1. Report Industry Investment Rating - The industry investment rating is "Stronger than the Market" (maintained) [1] 2. Core Views of the Report Short - term - Short - term geopolitical risks are rising, and oil prices may show a volatile and upward - biased trend. In January 2026, oil prices showed a volatile and upward - biased trend. Tensions between the US and Venezuela, and turmoil in the Middle East have made geopolitical risks the main factor supporting oil prices again. Multiple geopolitical events have occurred, such as the US military attack on Venezuela on January 3, Trump's meeting with oil company executives on January 9, and threats to Iran [2]. Medium - term - The medium - term fundamentals may further widen, and the central direction of oil prices is still downward. OPEC+ has not completed its restorative production increase plan, American countries continue to increase production, and Venezuelan oil may gradually restore its production to the pre - sanction level. The pressure of supply surplus is difficult to relieve. It is expected that the global crude oil inventory will continue to accumulate in 2026, and the central price of Brent oil is expected to be around $56 per barrel [6][8] 3. Summary According to Relevant Catalogs 1.1 OPEC - In December 2025, OPEC 12 - country crude oil production was 28,564 thousand barrels per day, a month - on - month increase of 105 thousand barrels per day. OPEC+ (excluding countries without quota restrictions) production was 37,438 thousand barrels per day, a decrease of 198 thousand barrels per day compared with the previous month. OPEC+ plans to suspend the production increase plan from January to March 2026, and the supply of Venezuelan, Iranian, and Russian oil may be disturbed by geopolitical factors [14] 1.2 OPEC - In December 2025, Non - OPEC DoC crude oil production was 14,267 thousand barrels per day, a month - on - month decrease of 343 thousand barrels per day. Kazakhstan's production decreased by 237 thousand barrels per day, and Russia's production decreased by 73 thousand barrels per day. It is estimated that the year - on - year increase in crude oil supply from Non - DoC countries in 2025, 2026, and 2027 will be 930,000 barrels per day, 600,000 barrels per day, and 590,000 barrels per day respectively [22] 1.3 - In December 2025, the global total number of drilling rigs was 1,854, a month - on - month decrease of 30. The total number of drilling rigs in Canada decreased by 19, and that in the US decreased by 3. In December 2025, the number of new wells drilled in the seven major shale oil producing areas in the US increased by 10 month - on - month, the number of newly completed wells decreased by 7, and the number of inventory wells decreased by 29 [27] 1.4 OPEC - OPEC predicts that the global oil demand in 2026 will be 106.5 million barrels per day, a year - on - year increase of 1.38 million barrels per day. The oil demand in China will be 17.1 million barrels per day, a year - on - year increase of 200,000 barrels per day. In 2027, the global oil demand is expected to be 107.9 million barrels per day, a year - on - year increase of 1.34 million barrels per day, and China's oil demand will be 17.3 million barrels per day, a year - on - year increase of 200,000 barrels per day [28] 2.1 EIA - According to the EIA's January 2026 report, the supply - demand gap of global crude oil and related liquid fuels from 2025 to 2027 will be +2.59 million, +2.83 million, and +2.09 million barrels per day respectively. It is expected that the global crude oil will continue to accumulate inventory from 2026 to 2027. The average price of Brent oil is expected to drop to $56 per barrel in 2026, a 19% decrease from 2025, and to $54 per barrel in 2027 [31] 2.2 EIA - In January 2026, the global crude oil production was 79.43 million barrels per day, a month - on - month decrease of 1.0926 million barrels per day and a year - on - year increase of 2.7363 million barrels per day. It is expected that the global oil production will increase by 1.37 million barrels per day and 530,000 barrels per day year - on - year in 2026 and 2027 respectively. After the OPEC+ production increase plan is completed in 2026, the increase in 2027 may slow down significantly, and the production of the US may decrease year - on - year in 2027, while the increase from new projects in South America will dominate [37] 2.3 EIA - In January 2026, the global oil demand was 102.38 million barrels per day, a month - on - month decrease of 2.8818 million barrels per day and a year - on - year increase of 997,600 barrels per day. It is predicted that the global oil demand will be 104.82 million barrels per day in 2026, a year - on - year increase of 1.13 million barrels per day, and 106.09 million barrels per day in 2027, a year - on - year increase of 1.27 million barrels per day. China and India are the main sources of global oil consumption growth [40] 3.1 IEA - The IEA predicts that the global oil supply will still be in surplus in 2026. The export of Iranian and Venezuelan oil has great uncertainties. In 2025, the global oil supply increased by 3 million barrels per day year - on - year, and it is expected to increase by 2.5 million barrels per day in 2026. In November 2025, the global oil inventory increased sharply, and the export of Iranian and Venezuelan oil decreased [41] 3.2 IEA - The IEA predicts that the year - on - year increase in global oil demand in 2025 and 2026 will be about 850,000 barrels per day and 930,000 barrels per day respectively. The year - on - year increase in global oil consumption in 2026 may be mainly provided by liquefied petroleum gas and naphtha, and China's naphtha demand may continue to show a large increase [47] 5.1 Investment Suggestions - In the short term, oil prices may show a volatile and upward - biased trend, and the support for Brent oil prices at $60 per barrel is strong. In the medium term, the supply surplus pressure is difficult to relieve, and the central price of Brent oil is expected to be around $56 per barrel. It is recommended to pay attention to domestic oil companies that continue to focus on domestic oil and gas resource exploration, have clear goals for increasing reserves and production, and have great potential for overseas market development, such as PetroChina, Sinopec, CNOOC, Offshore Oil Engineering, CNOOC Energy Technology & Services, Zhongman Petroleum, and Intercontinental Oil & Gas [60]

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - As of January 23, 2026, international oil prices have seen a slight increase due to multiple favorable factors, including temporary production halts in Kazakhstan, an upward revision of global economic growth forecasts, the cancellation of tariffs on eight European countries by Trump, and extreme cold weather potentially affecting supply and demand [2][9] - Brent and WTI crude oil prices were reported at $65.07 and $61.07 per barrel, respectively, marking increases of 1.47% and 2.92% from the previous week [2][20] - The oil and petrochemical sector outperformed, with a 7.71% increase, while the broader Shanghai and Shenzhen 300 index fell by 0.62% [10][13] Summary by Sections Oil Price Review - Brent crude futures settled at $65.07 per barrel, up $0.94 (+1.47%) from the previous week, while WTI crude futures rose to $61.07 per barrel, an increase of $1.73 (+2.92%) [2][20] Offshore Drilling Services - As of January 19, 2026, the number of global offshore self-elevating drilling platforms was 376, a decrease of 1 from the previous week, while floating drilling platforms increased by 3 to a total of 133 [29] Oil Supply - U.S. crude oil production was reported at 13.732 million barrels per day as of January 16, 2026, a decrease of 21,000 barrels from the previous week [39] - The number of active drilling rigs in the U.S. increased by 1 to 411 as of January 23, 2026 [39] Oil Demand - U.S. refinery crude oil processing volume was 16.604 million barrels per day as of January 16, 2026, down by 354,000 barrels from the previous week, with a refinery utilization rate of 93.30%, a decrease of 2.0 percentage points [47] Oil Inventory - As of January 16, 2026, total U.S. crude oil inventories stood at 841 million barrels, an increase of 4.408 million barrels (+0.53%) from the previous week [48] Related Stocks - Key stocks in the sector include China National Offshore Oil Corporation (CNOOC), PetroChina, Sinopec, and China Oilfield Services [3]

Core Viewpoint - The article emphasizes the strategic importance of "Beijing-Tianjin-Hebei," "Port-Industry-City," and "Education-Science-Talent" as key components for Tianjin's high-quality development during the "14th Five-Year Plan" period, aiming to enhance collaboration and innovation across these sectors [1][2]. Group 1: Beijing-Tianjin-Hebei Collaboration - The Beijing-Tianjin-Hebei collaboration has opened new opportunities for Tianjin, enhancing its role in alleviating non-capital functions from Beijing and promoting technological innovation [3][4]. - The region has seen significant industrial integration, with Tianjin leading initiatives in high-end equipment and new information technology, contributing to the national industrial landscape [4][5]. - Infrastructure improvements, such as the completion of intercity rail lines, have facilitated better connectivity and economic integration within the region [6]. Group 2: Port-Industry-City Integration - Tianjin's port has become a critical asset, with container throughput increasing from 21.02 million TEUs in 2022 to 23.29 million TEUs by 2024, reflecting its growing role as a comprehensive economic hub [8]. - The port's operational efficiency has improved significantly, reducing vessel turnaround times and enhancing service capabilities, which supports industrial growth [7][8]. - The integration of port services with high-end industries has led to the establishment of multiple industrial clusters, attracting significant investments and fostering economic development [9][10]. Group 3: Education, Science, and Talent Development - Tianjin is enhancing its innovation ecosystem by leveraging its educational resources, with 29 national key laboratories and 56 universities contributing to a robust talent pool [11][12]. - The city has implemented policies to promote industry-education integration, resulting in a high alignment of vocational education with local industry needs, achieving over 90% alignment in program offerings [12][13]. - Initiatives to attract and retain talent, such as the "Haihe Talent" program, have successfully brought in over 520,800 individuals, with a focus on young and highly educated professionals [14][15].

附注 统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 上市企业：广宇发展（000537）、凯发电气（300407）、百利电气（600468）、海油工程（600583）、 渤海化学（600800）、金开新能（600821）、中海油服（601808）、博迈科（603727）、中重科技 （603135）、美腾科技（688420） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年12月，天津市发电80.4亿千瓦时，同比增长0.9%。2025年，天津市发电771亿千瓦时，同比下滑 8.1%。分品种看，2025年，天津市火力发电量684.5亿千瓦时，占总发电量的88.8%，同比下滑10.4%； 天津市风力发电量40.3亿千瓦时，占总发电量的5.2%，同比增长35.6%；天津市太阳能发电量46.24亿千 瓦时占总发电量的6%，同比增长1.7%。 2018-2025年天津市各品种发电量累计产量统计图 数据来源：国家统计局，智研咨询整理 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品 ...

Investment Rating - The report maintains an "Overweight" rating for the oil and gas sector, indicating a positive outlook for investment opportunities in this industry over the next 6-12 months [5]. Core Insights - The geopolitical landscape has intensified competition for global deep-sea strategic resources, with deep-sea areas becoming a focal point for geopolitical and energy dominance [1][27]. - China's deep-sea resources hold significant strategic value, with comprehensive policy frameworks promoting high-quality development in the industry [2][29]. - China National Offshore Oil Corporation (CNOOC) is positioned as a leading player in deep-sea resource development, aiming to enhance its capabilities and expand its market presence during the 14th Five-Year Plan period [3][35]. Summary by Sections 1. Global Deep-Sea Resource Dynamics - The global utilization of marine resources has deepened, with increasing demands for food, materials, and space, leading to intensified competition in marine resource acquisition [14][17]. - The OECD predicts a compound annual growth rate (CAGR) of 3.45% for the marine economy from 2010 to 2030, with significant growth expected in offshore wind power and aquaculture [18][19]. 2. CNOOC's Strategic Positioning - CNOOC has established a comprehensive marine energy development system, covering conventional oil and gas, deep-water oil and gas, LNG, and offshore wind power [3][36]. - The company holds over 95% of China's offshore oil and gas development rights, reinforcing its dominant position in the sector [37]. 3. Policy Support for Deep-Sea Technology - The Chinese government has elevated "deep-sea technology" to a strategic emerging industry, emphasizing its importance for resource development, national defense, and technological innovation [2][28]. - A multi-level policy framework has been established to support the growth of the deep-sea technology market, ensuring sustainable development and increased contributions to the marine economy [29][31]. 4. Investment Recommendations - CNOOC is recommended as a key investment opportunity due to its strong growth in production and reserves, along with its cost advantages [39]. - Other companies in the sector, such as CNOOC Services and CNOOC Engineering, are also highlighted for their potential benefits from the ongoing development of China's marine resources [39].

证券之星消息，1月23日油服工程板块较上一交易日下跌0.22%，仁智股份领跌。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。油服工程板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300164 | 道線石油 | 7.90 | 3.40% | 172.08万 | | 13.31 Z | | 920088 | 科力股份 | 38.66 | 2.41% | 7.61万 | | 2.887Z | | 300191 | 潜能恒信 | 23.48 | 1.51% | 21.12万 | | 4.90亿 | | 600871 | 石化油服 | 2.63 | 1.15% | 482.26万 | | 12.61亿 | | 002207 | 准油股份 | 8.94 | 0.56% | 38.31万 | | 3.38亿 | | 002554 | 惠博音 | 4.14 | 0.49% | 129.93万 | | 5.36亿 | | ...

Group 1 - Over 2,500 aircraft have installed the Starlink system, with 16 airlines/operators currently using or contracted to install the service [2] - China's first flexible intelligent spraying system for marine oil and gas equipment has been put into operation, marking significant progress in anti-corrosion coating technology [2] - Blue Origin, owned by Jeff Bezos, announced a satellite communication network plan named "TeraWave," aiming to deploy 5,408 satellites to provide services with a target data transmission speed of 6 Tbps [2] - CATL released a customized series solution for light commercial vehicles, featuring the industry's first mass-produced sodium battery, which performs well in extreme temperatures [2]

News Focus - In 2025, the National Energy Administration issued 2.947 billion green certificates, with 1.5 billion being tradable, accounting for 71.32% of the total issued [2] - The National Development and Reform Commission, along with the Ministry of Finance, released a list of 30 typical cases for energy cost management in public institutions [2] Domestic News - Significant progress has been made in non-destructive testing of batteries, with a new in-situ mapping technology developed to monitor internal electrochemical reactions in commercial lithium-ion batteries [3] - The first flexible intelligent spraying system for marine oil and gas equipment has been put into trial production, marking a key advancement in anti-corrosion technology for marine energy equipment [3] - A breakthrough in refrigeration technology has been achieved with the discovery of the "dissolved pressure card effect," which could provide low-carbon, efficient cooling solutions for high-energy data centers [3] R&D and Energy Projects - The demonstration project for "hundred-megawatt dynamic reconfigurable battery energy storage technology" has been accepted, confirming the technology's ability to reduce entropy in battery systems [4] - In 2025, Shaanxi Province's electricity export volume is expected to exceed 100 billion kilowatt-hours, supported by stable coal supply and effective energy security measures [4] International News - Kazakhstan is negotiating with Ukraine and European countries regarding frequent attacks on the Caspian Pipeline Consortium facilities, emphasizing the importance of energy security [5] - Former President Trump announced that the U.S. acquired 50 million barrels of crude oil from Venezuela [5] Corporate News - China National Nuclear Corporation plans to expand effective investments in 2026, focusing on building a robust nuclear fuel cycle industry and promoting the development of new nuclear energy [7] - China National Petroleum Corporation's Fujian LNG receiving station is expected to be operational by early 2027, with an annual receiving capacity of 6.5 million tons of LNG, potentially driving over 50 billion yuan in comprehensive industrial scale [7]

Core Viewpoint - The launch of China's first flexible intelligent spraying system for offshore oil and gas equipment marks a significant advancement in anti-corrosion coating technology, which is crucial for enhancing the production capacity of marine energy [1]. Group 1: System Features and Capabilities - The flexible intelligent spraying system features a modular design and incorporates intelligent visual recognition and high-precision servo control technology, allowing for high adaptability to customized coating tasks [1]. - The system achieves full automation and visualization of the coating process, effectively reducing manual labor intensity and safety risks [1]. - The maximum spraying capacity of the system is 200 square meters per hour, with a design lifespan of 15 years, and it improves the efficiency of complex workpieces by over 30% compared to traditional manual methods, while controlling coating thickness error within 0.01 millimeters [1]. Group 2: Technological Innovations - The project team has successfully overcome multiple technical challenges in component recognition, path planning, intelligent spraying, process matching, and adaptive adjustment, achieving over 10 technological innovations in spraying component AI visual recognition, spraying path planning, and precision control [2]. - The core hardware and software of the system are 100% domestically produced, highlighting advancements in local manufacturing capabilities [2].

Core Viewpoint - The launch of China's first flexible intelligent spraying system for offshore oil and gas equipment marks a significant advancement in anti-corrosion coating technology, which is crucial for enhancing marine energy production capabilities [1] Group 1: System Features and Capabilities - The flexible intelligent spraying system features a modular design and incorporates intelligent visual recognition and high-precision servo control technology, allowing for high adaptability to customized coating tasks [1] - The system can achieve full automation and visualization of the coating process, effectively reducing manual labor intensity and safety risks [1] - The maximum spraying capacity of the system is 200 square meters per hour, with a design lifespan of 15 years, and it improves efficiency for complex components by over 30% compared to traditional manual methods, while controlling coating thickness deviation within 0.01 millimeters [1] Group 2: Technological Innovations - The flexible intelligent spraying system is designed for flexible manufacturing in engineering and possesses visual recognition capabilities, suitable for customized anti-corrosion spraying in complex environments [2] - The project team has successfully overcome multiple technical challenges, including component recognition, path planning, intelligent spraying, process matching, and adaptive adjustment, achieving over 10 technological innovations [2] - The core software and hardware of the system are 100% domestically produced [2]