Core Viewpoint - The article discusses the development of green methanol as a sustainable energy source, highlighting its potential in various applications and the importance of industry collaboration in advancing technology and market adoption [2][28]. Event Overview - The 2025 Liquid Sunshine Industry Development Forum will take place from September 24 to 26 in Dalian, Liaoning, organized by DT New Energy and supported by various industry leaders [2][4]. - The forum will feature multiple sessions focusing on green methanol, including key technology advancements, industry strategies, and international collaboration [4][28]. Session Highlights - The opening ceremony will include discussions on the macro development of liquid sunshine (green methanol) and key technologies for its production [28][33]. - Notable sessions will cover topics such as carbon dioxide high-value utilization, biomass gasification coupled with green hydrogen production, and the ecological construction and application of green methanol [28][38]. Participant Engagement - Over 40 companies involved in green methanol projects are expected to attend, including major players like China Petroleum and Chemical Corporation and China National Offshore Oil Corporation [11][12]. - The event will also feature a welcome dinner and opportunities for networking among industry professionals [4][37]. Technical Presentations - Presentations will include insights on renewable methanol technology, carbon capture and resource utilization, and advancements in sustainable aviation fuel production [33][42]. - Experts from various institutions, including Tsinghua University and the Chinese Academy of Sciences, will share their research and developments in green methanol technologies [32][41].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

Investment Rating - The report maintains an "Accumulate" rating for the oil and gas industry [6] Core Viewpoints - The oil and gas industry has achieved significant exploration breakthroughs, with the oil service sector expected to benefit from the ongoing domestic reserve increase and production actions [10][11] - The "Three Barrel Oil" companies have significantly increased capital expenditures from 2020 to 2023, and are expected to maintain high levels in 2024 and 2025, which will benefit their affiliated oil service companies [11][12] - Global upstream capital expenditures are projected to decline slightly in 2025, but domestic investment is expected to remain high due to supportive policies [12] - The oil service sector's performance has improved, with major companies showing resilience in profitability despite falling oil prices [21][26] Summary by Sections Oil and Gas Breakthroughs - The Ministry of Natural Resources announced major breakthroughs in energy mineral exploration, including the discovery of 10 large oil fields and 19 large gas fields during the 14th Five-Year Plan period [10] - New geological reserves of over 300 billion cubic meters have been confirmed in the Ordos Basin alone, supporting stable oil production of 200 million tons and natural gas production exceeding 240 billion cubic meters [10][11] Capital Expenditure Trends - The "Three Barrel Oil" companies plan to invest approximately 210 billion, 72.9 billion, and 130 billion yuan in upstream capital expenditures for 2025, reflecting a 6% decrease from 2024 but still maintaining high levels [11][12] - Global upstream exploration and development spending is expected to be around 600 billion USD in 2025, a 4% year-on-year decline, with deepwater investments projected to decrease by 6% [12] Oil Service Sector Performance - In the first half of 2025, major oil service companies reported significant profit increases, with CNOOC Services' net profit rising by 23.3% and CNOOC Development's by 13.1% [21] - The gross profit margins of key oil service companies have improved, with CNOOC Services, CNOOC Engineering, and CNOOC Development showing increases compared to the previous year [21][26] International Competitiveness - The international competitiveness of domestic oil service companies is expected to improve, as their return on equity (ROE) has shown resilience compared to major international competitors [26] - The gross profit margins of domestic oil service companies have increased, while international competitors have experienced declines in their margins [26] Investment Recommendations - The report suggests a positive outlook for the "Three Barrel Oil" companies and the oil service sector, as well as for leading companies in the refining and chemical sectors [5]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Cautiously Optimistic" investment rating [3][4]. Core Insights - OPEC's actual production increase is lower than expected, leading to an anticipated stable oil price range of $60-70 per barrel in the medium term [4][5]. - The upstream sector shows signs of recovery with oil prices rising, while drilling day rates remain stable [4][24]. - The refining sector is experiencing mixed results, with some product margins improving while others decline [4]. - The polyester sector is expected to see a recovery in profitability as supply and demand dynamics improve [4][18]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $66.99 per barrel, a week-on-week increase of 2.27%, while WTI futures rose by 1.33% to $62.69 per barrel [4][24]. - U.S. commercial crude oil inventories increased by 2.42 million barrels to 425 million barrels, remaining 4% lower than the five-year average [24][25]. - The number of active U.S. drilling rigs increased by 2 to 539, although this is a decrease of 51 rigs year-on-year [35][38]. Refining Sector - The Singapore refining margin for major products decreased to $16.66 per barrel, down by $1.41 from the previous week [4]. - The price spread between gasoline and WTI crude oil fell to $18.30 per barrel, down by $2.48 from the previous week [4]. - The report suggests that refining profitability may improve as economic recovery progresses [4]. Polyester Sector - PTA prices have declined, with the average price in East China at 4606.6 CNY per ton, down 2.02% week-on-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [4][18]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials [4][18]. - In the refining sector, it suggests monitoring quality companies like Hengli Petrochemical and Sinopec [4][18]. - For upstream exploration and production, it highlights companies like CNOOC and China National Petroleum Corporation as having strong prospects [4][18].

Report Title - "Crude Oil Weekly Report: OPEC+ Rapidly Increases Production, International Oil Prices Decline" [1] Report Date - September 14, 2025 [1] Report Authors - Energy and Chemical Chief Securities Analyst: Chen Shuxian, CFA [1] - Energy and Chemical Analyst: Zhou Shaowen [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $66.7/$62.7 per barrel, down $0.8/$1.2 from last week respectively. In the US, crude oil production, inventory, and the number of active rigs and fracturing fleets increased, while refinery processing volume decreased, and import and export volumes changed. US refined oil prices, inventory, production, and demand also showed various changes. [2] Summary by Relevant Catalogs 1. Crude Oil Weekly Data Briefing - **Upstream Key Company Performance**: For example, China National Offshore Oil Corporation (600938.SH) had a weekly increase of 2.2%, and China National Petroleum Corporation (601857.SH) had a weekly decrease of 2.4%. [8][9] - **Crude Oil Price**: Brent, WTI, Russian Urals, and Russian ESPO crude oil prices had different degrees of decline compared to last week. [9] - **Crude Oil Inventory**: US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.2/4.1/0.2 billion barrels respectively, with weekly changes of +445/+394/+51/-37 million barrels. [2][9] - **Crude Oil Production**: US crude oil production was 13.5 million barrels per day, up 70,000 barrels per day from last week. The number of active crude oil rigs was 416, up 2, and the number of active fracturing fleets was 164, up 5. [2][9] - **Refinery Data**: US refinery crude oil processing volume was 16.82 million barrels per day, down 50,000 barrels per day, and the refinery operating rate was 94.9%, up 0.6 pct. [2][9] - **Import and Export Volume**: US crude oil imports, exports, and net imports were 6.27/2.75/3.53 million barrels per day, with weekly changes of -47/-114/+67 million barrels per day. [2][9] - **Refined Oil Data**: US gasoline, diesel, and jet fuel had weekly average prices of $83/$97/$90 per barrel, down $1.8/$1.5/$4.1 from last week respectively. Inventory, production, demand, and import and export volumes also changed. [2][11] 2. This Week's Petroleum and Petrochemical Sector Market Review - **Petroleum and Petrochemical Sector Performance**: Not detailed in the given content - **Sector Listed Company Performance**: Many listed companies in the petroleum and petrochemical sector showed different degrees of rise and fall this week. For example, Sinopec Oilfield Service Corporation (600871.SH) had a weekly increase of 3.4%, and China Petroleum & Chemical Corporation (600028.SH) had a weekly decrease of 1.2%. [24] 3. Crude Oil Sector Data Tracking - **Crude Oil Price**: Analyzed the price relationships and spreads among various types of crude oil, such as Brent, WTI, Russian Urals, and Russian ESPO, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price. [9][38] - **Crude Oil Inventory**: Studied the correlations between US commercial crude oil inventory and oil prices, and changes in US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory. [45][49] - **Crude Oil Supply**: Focused on US crude oil production, the number of oil rigs, and the number of fracturing fleets, and their relationships with oil prices. [60][62] - **Crude Oil Demand**: Mainly looked at US refinery processing volume and operating rate. [9] - **Crude Oil Import and Export**: Analyzed US crude oil import, export, and net import volumes. [78] 4. Refined Oil Sector Data Tracking - **Refined Oil Price**: Analyzed the price adjustment rules of domestic refined oil based on international oil prices, and the price relationships and spreads between crude oil and refined oil in the US, Europe, and Singapore. [89][116] - **Refined Oil Inventory**: Studied the inventory changes of US gasoline, diesel, jet fuel, and Singapore gasoline and diesel. [11][130] - **Refined Oil Supply**: Focused on US gasoline, diesel, and jet fuel production. [152] - **Refined Oil Demand**: Mainly looked at US gasoline, diesel, and jet fuel consumption and the number of US airport passenger security checks. [156][157] - **Refined Oil Import and Export**: Analyzed US gasoline, diesel, and jet fuel import, export, and net export volumes. [170][173] 5. Oil Service Sector Data Tracking - **Day Rate**: Presented the average daily rates of self - elevating drilling platforms and semi - submersible drilling platforms. [187][188] Recommended Companies - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be concerned about include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Machinery Co., Ltd. (000852.SZ) [3]

Group 1 - The article discusses the significant price drop of Russian oil due to Western sanctions and the shift in export strategies towards Asia, particularly China and India [2][4] - Following the sanctions, Russia's oil exports to China reached a record 107 million tons in 2023, accounting for nearly 20% of China's total imports [2][6] - However, by 2025, the situation changed with a 10% decrease in Russian oil exports to China in the first seven months, driven by low oil prices and increased U.S. pressure on buyers [6][8] Group 2 - The discount of Urals crude oil against Brent benchmark expanded to over $20 per barrel, indicating the urgency of Russian exporters to maintain market share [4][10] - Despite the low prices, logistical and payment issues, along with U.S. sanctions, have made it difficult for Chinese buyers to increase imports significantly [10][12] - China's oil reserves are nearing capacity, limiting the ability to import more Russian oil, while domestic demand growth has slowed [12][14] Group 3 - The article highlights that while Russia's economy relies heavily on energy exports, the dependence on China has become a vulnerability, especially with the ongoing geopolitical tensions [14] - China's energy strategy is shifting towards diversification, reducing reliance on Russian oil, while increasing imports from other suppliers [12][14] - The future of Russian oil exports remains uncertain, as the balance between U.S. sanctions and China's energy needs continues to evolve [14]

淄水扬帆、博聚英才，燃动赛场、精益服务。9月12日，来自西南油气田公司、华北油田公司、天然气销售公司所属28家单位的82名管道燃气客服菁英齐聚 淄博，即将在中国石油第四届技术技能大赛管道燃气客服员技能竞赛赛场上切磋技艺、巅峰对决。目前，竞赛组织筹备工作已全面就绪，即将燃情开赛。 6, 40 01 7.9 pp e Wall M 65 42 ally program Support The May of al and the production of the first of the first of the first of the first of the first of the first of the first of the first and n t A ST win the district of the program t 1 479 a e and are and and 40 10 10 1 18 17 1 72 6, 40 1 2017 P T 6 THE 6 47 3 t a status and the may 2411 12 16, a 3 3 1 1 1 1 1 99 11 1 ...

Core Insights - The report highlights that in 2024, China's oil and gas production reached a historic high of 4.09 million tons, marking a continuous increase for eight years, and successfully completed the "Seven-Year Action Plan" two years ahead of schedule [1][8]. Group 1: Production and Exploration Achievements - In 2024, China's crude oil production reached 213 million tons, nearing historical peaks, while natural gas production exceeded 246.5 billion cubic meters, maintaining a growth of over 10 billion cubic meters for eight consecutive years [1][8]. - The marine and unconventional oil and gas sectors were the main contributors to production growth, with marine oil and gas production exceeding 85 million tons and shale oil production increasing by 35% year-on-year to over 6 million tons [1][2]. Group 2: Exploration Breakthroughs - The exploration sector focused on five key areas: deep and ultra-deep layers, marine, unconventional, new regions, and mature exploration areas, achieving significant breakthroughs [2]. - Notable achievements include the completion of China's first ultra-deep well "Deep Earth Taka 1" at a depth of 10,910 meters and the discovery of major oil fields in the Pearl River Mouth Basin and Qiongdongnan Basin [2]. Group 3: Technological Innovations - In 2024, China made significant advancements in oil and gas geological theory, exploration and development technologies, and equipment autonomy, enhancing the industry's technological capabilities [3]. - The introduction of high-density seismic exploration technology and advancements in shale gas drilling techniques led to an additional crude oil production of over 36 million tons in 2024 [3]. Group 4: Green Transition and Renewable Energy Integration - The oil and gas industry accelerated its integration with renewable energy, adding over 4 million kilowatts of solar and wind power capacity in 2024, and achieving record geothermal heating area [4]. - The application of CCUS (Carbon Capture, Utilization, and Storage) technology deepened, with 10 new CCUS-EOR projects added in 2024, cumulatively injecting 14.73 million tons of CO2 [4]. Group 5: Future Outlook - For 2025, the oil and gas industry aims to focus on high-quality development, with plans to maintain crude oil production at 200 million tons and continue increasing natural gas production by over 10 billion cubic meters for nine consecutive years [4].

专利摘要：本发明属于储层改造技术领域，具体涉及一种高效防乳化降粘水基压裂液体系及其制备方 法。一种防乳化降粘剂，包括如下组分：三苯基乙烯基苯酚聚氧乙烯或/和丙烯嵌段聚醚磺酸盐，格尔 伯特醇基聚氧乙烯或/和丙烯嵌段聚醚磺酸盐，烷基醇酰胺复合物和溶剂。所述防乳化降粘剂可用于制 备水基压裂液，所述压裂液包括如下组分：乳液稠化剂、防乳化降粘剂、pH调节剂、破胶剂、水。制 成份压裂液具有较好的防乳化降粘功效，可有效降低压裂施工注入流体与原油乳化发生，并保证返排阶 段原油、压裂液破胶液及地层水形成乳化液粘度低，增强了渗流能力，且产出液高效破乳，提高原油产 量。 证券之星消息，根据天眼查APP数据显示中国石油（601857）新获得一项发明专利授权，专利名为"一 种高效防乳化降粘剂及水基压裂液及其制备方法和应用"，专利申请号为CN202210740507.5，授权日为 2025年9月12日。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 数据来源：天眼查APP 今年以来中国石油新获得专利授权941个，较去年同期减少了43%。结合公司2025年中报 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but maintains a positive outlook on its competitive advantages across the entire industry chain, particularly in oil and gas production and refining and chemical transformation [1][4]. Financial Performance - In the first half of 2025, total revenue reached 1,450.099 billion yuan, a year-on-year decrease of 6.74%, while net profit attributable to shareholders was 83.993 billion yuan, down 5.42% [1]. - For Q2 2025, revenue was 696.991 billion yuan, a decrease of 6.09%, and net profit was 37.186 billion yuan, down 13.59% [1]. - The average price of Brent crude oil was 71.87 USD per barrel, a decline of 14.5% year-on-year [1]. - The company’s gross profit margin was 20.89%, a slight decrease of 0.1 percentage points, and the weighted average return on equity was 5.4%, down 0.6 percentage points [1]. Production and Operations - The company’s oil and gas equivalent production reached 923.6 million barrels, an increase of 2.0% year-on-year, with domestic crude oil production up 0.6% and marketable natural gas production up 4.7% [2]. - The company captured and utilized 1.305 million tons of CO2 in its CCUS business, achieving oil recovery of 300,000 tons [2]. - In the refining sector, the company processed 694.3 million barrels of crude oil, a slight increase of 0.1%, while the production of refined oil was 59.572 million tons, down 0.9% [3]. Business Segments - The oil and gas segment generated an operating profit of 856.86 billion yuan, while the new energy/refining and chemical/new materials/sales/natural gas sales segments reported profits of 110.56 billion yuan, 75.62 billion yuan, and 186.26 billion yuan, respectively [1]. - The refining business saw an operating profit of 9.664 billion yuan, down 8.0%, and the chemical business reported a profit of 1.392 billion yuan, a decrease of 17.34 billion yuan [3]. Capital Expenditure and Dividends - The interim dividend for 2025 was set at 0.22 yuan per share, with a total payout of approximately 40.265 billion yuan, resulting in a dividend payout ratio of 47.94%, an increase of 1.99 percentage points year-on-year [4]. - The total capital expenditure for 2025 is projected to be 262.2 billion yuan, with allocations of 80.09% for oil and gas and new energy, 13.92% for refining and chemicals, and smaller percentages for sales and natural gas sales [4]. Valuation - The company adjusted its profit forecast for 2025-2027, expecting net profits of 166.051 billion yuan, 169.482 billion yuan, and 172.705 billion yuan, corresponding to price-to-earnings ratios of 9.7, 9.5, and 9.3, respectively [4].