2026 年 1 月 9 日 晨会速递 分析师点评 公司研究 【石化】践行增量降本之路，油气巨头助力建设海洋强国——中国海油 （600938.SH/0883.HK）动态跟踪报告(A 股：买入；H 股：买入) 得益于优秀的产量增长和成本控制，公司在油价下行期业绩韧性凸显，公司有望油气 与新能源业务并举，助力海洋强国建设。预计公司 25-27 年归母净利润分别为 1354、 1398、1443 亿元，我们维持公司 A 股的"买入"评级，并首次覆盖公司 H 股，给予 "买入"评级。风险分析：油气价格大幅波动，勘探开发项目进度不及预期，海外市 场风险。 【纺服】与路威凯腾达成战略合作，进一步迈向全球化——毛戈平（1318.HK）与路 威凯腾达成战略合作框架协议点评(买入) 毛戈平与全球最大消费品投资公司路威凯腾签订了战略合作框架协议，双方在全球市 场扩张、收购及战略投资、资本结构进一步优化、人才引进与治理方面达成战略合作 意向。路威凯腾是美国消费投资机构，在打造全球美妆及个人护理品牌方面拥有丰富 的投资及赋能经验。毛戈平与路威凯腾优势互补，进一步迈向全球化。我们维持公司 2025~2027 年归母净利润预测为 12. ...

油气股再度拉升，洲际油气涨停，通源石油涨超6%，中曼石油、石化油服、中油工程跟涨。 ...

隔夜美股三大指数涨跌不一，中概指数涨1.09%。连续2日走低的港股三大指数高开，恒指涨0.47%，国 指涨0.35%，恒生科技指数涨0.38%。大型科技股多数上涨，其中阿里巴巴涨近4%，京东涨超3%，百度 则跌2.49%；国际油价上涨，三桶油集体高开，风电股、海运股、稀土概念股齐涨。另外，脑机接口概 念股、生物医药股走低。三只新股今日上市，MINIMAX-WP高开42.67%，金浔资源高开26.67%，瑞博 生物-B高开29.38%。 本文源自：金融界AI电报 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 （王一峰/赵晨阳）2026-01-07 您可点击今日推送内容的第1条查看 【基础化工】掘金高端制造，PEEK迎来发展黄金期——PEEK行业跟踪报告 今 日 聚 焦 【银行】金融数据或年末冲高，1月"开门红"整体可期——流动性观察第120期 12月综合季节性特征、票据利率走势等因素，预计新增贷款在0.8~1万亿左右，贷款增速落在6.3%附近。社融 层面，政府债发行进入尾声，对社融增长贡献度下降，年末信贷季节性放量、贷款核销加大等对社融读数支撑 作用显现，社融增速或落于8.3%一线。货币方面，年末财政开支强度加大对一般存款形成回补，M2增速或稳 中有增；春节错位叠加较高基数影响，M1增速预计相对一般。 截至2026年1月5日国内电解铝价格达 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has established a comprehensive marine energy development system, positioning itself as a leader in the marine energy sector, focusing on technological innovation and the transition to a new energy system to support the construction of a marine power nation [4]. Group 1: Performance and Financials - CNOOC's performance in 2023 has significantly exceeded historical oil price levels, demonstrating resilience during periods of declining oil prices [5]. - The company's free cash flow has improved markedly, exceeding 100 billion yuan from 2022 to 2023, with the interest-bearing debt ratio decreasing from 17% in 2021 to 6% in the first half of 2025 [5]. - CNOOC plans to achieve capital expenditures of 125 to 135 billion yuan in 2025, laying a solid foundation for long-term production growth, and commits to a dividend payout ratio of no less than 45% from 2025 to 2027 [5]. Group 2: Production and Cost Efficiency - CNOOC's oil and gas production is projected to grow rapidly, with a compound annual growth rate (CAGR) of 8.0% for crude oil and 10.5% for natural gas from 2021 to 2024 [7]. - The company's estimated oil equivalent reserves for 2024 stand at 7.3 billion barrels, with the cash flow value of these reserves still underestimated [7]. - The average cost per barrel for the first three quarters of 2025 is expected to be $27.35, a decrease of 2.8% year-on-year, which is significantly lower than competitors in both domestic and international markets [7]. Group 3: Energy Transition and ESG Governance - CNOOC is actively pursuing the acquisition of new energy resources and project development, promoting offshore wind power alongside oil and gas production [8]. - The company aims to replace 760 million kilowatt-hours with green electricity through shore power projects by 2024, with expectations to exceed 1 billion kilowatt-hours in 2025, representing a year-on-year increase of approximately 30% [8]. - CNOOC is exploring pathways for the industrialization of offshore CCS/CCUS and is developing two offshore CCUS bases in Bohai and Hainan, maintaining a stable ESG rating that ranks among the top in the petrochemical industry [8].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) is positioned as a leader in marine energy development, focusing on enhancing oil and gas reserves, technological innovation, and transitioning to new energy systems to support the construction of a marine power nation [1][2]. Group 1: Performance and Financials - CNOOC's performance in 2023 has significantly exceeded historical oil price levels, demonstrating resilience during periods of declining oil prices [1]. - The company's free cash flow has improved markedly, exceeding 100 billion yuan from 2022 to 2023, with interest-bearing debt ratio decreasing from 17% in 2021 to 6% in the first half of 2025 [1]. - CNOOC plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, translating strong performance and cash flow into investor returns [1]. Group 2: Production and Cost Efficiency - CNOOC's oil and gas production is projected to grow rapidly, with a compound annual growth rate (CAGR) of 8.0% for crude oil and 10.5% for natural gas from 2021 to 2024 [2]. - The company's major cost per barrel of oil equivalent is $27.35, a 2.8% year-on-year decrease, which is significantly lower than competitors in both domestic and international markets [2]. Group 3: Energy Transition and ESG - CNOOC is actively pursuing energy transition by developing renewable energy resources and enhancing its ESG governance framework [2]. - The company aims to replace 760 million kilowatt-hours with green electricity by 2024 and expects to consume over 1 billion kilowatt-hours of green electricity in 2025, marking a 30% year-on-year increase [2]. - CNOOC is exploring industrialization paths for offshore CCS/CCUS and is establishing two offshore CCUS bases in Bohai and Hainan [2]. Group 4: Investment Outlook - CNOOC is expected to maintain strong performance due to its production growth and cost control, with projected net profits of 135.4 billion, 139.8 billion, and 144.3 billion yuan for 2025-2027, translating to earnings per share (EPS) of 2.85, 2.94, and 3.04 yuan respectively [3]. - The company maintains a "buy" rating for its A-shares and initiates coverage with a "buy" rating for its H-shares [3].

作为我国目前陆上最大的油气田，长庆油田生产区域横跨陕甘宁蒙四省区。职工常年在野外环境下作 业，与家人聚少离多，随着生产任务持续加重，工作压力与心理负荷逐年攀升。对此，该油田深化"公 司—片区—厂处"三级心理关爱服务体系建设，构建线下四级阵地网络与线上即时服务平台，实现心理 服务在主要油气生产区域全覆盖。截至目前，已建成及在建4个片区级、10个厂处级、41个作业区级心 理服务阵地，并在基层井区试点设立2个情绪疏导室，让心理关爱的触角延伸至生产一线。 本报讯（通讯员王友花 记者毛浓曦 祝盼）1月7日，长庆油田"危机干预"共学营线上会议室内，30余名 生产一线的心理志愿者围绕一个模拟的石油职工高压工作场景深入讨论。这样的集体学习已成为他们每 周三晚上的固定日程。从被动接受到主动提升，从个体疏导到团队赋能，一场围绕职工心理健康的系统 性实践正在长庆油田展开。 据悉，该油田依托4000296697心理援助热线与"心灵驿站"云平台，全年接听咨询225人次，识别并化解 两起高危心理危机。长庆油田在陇东片区完成9家单位2万余名职工的心理测评，筛查出需关注人员3470 人，绘制出精准"心理地图"。"心理健康知识讲座一线行"邀请 ...

Core Insights - China's largest oil and gas field, Changqing Oilfield, is projected to produce over 300 million tons of oil and gas equivalent from 2021 to 2025, demonstrating strong operational momentum [1][3]. Group 1: Production and Development - Changqing Oilfield has addressed the challenges of low permeability, low pressure, and low abundance in oil and gas reservoirs through in-depth research on oil and gas distribution patterns [1]. - The oilfield has established five oil-rich areas with a scale of ten billion tons and five gas-rich areas with a scale of trillion cubic meters, laying a solid resource foundation for increased production [1][3]. - The gas field's comprehensive decline rate has been reduced to 19.5%, with stable annual natural gas production capacity maintained at 50 billion cubic meters [3]. Group 2: Technological Advancements - Changqing Oilfield has implemented key projects focusing on low-permeability oil extraction technology and has enhanced the management of aging wells [3]. - The oilfield has built China's largest shale oil production base, achieving over 300,000 tons of growth for five consecutive years, with a historical high expected in shale oil production by 2025 [3]. Group 3: Environmental Initiatives - Over the past five years, Changqing Oilfield has proactively shut down more than 14,000 oil and gas wells and has given up 460,000 tons of oil and gas equivalent in ecologically sensitive areas [3]. - The oilfield has planted over 2.1 million trees and established 2,900 solar power stations, with a total installed capacity of 364,000 kilowatts and cumulative power generation exceeding 1.1 billion kilowatt-hours, promoting a multi-energy complementary development model [3]. Group 4: Contribution to Energy Security - Changqing Oilfield has maintained a stable production of over 60 million tons of oil and gas equivalent for six consecutive years, providing a solid guarantee for China's energy security [3].

证券之星消息，1月8日油气开采板块较上一交易日下跌0.54%，洲际油气领跌。当日上证指数报收于 4082.98，下跌0.07%。深证成指报收于13959.48，下跌0.51%。油气开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600777 | *ST新潮 | 3.89 | 0.52% | 13.66万 | 5317.24万 | | 000968 | 蓝焰控股 | 6.92 | 0.29% | 12.23万 | 8443.11万 | | 600938 | 與奧圖士 | 28.39 | -0.70% | 34.39万 | 9.76 Z | | 600759 | 洲际油气 | 3.19 | -1.85% | 386.97万 | 12.45 Z | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日油气开采板块主力资金净流出2.01亿元，游资资金净流入6035.27万元，散户资 金 ...

Core Insights - The "Deep Sea No. 1" Phase II has been fully put into production, increasing the overall daily production capacity of the gas field to over 1,500 cubic meters [2] - China National Offshore Oil Corporation (CNOOC) announced that the cumulative production of oil and gas equivalent from the offshore gas field group around Hainan Island will exceed 10 million tons by 2025, marking a historic high and doubling the output compared to the end of the 13th Five-Year Plan [2] - The development of marine oil and gas resources in Hainan dates back to the 1950s and 1960s, with significant advancements made since the establishment of the first cooperative gas field, Yacheng 13-1, in the late 20th century [2] Industry Developments - Since the 14th Five-Year Plan, CNOOC has conducted in-depth analysis of the resource endowment in three major oil and gas structures in the Hainan sea area: Yinggehai Basin, Qiongdongnan Basin, and Zhujiangkou Basin [2] - The company has increased efforts in oil and gas exploration and development, accelerating the construction of marine energy infrastructure [2] - CNOOC has established the largest offshore natural gas production cluster in China, consisting of 19 offshore platforms, 3 land terminals, and several underwater production facilities, addressing complex conditions such as deep water, high temperature, high pressure, and low permeability [2]