Core Viewpoint - The company has established a comprehensive risk management system for its futures and derivatives hedging activities to stabilize production costs and protect shareholder interests [1][2][3] Group 1: General Principles - The hedging activities must be based on normal business operations and should not be speculative in nature [2][3] - The company can only engage in hedging activities related to its actual business needs, controlling the types, scale, and duration of futures and derivatives [2][3] - Transactions must be conducted with approved financial institutions, and the company must maintain its own funds for hedging activities, avoiding the use of raised funds [3][4] Group 2: Organizational Structure and Responsibilities - A hedging leadership group is established to manage futures and derivatives activities, consisting of key executives and department heads [4][5] - The group is responsible for drafting the hedging management system, annual plans, and monitoring the effectiveness of hedging activities [4][5] Group 3: Approval Authority - A feasibility analysis report must be prepared for hedging activities and submitted to the board for approval [5][6] - Certain hedging activities require shareholder approval if they exceed specified financial thresholds [6][7] Group 4: Business Process - The company’s relevant departments propose hedging needs based on operational plans and market forecasts [12][13] - The hedging leadership group develops detailed annual hedging plans, which must be approved by the board [12][13] Group 5: Risk Control Measures - The company implements market, credit, operational, and legal risk controls to mitigate potential losses [10][11][12] - A risk management position is established to oversee compliance with risk management policies and procedures [12] Group 6: Information Disclosure - The company must disclose any significant gains or losses from hedging activities that exceed 10% of the most recent audited net profit [13][14] - Major risk events affecting financial status must be disclosed promptly [13][14] Group 7: Archive Management and Confidentiality - All personnel involved in hedging activities must adhere to confidentiality protocols and maintain records for at least 20 years [21][22] Group 8: Accountability for Violations - Violations of the hedging management policies can result in disciplinary actions, including warnings, fines, or termination [24][25]

Investment Rating - The investment rating for the oil and petrochemical industry is "Outperform the Market" [2][6][24] Core Viewpoints - The report highlights the increasing tensions in the Middle East, particularly regarding Iran's potential closure of the Strait of Hormuz, which could significantly impact global oil supply and prices [3][4][19] - OPEC+ has announced substantial production increases, but actual output has not met expectations due to compensatory cuts from member countries [8][12] - The rising operational costs for U.S. shale oil production are expected to lead to a decline in U.S. oil output by 2026 [13][16] Summary by Sections Industry Events - The Iranian parliament has suggested closing the Strait of Hormuz, a critical passage for global oil and gas, which could lead to a spike in oil prices if implemented [3][4] - Historical precedents show that threats or actions to close the Strait have previously resulted in significant price increases, with predictions of oil prices reaching $120 per barrel if a closure occurs [5][19] OPEC+ Production Plans - OPEC+ has announced a collective reduction of 2 million barrels per day and has extended voluntary cuts until the end of 2026, with plans to gradually restore production starting in 2025 [8][12] - Despite these announcements, actual production increases have been lower than planned, primarily due to compensatory measures from countries like Iraq and the UAE [12] U.S. Shale Oil Production - The operational costs for existing U.S. shale oil wells have risen, with average costs now at $41 per barrel, leading to a forecasted decline in production [13][16] - The EIA predicts a decrease in U.S. oil production from 13.5 million barrels per day in Q2 2025 to 13.3 million barrels per day by Q4 2026 [16] Investment Recommendations - If Iran proceeds with closing the Strait of Hormuz or if other geopolitical tensions escalate, there is a strong possibility of a significant rise in international oil prices [19] - The report estimates that Brent crude oil prices could stabilize between $70 and $80 per barrel, while WTI prices could range from $65 to $75 per barrel under current conditions [19] Company Valuations - Key companies in the sector, such as China National Petroleum and CNOOC, are rated as "Outperform the Market" with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [20]

中曼石油天然气集团股份有限公司 中曼石油天然气集团股份有限公司 期货及衍生品套期保值管理制度 二〇二五年六月 1 | 第一章 总则 . | | | --- | --- | | 第二章 组织结构及职责 | | | 第三章 审批权限 | | | 第四章 业务流程 | | | 第五章 风险控制及应急处理措施 . | | | 第六章 信息披露 | | | 第七章 档案管理和保密 | | | 9 第八章 违规行为追究 | | | 第九章 附则 | 9 | 中曼石油天然气集团股份有限公司 第一章 总则 第一条 为规范中曼石油天然气集团股份有限公司（以下简称"公司"）期 货及衍生品套期保值业务，有效防范和化解油气勘探开发、国际贸易等业务主要 产品、原材料价格大幅波动风险，稳定公司生产经营成本与预期收益，维护公司 及全体股东的合法权益，提升公司在复杂市场环境下的抗风险能力与可持续发展 能力。根据《中华人民共和国公司法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市 公司自律监管指引第 5 号——交易与关联交易》等相关法律、法规、规范性文件 和《公司章程》的有关 ...

交易目的：为有效防范和化解中曼石油天然气集团股份有限公司（以下简 称 "公司"）油气勘探开发、国际贸易等业务主要产品、原材料价格大幅波动风 险，稳定公司生产经营成本与预期收益，对冲因市场价格剧烈变动导致的原材料采 购成本上升、产品销售价格下滑等对公司经营业绩的影响。 交易方式：公司将根据日常经营需要，在中国金融期货交易所、大连商品 交易所、郑州商品交易所、上海期货交易所、广州期货交易所及洲际期货交易所、 新加坡交易所（SGX）等境内外期货交易所开展期货和衍生品交易。交易范围仅限 于与公司主要业务相关的期货和衍生品品种。 证券代码：603619 股票简称：中曼石油 公告编号：2025-040 中曼石油天然气集团股份有限公司 关于开展期货和衍生品套期保值业务的公告 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： 交易金额：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 ...

证券代码：603619 证券简称：中曼石油 公告编号：2025-041 中曼石油天然气集团股份有限公司 关于公司高级副总裁兼财务总监离任的公告 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。 一、高级管理人员离任情况 中曼石油天然气集团股份有限公司（以下简称"公司"）董事会于近日收到 公司高级副总裁兼财务总监叶吉峰先生提交的书面辞职报告。叶吉峰先生因个人 家庭原因辞去公司高级副总裁兼财务总监职务。 | | | | | | | 是否继续在 | | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | | 原定任期 | 离任原因 | 上市公司及 | 具体职务 | 未履行完 | | | | | | 到期日 | | 其控股子公 | （如适用） | 毕的公开 | | | | | | | | 司任职 | | 承诺 | | 叶吉峰 | 高级副总裁 | 2025年 | 6 月 | 2027 年 8 | 个人家庭 | 否 | 不适用 ...

中曼石油天然气集团股份有限公司 关于开展期货和衍生品套期保值业务的可行性分析 报告 一、开展期货和衍生品套期保值业务的目的及必要性 为规范中曼石油天然气集团股份有限公司（以下简称 "公司"）期货和衍 生品套期保值业务行为，通过建立健全科学、规范、有效的业务管理体系，有效 防范和化解油气勘探开发、国际贸易等业务主要产品、原材料价格大幅波动风险， 稳定公司生产经营成本与预期收益。公司旨在利用期货和衍生品市场套期保值功 能，对冲因市场价格剧烈变动导致的原材料采购成本上升、产品销售价格下滑等 对公司经营业绩的影响，充分利用期货市场的套期保值的避险机制，保障公司生 产经营活动的稳健运行，维护公司及全体股东的合法权益，提升公司在复杂市场 环境下的抗风险能力与可持续发展能力。 公司不进行单纯以盈利为目的的投机和套利交易。本次套期保值业务不会影 响公司主营业务的发展，公司根据全年计划产量、现货业务贸易量及相关保证金 规则确定了拟投入资金额上限，并将合理计划和使用保证金。 二、开展期货和衍生品套期保值业务的主要内容 1、交易金额：公司及子公司开展期货和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 10,0 ...

证券代码：603619 股票简称：中曼石油 公告编号：2025-039 中曼石油天然气集团股份有限公司 第四届董事会第十一次会议决议公告 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。 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"）第四届董事会第十一 次会议的通知于2025年6月21日以电子邮件方式发出，会议于2025年6月23日在上海 市浦东新区江山路3998号公司会议室以现场结合通讯方式召开。 本次会议应当出席的董事8名，实际出席会议的董事8名，会议由董事长李春第 先生主持，部分高管列席了会议。会议的通知、召开符合《公司法》、《公司章程》 及有关法律、法规的规定，会议决议有效。 二、董事会会议审议情况 （一）审议并通过《关于制定<期货及衍生品套期保值管理制度>的议案》 表决情况：8票同意，0票反对，0票弃权。 《中曼石油天然气集团股份有限公司期货及衍生品套期保值管理制度》详见上 海证券交易所网站（www.sse.com.cn）。 （二）审议并通过《关于开展期货和衍生品套期保值业务的议案》 本议案 ...

中曼石油：高级副总裁兼财务总监叶吉峰离任 智通财经6月23日电，中曼石油(603619.SH)公告称，公司董事会近日收到叶吉峰提交的书面辞职报告， 叶吉峰因个人家庭原因辞去公司高级副总裁兼财务总监职务。叶吉峰所负责具体工作已按照公司相关制 度进行交接和安排。 ...

智通财经6月23日电，中曼石油在互动平台表示，目前公司伊拉克项目各项工作正常推进，公司会按照 相关要求对每个项目进行安全评估，并为每个项目制定安保预案及应急预案，以应对各种突发情况。公 司也会持续关注中东局势发展，持续评估影响，并根据实际情况及时调整风控措施和项目推进策略。 中曼石油：伊拉克项目正常推进 持续评估中东局势影响 ...

Group 1 - The oil and gas ETF (159697.SZ) increased by 1.85%, with the associated index, Guozheng Oil and Gas (399439.SZ), rising by 1.82% [1] - Major constituent stocks saw significant gains, including China National Offshore Oil Corporation (CNOOC) up 1.61%, China Petroleum & Chemical Corporation (Sinopec) up 0.87%, and China Merchants Energy (招商南油) up 10.16% [1] - The geopolitical situation in the Middle East remains tense following the U.S. strike on Iranian nuclear facilities, with potential retaliatory actions from Iran, including threats to the Strait of Hormuz, a critical oil shipping route [1] Group 2 - Since the onset of the conflict, the oil and gas ETF has experienced a net inflow of 108 million, with a net inflow rate of 127% [2] - The report indicates that historical data suggests such conflicts typically lead to short-term reactions in oil prices, while long-term prices are determined by supply and demand fundamentals [1]