2025 年 7 月 25 日 公司研究 渤海亿吨级浅层岩性油田投产，助力公司高质量增储上产 ——中国海油（600938.SH）事件点评 要点 事件：根据公司官网，垦利 10-2 油田群开发项目（一期）已投产，标志着中国 海上最大规模浅层岩性油田正式进入生产阶段。 点评： 项目高峰产量 1.94 万桶油当量/日，助力公司高质量增储上产。垦利 10-2 油田 群开发项目位于渤海南部海域，平均水深约 20 米，依托已有设施进行开发，新 建 1 座中心平台和 2 座井口平台。计划投产开发井 79 口，包括冷采井 33 口， 热采井 24 口，注水井 21 口，水源井 1 口，预计 2026 年实现约 1.94 万桶油当 量/日的高峰产量，油品性质为重质原油。垦利 10-2 油田是渤海湾盆地凹陷带浅 层发现的首个亿吨级岩性油田，项目的成功投产，标志着中国海上复杂稠油油藏 开发迈入新阶段，将有力推动中国海油渤海油田年内实现 4000 万吨总产量目标， 以高水平开发实现公司高质量发展。 加强科技攻关，创新开发稠油油藏。作为我国海上首次开发的枝蔓状稠油油藏， 垦利 10-2 油田的储量分布具有"散、窄、薄、杂"的特点，开采 ...

天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了263家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可40个。 中国石化上海石油化工股份有限公司，成立于1993年，位于上海市，是一家以从事石油、煤炭及其他燃 料加工业为主的企业。企业注册资本1079928.55万人民币。通过天眼查大数据分析，中国石化上海石油 化工股份有限公司共对外投资了22家企业，参与招投标项目5000次，财产线索方面有商标信息51条，专 利信息1295条，此外企业还拥有行政许可12807个。 金融界2025年7月25日消息，国家知识产权局信息显示，中国石油化工股份有限公司;中国石化上海石油 化工股份有限公司申请一项名为"一种反应精馏制备四环十二碳烯的方法"的专利，公开号 CN120365142A，申请日期为2024年01月。 专利摘要显示，本发明提供了一种以碳九馏分和降冰片烯为原料在反应精馏装置中制备四环十二 ...

金融界2025年7月25日消息，国家知识产权局信息显示，中国石油化工股份有限公司;中石化安全工程研 究院有限公司;中石化管理体系认证（青岛）有限公司申请一项名为"一种基于蒙特卡罗方法的企业风险 隐患管理绩效评价方法及系统"的专利，公开号CN120373831A，申请日期为2024年01月。 专利摘要显示，本发明公开了一种基于蒙特卡罗方法的企业风险隐患管理绩效评价方法及系统，该方法 步骤为：采用德尔菲法确定并构建企业风险隐患管理绩效评价指标体系，该体系共包括企业风险值分 析、风险评估完成率、风险控制水平、隐患管理四个一级指标；对指标体系内每个指标进行采集、获取 和计算；计算企业风险隐患管理绩效评价结果，并进行评价分级。本发明构建了更加科学合理的用于表 征企业风险隐患管理绩效的指标体系，建立了三角模糊数耦合蒙特卡罗的企业风险隐患管理绩效评价模 型，既得到了企业风险隐患管理绩效评价值，同时也获取了企业绩效评价范围值，既实现了企业风险隐 患管理绩效水平的量化评价，又在一定程度上体现出企业风险隐患管理的不确定性。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为 ...

"'枝蔓状+稠油热采'的储层类型和开发方式组合在国内外均属罕见。"中国海油天津分公司渤海石油研 究院油藏总师蔡晖表示，公司通过科研攻关，探索形成一套复杂稠油油藏开发技术体系，能够清晰描绘 出地下油藏的形态和分布，实现高温蒸汽精确注入地层驱动原油采出，为该油田的高效开发提供技术支 撑。 中国海油副总经理阎洪涛表示，垦利10-2油田群开发项目（一期）的成功投产，标志着我国海上复杂稠 油油藏开发迈入新阶段，将有力推动中国海油渤海油田年内实现4000万吨总产量目标。 油田群开发项目（一期）顺利投产。中国海油供图 垦利10-2油田分为一期、二期两个开发项目。此次投产的一期开发项目主要生产设施包括新建1座中心 处理平台和2座无人井口平台，计划投产开发井79口，预计高峰日产油气当量约3000吨。 作为我国海上首次开发的枝蔓状稠油油藏，垦利10-2油田的储量分布具有"散、窄、薄、杂"的特点，油 气储存在窄长弯曲的砂体中，不同砂体相互交织，如同树枝在地面上的影子，呈现"枝蔓状"，开采难度 大。 转自：北京日报客户端 7月22日，记者从中国海油获悉，位于我国渤海的亿吨级油田——垦利10-2油田群开发项目（一期）顺 利投产，标志着 ...

作为我国海上首次开发的枝蔓状稠油油藏，垦利10-2油田的储量分布具有"散、窄、薄、杂"的特 点，开采难度大。 "'枝蔓状+稠油热采'的储层类型和开发方式组合在国内外均属罕见，我们探索形成了一套复杂稠油 油藏开发技术体系，能够清晰描绘出地下油藏的形态和分布，实现高温蒸汽精确注入地层驱动原油 采出，为垦利10-2油田的高效开发提供了技术支撑。"中国海油天津分公司渤海石油研究院油藏总 师蔡晖说。 面对储量分布零散、原油粘度跨度大等难题，项目采用"常规注水+蒸汽吞吐+蒸汽驱"的联合开发方 式。中心处理平台配套设计常规冷采和稠油热采两套生产系统，集多功能于一体，搭载关键设备 240余套，是目前渤海区域工艺流程最复杂的生产平台之一，也是渤海南部海域首座规模化稠油热 采平台。 中国海油22日宣布，位于我国渤海的亿吨级油田——垦利10-2油田群开发项目（一期）顺利投 产，标志着我国海上最大规模浅层岩性油田正式进入生产阶段。 垦利10-2油田位于渤海南部海域，区域平均水深约20米，探明地质储量超过1亿吨，是渤海湾盆地 凹陷带浅层发现的首个亿吨级岩性油田。据了解，该油田分为一期、二期两个开发项目，此次投产 的一期开发项目计划投产 ...

天眼查资料显示，中国石油天然气集团有限公司，成立于1990年，位于北京市，是一家以从事石油和天 然气开采业为主的企业。企业注册资本48690000万人民币。通过天眼查大数据分析，中国石油天然气集 团有限公司共对外投资了113家企业，参与招投标项目5000次，财产线索方面有商标信息1446条，专利 信息5000条，此外企业还拥有行政许可28个。 中国石油集团工程技术研究院有限公司，成立于2006年，位于北京市，是一家以从事研究和试验发展为 主的企业。企业注册资本45115.875182万人民币。通过天眼查大数据分析，中国石油集团工程技术研究 院有限公司共对外投资了3家企业，参与招投标项目447次，财产线索方面有商标信息24条，专利信息 2049条，此外企业还拥有行政许可8个。 金融界2025年7月19日消息，国家知识产权局信息显示，中国石油天然气集团有限公司;中国石油集团工 程技术研究院有限公司申请一项名为"支撑剂运移可视化模拟系统"的专利，公开号CN120331742A，申 请日期为2024年01月。 专利摘要显示，本发明属于油气藏开采技术领域，公开了一种支撑剂运移可视化模拟系统，包括裂缝模 拟组件、加压组件 ...

Group 1 - China National Petroleum Corporation (CNPC) has obtained a patent for a "downhole logging device," which enhances the success rate of deploying flexible bands in seismic exploration [1] - The patent was granted on July 18, 2025, with an application date of September 2024, indicating ongoing innovation in the field [1] - The downhole logging device includes components such as a base, steel wire rope, first and second drums, a fixed pulley, and a guide body, designed to minimize the risk of breakage and friction during deployment [1] Group 2 - CNPC, established in 1990, is primarily engaged in oil and gas extraction, with a registered capital of 48.69 billion RMB [2] - The company has made investments in 113 enterprises and participated in 5,000 bidding projects, showcasing its extensive operational footprint [2] - China National Petroleum Corporation (CNPC) holds 1,446 trademark records and 5,000 patent records, along with 28 administrative licenses [2] Group 3 - China National Petroleum Group Eastern Geophysical Exploration Co., Ltd., founded in 2000, focuses on professional technical services with a registered capital of approximately 1.53 billion RMB [2] - This subsidiary has invested in 31 enterprises and engaged in 2,015 bidding projects, indicating its active role in the industry [2] - The company possesses 100 trademark records, 3,274 patent records, and 241 administrative licenses, reflecting its commitment to innovation and compliance [2]

Core Viewpoint - The recent "anti-involution" policy in China is not equivalent to "capacity reduction" but aims to correct market failures and establish fair competition, thereby stimulating innovation and promoting high-quality economic development [1][2][3] Industry Overview - The "anti-involution" initiative has been initiated in industries such as photovoltaic, steel, automotive, and cement, with a focus on enhancing product quality and orderly exit of outdated capacity [1][2] - The current supply-demand imbalance is primarily due to insufficient demand rather than significant capacity expansion in most industries [2][3] Policy Implications - The CF40 research suggests that the focus should remain on expanding effective domestic demand rather than solely on capacity reduction [1][3] - Future policy directions should shift from subsidizing industries to subsidizing consumption [1][2] Industry Performance Analysis - The analysis indicates that the "new three types" of industries, including electric machinery, automotive manufacturing, and computer communications, have significantly higher revenue shares compared to previous capacity reduction industries [8][9] - In 2023, the capital expenditure growth rate for the "new three types" industries was 21.0%, contributing 2.78 percentage points to the overall manufacturing capital expenditure growth rate [8][9] Potential Capacity Reduction Industries - Based on the decision tree model, seven industries are identified as potentially facing capacity reduction, including coal mining, petroleum and coal processing, and automotive manufacturing [4][5] - The cumulative PPI change, contribution to PPI growth, and ROA are critical dimensions for assessing potential capacity reduction [4][5] Demand and Supply Dynamics - The automotive industry faces a core issue of unmet potential demand rather than absolute capacity overcapacity, with potential annual sales estimated at 43.26 million vehicles by 2030 [18][19] - The actual depreciation scale of vehicles has been significantly lower than potential levels, indicating suppressed demand [18][19] Conclusion on New Industries - The "new three types" industries are characterized by high capital and technology intensity, and their capacity should be analyzed on a case-by-case basis rather than assuming a general overcapacity [9][19]

Core Viewpoint - In June, the industrial added value of large-scale enterprises increased by 6.8% year-on-year, indicating a robust growth trend in the industrial sector [1] Group 1: Industrial Growth - In June, the industrial added value increased by 0.50% month-on-month, while the growth for the first half of the year was 6.4% year-on-year [1] - By sector, mining increased by 6.1%, manufacturing by 7.4%, and electricity, heat, gas, and water production and supply by 1.8% in June [1] - State-owned enterprises saw a 5.7% increase, joint-stock enterprises 7.1%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises 5.5%, and private enterprises 6.2% in June [1] Group 2: Industry Performance - Out of 41 major industries, 36 reported year-on-year growth in added value in June [2] - Notable growth sectors included coal mining and washing (6.5%), agricultural and sideline food processing (8.2%), and automotive manufacturing (11.4%) [2] - The electronics manufacturing sector also performed well, with computer, communication, and other electronic equipment manufacturing growing by 11.0% [2] Group 3: Product Output - In June, 379 out of 623 major industrial products saw year-on-year output growth [3] - Steel production reached 12.784 million tons (up 1.8%), while cement production fell by 5.3% to 15.547 million tons [3] - Notably, new energy vehicle production increased by 18.8% to 1.234 million units, contributing to an overall automotive production increase of 8.8% [3] - The industrial enterprises' product sales rate was 94.3%, a decrease of 0.3 percentage points year-on-year, with export delivery value reaching 1.3676 trillion yuan, a nominal increase of 4.0% [3]

Group 1 - The overall consumer price index (CPI) has remained stable, with a year-on-year decrease of 0.1% in the first half of the year, consistent with the first quarter [2] - The core CPI, excluding food and energy prices, has gradually rebounded, increasing by 0.4% year-on-year in the first half, an increase of 0.1 percentage points compared to the first quarter [2][3] - Food prices have seen a reduced decline, with a year-on-year decrease of 0.9% in the first half, narrowing by 0.6 percentage points compared to the first quarter [2] - Energy prices have experienced a larger decline, with a year-on-year decrease of 3.2% in the first half, widening by 2.1 percentage points compared to the first quarter [2] Group 2 - The Producer Price Index (PPI) has decreased by 2.8% year-on-year in the first half, with the decline expanding to 3.6% by June due to various factors including international trade uncertainties [4] - The prices in the oil and gas extraction industry have seen a monthly year-on-year decline ranging from 1.3% to 17.3%, averaging a decrease of 9.6% in the first half [4] - Conversely, the prices in the non-ferrous metal smelting and rolling industry have increased for six consecutive months, with a year-on-year average increase of 6.2% in the first half [4] Group 3 - Macro policies have been effective in stabilizing prices in certain industries, with the price of new energy vehicle manufacturing decreasing by 1.6% year-on-year, a reduction that has narrowed by 0.6 percentage points compared to the first quarter [5] - The demand for optional consumption has accelerated, leading to significant price increases in specific sectors, such as a 12.3% increase in the manufacturing of arts and crafts and ceremonial goods [5] - High-tech manufacturing prices have also risen, with integrated circuit packaging and testing prices increasing by 4.1% year-on-year [5]