Group 1 - The core viewpoint of the article highlights the performance of the China Hong Kong 300 Resource Index, which has shown a 2.39% increase over the past month, a 22.23% increase over the past three months, and a 9.29% increase year-to-date [1] - The index is composed of securities from various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The index's top ten holdings include China National Offshore Oil (29.27%), PetroChina (13.19%), Zijin Mining (10.84%), China Shenhua Energy (9.38%), Sinopec (9.08%), China Hongqiao Group (4.51%), China Coal Energy (3.47%), Zhaojin Mining (3.08%), Luoyang Molybdenum (2.86%), and Yanzhou Coal Mining (2.39%) [1] Group 2 - The industry composition of the index shows that oil and gas account for 51.92%, precious metals for 15.97%, coal for 15.72%, industrial metals for 14.86%, rare metals for 0.91%, and other non-ferrous metals and alloys for 0.62% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Core Insights - The article highlights the experiences and aspirations of the first batch of graduates from vocational undergraduate colleges, specifically focusing on Hebei Petroleum Vocational Technical University, which has 754 graduates this year [1][6]. Group 1: Graduate Experiences - The first graduate, Ma Songchan, expressed satisfaction with his education and employment prospects, emphasizing the importance of practical skills acquired during his studies [2][3]. - Ma's background as a "oilfield kid" influenced his choice of major and career path, showcasing the connection between personal history and educational decisions [2][3]. - The university's curriculum emphasizes a balance between theoretical and practical training, with a reported 1:1 ratio of theory to practice in course hours [3][6]. Group 2: Employment Outcomes - The first batch of graduates achieved a high employment rate, with over 90% securing job placements, reflecting strong demand for skilled workers in the industry [6][7]. - Among the graduates, 25 were accepted into graduate programs, 1 joined the Western Plan, and 8 were admitted to civil service positions, indicating diverse career pathways [6][7]. - The university aims to produce technically skilled professionals ready for frontline production roles, aligning with national needs for practical talent [3][6].

Group 1 - BP has agreed to sell its mobility and convenience business in the Netherlands, along with BP Pulse, to Catom as part of a $20 billion asset divestment plan [1] - The transaction includes approximately 300 retail sites and 15 operational BP Pulse electric vehicle charging hubs, along with 8 under-construction hubs and related fleet operations in the Netherlands [1] - Catom, established in 1998, is a rapidly growing company in the fuel and lubricants trade, and this acquisition will expand its OK retail network to over 400 strategically located sites in the Netherlands [1] Group 2 - BP's downstream business head, Emma Delaney, stated that the new owner is better suited to advance BP's business in the Netherlands amid the company's restructuring [2] - The transaction is expected to be completed by the end of 2025, pending regulatory approvals [2] - BP previously anticipated asset sales to reach between $3 billion and $4 billion this year [2]

Core Points - The company is established as a joint-stock limited company in accordance with the Company Law and Securities Law of the People's Republic of China [3][4] - The registered capital of the company is RMB 4,149,009,280 [4] - The company aims to serve society and provide returns to shareholders, emphasizing integrity, cooperation, rigor, and practicality [8] - The company engages in oil exploration and development, petrochemical investment, and related services [8] Company Structure - The company is represented by the chairman, who is also the legal representative [6] - The legal representative's civil activities bind the company, and the company is liable for damages caused by the legal representative in the course of their duties [6][10] - Shareholders are liable for the company's debts only to the extent of their shareholdings, while the company is liable for its debts with its entire assets [10] Share Issuance and Ownership - The company has issued a total of 4,149,009,280 shares, all of which are ordinary shares with a par value of RMB 1 per share [21] - The major shareholders include Hainan New Industry Investment Co., Ltd. holding 22.28% of the shares, and several other entities holding smaller percentages [20] - The company prohibits financial assistance for acquiring its shares, except for employee stock ownership plans [10][11] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and supervision of the company's operations [34] - Shareholders must comply with laws and the company's articles of association, and they are responsible for maintaining the company's interests [40][41] - The company must hold annual and extraordinary shareholder meetings, with specific procedures for calling and conducting these meetings [48][56] Governance and Compliance - The company must adhere to strict governance practices, including the establishment of an audit committee and compliance with disclosure obligations [22][24] - The company is required to provide necessary conditions for the activities of the Communist Party organization within the company [7] - The company must ensure that major transactions and guarantees are approved by the board and shareholders, particularly those exceeding specified thresholds [46][47]

Core Viewpoint - The company has established a fundraising management system to regulate the use and management of raised funds, enhance their efficiency, and protect investors' rights [2][3]. Fundraising Management - The system applies to funds raised through stock issuance or other equity-like securities, excluding funds raised for equity incentive plans [2]. - The company's controlling shareholders and related parties are prohibited from misappropriating raised funds or using them for improper benefits [2][3]. - The board and senior management must ensure the safety of raised funds and cannot change their intended use without proper authorization [2][3]. Fund Storage - The company must prudently select commercial banks to open special accounts for raised funds, ensuring that these accounts are used solely for their intended purpose [3][4]. - A tripartite supervision agreement must be signed with the underwriter and the bank within one month of the funds being in place [3][4]. Fund Usage - Raised funds should align with national industrial policies and be primarily used for the company's main business [4][5]. - The company cannot use raised funds for financial investments or provide them to controlling shareholders or related parties [5][6]. - If a project funded by raised funds cannot be completed on time, the company must disclose the reasons and the current status of the funds [6][7]. Cash Management - The company may manage temporarily idle raised funds through safe financial products, ensuring that this does not affect the normal progress of investment projects [6][7]. - Any temporary use of idle funds for working capital must be approved by the board and disclosed [7][8]. Changes in Fund Usage - Any changes in the use of raised funds must be approved by the board and disclosed to shareholders [10][12]. - The company must conduct feasibility analyses for new projects funded by raised funds to ensure they have good market prospects and profitability [12][13]. Fund Management and Supervision - The company must accurately disclose the actual use of raised funds and conduct semi-annual reviews of investment projects [13][14]. - Independent directors can hire accounting firms to verify the management and use of raised funds if discrepancies are found [14][15]. Miscellaneous - The fundraising management system will take effect upon approval by the company's shareholders [17].

1. Report Industry Investment Rating - High-sulfur fuel oil: Oscillatory [3] - Low-sulfur fuel oil: Oscillatory [3] 2. Core View of the Report - The prices of fuel oil futures contracts rose, with the main contract of SHFE fuel oil futures closing up 1.09% at 2,972 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closing up 1.69% at 3,663 yuan/ton. After the OPEC meeting announced a production increase of 550,000 barrels per day in August, the crude oil price first fell and then rose, showing strong support for the cost of fuel oil in the short term [1]. - The high-sulfur fuel oil market has a relatively abundant supply in the spot market, and the cracking spread may need further adjustment. After the adjustment, it will receive new support [1]. - The short-term supply pressure of low-sulfur fuel oil is limited, and the current market structure is relatively strong. However, in the medium term, the market share will be gradually replaced, and there is a lack of continuous upward momentum [2]. - The current market driver of low-sulfur fuel oil is slightly stronger than that of high-sulfur fuel oil, but the structural contradiction has not been completely reversed, and the high-low sulfur spread does not have the space for a significant increase for the time being [2]. 3. Strategy Summary High-sulfur Fuel Oil - Market trend: Oscillatory [3] Low-sulfur Fuel Oil - Market trend: Oscillatory [3] Cross-variety Strategy - Short the FU cracking spread (FU-Brent or FU-SC) on rallies [3] Cross-period Strategy - Short the FU2509 - FU2510 spread on rallies [3] Spot-futures Strategy - None [3] Options Strategy - None [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - As of July 7, 2025, the crude oil market showed mixed characteristics. Short - term oil prices are expected to remain high and volatile, with the central price likely to rise by $2 - 3. OPEC+ production increase and geopolitical risks offset each other, and the actual production increase effect depends on Saudi Arabia's production release rhythm [2][3]. - The inventory structure shows regional differentiation. The tension in the Middle East may delay the crude oil shipping cycle, and the disruption of Red Sea transportation may trigger European refineries' restocking demand [3]. - The demand in the Indian market provides support. In June, gasoline consumption increased by 6.9% year - on - year, and the total fuel consumption reached 20.31 million tons. The increasing willingness of Asian refineries to start operations drives the cracking profit to expand [2]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary - **Price Performance**: SC crude oil futures prices fell slightly by 0.24% to 502.3 yuan/barrel, but the post - market main contract rebounded 2.13% to 512 yuan/barrel. WTI slightly declined by 0.06% to 66.46 dollars/barrel, while Brent rose 1.59% to 69.6 dollars/barrel. The Brent - WTI spread strengthened by 56% to 3.14 dollars/barrel, and the SC - Brent cross - regional arbitrage space narrowed by 77% to 0.41 dollars/barrel [2]. - **Supply - side**: OPEC+ plans to approve a production increase of 550,000 barrels per day in September on August 3, but the implementation effect is questionable. The Israeli air strike on the oil facilities in the port of Hodeidah has intensified the supply - chain risks in the Red Sea route [2]. - **Demand - side**: In June, India's gasoline consumption increased by 6.9% year - on - year, and the total fuel consumption reached 20.31 million tons. The increasing willingness of Asian refineries to start operations drives the cracking profit to expand, and the main contract of low - sulfur fuel oil rose 2% during the day [2]. - **Inventory and Spread**: The inventory structure shows regional differentiation. The SC spread (SC continuous 1 - continuous 3) narrowed to 14.8 yuan/barrel, and the Brent monthly spread structure remained steep [3]. - **Price Forecast**: Short - term oil prices are expected to remain high and volatile, with the central price likely to rise by $2 - 3. The production increase decision of OPEC+ and geopolitical risks offset each other. Technically, Brent has the momentum to rise further after breaking through the $69 resistance level, while WTI faces strong pressure around $67.5 [3]. 3.2 Industrial Chain Price Monitoring - **Crude Oil**: The prices of SC, WTI, and Brent futures showed different trends. Key spreads such as Brent - WTI and SC - Brent changed significantly. The US commercial crude oil inventory increased by 0.93%, and the Cushing inventory decreased by 6.72%. The US refinery weekly operating rate increased by 0.21% [5]. - **Fuel Oil**: The prices of various fuel oil futures and spot products showed different changes. The Singapore inventory increased by 3.91%. The Chinese high - low sulfur spread increased by 2.60% [6]. 3.3 Industrial Dynamics and Interpretation - **Supply**: OPEC+ oil - producing countries will approve a significant production increase of about 550,000 barrels per day in September on August 3 [7]. - **Demand**: In June, India's diesel sales increased by 1.6% year - on - year, gasoline sales increased by 6.9% year - on - year, and the fuel sales reached 20.31 million tons [9]. - **Inventory**: The main contract of low - sulfur fuel oil (LU) rose 2.00% during the day. The futures warehouse receipts of fuel oil and medium - sulfur crude oil remained unchanged [10]. - **Market Information**: As of 2:30 on July 8, the SC crude oil main contract rose 2.13%. The Brent crude oil futures price rose more than $1 during the day, and the night - session futures main contracts of the crude oil series all rose [10].

印尼首席经济部长：印尼国家石油公司Pertamina已与美国就液化石油气、汽油和原油采购签署谅解备 忘录。 ...

Report Industry Investment Ratings - Crude Oil: ★☆★, indicating a relatively balanced short - term trend with some upward drivers but limited operability on the trading floor [1] - Fuel Oil: ★★★, representing a clear upward trend and a relatively appropriate investment opportunity [1] - Low - Sulfur Fuel Oil: ★☆☆, suggesting a bullish bias but limited operability on the trading floor [1] - Asphalt: ★★★, showing a clear upward trend and a relatively appropriate investment opportunity [1] - Liquefied Petroleum Gas: ★☆☆, indicating a bearish bias but limited operability on the trading floor [1] Core Viewpoints - The impact of OPEC+'s rapid production increase policy on oil prices in Q3 is temporarily limited, but after the peak season, if the US tariff policy continues, oil prices may face downward pressure. Crude oil is expected to have a higher bottom and be volatile and bullish in Q3 [1] - For fuel oil, high - sulfur fuel oil is weak due to low demand and eased supply risks, while low - sulfur fuel oil follows crude oil with a short - term bullish crack spread [2] - The actual asphalt production in June exceeded the plan, inventory started to accumulate, demand recovery is delayed, and the fundamental weakness restricts the upward space of asphalt prices [2] - The international LPG market has a loose supply, overseas prices may be under pressure, and the LPG futures market is expected to be volatile and bearish [3] Summary by Commodity Crude Oil - Yesterday, international oil prices opened low and closed high, with the SC08 contract rising 1.88% during the trading day [1] - OPEC+'s actual monthly production increase is less than the target increase, and Q3 is a seasonal peak for gasoline and jet fuel demand, so the production increase can be well absorbed. After Q3, if the US tariff policy continues, oil prices may decline [1] - The final result of the US tariff game may not be higher than the level in early April, and crude oil is expected to have a higher bottom and be volatile and bullish in Q3 [1] Fuel Oil & Low - Sulfur Fuel Oil - Crude oil led the rise in oil product futures, followed by low - sulfur fuel oil (LU), while high - sulfur fuel oil (FU) was relatively weak [2] - High - sulfur fuel oil demand is low, and supply risks are eased, leading to a continuous weakening of FU's single - side price and crack spread [2] - Low - sulfur fuel oil supply pressure was limited due to the coking profit and diesel crack spread, but demand lacks a clear driver, and LU follows crude oil with a short - term bullish crack spread [2] Asphalt - In June, the actual refinery production exceeded the plan by 10000 tons (+4.3%), and inventory started to accumulate by 24000 tons in late June [2] - In July, the shipment volume of 54 sample refineries decreased slightly, and the cumulative shipment volume since the beginning of the year decreased from an 8% year - on - year increase to 7% [2] - High temperature and rainfall may delay demand recovery, and Q3 is a key window for demand observation. The asphalt price follows crude oil, but the weakening fundamentals limit the upward space [2] Liquefied Petroleum Gas - The international LPG market supply is generally loose, and overseas prices may be under pressure due to OPEC's expected production increase in August [3] - Last week, new maintenance led to a decline in chemical demand, but the decline in import costs promoted the repair of PDH margins. Attention should be paid to the rebound rhythm of PDH operating rates [3] - In summer, the supply pressure increases, overseas prices are under pressure, and the futures market is volatile and bearish [3]

Core Viewpoint - Morgan Stanley predicts a significant decline in Shell's EPS due to weak trading performance, despite relatively strong cash flow [1][2][3] Group 1: Earnings and Cash Flow - The expected net profit for Shell in Q2 is $4.4 billion, with operating cash flow before working capital/derivatives at $10.4 billion [2] - The decline in EPS is anticipated to be in double digits, primarily driven by weak downstream business performance [2][5] - Cash flow is expected to outperform EPS, with a midpoint of combined working capital/derivatives growth at $2.5 billion [2] Group 2: Trading and Operational Performance - Trading performance in both integrated gas and downstream sectors has significantly weakened compared to Q1, where integrated gas was flat and downstream oil trading saw a notable increase [4] - The chemical and product business is expected to see a significant decline, with the Monaca plant's unplanned maintenance exacerbating trading weakness [4] - Upstream and integrated gas production remains robust, with upstream production guidance adjusted upwards by approximately 50,000 barrels of oil equivalent per day [4] Group 3: Industry Impact and Comparisons - The trading weakness is not isolated to Shell but reflects broader industry trends affecting major companies like BP [5][6] - The report indicates that the overall market consensus is likely to adjust downwards significantly due to the poor performance in integrated gas/liquid trading and chemical/product sectors [5] - The report highlights TotalEnergies as potentially having the most resilient cash flow among major players in Q2 [6]