作为激烈回应，ST新潮现已向法院起诉立信所。公司指控立信会计师事务所未能勤勉尽责、违反审计 准则，并提出明确诉讼主张：要求撤销现有审计报告并重新出具符合标准的报告，追讨已支付的350.1 万元审计费及30万元律师费，并要求签字注册会计师沈家桢、冯蕾承担连带责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 7月19日，*ST新潮（维权）发布公告称，收到上海市黄浦区人民法院（以下简称"黄浦区人民法院"） 的受理通知书。*ST新潮认为，立信会计师事务所、签字注册会计师沈家桢及冯蕾未遵守相关法律及审 计准则的规定，并在此基础上草率出具《审计报告》及《内部控制审计报告》，严重损害其合法权益， 请求判令：（1）立信会计师事务所撤销其作出的信会师报字[2025]第ZA12832号《审计报告》及信会师 报字[2025]第ZA12833号《内部控制审计报告》，重新出具审计报告及内部控制审计报告；（2）立信会 计师事务所向原告返还已收取的审计服务费（含税）3，501，000.00元，并承担原告律师费300，000.00 元；（3）沈家桢及冯蕾为第（1）项诉讼请求承担连带责任。 事件脉络与核心争议 ST新潮因立信会计师事务 ...

Investment Rating - The report gives an "Overweight" rating for the petrochemical industry, indicating a positive outlook compared to the overall market performance [1]. Core Insights - The petrochemical industry is experiencing a downturn due to falling oil prices, with expectations for recovery in the mid to downstream sectors in the future [1]. - The report highlights a significant decrease in crude oil prices in Q2 2025, with Brent crude averaging $66.7 per barrel, down 11.0% quarter-on-quarter and 21.5% year-on-year [5][6]. - Key companies in the industry are projected to report lower profits in Q2 2025 due to the impact of declining oil prices and inventory losses [5]. Summary by Sections Oil Price Trends - In Q2 2025, Brent crude oil averaged $66.7 per barrel, with a quarter-on-quarter decrease of 11.0% and a year-on-year decrease of 21.5% [5][6]. - Gasoline and diesel prices were adjusted three times upwards and two times downwards, with total reductions of 155 CNY/ton for gasoline and 150 CNY/ton for diesel [5]. Price Spread Analysis - The report notes that the price spreads for styrene, PX-naphtha, ethylene-naphtha, and crude oil catalytic cracking widened, while spreads for propane-propylene, butyl acrylate, and PTA-PX narrowed in Q2 2025 [5][7]. - The average price spread for ethylene from ethane was $567/ton, narrowing by $43/ton quarter-on-quarter [5][7]. Company Performance Forecasts - Major companies are expected to report the following net profits for Q2 2025: - China National Petroleum Corporation (CNPC): 40 billion CNY (YoY -7%, QoQ -15%) - China National Offshore Oil Corporation (CNOOC): 30 billion CNY (YoY -25%, QoQ -18%) - Sinopec: 6 billion CNY (YoY -65%, QoQ -55%) - CNOOC Services: 1.2 billion CNY (YoY +25%, QoQ +35%) - Offshore Oil Engineering: 600 million CNY (YoY -17%, QoQ +11%) [5][10]. Investment Recommendations - The report suggests a positive outlook for polyester recovery, recommending attention to leading companies such as Tongkun Co. and Wankai New Materials [5]. - It also highlights potential improvements in refining companies' costs and competitive positioning, recommending companies like Hengli Petrochemical and Sinopec [5]. - The report indicates that the upstream exploration and development sector remains robust, with recommendations for offshore oil service companies like CNOOC Services and Offshore Oil Engineering [5].

大庆油田上半年油气新能源产量实现增长 金十数据7月18日讯，18日从中国石油大庆油田获悉，2025年上半年，大庆油田国内原油产量同比增加 1.09万吨；天然气产量同比增加2.22亿立方米；新能源项目在运规模53.87万千瓦，发电量5.54亿千瓦 时，完成年度计划的52%。在新能源业务方面，今年上半年，大庆油田各项总量和单项指标均超计划运 行。其中，新能源产量当量28.67万吨标煤，完成年度计划的62%；风光发电量达5.54亿千瓦时，完成年 度计划的52%；地热供暖面积75.11万平方米，清洁热能利用量为3.96万吨标煤，完成年度计划的62%。 （新华社） ...

Core Viewpoint - The third China International Supply Chain Promotion Expo showcased advancements in various sectors, with a focus on clean energy and the role of the Belt and Road Initiative (BRI) in global energy governance [1][6]. Group 1: Clean Energy and BRI - The clean energy chain exhibition highlighted the full-cycle industrial chain of clean energy, attracting leading industry players [1]. - The BRI is expected to play a significant role in global energy governance by promoting diversified energy governance mechanisms and creating a cooperative platform for energy collaboration among BRI countries [1][6]. - China National Offshore Oil Corporation (CNOOC) has established four major oil and gas cooperation zones in BRI countries, holding assets in 11 countries with a production share of 65% [4][6]. Group 2: Oil and Gas Discoveries - CNOOC reported a significant oil discovery in Guyana, with over 10 billion barrels identified, positioning it as the fourth-largest oil producer in Latin America [2][4]. - The production in Guyana is projected to double to 1.3 million barrels per day by 2030, enhancing CNOOC's overseas investment returns [2][11]. Group 3: Technological Advancements - CNOOC is advancing in deepwater exploration, carbon capture technology, and offshore wind power, establishing a strong competitive edge [2][8]. - The company has developed the "Deep Sea No. 1" energy station for 1,500-meter deepwater oil and gas field development and the world's first deep-sea floating wind power platform [2][8]. Group 4: Risk Management and Strategic Focus - CNOOC adheres to a principle of avoiding high-risk areas and investments, effectively managing geopolitical and market volatility risks [3][11]. - The company is optimizing its global asset portfolio by advancing low-cost projects in Guyana and Brazil while disposing of non-core assets [3][11]. Group 5: Future Energy Cooperation Trends - Future international energy cooperation is expected to be more regionally focused, with complex and changing environments for resource countries [13][14]. - Energy security concerns and economic development aspirations will create opportunities for energy cooperation, particularly in newly discovered oil and gas regions [14].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][7] Core Viewpoints - The company is steadily advancing domestic oil and gas reserves and production, with a significant breakthrough in metamorphic rock exploration in the South China Sea [2][3] - The Bohai Oilfield has achieved a record oil and gas production of 20.5 million tons in the first half of 2025, enhancing offshore oil and gas supply capabilities [4][9] - The Guyana Stabroek block has reached a new monthly production high, with the Yellowtail project expected to commence production in Q4 2025, increasing total capacity to 940,000 barrels per day [4][10] Summary by Sections Domestic Production - The Weizhou 10-5 South Oilfield has made a significant breakthrough in metamorphic rock exploration, with a test well producing 400 barrels of oil and 16.5 million cubic feet of gas per day [3][8] - The Weizhou 5-3 oilfield development project has been put into production, with an expected peak output of approximately 10,000 barrels of oil equivalent per day by 2026 [3][8] Financial Forecasts - The Brent oil price forecast for 2025-2027 has been revised down from $75 to $68 per barrel, leading to a reduction in the company's net profit estimates to 126.3 billion, 129.7 billion, and 135 billion yuan for 2025, 2026, and 2027 respectively [6][17] - Corresponding EPS estimates are 2.66, 2.73, and 2.84 yuan, with PE ratios of 9.7, 9.4, and 9.0x for the same years [6][17] Market Conditions - OPEC+ is gradually exiting an additional voluntary production cut of 2.2 million barrels per day, with short-term demand supported by seasonal factors [5][13] - The average WTI crude oil price for Q2 2025 is projected at $64.0 per barrel, reflecting a 10.5% quarter-on-quarter decline and a 20.7% year-on-year decline [5][14]

Core Insights - Central enterprises are facing a complex external environment but are maintaining a steady operational trend through quality improvement and value creation initiatives [2][3] - The goal for the year is to achieve high-quality development, with a focus on enhancing operational efficiency and addressing challenges [3][7] Group 1: Operational Performance - From January to June, central enterprises achieved an added value of 5.2 trillion yuan, with an annualized labor productivity of 816,000 yuan per person, reflecting a year-on-year increase of 2.3% [2] - Research and development expenditure reached 413.98 billion yuan, and fixed asset investment totaled 2 trillion yuan [2] Group 2: Strategic Initiatives - The State-owned Assets Supervision and Administration Commission (SASAC) has outlined key measures for the second half of the year, including close monitoring of macroeconomic conditions and market trends, as well as capturing new consumer demands [3] - Emphasis is placed on cost reduction through centralized procurement and lean management, alongside a focus on digital and green upgrades [3] Group 3: Innovation and Productivity - Central enterprises are urged to prioritize the cultivation of new productive forces and improve total factor productivity to drive growth [4] - The SASAC aims to enhance the integration of technology and industry, with a focus on original and leading technology supply capabilities [4][5] Group 4: Reform and Restructuring - By 2025, the reform and enhancement actions for state-owned enterprises are expected to be completed, with an average completion rate of over 80% for key reform tasks [7] - Strategic restructuring and integration are highlighted as important means for optimizing resource allocation, with a focus on enhancing efficiency and vitality in response to new challenges [8]

Group 1: Inflation Trends - The Producer Price Index (PPI) for June 2025 recorded a year-on-year increase of 2.3%, marking the lowest level since September 2024, with market expectations at 2.5% [1] - The core PPI, excluding food, energy, and trade services, remained flat, with a 12-month cumulative increase of 2.5%, indicating low potential inflation stickiness [2] - The overall manageable producer price pressure suggests a likelihood of the Federal Reserve maintaining current interest rates or gradually lowering them [2] Group 2: Sector-Specific Insights - Energy prices saw a 0.6% increase in June, with gasoline prices rising by 1.8% and industrial electricity prices by 2.7%, indicating structural opportunities in the energy sector [3] - The demand for communication and related equipment prices increased by 0.8% in June, reflecting ongoing enterprise demand for 5G upgrades and data center construction [3] - Despite a 0.9% overall decline in transportation and warehousing services, freight forwarding prices rose by 8.0%, highlighting increased demand for logistics optimization amid global supply chain restructuring [3][4] Group 3: Consumer Services and Agricultural Products - Travel accommodation prices dropped by 4.1% in June, the largest monthly decline in six months, indicating short-term pressure on the tourism sector [5] - Egg prices plummeted by 21.8% in June, with a 12-month cumulative increase narrowing to 15.8%, primarily due to oversupply [9] - The price of unprocessed chicken decreased by 25.0%, suggesting potential short-term profitability pressures for poultry farming enterprises [9]

Group 1 - The company is implementing a smart oilfield construction plan, focusing on information enhancement, digital empowerment, and intelligent development to promote high-quality growth [1][2] - The digital team has collected 63 digital enhancement needs from 21 business management departments, prioritizing them to explore an agile iterative operation model [2] - The company has completed the preliminary design of the SDH optical transmission system and the implementation plan for the data management platform, strengthening its IT infrastructure [2] Group 2 - The company is advancing digital empowerment projects to support oil and gas production decisions, creating a smart operational ecosystem that enhances production organization efficiency [3] - The automatic data collection rate for well station and pipeline networks has reached 100%, and the efficiency of integrated production plan formulation has improved by 70% [3] - The company has achieved a 17.9% reduction in frontline labor through the implementation of unmanned operations at 149 small stations [3] Group 3 - The company has developed an AI-powered knowledge base that allows real-time querying of vast data, transitioning from "intelligent response" to "knowledge empowerment" [4] - The "Xiao Tan Zhi Da" intelligent Q&A platform has been launched, supporting the company's smart transformation and integrating into core areas such as exploration, development, and production management [4] - The platform has served over 16,000 users and handles an average of over 180 queries daily, becoming a digital knowledge repository for employees [4]

Core Insights - The "Deep Sea No. 1" Phase II project has achieved full production, marking it as the largest offshore gas field in China with a maximum daily output of 15 million cubic meters [2][4] - This gas field is notable for being the deepest and most challenging to develop in terms of geological conditions, with 12 underwater wells exceeding 60,000 meters in total depth, temperatures reaching 138 degrees Celsius, and pressures up to 69 MPa [4][6] - The successful completion of the project is a significant milestone for China's deep-water high-pressure gas development, positioning the country among global leaders in this field [6][9] Production Capacity and Technical Challenges - The "Deep Sea No. 1" gas field consists of 23 underwater gas wells, all operational, contributing to a projected annual gas output of over 4.5 billion cubic meters [2][9] - The project faced extreme geological challenges, including high temperature and pressure, requiring innovative solutions and extensive research to ensure safe and efficient drilling operations [4][7] - The development of the underwater production system involved complex equipment and technology, with a focus on optimizing production management and simulating various operational scenarios [4][5] Technological Innovations and Achievements - The project has led to the creation of five world-first key technologies for drilling high-pressure wells, enhancing operational efficiency by over 30% [9] - A significant achievement includes the successful development of domestically produced high-density completion fluids, which saved nearly 100 million yuan in operational costs [7][9] - The establishment of a complete technical system for deep-water gas field development is expected to facilitate the economic and efficient development of other complex offshore oil and gas reserves in the future [10] Strategic Importance - The "Deep Sea No. 1" gas field is crucial for China's energy supply, with marine oil and gas production becoming a primary focus, accounting for approximately 80% of the national crude oil increase in 2024 [6][10] - The gas produced will support industrial and residential users in the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port, integrating into the national gas pipeline network [9][10]

A股油气开采板块盘初下挫，*ST新潮跌超4%，博迈科、通源石油、准油股份等均跌超3%，科力股 份、本肯能源等跟跌。 ...