Group 1 - The oil service engineering sector increased by 0.52% compared to the previous trading day, with Zhongman Petroleum leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up by 1.19%, while the Shenzhen Component Index closed at 13224.51, up by 2.4% [1] - A detailed table of individual stock performance in the oil service engineering sector is provided [1] Group 2 - The net inflow of main funds in the oil service engineering sector was 390.95 million yuan, while speculative funds saw a net outflow of 3487.36 million yuan [2] - Retail investors contributed a net inflow of 3096.41 million yuan to the sector [2] - A detailed table of fund flow for individual stocks in the oil service engineering sector is included [2]

石化周报 美国降息、地缘发酵，油价受供应过剩担忧影响表现疲软 glmszqdatemark 2025 年 12 月 13 日 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 | | | 601857.SH | 中国石油 | 9.53 | 0.90 | 0.87 | 0.89 | 11 | 11 | 11 | 推荐 | | 600938.SH | 中国海油 | 28.40 | 2.90 | 2.60 | 2.68 | 10 | 11 | 11 | 推荐 | | 600028.SH | 中国石化 | 5.78 | 0.41 | 0.31 | 0.34 | 14 | 19 | 17 | 推荐 | | 603619.SH | 中曼石油 | 22.05 | 1.76 | 1.48 | 1.99 | 13 | ...

（编辑 王雪儿） 证券日报网讯 12月9日晚间，中曼石油发布公告称，控股股东上海中曼投资控股有限公司将质押给浙商 银行股份有限公司上海分行的10，404，300股无限售流通股办理了解除质押，并将10，400，000股无限 售流通股办理了再质押手续。 ...

证券日报网讯12月9日晚间，中曼石油（603619）发布公告称，截至目前，公司对外担保总额为254， 314.78万元(不含本次担保)，占本公司2024年度经审计净资产的63.59%。担保对象为公司下属全资子/孙 公司。本公司无逾期对外担保。 ...

证券代码：603619 证券简称：中曼石油 公告编号：2025-074 中曼石油天然气集团股份有限公司 关于控股股东部分股份解除质押及再质押的公告 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: 中曼石油天然气集团股份有限公司（以下简称"公司"）控股股东上海中 曼投资控股有限公司（以下简称"中曼控股"）持有公司股份数量 87,900,528 股， 占公司总股本的 19.01%。本次解除质押及再质押完成后，中曼控股累计质押股 份 50,450,000 股，占其所持有公司股份总数的 57.39%，占公司总股本的 10.91%。 公司于 2025 年 12 月 9 日接到控股股东中曼控股的通知，获悉其将质押给浙 商银行股份有限公司上海分行的 10,404,300 股无限售流通股办理了解除质押，并 将 10,400,000 股无限售流通股办理了再质押手续，具体情况如下： 一、上市公司股份解除质押的基本情况 1.本次股份被解除质押情况 | 股东名称 | | | 上海中曼投资控股有限公司 | | --- | --- | - ...

证券代码：603619 证券简称：中曼石油 公告编号：2025-073 中曼石油天然气集团股份有限公司 关于 2025 年 11 月对外担保的进展公告 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： | | 被担保人名称 | 四川中曼石油设备制造有限公司（以下简称 | | --- | --- | --- | | | | "四川中曼"） | | 担保对象一 | 本次担保金额 | 1,000 万元 | | | 实际为其提供的担保余额 | 21,000 万元 | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | 本次担保是否有反担保 | 是 否 □不适用：_________ | | | 被担保人名称 | 四川中曼电气工程技术有限公司 （以下简称"中曼电气"） | | | 本次担保金额 | 1,000 万元 | | 担保对象二 | 实际为其提供的担保余额 | 4,200 万元 | | | 是否在前期预计额度内 | □否 □不适用：_________ 是 | | | 本次担保是 ...

Investment Strategy - Crude oil supply is limited while demand remains resilient, leading to expectations of fluctuating prices in the future [9][10] - The global oil and gas capital expenditure trend is declining, with a significant reduction of nearly 22% from the 2014 peak to 2021 [9][10] - Major energy companies are cautious with capital expenditures due to long-term low oil prices and increasing decarbonization pressures [9][10] - OPEC+ has announced no further production increases for the next year, indicating limited supply growth [9][10] Crude Oil - Brent crude oil spot price is $64.58 per barrel, up 0.87% week-on-week, while WTI crude oil spot price is $59.33 per barrel, up 1.23% week-on-week [10][32] - The market is responding to geopolitical risks and expectations of interest rate cuts by the Federal Reserve, which have contributed to price fluctuations [10][32] Coal - The average market price for Qinhuangdao port thermal coal (Q5500) is 802.7 yuan per ton, down 3.32% week-on-week, indicating weak demand and rising inventories [11][12] - Total coal inventory at major ports in the Bohai Rim reached 27.61 million tons, up 3.77% week-on-week, while southern ports reported 6.426 million tons, up 2.57% [11][12] - Domestic key power plants reported a daily coal consumption of 4.77 million tons, down 3.44% week-on-week, with coal inventory at 13.01 million tons, up 2.09% [11][12] Coking Coal - Coking coal prices are declining due to weak supply and demand dynamics, with the price of main coking coal at 1,630 yuan per ton, down 2.40% week-on-week [13][14] - Steel mills are showing cautious purchasing behavior due to lower profitability, impacting coking coal demand [13][14] Natural Gas - The EU has reached an agreement to phase out Russian gas imports by 2027, which may impact global gas supply dynamics [15][16] - The average price of NYMEX natural gas is $4.95 per million British thermal units, up 7.7% week-on-week, while European gas prices have decreased [15][16] Oilfield Services - The oilfield services sector is expected to maintain its growth due to government policies supporting energy security and capital expenditures [17][18] - The number of active drilling rigs globally is reported at 1,800, with a slight decrease in the Middle East and Asia-Pacific regions [17][18]

Core Viewpoint - The implementation of the "Trial Measures for Upgrading the Functions of Free Trade Accounts in the Shanghai Free Trade Pilot Zone" aims to enhance the level of cross-border trade and investment liberalization and facilitation in China [1] Group 1: Policy Implementation - The trial measures were officially implemented on December 5, with participation from major Chinese banks such as ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, and foreign banks like HSBC and Citibank [1] - The Agricultural Bank of China quickly established a dedicated service team to support pilot enterprises in adapting to the new policy and enhancing cross-border financial services [1] Group 2: Key Features of the Policy - The most significant breakthrough of the upgraded free trade account is the transition from "separate account management" to "integrated management of domestic and foreign currencies" [2] - The new policy allows enterprises to complete free conversion and allocation of domestic and foreign currency funds within a unified account management framework, significantly simplifying operational processes [2] - The policy enhances the efficiency of fund utilization, particularly in cross-border fund pool management and cross-border dual-currency fund pools [2] Group 3: Impact on Enterprises - Zhongman Petroleum, a high-tech enterprise in Shanghai, successfully completed its first transaction under the new policy, highlighting the importance of the upgrade in optimizing cross-border fund allocation [2] - The policy is expected to provide financial support for China's high-end engineering technology services and equipment manufacturing to expand globally [2] Group 4: Selection Criteria for Pilot Enterprises - The selection of pilot enterprises focuses on multinational corporate groups, prioritizing those registered in the new area, including state-owned, private, and foreign enterprises [3] - The selection process adheres to strict policy standards, emphasizing overall operational capability, business duration, financial performance, and compliance records [3] Group 5: Foreign Bank Participation - HSBC announced its participation as one of the first foreign banks to open upgraded free trade accounts for multinational enterprises in the Shanghai Free Trade Zone [3] - The new policy is seen as a significant step in China's high-level financial opening, expected to create a multiplier effect for the liberalization and facilitation of cross-border trade and investment [3]

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry, consistent with the previous rating [1]. Core Insights - International oil prices experienced slight fluctuations due to geopolitical factors, with Brent and WTI prices reaching $63.75 and $60.08 per barrel, respectively, as of December 5, 2025 [2][9]. - The report highlights an increase in U.S. crude oil production to 13.815 million barrels per day, with active drilling rigs rising to 413 [40]. - The refining capacity utilization in the U.S. increased to 94.10%, indicating strong demand for crude oil processing [51]. - The report identifies key companies in the sector, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [3]. Summary by Sections Oil Price Review - As of December 5, 2025, Brent crude futures settled at $63.75 per barrel, up $1.37 (+2.20%) from the previous week, while WTI crude futures rose to $60.08 per barrel, an increase of $1.53 (+2.61%) [26]. Offshore Drilling Services - The number of global offshore self-elevating drilling platforms increased to 368, with a net addition of 2 platforms, while floating drilling platforms rose to 130 [29]. Crude Oil Supply - U.S. crude oil production reached 13.815 million barrels per day, with a slight increase of 0.1 million barrels per day from the previous week [40]. Crude Oil Demand - U.S. refinery crude oil processing volume increased to 16.876 million barrels per day, with a utilization rate of 94.10% [51]. Crude Oil Inventory - As of November 28, 2025, total U.S. crude oil inventories stood at 839 million barrels, reflecting a weekly increase of 824,000 barrels (+0.10%) [60]. Refined Oil Prices - In the North American market, as of December 5, 2025, average prices for diesel, gasoline, and jet fuel were $97.93, $77.61, and $87.74 per barrel, respectively [82].

Core Viewpoint - The successful development and shipment of the ZJ40DB truck-mounted drilling rig by Zhongman Equipment Group highlights the company's independent innovation capabilities and lays a solid foundation for expanding overseas business [3][7]. Group 1: Product Development and Features - The ZJ40DB truck-mounted drilling rig was specifically designed to meet the complex operational needs of oil extraction in Iraq, overcoming significant design challenges and tight delivery schedules [3][7]. - The technical research team completed the entire design in just one month, while frontline employees worked overtime to expedite progress, and the quality inspection team maintained a closed-loop quality control process, achieving a remarkable turnaround from design to commissioning in only three months [3][7]. - The ZJ40DB rig integrates drilling and workover functions, suitable for the challenging operational scenarios in Iraq, and features advanced electric drive technology that automatically adjusts the output power of the generator and transmission system, reducing energy waste and extending equipment lifespan [5][9]. Group 2: Operational Efficiency and Capabilities - The rig's modular design significantly shortens on-site installation time and allows for quick positioning in Iraq's complex terrain, enhancing operational flexibility [5][9]. - It boasts a super deep drilling capability of 4,000 meters and a workover depth of 9,000 meters, with a maximum hook load of 2,250 kN, maximizing operational efficiency [5][9]. - The rig is equipped with a digital drilling control room and an integrated smart control console that allows real-time monitoring of key operational parameters such as drilling pressure, rotation speed, and pump pressure, supporting one-click operation and greatly reducing the need for manual intervention, thus ensuring both efficiency and safety [5][9].