证券研究报告 | 2025年10月27日 中海油服（601808.SH） 优于大市 穿越油价周期的油服行业龙头 公司是全球较具规模的综合型油田服务供应商，服务贯穿海上石油及天 然气勘探、开发及生产的各个阶段。公司业务分为四大类：钻井服务、 油田技术服务、船舶服务及物探勘察服务。公司钻井服务属重资产业务， 经历过周期底部洗礼，目前资产质量较高，有望受益于行业上行。公司 近年坚持由重资产向轻资产重技术转移，通过提升专业技术服务及保障 能力，加快推进科技创新，油田技术服务板块营收快速成长。 油气价格有望维持中位，海洋油气成为开发重点，公司有望充分受益于 中国海油增储上产。OPEC+主要成员国财政平衡油价较高，对油价托底 意愿强烈。原油增长有望保持较为克制。美国页岩油厂商或被动接受油 价的结果，不具备大幅增产的条件。原油需求保持持续温和增长，我们 预期 2025 年布伦特油价中枢在 60-65 美元/桶。我国是能源消耗大国， 原油天然气进口依存度较高。国内积极推动油气增储上产。由于陆地油 气资源的储量有限和开采成本提高，陆地油气产量日趋紧张，能源勘探 开发和生产逐步由陆地向海上转移。我们预期 2025 年中国海油资本 ...

东吴证券近日发布原油周报：本周Brent/WTI原油期货周均价分别63.4/59.3美元/桶，较上周分别 +1.4/+1.0美元/桶。 东吴证券近日发布原油周报：本周Brent/WTI原油期货周均价分别63.4/59.3美元/桶，较上周分别 +1.4/+1.0美元/桶。美国原油产量为1363万桶/天，环比-1万桶/天。美国活跃原油钻机本周420台，环比 +2台。美国活跃压裂车队本周175部，环比+3部。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8.3/4.2/4.1/0.2亿桶，环比-14/-96/+82/-77万桶。 【美国成品油】 1）成品油价格和价差：美国汽油、柴油、航煤周均价分别78/95/89美元/桶，环比+1.1/+2.0/-5.1美元/ 桶；与原油价差分别16/32/26美元/桶，环比+0.8/+1.7/-5.5美元/桶。 2）成品油库存：美国汽油、柴油、航空煤油库存分别2.2/1.2/0.4亿桶，环比-215/-148/-149万桶。 以下为研究报告摘要： 【美国原油】 1）原油价格：本周Brent/WTI原油期货周均价分别63.4/59.3美元/桶，较上周分别+1.4/+ ...

信达证券近日发布石油加工行业原油周报：本周，特朗普表示中美有望达成贸易协议， 美印接近达成贸易协议，贸易局势有所缓和；特朗普取消与普京的会面，且美国和欧盟对俄 实施新制裁，俄乌局势再起波澜；同时上周美国库存利好支撑，国际油价低位反弹。截至本 周五（10月24日），布伦特、WTI油价分别为65.20、61.50美元/桶。 以下为研究报告摘要： 本期内容提要： 【油价回顾】截至2025年10月24日当周，国际油价反弹。本周，特朗普表示中美有望达 成贸易协议，美印接近达成贸易协议，贸易局势有所缓和；特朗普取消与普京的会面，且美 国和欧盟对俄实施新制裁，俄乌局势再起波澜；同时上周美国库存利好支撑，国际油价低位 反弹。截至本周五（10月24日），布伦特、WTI油价分别为65.20、61.50美元/桶。 【原油价格】截至2025年10月24日当周，布伦特原油期货结算价为65.20美元/桶，较上 周上升3.91美元/桶（+6.38%）；WTI原油期货结算价为61.50美元/桶，较上周上升4.35美元/ 桶（+7.61%）；俄罗斯Urals原油现货价为65.49美元/桶，与上周持平；俄罗斯ESPO原油现 货价为60.35美元 ...

Report Information - Report Title: Crude Oil Weekly Report: US Sanctions Two Russian Oil Companies, International Oil Prices Rise [1] - Report Date: October 26, 2025 [1] - Analysts: Chen Shuxian, Zhou Shaowen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $63.4/$59.3 per barrel, up $1.4/$1.0 per barrel from last week. Various data on US crude oil and refined oil, including inventory, production, demand, and import/export, showed different changes [2]. - Recommended related listed companies include CNOOC, PetroChina, Sinopec, etc.; companies to be concerned about include Sinopec Oilfield Service, CNPC Engineering, etc. [3] Summary by Directory 1. Crude Oil Weekly Data Briefing - **Upstream Key Company Performance**: The stock prices of companies such as CNOOC, PetroChina, and Sinopec showed different percentage changes in the recent week, month, three - month, one - year, and year - to - date periods. Their valuations, including total market value, net profit attributable to the parent company, PE, and PB, also varied [9]. - **Crude Oil Price**: Brent, WTI, Russian Urals, and Russian ESPO crude oil had different weekly average prices and percentage changes. The LME copper spot price and the US dollar index also had corresponding fluctuations [9]. - **Inventory**: US crude oil total inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory had different inventory levels and changes [9]. - **Production**: US crude oil production, the number of active crude oil rigs, and the number of active fracturing fleets had corresponding changes [9]. - **Refinery**: US refinery crude oil processing volume and operating rate, as well as the operating rates of Chinese local and major refineries, showed different changes [9]. - **Import/Export**: US crude oil import, export, and net import volumes had corresponding changes [9]. 2. This Week's Petroleum and Petrochemical Sector Market Review - **Petroleum and Petrochemical Sector Performance**: The report presents the performance of the petroleum and petrochemical sector, but specific data is not detailed here [12]. - **Sector Listed Company Performance** - **Refined Oil Price and Spread**: The weekly average prices and spreads of gasoline, diesel, and jet fuel in China, the US, Europe, and Singapore showed different changes [22]. - **Inventory**: The inventories of gasoline, diesel, and jet fuel in the US and Singapore had different inventory levels and changes [22]. - **Production**: The production of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Consumption**: The consumption of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Import/Export**: The import, export, and net export volumes of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Oil Service Sector**: The daily rates of offshore jack - up drilling platforms and semi - submersible drilling platforms had different changes [22]. 3. Crude Oil Sector Data Tracking - **Crude Oil Price**: Analyzes the prices and spreads of various crude oils, as well as the relationship between the US dollar index, LME copper price, and WTI crude oil price [28][35]. - **Crude Oil Inventory**: Discusses the relationship between US commercial crude oil inventory and oil prices, as well as the inventory levels and changes of US total crude oil, commercial crude oil, strategic crude oil, and Cushing crude oil [41][54]. - **Crude Oil Supply**: Analyzes US crude oil production, the number of crude oil rigs, and the number of fracturing fleets and their relationship with oil prices [57][61]. - **Crude Oil Demand**: Analyzes US refinery crude oil processing volume, operating rate, and the operating rates of Shandong and Chinese major refineries [65][69]. - **Crude Oil Import/Export**: Analyzes US crude oil import, export, and net import volumes [75]. 4. Refined Oil Sector Data Tracking - **Refined Oil Price**: Analyzes the relationship between international oil prices and domestic gasoline, diesel retail prices, as well as the prices and spreads of crude oil and refined oil in different regions [80][107]. - **Refined Oil Inventory**: Analyzes the inventory levels and changes of gasoline, diesel, and jet fuel in the US and Singapore [121][133]. - **Refined Oil Supply**: Analyzes the production of gasoline, diesel, and jet fuel in the US [140]. - **Refined Oil Demand**: Analyzes the consumption of gasoline, diesel, and jet fuel in the US and the number of US airport passenger security checks [143]. - **Refined Oil Import/Export**: Analyzes the import, export, and net export volumes of gasoline, diesel, and jet fuel in the US [150][153]. 5. Oil Service Sector Data Tracking - Analyzes the average daily rates of self - elevating drilling platforms and semi - submersible drilling platforms in the oil service sector [165][169].

（原标题：可燃冰概念下跌1.63%，主力资金净流出10股） 截至10月24日收盘，可燃冰概念下跌1.63%，位居概念板块跌幅榜前列，板块内，石化机械跌停，德石股份、广州发展、新锦动力等跌幅居前， 股价上涨的有3只，涨幅居前的有神开股份、时代电气、鲁阳节能等，分别上涨6.49%、0.35%、0.08%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 存储芯片 | 5.66 深圳国企改革 | | -3.74 | | 国家大基金持股 | 4.88 | 煤炭概念 | -1.91 | | 同花顺果指数 | 4.60 | 租售同权 | -1.77 | | 共封装光学(CPO) | 4.25 | 可燃冰 | -1.63 | | AI PC | | 3.99 煤化工概念 | -1.46 | | AI手机 | 3.88 | 物业管理 | -1.33 | | MCU芯片 | 3.72 | 页岩气 | -1.21 | | 先进封装 | 3.65 | 天然气 | -1.15 | | 中芯国际概念 | 3.42 上海国企改革 | | ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002207 | 准油股份 | 8.38 | -7.51% | 60.75万 | 5.22亿 | | 002828 | 贝肯能源 | 11.37 | -5.88% | 60.01万 | 6.95 | | 300164 | 通線石油 | 6.05 | -4.72% | 146.38万 | 9.09亿 | | 920088 | 科力股份 | 35.05 | -4.13% | 5.03万 | 1.78亿 | | 002554 | 惠博音 | 3.48 | -3.33% | 138.23万 | 4.91亿 | | 300191 | 潜能恒信 | 20.60 | -2.60% | 16.91万 | 3.54亿 | | еозета | XD中曼石 | 20.06 | -2.53% | 21.39万 | 4.34亿 | | 600339 | 中油工程 | 3.70 | -2.12% | 64.59万 | 2.41亿 | | 603727 | 博迈科 | 14. ...

为此，中方团队实现精密谋划，对防喷器、钻井泥浆、压井泥浆、井口控制等各方面做好监测和预案，最终形成七份 特殊作业指导书和工作文件。团队用十天时间成功完成了哥特尼亚地层钻探。袁强表示，"哥特尼亚"地层是中东地区独有 地质组合，此次成功作业为科威特未来深层海上油气资源开发奠定了基础，也进一步强化了公司在中东市场的技术口碑。 科威特国家石油公司发来千言感谢信，历数作业创下的技术突破，表示得益于出色的团队合作、通力配合和坚定投 入，此次钻探任务圆满完成，这是一项"具有历史意义的事件"。 "野猫井"是石油钻井行业的俚语，指的是在未知区域钻探的孤立勘探井，没有现成的地质数据可参考，具有高风险、 易井喷的特征。 中海油服"东方龙"平台经理袁强介绍，作业最大难度在于要穿透一个名为"哥特尼亚"的地层，可以把"哥特尼亚"地层 比作一块八层的拿破仑蛋糕，一层酥皮一层奶油。难度在于，硬石膏岩和盐岩的分布不像酥皮和奶油那样规则，对油气勘 探开发有极高的技术安全要求。 人民网迪拜10月22日电 （记者管克江）近日，科威特国家石油公司向中海油服发来感谢信，感谢中方使用"东方龙"海 上钻井平台，成功打通科威特第一口海上侏罗纪地质"野猫井"， ...

國際油價近期波動為油服股帶來關注，海田（02883）目前於7.1元水平爭持，升3.05%。從技術走勢觀察，股價正處於關鍵三角整理末端，短期內可能面臨方向選擇。 值得留意的是，雖然技術指標總結信號顯示「賣出」，但多個震盪指標卻呈現背離現象，其中動量震盪指標顯示超跌可能築底，變動率指標與牛熊力量指標同步發出 買入信號，這種技術面的矛盾正為短線交易提供有趣的博弈空間。 窩輪機會詳細分析 在窩輪市場方面，海田相關產品雖然選擇相對較少，但正因如此，其引伸波幅往往在行情啟動時呈現爆發性增長。對於看好油服板塊復甦的投資者，可以關 注價外認購證，利用其高槓桿特性捕捉突破行情；比如麥銀認購證26675和摩通認購證15278，行使價均為8.8元，溢價27%左右，引伸波幅53%和51%。 大行方面，光大證券發佈研報稱，在外部環境不確定性加劇、油價面臨大幅波動的背景下，"三桶油"將繼續加強增儲上產，中國石油、中國石化、中國海油 25年油氣當量產量計畫分別增長1.6%、1.5%、5.9%。"三桶油"通過持續的增量降本工作，有望實現穿越油價週期的長期成長，長期投資價值凸顯。市場 上，有投資者憧憬股價上8元。 技術分析與關鍵位解讀 從移動 ...

Core Viewpoint - The combustible ice concept has seen a significant increase of 4.06%, leading the sector in gains, with notable stocks reaching their daily limit up [1][2]. Group 1: Market Performance - The combustible ice sector had 10 stocks rising, with Shihua Oil Service, ShenKong Co., and Shihua Machinery hitting the daily limit up [1]. - The top gainers in the sector included Shihua Oil Service (up 16.80%), ShenKong Co. (up 6.33%), and Shihua Machinery (up 3.21%) [1]. - Conversely, the biggest losers included Times Electric (down 3.11%), Guangzhou Development (down 0.71%), and Nanjing Steel (down 0.58%) [1]. Group 2: Capital Flow - The combustible ice sector attracted a net inflow of 127 million yuan, with six stocks receiving significant capital inflows [2]. - The leading stock in terms of net capital inflow was Shihua Oil Service, which saw an inflow of 143 million yuan, followed by ShenKong Co. (77.70 million yuan), China National Offshore Oil Corporation (44.68 million yuan), and Shihua Machinery (41.09 million yuan) [2][3]. - The net inflow ratios for ShenKong Co., Shihua Machinery, and Shihua Oil Service were 68.34%, 62.00%, and 9.63%, respectively [3].

Group 1 - Oil stocks are performing actively against the market trend, with CNOOC Services (02883.HK) rising by 3.05% to HKD 7.1 [1] - Shanghai Petrochemical (00338.HK) increased by 2.94% to HKD 1.4 [1] - PetroChina (00857.HK) saw a rise of 1.15% to HKD 7.89 [1] - CNOOC (00883.HK) gained 1.04%, reaching HKD 19.52 [1]