Investment Rating - The report recommends a positive investment outlook for the oil and gas sector, highlighting specific companies with strong performance and dividend potential [12]. Core Insights - OPEC+ is increasing production as planned, with a June 2025 output rise of 458,000 barrels per day, slightly above the target of 411,000 barrels per day, indicating strong production momentum [1][9]. - Major international oil agencies, including EIA and IEA, have raised their forecasts for supply growth in 2025, with EIA adjusting supply and demand growth by 26,000 and 1,000 barrels per day respectively [2][9]. - The report notes a decrease in U.S. crude oil production and refinery processing rates, with production at 13.38 million barrels per day, down by 100,000 barrels from the previous week [3][10]. Summary by Sections Oil Price Performance - As of July 18, 2025, Brent crude futures settled at $69.28 per barrel, a decrease of 1.53% week-on-week, while WTI futures settled at $67.34 per barrel, down 1.62% [10][43]. Supply and Demand Dynamics - EIA forecasts global supply and demand for 2025 at 10,461 million and 10,354 million barrels per day, respectively, indicating a surplus of 1.07 million barrels per day [2][9]. - OPEC's forecast for 2025 non-DOC supply is 6,265 million barrels per day, with global demand at 10,513 million barrels per day, suggesting a supply-demand gap if DOC maintains its production [2][9]. Company Performance and Recommendations - The report highlights specific companies for investment: - China National Petroleum Corporation (PetroChina) with a target PE of 10 for 2024A and a recommendation to buy [5]. - China National Offshore Oil Corporation (CNOOC) with a target PE of 9 for 2024A and a recommendation to buy [5]. - Sinopec with a target PE of 14 for 2024A and a recommendation to buy [5]. - Zhongman Petroleum with a recommendation to buy due to its growth potential [12]. - New Natural Gas with a recommendation to buy, focusing on its growth phase [12]. Market Trends - The oil and gas sector has shown resilience, with the sector index rising by 1.6% as of July 18, 2025, outperforming the broader market indices [13][18].

Investment Strategy - Crude oil supply is expected to remain limited due to declining global oil and gas capital expenditures, with a significant reduction of nearly 122% from 2014 levels to $351 billion in 2021 [9][30][31] - Geopolitical tensions, particularly the Russia-Ukraine conflict, have exacerbated concerns over energy supply, with the EU planning to reduce oil imports from Russia by 90% by the end of 2022 [10][31] - Brent crude oil prices increased to $71.97 per barrel, up 2.95% week-on-week, while WTI prices rose to $67.93 per barrel, up 2.46% [11][32] Coal Industry - The average market price for Qinhuangdao port thermal coal (Q5500) rose to 628 RMB/ton, a 1.06% increase from the previous week, driven by improved demand and trading conditions [12][13] - Coal production is gradually recovering, with total inventory at ports reported at 26.9 million tons, down 2.46% week-on-week, indicating a tightening supply [12][13] - The domestic coal consumption for key power plants increased to 4.88 million tons per day, a 6.09% rise from the previous week, reflecting higher electricity demand due to ongoing high temperatures [12][13] Coking Coal - Coking coal prices have seen a slight increase, with the price for Shanxi main coking coal at 1,350 RMB/ton, up 9.76% week-on-week, as supply conditions improve [14][15] - The overall supply-demand situation for coking coal is improving, with increased orders from steel mills and a decrease in inventory levels [14][15] Natural Gas - The EIA projects that U.S. natural gas production and consumption will reach record highs in 2025, with expected consumption of 91.4 billion cubic feet per day [16][17] - U.S. natural gas prices decreased to $3.33 per million British thermal units, down 2.9% from the previous week, while European gas prices increased [16][17] - The EU has reached an agreement on a natural gas price cap, which may lead to liquidity issues and potential supply shortages [17] Oilfield Services - The oilfield services sector is experiencing a recovery in demand due to increased capital expenditures from major oil companies, which are projected to reach 581.738 billion RMB in 2023, reflecting a compound annual growth rate of 6% since 2018 [18][19] - The number of active drilling rigs globally decreased to 1,576, with a notable decline in the Middle East and the U.S. [19]

Company Overview - Zhongman Petroleum's closing price on July 7 was 19.46 yuan, down 2.70%, with a rolling PE ratio of 11.49 times and a total market value of 8.997 billion yuan [1] - The company ranks 9th in the exploration and extraction industry, which has an average PE ratio of 28.09 times and a median of 36.08 times [1] Institutional Holdings - As of the first quarter of 2025, 20 institutions held shares in Zhongman Petroleum, including 11 funds, 3 social security funds, 3 others, 2 brokerages, and 1 insurance company, totaling 140.096 million shares with a market value of 2.518 billion yuan [1] Business Operations - Zhongman Petroleum's main business includes exploration and development, oil service engineering, and petroleum equipment manufacturing, with key products being equipment manufacturing, leasing and sales, drilling engineering services, and oil extraction and sales of oil and its derivatives [1] Financial Performance - In the latest quarterly report for Q1 2025, the company achieved operating revenue of 943 million yuan, a year-on-year increase of 16.90%, and a net profit of 230 million yuan, up 32.95%, with a gross profit margin of 45.97% [1] Industry Comparison - The industry average PE ratio is 28.09 times, while the median is 36.08 times, indicating that Zhongman Petroleum's valuation is below the industry average [2]

Core Insights - The report predicts that Brent crude oil prices will fluctuate around $65-70 per barrel in the second half of 2025, driven by tight supply and slow demand growth, with potential short-term spikes due to geopolitical factors [4][9] - The petrochemical industry is expected to gradually recover from its bottoming out phase, returning to a normal capacity cycle constrained by credit boundaries, leading to a slow recovery in profitability in 2025 and beyond [4][10] - Investment opportunities are highlighted in high-quality growth stocks, coal chemical equipment investments, and high-dividend sectors, emphasizing a bottom-up investment approach [4][10] Oil Price Trends - Oil prices experienced a two-phase trend in 2025: a decline from $74.64 to $60.23 per barrel (down 19.31%) until May 3, followed by a recovery to $77.01 per barrel (up 27.86%) after May 3 due to seasonal demand and geopolitical tensions [7][25] - The report indicates that global oil supply remains tight, with non-OECD countries contributing to demand growth, which will limit the extent of price declines [9][27] Industry Performance - Global refining capacity is projected to grow by 440,000 barrels per day from 2022 to 2028, with China contributing significantly to this increase [27][33] - The report notes that domestic refined oil demand is nearing its peak, with a decline in consumption due to economic weakness and competition from electric vehicles [39][45] - The petrochemical sector is experiencing a weak recovery, with some chemical products showing improved profitability despite high raw material costs [8][45] Investment Themes - The report emphasizes four main investment themes: 1. Quality growth and leading companies in the industry experiencing volume and price increases [10] 2. Opportunities in high-end materials and technology import substitution [10] 3. Investments related to the upcoming coal chemical investment cycle [10] 4. High dividend yielding state-owned enterprises benefiting from economic recovery [10][11] Recommendations - Key investment targets include leading companies in ethylene production, coal chemical leaders, and high dividend stocks such as China National Offshore Oil Corporation and China Petroleum [11][10] - The report suggests focusing on companies that are positioned to benefit from the recovery in domestic demand and the transition to high-end materials [11][10]

Core Viewpoint - The company, Zhongman Petroleum and Natural Gas Group Co., Ltd., has provided guarantees for its subsidiaries to secure bank loans, ensuring their operational needs and business continuity [1][9][10]. Group 1: Guarantee Details - The company and its wholly-owned subsidiary, Zhongman Petroleum Equipment Group Co., Ltd., provided a joint liability guarantee for Zhongman Drilling's application for a bank credit of 18 million RMB [1]. - The company also provided guarantees for Akesu Zhongman's loans of 260 million RMB and 200 million RMB from two different banks [1][6][7]. - As of now, the total guarantee amount provided by the company is 2,000 million RMB for Zhongman Drilling and 1,874.3661 million RMB for Akesu Zhongman, excluding the current guarantees [1]. Group 2: Internal Decision-Making Process - The company held board meetings on April 23, 2025, and June 5, 2025, to approve the expected guarantee amount for 2025, which falls within the previously estimated limits [2]. - No additional board or shareholder meetings were required for the current guarantees as they are within the approved limits [2]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to support the subsidiaries' operational needs and ensure stable business development [9]. - The company maintains full control over the production and financial management of the subsidiaries, ensuring that the guarantee risks are manageable [9]. Group 4: Board Opinions - The board unanimously believes that the guarantees will facilitate the daily operations of the company's business segments and align with overall development needs [10]. - The operational conditions of the guaranteed entities are stable, and the risks associated with the guarantees are controllable, not affecting the company's normal operations or shareholder interests [10]. Group 5: Cumulative Guarantee Information - As of now, the total external guarantees amount to 2,312.2341 million RMB, accounting for 54.21% of the company's audited net assets for 2024 [11]. - All guaranteed entities are wholly-owned subsidiaries, and there are no overdue guarantees [11].

证券代码：603619 证券简称：中曼石油 公告编号：2025-045 中曼石油天然气集团股份有限公司 关于 2025 年 6 月对外担保的进展公告 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 231,223.41 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 54.21 | | | □对外担保总额超过最近一期经审计净资产 | | | 100% | | | 担保金额超过上市公司最近一期经审计净 | | 特别风险提示（如有请勾选） | 资产 50% | | | □对合并报表外单位担保金额达到或超过最 | | | 近一期经审计净资产 30%的情况下 | | | 对资产负债率超过 70%的单位提供担保 | | 其他风险提示（如有） | 无 | 一、担保情况概述 （一）担保的基本情况 中曼石油天然气集团股份有限公司（以下简称"公司"、"中曼石油"）及全 资子公司中曼石油装备集团有限公司本次为中曼钻井向中国银行股份有限公司 上海自贸试验区分行申请 1,80 ...

Core Viewpoint - Significant shareholding increases by major shareholders in listed companies reflect confidence in the market, with June 2025 seeing a record high in total share buybacks in the A-share market [1][2]. Group 1: Shareholder Buybacks - In June 2025, the total value of shares bought back by major shareholders in A-shares reached 104.83 billion yuan, the highest in nearly three years, significantly surpassing the 33.77 billion yuan in May and 69.85 billion yuan in the same month last year [2][4]. - The net buyback value in June was 49.72 billion yuan, marking the highest net buyback in nearly a year and nearly five times the second-highest month in the past year [4][5]. - A total of 211 listed companies had ongoing buyback plans, with the mechanical equipment sector leading with 17 companies, followed by public utilities and basic chemicals, each with 16 companies [5][6]. Group 2: Industry Performance - The industries with the most significant shareholder buybacks included mechanical equipment, public utilities, basic chemicals, pharmaceutical biology, and petroleum and petrochemicals [1][5]. - Notable companies with substantial buybacks included Tongfeng Electronics, Dahu Co., and China General Nuclear Power, with estimated buyback ratios leading the market [6][7]. Group 3: Individual Company Highlights - Copper Peak Electronics reported a 16.72% year-on-year increase in revenue for Q1 2025, with a net profit growth of 12.53% [8]. - Zhongman Petroleum saw a 15.51% increase in stock price in June, with its controlling shareholder planning to buy back shares worth 180 million to 360 million yuan [8]. - Debon Holdings experienced a significant drop of 22.08% in stock price despite a previous surge, indicating volatility in response to shareholder actions [9]. Group 4: New Buyback Plans - In June, 16 companies announced new buyback plans, with Huate Dain leading with a 3.70% buyback ratio, which was also the highest stock price increase among these companies at 17.47% [11][12]. - Qianhong Pharmaceutical's controlling shareholder completed a buyback of 1.72% of shares within a week of announcing the plan [12][13].

Group 1 - The State Intellectual Property Office of China has granted a patent for a "drilling platform manipulator" to Zhongman Petroleum Equipment Group Co., Ltd. and Zhongman Petroleum Natural Gas Group Co., Ltd. The patent was authorized under announcement number CN223048766U, with an application date of August 2024 [1] - The patent describes a new type of drilling platform manipulator that includes components such as tracks, pulley mechanisms, manipulators, racks, gears, and motors. The design aims to enhance the efficiency and safety of natural gas drilling operations [1] - The manipulator's design features a pulley mechanism that can rotate, with a motor driving the gear that engages with the rack, ensuring smooth operation and protection of the chain through guiding mechanisms [1] Group 2 - Zhongman Petroleum Equipment Group Co., Ltd. was established in 2010 in Shanghai, primarily engaged in the automotive manufacturing industry, with a registered capital of 39 million RMB. The company has made investments in 4 enterprises and participated in 32 bidding projects, holding 102 patents and 3 trademark registrations [2] - Zhongman Petroleum Natural Gas Group Co., Ltd. was founded in 2003 in Shanghai, focusing on oil and gas extraction, with a registered capital of approximately 46.23 million RMB. The company has invested in 10 enterprises, participated in 15 bidding projects, and holds 111 patents and 93 trademark registrations [2]

Core Viewpoint - The announcement highlights a change in the equity stake of the controlling shareholder, Shanghai Zhongman Investment Holdings Co., Ltd., in Zhongman Petroleum Natural Gas Group Co., Ltd., increasing from 18.08% to 19.01% [1][2] Group 1: Shareholder Equity Change - The controlling shareholder increased its stake by 0.93%, acquiring 4,322,828 shares during the period from April 8, 2025, to June 30, 2025 [1][2] - The total investment for this acquisition amounted to approximately 76.79 million yuan, excluding transaction fees [1][2] - The increase in equity does not violate any prior commitments or trigger mandatory tender offer obligations [1] Group 2: Investment Plan - The controlling shareholder's investment plan involves a total investment of between 180 million yuan and 360 million yuan, with a minimum of 25 million yuan to be invested by July 17, 2025 [1] - The investment is based on the controlling shareholder's recognition of the company's long-term value and future development prospects [1]

证券代码：603619 证券简称：中曼石油 公告编号：2025-044 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加☑ | | 比例减少□ | | --- | --- | --- | --- | | 权益变动前合计比例 | 18.08% | | | | 权益变动后合计比例 | 19.01% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、 信息披露义务人的基本信息 1.身份类别 投资者及其一致行动人的身份 ☑控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________ 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | | ☑ | 控股股东/实控人 | | | 上海中曼投资控股有 | □ | 控股股东/实控人的一致 | 913 ...