Investment Rating - The report maintains a "Buy" rating for key companies in the oil and gas sector, including China National Offshore Oil Corporation (CNOOC), Zhongman Petroleum, China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and New Natural Gas [2][4]. Core Insights - The report highlights that the release of strategic oil reserves cannot compensate for the supply gap caused by disruptions in the Strait of Hormuz, indicating that oil prices have significant room for continued upward movement [8][12]. - The International Energy Agency (IEA) has confirmed the release of 400 million barrels of emergency oil reserves, the largest in history, but this is insufficient to cover the current supply shortfall, which has been exacerbated by geopolitical tensions [12][31]. - The report anticipates that oil prices will remain above $100 per barrel due to ongoing conflicts and supply constraints in the Middle East [12][32]. Summary by Sections Key Company Earnings Forecasts, Valuation, and Ratings - CNOOC (600938.SH): Price at 42.00 CNY, EPS forecast for 2024A at 2.90 CNY, PE ratio at 14, rated "Buy" [2]. - Zhongman Petroleum (603619.SH): Price at 36.49 CNY, EPS forecast for 2024A at 1.76 CNY, PE ratio at 21, rated "Buy" [2]. - CNPC (601857.SH): Price at 12.05 CNY, EPS forecast for 2024A at 0.90 CNY, PE ratio at 13, rated "Buy" [2]. - Sinopec (600028.SH): Price at 6.33 CNY, EPS forecast for 2024A at 0.41 CNY, PE ratio at 15, rated "Buy" [2]. - New Natural Gas (603393.SH): Price at 42.14 CNY, EPS forecast for 2024A at 2.80 CNY, PE ratio at 15, rated "Buy" [2]. Industry Dynamics - The report notes that geopolitical tensions, particularly between the U.S. and Iran, have led to significant reductions in oil production from Middle Eastern countries, with a total reduction of up to 6.7 million barrels per day [11][27]. - The report emphasizes that the ongoing conflict and supply disruptions are likely to keep oil prices elevated, with expectations of prices remaining above $100 per barrel [12][32]. - The report also discusses the impact of rising dollar index and fluctuating LNG prices, with Brent crude oil prices increasing by 11.27% week-on-week [13][32].

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]

证券代码：603619 证券简称：中曼石油 公告编号：2026-008 中曼石油天然气集团股份有限公司 特此公告。 中曼石油天然气集团股份有限公司董事会 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"）第四届董事会第十六 次会议的通知于2026年3月5日以电子邮件方式发出，会议于2026年3月9日在上海 市浦东新区江山路3998号公司会议室以现场和通讯相结合的方式召开。 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）审议通过了《关于聘任公司财务总监的议案》 本议案已经公司董事会提名委员会和审计委员会审议通过，一致同意提交公 司董事会进行审议。 经与会董事审议，同意聘任邱明亮先生担任公司财务总监，任期自本次董事 会通过之日起至第四届董事会任期届满时止。财务总监简历详见附件。 表决 ...

Investment Rating - The report rates the oil processing industry as "Positive" [1] Core Insights - The escalation of the conflict between the US and Iran has led to a significant increase in international oil prices, with Brent and WTI prices reaching 92.69 and 90.90 USD per barrel respectively as of March 6, 2026 [2][9] - The report highlights a substantial rise in oil prices, with Brent increasing by 27.20% and WTI by 35.63% over the past week [2][24] - The oil and petrochemical sector has shown strong performance, with an 8.06% increase in the sector index, while the broader market (CSI 300) fell by 1.07% [10][13] Summary by Sections Oil Price Review - As of March 6, 2026, Brent crude futures settled at 92.69 USD/barrel, up 19.82 USD/barrel (+27.20%) from the previous week, while WTI crude futures settled at 90.90 USD/barrel, up 23.88 USD/barrel (+35.63%) [2][24] - The report notes that geopolitical tensions in the Middle East have exacerbated supply concerns, contributing to the price surge [9] Offshore Drilling Services - The number of global offshore self-elevating drilling rigs increased to 376, with a net addition of 1 rig, while floating drilling rigs rose to 134, with a net addition of 2 rigs [32] Oil Supply - As of February 27, 2026, US crude oil production was reported at 13.696 million barrels per day, a decrease of 0.06 million barrels per day from the previous week [39] - The number of active drilling rigs in the US increased to 411, up by 4 rigs [39] Oil Demand - US refinery crude processing increased to 15.841 million barrels per day, up by 0.18 million barrels per day, with a refinery utilization rate of 89.20%, an increase of 0.6 percentage points [49] Oil Inventory - As of February 27, 2026, total US crude oil inventories stood at 855 million barrels, an increase of 3.475 million barrels (+0.41%) from the previous week [57] - The report indicates that commercial crude oil inventories rose to 439 million barrels, up by 3.475 million barrels (+0.80%) [57] Related Companies - The report mentions several key companies in the sector, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the oil and gas sector, including China National Offshore Oil Corporation (CNOOC), Zhongman Petroleum, China National Petroleum Corporation (CNPC), and Sinopec [3]. Core Insights - The geopolitical tensions between the US and Iran have escalated, leading to a significant impact on oil prices, which are expected to continue rising due to potential supply disruptions in the Middle East [1][12]. - The report highlights that the current conflict has surpassed the intensity of previous conflicts, with the Strait of Hormuz's oil transport capacity being affected, and Middle Eastern oil-producing countries facing possible production halts [1][12]. - Predictions indicate that if shipping through the Strait of Hormuz is obstructed, oil prices could surge to $150 per barrel within two to three weeks [15]. Summary by Sections 1. Weekly Insights - The report emphasizes the ongoing geopolitical tensions and their implications for oil prices, forecasting a sustained upward trend in oil prices due to the current conflict situation [12]. 2. Weekly Oil and Petrochemical Market Review - The CITIC Petroleum and Petrochemical sector rose by 7.2% as of March 6, outperforming the Shanghai Composite Index, which fell by 1.1% [20][23]. - The oil extraction sub-sector saw the highest weekly increase of 14.9% [23]. 3. Industry Dynamics - The report details significant military actions and retaliatory measures between the US and Iran, including airstrikes and threats to shipping in the Strait of Hormuz [9][13]. - It notes a drastic reduction in oil export volumes through the Strait, dropping from 16 million barrels per day to 4 million barrels per day due to the conflict [27]. 4. Company Dynamics - CNOOC is highlighted for its strong dividend characteristics and performance elasticity during rising oil price phases [16]. - Other companies such as Zhongman Petroleum and New Natural Gas are noted for their growth potential in production [16].

Investment Rating - The report maintains an "Outperform" rating for the oil and gas industry [3][2]. Core Insights - The geopolitical tensions in the Middle East are expected to elevate the risk premium and transportation costs for oil, leading to an increase in the central price of crude oil [4]. - The closure of the Strait of Hormuz by Iran has caused significant disruptions in international oil supply, with Brent crude prices rising sharply [8]. - The conflict has also led to a surge in European natural gas prices, adversely affecting the competitiveness of European chemical companies [10]. Summary by Sections Oil and Gas Industry - The report highlights the strategic reassessment of oil and gas assets, emphasizing the competitive edge of the chemical industry [1]. - It suggests focusing on oil and gas production companies such as China National Petroleum Corporation, CNOOC, and Zhongman Petroleum, as well as oil service companies like CNOOC Services and China Oil Engineering [17]. Geopolitical Impact - The report discusses the implications of military actions in the Middle East, particularly the closure of the Strait of Hormuz, which is a critical passage for global oil transport [5][8]. - Historical context is provided, noting that previous threats to close the Strait have led to significant spikes in oil prices [6]. Chemical Industry - The report indicates that the rise in natural gas prices in Europe could lead to the closure of approximately 37 million tons of chemical production capacity by 2025, which is about 9% of Europe's total capacity [14]. - It identifies domestic chemical companies like Sinochem and Wanhua Chemical as potentially benefiting from the increased competitiveness due to rising energy prices in Europe [17]. Company Valuations - The report includes a table of key companies with earnings forecasts and valuations, indicating that companies like China National Petroleum Corporation and CNOOC are expected to perform well in the coming years [19].

Summary of Key Points from Conference Call Industry Overview - The strongest sector in the market is the oil and gas industry, with multiple companies showing significant performance [1] - Key players in the oil and gas sector include: - Water Development Oil and Gas (3 boards) - Intercontinental Oil and Gas (2 boards) - Zhun Oil Co. (2 boards) - Sinopec Oilfield Services (2 boards) - China National Petroleum Corporation (2 boards) [1][1][1] Sector Analysis - **Oil and Gas**: - Major companies include Tongyuan Petroleum, Intercontinental Oil and Gas, Water Development Gas, Zhongman Petroleum, Zhun Oil Co., Sinopec Oilfield Services, Beiken Energy, Blue Flame Holdings, and China National Petroleum [1] - **Shipping**: - Key players are COSCO Shipping Energy Transportation, China Merchants Jinling Shipyard, Ningbo Shipping, China Merchants Industry, and Nanjing Port [1] - **Photovoltaic Energy Storage**: - Notable companies include Airo Energy, Deyue Co., Shouhang New Energy, GCL-Poly Energy, Oujing Technology, Goodwe, and Guosheng Technology [1] - **Optical Communication**: - Companies mentioned include Huasheng Chang, Huilv Ecology, Tongding Interconnection, Jufei Optoelectronics, Robotech, Tengjing Technology, Huagong Technology, and Yuanjie Technology [2] - **Coal Chemical**: - Key players are Jinniu Chemical, Luohua Technology, Chitianhua, Baofeng Energy, China Coal Energy, and Lutianhua [2] - **Gold**: - Companies include Xiaocheng Technology, Western Gold, and Mankalon [2] - **Agriculture**: - Notable companies are Yasheng Group, Qiule Seed Industry, Kangnong Seed Industry, Shennong Seed Industry, and Quanyin High-Tech [2] - **Electric Power**: - Specific companies were not detailed in the provided content [2] Additional Insights - The market shows a diverse range of sectors with significant activity, particularly in oil and gas, which is currently the strongest sector [1] - The presence of multiple companies across various sectors indicates a robust market environment with potential investment opportunities [1][2]