Core Viewpoint - The establishment of the "Yangtze River Delta Offshore CCUS Industry Alliance" aims to promote carbon capture, utilization, and storage (CCUS) technology as a strategic approach to achieving carbon peak and carbon neutrality goals while ensuring national energy security [1] Group 1: Alliance Formation - The alliance is initiated by CNOOC (China National Offshore Oil Corporation) in collaboration with over 30 entities, including China Baowu Steel Group, COSCO Shipping, Zhejiang Energy Group, and several universities [1] - The alliance will create a collaborative innovation system guided by the government, led by enterprises, and supported by academic institutions [1] Group 2: Focus Areas - Key activities will include information sharing, technology exchange, talent cultivation, policy research, standard formulation, project demonstration, and industry development [1] - The alliance will focus on critical core technologies and promote the construction of demonstration projects for commercial and large-scale applications [1] Group 3: Regional Impact - The establishment of the alliance is seen as a catalyst for Shanghai to implement the national "dual carbon" strategy, enhancing technological innovation and industrial collaboration [1] - The initiative aims to inject new momentum into the green and low-carbon development of the Yangtze River Delta region [1]

13 2 2 2 2 2 1 2 1 2 1 2 1 2 1 2 2 285 1975 2 12 8 . 74 T THE House d 11:10 111 Holland POCH BERG 在线体育在线体育投注体育在线备用户端的体育投资的提款的体育和用信息的时间是用户端目的时候，我们就是我们的意思想和我们的意思想和我们的意思想的意见，我 牢记嘱托奋进新征程，持续向深探索资源潜力、向高攀登科技高峰、向宽拓展发展道路，"十四五"以 来，预测、控制、探明储量连续3年均超亿吨，原油产量保持箭头向上。 时间刻下光辉的足迹。 我国首个百万吨级CCUS(二氧化碳捕集、利用与封存)项目全面投运，对我国CCUS规模化发展具有巨大 示范意义； …… 进步是全方位的、改变是深层次的。"十四五"以来，胜利油田实现一系列突破性进展，取得一系列标志 性成果，预测、控制、探明储量连续三年分别超亿吨；原油产量稳产6年之后，连续三年保持"箭头向 上"，对比2020年，2024年原油产量增加19万吨，2025年预计增加29万多吨。 大众新闻记者 顾松 通讯员 朱向前 王维东 胜利油田建成了我国首个百万吨级CCUS示范工程。 向深探索，家底 ...

Core Insights - China National Offshore Oil Corporation (CNOOC) announced that its first offshore carbon dioxide (CO2) storage demonstration project, the Enping 15-1 oilfield CO2 storage project, has cumulatively stored over 100 million cubic meters of CO2, equivalent to the carbon absorption of 2.2 million trees, indicating the maturity of China's offshore CO2 storage technology and capabilities [1][8][12] Group 1: Project Overview - The Enping 15-1 platform, located in the Pearl River Mouth Basin of the South China Sea, began operations on May 22 this year, marking China's first offshore CO2 capture, utilization, and storage (CCUS) project [3][8] - The project aims to reduce CO2 emissions while enhancing oil production, utilizing high CO2 content in the oilfield to prevent corrosion and atmospheric release [7][10] Group 2: Technical Details - The CCUS technology involves capturing CO2 from emission sources, compressing it, and injecting it into geological formations for long-term storage [8][10] - The project has achieved a CO2 storage capacity exceeding 40 million cubic meters annually, with plans to scale up to over 1 million tons in the next decade, driving an additional 200,000 tons of oil production [9][12] Group 3: Industry Implications - The successful implementation of the project provides a technical template for large-scale CO2 reduction in coastal enterprises and oilfield development [12][14] - China's offshore CO2 storage potential is estimated at 25.8 billion tons, with ongoing projects aimed at creating a complete and internationally competitive offshore CCUS industry chain [14]

Core Viewpoint - The collaboration between Shengli Oilfield and Qilu Petrochemical has led to the establishment of China's first million-ton-level CCUS (Carbon Capture, Utilization, and Storage) demonstration project, effectively addressing key technical challenges in low-cost carbon capture, long-distance CO2 pipeline transportation, and geological storage in oil and gas fields, achieving a dual win of increased oil production and reduced carbon emissions [1][2][3]. Group 1: Project Overview - The CCUS project has injected over 2 million tons of CO2 since its inception, increasing daily oil production in the demonstration area from 220 tons to 460 tons [1]. - The project captures CO2 from Qilu Petrochemical's coal-to-hydrogen industrial tail gas, liquefies it, and transports it to Shengli Oilfield for oil recovery and storage [3]. - The project covers 12 oil reservoir blocks, with a design of 73 gas injection wells and 166 oil production wells, along with the construction of 15 gas injection stations and 2 centralized processing stations [3]. Group 2: Technical Innovations - Shengli Oilfield has established a "Key Laboratory for Carbon Capture, Utilization, and Storage" to enhance research and development in CCUS technologies [2]. - The project has developed various experimental devices for gas drive physical simulation, geological safety, and gas drive efficiency, leading to breakthroughs in CO2 high-pressure miscible flooding theory [2][9]. - A dedicated 109-kilometer CO2 transportation pipeline with an annual capacity of 1 million tons was constructed, addressing the challenges of long-distance CO2 transportation [5][6]. Group 3: Equipment and Methodology - The project utilizes a self-developed CO2 booster pump to maintain supercritical pressure during transportation, which is crucial for long-distance and low-cost CO2 delivery [6][7]. - The CCUS demonstration area is designed to inject over 10 million tons of CO2 over 15 years, with an expected increase in oil production of nearly 3 million tons [8][9]. - The project has led to the development of four national and industry CCUS standards, with 56 patents and 11 software copyrights granted [9].

Core Viewpoint - Shaanxi Yanchang Petroleum is enhancing its oil production efficiency through innovative water injection techniques and carbon capture technologies, aiming for sustainable development and significant production increases by 2027 [2][3][5]. Group 1: Oil Production Techniques - The company has implemented water injection technology to maintain reservoir pressure, resulting in an increase in annual oil production from 3.5 million tons in 2015 to an expected 13.2 million tons in 2024 [2][3]. - Cumulative water injection wells have reached 111, with production increasing from 3.9 million tons to 13.2 million tons since 2015, and daily production rising from 97 tons to 410 tons, a threefold increase [3]. - The natural decline rate of oil production has improved from 6.8% to -3.3%, indicating enhanced production stability [3]. Group 2: Carbon Capture and Utilization - The company is actively injecting 360,000 tons of CO2 underground annually, which not only sequesters greenhouse gases but also aids in oil recovery [4][5]. - The CO2 enhanced oil recovery method can increase oil recovery rates by 8.1% [5]. - The company has established a complete industrial chain for CO2 capture, utilization, and storage, with a cost of 105 yuan per ton for CO2 capture [5]. Group 3: Chemical Products and Innovations - Shaanxi Yanchang Petroleum has developed high-end polyethylene products, with over 65% of its output being high-end polyolefins, including photovoltaic-grade ethylene-vinyl acetate (EVA) [6]. - The company’s EVA product has a high transparency rate and is priced over 10,000 yuan per ton, meeting the demand for 56 GW of photovoltaic installations [6]. Group 4: Mechanism and Marketing Innovations - The company is reforming its research and development mechanisms, consolidating multiple research units into two main institutes to enhance innovation efficiency [7]. - A new online bidding platform for refined oil products was launched, attracting 20 companies and facilitating the auction of 8,385 tons of refined oil [8]. - The company aims to maximize product value through innovative business models and digital marketing strategies [8].

Core Viewpoint - The Bohai Oilfield, developed by China National Offshore Oil Corporation (CNOOC), has achieved significant milestones in oil and gas production, with plans to further increase output to 40 million tons by 2025, supported by advanced technology and new projects [2][5][6]. Group 1: Production Achievements - The Bohai Oilfield has become China's largest offshore oil and gas production base, contributing nearly one-sixth of the country's crude oil output [2]. - In the first quarter of 2025, the oil and gas production reached a historic breakthrough of over 10 million tons [4]. - The daily crude oil production has surpassed 100,000 tons, with confirmed reserves of 2.24 billion barrels of oil equivalent by the end of 2024 [3][5]. Group 2: Technological Advancements - The Bohai Oilfield has implemented remote intelligent control for its production wells, ensuring real-time monitoring and data collection, which enhances safety and efficiency [3]. - The development of the Bohai Oilfield has seen multiple technological breakthroughs, filling gaps in domestic offshore oil and gas field development technology [3][6]. Group 3: Future Development Plans - CNOOC plans to achieve an annual production target of 40 million tons by 2025, with several key projects, including the Bohai Zhong 26-6 oilfield and the Kenli 10-2 oilfield, expected to contribute significantly to this goal [5][6]. - The company is focusing on value exploration and has reported successful discoveries of multiple billion-ton oil and gas fields, which will support stable production growth [6]. Group 4: Environmental Initiatives - CNOOC aims to establish a CCUS (Carbon Capture, Utilization, and Storage) demonstration center in northern China, leveraging key projects like the Bohai Zhong 19-6 gas field to promote low-carbon development [7]. - The company emphasizes a development philosophy that balances protection and development, aiming for high-quality green development in the Bohai Oilfield [8].

Core Viewpoint - The construction of a 400-kilometer carbon dioxide pipeline in Jilin Province marks a significant advancement in China's carbon capture, utilization, and storage (CCUS) technology, aiming to enhance oil extraction and facilitate carbon storage [1][2]. Group 1: Pipeline Project Details - The pipeline will be the longest, largest diameter, and highest pressure carbon dioxide pipeline in China, connecting Jilin Petrochemical and Jilin Oilfield [1]. - The first phase of the project will transport carbon dioxide generated during production processes from Jilin Petrochemical and nearby enterprises to Jilin Oilfield for enhanced oil recovery or carbon storage [1]. Group 2: CCUS Technology and Implementation - Jilin Oilfield has been exploring methods to utilize carbon dioxide for oil extraction for over 30 years, implementing various enhanced oil recovery techniques [1]. - The Daqingzi Oilfield, characterized by low permeability and low yield, has seen a 25% increase in oil recovery rates through CO2 injection, with over 370,000 tons of CO2 injected cumulatively [2]. - The project aims to establish five CCUS demonstration zones by the end of 2024, contributing significantly to China's carbon reduction goals [2]. Group 3: Technical Innovations - The pipeline will utilize supercritical/mixed-phase CO2 transport technology, operating at a pressure of 14.5 MPa, which is significantly higher than most existing pipelines [3]. - Advanced technologies such as centrifugal compressors and fiber-optic leak detection will be employed, filling domestic technical gaps in CO2 transport [3]. Group 4: Future Prospects and Applications - The pipeline is designed to integrate with surrounding renewable energy projects, allowing for the absorption of external carbon sources and providing CO2 for various industrial applications [3]. - Jilin Oilfield has already provided CCUS solutions to nine companies and plans to expand its pipeline network to enhance CO2 transport capacity [3].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Macroeconomic data shows a mixed picture, with some indicators stable and others showing fluctuations. For example, GDP growth remained stable in Q1 2025, while manufacturing and non - manufacturing PMIs declined in April [1]. - The commodity market has various developments, including adjustments in oil prices, potential supply - demand changes in metals, and progress in energy and agricultural sectors [2][3][6][7]. - In the financial market, there are significant changes in bond yields, exchange rates, and stock market trends, influenced by factors such as monetary policy, trade policies, and corporate events [19][24][29]. 3. Summary by Related Catalogs 3.1 Macro Data - GDP growth in Q1 2025 was 5.4% year - on - year, unchanged from the previous quarter but slightly higher than the same period last year [1]. - Manufacturing PMI in April 2025 dropped to 49.0%, down from 50.5% in the previous month and 50.4% in the same period last year [1]. - Non - manufacturing PMI: Business activity in April 2025 was 50.4%, lower than 50.8% in the previous month and 51.2% in the same period last year [1]. - Social financing scale increment in April 2025 was significantly lower than the previous month, at - 658 billion yuan compared to 5896.1 billion yuan in March [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Domestic refined oil prices are expected to be cut by about 230 yuan/ton on May 19, 2025, the fifth decrease this year [2]. - After the mutual tariff cuts between China and the US, freight volume between the two countries has recovered and increased, and US merchants are seeking new cooperation in China [2][11]. - Anti - dumping duties will be imposed on imported copolymerized polyoxymethylene from the US, the EU, Taiwan region, and Japan starting from May 19, 2025 [2]. 3.2.2 Metal - The London Metal Exchange plans to set a position limit to curb excessive speculation [3]. - With the upcoming US copper and aluminum tariffs, the US is experiencing a rush to import copper, with imports surging from about 70,000 tons per month to 500,000 tons per month [3]. - Morgan Stanley believes that the global copper and aluminum markets will be in a state of supply - demand balance to oversupply in 2025 [3]. 3.2.3 Coal, Coke, Steel, and Minerals - Hyundai Steel will close its rebar factory in Incheon, South Korea, in April [4]. 3.2.4 Energy and Chemicals - China's first offshore CCUS well has been drilled in the Enping 15 - 1 platform in the South China Sea, with the potential to inject over 1 million tons of carbon dioxide into the seabed in 10 years and increase oil production by 200,000 tons [6]. - The construction of the 2 - gigawatt CNGD Delingha solar - thermal storage integrated project in Qinghai is in full swing [6]. - As of the end of February 2025, China's non - fossil energy power generation capacity reached 2 billion kilowatts for the first time, accounting for 58.8% of the total power generation capacity [6]. 3.2.5 Agricultural Products - The spring sowing of grain in China has covered over 35 million mu, with progress similar to last year. Early rice seedlings are over half - grown, and nearly 10% has been transplanted [7]. - In 2024, the global coffee price soared by 38.8%, and Brazil's domestic coffee price increased by nearly 40%, affecting the cooperation model between international buyers and Brazilian exporters [7]. - The US Department of Agriculture reported that the number of pigs and piglets in the US is 74.512 million [7]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank net - withdrew 475.1 billion yuan from the open market last week, and 486 billion yuan of reverse repos will mature this week [9]. - On May 16, the central bank conducted 106.5 billion yuan of 7 - day reverse repos at an interest rate of 1.40%, resulting in a net injection of 2.95 billion yuan [9]. 3.3.2 Key News - The National Bureau of Statistics will release April economic data on Monday, and the State Council Information Office will hold a press conference to introduce the economic situation [10]. - Financial regulators have expressed support for Beijing's development in the financial sector, including promoting technology finance and strengthening the function of the national financial management center [10]. - The pilot of spot - housing sales is being promoted, but the timing for full implementation is not yet mature [10][11]. 3.3.3 Bond Market - Treasury bond futures declined slightly, and most bond yields increased. The overnight and 7 - day repurchase rates for deposit - taking institutions rose significantly [19]. - The issuance of two batches of technological innovation bonds by New Hope Group and Tongwei Co., Ltd. was successful, with issuance scales of 500 million yuan each [14]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.2037 on May 16, up 95 points from the previous trading day, and rose 424 points last week [24]. - The US dollar index rose 0.15% in late New York trading, and most non - US currencies declined [24]. 3.3.5 Research Report Highlights - CICC believes that after the Sino - US Geneva talks, bilateral tariff cuts will reduce the risk of a US economic recession and make the Fed more concerned about inflation [26]. - Guosheng Fixed - Income argues that credit demand is still bottoming out in April, and the loose monetary policy environment may continue [26]. 3.4 Stock Market Key News - The Hong Kong stock market has been performing well this year, and a major new energy company will list on the HKEX on May 20, making Hong Kong the world's leading IPO market in terms of fundraising [29]. - Since May, the A - share market has seen increasing institutional research, with a focus on high - end manufacturing, semiconductors, and healthcare [29]. - CITIC Construction Investment maintains a range - bound view of the A - share market but raises the oscillation center to near the half - year line [30].