Group 1: Oil and Gas Exploration - The supply of oil is expected to slow down, maintaining Brent oil prices in a neutral range of $55-70 per barrel in 2026, with OPEC+ production pace easing and non-OPEC growth significantly declining [3][9] - Global GDP growth is projected at approximately 3.1% in 2026, leading to a slowdown in oil demand growth [3][9] - Geopolitical uncertainties are increasing, with ongoing sanctions on risk oil types, although some expectations are already priced into stock valuations [3][9] Group 2: Refining Industry - The refining sector is anticipated to see a recovery in profitability due to domestic "anti-involution" policies and the gradual exit of overseas refining capacity [4] - New refining capacity additions are nearing completion, but there will still be significant pressure on the supply side in the coming years [4] - The overall refining sector is expected to have reached a bottom in terms of profitability, with substantial potential for upward elasticity in the future [4] Group 3: Polyester Industry - The polyester industry is expected to experience limited new investment, with significant recovery potential in profitability due to the end of large capital expenditures in PTA and coordinated production cuts by leading companies [5] - The production capacity growth for polyester filament is projected to maintain a rate of 2-3%, with expectations for improved downstream demand [5] - The industry is nearing the end of new capacity releases for polyester bottle chips, leading to an ideal collaborative effect among companies and gradual recovery in profitability [5] Group 4: Investment Recommendations - The downstream polyester sector is tightening in supply and demand, with improvement expectations, recommending high-quality companies in polyester filament and bottle chips [6] - With oil prices expected to decline, refining companies are anticipated to see cost improvements, suggesting attention to major refining companies [6] - The upstream exploration and development sector remains highly prosperous, with offshore capital expenditures expected to remain high, recommending offshore oil service companies [6]

Core Insights - The oil service engineering sector experienced a decline of 1.87% on November 18, with PetroChina Oilfield Services leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Zhongman Petroleum (603619) closed at 24.93, up 3.40% with a trading volume of 204,600 shares and a transaction value of 508 million yuan [1] - Potential Energy (300191) closed at 20.71, up 0.05% with a trading volume of 85,200 shares and a transaction value of 176 million yuan [1] - Other notable declines include PetroChina Oilfield Services (600871) down 4.26% and Tongyuan Petroleum (300164) down 3.73% [2] Capital Flow - The oil service engineering sector saw a net outflow of 136 million yuan from institutional investors, while retail investors had a net inflow of 184 million yuan [2] - Major stocks like Zhongman Petroleum and Renji Co. experienced mixed capital flows, with Zhongman Petroleum seeing a net inflow of 33.83 million yuan from institutional investors [3]

Core Viewpoint - The oil service engineering sector experienced a slight decline of 0.21% on November 17, with Keli Co., Ltd. leading the losses. The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1]. Group 1: Market Performance - The oil service engineering sector's performance was mixed, with individual stocks showing varied results. For instance, Huibo Yin increased by 2.88% to close at 3.93, while Keli Co., Ltd. fell by 2.41% to 34.07 [1][2]. - The trading volume for Huibo Yin was 724,400 shares, with a transaction value of 282 million yuan, while Keli Co., Ltd. had a trading volume of 21,000 shares and a transaction value of 71.71 million yuan [1][2]. Group 2: Capital Flow - The oil service engineering sector saw a net outflow of 65.79 million yuan from institutional investors, while retail investors contributed a net inflow of 4.12 million yuan [2]. - Among individual stocks, Tongyuan Petroleum had a net inflow of 17.68 million yuan from institutional investors, while Keli Co., Ltd. experienced a net outflow of 8.81 million yuan [3].

Group 1 - The core viewpoint of the report indicates that international oil prices experienced slight fluctuations, with Brent crude oil prices increasing slightly while WTI prices decreased slightly as of November 14, 2025 [1][2] - In the first half of the week, China's crude oil imports increased, and the US dollar weakened, contributing to a rise in oil prices due to improved market risk appetite [1][2] - The latter part of the week saw a downward adjustment in OPEC's monthly report, indicating a supply surplus, which released bearish signals to the market [1][2] Group 2 - As of November 14, 2025, Brent crude oil futures settled at $64.39 per barrel, up $0.76 per barrel (+1.19%), while WTI crude oil futures settled at $59.39 per barrel, down $0.45 per barrel (-0.75%) [2] - The price of Russian Urals crude remained stable at $65.49 per barrel, while Russian ESPO crude decreased by $1.43 per barrel (-2.51%) to $55.47 per barrel [2] Group 3 - As of November 10, 2025, the number of global offshore self-elevating drilling rigs was 370, an increase of 1 rig from the previous week, while the number of floating drilling rigs decreased by 2 to 128 [3] - As of November 7, 2025, US crude oil production was 13.862 million barrels per day, an increase of 211,000 barrels per day from the previous week [3] - The number of active drilling rigs in the US increased by 3 to 417 as of November 14, 2025 [3] Group 4 - As of November 7, 2025, US total crude oil inventories increased by 7.211 million barrels (+0.87%) to 838 million barrels [4] - The US gasoline inventory decreased by 0.946 million barrels (-0.46%), while diesel inventory decreased by 0.637 million barrels (-0.57%) [4] Group 5 - The report highlights relevant companies in the sector, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [5]

Investment Rating - The report maintains a positive outlook on the petrochemical industry [3] Core Views - Global oil inventories are expected to continue increasing until 2026, with the EIA forecasting a supply surplus of 1.84 million barrels per day for this year [5][11] - The EIA has raised its price forecasts for crude oil and natural gas for 2025 and 2026, expecting an average crude oil price of $69 per barrel in 2025 and $55 per barrel in 2026 [6][8] - Demand growth for global oil is projected at 790,000 barrels per day in 2025 and 770,000 barrels per day in 2026, with significant contributions from the US, China, and Nigeria [8][45] Summary by Sections Supply and Demand Analysis - The EIA and IEA have both adjusted their global oil supply forecasts upwards by 100,000 to 150,000 barrels per day due to OPEC's announced production increases [10][11] - The EIA expects global oil production to rise by 2.81 million barrels per day in 2025 and 1.39 million barrels per day in 2026 [10][11] - The IEA anticipates a demand increase of 310,000 barrels per day in 2025 and 250,000 barrels per day in 2026, with a total average supply reaching 108.7 million barrels per day [46][47] Upstream Sector - Brent crude oil futures closed at $64.39 per barrel, reflecting a week-on-week increase of 1.19%, while WTI futures rose to $60.09 per barrel, up 0.57% [20] - The number of active oil rigs in the US increased to 549, with a slight week-on-week rise [35] Refining Sector - The report indicates an improvement in refining profitability due to rising product price spreads, despite current levels being relatively low [5][13] - The Singapore refining margin increased to $24.26 per barrel, while the US gasoline-WTI spread decreased to $20.84 per barrel [5] Polyester Sector - The profitability of PTA and polyester filament yarn has improved, with PTA prices rising to 4,585.4 CNY per ton [5][13] - The report suggests a recovery in the polyester sector, with expectations for improved profitability as supply and demand dynamics shift [13] Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials, as well as top refining companies like Hengli Petrochemical and Sinopec [5][13] - It also highlights the resilience of oil companies like PetroChina and CNOOC in the face of potential price declines, recommending those with high dividend yields [13]

证券代码：601808 证券简称：中海油服 公告编号：临2025-029 中海油田服务股份有限公司 关于召开2025年第一次临时股东大会的通知 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： 召开的日期时间：2025年12月2日上午10点00分 召开地点：河北省三河市燕郊经济技术开发区海油大街201号中海油服主楼311室 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025年12月2日至2025年12月2日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六）融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投票，应按照《上海证券交易 所上市公司自律监管指引第1号 一 规范运作》等有 ...

综合服务框架协议 1010 中国海洋石油集团有限公司 与 中海油田服务股份有限公司 目录 | 第一条 服务交易的范围、种类 . .. | | --- | | 第二条 交易原则 . .. | | 第三条 定价原则 | | 第四条 年度上限金额 . .. | | 第五条 运作方式 | | 第六条 合同期限 | | 第七条 陈述与保证 | | 第八条 协议的变更、终止和履行 | | 第九条 公告 … | | 第十条 通知 . .. | | 第十一条 适用的法律和争议的解决- | | 第十二条 附则 1 | rill. 本综合服务框架协议("本协议")由以下双方于 2025年 10月 29 日在北京签 署: 甲方:中国海洋石油集团有限公司 法定代表人:张传江 注册地址:北京市东城区朝阳门北大街25号 乙方:中海油田服务股份有限公司 法定代表人:赵顺强 注册地址:天津市滨海高新区塘沽海洋科技园海川路 1581 号 鉴于: 因此,甲乙双方就服务交易事宜,根据《中华人民共和国民法典》以及中国现 行其他有关法律、法规的规定,本着诚实信用的原则,经友好协商,一致达成协议 如下: 1、甲方系依据中国法律成立并合法存续的国有企业。 ...

| | 普通決議案 | （註4） 贊成 | （註4） 反對 | （註4） 棄權 | | --- | --- | --- | --- | --- | | 1. | 審議批准關於未來三年持續關連交易的議案。 | | | | | 2. | 審議批准修訂股東大會議事規則。 | | | | | 3. | 審議批准修訂董事會議事規則。 | | | | | 4. | 審議批准修訂獨立董事制度。 | | | | | 5. | 審議批准修訂關聯交易決策制度。 | | | | | | 特別決議案 | 贊成 | 反對 | 棄權 | | 6. | 審議批准取消監事會並修訂公司章程。 | | | | 日期：二零二五年 月 日 簽署： 2883 二零二五年第一次臨時股東大會委託代理人表格 與本委託代理人表 格有關的股份數目 H股╱A股* 本人（或吾等） （註1） ： ， 地址為： ， 為中海油田服務股份有限公司（「本公司」）股份 （註2） ：H股╱A股* 股之持有人， 現委託 （註3） （身份證號碼： ） （地址為： ） 或如其未能出席，則委任大會主席為代表本人（或吾等）的代理人，代表本人（或吾等）出席於二零二 五年十二月二日（星期二） ...

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通告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通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何損失承擔任何責任。 承董事會命 中海油田服務股份有限公司 孫維洲 公司秘書 二零二五年十一月十四日 2883 二零二五年第一次臨時股東大會通告 茲通告中海油田服務股份有限公司（「本公司」）謹訂於二零二五年十二月二日（星期二）上 午十時正假座中國河北省三河市燕郊經濟技術開發區海油大街201號中海油服主樓311室 召開二零二五年第一次臨時股東大會（「第一次臨時股東大會」），以審議並酌情通過下列 決議案（不論有否修訂）： 作為普通決議案 - 1 - 1. 審議批准關於未來三年持續關連交易的議案。 2. 審議批准修訂股東大會議事規則。 3. 審議批准修訂董事會議事規則。 4. 審議批准修訂獨立董事制度。 5. 審議批准修訂關聯交易決策制度。 作為特別決議案 6. 審議批准取消監事會並修訂公司章程。 香港 灣仔 皇后大道東183號 合和中心17樓 1712至1716號舖 - 3 - (5) 股東或股東代理人出席第一次臨時股東大會時應 ...

此乃要件 請即處理 閣下對本通函任何方面或應採取之行動如有任何疑問，應諮詢 閣下之持牌證券商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓所有名下之中海油田服務股份有限公司股份，應立即將本通函連同隨附之 委託代理人表格送交買主或承讓人或經手買賣之銀行、持牌證券商或其他代理商，以便轉交買 主或承讓人。 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通函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 2883 持續關連交易－訂立綜合服務框架協議 建議修訂股東大會議事規則 建議修訂董事會議事規則 建議修訂獨立董事制度 建議修訂關聯交易決策制度 建議取消監事會並修訂公司章程 及 二零二五年第一次臨時股東大會通告 獨立董事委員會及獨立股東之獨立財務顧問 董事會函件載於本通函第5頁至第21頁，獨立董事委員會函件（當中載有其致獨立股東之推薦意 見）載於本通函第22頁。 獨立財務顧問致獨立董事委員會及獨立股東的函件（當中載有其致獨立董事委員會及獨立股東 之建議）載於本通函第23頁至第41頁。 謹訂 ...