Market Overview - The oil service engineering sector experienced a decline of 0.46% on September 16, with Tongyuan Petroleum leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Key stocks in the oil service engineering sector showed mixed performance, with Huibo Yin closing at 3.24, up 0.93%, and Beiken Energy closing at 10.56, down 1.68% [1][2] - The trading volume and turnover for notable stocks included: - Huibo Yin: 482,900 shares, turnover of 155 million yuan - Shihua Oil Service: 1,015,700 shares, turnover of 216 million yuan - Potential Energy: 55,400 shares, turnover of 112 million yuan [1][2] Capital Flow Analysis - The oil service engineering sector saw a net outflow of 198 million yuan from institutional investors, while retail investors contributed a net inflow of 153 million yuan [2][3] - Notable capital flows for specific stocks included: - Zhongyou Engineering: Institutional net inflow of 499,300 yuan, retail net inflow of 2,545,200 yuan - Beiken Energy: Institutional net outflow of 17,508,300 yuan, retail net inflow of 24,413,100 yuan [3]

Core Viewpoint - The oil and gas industry has achieved significant exploration breakthroughs, with domestic oil and gas reserves expected to increase, benefiting oil service companies as the country deepens its reserve and production strategies [4]. Group 1: Exploration and Production Breakthroughs - The Ministry of Natural Resources announced major breakthroughs in energy mineral exploration, discovering 10 large oil fields and 19 large gas fields during the "14th Five-Year Plan" period [4]. - New oil and gas reserves have significantly increased, supporting stable oil production of 200 million tons and natural gas production exceeding 240 billion cubic meters [4]. - From 2019 to 2024, China's crude oil production is expected to grow at a CAGR of 2.2%, while natural gas production is projected to grow at a CAGR of 7.3% [4]. Group 2: Capital Expenditure Trends - Global upstream capital expenditure is projected to decline slightly to around $600 billion in 2025, a year-on-year decrease of 4%, with deepwater investments expected to drop by 6% [5]. - As of July 2025, the average day rate for jack-up rigs is $109,700, a 5.9% increase year-on-year, while semi-submersible rigs average $279,600, up 11.5% year-on-year, both at their highest levels since 2022 [5]. Group 3: Oil Service Companies' Performance - In the first half of 2025, major oil service companies benefited from the ongoing domestic "reserve and production increase" strategy and the gradual release of overseas business performance [6]. - CNOOC's oil service subsidiary reported a 23.3% year-on-year increase in net profit, while other companies like CNOOC Engineering and CNOOC Development saw net profit increases of 13.1% and a 27% rise in gross profit, respectively [6]. - The gross profit margins for CNOOC's oil service companies improved year-on-year, indicating a continuous enhancement in operational quality [6]. Group 4: International Competitiveness - In the first half of 2025, the gross profit margins of international oil service giants Schlumberger, Halliburton, and Baker Hughes decreased compared to their 2024 annual levels, while CNOOC's subsidiaries showed improvements [8]. - The annualized ROE for CNOOC's oil service companies remained resilient, with slight increases compared to 2024, indicating a potential enhancement in international competitiveness [8].

Investment Rating - The report maintains an "Accumulate" rating for the oil and gas industry [6] Core Viewpoints - The oil and gas industry has achieved significant exploration breakthroughs, with the oil service sector expected to benefit from the ongoing domestic reserve increase and production actions [10][11] - The "Three Barrel Oil" companies have significantly increased capital expenditures from 2020 to 2023, and are expected to maintain high levels in 2024 and 2025, which will benefit their affiliated oil service companies [11][12] - Global upstream capital expenditures are projected to decline slightly in 2025, but domestic investment is expected to remain high due to supportive policies [12] - The oil service sector's performance has improved, with major companies showing resilience in profitability despite falling oil prices [21][26] Summary by Sections Oil and Gas Breakthroughs - The Ministry of Natural Resources announced major breakthroughs in energy mineral exploration, including the discovery of 10 large oil fields and 19 large gas fields during the 14th Five-Year Plan period [10] - New geological reserves of over 300 billion cubic meters have been confirmed in the Ordos Basin alone, supporting stable oil production of 200 million tons and natural gas production exceeding 240 billion cubic meters [10][11] Capital Expenditure Trends - The "Three Barrel Oil" companies plan to invest approximately 210 billion, 72.9 billion, and 130 billion yuan in upstream capital expenditures for 2025, reflecting a 6% decrease from 2024 but still maintaining high levels [11][12] - Global upstream exploration and development spending is expected to be around 600 billion USD in 2025, a 4% year-on-year decline, with deepwater investments projected to decrease by 6% [12] Oil Service Sector Performance - In the first half of 2025, major oil service companies reported significant profit increases, with CNOOC Services' net profit rising by 23.3% and CNOOC Development's by 13.1% [21] - The gross profit margins of key oil service companies have improved, with CNOOC Services, CNOOC Engineering, and CNOOC Development showing increases compared to the previous year [21][26] International Competitiveness - The international competitiveness of domestic oil service companies is expected to improve, as their return on equity (ROE) has shown resilience compared to major international competitors [26] - The gross profit margins of domestic oil service companies have increased, while international competitors have experienced declines in their margins [26] Investment Recommendations - The report suggests a positive outlook for the "Three Barrel Oil" companies and the oil service sector, as well as for leading companies in the refining and chemical sectors [5]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Cautiously Optimistic" investment rating [3][4]. Core Insights - OPEC's actual production increase is lower than expected, leading to an anticipated stable oil price range of $60-70 per barrel in the medium term [4][5]. - The upstream sector shows signs of recovery with oil prices rising, while drilling day rates remain stable [4][24]. - The refining sector is experiencing mixed results, with some product margins improving while others decline [4]. - The polyester sector is expected to see a recovery in profitability as supply and demand dynamics improve [4][18]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $66.99 per barrel, a week-on-week increase of 2.27%, while WTI futures rose by 1.33% to $62.69 per barrel [4][24]. - U.S. commercial crude oil inventories increased by 2.42 million barrels to 425 million barrels, remaining 4% lower than the five-year average [24][25]. - The number of active U.S. drilling rigs increased by 2 to 539, although this is a decrease of 51 rigs year-on-year [35][38]. Refining Sector - The Singapore refining margin for major products decreased to $16.66 per barrel, down by $1.41 from the previous week [4]. - The price spread between gasoline and WTI crude oil fell to $18.30 per barrel, down by $2.48 from the previous week [4]. - The report suggests that refining profitability may improve as economic recovery progresses [4]. Polyester Sector - PTA prices have declined, with the average price in East China at 4606.6 CNY per ton, down 2.02% week-on-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [4][18]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials [4][18]. - In the refining sector, it suggests monitoring quality companies like Hengli Petrochemical and Sinopec [4][18]. - For upstream exploration and production, it highlights companies like CNOOC and China National Petroleum Corporation as having strong prospects [4][18].

Report Title - "Crude Oil Weekly Report: OPEC+ Rapidly Increases Production, International Oil Prices Decline" [1] Report Date - September 14, 2025 [1] Report Authors - Energy and Chemical Chief Securities Analyst: Chen Shuxian, CFA [1] - Energy and Chemical Analyst: Zhou Shaowen [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $66.7/$62.7 per barrel, down $0.8/$1.2 from last week respectively. In the US, crude oil production, inventory, and the number of active rigs and fracturing fleets increased, while refinery processing volume decreased, and import and export volumes changed. US refined oil prices, inventory, production, and demand also showed various changes. [2] Summary by Relevant Catalogs 1. Crude Oil Weekly Data Briefing - **Upstream Key Company Performance**: For example, China National Offshore Oil Corporation (600938.SH) had a weekly increase of 2.2%, and China National Petroleum Corporation (601857.SH) had a weekly decrease of 2.4%. [8][9] - **Crude Oil Price**: Brent, WTI, Russian Urals, and Russian ESPO crude oil prices had different degrees of decline compared to last week. [9] - **Crude Oil Inventory**: US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.2/4.1/0.2 billion barrels respectively, with weekly changes of +445/+394/+51/-37 million barrels. [2][9] - **Crude Oil Production**: US crude oil production was 13.5 million barrels per day, up 70,000 barrels per day from last week. The number of active crude oil rigs was 416, up 2, and the number of active fracturing fleets was 164, up 5. [2][9] - **Refinery Data**: US refinery crude oil processing volume was 16.82 million barrels per day, down 50,000 barrels per day, and the refinery operating rate was 94.9%, up 0.6 pct. [2][9] - **Import and Export Volume**: US crude oil imports, exports, and net imports were 6.27/2.75/3.53 million barrels per day, with weekly changes of -47/-114/+67 million barrels per day. [2][9] - **Refined Oil Data**: US gasoline, diesel, and jet fuel had weekly average prices of $83/$97/$90 per barrel, down $1.8/$1.5/$4.1 from last week respectively. Inventory, production, demand, and import and export volumes also changed. [2][11] 2. This Week's Petroleum and Petrochemical Sector Market Review - **Petroleum and Petrochemical Sector Performance**: Not detailed in the given content - **Sector Listed Company Performance**: Many listed companies in the petroleum and petrochemical sector showed different degrees of rise and fall this week. For example, Sinopec Oilfield Service Corporation (600871.SH) had a weekly increase of 3.4%, and China Petroleum & Chemical Corporation (600028.SH) had a weekly decrease of 1.2%. [24] 3. Crude Oil Sector Data Tracking - **Crude Oil Price**: Analyzed the price relationships and spreads among various types of crude oil, such as Brent, WTI, Russian Urals, and Russian ESPO, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price. [9][38] - **Crude Oil Inventory**: Studied the correlations between US commercial crude oil inventory and oil prices, and changes in US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory. [45][49] - **Crude Oil Supply**: Focused on US crude oil production, the number of oil rigs, and the number of fracturing fleets, and their relationships with oil prices. [60][62] - **Crude Oil Demand**: Mainly looked at US refinery processing volume and operating rate. [9] - **Crude Oil Import and Export**: Analyzed US crude oil import, export, and net import volumes. [78] 4. Refined Oil Sector Data Tracking - **Refined Oil Price**: Analyzed the price adjustment rules of domestic refined oil based on international oil prices, and the price relationships and spreads between crude oil and refined oil in the US, Europe, and Singapore. [89][116] - **Refined Oil Inventory**: Studied the inventory changes of US gasoline, diesel, jet fuel, and Singapore gasoline and diesel. [11][130] - **Refined Oil Supply**: Focused on US gasoline, diesel, and jet fuel production. [152] - **Refined Oil Demand**: Mainly looked at US gasoline, diesel, and jet fuel consumption and the number of US airport passenger security checks. [156][157] - **Refined Oil Import and Export**: Analyzed US gasoline, diesel, and jet fuel import, export, and net export volumes. [170][173] 5. Oil Service Sector Data Tracking - **Day Rate**: Presented the average daily rates of self - elevating drilling platforms and semi - submersible drilling platforms. [187][188] Recommended Companies - 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 concerned about include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Machinery Co., Ltd. (000852.SZ) [3]

Market Overview - On September 12, the oil service engineering sector declined by 0.45% compared to the previous trading day, with Zhun Oil Co. leading the decline [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Key stocks in the oil service engineering sector showed varied performance, with Huibo Yin (002554) increasing by 3.01% to a closing price of 3.08, while Zhun Oil Co. (002207) decreased by 2.57% to 7.97 [2][1] - The trading volume and turnover for notable stocks included: - Huibo Yin: 418,000 shares, turnover of 127 million yuan - Zhun Oil Co.: 307,000 shares, turnover of 245 million yuan [2] Capital Flow - The oil service engineering sector experienced a net outflow of 242 million yuan from institutional investors, while retail investors saw a net inflow of 155 million yuan [2] - The capital flow for specific stocks indicated: - Zhun Oil Co.: Net outflow of 14.52 million yuan from institutional investors [3] - Huibo Yin: Net inflow of 13.11 million yuan from retail investors [3] Individual Stock Analysis - Zhun Oil Co. faced significant selling pressure with a net outflow of 14.52 million yuan from institutional investors, indicating a bearish sentiment [3] - Other stocks like Beiken Energy (002828) and Zhongman Petroleum (603619) also saw substantial net outflows of 22.26 million yuan and 27.30 million yuan, respectively [3]

Market Overview - On September 11, the oil service engineering sector rose by 0.15% compared to the previous trading day, with CNOOC Development leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - CNOOC Development (600968) closed at 3.97, with an increase of 1.28% and a trading volume of 620,900 shares, totaling a transaction value of 244 million yuan [1] - CNOOC Engineering (600583) closed at 5.39, up 0.75%, with a trading volume of 425,400 shares and a transaction value of 228 million yuan [1] - PetroChina Engineering (600871) closed at 2.10, up 0.48%, with a trading volume of 1,144,800 shares and a transaction value of 238 million yuan [1] - Other notable stocks include Renji Co. (002629) at 7.20 (+0.42%) and Yingshisi (601808) at 13.91 (+0.36%) [1] Capital Flow Analysis - The oil service engineering sector experienced a net outflow of 126 million yuan from institutional investors, while retail investors saw a net inflow of 157 million yuan [2] - The table indicates that CNOOC Development had a net inflow of 43.45 million yuan from institutional investors, while retail investors had a net outflow of 28.67 million yuan [3] - CNOOC Engineering saw a net inflow of 10.30 million yuan from institutional investors, with retail investors experiencing a net outflow of 1.61 million yuan [3] Summary of Key Stocks - CNOOC Development (600968) had a significant institutional net inflow of 43.45 million yuan, while retail investors had a net outflow of 28.67 million yuan [3] - CNOOC Engineering (600583) had a net inflow of 10.30 million yuan from institutional investors, with retail investors seeing a net outflow of 1.61 million yuan [3] - Other stocks like PetroChina Engineering (600871) and Renji Co. (002629) also showed varied capital flows, indicating mixed investor sentiment [3]

Group 1 - The oil service engineering sector increased by 1.61% on September 10, with Tongyuan Petroleum leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - Major stocks in the oil service engineering sector showed significant price increases, with Tongyuan Petroleum rising by 14.88% to a closing price of 6.10 [1] Group 2 - The net inflow of main funds in the oil service engineering sector was 334 million yuan, while retail investors experienced a net outflow of 291 million yuan [1] - The table of fund flows indicates that Tongyuan Petroleum had a main fund net inflow of 154 million yuan, accounting for 9.95% of its total [2] - Other notable stocks included Zhun Oil Co., which saw a main fund net inflow of 104 million yuan, representing 26.36% of its total [2]

布利萨地区议长弗雷德·巴里甘巴基在捐赠仪式上表示，中海油服不仅通过"璇玑"和"璇玥"等先进系统 在地下为乌干达寻找能源，更以务实行动在地面上为社区带来光明。期待中海油服继续发挥其技术优势 和本地化承诺，在推动油田开发的同时，为乌可持续发展注入更多动力。 中海油服近日在乌干达西部蒂伦加油田附近的布利萨（Buliisa）地区举行捐赠活动剪彩仪式。（中海油 服供图） 当地一家卫生院的负责人对公司援助医疗物资表示感谢。该院医生凯伦加·杰拉德说："这表明中海油服 不仅仅是来开发油气资源，更愿意为本地社会带来实实在在的改变，我们对此心怀感激。" 乌干达石油管理局代表肯尼斯对中海油服的举动给予高度评价，称其为"贴近民生、精准施策"的暖心之 举，切实提升了当地医疗基础条件和服务质量。 中海油田服务股份有限公司（中海油服）近日在乌干达蒂伦加油田附近的布利萨地区开展公益活动。 公益活动以中国自研高端石油装备"璇玑"旋转导向钻探系统与"璇玥"测井系统冠名。 公司向当地医疗机构捐赠了大型户外遮阳棚、座椅及清洁消杀物资，为长期在户外候诊的患者群体提供 了遮蔽场所，受到当地政府、乌干达石油管理局等多方认可与肯定。 自2023年初起，中海 ...

2025 Interim Report 中期報告 2025 目錄 | 74 | 董事長致辭 | 103 | 中期簡明合併財務狀況表 | | --- | --- | --- | --- | | 77 | 管理層討論與分析 | 105 | 中期簡明合併權益變動表 | | 94 | 補充資料 | 106 | 中期簡明合併現金流量表 | | 100 | 獨立審閱報告 | 107 | 中期簡明合併財務資料附註 | | 101 | 中期簡明合併損益表 | 144 | 公司指引 | | 102 | 中期簡明合併綜合收益表 | | | 公司概覽 中海油田服務股份有限公司（以下簡稱「公司」，「集團」或「中海油服」）在香港聯合交易所（香港股票代碼：2883）和 上海證券交易所（上海股票代碼：601808）上市，是全球最具規模的綜合型油田服務供應商之一，服務貫穿石油及 天然氣勘探、開發及生產的各個階段。 財務摘要 | | 2023年上半年 | 2024年上半年 | 2025年上半年 | | --- | --- | --- | --- | | | 人民幣百萬元 | 人民幣百萬元 | 人民幣百萬元 | | 營業收入 | 18,850 ...