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]

Core Viewpoint - Invesco Asset Management Limited has increased its stake in CNOOC Limited (02883.HK) by acquiring 940,000 shares at an average price of HKD 6.9598 per share, raising its ownership from 4.98% to 5.04% [1] Group 1 - Invesco Asset Management Limited purchased 940,000 shares of CNOOC Limited on October 10, 2025, for a total investment of approximately HKD 6.5422 million [1] - Following this transaction, Invesco's total shareholding in CNOOC Limited reached 91.284 million shares [1] - The increase in ownership percentage reflects a strategic move by Invesco to enhance its position in the company [1]

香港联交所最新资料显示，10月10日，景顺资产管理增持中海油田服务(02883)94万股，每股作价为 6.9598港元，总金额约为654.22万港元。增持后最新持股数目为9128.4万股，最新持股比例为5.04%。 ...

智通财经APP获悉，香港联交所最新资料显示，10月10日，景顺资产管理增持中海油田服务(02883)94万 股，每股作价为6.9598港元，总金额约为654.22万港元。增持后最新持股数目为9128.4万股，最新持股 比例为5.04%。 ...

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2883 1 ...

Core Viewpoint - The oil service engineering sector experienced a slight increase of 0.67% on October 14, with Renji Co., Ltd. leading the gains, while the overall market indices saw declines [1]. Market Performance - The Shanghai Composite Index closed at 3865.23, down 0.62% - The Shenzhen Component Index closed at 12895.11, down 2.54% [1]. Individual Stock Performance - Renji Co., Ltd. (002629) closed at 8.48, up 9.99% with a trading volume of 249,700 shares and a turnover of 201 million yuan - Zhongman Petroleum (603619) closed at 20.19, up 4.77% with a trading volume of 267,000 shares and a turnover of 536 million yuan - Other notable performers include Tongyuan Petroleum (300164) up 2.81%, Beiken Energy (002828) up 2.21%, and Zhun Oil Co. (002207) up 2.20% [1]. Capital Flow Analysis - The oil service engineering sector saw a net inflow of 80.77 million yuan from institutional investors, while retail investors contributed a net inflow of 48.83 million yuan - However, there was a net outflow of 130 million yuan from speculative funds [2]. Detailed Capital Flow for Key Stocks - Renji Co., Ltd. had a net inflow of 57.91 million yuan from institutional investors, but a net outflow of 21.63 million yuan from speculative funds - Tongyuan Petroleum saw a net inflow of 33.00 million yuan from institutional investors, while Zhun Oil Co. had a net inflow of 14.04 million yuan [3].

Investment Rating - The report maintains a positive outlook on the petrochemical industry [2] Core Views - The report highlights the unprecedented scale of refinery shutdowns in Russia, leading to increased Ural crude oil exports. As of the end of September, 38% of Russia's refining capacity (approximately 338,000 tons per day) was offline, primarily due to drone attacks from Ukraine [3][4][5] - The upstream sector is experiencing a decline in oil prices, while day rates for jack-up rigs are increasing. Brent crude oil futures closed at $62.73 per barrel, down 2.79% from the previous week [3][18] - The refining sector is seeing a drop in overseas refined oil crack spreads, while olefin spreads are rising. The Singapore refining margin for major products was $20.06 per barrel, down $1.48 from the previous week [3][54] - The polyester sector shows signs of recovery, with expectations for improved profitability as supply and demand conditions improve [3][13] Summary by Sections Upstream Sector - Brent crude oil prices decreased to $62.73 per barrel, with a weekly decline of 2.79%. U.S. commercial crude oil inventories increased by 5.507 million barrels to 420 million barrels [3][20] - The number of U.S. drilling rigs decreased by 2 to 547, with a year-on-year reduction of 39 rigs [3][32] Refining Sector - The report notes a significant drop in Russian refining capacity due to drone attacks, with a 5.08% quarter-on-quarter decline in processing volume in Q3 2025 [3][9] - The report indicates that the domestic refining product spread has improved, but remains at a low level [3][51] Polyester Sector - The report indicates that PTA profitability has declined, while polyester filament profitability has increased. The average price of PTA in East China was 4,528.6 yuan per ton, down 1.69% week-on-week [3][13] - The report expresses optimism for leading polyester companies such as Tongkun Co. and Wankai New Materials, anticipating a gradual improvement in the industry [3][13] Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as upstream oil service companies like CNOOC Services and Haiyou Engineering [3][13]

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1]. Core Insights - International oil prices have decreased as of October 10, 2025, with Brent and WTI prices at $62.73 and $58.90 per barrel, respectively, reflecting a decline of 2.79% and 3.25% from the previous week [2][20]. - The report highlights concerns over supply surplus due to OPEC's planned production increase and the resumption of oil exports from the Kurdish region, alongside geopolitical tensions in the Middle East [2][9]. - The oil and petrochemical sector has shown resilience, with a 2.99% increase in the sector's performance compared to a 0.51% decline in the broader market (CSI 300) [10][13]. Oil Price Review - As of October 10, 2025, Brent crude futures settled at $62.73 per barrel, down $1.80 (-2.79%) from the previous week, while WTI crude futures settled at $58.90 per barrel, down $1.98 (-3.25%) [2][20]. - The report notes that the Urals crude price remained stable at $65.49 per barrel, while ESPO crude increased by $0.53 (+0.88%) to $60.43 per barrel [2][20]. Offshore Drilling Services - The number of global offshore self-elevating drilling rigs was 371, a decrease of 1 from the previous week, while floating drilling rigs increased by 3 to a total of 132 [24][33]. U.S. Oil Supply - U.S. crude oil production reached 13.629 million barrels per day, an increase of 124,000 barrels from the previous week [46]. - The number of active drilling rigs in the U.S. decreased by 4 to 418, and the number of fracturing fleets also decreased by 4 to 175 [46]. U.S. Oil Demand - U.S. refinery crude processing increased to 16.297 million barrels per day, up 129,000 barrels from the previous week, with a refinery utilization rate of 92.40%, up 1.0 percentage points [56]. - The report indicates that U.S. gasoline and distillate inventories have decreased, suggesting a rise in oil demand [2][9]. U.S. Oil Inventory - As of October 3, 2025, total U.S. crude oil inventories stood at 827 million barrels, an increase of 4 million barrels (+0.49%) from the previous week [65]. - Strategic oil reserves were at 407 million barrels, up 285,000 barrels (+0.07%), while commercial crude oil inventories rose by 3.715 million barrels (+0.89%) to 420 million barrels [65].