Core Viewpoint - The implementation of the "dual carbon" strategy and the promotion of green finance are crucial for the development of new productive forces in Shandong Province, with a focus on integrating green credit with green industries [1][4]. Group 1: Green Finance Initiatives - Hengfeng Bank has successfully launched its first CCUS (Carbon Capture, Utilization, and Storage) project loan, marking a significant step in promoting green credit and supporting low-carbon industrial upgrades [1][4]. - The bank's approach includes linking loan interest rates to carbon credit reports, encouraging companies to reduce carbon emissions while saving on financing costs [4]. Group 2: CCUS Technology Application - Binhzhou Zhongyu Food Co., Ltd. plans to utilize CCUS technology to create a carbon recycling project, aiming to recover 50,000 tons of CO2 annually and reduce carbon emissions by 13,600 tons [2][4]. - The project will enhance the green extension of the industrial chain and achieve synergistic effects in energy conservation and emission reduction [2]. Group 3: Financial Performance and Growth - Hengfeng Bank's green finance loans increased by 28.17% compared to the beginning of the year, demonstrating a commitment to integrating green finance with industrial transformation [4].

Core Viewpoint - Shougang Longze Technology Co., Ltd. has delayed its global offering and listing plan, returning application funds, originally scheduled for July 9 on the Hong Kong Stock Exchange [1][2]. Company Overview - Shougang Longze focuses on the carbon capture, utilization, and storage (CCUS) industry, producing low-carbon products such as ethanol and microbial protein, and providing comprehensive low-carbon solutions [4]. - The company’s ethanol can be used as fuel and as a raw material for various products, while its microbial protein is the first novel feed protein raw material in China [4]. Financial Performance - In the previous year, Shougang Longze reported revenue of 560 million RMB, a year-on-year decline of 4.9%, with a net loss attributable to shareholders of 140 million RMB, an increase of 1.1 times [6]. - Financial projections indicate a revenue increase to 592.6 million RMB in 2023, followed by a slight decrease to 563.6 million RMB in 2024 [7]. Fund Utilization Plan - The company plans to allocate approximately 37.9% of the net proceeds for the construction and development of SAF production facilities in Baotou, Inner Mongolia, 21.2% for the second phase facility in Hebei, and 11.4% for research and development of strains, production equipment, and smart production management systems [8].

Core Insights - The project is the largest CCUS initiative in the Beijing-Tianjin-Hebei region, having injected over 200,000 tons of carbon dioxide to date [1][2] - The project aims to enhance oil recovery from aging oil fields while promoting green and low-carbon development in line with the "dual carbon" goals [1] Group 1: Project Overview - The CCUS project involves the injection of carbon dioxide into the Bailing West potential mountain oil reservoir, which has been a major oil-producing area for North China Oilfield [1] - The project is designed to include three gas injection wells, twenty oil production wells, and two observation wells, divided into gas injection and carbon storage phases [2] Group 2: Technical Achievements - The project has transitioned from single well testing to overall gas injection at the station, achieving an oil production rate of 40 tons per day [2] - The CCUS initiative has demonstrated a 20% increase in oil recovery efficiency compared to conventional gas injection methods, providing a new pathway for enhancing production in aging oil fields [1] Group 3: Future Plans - By 2025, the project plans to inject 150,000 tons of carbon dioxide, with a total injection target of 12.5 million tons, storage of 8.47 million tons, and oil production of 3.16 million tons throughout the entire testing cycle [2]

Core Viewpoint - The company is committed to enhancing energy security and achieving high-quality development in the oil and gas industry, aligning with national strategies for energy strength and sustainability [1][2]. Group 1: Resource Foundation - The company prioritizes energy security as its core value and aims for high-quality development in the oil and gas sector, achieving a cumulative increase of 264 million tons in proven reserves and 666 million tons in controlled reserves from 2021 to 2023 [2]. - The company has produced 70.26 million tons of crude oil and 2.29 billion cubic meters of natural gas during the same period, with renewable energy capacity reaching 1.2 billion kilowatt-hours, accounting for over 23% of oil and gas production [2]. - The establishment of a national-level demonstration area for shale oil and the exploration of deep and ultra-deep layers have led to significant resource discoveries, with estimated resource volumes of 10.5 billion tons and 2.8 billion tons respectively [2][3]. Group 2: Technological Innovation - The company emphasizes technological innovation as a core engine for energy security, achieving breakthroughs in key theories and technologies, resulting in an annual increase of over 3 million tons of oil through technological advancements [4]. - Significant progress has been made in shale oil exploration and development, with the establishment of a national key laboratory and the development of new theories and technologies that have converted 90% of previously immobile resources into movable resources [4][5]. - The company has also made strides in chemical flooding techniques, improving recovery rates by 13.7% and covering geological reserves of 12 million tons [4]. Group 3: Green Development - The company integrates green development into its operations, focusing on clean fossil energy, large-scale clean energy, and low-carbon production processes, aiming to create a national-level demonstration area for green and low-carbon development [6][7]. - The establishment of a comprehensive energy service system and the implementation of 184 renewable energy projects have positioned the company as a leader in energy supply, with solar power capacity reaching 445 megawatts [7]. - The company has built the first million-ton CCUS demonstration project in the country, injecting over 1.9 million tons of carbon dioxide, contributing to regional CCUS industry development [7][8].

Core Viewpoint - Dongying City is making significant progress in energy conservation and carbon reduction, focusing on key sectors, industries, and enterprises, guided by the "dual carbon" initiative [1][2] Group 1: Key Actions and Initiatives - Dongying has implemented the "Top Ten Actions for Carbon Peak" and is the first in the province to issue the "Dongying City Zero Carbon Industrial Park Planning and Construction Scheme (Trial)" [1] - The city has announced the first batch of municipal zero-carbon parks, including the Dongying Ningde Times lithium battery industry zero-carbon park and the Dongying offshore wind power equipment industry zero-carbon park [1] - Dongying aims to create a comprehensive zero-carbon demonstration city and a model for the new energy transformation of heavy chemical industries [1] Group 2: Strategic Collaborations and Planning - The city is deepening strategic cooperation with Ningde Times and expanding applications in zero-carbon oil areas, zero-carbon chemicals, and zero-carbon towns [1] - High-level planning for the "Dongying City Zero Carbon Urban Development Plan" is underway, with a focus on establishing a CCUS (Carbon Capture, Utilization, and Storage) full industry chain demonstration base [1] Group 3: Implementation and Monitoring - Dongying is enhancing energy conservation inspections to cover all key energy-consuming units in the city [1] - The city is implementing tailored energy efficiency diagnostics for key enterprises and planning a series of energy-saving and carbon reduction projects [1] Group 4: Public Awareness and Education - The city is actively promoting energy conservation and carbon reduction awareness through regular training and public campaigns, including Energy Conservation Week and Low Carbon Day [2]

Group 1 - China National Offshore Oil Corporation (CNOOC) is organizing a media research event from June 11 to 13 [1] - CNOOC's Bohai Oilfield will establish the largest CCUS center in northern China, integrating carbon dioxide production, injection, and storage [1] - The Bohai Oilfield, established in 1965, has approximately 60 oil and gas fields in production and over 200 production facilities, making it the largest offshore oil and gas production base in China [1] Group 2 - CCUS stands for Carbon Capture, Utilization, and Storage [1] - The first offshore CCUS project in China was officially put into operation on May 22 at CNOOC's Enping 15-1 platform in the Pearl River Mouth Basin [1]

2025 年 6 月 8 日 行业研究 坚守长期主义之九："三桶油"以自身发展确定性应对外部不确定性 ——石油化工行业周报第 406 期（20250602—20250608） 要点 地缘政治紧张叠加 OPEC+增产意愿，油价存在较大不确定性。本周俄乌、伊 核谈判等地缘政治冲突再起，油价持续反弹，截至 2025 年 6 月 6 日，布伦特、 WTI 原油分别报收 66.65、64.77 美元/桶，较上周分别+6.5%、+6.5%，较 5 月 1 日分别+7.7%、+9.8%。展望后市，油价地缘政治风险溢价有望提升，但 是 OPEC+当前增产意愿较强，OPEC+此前已同意在 5 月、6 月和 7 月增产 41.1 万桶/日，OPEC+的增产或将使油价面临压力。 "三桶油"上游加强"增储上产"，应对外部能源安全挑战。2025 年以来地 缘政治局势不确定性较强，我国能源安全受到较多外部挑战。"三桶油"将继 续维持高资本开支，大力推进"增储上产"，2025 年计划分别增长 1.6%、 1.3%、5.9%。（1）中国石油聚焦重点盆地重点地区加大风险勘探力度，把 天然气业务作为战略性、成长性和价值性工程大力发展，2024 ...

如何把石油从这些零散的地层中采出来？该区块自2021年起开始应用二氧化碳驱油。"二氧化碳用增压 泵增压到40兆帕后，被注入地下。二氧化碳与原油形成高压混相状态，既能提高原油的流动性、增加原 油产量，又能将二氧化碳封存于地下。"屈龙涛介绍，简单来说，就是通过注入二氧化碳，把地下的 油"挤"出来。 屈龙涛说，相比原先用水驱油的方式，液态二氧化碳与石油的融合性更好，同时流动性更强，能进入更 小的缝隙，注入时耗能也更小。二氧化碳还能和地下的水结合形成碳酸，能够溶解矿物质，更好地打开 地下通道。 在距离白色储罐不远处，回注站已经基本建设完成。"回注站计划月底试运行，有望将我们区块日产油 量从12吨提升至30吨左右。"屈龙涛说，使用二氧化碳驱油，采出的是二氧化碳与原油的混合物。回注 站收集分离后的二氧化碳，再次注入地下循环利用，直至被封存在地下。 据悉，胜利油田每年从淄博的齐鲁石化、东营周边县区化工厂及燃煤电厂调用二氧化碳近100万吨，全 部注入地下进行驱油与封存，年减排二氧化碳近100万吨。 初夏，在山东省东营市的胜利油田注汽技术服务中心二氧化碳项目部生产指挥中心，当班职工在屏幕上 轻轻一点，在40多公里外的莱113区 ...

Financial Performance - In 2024, R&D expenses increased by 12% year-on-year, but the R&D expense ratio was only 3.5%, lower than industry leaders [2] - The company's revenue for 2024 reached 1.196 billion RMB, a year-on-year growth of 16.21% [6] - The net profit margin for overseas subsidiaries decreased by 5 percentage points due to exchange rate fluctuations and rising labor costs [5] - Government subsidies accounted for 14% of net profit, with a total of approximately 1.34 million RMB received [6] Business Operations - The CCUS (Carbon Capture, Utilization, and Storage) business revenue grew by 40% year-on-year, with a total CO2 injection of 118,700 tons, a 171% increase from 43,800 tons in 2023 [3] - Domestic business revenue decreased by 18% due to delays in unconventional oil and gas project bidding [5] - The company has injected 11.87 million tons of CO2, equivalent to reforesting 197,800 acres [3] Capital Management - The dividend payout ratio for 2024 is maintained at 20%, while cash holdings as a percentage of total assets decreased to 18% [4] - The asset-liability ratio increased by 4 percentage points to 45% [6] - Operating cash flow decreased by 25%, but net profit increased by 8% [5] Market Strategy - The company aims to enhance its core competitiveness in perforation technology and expand its clean energy and CCUS business [17] - In 2024, the company’s North American business revenue accounted for over 60%, with a focus on bundling services to secure market orders [12] - The company plans to optimize inventory management and improve cash flow through various measures [13] Risk Management - The company is actively managing accounts receivable, with an increase in accounts receivable turnover days by 10 days to 95 days [11] - The proportion of accounts receivable aged over one year increased to 20% [11] - The company is focusing on diversifying its supplier base to mitigate supply chain risks [9]

Group 1: Financial Performance - In 2024, the revenue from the system device business increased by 85%, but installation and debugging costs accounted for over 25% of the revenue [4] - The revenue from the life sciences sector reached 5.68 billion yuan, with a growth rate of 28% [14] - The revenue from the water treatment and ultrapure water business grew by 20%, with a total revenue of 6.88 billion yuan [7] Group 2: Operational Efficiency - The inventory turnover days extended to 180 days due to increased stock of system devices [4] - The company aims to reduce work-in-progress inventory by 25% through digital twin technology optimization [4] - The company achieved a 5-fold increase in inspection efficiency by replacing manual visual inspection with AI visual detection [3] Group 3: Market Expansion and Strategy - In 2024, overseas revenue accounted for 38% of total revenue, amounting to 6.55 billion yuan [10] - The company plans to enhance market development efficiency through the release of industry solution white papers covering six major fields [5] - The life sciences sector's revenue share increased to 29%, with a focus on new product development in peptide synthesis [5] Group 4: Research and Development - The R&D investment intensity reached 9.8%, but the patent implementation rate was below 45% [9] - The company holds 66 domestic and 13 foreign authorized patents, with 74 domestic and 103 foreign patents in the application stage [9] - The company is focusing on developing new types of polyethylene glycol carriers to increase drug loading capacity by 20% [5] Group 5: Supply Chain and Risk Management - The company reported no supply chain security challenges, with most raw materials already localized [12] - The accounts receivable turnover days extended to 125 days, with 65% of accounts receivable from system device projects [10] - The company is exploring credit insurance to cover 80% of accounts receivable to improve cash flow [10]