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]

胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 原油周报：中东地缘风险降温 [Table_T ， itle油价周内 ] 下跌 证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] | | | 上次评级——看好 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com [Table_ReportDate0] 2025 年 10 月 12 日 本期内容提要： [Table_Author] [Table_Summary] ➢ 【油价回顾】截至 2025 年 10 月 10 日当周，国际油价下跌。国庆期 间，欧佩克计划 11 月继续增产及库尔德地区原油出口恢复引发供应 过剩担忧，加之美国政府停摆引发经济担忧，国际油价下跌；而后， 特朗普为哈马斯设定最后期限，引发地缘风险担忧，欧佩 ...

相关企业：中国海洋石油集团有限公司、中远海运重工有限公司、大连船舶重工集团有限公司、烟台中 集来福士海洋工程有限公司、招商局重工（江苏）有限公司、山东海洋集团有限公司等。 关键词：海洋钻井平台行业发展历程、海洋钻井平台行业产业链、钢材行业产量、铝合金行业产量、全 球海洋钻井平台市场利用率、海洋工程装备制造业生产总值、海洋钻井平台生产总值、海洋钻井平台行 业竞争格局、海洋钻井平台行业发展趋势 一、海洋钻井平台行业概述 内容概况：海洋钻井平台作为海洋工程装备的主体，集海上钻井、原油存储与人员居住等核心功能于一 体，是开发利用海洋油气资源的关键环节，全球约70%的油气资源蕴藏于深海区域。自1896年全球首座 海上钻井平台问世以来，海洋钻井技术实现了从浅水木质栈桥到深水智能化装备的跨越式发展。我国自 1960年完成首口海上钻井后，逐步建立起涵盖浅水大位移井、深水无隔水管钻井等先进技术体系。2012 年5月，我国自主建造的第六代深水半潜式钻井平台"海洋石油981"在南海正式开钻，标志着深水钻井能 力迈入新阶段。2017年2月，我国建造了"蓝鲸一号"深海钻井平台，随后又制造了"蓝鲸2号"深海钻井平 台；它们配置了高效的液 ...

证券代码：601808 证券简称：中海油服 公告编号：临2025-025 中海油田服务股份有限公司 关于控股股东增持公司股份时间过半 暨增持计划进展公告 本公司董事会、全体董事及相关股东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： 已披露增持计划情况 中海油田服务股份有限公司（以下简称"公司"或"本公司"）控 股股东中国海洋石油集团有限公司（以下简称"中国海油集团"）计划 自 2025 年 4 月 9 日起 12 个月内，通过上海证券交易所交易系统集中 竞价方式及香港联合交易所有限公司系统场内交易方式增持公司 A 股 及 H 股股份，拟累计增持金额不少于人民币 3 亿元（含本数），不超过 人民币 5 亿元（含本数）。具体情况详见公司于 2025 年 4 月 9 日披露 的公告《中海油服关于控股股东增持本公司股份计划的公告》（公告编 号:临 2025-009）。 增持计划的实施进展 截至本公告披露日，本次增持计划时间已过半，中国海油集团累 计增持公司 H 股股份 16,008,000 股，约占公司总股本的 0.34%，增持 金额为人 ...

截至二零二五年十月八日，原定本次增持計劃期間已過半，實際增持金額合計未達到計 劃金額區間下限的50%，主要是受股票市場價格波動及資本市場整體趨勢等因素影響。中 國海油集團後續將依照本次增持計劃，以自有資金繼續擇機增持本公司股份。 茲提述本公司日期為二零二五年四月八日的公告（「該公告」），內容有關本公司控股股東 中國海洋石油集團有限公司（「中國海油集團」）增持本公司股份計劃。除非文義另有所 指，本公告所用詞彙與該公告所界定者具有相同涵義。現將有關進展公告如下： 於二零二五年四月九日至二零二五年十月八日期間，中國海油集團通過香港聯合交易所 有限公司系統場內交易方式增持本公司H股股份16,008,000股，約佔本公司已發行股份總 數的0.34%，增持金額累計約為人民幣8,098.17萬元（不含稅費）。上述增持實施後，中國 海油集團持有本公司合計2,426,857,300股股份，約佔本公司已發行股份總數的50.86%。 - 1 - 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任 ...

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Look Favorably" investment rating [4]. Core Insights - The global natural decline rates of oil and gas fields show significant differentiation, leading to a more concentrated future supply of oil and gas [4]. - The International Energy Agency (IEA) reports that the average annual decline rate for conventional oil is 5.6%, while for natural gas it is 6.8%. Without new investments, oil production is expected to decline by 8% annually over the next decade, and natural gas by 9% [5][12]. - The report highlights that nearly 90% of upstream investments are currently aimed at offsetting declines rather than meeting growth, indicating a need for substantial new investments to maintain current production levels [14]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $64.53 per barrel, down 7.99% week-on-week, while WTI futures closed at $60.88 per barrel, down 7.36% [24]. - The number of active oil rigs in the U.S. increased by 7 to 549, although this is a decrease of 38 compared to the previous year [37]. - The report anticipates a widening supply-demand trend for crude oil, with expectations of downward pressure on prices, but a medium to high price range due to OPEC cuts and shale oil cost support [4]. Refining Sector - The comprehensive price spread for major refined products in Singapore rose to $21.72 per barrel, an increase of $8.14 from the previous week [59]. - The report suggests that refining profitability is expected to improve as oil prices adjust, with a gradual recovery anticipated as economic conditions stabilize [4]. Polyester Sector - The report indicates a recovery expectation for the polyester sector, with potential upward movement in profit margins as supply-demand dynamics improve [17]. - Key companies to watch include Tongkun Co., Ltd. and Wankai New Materials, which are expected to benefit from this recovery [17]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector, such as Tongkun Co., Ltd. and Wankai New Materials, as well as high-quality refining companies like Hengli Petrochemical and Sinopec [17]. - It also highlights the resilience of upstream exploration and development companies, particularly offshore service companies, which are expected to see performance improvements [17].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中海油田服務股份有限公司 呈交日期: 2025年10月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02883 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,811,124,000 | RMB | | 1 | RMB | | 1,811,124,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,811,124,000 | RMB | | 1 | RMB | | 1,811,124,000 | ...

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a recovery in industry prosperity [3][5]. Core Viewpoints - The "Petrochemical Industry Steady Growth Work Plan" aims for an average annual growth of over 5% in the industry's added value from 2025 to 2026, with a focus on stabilizing economic benefits and enhancing technological innovation [4][5]. - The report highlights five key initiatives to achieve these goals, including strengthening technological innovation, expanding effective investment, and enhancing market demand [6][10]. - The upstream sector is experiencing a trend of widening supply and demand, with expectations of oil prices maintaining a medium to high level despite potential downward adjustments [4][18]. - The refining sector is seeing improved profitability due to a recovery in oil prices, although the current product price differentials remain low [4][45]. - The polyester sector shows signs of recovery, with expectations for improved profitability as supply and demand conditions improve [14]. Summary by Sections Upstream Sector - Brent crude oil prices increased to $70.13 per barrel, a 5.17% rise week-on-week, while WTI prices rose to $65.72 per barrel, up 4.85% [4][18]. - U.S. commercial crude oil inventories decreased to 415 million barrels, down 610,000 barrels from the previous week, and are 4% lower than the five-year average [20][22]. - The number of U.S. drilling rigs increased to 549, up 7 rigs week-on-week, but down 38 rigs year-on-year [28]. Refining Sector - The Singapore refining margin for major products fell to $13.54 per barrel, down $4.51 from the previous week [4]. - The report notes that while refining product price differentials have improved, they remain at low levels, with expectations for gradual improvement as the economy recovers [4][45]. Polyester Sector - PTA prices have stabilized, with the average price in East China at 4528.6 CNY per ton, down 1.69% week-on-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [14]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as high-quality refining companies like Hengli Petrochemical and Sinopec [14][15]. - It also suggests monitoring companies in the upstream exploration and development sector, which are expected to maintain high profitability due to sustained capital expenditures [14].