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]

据该负责人介绍，试点企业可以凭收付款指令直接开展跨境资金划转，除证券投资以外的资本项目，不 受投注差外债、全口径跨境融资、境外放款等额度和审批限制。 "这次自由贸易账户功能升级的最大制度突破在于实现了从'分账核算'向'本外币一体化管理'的跨 越。"上海金融与发展实验室首席专家、主任曾刚表示，新政策通过建立统一的账户管理框架，允许企 业在单一账户体系内完成本外币资金的自由兑换和调拨，大幅简化了操作流程。 "特别是在跨境资金池管理、跨境双向人民币资金池等创新业务上，企业不再需要在多个账户间反复腾 挪，资金使用效率显著提升。"曾刚说。 中曼石油（603619）天然气集团股份有限公司（以下简称"中曼石油"）作为上海市高新技术企业，凭借 423项自主专利构建起上下游一体化业务体系，依托硬核科技创新实力与市场竞争力，产品远销全球五 大洲十余个国家。试行办法实施当天，中曼石油在农业银行上海分行的协助下，完成了首笔业务办理。 12月5日，中国人民银行上海总部发布的《上海自由贸易试验区自由贸易账户功能升级实施办法（试 行）》（以下简称"试行办法"）正式施行，进一步提升跨境贸易投资自由化便利化水平。 《金融时报》记者了解到，试行 ...

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].

（来源：中曼石油） 12月3日，从中曼上海临港基地传来捷报，中曼装备集团自主研制的ZJ40DB车载钻机顺利完成总装调试并通过验收，启运发往伊拉克，即将投入海外油田 的施工作业。 此次ZJ40DB车载钻机的成功研制与发运，彰显了中曼装备自主创新能力，为企业拓展海外业务筑牢了坚实基础。"下一步，特车事业部将持续保持高效协 同的作战状态，全程跟进设备发运、现场调试等各项工作，全力确保产品顺利交付并高效投产。"特车事业部经理李念表示。 该钻机是特车事业部精准对接伊拉克油田开采需求全新研制的产品。面对伊拉克油田设计难度大、交付周期紧的双重挑战，中曼团队凝心聚力、高效攻 坚，交出了亮眼答卷：技术研发团队仅用1个月便完成全套设计，一线员工加班加点抢进度，质检团队全程闭环控质量，技术团队驻场实时解难题，最终 实现从设计到调试仅用时3个月的高效突破。 （来源：中曼石油） 12月3日，从中曼上海临港基地传来捷报，中曼装备集团自主研制的ZJ40DB车载钻机顺利完成总装调试并通过验收，启运发往伊拉克，即将投入海外油田 的施工作业。 此次ZJ40DB车载钻机的成功研制与发运，彰显了中曼装备自主创新能力，为企业拓展海外业务筑牢了坚实基础 ...

（来源：中曼石油） 大会明确了项目组织架构，成立专项推进组及五大执行小组，细化分工、责任到人；同步制定奖惩激励机制，设置团队奖与个人改善奖，配套精神激励， 重申工作纪律与责任追究要求，激发全员参与热情。 周克振在讲话中强调：当前行业竞争下，精益管理是企业降本增效、长远发展的关键，全体员工要转变思想、破除传统思维，坚持"先做精益、再搞数字 化"，各级管理者以身作则，聚焦价值创造，推动企业管理提质增效。 装备集团副总经理朱红亮为项目组颁发专项授权证书，各执行小组组长签订责任书，全体参会人员共同宣读《精益管理项目承诺书》，凝聚精益管理共 识。 12月3日上午，装备集团精益6S与目视化管理项目启动大会在上海临港基地召开，标志着公司迈入以精益管理驱动创新发展的新阶段。 装备集团总经理周克振、顾问公司总经理许鹏飞、项目推进小组成员及公司领导层、负责人参加会议。 装备集团总经理周克振、顾问公司总经理许鹏飞、项目推进小组成员及公司领导层、负责人参加会议。 大会明确了项目组织架构，成立专项推进组及五大执行小组，细化分工、责任到人；同步制定奖惩激励机制，设置团队奖与个人改善奖，配套精神激励， 重申工作纪律与责任追究要求，激发全员 ...

从资金流向上来看，当日油服工程板块主力资金净流出2456.04万元，游资资金净流出1058.82万元，散户 资金净流入3514.87万元。油服工程板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 60361a | 中曼石油 | 2159.47万 | 8.67% | -401.58万 | -1.61% | -1757.89万 | -7.06% | | 002629 | 仁智股份 | 1105.21万 | 10.14% | -328.48万 | -3.02% | -776.73万 | -7.13% | | 601808 | 中海波 | 479.82万 | 4.94% | -407.42万 | -4.19% | -72.40万 | -0.75% | | 920088 科力股份 | | 242.78万 | 8.77% | 49.02万 | 1.77% | -7.20万 | -0.26% | | 00 ...

转自：新华财经 12月5日，在人民银行上海总部、上海外汇局的指导下，农行上海市分行作为首批开展自由贸易账户功 能升级试点的金融机构，成功为临港新片区高端石油装备制造龙头企业中曼石油天然气公司、集成电路 行业头部芯片制造企业办理自由贸易账户功能升级业务，率先实现试点业务落地。 自《上海自由贸易试验区自由贸易账户功能升级实施办法（试行）》印发以来，农行上海市分行第一时 间响应政策部署，迅速组建专项服务团队，全力推进配套系统建设，以专业高效的服务为试点企业打造 高质量跨境金融服务方案。试点企业可以凭收付款指令直接开展跨境资金划转，除证券投资以外的资本 项目不受投注差外债、全口径跨境融资、境外放款等额度和审批限制。此举有效提升试点企业与境外资 金高效融通，提升企业开展跨境贸易投资的自由化便利化水平。 中曼石油作为上海市高新技术企业，凭借423项自主专利构建起上下游一体化业务体系，依托硬核科技 创新实力与市场竞争力，产品远销全球十余个国家。业务开放当天，中曼石油天然气公司完成首笔业务 办理，此举有效助力企业优化跨境资金配置，为推动我国高端工程技术服务和装备制造"走出去"、提升 全球产业链中的地位提供金融力量。 本次服务 ...

证券之星消息，截至2025年12月2日收盘，中曼石油(603619)报收于22.24元，下跌1.94%，换手率 2.59%，成交量11.99万手，成交额2.69亿元。 | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-02 | 22.24 -1.94% | -2693.74万 | -10.00% | 382.43万 | 1.42% | 2311.30万 | liv 8.58% | | 2025-12-01 | 22.68 0.98% | -1474.34万 | -4.74% | -1776.83万 | -5.71% | 3251.17万 | 10.45% | | 2025-11-28 | 22.46 -3.48% | -846.74万 | -2.61% | -1930.40万 | -5.95% | 2777.14万 | 8.56% | | 2025-11-27 | 23.27 0.52% | 1827.60万 | 9.55% ...

Core Insights - The oil service engineering sector experienced a slight increase of 0.13% on December 2, with Haiyou Development leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Haiyou Development (600968) closed at 3.86, up 1.58% with a trading volume of 596,000 shares and a transaction value of 228 million yuan [1] - Haiyou Engineering (600583) closed at 5.54, up 1.28% with a trading volume of 441,300 shares and a transaction value of 244 million yuan [1] - Other notable stocks include: - Dongsi Thought (601808) at 14.41, up 0.84% [1] - Zhongyou Engineering (600339) at 3.40, unchanged [1] - Beiken Energy (002828) at 12.18, down 0.49% [1] - Shihua Oil Service (600871) at 2.33, down 0.85% [1] - Tongyuan Petroleum (300164) at 6.05, down 1.31% [1] - Huibo Yin (002554) at 3.55, down 1.66% [1] - Zhongman Petroleum (603619) at 22.24, down 1.94% [1] - Bomai Ke (603727) at 15.35, down 2.17% [1] Capital Flow - The oil service engineering sector saw a net outflow of 210 million yuan from institutional investors, while retail investors contributed a net inflow of 248 million yuan [2][3] - Key stocks with significant capital flow include: - Tongyuan Petroleum (300164) with a net outflow of 40.06 million yuan from institutional investors [3] - Renji Co. (002629) with a net outflow of 33.28 million yuan from institutional investors [3] - Zhongman Petroleum (603619) with a net outflow of 26.94 million yuan from institutional investors [3] - Huibo Yin (002554) with a net outflow of 21.44 million yuan from institutional investors [3] - Haiyou Engineering (600583) with a net outflow of 20.98 million yuan from institutional investors [3]

Core Insights - The oil service engineering sector experienced a rise of 1.78% on December 1, with Keli Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Keli Co., Ltd. (code: 920088) closed at 32.01, with a gain of 6.17% and a trading volume of 39,200 shares, amounting to a transaction value of 123 million yuan [1] - Tongyuan Petroleum (code: 300164) closed at 6.13, up 5.69%, with a trading volume of 1,137,300 shares and a transaction value of 687 million yuan [1] - Zhun Oil Co., Ltd. (code: 002207) closed at 8.68, increasing by 4.20%, with a trading volume of 320,300 shares and a transaction value of 277 million yuan [1] - Other notable performers include Shihua Oil Service (code: 600871) with a 3.07% increase and a closing price of 2.35, and Tian Sihua (code: 601808) with a 2.29% increase, closing at 14.29 [1] Fund Flow Analysis - The oil service engineering sector saw a net outflow of 113 million yuan from institutional investors, while retail investors contributed a net inflow of 168 million yuan [2] - Keli Co., Ltd. had a net inflow of 11.38 million yuan from institutional investors, representing 9.25% of its total trading volume [3] - Other companies like Haiyou Development (code: 600968) and Tongyuan Petroleum experienced mixed fund flows, with Haiyou Development seeing a net inflow of 10.62 million yuan from institutional investors [3]