许昆林强调，当前即将进入迎峰度夏关键时期，要精心组织做好能源电力保供工作，提前做足煤炭 物料储备，积极组织顶峰发电用气资源，各类机组做到应发尽发、稳发满发，扩大高峰时段区外来电规 模，优先保障好群众生活用电，对涉及社会稳定、国计民生和产业链供应链安全的重要用户、重大项 目、重点企业强化"点对点"服务。要加强各类风险隐患排查整治，完善大面积停电事件应急体系，建设 分布式电源、智能微电网等设施设备，确保发、输、变、配、用等各环节安全可靠运行，确保区域电力 供应稳定、城市正常运转。 6月5日，省能源委员会第二次会议暨迎峰度夏能源电力保供会议召开，深入贯彻落实习近平总书记 关于国家能源安全的重要论述和对江苏工作重要讲话精神，全面分析能源电力供需形势，部署安排迎峰 度夏能源电力保供和能源安全保障工作。省长、省能源委员会主任许昆林主持会议并讲话。 许昆林指出，能源保障和安全事关国计民生。习近平总书记高度重视能源工作，就推动能源发展作 出一系列重要指示批示，为新时代能源高质量发展提供了根本遵循，引领江苏能源工作迈上新台阶，为 支撑经济回升向好、促进发展方式绿色转型、满足人民美好生活需要提供了有力支撑。要准确把握能源 安全新 ...

Core Viewpoint - The company emphasizes the importance of methanol-hydrogen electric technology as a sustainable solution for commercial vehicles, addressing energy security and environmental concerns in China's transportation sector [2][4][12]. Group 1: Industry Context - China's energy structure is heavily reliant on fossil fuels, with over 72% of oil dependence on imports, posing significant energy security challenges [3]. - The transportation sector consumes more than 70% of the country's oil, with commercial vehicles accounting for 51% of this consumption, leading to substantial carbon emissions [3]. - The transition to new energy commercial vehicles is crucial for reducing carbon emissions and pollution, as commercial vehicles contribute 56% of CO2 emissions and 80% of particulate matter emissions from all automobiles [3]. Group 2: Technological Development - The company has developed a unique methanol-hydrogen electric power system, which combines the advantages of methanol and electric drive, providing a more efficient solution for commercial vehicles [2][6]. - Methanol is recognized as a "liquid electricity" and "liquid hydrogen," capable of storing hydrogen efficiently, with 1 cubic meter of liquid methanol containing approximately 148 kg of hydrogen [4]. - The methanol-hydrogen electric technology can meet the diverse needs of commercial vehicles across various operating conditions, significantly reducing harmful emissions compared to traditional diesel vehicles [6]. Group 3: Market Opportunities - China produces over 60% of the world's methanol, positioning itself as the largest producer and consumer, with a strong potential for green methanol supply [5]. - The company has initiated several large-scale green methanol production projects, with plans for an annual capacity exceeding 24 million tons by 2024 [5]. - The transition to methanol as a fuel can leverage existing infrastructure, with minimal costs for retrofitting fuel stations, making it a cost-effective solution for the energy transition [9]. Group 4: Economic Benefits - The methanol-hydrogen electric vehicles offer significant cost savings in fuel consumption compared to diesel and LNG vehicles, with a reported fuel cost saving of over 34% [7][11]. - The total cost of ownership (TCO) for methanol-hydrogen electric vehicles is competitive, with lower purchase costs compared to hydrogen fuel cell and pure electric vehicles [10][11]. - The company aims to enhance logistics efficiency and reduce operational costs in the transportation sector, which currently has a logistics cost-to-GDP ratio of 14.1%, significantly higher than that of developed countries [8]. Group 5: Strategic Partnerships - The company has formed strategic partnerships with major industry players like Bosch and ZF to advance the development of methanol-hydrogen electric technology and expand its market presence [12]. - The government has introduced over 50 supportive policies for the promotion of methanol vehicles, indicating a favorable regulatory environment for the industry [12].

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [4] Core Views - The importance of energy security has been highlighted due to escalating geopolitical tensions and tariff conflicts, with China's reliance on oil and gas imports reaching 72% and 43% respectively in 2024 [1] - The "Three Oil Giants" are focusing on independent innovation to achieve high-quality development, with specific targets for domestic production and technology advancements set for 2024 and beyond [2] - The report suggests a positive outlook for undervalued, high-dividend, and well-performing companies in the "Three Oil Giants" and oil service sectors, as well as for domestic material companies benefiting from the trend of domestic substitution [3] Summary by Sections 1. Industry Overview - Geopolitical uncertainties and tariff conflicts are posing challenges to China's energy security, emphasizing the need for increased domestic oil and gas production [1] 2. Company Innovations - The "Three Oil Giants" are advancing in key technologies to enhance domestic production capabilities, with specific goals for equipment localization and technological breakthroughs by 2024 [2] 3. Investment Recommendations - The report recommends focusing on the "Three Oil Giants" (China National Petroleum, Sinopec, CNOOC) and oil service companies, as well as material companies that are expected to benefit from domestic substitution trends [3]

Investment Rating - The report maintains an "Increase" rating for the oil and petrochemical industry [5] Core Viewpoints - International oil prices have shown a downward trend recently, with Brent crude settling at approximately $63.90 per barrel, down about 1.30% week-on-week, and down approximately 15.80% since the beginning of the year [19][21] - The North American active rig count has decreased week-on-week, with a notable year-on-year decline of 37 rigs, indicating a potential future increase in global drilling platform activity [31] - The refining sector shows promising recovery potential, with significant increases in price differentials for various products, suggesting improved profitability for refining companies [35] Market Performance - The CITIC oil and petrochemical sector rose approximately 0.37% during the week of May 26 to May 30, outperforming the Shanghai Composite Index by about 0.39 percentage points [16] - Key stocks that led the gains include Hengtong Co., Hongtian Co., and Compton, while stocks like Guangju Energy and Dongfang Shenghong saw declines [17][18] Investment Recommendations - The report identifies four main investment themes: 1. Focus on major energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas exploration and green transformation [53] 2. Increased global upstream capital expenditure benefiting oil service companies such as CNOOC Services and Offshore Engineering [53] 3. Accelerated development of coal chemical projects and natural gas resources in Xinjiang, with a focus on companies like Baofeng Energy and New Natural Gas [53] 4. Refining companies planning new capacities and accelerating new material projects, recommending companies like Satellite Chemical and Hengli Petrochemical [53]

石油被誉为"工业血液"和"黑色黄金"，它在国家的经济发展、国防安全等方面发挥着至关重要的作用，是一项战略性资源。石油不仅是经济运行的动力源 泉，而且在全球能源竞争中具有无可替代的地位。 一个国家石油储备的多少，不仅反映了其经济发展的潜力，也间接显示了该国应对风险的能力，尤其是在面临特殊局势时的应急能力。以美国为例，作为世 界上最大的经济体之一，其已探明的石油储量高达688亿吨，而日本的探明储量仅为820万吨。那么，中国的石油储量又有多少呢？ 日本的国土面积相对较小，这决定了其石油储备的有限。事实上，日本探明的石油储量仅为820万吨，这对于其庞大的石油需求来说，显然远远不够。因 此，日本在石油方面极度依赖进口。能源进口依赖度过高的国家往往容易在能源供应上受到制约，日本早已意识到这一风险，历年来一直积极开拓与多个国 家的石油贸易，以期通过多元化的石油来源保障其能源安全。 除了增加石油进口渠道外，日本还未放弃发展本国石油工业的努力。由于国内石油工业规模较小且相关技术相对滞后，尽管如此，经过政府的持续努力，近 年来日本的石油产能已提高了超过5个百分点。此外，日本的广阔海洋资源也引起了关注，国家正在逐步加大海洋资源开发 ...

Core Viewpoint - The U.S. Department of the Interior has initiated an emergency permitting process to expedite the review of geothermal energy projects critical to national security and energy dominance [1] Group 1: Government Actions - The emergency permitting process aims to streamline environmental review processes for geothermal projects [1] - This initiative is a response to the national energy emergency declared by former President Trump on January 20, 2025 [1] Group 2: Industry Implications - The Department of the Interior emphasizes that geothermal energy is a reliable source that can power critical national security infrastructure and promote energy independence [1] - The new permitting process will prioritize several proposed geothermal projects led by Ormat Technologies in Nevada [1]

Core Viewpoint - The successful construction of a large domestic offshore oil platform marks a significant milestone in China's marine engineering technology and strengthens the country's energy security strategy [1][3]. Industry Summary - The global energy demand is continuously increasing, highlighting the importance of the ocean as an underdeveloped energy resource [3]. - As a major energy consumer, China faces challenges due to high dependence on foreign energy sources, making the development of marine oil industries crucial for energy security and sustainable economic growth [3]. Company Summary - The new offshore oil platform showcases China's innovation capabilities in marine engineering, incorporating advanced deep-water drilling technology, automated control systems, and environmentally friendly designs [3][5]. - The platform's production will significantly enhance China's self-sufficiency in offshore oil and gas, reducing reliance on imports and increasing the country's influence in the energy market [5]. - The platform's establishment will stimulate the development of related industrial chains, promote employment, and elevate the overall level of China's marine equipment manufacturing industry [5].

金十数据5月29日讯，当地时间5月29日，匈牙利外长西雅尔多在社交媒体表示，由于乌克兰关闭通往欧 洲地区的天然气管道，中欧国家在能源安全方面遇到困难。如今，每天约有2100万立方米天然气通过巴 尔干半岛输送往匈牙利。现在，保加利亚正在修建一条新的天然气管道，通过罗马尼亚将与匈牙利相连 接。据悉，29日，保加利亚与希腊之间将开通新的天然气运输管道。 匈牙利外长：保加利亚将修建通往匈牙利新天然气管道 ...

Core Insights - China's largest ultra-deep oil field, Fuman Oilfield, has surpassed a cumulative oil and gas production of 20 million tons, showcasing China's global technological barriers in ultra-deep resource development [1] - The Tarim Basin has proven oil and gas reserves of 5 billion tons, with 80% of the ultra-deep resources located at depths of 6,000 to 10,000 meters, indicating China's significant role in accessing the last energy reserves on Earth [1][3] - The drilling cost at Fuman Oilfield has decreased by 40%, and the drilling cycle for 8,500-meter deep wells has been reduced to 80 days, highlighting advancements in drilling technology [3][5] Industry Developments - China's oil production has remained stable at 200 million tons for five consecutive years, with ultra-deep oil and gas accounting for 65% of the new production, indicating a growing reliance on deep resource extraction [5] - The country has established a complete technological chain from exploration and development to refining, achieving 100% domestic production in key equipment for ultra-deep drilling [5][8] - China's strategic position in the global energy market is reinforced by its ability to maintain a bargaining power as the largest buyer while also possessing advanced extraction technology [8]

Group 1 - Macron's recent energy policy proposals have failed to gain traction on the international stage, highlighting the challenges of unifying EU member states around a common strategy against Russian energy imports [1][2][5] - The internal divisions within the EU, particularly with countries like Germany and Hungary heavily reliant on Russian energy, make it unlikely that Macron's proposed tariffs on Russian oil will be accepted [3][4][6] - The U.S. has shown reluctance to support Macron's initiatives, as American companies benefit from trade with Russia, indicating a complex interdependence in global energy markets [6][7] Group 2 - In contrast to Macron's struggles, Sino-Russian energy cooperation is progressing smoothly, with China set to increase its oil imports from Russia by 2.5 million tons annually, reflecting a long-term strategic partnership [10] - By 2024, China is expected to import 108 million tons of crude oil from Russia, accounting for half of Russia's total exports, and the majority of trade is conducted in local currencies, bypassing the dollar [10][12] - China's diversified energy sourcing strategy, including significant imports from the Middle East and Africa, ensures energy security and reduces reliance on any single supplier [12][13] Group 3 - The ongoing energy crisis in Europe, exacerbated by the loss of cheap Russian gas, has led to rising industrial costs and public discontent, prompting Macron's aggressive stance as a means to deflect domestic issues [15][16] - The internal contradictions within the EU regarding energy policies and sanctions against Russia reveal a lack of cohesion, undermining the effectiveness of collective action [16][18] - Globally, the energy landscape is shifting, with China emerging as a dominant player in energy imports and investments, while Russia pivots towards Eastern partnerships in response to Western sanctions [17][18][20]