Investment Rating - The report rates the oil processing industry as "Positive" [1] Core Views - Oil prices have shown a fluctuating upward trend, with Brent and WTI prices reaching $66.47 and $64.58 per barrel respectively as of June 6, 2025, influenced by supply pressures and geopolitical factors [7][25] - The report highlights a significant increase in U.S. crude oil processing volume, which reached 16.99 million barrels per day, up by 670,000 barrels per day from the previous week [60] - The report notes a decrease in the number of active drilling rigs in the U.S., with a total of 442 rigs, down by 19 from the previous week [49] Summary by Sections Oil Price Review - Brent crude futures settled at $66.47 per barrel, up by $3.69 (5.88%) from the previous week, while WTI crude futures rose to $64.58 per barrel, an increase of $3.79 (6.23%) [25] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms decreased to 380, down by 6 from the previous week, while floating drilling platforms totaled 137, down by 1 [31] U.S. Crude Oil Supply - U.S. crude oil production was reported at 13.408 million barrels per day, an increase of 0.07 million barrels per day from the previous week [49] U.S. Crude Oil Demand - U.S. refinery crude oil processing volume increased to 16.998 million barrels per day, with a refinery utilization rate of 93.40%, up by 3.2 percentage points from the previous week [60] U.S. Crude Oil Inventory - Total U.S. crude oil inventory stood at 838 million barrels, a decrease of 3.795 million barrels (-0.45%) from the previous week [69] U.S. Product Oil Inventory - U.S. gasoline inventory increased by 5.219 million barrels (2.34%), while diesel and jet fuel inventories also saw increases of 423,000 barrels (4.09%) and 93,800 barrels (2.20%) respectively [60] Related Stocks - Key stocks in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [1]

Core Viewpoint - The "Nord Stream" gas pipeline project, particularly "Nord Stream 2," has long sparked extensive controversy within the EU, involving energy security, geopolitical issues, and the EU's relationship with the US and Russia [1] Group 1: EU's Position and Actions - German Chancellor Merz supports the EU's proposal to ban the Nord Stream pipeline to prevent any efforts by the US and Russia to resume gas deliveries [3] - The EU has acknowledged that since the outbreak of the Russia-Ukraine war, payments for gas to Russia have exceeded aid to Ukraine, equating to the cost of purchasing 2,400 F-35 fighter jets [4] - The EU claims it is now capable of sanctioning the Nord Stream project without jeopardizing energy supply security or further increasing energy prices, having diversified gas supplies and accelerated renewable energy development [4] Group 2: Criticism of EU Energy Policy - Several European Parliament members express strong dissatisfaction with the EU's current energy policy, criticizing the high costs of gas imports through intermediary countries, which undermines sovereignty and employment [5][6] - The price of gas for European enterprises is reported to be four to five times higher than that in the US, attributed to the EU's ideological approach to energy issues [6] Group 3: Current Energy Market Dynamics - Despite a decrease in Russian energy supplies, Russia still holds a significant position in the EU's LNG market, accounting for about 20% of total LNG demand, second only to the US at approximately 45% [7][9] - The EU's LNG imports surged from 107.5 billion cubic meters in 2021 to 170.2 billion cubic meters in 2022, marking a 58.4% increase, while pipeline gas imports fell by 34.9% [11] Group 4: Future Challenges and Strategic Considerations - The EU may face energy supply tightness and rising prices in the short term due to sanctions, with residential gas prices projected to rise from €11.04 to €12.33 per 100 kWh, the highest since 2008 [9][11] - The EU's reliance on US LNG raises concerns about energy security, with warnings against replacing one dependency with another [12][14] - The fate of the Nord Stream pipeline reflects the EU's struggle to balance economic realities, political unity, and geopolitical competition [14]

野村东方国际证券将于6月10日在上海浦东丽思卡尔顿酒店举办2025中期策略会。 主题： 探寻地缘博弈中的确定性 6月10日 08:55-16:45（全天） Orca I集成高精度感知模块，具备自主肢体运动控制、决策、操作、交互能力，兼具高自由度、 低自重、强劲性能等特质。基于团队高效自主研发与创新，OrcaⅠ成功在本体设计、运动控制、自 然语言对话、双臂操作等多个维度实现技术突破，首次在机器人真机上稳定实现直膝状态下的自然 变速行走，并创造了多项世界首创的成就。 ▲ 上图为： Cyan青心意创全自研通用人形机器人 ORCA I 野村东方国际证券诚邀您参加本次策略会，与行业精英共同探寻和2025年投资的关键。期待 与您相聚，共赴这场思想与智慧的盛宴！会议具体日程安排如下。 上午：宏观经济主论坛 6月10日上午，我们将迎来重磅线下嘉宾——野村综合研究所首席经济学家辜朝明先生、野村 全球宏观研究主管及全球市场研究部联席主管苏博文先生，以及野村中国首席经济学家陆挺博 士。他们将以国际化视野为切入点，深度剖析宏观经济形势，分享前沿观点，前瞻市场变化趋 势，为您拨开迷雾，把握宏观经济的确定性脉络。 下午：两场并行行业分论 ...

上周，在几轮你来我往的试探后，欧盟宣布将对美国加征关税实施反制措施，并向世界贸易组织提起诉 讼。美国一些人挑起的这场贸易争端不仅令两大经济体利益产生直接碰撞，更折射出全球经济在贸易保 护主义冲击下面临的深层次矛盾。从美国极限施压到欧盟决定反制，中间还掺杂着英国"另辟蹊径"式的 对美妥协，欧美贸易争端在复杂局面下或陷入拉锯战。 美国则持续通过极限施压与分化瓦解的策略交替对欧盟施压。一方面，美国关税目前覆盖了欧盟对美商 品贸易的70%，在美国对药品、半导体和其他产品进行进一步调查后，这一比例可能会上升到97%，美 国仍在通过持续制造经济压力迫使欧盟让步；另一方面，美国也试图通过各个击破方式瓦解欧盟，如拉 拢意大利等成员国，利用德法在汽车产业、农业补贴上的分歧制造内部裂痕。5月8日，美国甚至在诸多 细节尚未敲定、此前加征的10%所谓"对等关税"也未取消的情况下，迫不及待地宣布"美国与英国达成 一项新的贸易协议，部分撤回特定领域的关税，进一步扩大双方产品的市场准入"。这套美式"大棒加胡 萝卜"组合拳，本质上是在将经贸问题政治化，将双边谈判转化为更加复杂的地缘博弈，好方便一些人 浑水摸鱼。 欧盟和美国之间存在不少短期内 ...

债务风险：新兴市场与发达经济体双线承压 2025年第二季度，全球金融市场在多重矛盾中持续震荡。主权债务危机、货币政策分化、地缘政治冲突 以及大宗商品价格波动相互交织，形成复杂的风险传导链。尽管部分市场出现短期反弹，但深层结构性 矛盾仍未缓解，投资者需在不确定性中寻找确定性逻辑。 全球公共债务规模持续攀升，成为悬在金融市场头顶的"达摩克利斯之剑"。根据国际货币基金组织 （IMF）数据，2023年全球公共债务占GDP比重已达93.2%，较疫情前增长9个百分点。其中，阿根廷、 土耳其、埃及、巴基斯坦及日本被列为未来6-12个月内最可能爆发金融危机的国家/地区。 债务风险的传导路径清晰：高债务国需通过借新还旧维持偿付能力，但全球利率上升导致融资成本激 增，进一步压缩财政空间。若新兴市场爆发连锁违约，可能引发全球流动性紧缩，冲击高杠杆金融机 构。 政策分化：美联储按兵不动，全球央行转向艰难 地缘博弈：能源安全与供应链重构成焦点 地缘政治冲突通过两条路径冲击金融市场：一是能源价格波动，二是供应链中断。 地缘政治风险还通过"避险情绪"渠道影响市场。2025年5月，黄金价格突破3440美元/盎司，创历史新 高，反映投资者对尾 ...

将投中网设为"星标⭐"，第一时间收获最新推送 2025年4月16-18日，北京海淀，共赴中国私募股权投资行业盛会。 来源丨投中网 在时代的浩渺长河中，"分化"宛如一条隐匿的脉络，贯穿于万物的生长、发展与变迁。从生命的进化 到文明的演进，分化带来差异，差异催生竞争，竞争孕育新物种。在这看似无序的分化浪潮中，却蕴 含着最深刻的秩序与规律，它是理解世界、探索未知的关键钥匙。 当下，一级市场正步入"分化"的高潮。市场机制的自我调节与政策的有力引导相互交织，推动着行业 的优化与升级。这不仅是一场行业格局的重塑，更是一次价值观、理念和策略的深度变革。在分化的 大潮中，市场参与者们面临着前所未有的机遇与挑战。那些能够敏锐捕捉到"适时的变异"、率先开启 创新探索之路的机构与个人，或许将在未来的投资舞台上脱颖而出，成为引领时代的弄潮儿。 在"分化深刻进行"的当下， 作为中国私募股权投资市场上持续19年的行业盛会，由投中信息、投中 网主办，北京中关村科学城创新发展有限公司和北京中关村创业大街科技服务有限公司协办，以" 分 化"为主题的"第19届中国投资年会·年度峰会" 将于 4月16日至18日 在北京海淀盛大举办。 这是一场 汇 ...