Market Overview - The oil service engineering sector experienced a decline of 1.54% on October 13, with Renji Co. leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Individual Stock Performance - Renji Co. (002629) closed at 7.71, down 4.22% with a trading volume of 268,700 shares and a transaction value of 206 million yuan [1] - Qianeng Hengxin (300191) closed at 19.85, down 3.69% with a trading volume of 68,100 shares and a transaction value of 134 million yuan [1] - Keli Co. (920088) closed at 34.27, down 2.97% with a trading volume of 20,700 shares [1] - Zhongman Petroleum (603619) closed at 19.27, down 2.87% with a trading volume of 148,600 shares and a transaction value of 285 million yuan [1] - Tongyuan Petroleum (300164) closed at 5.69, down 2.23% with a trading volume of 802,800 shares [1] - Other notable declines include Shihua Oil Service (600871) down 1.86% and Beiken Energy (002828) down 1.60% [1] Capital Flow Analysis - The oil service engineering sector saw a net outflow of 175 million yuan from institutional investors, while retail investors contributed a net inflow of 131 million yuan [1] - The table indicates that Zhongman Petroleum had a net outflow of 35.5 million yuan from institutional investors, while retail investors had a net inflow of 8.36 million yuan [2] - Tongyuan Petroleum experienced a net outflow of 32.3 million yuan from institutional investors, with retail investors contributing a net inflow of 36.2 million yuan [2]

石化周报 加沙停火，原油地缘溢价效应减弱 2025 年 10 月 11 日 ➢ 加沙停火，原油地缘溢价效应减弱。由于特朗普 9 月 29 日宣布以色列总理 已同意美方就结束加沙冲突提出的"20 点计划"，从而十一假期期间油价表现走 弱；10 月 10 日，以色列国防军发表声明，加沙停火第一阶段协议已于当地 10 日中午 12 时（北京时间 17 时）生效，中东局部停火导致原油所包含的地缘溢价 效应减弱。OPEC+方面，10 月 1 日第 62 次 JMMC 会议召开，伊朗、科威特、 阿联酋、哈萨克斯坦、阿曼、俄罗斯更新了 25 年 9 月至 26 年 6 月的补偿减产 计划，其中，25 年 9~12 月计划补偿减产 23.2、20.3、26.6、30.3 万桶/日，第 63 次 JMMC 会议将于 11 月 30 日举行；10 月 5 日，此前自愿减产的八个 OPEC+ 国家宣布将逐步取消 165 万桶/日的减产，11 月份将率先进行 13.7 万桶/日的增 产，且下一次八国会议将于 11 月 2 日举行。我们认为，目前的地缘形式下， OPEC+的补偿减产仍需持续跟踪，若补偿减产能够有效兑现，则油价仍具备较强 ...

Core Insights - The oil service engineering sector experienced a rise of 1.36% on October 10, with China National Petroleum Engineering leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - China National Petroleum Engineering (600339) closed at 3.68, up 3.37% with a trading volume of 1.0453 million shares and a transaction value of 381 million yuan [1] - Other notable performers included Huibo Yin (002554) at 3.09, up 2.66%, and Zhongman Petroleum (619609) at 19.84, up 1.64% [1] - The overall trading volume and transaction values for various stocks in the oil service engineering sector were significant, indicating active market participation [1] Capital Flow - The oil service engineering sector saw a net outflow of 148 million yuan from institutional investors, while retail investors contributed a net inflow of 200 million yuan [2][3] - The detailed capital flow indicated that while institutional and speculative funds were withdrawing, retail investors were actively buying into the sector [2][3] Individual Stock Capital Flow - Zhongman Petroleum (300191) had a net inflow of 772.26 thousand yuan from institutional investors, while it faced a net outflow of 1204.39 thousand yuan from speculative funds [3] - Other stocks like PetroChina (600871) and Huibo Yin (002554) also showed mixed capital flows, with retail investors showing a preference for certain stocks despite overall net outflows from larger funds [3]

Core Insights - Sichuan Zhongman and Wuhan Sanjiang Aerospace Far Space Technology have achieved significant breakthroughs in the field of intelligent telecommunication drill rods, successfully completing a drilling operation of 1,086 meters at the Wensu oilfield [1][5] Group 1: Technical Achievements - The collaboration successfully tackled key technical challenges related to power supply and high-speed communication between surface drilling systems and downhole instruments [1][5] - The intelligent telecommunication drill rod system enabled real-time and precise collection of drilling parameters throughout the well section, with a data transmission rate of 60 Kbps, enhancing drilling efficiency and safety [5] Group 2: Collaborative Efforts - A joint task force was established by Wuhan Sanjiang Aerospace Far Space Technology and Sichuan Zhongman to ensure the smooth progress of the trial, with key personnel providing comprehensive technical guidance [3] - The drilling team implemented multiple innovative technical modifications to equipment, ensuring that the systems met the stringent requirements for power supply and communication during the trial [3][5] Group 3: Future Prospects - Wuhan Sanjiang Aerospace Far Space Technology expressed high appreciation for the achievements of the collaboration and looks forward to further deepening cooperation to create a new model for artificial intelligence drilling [7]

Core Viewpoint - The article highlights the significant impact of the Oweinat water well project in Egypt, led by China National Petroleum Corporation (CNPC), in transforming desert land into arable farmland, thereby contributing to Egypt's economic development and improving the livelihoods of local communities [5][6][10]. Group 1: Project Overview - The Oweinat water well project aims to drill 3,000 wells over five years, covering an irrigation area of 3,000 square kilometers [6]. - As of mid-September 2023, 141 wells have been completed, with 125 wells finished in the first phase, providing irrigation for crops such as wheat, alfalfa, and corn [6][7]. - The project employs approximately 190 Chinese and Egyptian workers, operating 24 hours a day with nine drilling teams [6]. Group 2: Agricultural Impact - The irrigation provided by the water wells has led to significant agricultural productivity, with corn yielding two harvests per year and wheat producing 3 tons per feddan (approximately 4,200 square meters) [7]. - The project has also benefited sugar beet farms in Minya Province, where the water wells support irrigation for 30,000 feddans, resulting in increased yields [7]. Group 3: Community Benefits - The water well project has been described as a "timely rain" for local communities, addressing water scarcity issues and improving living conditions [8]. - Local farmers have expressed gratitude for the stable irrigation sources, which have led to flourishing crops and economic opportunities [8][10]. Group 4: Technical and Operational Challenges - The project faces challenges such as complex desert geology, extreme weather conditions, and logistical issues related to heavy drilling equipment [9]. - CNPC's drilling teams have achieved a remarkable efficiency of drilling one well approximately every seven days, earning recognition from the Egyptian government [9]. Group 5: International Cooperation - The project exemplifies successful international cooperation in addressing food security and ecological restoration challenges [10]. - CNPC aims to further expand cooperation with Egypt in agricultural development and other sectors as bilateral relations deepen [10].

Core Insights - The project by China Zhongman Group in Egypt has successfully transformed desert land into arable farmland through the drilling of over 680 wells, significantly contributing to the local economy and improving the livelihoods of residents [1][2]. Group 1: Project Overview - The Owainat well project, initiated by Zhongman Egypt Company, aims to drill 3,000 wells over five years, covering an irrigation area of 3,000 square kilometers [2]. - As of mid-September 2023, 141 wells have been completed, with 125 wells finished in the first phase, providing irrigation for crops such as wheat, alfalfa, and corn [2][3]. Group 2: Agricultural Impact - The availability of irrigation water has led to significant agricultural improvements, with crops like corn achieving two harvests per year and wheat yielding 3 tons per feddan (approximately 4,200 square meters) [3]. - The project has also benefited sugar beet farms in Minya Province, where the wells provide enough water to irrigate 30,000 feddans, resulting in increased yields [3]. Group 3: Community Benefits - The well-drilling efforts have addressed water scarcity issues in local villages, with residents expressing gratitude for the timely arrival of water sources [4]. - The project has enhanced the quality of life for local communities, with the company emphasizing the importance of utilizing Chinese technological advantages to improve living standards [4]. Group 4: Technical Achievements - Zhongman Egypt Company has achieved a drilling efficiency of approximately one well every seven days, gaining recognition from the Egyptian government for its operational effectiveness [5]. - The project team has successfully navigated challenges such as complex geological conditions and extreme weather, showcasing their technical and equipment capabilities [5]. Group 5: International Cooperation - The water well project is seen as a model for sustainable development in arid regions, highlighting the potential of international cooperation in addressing food security and ecological restoration [6]. - The chairman of Zhongman Group expressed intentions to further expand cooperation between China and Egypt in agricultural development and other sectors [6].

中曼石油天然气集团股份有限公司 2025 年第三次临时股东会 二、本次股东会采用会议现场投票和网络投票相结合的表决方式。公司将同时通过 上海证券交易所股东会网络投票系统向公司股东提供网络形式的投票平台，股东可以在 网络投票时间内通过上述系统行使表决权。同一表决权通过现场、网络或其他方式重复 进行表决的，以第一次投票结果为准。 三、为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票。公司将使用上证所信息网络有限公司（"上证信息"）提供的股东会提醒服 务，委托上证信息通过智能短信等形式，根据股权登记日的股东名册主动提醒股东参会 投票，向每一位投资者主动推送股东会参会邀请、议案情况等信息。投资者在收到智能 短信后，可根据《上市公司股东会网络投票一键通服务用户使用手册》（下载链接： https://vote.sseinfo.com/i/yjt_help.pdf）的提示步骤直接投票，如遇拥堵等情况， 仍可通过原有的交易系统投票平台和互联网投票平台进行投票。 四、会议期间请保持会场纪律，出席会议的股东应严肃对待每一项议题。 会 议 资 料 股票简称：中曼石油 股票代码：603619 二〇二五年 ...

Core Insights - The oil service engineering sector experienced a decline of 0.43% on September 30, with Huibo leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Renji Co. (002629) saw a significant increase of 9.94%, closing at 7.96 with a trading volume of 249,000 shares and a turnover of 196 million [1] - Tongyuan Petroleum (300164) increased by 2.85%, closing at 5.78 with a trading volume of 1,203,300 shares and a turnover of 679 million [1] - Other notable performers include Keli Co. (920088) with a 1.53% increase, and potential Hengxin (300191) with a 0.69% increase [1] Capital Flow - The oil service engineering sector saw a net inflow of 37.88 million from institutional investors, while retail investors contributed a net inflow of 17.13 million [2] - However, speculative funds experienced a net outflow of 55.01 million [2] Individual Stock Capital Flow - Renji Co. (002629) had a net inflow of 63.11 million from institutional investors, while it faced a net outflow of 33.67 million from speculative funds [3] - Tongyuan Petroleum (300164) also saw a net inflow of 34.35 million from institutional investors, with a net outflow of 29.02 million from speculative funds [3] - Other stocks like Huibo (002554) and Zhonghai (601808) experienced mixed capital flows, with Huibo facing a net outflow from both institutional and speculative investors [3]

Core Viewpoint - Zhongman Petroleum (603619.SH) is initiating a significant acquisition plan to enhance its oil and gas resource volume and production rights by acquiring a 49% stake in Rising Energy International Middle East FZCO (referred to as "Xinhua Dubai") for 563 million yuan [1][2]. Group 1: Acquisition Details - The acquisition will allow Zhongman Petroleum's wholly-owned subsidiary, Zhongman Haiwan, to increase its ownership in Xinhua Dubai from 51% to 100%, thereby gaining full control over the key oil and gas assets in the Kengey block in Kazakhstan [2][3]. - The transaction is classified as a related party transaction, as the ultimate controlling party of the target is Li Chundi, the actual controller of Zhongman Petroleum [2][3]. - The Kengey block has a geological oil reserve of 64.41 million tons and an economically recoverable oil reserve of 5.9753 million tons, with natural gas reserves of 21.8 billion cubic meters, although gas extraction requires approval from Kazakhstan's energy department [3]. Group 2: Financial Performance - Zhongman Petroleum's total assets reached 12.48 billion yuan as of June 30, 2025, marking a 27.3% increase from the previous year, achieving a historical high [1][5]. - The company's revenue for 2022, 2023, and 2024 was 3.199 billion yuan, 3.732 billion yuan, and 4.135 billion yuan, reflecting growth rates of 81.56%, 16.67%, and 10.79% respectively [4]. - In the first half of 2025, the company reported a revenue of 1.981 billion yuan, a year-on-year increase of 3.29%, while net profit decreased by 29.81% to 300 million yuan [4][5]. Group 3: Business Expansion - Zhongman Petroleum has established a business model of "domestic foundation and overseas breakthroughs," with significant projects in both domestic and international markets [5]. - The company’s exploration and development segment generated 1.094 billion yuan in revenue, accounting for 55.22% of total revenue in the first half of 2025 [5]. - The company is actively expanding its overseas operations, with successful projects in Iraq, Kazakhstan, and Algeria, contributing to its growing international footprint [5].

Investment Rating - The report recommends a "Buy" rating for major companies in the oil and gas sector, including China National Petroleum Corporation, China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, Zhongman Petroleum, and New Natural Gas [4]. Core Views - The ongoing conflict between Ukraine and Russia has led to increased oil prices due to attacks on Russian oil facilities, impacting supply chains and causing fuel shortages in Russia [1][8]. - Iraq's oil production and export flexibility are expected to improve, which may enhance compliance with OPEC+ production quotas in the short term [1]. - The report anticipates that oil prices will remain volatile in the short term due to geopolitical factors and OPEC+'s concentrated pricing power [1][8]. Summary by Sections Industry Investment Rating - The report provides a "Buy" recommendation for key players in the oil and gas sector, highlighting their stable performance and high dividend yields [4]. Market Overview - As of September 26, 2025, Brent crude oil futures settled at $70.13 per barrel, up 5.17% week-on-week, while WTI futures settled at $65.72 per barrel, up 4.85% [9][36]. - The U.S. crude oil production increased to 13.5 million barrels per day, with refinery throughput rising to 16.48 million barrels per day [9][10]. Company Performance - The report highlights the performance of various companies, with China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation being recommended for their strong fundamentals and dividend policies [4][12]. Oil Supply and Demand - U.S. crude oil inventories decreased, with commercial crude oil stocks at 41.475 million barrels, down 61,000 barrels week-on-week [10]. - The report notes that geopolitical tensions and OPEC+ decisions will continue to influence oil supply and demand dynamics [1][8]. Natural Gas Market - The NYMEX natural gas futures price closed at $2.86 per million British thermal units, down 1.99% week-on-week, while Northeast Asia's LNG price was $11.21 per million British thermal units, down 3.25% [9][44].