Economic Overview - In Q2, the actual GDP growth was 5.2% year-on-year, while nominal GDP growth fell to 3.9%, marking a decline of 0.2 and 0.7 percentage points from Q1 respectively[4] - The nominal GDP growth rate has dropped below 4%, the lowest in nearly three years, primarily due to strong supply and weak demand characteristics[23] Supply and Demand Balance - Q3 is expected to see a balance between supply and demand, driven by the implementation of "anti-involution" policies and improved confidence in the real sector[2] - The recovery in consumption is gradually being confirmed, with "anti-involution" policies likely being a key factor influencing Q3 economic performance[4] Investment Trends - Fixed asset investment in Q2 grew by only 1.8% year-on-year, a significant drop of 2.4 percentage points from Q1, with infrastructure and manufacturing investments experiencing widespread contraction[11] - In June, fixed asset investment saw a month-on-month decline of 0.1%, marking a historical low[11] Consumer Behavior - The nominal growth rate of social retail sales in Q2 was 4.5%, slightly down by 0.1 percentage points from Q1, indicating a moderate increase in consumer spending[19] - In June, social retail sales growth fell to 4.8%, a significant drop of 1.6 percentage points from the previous month, with most categories experiencing a broad decline[20] Inflation and Market Dynamics - The report suggests that moderate inflation positively impacts corporate operations and household balance sheets, with expectations of a gradual recovery in nominal GDP growth[2] - The bond market is currently benefiting from a low inflation environment and ample liquidity, although the upward potential for bond prices is limited in the short term[27] Geopolitical and Policy Risks - Risks include geopolitical tensions and the potential for policy changes that exceed expectations, which could impact economic stability[3]

Core Insights - China National Offshore Oil Corporation (CNOOC) Shenzhen branch successfully completed the offshore installation of the upper module of the Xijiang 24-7 platform on July 14, marking the beginning of a new phase in joint debugging for the platform [1][2] - The Xijiang 24-7 platform represents a significant advancement in the application of unmanned platform technology, showcasing improvements in digitalization, production processing capacity, operational costs, and safety [1] - The project is part of CNOOC's efforts to drive the digital transformation of offshore oil fields, with the average water depth in the area being approximately 90 meters [1] Project Details - The upper module of the Xijiang 24-7 platform weighs approximately 3,310 tons and consists of a two-layer deck structure, with the main deck measuring 36.3 meters in length and 36.1 meters in width, equivalent to the area of three basketball courts [1] - The platform is designed to utilize multiple digital technologies, enabling functions such as intelligent oil extraction, smart equipment operation, and intelligent security [1] Installation Challenges - The installation occurred during a season prone to severe weather, including typhoons and strong convective conditions, necessitating careful planning and resource management to mitigate the impact of Typhoon 'Danas' [2] - The project team implemented innovative guiding devices and positioning spikes to ensure precision during the installation, achieving an overall alignment error of less than 1 millimeter [2] Production Performance - In the first half of the year, the eastern South China Sea oil fields exceeded production targets for both crude oil and natural gas, focusing on maximizing output and efficiency [2] - New projects adhered to the principle of "land-based support for sea operations" and enhanced resource coordination, with simultaneous construction of multiple platforms in Zhuhai and Qingdao [2]

Core Viewpoint - The article highlights that U.S. drilling companies have reduced the number of oil and natural gas rigs for the 11th consecutive week, indicating a potential downturn in drilling activity and investment in the energy sector [1] Industry Summary - The reduction in drilling rigs suggests a response to fluctuating oil prices and market conditions, which may impact overall production levels in the U.S. energy sector [1] - This trend of decreasing rig counts could lead to a tighter supply in the future if demand remains stable or increases, potentially affecting energy prices [1] Company Summary - U.S. drilling companies are adjusting their operations by cutting back on the number of active rigs, which may reflect their strategies to manage costs and respond to market signals [1] - The ongoing reduction in rig counts may influence the financial performance of companies involved in drilling and related services, as lower activity levels could lead to decreased revenues [1]

Core Viewpoint - The CEO of Petrobras, Magda Chambriard, announced that the company is evaluating various options for its onshore oil field cluster in Bahia, Brazil, including the possibility of selling it, with a focus on return rates and shareholder interests [1] Company Summary - Petrobras is considering the sale of its onshore oil field cluster located in northeastern Brazil [1] - The decision-making process will prioritize return rates and the interests of shareholders [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Chinese economy shows a mixed picture with stable GDP growth, but some indicators like PPI and export growth face challenges [1]. - Infrastructure investment is expected to accelerate, with most institutions forecasting a 6% growth in full - year infrastructure construction investment [2][17]. - The bond market has a complex situation with different trends in yields and prices, and the money market rates are mostly declining [24][25][26]. - The stock market has different performances in A - shares and Hong Kong stocks, and the insurance capital's active participation and IPO inspections are notable [34]. 3. Summary by Directory Macro Data - GDP in Q1 2025 grew 5.4% year - on - year, the same as the previous quarter [1]. - In June 2025, the manufacturing PMI was 49.7%, up from 49.5% in the previous month, and the non - manufacturing PMI was 50.5%, up from 50.3% [1]. - In May 2025, social financing scale increment was 22870 billion yuan, M0 grew 12.1% year - on - year, M1 grew 2.3%, and M2 grew 7.9% [1]. Commodity Investment Comprehensive - The Chinese government hopes to promote healthy and sustainable Sino - US economic and trade relations [2][3][17]. - The US "big and beautiful" tax and spending bill will raise the debt ceiling by 5 trillion dollars and may increase the budget deficit by 3.4 trillion dollars in the next decade [3]. - The US non - farm employment in June increased by 147,000, and the unemployment rate was 4.1% [3]. Metal - Peruvian copper mine transportation is disrupted due to protests by small miners [5][9]. - UBS raised its copper price forecasts for 2025 and 2026 by 7% and 4% respectively [5]. - Central banks are increasing gold reserves due to the "weaponization" of foreign exchange [6]. Coal, Coke, Steel and Minerals - Indonesia plans to change the mining quota validity period from three years to one year [9]. - China is summarizing the implementation of the "14th Five - Year Plan" for mineral resources and planning for the "15th Five - Year Plan" [5][9]. Energy and Chemicals - China's first natural gas full - chain multi - condition cryogenic treatment plant is put into operation [10]. - OPEC+ is discussing an 8 - month oil production increase of 411,000 barrels per day [12]. Agricultural Products - China's Ministry of Agriculture and Rural Affairs launches an action to ensure autumn grain harvest [14]. - The second import corn auction is about to start with changes in quantity, area and target [14]. Financial News Open Market - On July 3, the central bank conducted 57.2 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 452.1 billion yuan [16]. Key News - In June, the Caixin China Services PMI was 50.6, and the composite PMI output index rebounded to 51.3 [17]. - From January to May, China's service import and export totaled 32543.6 billion yuan, a year - on - year increase of 7.7% [18]. Bond Market - Bank - to - bank bond yields were generally stable with a slight decline, and the money market was more liquid [24]. - The on - shore RMB against the US dollar rose 59 points, and the US dollar index rose 0.35% [29]. Research Reports - Guoxin Macro Fixed Income expects China's CPI to decline slightly in June and PPI to continue to fall [30]. - Yangtze River Fixed Income believes that liquidity will remain relatively loose in July [30]. Stock Market - On Thursday, A - shares rose, with consumer electronics and innovative drugs leading the gains, while Hong Kong stocks fell [34]. - Insurance funds have accelerated their pace of stock market participation, and banks and public utilities are major targets [34]. - The China Securities Association announced the list of 12 IPO on - site inspection enterprises in the second batch of 2025 [35].

贝克休斯油服：美国钻井公司连续第十周削减石油和天然气钻机数。 ...

Industry Overview - In June, the non-farm employment in the U.S. oil and gas extraction industry decreased by approximately 500 jobs compared to the previous month and by about 900 jobs year-over-year [1] Employment Data - Total non-farm employment in June 2025 was reported at 160,475, showing a change of +147 from May 2025 [1] - Total private employment reached 136,947 in June 2025, with an increase of +74 from May 2025 [1] - The goods-producing sector employed 21,932 individuals in June 2025, reflecting a slight increase [1] Mining and Logging Sector - The mining and logging sector recorded 624 jobs in June 2025, a decrease of 2 from May 2025 [1] - Within this sector, oil and gas extraction specifically had 122.8 jobs in June 2025, down by 0.5 from May 2025 [1] - The mining (excluding oil and gas) segment remained stable at 194.7 jobs in June 2025, showing no change from the previous month [1] Specific Mining Activities - Coal mining employment was reported at 41.1 in June 2025, with a slight increase of 0.1 from May 2025 [1] - Metal ore mining saw a decrease to 44.3 jobs in June 2025, down by 0.3 from May 2025 [1] - Nonmetallic mineral mining and quarrying increased to 109.3 jobs in June 2025, reflecting a rise of 0.2 from May 2025 [1] Support Activities - Support activities for mining recorded 268.1 jobs in June 2025, a decrease of 1.5 from May 2025 [1]

Core Viewpoint - Baker Hughes reports that U.S. drilling companies have reduced the number of oil and natural gas rigs for the eighth consecutive week, indicating a potential slowdown in exploration and production activities in the sector [1] Group 1: Industry Overview - The total number of active oil and natural gas rigs in the U.S. has decreased, reflecting a broader trend of reduced drilling activity [1] - This reduction in rig count may signal a response to fluctuating oil prices and market conditions, impacting overall production levels [1] Group 2: Company Implications - Companies involved in drilling and exploration may face challenges due to the ongoing decrease in rig counts, which could affect their revenue and operational strategies [1] - The sustained reduction in drilling activity may lead to a reevaluation of investment strategies within the sector, as companies adjust to changing market dynamics [1]

Core Insights - The deep sea holds the largest undeveloped resource reserves on Earth, with the International Energy Agency (IEA) reporting that 70% of global oil and gas resources are located in oceans, and 44% are found in deep water areas over 300 meters [1][5] - China National Offshore Oil Corporation (CNOOC) has developed a highly digitalized oil and gas production model, which can be remotely controlled from the shore, at the Bozhong 19-6 gas field platform [1][3] - CNOOC's Bohai Oilfield, established in 1965, is China's largest offshore oil and gas production base, with around 60 producing oil and gas fields and over 200 production facilities [1][3] Production and Exploration - Since 2019, Bohai Oilfield has significantly increased its oil and gas production, with daily crude oil output surpassing 100,000 tons, accounting for nearly one-sixth of China's total crude oil production [3] - The new 1 million-ton oil field, Kenli 10-2, is undergoing offshore testing and is expected to be operational within the year, contributing to the goal of achieving an annual production of 40 million tons of oil equivalent by 2025 [3][5] - CNOOC has established a complete technical system for offshore oil and gas exploration and production, achieving breakthroughs in key technologies for developing ultra-deepwater oil and gas fields [5][6] Financial Outlook - According to East China Securities, CNOOC plans to maintain high capital expenditure and optimize its spending structure, with a budget of 125 billion to 135 billion yuan for 2025, focusing on exploration, development, and production [5][6] - The production target for 2025 is set at 760 to 780 million barrels of oil equivalent, representing a year-on-year growth of 5.9% [5][6] International Collaboration and Community Engagement - CNOOC has signed 110 cooperation contracts with over 60 oil companies from 16 countries, producing more than 180 million tons of oil equivalent through international collaboration [6] - The company emphasizes community development and has committed to creating over 22,000 jobs globally in 2024, with significant investments in charitable projects and rural revitalization [6]

Core Insights - The successful trial production of the Yingye 1H well in the Dongyue Temple section has resulted in high industrial oil and gas flow, achieving a daily production of 8 tons of oil and 30,000 cubic meters of natural gas, providing new momentum for the Daqing Oilfield's exploration and production in the Sichuan-Chongqing area [1][2] Group 1: Production and Exploration - The Yingye 1H well demonstrated significant oil and gas invasion and large fracturing scale during drilling, although the well's low formation pressure led to suboptimal trial production results, keeping it in a shut-in state [1] - The Daqing Oilfield's second oil production plant has not abandoned the exploration of this well, emphasizing the importance of geological understanding of the undeveloped layers in the Dongyue Temple section [1] Group 2: Technical Improvements and Management Strategies - The company has conducted extensive technical research, analyzing drilling core data, trial production dynamics, and pressure measurement data, concluding that the well's reservoir is well-developed, and the short trial gas time and low recovery rate were the main reasons for the initial underperformance [1] - The Daqing Oilfield's second oil production plant has implemented differentiated management strategies to enhance oil and gas production, including optimizing production systems and managing scattered gas production rates, resulting in an additional 399 million cubic meters of gas from 16 optimization adjustments [2] Group 3: Revival of Idle Wells - The company is exploring strategies for the revival of long-idled wells by collecting and analyzing seismic, logging, drilling, and production data, and has developed geological plans for the revival of 8 wells, with the first batch of 4 wells expected to be implemented in the second half of the year [2]