Investment Rating - The report maintains a positive outlook on the petrochemical industry, highlighting potential recovery in polyester profitability and favorable conditions for leading refining companies [15]. Core Views - IEA has raised its crude oil production forecast, while OPEC's production has significantly increased, indicating a continued oversupply in the market despite low demand [3][12]. - The upstream sector is experiencing a decline in oil prices, but day rates for self-elevating drilling rigs are on the rise, suggesting a potential for increased profitability in oil services [18]. - The refining sector is facing mixed results, with overseas refined oil crack spreads declining, while olefin price spreads show variability [49]. Summary by Sections Upstream Sector - Brent crude oil prices fell to $61.29 per barrel, a decrease of 2.30% week-on-week, while WTI prices also saw a similar decline [18]. - As of October 10, U.S. commercial crude oil inventories increased by 3.524 million barrels, indicating a growing supply [20]. - The number of U.S. drilling rigs remained stable at 548, with a slight increase of 1 rig from the previous week [31]. Refining Sector - The Singapore refining margin for major products decreased to $19.58 per barrel, down by $0.47 from the previous week [51]. - The U.S. gasoline RBOB-WTI spread increased to $17.19 per barrel, reflecting a slight upward trend despite historical averages being higher [56]. Investment Recommendations - The report suggests focusing on leading polyester companies such as Tongkun Co. and Wankai New Materials due to expected recovery in profitability [15]. - It also recommends high-quality refining companies like Hengli Petrochemical and Sinopec, anticipating improved competitive dynamics in the refining sector [15]. - For upstream exploration and development, companies like CNOOC and China National Petroleum are highlighted for their resilience against declining oil prices [15].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a favorable investment rating for key companies within the sector [3][17]. Core Insights - The IEA has raised its crude oil production forecast, while OPEC's production significantly increased in September, leading to an anticipated oversupply in the market [4][5]. - The upstream sector is experiencing a decline in oil prices, with Brent crude futures closing at $61.29 per barrel, a decrease of 2.30% week-over-week [20]. - The refining sector shows mixed results, with overseas refined oil crack spreads declining, while olefin price spreads vary [4][17]. - The polyester sector is expected to see a recovery in profitability as supply and demand improve, with a focus on leading companies in the industry [17]. Summary by Sections Upstream Sector - Brent crude oil prices fell to $61.29 per barrel, down 2.30% from the previous week, while WTI prices also decreased [20]. - As of October 10, U.S. commercial crude oil inventories rose to 424 million barrels, an increase of 3.524 million barrels week-over-week [22]. - The number of active oil rigs in the U.S. remained stable at 548, with a year-over-year decrease of 37 rigs [35]. Refining Sector - The Singapore refining margin for major products decreased to $19.58 per barrel, down $0.47 from the previous week [4]. - The price spread for gasoline in the U.S. increased slightly to $17.19 per barrel, while olefin price spreads showed mixed trends [4][17]. Polyester Sector - PTA prices have declined, with the average price in East China at 4407.5 RMB per ton, down 3.41% week-over-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacities come online and demand recovers [17]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials, as well as refining companies like Hengli Petrochemical and Sinopec [17]. - It also highlights the potential for improved profitability in the oil and gas sector, suggesting investments in companies with high dividend yields like PetroChina and CNOOC [17].

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry, consistent with the previous rating [1]. Core Insights - International oil prices have declined due to various factors, including trade tensions between the US and China, which have created a volatile market environment. As of October 17, 2025, Brent and WTI crude oil prices were $61.29 and $57.15 per barrel, respectively [2][9]. - The report highlights a significant increase in global oil supply, with the IEA forecasting a more severe oversupply situation for the coming year [2]. - The US crude oil production reached 13.636 million barrels per day, showing a slight increase of 0.07 million barrels per day from the previous week [2][50]. - The report notes a decrease in US refinery crude processing to 15.130 million barrels per day, down by 1.167 million barrels per day, with a refinery utilization rate of 85.70%, a decline of 6.7 percentage points [2][62]. Summary by Sections Oil Price Review - Brent crude futures settled at $61.29 per barrel, down $1.44 (-2.30%) from the previous week, while WTI crude futures settled at $57.15 per barrel, down $1.75 (-2.97%) [2][19]. Offshore Drilling Services - As of October 13, 2025, the number of global offshore self-elevating drilling platforms was 373, an increase of 2 from the previous week, while the number of floating drilling platforms remained stable at 132 [2][29]. Crude Oil Supply - The US crude oil production was reported at 13.636 million barrels per day, with the number of active drilling rigs remaining at 418 [2][50]. Crude Oil Demand - US refinery crude processing decreased to 15.130 million barrels per day, with a utilization rate of 85.70% [2][62]. Crude Oil Inventory - As of October 10, 2025, total US crude oil inventories stood at 832 million barrels, an increase of 4.284 million barrels (+0.52%) from the previous week [2][63]. Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [2][3].

重要内容提示： ● 会议召开时间：2025年10月30日（星期四）16:30-17:30 ● 会议召开方式：电话会议 证券代码：601808 证券简称：中海油服公告编号：临2025-026 中海油田服务股份有限公司 关于召开2025年第三季度业绩说明会的公告 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。 ● 电话会议拨入号码： 中国大陆：4008 063 263 中国香港：（852）3018 3602 ● 如投资者决定通过电话参加会议，请联系SPRG_COSL@sprg.com.hk或致电(852) 2864 4890、（852） 2114 2825、（852）2864 4894获取电话会议拨入密码。 ● 投资者可于2025年10月24日（星期五）23:59前将相关问题通过电子邮件的形式发送至中海油田服务 股份有限公司（下称"本公司"或"公司"）投资者关系邮箱：cosl@cosl.com.cn。本公司将于2025年第三 季度业绩说明会（以下简称"本次业绩说明会"）上对投资者普遍关注的问题进行回答。 本公司拟于2025年10月 ...

增持后，Invesco Asset Management Limited最新持股数目为9128.4万股，持股比例由4.98%上升至 5.04%。 来源：格隆汇APP 格隆汇10月15日丨根据联交所最新权益披露资料显示，2025年10月10日，中海油田服务(02883.HK)获 Invesco Asset Management Limited在场内以每股均价6.9598港元增持94万股，涉资约654.22万港元。 ...

重要内容提示： 证券代码：601808 证券简称：中海油服 公告编号：临2025-026 中海油田服务股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 中国大陆：4008 063 263 中国香港：（852）3018 3602 中国大陆：4008 063 263 中国香港：（852）3018 3602 本公司拟于 2025 年 10 月 29 日在上海证券交易所网站（http://www.sse.com.cn） 发布本公司 2025 年第三季度报告。为了便于广大投资者更全面深入地了解本公司 2025 年第三季度业绩和经营情况，本公司拟于 2025 年 10 月 30 日 16:30-17:30 召开 业绩说明会，就投资者普遍关心的问题进行交流。 一、业绩说明会类型 本次业绩说明会通过电话会议方式召开，本公司将针对 2025 年第三季度业绩和 经营情况与投资者进行交流，并对投资者普遍关注的问题进行回答。 1 会议召开时间：2025年10月30日（星期四）16:30-17 ...

公告 召開2025年第三季度業績說明會 中海油田服務股份有限公司（「本公司」）擬於2025年10月29日在香港聯合交易所有限公司 網站(https://www.hkexnews.hk)公佈本公司2025年第三季度業績。為了便於廣大投資者更 全面深入地了解本公司2025年第三季度業績和經營情況，本公司擬於2025年10月30日（星 期四）16:30-17:30召開業績說明會（「本次業績說明會」），就投資者普遍關心的問題進行交 流。本公司管理層相關人員將出席本次業績說明會。 本次業績說明會通過電話會議方式召開，本公司將針對2025年第三季度業績和經營情況 與投資者進行交流，並對投資者普遍關注的問題進行回答。投資者可於2025年10月30日 16:30-17:30通過電話會議（中國大陸：4008 063 263；中國香港：(852) 3018 3602）的方式 參加本次業績說明會。如投資者通過電話參加會議，請聯繫SPRG_COSL@sprg.com.hk或 致電(852) 2864 4890、(852) 2114 2825、(852) 2864 4894獲取電話會議撥入密碼。 投資者可於2025年10月24日（星期 ...

Investment Rating - The report maintains a positive outlook on the polyester sector, suggesting a recovery in profitability as supply and demand improve, and recommends focusing on leading companies in the sector [4][6][9]. Core Insights - The report highlights a slight increase in oil prices in Q3 2025, with Brent crude averaging $68.2 per barrel, a 2.1% increase quarter-on-quarter but a 13.4% decrease year-on-year [4][5]. - The performance of key companies in the oil and petrochemical sector is projected to show stability or slight growth, with specific profit forecasts for major players such as China National Petroleum Corporation and CNOOC [4][6][8]. - The report emphasizes the potential for improved profitability in refining companies due to lower operational costs and favorable market conditions, particularly for leading firms like Hengli Petrochemical and Rongsheng Petrochemical [4][6][9]. Summary by Sections Oil Price Trends - Brent crude oil prices showed a quarter-on-quarter increase of 2.1% and a year-on-year decrease of 13.4%, with Q3 2025 prices averaging $68.2 per barrel [4][5]. - Gasoline and diesel prices experienced a net decrease of 75 yuan per ton over the quarter, with adjustments made in July, August, and September [4]. Price Differentials - The report notes that the price differentials for various petrochemical products have shown mixed trends, with some margins expanding while others contracted [6][7]. - The ethylene-to-naphtha differential was reported at $238 per ton, reflecting a 7.5% decrease quarter-on-quarter but a 23.7% increase year-on-year [6]. Company Performance Forecasts - Key companies are expected to report varying profit results for Q3 2025, with China National Petroleum Corporation projected to achieve a net profit of 38 billion yuan, a year-on-year decrease of 13% but a quarter-on-quarter increase of 2% [4][8]. - CNOOC is forecasted to report a net profit of 34 billion yuan, down 8% year-on-year but up 3% quarter-on-quarter [4][8]. Investment Recommendations - The report recommends focusing on leading polyester companies such as Tongkun Co. and Wankai New Materials, as well as refining companies like Hengli Petrochemical and Rongsheng Petrochemical, due to their favorable market positions [4][6][9]. - It also suggests that the oil exploration and production sector remains robust, with continued high capital expenditures expected for offshore oil service companies [4][9].

Investment Rating - The report maintains a "Positive" outlook for the oil and petrochemical industry [3][6]. Core Insights - In Q3 2025, crude oil prices increased slightly on a quarter-over-quarter basis, while downstream sectors are still awaiting recovery [6]. - The average Brent crude oil price for July, August, and September 2025 was $69.6, $67.3, and $67.6 per barrel, respectively, with a Q3 average of $68.2 per barrel, reflecting a 2.1% increase quarter-over-quarter but a 13.4% decrease year-over-year [6][7]. - The report forecasts performance for key industry companies, indicating stable growth in upstream oil and gas exploration and development, with slight recovery in midstream refining profits [6]. Summary by Sections Price Trends - Q3 2025 saw a cumulative adjustment of gasoline and diesel prices, with a total decrease of 75 yuan per ton for both [6]. - The price differences for various petrochemical products showed mixed trends, with some margins expanding while others contracted [6][8]. Company Performance Forecasts - Key company forecasts for Q3 2025 include: - China National Petroleum Corporation (CNPC): Expected net profit of 38 billion yuan (YoY -13%, QoQ +2%) [6]. - China National Offshore Oil Corporation (CNOOC): Expected net profit of 34 billion yuan (YoY -8%, QoQ +3%) [6]. - Sinopec: Expected net profit of 8.5 billion yuan (YoY -1%, QoQ +3%) [6]. - CNOOC Services: Expected net profit of 1.2 billion yuan (YoY +41%, QoQ +11%) [6]. - Offshore Oil Engineering: Expected net profit of 600 million yuan (YoY +9%, QoQ +8%) [6]. Investment Recommendations - The report suggests a positive outlook for polyester companies like Tongkun Co. and Wankai New Materials due to expected recovery in polyester market conditions [6]. - It recommends focusing on quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, given the favorable competitive landscape [6]. - The report also highlights the resilience of upstream exploration and development, recommending offshore service companies like CNOOC Services and Offshore Oil Engineering for potential performance improvement [6].

Group 1 - Invesco Asset Management Limited increased its stake in CNOOC Services (02883.HK) by purchasing 940,000 shares at an average price of HKD 6.9598 per share, totaling approximately HKD 6.5422 million [1] - Following this transaction, Invesco's total shareholding in CNOOC Services rose to 91.284 million shares, increasing its ownership percentage from 4.98% to 5.04% [1][3]