Core Insights - The Tarim Oilfield of China Petroleum has achieved a significant milestone by surpassing 2 billion kilowatt-hours in annual photovoltaic power generation, with a single-day peak output exceeding 10 million kilowatt-hours, marking the highest records for both annual and daily generation [1] Group 1: Photovoltaic Power Generation Achievements - The Tarim Oilfield has successfully established a new model for the coordinated development of oil, gas, and renewable energy [1] - The cumulative installed capacity of centralized photovoltaic projects has reached 2.6 million kilowatts, with 239 distributed photovoltaic projects totaling 63,000 kilowatts [1] - The photovoltaic power generation volume has shown a significant increase, achieving 260 million kilowatt-hours in 2023 and projected to exceed 1.34 billion kilowatt-hours in 2024 [1] Group 2: Energy Supply and Distribution - Approximately 8% of the generated electricity is used for the oilfield's own oil and gas production, replacing traditional energy sources like grid electricity and natural gas, while 92% is supplied externally [2] - The Tarim Oilfield has established long-term bilateral agreements for green electricity supply with regions such as Shanghai and Jiangsu, contributing to the "Xinjiang Electricity Export" initiative [2] Group 3: Technological Innovations and Future Plans - The oilfield has implemented an innovative "drone inspection + robot cleaning" smart operation and maintenance model to address challenges posed by frequent dust storms and temperature fluctuations [2] - Future projects will include the construction of additional photovoltaic power generation facilities in areas like Luntai County and Shaya County, as well as advancements in pumped storage, new energy storage, and hydrogen applications [2]

央视网消息：记者12月28日从中国石油获悉，我国西气东输主力气源地——塔里木油田全年光伏发电量突破20亿度，单日最高发 电量超1000万度，创年发电量、日发电量历史新高，标志着塔克拉玛干沙漠腹地构建起油、气、新能源协同发展新格局。 中国石油塔里木油田新能源事业部经理 梁玉磊：我们的光伏发电量"三年三跨越"，从2023年的2.6亿度到2024年的13.4亿度，再到 今年突破20亿度，实现了从无到有、从小到大的跨越式发展。 塔里木油田在塔克拉玛干沙漠腹地油气单井和场站，还建成了239项分布式光伏项目，建成的光伏项目已覆盖10万亩黄沙，实现 了能源开发与生态保护的协同推进。 中国石油塔里木油田新能源事业部执行董事 雷霆：通过在流沙上建设光伏板，不仅能在板上发电，还降低了风速，营造了阴凉， 在板下铺设滴灌带进行生物治沙，一举多赢。预计到明年，装机将超过400万千瓦。 这些沙漠绿电8%用作油气生产，92%通过"疆电外送"电力通道对外输送，不仅使油田能耗和碳排放强度下降10%以上，还点亮了 万家灯火。 位于塔克拉玛干沙漠北缘，轮台10万千瓦光伏项目近日全面开工，建成后每年可以发出绿电1.58亿度。目前，塔里木油田已建成 ...

Core Viewpoint - The Tarim Oilfield in China has achieved a significant milestone in solar power generation, with annual output surpassing 2 billion kilowatt-hours, marking a new era of collaborative development in oil, gas, and renewable energy in the Taklamakan Desert [1][3]. Group 1: Solar Power Generation Achievements - The Tarim Oilfield's solar power generation has seen a "three-year leap," increasing from 260 million kilowatt-hours in 2023 to 1.34 billion kilowatt-hours in 2024, and then exceeding 2 billion kilowatt-hours this year [3]. - The highest daily solar power generation reached over 10 million kilowatt-hours, setting historical records for both annual and daily output [1]. Group 2: Infrastructure Development - The Tarim Oilfield has established five large-scale solar power stations with a total installed capacity of 2.6 million kilowatts [1]. - A new 100,000-kilowatt solar project in Luntai has recently commenced construction, expected to generate 158 million kilowatt-hours of green electricity annually [1]. Group 3: Environmental and Energy Synergy - The oilfield has implemented 239 distributed solar projects across 100,000 acres of desert, promoting both energy development and ecological protection [5]. - The construction of solar panels on shifting sands not only generates electricity but also reduces wind speed and creates a cooler environment, while drip irrigation is used for biological sand control [7]. Group 4: Energy Utilization and Distribution - Of the green electricity generated, 8% is utilized for oil and gas production, while 92% is transmitted externally through the "Xinjiang Power Transmission" channel [9]. - The initiatives have led to a reduction of over 10% in energy consumption and carbon emission intensity from the oilfield, contributing to lighting homes [9].

Core Insights - The main point of the article highlights that the Tarim Oilfield, a key gas source for China's West-to-East Gas Transmission project, has achieved a record annual photovoltaic power generation of over 2 billion kilowatt-hours, with a single-day peak generation exceeding 10 million kilowatt-hours, marking historical highs for both annual and daily power generation [1] Group 1 - The Tarim Oilfield has established a new pattern of collaborative development among oil, gas, and renewable energy in the heart of the Taklamakan Desert [1]

Investment Rating - The report indicates a positive outlook for the petrochemical sector, with various indices showing significant weekly gains, particularly the polyester index which increased by 8.52% [9]. Core Insights - Oil prices experienced fluctuations due to geopolitical tensions and supply concerns, with WTI closing at $56.74 and Brent at $63.73 as of December 26, reflecting a week-on-week increase of $0.59 and $2.30 respectively [15][17]. - The report highlights that the U.S. is focusing on economic measures against Venezuela's oil exports, while tensions in the Gulf region, particularly with Saudi airstrikes in Yemen, contribute to market volatility [17]. - The report notes that the overall oil market remains influenced by geopolitical factors and supply-demand dynamics, with expectations of a potential peace agreement impacting market sentiment [17]. Summary by Sections Market Review - The petrochemical sector outperformed the Shanghai Composite Index, with a weekly increase of 3.18% [9]. - The oil and gas resource index rose by 3.35%, while the refining and chemical index saw a 4.16% increase [9]. Petrochemical Subsector Overview - **Oil**: The report indicates a mixed outlook with oil prices fluctuating due to geopolitical tensions and supply concerns. U.S. crude oil production is reported at 13.84 million barrels per day, with a decrease in net imports [15]. - **Refining**: The average refining margin for major refineries was reported at 663.63 yuan/ton, showing an increase of 49.75 yuan/ton from the previous period [15]. - **Polyester**: The report notes that polyester production is facing challenges with profitability, as the average profit for polyester POY150D was reported at -135.19 yuan/ton [15]. - **Olefins**: Ethylene prices remained stable at 6172 yuan/ton, while propylene prices decreased by 240 yuan/ton to 5715 yuan/ton [15]. Price Tracking - The report provides detailed tracking of various petrochemical product prices, indicating significant fluctuations in margins and costs across different segments [12][14].

Core Insights - The article highlights a significant shift in the strategies of national oil companies (NOCs) in Asia, particularly PetroChina, which is diversifying into transition materials and securing long-term supply deals in LNG to hedge against future energy demands [1][2][3] Group 1: NOCs Strategies - Asian NOCs are not reducing their focus on hydrocarbons but are tightening control over critical supply chain segments such as gas, chemicals, and metals, with PetroChina leading the way by investing more in downstream and gas [3][4] - OPEC's medium-term outlook indicates that most incremental supply growth will come from state-backed producers, emphasizing the importance of NOCs for long-cycle investments [5][6] - National oil companies are outspending major listed companies and securing supply chains more effectively due to political backing and lower costs [7] Group 2: Regional Developments - In the Middle East, NOCs are expanding low-cost supply and increasing integration across refining, petrochemicals, and LNG, with ADNOC planning significant expansions in gas and LNG capacity by 2035 [12][14][16] - Latin American NOCs like Petrobras are focusing on maintaining production while managing tight budgets, with Petrobras planning $109 billion in investments primarily in pre-salt output [18][20] - African NOCs are pushing for more control over local projects, with Nigeria's NNPC achieving its highest output in over 30 years and other countries like Mozambique and Senegal focusing on gas projects for export income [22][23][24] Group 3: North America as a Strategic Market - North America is becoming a key market for foreign NOCs to diversify risk and secure stable cash flows, with Gulf producers like ADNOC using equity positions in U.S. gas and LNG as part of their long-term strategy [26][28][29] - The region is viewed as a stable environment for long-life assets, making it attractive for NOCs to invest and broaden their portfolios [28][30]

中油资本公告称，近日收到控股股东中国石油集团通知，2025年12月26日，中国石油集团与国网英大集 团签署股份划转协议，拟将其持有的379,262,372股公司A股股份（占总股本的3.00%）划转至国网英大 集团。本次划转不会导致公司控股股东及实控人变更，但尚需获国资委批准并办理过户登记。划转完成 后，中国石油集团持股比例降至74.35%，国网英大集团持股3.00%。 ...

Core Viewpoint - The company has announced the implementation of an internal audit management approach, which applies to its headquarters, subsidiaries, and controlled enterprises [1] Group 1: Audit Management Framework - The new audit management approach emphasizes principles such as legal compliance and objectivity in auditing [1] - It clarifies management responsibilities, including the establishment of audit departments and the definition of functions and audit authorities for various departments [1] - The audit scope covers multiple business areas of the company, with procedures that include planning, notification, and execution of audits [1] Group 2: Audit Results and Collaboration - The approach highlights the importance of utilizing audit results and establishes a reporting mechanism for key findings [1] - It encourages collaboration with other supervisory entities to enhance the effectiveness of the audit process [1] Group 3: Audit Requirements and Technology - The new management approach sets forth requirements for audit work, including reward and punishment systems, as well as provisions for information technology in auditing [1] - The new approach has been approved by the board of directors and replaces the previous management method [1]

证券研究报告 华泰研究 2025 年 12 月 26 日│中国内地 行业月报 供需宽松叠加地缘溢价逐步消退，油价回归至边际成本附近 12 月以来 OPEC+宣布维持 26Q1 产量目标不变，但美国原油产量持续攀升， 叠加俄乌"和平计划"持续谈判中，12 月中旬 Brent 油价一度跌破 60 美元/ 桶而后小幅反弹，12 月 25 日 WTI/Brent 期货价格收于 58.4/62.2 美元/桶， 较 11 月末下跌 0.3%/1.5%。我们认为美欧对俄制裁带来的风险溢价已基本 消退，北半球需求淡季叠加 OPEC+前期目标增量逐步释放，供需宽松局势 下 26Q1 油价或仍有小幅下行空间，26Q2-Q3 油价有望在需求进入旺季的 带动下见底并上探，预计 25/26 年 Brent 均价为 68/62 美元/桶。长期而言， 考虑主要产油国边际成本及"利重于量"诉求，油价中枢存 60 美元/桶底部 支撑，具备增产降本能力及天然气业务增量的能源龙头企业或将显现配置机 遇，推荐中国石油（A/H）、中国海油（A/H）。 需求侧：北半球进入需求淡季，主要地区成品油进入补库阶段 石油天然气 边际成本支撑下油价下行风险或可控 ...

Group 1 - The State Intellectual Property Office of China has granted a patent to China National Petroleum Corporation Bohai Drilling Engineering Co., Ltd. for a method, system, electronic device, and storage medium related to "cooperative directional calibration" with the authorization announcement number CN120995411B, and the application date is October 2025 [1] - China National Petroleum Corporation Bohai Drilling Engineering Co., Ltd. was established in 2008 and is located in Tianjin, primarily engaged in oil and gas extraction, with a registered capital of 1,621,400,000 RMB [1] - The company has made investments in one enterprise, participated in 5,000 bidding projects, holds 10 trademark records, and has 3,334 patent records, along with 83 administrative licenses [1] Group 2 - China National Petroleum Corporation, established in 1990 and located in Beijing, is also primarily engaged in oil and gas extraction, with a registered capital of 48,690,000,000 RMB [1] - The corporation has invested in 107 enterprises, participated in 5,000 bidding projects, holds 1,446 trademark records, and has 5,000 patent records, along with 28 administrative licenses [1]