Group 1 - The U.S. military conducted a large-scale military strike against Venezuela, capturing President Maduro and announcing plans for U.S. oil companies to invest billions in Venezuela's oil infrastructure [1] - Venezuela has the world's largest proven oil reserves at approximately 303 billion barrels, accounting for 17% of global reserves, but its daily oil production is currently below 1 million barrels [2][3] - Venezuela's oil production has sharply declined since 2017 due to U.S. sanctions, dropping from over 2 million barrels per day to around 300,000 barrels per day by 2020 [2] Group 2 - As of November 2025, Venezuela's oil production was 934,000 barrels per day, a month-on-month decrease of 2.3%, with an average annual production of 916,000 barrels per day, reflecting an 8.57% year-on-year increase [2] - In November 2025, Venezuela's oil export volume was 653,000 barrels per day, a month-on-month decrease of 16.71%, with an average annual export volume of 728,000 barrels per day, showing a 10.7% year-on-year increase [3] - The current geopolitical instability between the U.S. and Venezuela is likely to support oil prices in the short term, but ongoing developments need to be monitored [3] Group 3 - Venezuela's oil is primarily heavy and extra-heavy crude, which requires special processing and diluents for transportation and refining, resulting in higher extraction and operational costs compared to conventional light crude [3] - Prior to 2019, Venezuela was a key source of heavy oil for the U.S., but due to sanctions, imports have fallen to less than 100,000 barrels per day in 2025, with Canada and Mexico now being the top suppliers [4] - In 2025, WTI and Brent crude oil prices fell approximately 20% from the beginning of the year, influenced by OPEC+ production increases and oversupply in the oil market [4]

Core Viewpoint - The article discusses the recent military actions by the U.S. against Venezuela, highlighting the potential for U.S. oil companies to invest billions in Venezuelan oil infrastructure, which could significantly impact global oil markets and prices [3]. Group 1: Military Actions and Economic Implications - The U.S. military conducted a large-scale operation against Venezuela, capturing President Maduro and announcing plans to "manage" the country, which includes significant investments in the oil sector [3]. - U.S. oil companies are expected to invest billions to repair oil infrastructure in Venezuela, which has the largest proven oil reserves globally, estimated at 303 billion barrels, accounting for 17% of the world's total [3][4]. Group 2: Current Oil Production and Trends - Venezuela's oil production has drastically declined from over 2 million barrels per day in 2017 to around 930,000 barrels per day in November 2025, reflecting a 2.3% month-on-month decrease [4]. - The average oil production for 2025 was reported at 916,000 barrels per day, showing an 8.57% year-on-year increase, while the average export volume was 728,000 barrels per day, up 10.7% year-on-year [4]. Group 3: Market Reactions and Future Outlook - Oil and gas stocks surged following the news, with companies like Quanzhou Oil and PetroChina seeing significant price increases [3]. - Despite the short-term support for oil prices due to geopolitical instability, analysts caution that the macro environment may not sustain long-term price increases, especially with OPEC+ discussions on restoring production levels [5]. - The article notes that the price of WTI and Brent crude oil has dropped approximately 20% over the year, from $72 and $75 per barrel to $56 and $60, respectively, influenced by OPEC+ production increases and oversupply [5].

Core Viewpoint - The recent military action by the U.S. against Venezuela, including the capture of President Maduro, is expected to lead to significant investments by U.S. oil companies in Venezuela's oil infrastructure, potentially revitalizing the country's oil production and exports [1] Group 1: Venezuela's Oil Production and Exports - Venezuela has proven oil reserves of approximately 303 billion barrels, accounting for 17% of global reserves, but its daily oil production is currently below 1 million barrels, representing less than 1% of global oil production [2] - Venezuela's oil production has sharply declined from over 2 million barrels per day in 2017 to around 300,000 barrels per day in 2020 due to U.S. sanctions during Trump's presidency [2] - As of November 2025, Venezuela's oil production was 934,000 barrels per day, a month-on-month decrease of 2.3%, while the average production for the year was 916,000 barrels per day, reflecting an annual growth of 8.57% [2] Group 2: Export Dynamics - In November 2025, Venezuela's oil export volume was 653,000 barrels per day, a month-on-month decrease of 16.71%, with an average annual export volume of 728,000 barrels per day, showing a year-on-year increase of 10.7% [3] - The geopolitical instability between the U.S. and Venezuela is likely to support oil prices in the short term, but ongoing developments need to be monitored closely [3] Group 3: Market Conditions and Pricing - The oil market is currently facing macroeconomic conditions that do not favor sustained price increases, with discussions within OPEC+ about gradually restoring production, which could lead to a more balanced global supply-demand scenario [3] - The price of WTI and Brent crude oil has dropped approximately 20% from the beginning of 2025, with WTI falling from $72 per barrel to $56 and Brent from $75 to $60 [4] - Venezuela's oil is primarily heavy and extra-heavy crude, which requires special processing and diluents for transportation and refining, resulting in higher extraction and operational costs compared to conventional light crude oil [3]

Group 1 - The core viewpoint of the article is that Tongyuan Petroleum (300164) is actively engaged in providing CCUS (Carbon Capture, Utilization, and Storage) services, specifically focusing on techniques such as CO2-enhanced oil recovery, fracturing, and throughput services [1] - The company charges clients based on the amount of CO2 injected, indicating a performance-based pricing model [1] - The CCUS business does not involve any national subsidies, highlighting the independent nature of its revenue model [1]

Group 1 - The core viewpoint of the article is that Tongyuan Petroleum (300164) acknowledges that its stock price is influenced by multiple factors and aims to enhance its market value management through various strategies [1] Group 2 - The company plans to improve its operational management continuously [1] - The company intends to actively return value to shareholders [1] - The company will strengthen investor relations management as part of its strategy [1]

Group 1 - The core viewpoint of the article is that Tongyuan Petroleum (300164) is maintaining a stable development trend in its overall business [1] - The company encourages investors to refer to its periodic reports for specific details regarding its business performance [1]

Core Insights - The oil service engineering sector experienced a 0.59% increase on December 30, with Junyou Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] Sector Performance - Junyou Co., Ltd. (002207) closed at 7.69, up 3.22% with a trading volume of 240,600 shares and a transaction value of 182 million yuan [1] - Tongyuan Petroleum (300164) closed at 5.71, up 2.51% with a trading volume of 732,600 shares and a transaction value of 409 million yuan [1] - Zhongman Petroleum (603619) closed at 23.50, up 1.64% with a trading volume of 112,500 shares and a transaction value of 263 million yuan [1] - Other notable performances include Haiyou Development (600968) up 1.58% and Yingtai History (601808) up 0.72% [1] Capital Flow - The oil service engineering sector saw a net outflow of 43.23 million yuan from institutional investors, while retail investors contributed a net inflow of 63.65 million yuan [2] - The main capital inflow was observed in Junyou Co., Ltd. with a net inflow of 13.43 million yuan, while Haiyou Development and Tongyuan Petroleum also saw significant inflows [3] - Conversely, companies like Beiken Energy (002828) and Huibo Yin (002554) experienced notable net outflows from both institutional and retail investors [3]

联储证券股份有限公司 关于通源石油科技集团股份有限公司 保荐人名称:联储证券股份有限公司 被保荐公司简称:通源石油 保荐代表人姓名:胡玉林 联系申话:0532-80990830 保荐代表人姓名:许光 联系电话:0532-80990830 现场检查人员姓名:胡玉林 现场检查对应期间:2025年1月1日-2025年12月25日 现场检查时间:2025年12月22日-2025年12月25日 一、现场检查事项 现场检查意见 (一)公司治理 是 否 不适用 现场检查主要手段: (1) 查阅历次董事会、监事会、股东大会会议材料,包括会议通知、会议决议、 会议记录、公告等; (2) 查阅公司章程及各项规章制度; (3)实地查看公司主要管理场所; (4) 对公司相关人员进行访谈,了解公司基本制度的执行情况及公司与关联企业 在人员、资产、财务、机构、业务等方面是否存在影响独立性的情形。 1.公司章程和公司治理制度是否完备、合规 V 2.公司章程和股东会、董事会规则是否得到有效执行 V 3.股东会、董事会会议记录是否完整,时间、地点、出席人 V 员及会议内容等要件是否齐备,会议资料是否保存完整 4.股东会、董事会会议决议是否由出 ...

联储证券股份有限公司 一、本次持续督导培训的基本情况 (一)保荐机构:联储证券股份有限公司 (二)培训保荐代表人:胡玉林 (三)培训时间: 2025年12月24日 (四)培训对象:通源石油控股股东、实际控制人,公司董事、高级管理人 员等。 (五)培训内容:创业板上市公司规范运作相关监管政策、违规案例等。 关于通源石油科技集团股份有限公司 2025年持续督导培训情况的报告 深圳证券交易所: 联储证券股份有限公司（以下简称"联储证券"或"保荐机构"）根据《证券发 行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号 --- 保荐业务》等相关法律法规要求,对通源石油科技集团股份有限公司(以下简称 "通源石油"或"公司"）有关人员进行了 2025 年持续督导培训,本次培训采取现 场会议、腾讯会议方式。针对因故未能参加培训的相关人员，保荐人已向其提供 本次培训的相关资料，督促其认真学习培训内容。 本次持续督导培训情况如下: 保荐机构按照相关法规要求,对通源石油进行了2025年持续督导培训,保荐 机构认为:通过本次培训,通源石油的控股股东、实际控制人、董事、高级管理 人员及相关人员对上市公司的规范运作 ...

Core Viewpoint - Tongyuan Petroleum (300164) reported a stock price of 5.57 yuan as of December 29, 2025, with a 0.54% increase and a trading volume of 741,800 shares, amounting to a total transaction value of 414 million yuan [1] Financial Performance - For the first three quarters of 2025, Tongyuan Petroleum's main revenue was 860 million yuan, a year-on-year decrease of 0.82% [2] - The net profit attributable to shareholders was 56.22 million yuan, showing a year-on-year increase of 16.84% [2] - The non-recurring net profit was 30.54 million yuan, reflecting a year-on-year decrease of 28.94% [2] - In Q3 2025, the company's single-quarter main revenue was 308 million yuan, down 2.31% year-on-year [2] - The single-quarter net profit attributable to shareholders was 17.59 million yuan, up 31.16% year-on-year [2] - The single-quarter non-recurring net profit was 16.97 million yuan, increasing by 31.74% year-on-year [2] - The company's debt ratio stood at 27.74%, with investment income of 1.53 million yuan and financial expenses of 2.84 million yuan [2] - The gross profit margin was reported at 25.04% [2] Market Activity - On December 29, 2025, the net inflow of main funds was 25.86 million yuan, accounting for 6.24% of the total transaction value [1] - The net inflow of speculative funds was 18.44 million yuan, representing 4.45% of the total transaction value [1] - Retail investors experienced a net outflow of 44.30 million yuan, which constituted 10.69% of the total transaction value [1]