data Tracking 4.1 Refined Oil Prices - When the international crude oil price is above $80 per barrel, the increase in domestic gasoline and diesel prices slows down, and enterprises bear the profit reduction caused by cost changes. When the international crude oil price is at $80 per barrel, the spreads between domestic gasoline/diesel and crude oil reach their phased highs [82]. - Analyzes the relationships between international crude oil prices and domestic gasoline, diesel, and aviation kerosene prices and spreads from 2017 to February 2026 [85][87][102]. 4.2 Refined Oil Inventory - Shows the inventory data of US gasoline, diesel, aviation kerosene, and Singapore gasoline and diesel [120][125][135]. 4.3 Refined Oil Supply - Presents the production data of US gasoline, diesel, and aviation kerosene [137][139]. 4.4 Refined Oil Demand - Displays the consumption data of US gasoline, diesel, and aviation kerosene, as well as the number of US airport passenger security checks [143][144][152]. 4.5 Refined Oil Import and Export - Shows the import, export, and net export data of US gasoline, diesel, and aviation kerosene [154][159][160]. 5. Oilfield Services Sector Data Tracking - Analyzes the average daily rates of self - elevating and semi - submersible drilling platforms in the industry [170][174].

Core Viewpoint - The announcement by CNOOC Development regarding the appointment of new auditors for the 2025 financial year highlights a change in leadership within the auditing team, which may impact the company's financial oversight and internal control processes [1] Group 1: Company Announcement - CNOOC Development has appointed Zhongshen Zhonghuan as the auditing firm for the 2025 financial year [1] - Hong Quan has been replaced as the signing project partner by Shi Ning due to work adjustments [1] - Wang Qiyun has been appointed as the new signing certified public accountant, taking over from Shi Ning to continue the auditing work [1]

中海油能源发展股份有限公司 关于变更签字项目合伙人及签字注册会计师的公告 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。 中海油能源发展股份有限公司（以下简称"公司"）于2025年4月8日召开 第五届董事会第十七次会议和第五届监事会第十六次会议审议通过了《关于续聘 2025年度审计机构的议案》，同意续聘中审众环会计师事务所（特殊普通合伙） （以下简称"中审众环"）为公司2025年度财务审计和内部控制审计机构，此议 案已经2024年年度股东大会审议通过，具体内容详见公司于2025年4月10日在上 海证券交易所网站（www.sse.com.cn）披露的《关于续聘2025年度审计机构的公 告》（公告编号：2025-006）。 近日，公司收到中审众环出具的《关于变更中海油能源发展股份有限公司 签字项目合伙人及签字注册会计师的函》，现将相关变更情况公告如下： 一、本次变更人员的基本情况 中审众环作为公司 2025 年度财务审计及内部控制审计机构，原委派洪权先 生作为签字项目合伙人、石宁女士作为签字注册会计师。鉴于工作调整，现委派 石宁女 ...

Core Viewpoint - The report from Guosen Securities highlights the implementation of tax incentives for the petrochemical industry, aimed at reducing the import tariffs on core equipment for marine exploration and development, thereby lowering overall project costs and enhancing internal rates of return [1] Group 1: Policy Changes - On February 13, 2026, the Ministry of Finance, General Administration of Customs, and State Taxation Administration announced tax incentives for energy resource exploration and development during the 14th Five-Year Plan period, including exemptions from import tariffs for equipment directly used in oil and gas exploration and emergency rescue projects [1] - The policy also includes exemptions from import tariffs and value-added tax for equipment used in cooperative oil and gas exploration projects that cannot be produced domestically or do not meet performance requirements [1] - Additionally, there is a mechanism for the return of value-added tax on imported natural gas for approved cross-border gas pipeline projects and LNG receiving and storage facilities, which helps mitigate cost fluctuations [1] Group 2: Industry Implications - The high dependence on foreign oil and gas in China has led the government to prioritize marine energy as a strategic focus for energy security, with tax incentives aimed at enhancing domestic oil and gas supply capabilities [2] - Imported natural gas plays a significant role in China's gas supply but is subject to high prices and volatility; the tax return mechanism for eligible imported natural gas is intended to support energy security [2] Group 3: Investment Recommendations - The report suggests monitoring companies such as China National Offshore Oil Corporation (CNOOC), CNOOC Services, and CNOOC Development in relation to marine oil and gas exploration [2] - For imported natural gas, it recommends paying attention to China National Petroleum Corporation (CNPC) and CNOOC [2]

Core Viewpoint - The report highlights the increasing global spending on offshore oil and gas exploration, which is driving a rapid rise in offshore oil and gas reserves and production [1][4]. Group 1: Offshore Oil and Gas Exploration Spending - Offshore oil and gas exploration spending significantly declined in 2020 due to the pandemic but has rebounded, surpassing $100 billion in 2022, with expectations to maintain this level in the coming years, indicating a high level of activity in the offshore oil and gas sector [1][4]. - The average annual discovered oil and gas reserves from 2000 to 2010 were 35 billion barrels of oil equivalent, with deepwater discoveries accounting for 30%. From 2011 to 2023, the average annual discovery dropped to 18 billion barrels of oil equivalent, but deepwater discoveries increased to 51% of total discoveries [4]. Group 2: Policy Implications - The Ministry of Finance, Customs, and the State Taxation Administration announced tax incentives for energy resource exploration and development during the 14th Five-Year Plan, including exemptions on import tariffs for essential equipment used in offshore oil and gas exploration [2][3]. - The policy aims to reduce the import costs of offshore oil and gas exploration equipment, enhancing domestic oil and gas supply capabilities and ensuring national energy security [2][3]. Group 3: Investment Recommendations - The tax exemptions on core equipment for offshore exploration are expected to lower procurement costs and improve internal rates of return for projects, particularly in deepwater oil fields. Companies to watch include China National Offshore Oil Corporation (CNOOC), China Oilfield Services Limited, and CNOOC Development [3][9]. - The mechanism for VAT refunds on imported natural gas will help stabilize costs, especially during periods of high gas prices, making companies like China National Petroleum Corporation and CNOOC attractive for investment [3][9]. Group 4: Natural Gas Supply and Pricing - Natural gas plays a crucial role in China's energy supply, with consumption projected to reach 4,320 billion cubic meters by 2025, and imports are essential despite their higher and more volatile prices [7][8]. - The government has implemented measures to refund VAT on certain imported natural gas, which will help mitigate price fluctuations and stabilize expectations for importers, thereby enhancing energy security [8].

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [3][26]. Core Insights - The report highlights the support of tax incentives for marine oil and gas development and natural gas import utilization, aiming to enhance domestic oil and gas supply capabilities and ensure national energy security [4][5]. - The report emphasizes the increasing importance of imported natural gas in China's energy supply, with a focus on stabilizing costs through tax refunds on eligible imports [5][14]. - The marine oil and gas sector is identified as a strategic focus for future development, with significant investments expected to continue in the coming years [6][9]. Summary by Sections Industry Policy Commentary - The Ministry of Finance, Customs, and the State Taxation Administration issued a notification on tax incentives for energy resource exploration and development during the 14th Five-Year Plan period, including exemptions on import duties for essential equipment used in marine oil and gas exploration [4]. - The policy aims to reduce the import costs of marine oil and gas exploration equipment, thereby enhancing project internal rates of return and promoting deep-sea oil and gas field development [5][22]. Market Trends - Global marine oil and gas exploration spending has been on the rise, with investments exceeding $100 billion in 2022 and expected to remain high in the coming years [6]. - China's marine oil and gas exploration and production expenditures are projected to continue increasing, with CNOOC's capital expenditure for 2024 estimated at 132.7 billion yuan, reflecting a growth trend [9]. Investment Recommendations - The report suggests focusing on companies such as CNOOC, CNOOC Services, and CNOOC Development due to the favorable tax policies that will lower equipment procurement costs and enhance project profitability [5][22]. - It also recommends monitoring China National Petroleum Corporation (CNPC) and CNOOC in light of the tax refund mechanism for imported natural gas, which is expected to mitigate cost fluctuations, especially during high gas price periods [5][22].

Group 1 - The Tianjin Municipal Bureau of Industry and Information Technology announced the first batch of "zero-carbon" factories in Tianjin, which includes eight companies [1] - The selected companies are Tianjin Yili Industrial Co., Ltd., Lenovo Innovation Technology (Tianjin) Co., Ltd., CNOOC Energy Development Equipment Technology Co., Ltd., and Tianjin Huaheng New Materials Co., Ltd. [1]

Core Viewpoint - CNOOC Energy Development Co., Ltd. has launched a physical simulation experiment service for directional perforation fracturing and proppant distribution characteristics, with the announcement made on February 25, 2026 [1] Group 1 - The service focuses on engineering technology related to directional perforation and fracturing [1] - The launch date of the service is specified as February 25, 2026 [1]

Group 1 - Tongyuan Petroleum is a leading company in oil and gas perforation and fracturing technology, providing integrated oilfield services and excelling in unconventional oil and gas development [1][21] - The company has a strong technical capability and competitive edge in perforation technology and operational efficiency, benefiting from rising international oil prices and increased exploration investments [1][21] - The company is advancing smart and digital operations to enhance construction efficiency and cost control, ensuring sustained performance in the current oil service market [1][21] Group 2 - Qianeng Huanxin focuses on oil and gas exploration and development technology services, with a strong proprietary exploration interpretation system [2][22] - The company employs an innovative "technology for equity" model, participating in various oil and gas blocks, which enhances its revenue structure as exploration results convert to production [2][22] - Increased global oil company capital expenditures during the oil price upcycle are driving demand for the company's technical services [2][22] Group 3 - China Oil Engineering is a core engineering construction platform under PetroChina, specializing in full-chain oil and gas engineering contracting [3][23] - The company has a robust order book and is expanding its business internationally, particularly under the Belt and Road Initiative [3][23] - The company is also diversifying into green low-carbon businesses, enhancing its long-term growth potential [3][23] Group 4 - Blue Flame Holdings is a leading company in coalbed methane exploration and development, with significant resource reserves and extraction capabilities [4][24] - The company benefits from supportive policies for clean energy and rising demand for coalbed methane, leading to improved sales and profit margins [4][24] - The company is expanding its production capacity and pipeline layout, ensuring stable growth in performance [4][24] Group 5 - Zhun Oil Co. specializes in oilfield technical services in Xinjiang, maintaining strong partnerships with local oil companies [5][25] - The company is well-positioned to benefit from increased oil production and maintenance demands due to rising oil prices [5][25] - The company has a flexible operating mechanism that allows it to adapt quickly to the needs of small oil fields and unconventional oil and gas development [5][25] Group 6 - Zhongman Petroleum is a private enterprise with a full industry chain in oil and gas, achieving dual-driven growth through technical services and resource development [6][26] - The company has seen significant improvements in production and sales revenue due to rising oil prices [6][26] - The company is recognized for its project management capabilities and is positioned for strong growth in the recovery phase of the industry [6][26] Group 7 - Huibo Pu specializes in oilfield ground engineering and environmental protection, with leading technology in oil-water separation and wastewater treatment [7][27] - The company is experiencing increased demand for its services due to rising oil and gas development investments [7][27] - The company is expanding its presence in overseas markets, enhancing its competitiveness [7][27] Group 8 - CNOOC Services is a leading offshore oil and gas exploration and development service provider, with a comprehensive service offering [8][29] - The company benefits from increased capital expenditures in offshore oil and gas due to rising oil prices [8][29] - The company is expanding its international market presence, enhancing its competitive position globally [8][29] Group 9 - Beiken Energy focuses on drilling engineering and has a strong competitive position in the drilling sector [9][30] - The company is experiencing significant growth in work volume and revenue due to rising oil prices [9][30] - The company is expanding its overseas business, particularly in the Middle East and Central Asia [9][30] Group 10 - Bomaike specializes in high-end marine engineering equipment manufacturing, with a strong international competitive edge [10][31] - The company is seeing increased demand for its modules due to the recovery of global offshore oil and gas development [10][31] - The company is also diversifying into offshore wind and new energy modules, enhancing its long-term growth potential [10][31] Group 11 - Intercontinental Oil and Gas focuses on overseas oil and gas development, with high-quality resource blocks [11][32] - The company is improving its financial performance due to rising oil prices and stable production growth [11][32] - The company is optimizing its asset structure and increasing operational efficiency [11][32] Group 12 - Sinopec Oil Services is a leading oil service provider in China, with a comprehensive service network across major oil and gas production areas [12][33] - The company is benefiting from increased capital expenditures in upstream operations due to rising oil prices [12][33] - The company is improving its profitability and operational efficiency, positioning itself for sustained growth [12][33] Group 13 - Shouhua Gas focuses on unconventional natural gas development, with stable resource reserves and customer channels [13][34] - The company is benefiting from rising natural gas prices linked to oil prices, leading to improved sales and profitability [13][34] - The company is expanding its urban gas business, enhancing its resilience and growth potential [13][34] Group 14 - China National Offshore Oil Corporation is the largest offshore oil and gas producer in China, with strong cost control and profitability [14][36] - The company is experiencing significant revenue and profit growth due to rising oil prices [14][36] - The company is committed to increasing production in key offshore areas, ensuring long-term growth [14][36] Group 15 - CNOOC Engineering is a leading marine oil and gas engineering construction company, with a strong order book and growth potential [15][37] - The company is benefiting from increased investments in offshore oil and gas development [15][37] - The company is also diversifying into offshore wind and renewable energy projects [15][37] Group 16 - Guanghui Energy is a comprehensive energy service provider with a diverse product portfolio [16][38] - The company is experiencing improved profitability due to rising oil prices and strong sales growth [16][38] - The company is also expanding into new energy and green chemical businesses, enhancing its long-term growth potential [16][38] Group 17 - CNOOC Development is a comprehensive energy service platform with a focus on oilfield technical services and energy logistics [17][39] - The company is seeing strong demand for its services due to increased offshore oil and gas investments [17][39] - The company is expanding into innovative businesses such as offshore renewable energy and carbon assets [17][39] Group 18 - New Natural Gas focuses on natural gas extraction and sales, with a complete upstream and downstream layout [18][40] - The company is benefiting from rising natural gas prices linked to oil prices, leading to improved profitability [18][40] - The company is expanding its production capacity and market reach, ensuring stable growth [18][40] Group 19 - ST Xinchao focuses on overseas oil and gas asset development, with significant resource value appreciation due to rising oil prices [19][41] - The company is improving its operational efficiency and cash flow through debt optimization [19][41] - The company is positioned for significant performance and valuation recovery in the current industry cycle [19][41] Group 20 - Shandong Molong is an important player in the oil machinery equipment sector, manufacturing key oil extraction equipment [20][42] - The company is experiencing increased demand for its products due to rising oil prices and investment in oil extraction [20][42] - The company is enhancing its competitiveness through technology upgrades and expanding into overseas markets [20][42] Group 21 - Jerry Holdings is a leading company in the oil and gas equipment and service industry, specializing in high-end oil and gas equipment manufacturing [21][44] - The company is benefiting from increased demand for its products due to the growth in unconventional oil and gas development [21][44] - The company is expanding its presence in international markets and diversifying into new energy equipment [21][44]

Core Viewpoint - The oil and gas sector is experiencing a strong upward trend, with multiple companies seeing significant stock price increases [1] Group 1: Company Performance - Companies such as Junyou Co., Huibo Group, Beiken Energy, Tongyuan Petroleum, Intercontinental Oil & Gas, Sinopec Oilfield Service, and Zhongman Petroleum have reached their daily price limits [1] - Potential Energy, Keli Co., and other firms have seen stock price increases exceeding 15% [1] - Other companies including Bomai Ke, CNOOC Services, Blue Flame Holdings, Oil Development, and China National Offshore Oil Corporation are also experiencing price increases [1]