Guoxin Securities·2026-02-26 12:07Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [3][26]. Core Insights - The report highlights the support of tax incentives for marine oil and gas development and natural gas import utilization, aiming to enhance domestic oil and gas supply capabilities and ensure national energy security [4][5]. - The report emphasizes the increasing importance of imported natural gas in China's energy supply, with a focus on stabilizing costs through tax refunds on eligible imports [5][14]. - The marine oil and gas sector is identified as a key area for future development, with significant investments expected to continue in the coming years, reflecting high industry prosperity [6][9]. Summary by Sections Industry Policy Commentary - The Ministry of Finance, General Administration of Customs, and State Taxation Administration issued a notification on tax incentives for energy resource exploration and development during the 14th Five-Year Plan period, which includes exemptions from import tariffs for essential equipment used in marine oil and gas exploration and emergency rescue projects [4]. - The policy aims to reduce the import costs of marine oil and gas exploration equipment, thereby enhancing the internal rate of return on projects and promoting the development of deep-sea oil and gas fields [5][22]. Investment Recommendations - The report suggests focusing on companies such as China National Offshore Oil Corporation (CNOOC), CNOOC Services, and CNOOC Development, as the tax incentives will lower procurement costs and improve project profitability [5][22]. - It also recommends paying attention to China National Petroleum Corporation (CNPC) and CNOOC, as the tax refund mechanism for imported natural gas will help mitigate cost fluctuations, especially during periods of high gas prices [5][22]. Market Trends - Global marine oil and gas exploration spending is on the rise, with investments expected to remain above $100 billion in the coming years, indicating a robust market outlook [6]. - China's marine oil and gas exploration and production expenditures are projected to continue increasing, with significant capital expenditures planned for 2024 and 2025 [9][14].