加速人工智能应用，氮肥前景向好，石油市场供应过剩

Global Energy Strategy - The report highlights an acceleration in the application of artificial intelligence in the energy sector, with ExxonMobil reporting significant improvements in seismic data processing times, reducing from months to weeks, potentially realizing over $1 billion in value [3][7] - The outlook for nitrogen fertilizer is positive, with CF Industries projecting strong demand in North America, India, and Brazil, and low global inventory levels [5][12] - The oil market is expected to face oversupply by 2026, as indicated by Shell, which notes increased crude oil reserves in China and a significant rise in in-transit crude volumes [4][9] Investment Focus - ADNOC Gas, ADNOC Drilling, and ADNOC Distribution are rated as outperform, with projected P/E ratios for 2025E at 15.7, 16.1, and 17.4 respectively [1] - Fertiglobe is also rated outperform, with a projected P/E of 25.1 for 2025E, benefiting from the positive nitrogen fertilizer outlook [1][12] - Companies like Saudi Aramco and Vestas Wind Systems are highlighted for their strong performance and positive growth outlooks, with P/E ratios of 16.4 and 18.6 for 2025E respectively [1] Key Industry Trends - The report emphasizes the importance of carbon capture in data centers, with ExxonMobil focusing on developing low-carbon data centers with over 90% carbon capture rates [8] - The liquid natural gas market is expected to see a balance in supply and demand, with Cheniere Energy forecasting a gradual decline in spot LNG prices due to new liquefaction capacity coming online [10][11] - The nitrogen fertilizer market is projected to maintain a favorable supply-demand balance, with CF Industries estimating global nitrogen fertilizer demand growth of 1-2% annually [5][12]