Group 1 - The oil and gas extraction and petroleum processing trade sectors are active in early trading, with companies such as Tongyuan Petroleum (300164), Zhongman Petroleum (603619), and Zhun Oil Co. (002207) hitting the daily limit up [1] - Other companies like Intercontinental Oil & Gas (600759), Shouhua Gas (300483), and CNOOC Services (601808) also experienced gains [1] - The geopolitical tensions in the Middle East have escalated, causing the SC crude oil main contract to reach its daily limit up at one point [1]

Investment Rating - The report highlights the deep-sea technology sector as a strategic emerging industry, with a projected global market size exceeding $500 billion by 2025, growing at an annual rate of over 15% [1][4]. Core Insights - The report emphasizes the rapid development of the global deep-sea technology market, with significant investment opportunities in sub-sectors such as deep-sea equipment manufacturing, resource exploration, and deep-sea biomedicine [1][4]. - The Chinese deep-sea economy is expected to reach approximately $3.25 trillion by 2025, accounting for 25% of the total marine economy, with a growth rate exceeding 20% [43][44]. Summary by Sections Industry Overview - The deep-sea technology sector has been recognized as a key area for strategic development, with the Chinese government prioritizing its growth in the 2025 Government Work Report [1][4]. - The global deep-sea technology market is projected to surpass $500 billion by 2025, with a compound annual growth rate (CAGR) of over 15% [1][4]. Industry Status - The report indicates that the global deep-sea technology market is experiencing rapid growth, with the deep-sea oil and gas sector remaining a cornerstone, while emerging fields like underwater mining and underwater vehicles are also expanding significantly [37][39]. - The underwater mining market is expected to grow from approximately $3.7 billion in 2024 to $15.9 billion by 2029, with a CAGR of 33.7% [37][39]. Investment Strategy - The report suggests focusing on investment opportunities in extreme environment equipment that relies on high-strength titanium alloys, nanocomposite materials, and intelligent control systems [4][37]. - Short-term strategies include capitalizing on domestic replacements driven by policy support, while long-term strategies should focus on breakthroughs in materials and core components [4][37]. Industry Chain and Key Enterprises - The report categorizes the industry chain into upstream (materials and technology), midstream (precision components and complete equipment), and downstream (applications and commercialization scenarios) [52][53]. - Key players in the upstream segment include companies like Western Materials and BaoTi Co., while midstream players include China Shipbuilding and China Heavy Industry [52][53].

证券代码：601808 证券简称：中海油服 公告编号：临 2025-016 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。 重要内容提示： ? 被担保人名称：中海油田服务股份有限公司（以下简称"公司"或"本公司"） 的全资子公司COSL Middle East FZE。 中海油田服务股份有限公司 关于为全资子公司提供担保的公告 特别提示 ? 本次担保金额及对外担保总额： 本次为 COSL Middle East FZE 提供的担保金额为等额 2 亿美元。截至本公告发 布日，本公司及控股子公司提供的对外担保总额约为人民币 513.6 亿元，占本公 司最近一期经审计净资产的比例约为 115.6%。 ? 本次担保是否有反担保：无反担保 ? 对外担保逾期的累计数量：无逾期对外担保 ? 特别风险提示：截至本报告发布日，公司及公司控股子公司提供的对外担保 金额已超过公司最近一期经审计净资产的100%，本次被担保人COSL Middle East FZE的资产负债率超过70%。敬请投资者注意相关风险。 一、担保情况概述 （一）担保情况概述 ...

本次担保金额及对外担保总额： 本次为 COSL Middle East FZE 提供的担保金额为等额 2 亿美元。截至本公告发 布日，本公司及控股子公司提供的对外担保总额约为人民币 513.6 亿元，占本公 司最近一期经审计净资产的比例约为 115.6%。 本次担保是否有反担保：无反担保 证券代码：601808 证券简称：中海油服 公告编号：临 2025-016 中海油田服务股份有限公司 关于为全资子公司提供担保的公告 特别提示 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。 重要内容提示： 被担保人名称：中海油田服务股份有限公司（以下简称"公司"或"本公司"） 的全资子公司COSL Middle East FZE。 （二）履行的内部决策程序 公司2025年3月25日召开的董事会2025年第一次会议审议通过了《关于全资 子公司COSL Middle East FZE美元贷款续签并由公司为其提供担保的议案》。详 情请见公司于2025年3月26日在上海证券交易所网站（www.sse.com.cn）披露的 相关公告。 公司于2025 ...

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, indicating favorable conditions for investment opportunities [1]. Core Insights - Qatar's LNG projects are expected to lead to a loosening of global LNG supply, with international gas prices likely to decline. Qatar's LNG production capacity is projected to reach 142 million tons by the end of 2030, nearly doubling from 77 million tons in 2020 [3][4]. - The report highlights that while global gas demand growth is expected to slow to around 1.5% in 2025, LNG demand in Asia will be significantly suppressed due to high prices, dropping from a growth rate of 17% in 2024 to below 3% [6][14]. - The upstream sector is experiencing rising oil prices, with Brent crude futures closing at $66.47 per barrel, a 4.02% increase week-on-week. The report anticipates a downward trend in oil prices due to a widening supply-demand balance [23][39]. - In the refining sector, the report notes a decline in overseas refined oil crack spreads, while olefin price spreads show mixed trends. The Singapore refining margin has decreased to $12.55 per barrel [53][55]. - The polyester sector is facing a decline in PTA profitability, while polyester filament profitability is on the rise. The report suggests that the overall performance of the polyester industry is average, with potential for improvement as new capacity slows down [53][60]. Summary by Sections LNG Supply and Demand - Qatar's LNG projects, including the Golden Pass LNG and North Field East expansion, are set to boost global LNG supply significantly by 2030 [4][5]. - The International Energy Agency (IEA) forecasts a 50% increase in global export capacity by 2030, with an additional 270 billion cubic meters expected [5][6]. Upstream Sector - Brent crude prices have risen, with a notable increase in drilling day rates for self-elevating platforms. The report indicates a potential for oil prices to decline in the medium term, despite current upward trends [23][39]. - The report also notes a decrease in the number of active drilling rigs in the U.S., which may impact future production levels [33]. Refining Sector - The report highlights a decrease in refining margins and crack spreads, indicating challenges in profitability for refiners. However, it suggests that domestic refining margins may improve as overseas refineries exit the market [53][55]. Polyester Sector - The report indicates a mixed performance in the polyester sector, with PTA profitability declining while polyester filament profitability is improving. It emphasizes the need to monitor demand changes closely [53][60]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as companies in the upstream exploration and development sector like CNOOC and CNOOC Engineering [17].

Investment Rating - The report maintains an "Increase" rating for the oil and petrochemical industry [5] Core Viewpoints - International oil prices have shown a downward trend recently, with Brent crude settling at approximately $63.90 per barrel, down about 1.30% week-on-week, and down approximately 15.80% since the beginning of the year [19][21] - The North American active rig count has decreased week-on-week, with a notable year-on-year decline of 37 rigs, indicating a potential future increase in global drilling platform activity [31] - The refining sector shows promising recovery potential, with significant increases in price differentials for various products, suggesting improved profitability for refining companies [35] Market Performance - The CITIC oil and petrochemical sector rose approximately 0.37% during the week of May 26 to May 30, outperforming the Shanghai Composite Index by about 0.39 percentage points [16] - Key stocks that led the gains include Hengtong Co., Hongtian Co., and Compton, while stocks like Guangju Energy and Dongfang Shenghong saw declines [17][18] Investment Recommendations - The report identifies four main investment themes: 1. Focus on major energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas exploration and green transformation [53] 2. Increased global upstream capital expenditure benefiting oil service companies such as CNOOC Services and Offshore Engineering [53] 3. Accelerated development of coal chemical projects and natural gas resources in Xinjiang, with a focus on companies like Baofeng Energy and New Natural Gas [53] 4. Refining companies planning new capacities and accelerating new material projects, recommending companies like Satellite Chemical and Hengli Petrochemical [53]

Core Viewpoint - The "Xuanji" geological rotary steering drilling system, developed by CNOOC Services, represents a significant technological advancement in China's oil and gas exploration and production, providing essential support for increasing reserves and production [1][3][7]. Group 1: Technological Advancements - The "Xuanji" system has achieved industrial application in China, marking a milestone in high-end drilling technology for oil and gas exploration [1]. - The system has a 90% application rate in offshore oil and gas exploration, demonstrating its critical role in the industry [1]. - CNOOC Services has successfully developed over 20 key technologies, making China the second country in the world to possess this technology [3]. Group 2: Performance Metrics - The "Xuanji" system has improved the average oil and gas reservoir encounter rate to 92%, with an overall first-time success rate exceeding 95% [3]. - In a recent operation in Bohai Oilfield, the system achieved a drilling speed increase of 6%, with a sandstone encounter rate of 100% and production reaching 150% of the design capacity [4]. - The system has completed 2660 operations globally, with a cumulative footage of nearly 250.44 million meters, showcasing its effectiveness in challenging geological conditions [6]. Group 3: Economic and Social Impact - The application of the "Xuanji" system has led to a decrease in service prices from foreign oil service providers, enhancing China's competitiveness in high-end drilling equipment [4]. - The project has established a collaborative development network integrating production, learning, research, and application, promoting domestic research and breakthroughs in related fields [4]. - The "Xuanji" system has been recognized internationally, particularly in Belt and Road Initiative countries, enhancing China's reputation in global oil and gas exploration [6].

Core Points - The company announced a cash dividend of RMB 0.2306 per share (including tax) for its A shares, totaling RMB 1,100,329,115.20 (including tax) based on a total share capital of 4,771,592,000 shares [1][2] Summary by Sections Dividend Distribution - The dividend distribution plan was approved at the company's annual general meeting on May 22, 2025, and the announcement was published on May 23, 2025 [1][2] - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the registration date [1] Important Dates - The key dates for the dividend distribution are as follows: - Registration date: June 10, 2025 - Last trading date: June 11, 2025 - Ex-dividend date: June 11, 2025 - Cash dividend payment date: June 11, 2025 [2] Taxation Information - For individual shareholders and securities investment funds, the tax treatment of dividends varies based on the holding period, with specific tax rates applied [2][3] - For qualified foreign institutional investors (QFII), a withholding tax of 10% will be applied, resulting in a net cash dividend of RMB 0.20754 per share [3][4] - For investors through the Shanghai-Hong Kong Stock Connect, the same 10% withholding tax applies, with the same net cash dividend amount [4][5]

证券代码：601808 证券简称：中海油服 公告编号：临 2025-015 中海油田服务股份有限公司2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经中海油田服务股份有限公司（"公司"或"本公司"）2025 年 5 月 22 日 的2024年年度股东大会审议通过。会议决议公告于 2025 年 5 月 23 日刊载于上海证券交易所 网站。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本4,771,592,000股为基数，每股派发现金红利 人民币 0.2306元（含税），共计派发现金红利人民币1,100,329,115.20元（含税）。 1. 发放年度：2024年年度 2. 分派对象： A 股每股现金红利人民币 0.2306元（ ...

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, suggesting investment opportunities in high-quality refining companies and upstream oil service firms [2][3]. Core Insights - The current oil bear market is characterized by a prolonged duration, with expectations that it will not last much longer. Oil prices may continue to test lower levels due to supply-demand imbalances, but significant support is anticipated around the marginal cost of production for shale oil, estimated at approximately $62.5 per barrel [3][4][11]. - The upstream sector is experiencing a decline in oil prices, with Brent crude futures at $63.9 per barrel and WTI at $60.79 per barrel as of May 23, 2025. This has led to an increase in day rates for self-elevating drilling rigs [3][24]. - The refining sector is seeing improved profitability due to rising product crack spreads, although the overall margins remain low. The report anticipates a gradual recovery in refining profitability as domestic and overseas refining capacities adjust [3][54]. - The polyester sector is facing mixed performance, with PTA profitability declining while polyester filament profitability is on the rise. The report suggests monitoring demand changes closely [3]. Summary by Sections Upstream Sector - Brent crude futures decreased by 1.36% to $63.9 per barrel, while WTI fell by 1.2% to $60.79 per barrel as of May 23, 2025. The average prices for the week were $64.36 and $61.19 respectively [24]. - U.S. commercial crude oil inventories fell by 2.8 million barrels to 440 million barrels, which is 6% lower than the five-year average for the same period [27]. - The number of active drilling rigs in the U.S. decreased to 563, down by 3 from the previous week and 37 year-on-year [34]. Refining Sector - The Singapore refining margin increased to $12.86 per barrel, while the U.S. gasoline crack spread decreased to $22.49 per barrel [3]. - The report indicates that refining margins are expected to improve gradually as domestic and overseas refining capacities adjust [3][54]. Polyester Sector - The PTA price decreased to 4899 RMB per ton, while the polyester filament price spread increased to 1389 RMB per ton [3]. - The report highlights the need to monitor demand changes closely, as the polyester industry is currently in a seasonal downturn [3]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as upstream oil service companies like CNOOC Services and Haiyou Engineering [3][19]. - It also suggests that the long-term outlook for the polyester sector remains positive, with a focus on leading companies like Tongkun Co. and Wankai New Materials [3][19].