Core Insights - China National Offshore Oil Corporation (CNOOC) and its subsidiaries have recently obtained a patent for a fractional device and method used in catalytic cracking or catalytic cracking processes, with the patent application date being June 2023 [1][3]. Company Overview - CNOOC was established in 1983 and is headquartered in Beijing, primarily engaged in oil and gas extraction. The company has a registered capital of 11,380 million RMB and has invested in 45 enterprises, participated in 5,000 bidding projects, and holds 281 trademark records and 5,000 patent records [1]. - CNOOC Refining & Chemical Co., Ltd. was founded in 2005, also located in Beijing, focusing on oil, coal, and other fuel processing. It has a registered capital of approximately 1,899.55 million RMB, invested in 28 enterprises, participated in 4,043 bidding projects, and holds 456 trademark records and 476 patent records [2]. - CNOOC Chemical and New Materials Research Institute (Beijing) Co., Ltd. was established in 2016, with a registered capital of 96.12 million RMB. The company has invested in 1 enterprise, participated in 283 bidding projects, and holds 203 patent records [2]. - CNOOC (Qingdao) Heavy Oil Processing Engineering Technology Research Center Co., Ltd. was founded in 2007, located in Qingdao, with a registered capital of approximately 82.36 million RMB. It has participated in 51 bidding projects and holds 179 patent records [2].

Group 1 - China National Petroleum Corporation (CNPC) has applied for a patent for a heat storage device, indicating its focus on energy storage technology [1] - The patent application was filed on June 2025, and the device aims to improve heat storage efficiency through its innovative design [1] - CNPC Shenzhen New Energy Research Institute, established in 2021, has a registered capital of 100 million RMB and has engaged in 560 bidding projects [1] Group 2 - China National Petroleum and Natural Gas Corporation, founded in 1999, has a registered capital of approximately 18.3 billion RMB and is primarily involved in oil and gas extraction [2] - The company has invested in 1,285 enterprises and participated in 496 bidding projects, showcasing its extensive operational footprint [2] - CNPC holds 5,000 patents and has 169 administrative licenses, reflecting its strong emphasis on innovation and regulatory compliance [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The successful production launch of the Kenli 10-2 oilfield project marks a significant milestone for China National Offshore Oil Corporation (CNOOC), enhancing its capacity for high-quality reserves and production [1][2] - The project is expected to reach a peak production of 19,400 barrels of oil equivalent per day by 2026, contributing to CNOOC's goal of achieving a total annual production of 40 million tons in the Bohai oilfield [2][4] - CNOOC is focusing on technological innovation to efficiently develop heavy oil reservoirs, employing a combination of conventional water injection and steam-assisted methods [3] Summary by Sections Production and Development - The Kenli 10-2 oilfield is the first billion-ton level lithologic oilfield discovered in the shallow layers of the Bohai Bay Basin, indicating a new phase in the development of complex heavy oil reservoirs [2][3] - The project includes the construction of one central platform and two wellhead platforms, with plans to drill 79 wells, including cold and thermal recovery wells [2] Financial Projections - CNOOC's capital expenditure for 2025 is projected to be between 125 billion to 135 billion yuan, with a focus on exploration, development, and production [4] - The company aims for production targets of 760-780 million barrels of oil equivalent in 2025, with a year-on-year growth of 5.9% [4] Profitability and Valuation - The report forecasts CNOOC's net profit for 2025-2027 to be 135.4 billion, 139.8 billion, and 144.3 billion yuan respectively, with corresponding EPS of 2.85, 2.94, and 3.04 yuan per share [4][11] - The company is expected to maintain a stable production scale while pursuing high-quality development and effective cost control [4][13]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) and Sinopec Shanghai Petrochemical Company have applied for a patent for a method to prepare tetradecene using a reaction distillation process, which aims to enhance efficiency and reduce costs in production [1] Group 1: Patent Application - The patent titled "A Method for Preparing Tetradecene by Reaction Distillation" was published with the application number CN120365142A, filed on January 2024 [1] - The method involves mixing carbon nine fraction with norbornene in a reactor, followed by direct distillation to separate the remaining materials and produce crude tetradecene [1] - This innovative approach combines reaction and distillation, allowing for preliminary separation of products, which can save equipment costs and reduce energy consumption [1] Group 2: Company Overview - China Petroleum & Chemical Corporation was established in 2000, headquartered in Beijing, with a registered capital of approximately 121.74 billion RMB [2] - Sinopec has invested in 263 companies and participated in 5,000 bidding projects, holding 45 trademarks and 5,000 patents [2] - Sinopec Shanghai Petrochemical Company, founded in 1993 and based in Shanghai, has a registered capital of about 10.80 billion RMB [2] - The Shanghai branch has invested in 22 companies, engaged in 5,000 bidding projects, and holds 51 trademarks and 1,295 patents [2]

Group 1 - The core viewpoint of the news is that China Petroleum & Chemical Corporation (Sinopec) has applied for a patent for a performance evaluation method and system for enterprise risk hazard management based on the Monte Carlo method, indicating a focus on enhancing risk management capabilities [1] Group 2 - China Petroleum & Chemical Corporation was established in 2000, located in Beijing, primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [2] - Sinopec has invested in 263 companies and participated in 5,000 bidding projects, holding 45 trademark records and 5,000 patent records [2] - Sinopec Safety Engineering Research Institute, established in 2021 in Qingdao, focuses on research and experimental development, with a registered capital of 499 million RMB [2] - The institute has invested in 4 companies and participated in 1,323 bidding projects, holding 15 trademark records and 1,810 patent records [2] - Sinopec Management System Certification (Qingdao) Co., Ltd., established in 2002, is engaged in resident services with a registered capital of 30 million RMB [2] - This certification company has participated in 58 bidding projects, holding 2 trademark records and 33 patent records [2]

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。 专利摘要显示，本发明提供一种加油机油气回收监测方法、装置及可读存储介质，属于加油机油气回收 技术领域。所述方法包括：获取加油机在一段运行时间内的加油数据，所述加油数据包括：加油机在一 段运行时间内的加油次数，以及每一次加油过程中的瞬时最大加油流速、瞬时最大油气流速、平均加油 流速、气液比和加油量；按照预设规则对所述加油数据进行数据筛选，得到有效加油数据；基于所述有 效加油数据进行监测预警。 来源：金融界 中石化安全工程研究院有限公司，成立于2021年，位于青岛市，是一家以从事研究和试验发展为主的企 业。企业注册资本49900万人民币。通过天眼查大数据分析，中石化安全工程研究院有限公司共对外投 资了4家企业，参与招投标项目1323次，财产线索方面有商标信息15条，专利信 ...

Core Insights - The successful production launch of the Kenli 10-2 oilfield group project (Phase I) marks the entry of China's largest shallow lithologic oilfield into the production stage [1][3] - The Kenli 10-2 oilfield, discovered in September 2021, has geological reserves exceeding 100 million tons, showcasing the vast potential for lithologic oil and gas exploration in the Bohai Sea [1][3] Development Project Details - The Kenli 10-2 oilfield is divided into two development phases, with Phase I including the construction of a central processing platform and two unmanned wellhead platforms, and plans to develop 79 production wells [3] - The peak daily oil and gas equivalent production is expected to reach approximately 3,000 tons [3] Technical Aspects - The oilfield features a unique "branch-like" reservoir type characterized by "scattered, narrow, thin, and mixed" storage, presenting significant extraction challenges [3] - The company has developed a complex heavy oil reservoir development technology system to accurately inject high-temperature steam into the formation, facilitating efficient oil extraction [3] Strategic Implications - The successful launch of the Kenli 10-2 oilfield project signifies a new phase in the development of complex heavy oil reservoirs offshore China, contributing to the goal of achieving a total production target of 40 million tons for Bohai oilfields within the year [3]

Core Viewpoint - The successful production launch of the Kenli 10-2 oilfield group (Phase I) marks a significant milestone for China's offshore oil industry, particularly in the development of complex heavy oil reservoirs [1][2] Group 1: Project Overview - The Kenli 10-2 oilfield, located in the southern Bohai Sea with an average water depth of approximately 20 meters, has proven geological reserves exceeding 100 million tons, making it the first billion-ton level lithologic oilfield discovered in the Bohai Bay Basin [1] - The Phase I development project plans to drill 79 production wells, with an expected peak daily oil and gas equivalent production of about 3,000 tons [1][2] Group 2: Development Challenges and Solutions - The oilfield features a "branch-like + heavy oil thermal recovery" reservoir type, which is rare both domestically and internationally, presenting significant extraction challenges due to its "scattered, narrow, thin, and mixed" characteristics [1] - To address the challenges of scattered reserves and varying oil viscosity, the project employs a combined development approach of "conventional water injection + steam flooding + steam drive" [2] - The central processing platform is designed with both conventional cold production and heavy oil thermal recovery systems, making it one of the most complex production platforms in the Bohai region, equipped with over 240 key devices [2] Group 3: Technological Innovations - The project has achieved several key breakthroughs in drilling and completion engineering, including the large-scale application of self-developed high-temperature electric submersible pump integrated technology, which significantly enhances production efficiency [2] - The successful launch of the Kenli 10-2 oilfield group (Phase I) signifies a new stage in the development of complex heavy oil reservoirs offshore, contributing to the goal of achieving a total production target of 40 million tons for China National Offshore Oil Corporation (CNOOC) in the Bohai oilfield this year [2]

Core Viewpoint - The Hong Kong Hang Seng Index closed up 0.68% at 24,994.14 points, reaching a new high since February 2022, with significant contributions from state-owned enterprises [1] Group 1: Market Performance - The Hang Seng Index briefly surpassed the 25,000 points mark during trading [1] - The AH premium decreased by 0.67% to 125.44, marking the lowest level since June 2020, indicating a narrowing price gap between H-shares and A-shares [2] Group 2: Stock Movements - Major state-owned enterprises led the gains in the Hang Seng Index, with China Petroleum & Chemical Corporation rising by 5.53%, China National Petroleum Corporation by 3.61%, and China Shenhua Energy Company by 2.94% [1] - Several companies related to the Yarlung Tsangpo River hydropower project saw significant stock price increases, with Huaxin Cement, Dongfang Electric, and Chongqing Iron & Steel achieving daily price limits in A-shares, while their H-shares surged by 85.63%, 65.21%, and 25.53% respectively [2] Group 3: AH Share Premiums - As of July 21, the number of AH companies with H-shares priced higher than A-shares increased to 8, with CATL showing the highest premium of 36.69% [3] - Other companies with significant premiums included Huaxin Cement (17.99%), Dongfang Electric (14.84%), and Hengrui Medicine (14.1%) [3] Group 4: Market Trends and Outlook - The AH premium has remained low for the past month, with only 3 companies previously showing H-shares priced higher than A-shares [4] - Despite challenges such as external tariff pressures and a weakening domestic growth cycle, the Hong Kong market remains active, with a daily average trading volume of 2,406 million HKD, an increase of over 80% from 2024 [4] - The influx of southbound capital has also been robust, with an average daily inflow of 61.5 million HKD, nearly double the 34.7 million HKD from 2024 [4] Group 5: IPO and Market Dynamics - The number of companies listing in Hong Kong is increasing, with 10 A-share companies converting to H-shares, raising 70% of their funds from this transition [5] - Short-term AH premiums are constrained by a "hidden floor" due to dividend tax arrangements, while long-term macro factors supporting Hong Kong's capital market remain unchanged [5]

Group 1 - The State Intellectual Property Office of China has published a patent application by China National Petroleum Corporation (CNPC) for a "Proppant Migration Visualization Simulation System" with publication number CN120331742A, filed on January 2024 [1] - The patent pertains to oil and gas reservoir extraction technology and includes components such as fracture simulation, pressurization, loss simulation, injection, and monitoring [1] - The system aims to provide a foundation for studying the migration patterns of proppants in fractures, simulating natural fracture loss effects, and understanding the relationship between proppant migration and loss [1] Group 2 - China National Petroleum Corporation, established in 1990, is primarily engaged in oil and natural gas extraction, with a registered capital of 48.69 billion RMB [2] - CNPC has invested in 113 companies, participated in 5,000 bidding projects, and holds 1,446 trademark records and 5,000 patent records [2] - China National Petroleum Engineering Technology Research Institute, founded in 2006, focuses on research and experimental development, with a registered capital of approximately 451.16 million RMB [2] - The research institute has invested in 3 companies, participated in 447 bidding projects, and holds 24 trademark records and 2,049 patent records [2]