石化周报 中东局势直接牵连能源生产设施，关注美国下一步行动 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 600938.SH | 中国海油 | 41.91 | 2.90 | 2.60 | 2.68 | 14 | 16 | 16 | 推荐 | | 603619.SH | 中曼石油 | 34.08 | 1.76 | 1.48 | 1.99 | 19 | 23 | 17 | 推荐 | | 601857.SH | 中国石油 | 12.24 | 0.90 | 0.87 | 0.89 | 14 | 14 | 14 | 推荐 | | 600028.SH | 中国石化 | 6.08 | 0.41 | 0.31 | 0.34 | 15 | 20 | 18 | 推荐 | | ...

证券代码：603619 证券简称：中曼石油 公告编号：2026-011 中曼石油天然气集团股份有限公司 关于调整期货和衍生品套期保值业务额度的公告 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： 调整目的及调整后的业务额度：鉴于市场环境变化与业务发展，为进一步 规避和防范地缘冲突等多重因素所带来的市场风险，有效降低公司生产经营相关原 料和产品价格波动风险，公司根据实际经营需求，拟调整公司期货和衍生品套期保 值业务额度，将"公司及子公司本次开展期货及衍生品套期保值业务的保证金和权 利金投资金额在任何时点不超过人民币 10,000 万元或等值金额的其他货币，任一 交易日持有的最高合约价值不超过人民币 50,000 万元或等值金额的其他货币"调整 为"公司及子公司本次开展期货及衍生品套期保值业务的保证金和权利金投资金额 在任何时点不超过人民币 25,000 万元或等值金额的其他货币，任一交易日持有的 最高合约价值不超过人民币 80,000 万元或等值金额的其他货币"。 已履行的审议程序：中曼石油天然气集团股份有限公司 ...

证券代码：603619 证券简称：中曼石油 公告编号：2026-012 中曼石油天然气集团股份有限公司 关于境外子公司拟发行境外债券并由公司提供担保的公告 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。 中曼石油天然气集团股份有限公司（以下简称"公司"）于 2026 年 3 月 16 日召开了第四届董事会第十七次会议，审议通过了《关于公司境外全资子公司拟 发行境外债券并由公司提供担保的议案》，为进一步拓宽公司国际化融资渠道， 优化整体债务期限与利率结构，更好地满足公司海外油田开发项目及其他项目的 投资需求，公司境外全资子公司中曼石油（香港）有限公司（以下简称"中曼香 港"）拟发行总额不超过人民币 6 亿元（含 6 亿元）或等值外币的境外债券（自 贸离岸债）（以下简称"本次境外债券"）。本次发行的方案及相关事项如下： 一、本次申请发行境外债券概况 6、发行利率：本次债券为固定利率，具体根据发行时离岸人民币债券市场 情况、公司信用资质及担保情况合理确定。 7、募集资金用途：本次境外债券的募集资金用途为一般用途，在扣除发行 费用后， ...

证券代码：603619 证券简称：中曼石油 公告编号：2026-010 中曼石油天然气集团股份有限公司 第四届董事会第十七次会议决议公告 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。 经与会董事审议，同意调整公司期货和衍生品套期保值业务额度。 表决情况：8票同意，0票反对，0票弃权。 具体内容详见公司于同日披露的《中曼石油天然气集团股份有限公司关于调 整期货和衍生品套期保值业务额度的公告》（公告编号：2026-011）。 （二）审议通过了《关于公司境外全资子公司拟发行境外债券并由公司提供 担保的议案》 经与会董事审议，同意公司境外全资子公司中曼石油（香港）有限公司（以 下简称"中曼香港"）拟发行境外债券事项，并由公司为中曼香港发行总额不超 过人民币6亿元（含6亿元）或等值外币的境外债券提供无条件及不可撤销的担保。 一、董事会会议召开情况 中曼石油天然气集团股份有限公司（以下简称"公司"）第四届董事会第十七 次会议的通知于2026年3月13日以电子邮件方式发出，会议于2026年3月16日在上 海市浦东新区江山路3998号公司会 ...

Investment Rating - The report maintains a "Positive" investment rating for the oil refining industry [1]. Core Insights - The report highlights significant fluctuations in international oil prices due to escalating geopolitical tensions in the Middle East, particularly affecting the Strait of Hormuz, with Brent and WTI prices reaching $103.14 and $98.71 per barrel respectively as of March 13, 2026 [9][10]. - Short-term price volatility for certain petrochemical products is expected to increase due to the Iranian conflict, while medium-term price levels may rise, although long-term price increases are anticipated to be limited due to potential recovery of oil import channels and existing overcapacity [10]. - The importance of land-connected pipelines between the Red Sea and the Persian Gulf is expected to increase, prompting related countries to consider enhancing pipeline capacities in response to ongoing geopolitical uncertainties [10]. Summary by Sections Oil Price Review - As of March 13, 2026, Brent crude futures settled at $103.14 per barrel, up $10.45 (11.27%) from the previous week, while WTI crude futures rose to $98.71 per barrel, an increase of $7.81 (8.59%) [2][28]. - The report notes that the Urals crude price remained stable at $65.49 per barrel, while ESPO crude saw a significant increase of $19.50 (27.57%) to $90.22 per barrel [28]. Offshore Drilling Services - The global number of offshore self-elevating drilling platforms was reported at 372, a decrease of 4 from the previous week, while the number of floating drilling platforms remained stable at 134 [35]. Oil Supply - As of March 6, 2026, U.S. crude oil production was reported at 13.678 million barrels per day, a decrease of 18,000 barrels from the previous week [45]. - The number of active drilling rigs in the U.S. increased by 1 to 412, while the number of fracturing fleets rose by 2 to 172 [45]. Oil Demand - U.S. refinery crude processing increased to 16.169 million barrels per day, up 328,000 barrels from the previous week, with a refinery utilization rate of 90.80%, an increase of 1.6 percentage points [50]. Oil Inventory - As of March 6, 2026, total U.S. crude oil inventories stood at 858.9 million barrels, an increase of 3.825 million barrels (0.45%) from the previous week [61].

释储无法弥补供给缺口，油价具备持续上涨空间 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 600938.SH | 中国海油 | 42.00 | 2.90 | 2.60 | 2.68 | 14 | 16 | 16 | 推荐 | | 603619.SH | 中曼石油 | 36.49 | 1.76 | 1.48 | 1.99 | 21 | 25 | 18 | 推荐 | | 601857.SH | 中国石油 | 12.05 | 0.90 | 0.87 | 0.89 | 13 | 14 | 14 | 推荐 | | 600028.SH | 中国石化 | 6.33 | 0.41 | 0.31 | 0.34 | 15 | 20 | 19 | 推荐 | | 603393.S ...

证券代码：603619 证券简称：中曼石油 公告编号：2026-009 中曼石油天然气集团股份有限公司 关于控股股东增持股份计划实施完毕 暨增持结果公告 本公司董事会、全体董事及控股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： 综上，中曼控股在本次增持计划中累计增持了公司股份 8,996,373 股，占公 司总股本的 1.95%，累计增持金额 20,179.85 万元（不含交易费用）。截至本公告 披露日，中曼控股持有公司股份 91,139,073 股，占公司总股本的 19.71%。本次 增持计划已在期限内实施完毕，符合增持计划的相关要求。 已披露增持计划情况 中曼石油天然气集团股份有限公司（以下简称"公司"）于 2024 年 7 月 18 日披露了《关于公司董事长增持股份计划的公告》（公告编号：2024-051），基于 对公司长期投资价值和未来发展前景的高度认可，公司董事长李春第先生或其控 制的企业拟自 2024 年 7 月 18 日起 12 个月内，通过上海证券交易所系统以集中 竞价交易方式增持公司无限售流通 A 股股份，拟 ...

Industry Investment Rating - The investment rating for the mechanical equipment industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the oil service industry is benefiting from rising oil prices, which have exceeded $80 per barrel, leading to increased investment in oil and gas development [3] - The report emphasizes the importance of traditional industry upgrades and emerging opportunities in the mechanical manufacturing sector, particularly in the context of the 2026 Two Sessions [3] Summary by Relevant Sections Industry Overview - The closing index for the mechanical equipment sector is 2401.8, with a 52-week high of 2452.72 and a low of 1446.85 [1] Oil Service Equipment - The oil service equipment industry is experiencing growth due to increased oil prices, which are driving investment in oil and gas exploration [3] - Key processes in oil exploration include geological surveys, geophysical exploration, and drilling activities, with a focus on identifying oil and gas reserves [4] - Major companies involved in exploration include CNOOC, Qianeng Hengxin, and Dongfang Weituo [4] Drilling Process - The drilling process involves several steps, including preparation, drilling, and verification, with significant investments in drilling technology and equipment [8][10] - Key players in the drilling equipment sector include CNOOC, PetroChina, and Jereh [10][12] Completion Phase - The completion phase is critical for establishing efficient communication channels between the wellbore and the oil and gas reservoir, involving multiple engineering steps [12] - Companies involved in completion equipment include Aerospace Intelligent Manufacturing and Dongfang Weituo [16] Production Phase - The production phase focuses on the efficient extraction and processing of oil and gas, with an emphasis on maximizing recovery rates and ensuring safety [17] - Key equipment and companies in this phase include lifting equipment from Shandong Molong and processing equipment from CNOOC Development [17]

国金证券股份有限公司 关于中曼石油天然气集团股份有限公司 （二）现场检查方案及内容 为履行好持续督导职责，国金证券根据中曼石油具体情况，制定了详细的现 场检查计划，确定本次现场检查需要关注的事项范围，以及本次现场检查的工作 进度、时间安排和具体事项的检查方案。 现场检查人员通过阅读公司的相关制度文件、查阅相关资料、对公司管理层 进行访谈等形式，重点关注了中曼石油公司治理、内部控制、三会运作、信息披 露、独立性、与控股股东和实际控制人及其他关联方资金往来情况、募集资金使 用情况、关联交易、对外担保、重大对外投资情况和经营状况等方面。 二、现场检查的具体事项及意见 （一）公司治理和内部控制情况、三会运作情况 1 2025 年度持续督导现场检查报告 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为中曼石油 天然气集团股份有限公司（以下简称"中曼石油"或"公司"）2023 年度向特定对象 发行股票项目的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券 交易所上市公司自律监管指引第 11 号——持续督导》等相关规定，对中曼石油 进行了现场检查，现将检查情况报告如下： 一、本次现场检查的基本情况 （ ...

Investment Rating - The report maintains a "Positive" investment rating for the oil refining industry [1] Core Insights - The report highlights significant increases in oil prices, with Brent crude, WTI, and Russian ESPO prices rising by 36.21%, 43.04%, and 28.79% respectively over the past month [7] - Global oil supply is projected to increase in 2026, with IEA, EIA, and OPEC forecasting supply levels of 10853.45, 10784.03, and 10669.55 million barrels per day respectively, reflecting year-on-year increases [37] - The report indicates a more optimistic outlook for global oil demand, with IEA, EIA, and OPEC predicting demand levels of 10487.15, 10479.68, and 10651.50 million barrels per day for 2026 [37] Summary by Sections Oil Price Overview - As of March 6, 2026, Brent crude, WTI, and Russian ESPO prices were reported at $92.69, $90.90, and $70.72 per barrel, with year-to-date increases of 52.58%, 58.58%, and 44.83% respectively [7][8] Global Oil Inventory - As of February 27, 2026, total U.S. crude oil inventory stood at 85472.0 million barrels, with a month-on-month increase of 1920.8 million barrels [15] - IEA, EIA, and OPEC predict global oil inventory changes of +366.30, +304.36, and +18.05 thousand barrels per day for 2026 [29] Global Oil Supply - The report forecasts global oil supply for 2026 at 10853.45 million barrels per day, with increases from 2025 levels [37] - For Q1 2026, the predicted supply increases are +386.71, +315.31, and +253.68 thousand barrels per day according to IEA, EIA, and OPEC respectively [37] Global Oil Demand - The demand forecast for 2026 is set at 10487.15 million barrels per day, with year-on-year increases noted [37] - For Q1 2026, the demand increases are projected at +76.92, +152.10, and +131.59 thousand barrels per day [37] Related Listed Companies - The report mentions several related companies including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina [1]