Core Viewpoint - The discovery of high-yield shale oil and gas flow at the Qilu Ye 1 well in the Sichuan Basin marks a significant advancement in China's unconventional oil resources, indicating a new large-scale shale oil reserve with a resource volume exceeding 100 million tons [1][3][5] Group 1: Discovery and Production - The Qilu Ye 1 well has achieved a daily production of 38.64 cubic meters of shale oil and 10,000 cubic meters of natural gas, highlighting its potential as a new resource base in the Sichuan Basin [1][3] - The well is located in the Qijiang District of Chongqing, with the shale reservoir drilled at a depth of over 2,000 meters, revealing a favorable oil-bearing shale thickness of nearly 40 meters [3][5] Group 2: Economic and Strategic Implications - The breakthrough at the Qilu Ye 1 well confirms a resource target of over 100 million tons of shale oil, aligning with China's strategic goal of transitioning from marine to terrestrial oil and gas exploration in the southern Sichuan Basin [3][5] - The Qijiang shale gas field, discovered in 2022, has a proven reserve of 100 billion cubic meters, and the new oil discovery complements the existing gas resources, creating a "gas below, oil above" resource structure [5] Group 3: Future Projections - China Petroleum is increasing its shale oil exploration efforts, with projected annual production of 705,000 tons in 2024, an increase of 308,000 tons from the previous year [5] - By 2025, the company aims to confirm geological reserves of over 200 million tons of shale oil and 12.352 billion cubic meters of natural gas [5]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) has discovered a new shale oil reserve in the Sichuan Basin, specifically at the Qilu Yey 1 well, which has a production capacity of 38.64 cubic meters of shale oil and 10,000 cubic meters of natural gas per day, indicating a new resource area with a potential of over 100 million tons [1][3][5] Group 1 - The Qilu Yey 1 well is located in the Qijiang District of Chongqing, with the shale reservoir situated over 2,000 meters underground, revealing a thickness of nearly 40 meters of oil-rich shale [3][5] - The breakthrough at Qilu Yey 1 well confirms a large-scale shale oil resource target exceeding 100 million tons, marking a strategic shift in oil and gas exploration from marine to terrestrial environments in the southern Sichuan Basin [3][5] Group 2 - The Qijiang shale gas field, where the Qilu Yey 1 well is located, was previously identified in 2022 with a large-scale shale gas reserve of 100 billion cubic meters, creating a "gas below, oil above" resource structure in the region [5] - Sinopec is intensifying its shale oil exploration efforts, with projected annual production of 705,000 tons in 2024, an increase of 308,000 tons from the previous year, and plans to confirm geological reserves of over 200 million tons of shale oil and 12.352 billion cubic meters of natural gas by 2025 [5]

Core Viewpoint - China Petrochemical Corporation (Sinopec) has discovered a significant new shale oil and gas resource in the Sichuan Basin, marking a major breakthrough in domestic oil exploration [1] Group 1: Discovery Details - The risk exploration well, Qilu Ye 1, has tested high-yield shale oil and gas flows, producing 38.64 cubic meters of shale oil and 10,000 cubic meters of natural gas per day [1] - This discovery indicates a resource volume of over 100 million tons, establishing a new large-scale shale oil reserve in the region [1] Group 2: Economic and Strategic Implications - The well's shallow burial depth and high-quality oil suggest favorable economic development prospects [1] - This achievement aligns with the strategic goal of transitioning oil and gas exploration in the southern Sichuan Basin from marine to terrestrial areas [1]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) has successfully tested a high-yield shale oil and gas flow from the Qilu Yeyou 1 well in the Qijiang District of Chongqing, achieving a daily oil production of 38.64 cubic meters and natural gas production of 10,000 cubic meters, indicating a significant resource discovery in the Sichuan Basin [1][4][6] Group 1 - The Qilu Yeyou 1 well represents a new billion-ton level shale oil reserve area, which is strategically important for shale oil exploration and development in Southwest China [1][4] - Sinopec discovered a large-scale shale gas field in the Qijiang area in 2022, with a capacity of 100 billion cubic meters, and has since initiated a new round of shale oil research [4][6] - The successful drilling of the Qilu Yeyou 1 well involved a geological engineering team that implemented targeted key technologies, achieving a horizontal section length of over 2,000 meters and a 100% rate of encountering quality shale [6] Group 2 - Sinopec has increased its exploration and development efforts in shale oil, confirming new oil fields in the Xinxing, Qintong, and Fuxing shale systems, with significant geological reserves reported for each [6] - The Xinxing oil field in the Bohai Bay Basin has confirmed geological reserves of over 140 million tons, while the Qintong oil field in the Jiangsu Province has confirmed reserves of 40.02 million tons [6] - The Fuxing oil field in the southeastern Sichuan Basin has confirmed reserves of 20.10 million tons of oil and 12.35 billion cubic meters of natural gas, with an expected annual shale oil production of 70,500 tons in 2024, marking a year-on-year increase of 30,800 tons [6]

上市公司：泰山石油（000554），ST实华（000637），沈阳化工（000698），恒逸石化（000703）， 岳阳兴长（000819），大庆华科（000985），中国石化（600028），恒力石化（600346），ST海越 （600387），统一股份（600506），上海石化（600688），渤海化学（600800），中国石油 （601857），恒通股份（603223） 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2025年1-8月，石油和天然气开采业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年 起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为 180个，和上年同期相比，增加了12个，同比增长7.14%，占工业总企业的比重为0.03%。 2016-2025年1-8月石油和天然气开采业企业数统计图 ...

国家统计局10月20日发布数据显示，9月份，规模以上工业增加值同比实际增长6.5%，环比增长 0.64%。其中，石油和天然气开采业增长8.9%，化学原料和化学制品制造业增长9.0%，橡胶和塑料制品 业增长5.3%。 分三大门类看，9月份，采矿业增加值同比增长6.4%，制造业增长7.3%，电力、热力、燃气及水生 产和供应业增长0.6%。 分经济类型看，9月份，国有控股企业增加值同比增长6.5%；股份制企业增长6.8%，外商及港澳台 投资企业增长5.8%；私营企业增长4.6%。 分行业看，9月份，41个大类行业中有36个行业增加值保持同比增长。其中，煤炭开采和洗选业增 长6.4%，石油和天然气开采业增长8.9%，农副食品加工业增长6.0%，酒、饮料和精制茶制造业增长 0.8%，纺织业增长2.2%，化学原料和化学制品制造业增长9.0%，非金属矿物制品业增长0.2%，黑色金 属冶炼和压延加工业增长2.2%，有色金属冶炼和压延加工业增长8.4%，通用设备制造业增长9.3%，专 用设备制造业增长5.4%，汽车制造业增长16.0%，铁路、船舶、航空航天和其他运输设备制造业增长 10.3%，电气机械和器材制造业增长7.9%， ...

Industry Overview - The Chinese oil extraction industry, referred to as "oil and gas extraction," is the upstream segment of the energy industry chain, focusing on exploration, development, and production of crude oil and natural gas. It is a foundational and strategic industry for the national economy, directly impacting energy security, industrial production, transportation, and social life [1] - The development of this industry is influenced by international oil prices, national policies, geological resources, and technological levels, characterized by capital intensity, technology intensity, and high risk [1] Market Characteristics - The market is highly concentrated, dominated by the "Big Three" oil companies: China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), which control the majority of domestic oil and gas resources [6] - The industry is strongly policy-driven, with national strategies and guidelines, such as the "14th Five-Year Plan," focusing on energy security and low-carbon transition [6] - High costs and risks are prevalent as the focus shifts from easily extractable conventional resources to unconventional fields like deep-sea and shale oil, leading to increased exploration and development costs [6] - Domestic oil companies' revenues and profits are highly correlated with international oil prices, but domestic price controls and long-term contracts create a lag in performance fluctuations [6] Current Industry Status - In 2023, China's crude oil production reached 209 million tons, a 2.0% year-on-year increase, driven by continued capital investment in key basins [7] - However, domestic production growth lags behind consumption growth, with crude oil imports reaching 564 million tons in 2023, resulting in a dependency rate of approximately 72% [7] - The government is promoting market-oriented reforms in oil and gas exploration, opening certain exploration blocks to private and foreign enterprises [7] Future Trends - The core focus remains on "increasing reserves and production" to ensure energy security, with expectations for the "Big Three" to maintain domestic crude oil production above 200 million tons [13] - Unconventional oil and gas, along with deep-sea resources, are expected to be the main growth areas, with investment and technological breakthroughs being critical for industry development [13] - Digitalization and smart technologies are seen as essential for reducing costs and enhancing efficiency in the face of high operational costs [13] - Major oil companies are transitioning towards integrated and comprehensive energy suppliers, expanding into downstream high-value chemical products and renewable energy sectors [13] Challenges and Opportunities - The industry faces challenges such as resource constraints, high costs of unconventional and deep-sea oil and gas, and long-term pressures from carbon neutrality goals [13] - However, there are opportunities for growth through strong policy support for energy security, potential technological breakthroughs in key areas, and the rising demand for natural gas as a cleaner fossil fuel during the energy transition [13]

Core Points - Zhou Xinhai has resigned from his positions as Executive Director, Vice Chairman, and CEO of China National Offshore Oil Corporation (CNOOC), effective October 20, 2025 [1][2] - The board of directors approved the resignation with a unanimous vote of 8 in favor, with no opposition or abstentions [2] - Zhou has confirmed that there are no disagreements with the board and no matters related to his resignation that need to be brought to the attention of shareholders or stock exchanges [2] Company Contributions - The board expressed sincere gratitude for Zhou Xinhai's contributions to the company and the offshore oil industry [3]

Core Insights - The overall industrial capacity utilization rate for Q3 2025 is reported at 74.6%, showing a decrease of 0.5 percentage points compared to the same period last year [2] - The mining industry has a capacity utilization rate of 72.5%, down by 2.1 percentage points year-on-year [2] - The manufacturing sector's capacity utilization rate stands at 74.8%, reflecting a decline of 0.4 percentage points from the previous year [3] Industry Breakdown - Mining Industry: Capacity utilization at 72.5%, down 2.1 percentage points from last year [2] - Manufacturing Sector: Capacity utilization at 74.8%, down 0.4 percentage points year-on-year [3] - Electricity, Heat, Gas, and Water Production and Supply: Capacity utilization at 74.3%, unchanged from the previous year [3] Specific Industries - Coal Mining and Washing: 68.9%, down 3.8 percentage points [3] - Food Manufacturing: 70.1%, down 0.6 percentage points [3] - Textile Industry: 77.2%, down 0.7 percentage points [3] - Chemical Raw Materials and Products: 72.5%, down 3.5 percentage points [3] - Non-Metallic Mineral Products: 62.0%, up 0.3 percentage points [3] - Black Metal Smelting and Rolling: 80.1%, up 2.7 percentage points [3] - Non-Ferrous Metal Smelting and Rolling: 77.8%, down 0.6 percentage points [3] - General Equipment Manufacturing: 78.9%, up 0.2 percentage points [3] - Specialized Equipment Manufacturing: 75.5%, down 0.3 percentage points [3] - Automobile Manufacturing: 73.3%, up 0.1 percentage points [3] - Electrical Machinery and Equipment Manufacturing: 74.9%, down 0.7 percentage points [3] - Computer, Communication, and Other Electronic Equipment Manufacturing: 79.0%, up 1.1 percentage points [3]

Core Insights - In September, the industrial added value of enterprises above designated size increased by 6.5% year-on-year, with a month-on-month growth of 0.64% [1] - From January to September, the industrial added value grew by 6.2% year-on-year [1] Group 1: Industrial Performance - In September, the mining industry saw a year-on-year increase of 6.4%, manufacturing grew by 7.3%, and the production and supply of electricity, heat, gas, and water increased by 0.6% [3] - Among 41 major industries, 36 reported year-on-year growth in added value, with notable increases in coal mining (6.4%), oil and gas extraction (8.9%), and automotive manufacturing (16.0%) [3] Group 2: Economic Types - State-owned enterprises experienced a year-on-year growth of 6.5%, while joint-stock enterprises grew by 6.8%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 5.8%, and private enterprises saw a growth of 4.6% [3] Group 3: Product Output - In September, out of 623 industrial products, 362 saw a year-on-year increase in output, including steel (12.421 million tons, +5.1%), cement (15.444 million tons, -8.6%), and automobiles (3.227 million units, +13.7%) [4] - New energy vehicles specifically grew by 20.3% to 1.58 million units [4] Group 4: Sales and Exports - The sales rate of products from industrial enterprises above designated size was 96.7%, an increase of 0.6 percentage points year-on-year [5] - The export delivery value reached 1.476 trillion yuan, reflecting a nominal year-on-year growth of 3.8% [5]