Report Industry Investment Rating Not provided in the content. Core Views - Crude oil's current fundamentals are fair, but the outlook is weak, with the cost center likely to decline further in Q4 [11][15] - In H1 2025, the fuel oil market was significantly affected by geopolitical and macro - factors, with negative feedback on the high - sulfur end [11][26] - In H2 2025, the fuel oil market faces rebalancing, and structural factors still exist [11][51] - Refinery demand is under pressure; attention should be paid to demand improvement after economic viability returns [11][51] - Summer power generation demand is strong, and the substitution effect persists [11][74] - Bunker fuel demand still faces tariff risks, and the trend of consumption structure change continues [11][83] - High - sulfur fuel oil still has structural support, but OPEC's production increase has marginal negative impacts [11][102] - Low - sulfur fuel oil still has relatively abundant surplus capacity, and domestic production is expected to increase marginally [11][112] - High - sulfur fuel oil valuation still has room for correction, and the medium - term outlook for low - sulfur fuel oil remains weak [11][129] Summary by Relevant Catalogs Crude Oil Market - In H1 2025, international oil prices fluctuated due to geopolitical and macro - factors. The initial price increase was followed by a decline, and then another sharp drop and rebound. The main influencing factors included US sanctions on Russia, Trump's policies, tariff conflicts, and the Israel - Iran conflict [15][16][17] - Currently, the crude oil market's fundamentals are fair, but in Q4, it is expected to enter a supply - surplus phase as OPEC's production increases and the peak demand season ends, leading to a potential weakening of cost support for downstream products [18] High - Sulfur Fuel Oil Market - In H1 2025, high - sulfur fuel oil was affected by sanctions on Iran and Russia, refinery disruptions in Russia, and increased demand from power generation and countries like Egypt and Saudi Arabia. However, high prices led to negative feedback, with reduced refinery demand and increased simple refinery production [27][28] - Refinery demand for high - sulfur fuel oil has declined this year due to high raw material costs and policy changes. If the cracking spread adjusts and profit margins improve, refinery procurement may increase, but China's import demand may not fully recover [51][54] - In Q3, power generation demand for high - sulfur fuel oil is supported by seasonality and natural gas substitution, but OPEC's production increase and early procurement in Egypt may limit the upside. Demand is expected to decline significantly in Q4 [74][75] - Bunker fuel demand for high - sulfur fuel oil is affected by tariff risks. Although there was a short - term increase in Q2, the long - term outlook remains uncertain [83] - High - sulfur fuel oil has structural support from refinery upgrades and tight heavy - oil supply. However, OPEC's production increase has marginal negative impacts [102][103] - In H2, high - sulfur fuel oil needs an increase in other demand sources for market rebalancing. Refinery demand recovery is expected, but it depends on cracking spread adjustment [7][129] Low - Sulfur Fuel Oil Market - In H1 2025, the low - sulfur fuel oil market was less volatile than the high - sulfur market. It was affected by tariff policies, regional demand changes, and refinery production adjustments. The market structure was relatively stable [29] - Low - sulfur fuel oil has abundant surplus capacity, and supply is mainly regulated by profit margins. Global and domestic production capacity can meet demand. Domestic production is expected to increase after the end of the refinery maintenance season [112][113] - Low - sulfur fuel oil's demand is at risk due to tariff policies and faces substitution by other fuels. The medium - term outlook is weak, but the downward drive is limited due to its low valuation [8][129] Strategies - High - sulfur: Oscillate weakly - Low - sulfur: Oscillate weakly - Cross - variety: Short the FU cracking spread (FU - Brent or FU - SC) on rallies - Cross - term: Short the FU2509 - FU2510 spread on rallies - Spot - futures: None - Options: None [9]

Core Viewpoint - The company plans not to distribute profits for the fiscal year 2024, which includes no cash dividends, no bonus shares, and no capital reserve transfer to share capital [1][2][3] Summary by Sections Profit Distribution Plan - The profit distribution plan for 2024 is to not distribute cash dividends, not issue bonus shares, and not conduct capital reserve transfers to share capital [1][2] - This plan is subject to approval at the company's 2024 annual general meeting [1][2] Financial Performance - For the fiscal year 2024, the company reported a consolidated net profit of approximately 2.04 billion yuan, with the net profit attributable to the parent company also being 2.04 billion yuan [1] - As of December 31, 2024, the parent company's undistributed profit balance was approximately -2.54 billion yuan, while the consolidated undistributed profit was approximately 7.33 billion yuan [2][3] Reasons for Negative Undistributed Profit - The negative undistributed profit in the parent company is attributed to the operational results of its U.S. subsidiary, which has accumulated profits over the years [3] - The company does not meet the conditions for distributing cash dividends or bonus shares due to the negative profit balance [3] Measures to Address Financial Issues - The company plans to amend its articles of association to allow the use of capital reserves to cover accumulated losses [3] - The company is actively seeking to resolve historical issues related to its banking relationships and aims to lift the freeze on its bank accounts [5] Decision-Making Process - The board of directors approved the profit distribution plan during a meeting held on July 4, 2025, and it will be submitted for shareholder approval [6] - The supervisory board also agreed with the decision to not distribute cash dividends for 2024 [6]

ST新潮：简称将变更为*ST新潮 7月8日起复牌 智通财经7月4日电，ST新潮(600777.SH)公告称，由于无法在法定期限内披露经审计的2024年年度报告 及2025年第一季度报告，公司股票自2025年5月6日起停牌。7月5日，公司披露了相关报告。因最近一个 会计年度的财务会计报告被出具无法表示意见的审计报告，公司股票将被实施退市风险警示，并自7月8 日起复牌。复牌后，公司A股简称将变更为*ST新潮，证券代码仍为600777，股票价格日涨跌幅限制仍 为5%。 ...

Group 1 - Saudi Aramco plans to sell four to five gas power plants as part of a strategy to unlock funding potential, which could generate several billion dollars [1] - The sale of these gas power plants, which supply power to refineries, could raise approximately $4 billion [1] - The Saudi government is urging Aramco to enhance profitability to increase national fiscal revenue [1] Group 2 - Aramco is the world's most profitable company and a major source of Saudi fiscal revenue, prompting ongoing asset sales, efficiency improvements, and cost-cutting measures [1] - The company is expected to cut nearly one-third of its dividend payments this year due to revenue impacts from falling oil prices [1] - Saudi Arabia's budget for 2024 is projected to have a deficit exceeding $30 billion, despite significant oil revenue contributions [5] Group 3 - Aramco owns or partially owns 18 power plants and related infrastructure in Saudi Arabia, providing energy for its gas and refinery operations [2] - New power plants are set to come online, including the Tanajib gas power plant project expected to start operations this year [2] - The asset sale coincides with Crown Prince Mohammed bin Salman’s push for economic diversification amid ongoing pressure from declining oil prices [5] Group 4 - Potential buyers for the assets may include local companies such as Saudi utility firms [1] - In May, Aramco issued $5 billion in bonds and signaled further financing plans [5] - The company is also exploring funding options through investor participation in infrastructure projects [5]

Group 1 - WTI August crude oil futures closed at $67.00 per barrel [1] - Abu Dhabi Murban crude oil futures are currently down 0.28%, trading at $70.03 per barrel as of 02:31 Beijing time [1] - NYMEX August natural gas futures closed at $3.4090 per million British thermal units [1] Group 2 - NYMEX August gasoline futures closed at $2.1186 per gallon [1] - NYMEX August heating oil futures closed at $2.3698 per gallon [1]

智通财经7月3日电，厄瓜多尔国家石油公司当地时间7月2日发布公告，受强降雨影响，该国纳波省埃尔 查科镇的洛科河水流量增加。为保护基础设施和环境，预防性暂停厄瓜多尔管道系统两条输油管道运 行。公告说专业技术人员正在紧急修建绕行管道，以确保原油安全运输。预计该工程约需三天完成。埃 尔查科镇的输油管道曾在3月22日发生泄漏。石油是厄瓜多尔的主要出口产品，根据厄瓜多尔国家石油 公司的数据，该国石油日产量接近50万桶。 (央视新闻) 厄瓜多尔因强降雨暂停两条输油管道运行 ...

Group 1 - Iran is preparing to lay mines in the Strait of Hormuz amid the outbreak of conflict with Israel [1] - Russia will temporarily reduce fuel exports to stabilize the exchange rate [2] - Iraq reports that imports of Iranian natural gas have decreased by half [3] Group 2 - Mexico's oil production has fallen to levels not seen since the late 1970s [4] - Goldman Sachs indicates that if OPEC+ decides to increase production, the market is unlikely to react significantly as expectations have already shifted in that direction [5] - Shipping intelligence firm Kpler reports that Saudi Arabia's crude oil exports increased by 450,000 barrels per day in June to 6.33 million barrels per day, the highest level in over a year [6] Group 3 - Kazakhstan's crude oil production in June increased by 7.5% compared to May, reaching 1.88 million barrels per day, marking a historical high [7] - Kazakhstan's crude oil production in the first half of the year grew by 13% year-on-year, reaching 1.79 million barrels per day [7]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Report's Core View - The international three major institutions (IEA, EIA, OPEC) have adjusted their forecasts for global crude oil supply, demand, and inventory in 2025 in their June reports. The average forecast for inventory change is flat compared to last month, while the supply forecasts have increased, and the demand forecasts have mixed changes. Non - OECD countries, represented by China, are expected to be the main contributors to the global crude oil demand growth in 2025 [2][99][111]. 3. Summary According to Relevant Catalogs 3.1 Global Crude Oil Inventory - IEA, EIA, and OPEC predict 2025 global crude oil inventory changes to be +110, +82, and - 132 barrels per day respectively, with changes of -10, -5, and +15 barrels per day compared to May 2025 forecasts. The average forecast for 2025 inventory change is +20 barrels per day, unchanged from last month's average [2]. 3.2 Global Crude Oil Supply 3.2.1 Global Crude Oil Supply Overview - IEA, EIA, and OPEC predict 2025 crude oil supply to be 10490, 10434, and 10382 barrels per day respectively, an increase of 190, 159, and 147 barrels per day compared to 2024. Compared to May 2025 forecasts, the increases are 30, 22, and 4 barrels per day respectively [16]. 3.2.2 Global Major Regional Crude Oil Supply Situations - **Three - institution Regional Supply Increment Forecasts**: IEA expects the 2025 global crude oil supply increment to be concentrated in OPEC, American OECD countries, and Latin American countries; EIA expects it to be in North American and Central & South American countries; OPEC expects it to be in DoC and American OECD countries [29][31][35]. - **OPEC+**: In May 2025, the total crude oil production of 12 OPEC countries averaged 2702 barrels per day, a month - on - month increase of 18.3 barrels per day, due to production changes in Iran, Iraq, and Saudi Arabia. The total remaining capacity of OPEC+ is 619 barrels per day, a month - on - month decrease of 16 barrels per day [37][41]. - **Russia**: In May 2025, Russia's total export volume was 730 barrels per day, a year - on - year decrease of 30 barrels per day [54]. - **USA**: EIA predicts that the average crude oil production in the US in 2025 will be 1341 barrels per day, an increase of 21 barrels per day compared to 2024 and unchanged from the May 2025 forecast. As of June 2024, the total production of the seven major shale oil producing regions in the US was 985 barrels per day, a month - on - month increase of 1.7 barrels per day; the shale oil production in the Permian region was 619 barrels per day, a month - on - month increase of 1.8 barrels per day [63][69]. 3.3 Global Crude Oil Demand 3.3.1 Global Crude Oil Demand Overview - IEA, EIA, and OPEC predict 2025 crude oil demand to be 10380, 10353, and 10513 barrels per day respectively, an increase of 80, 79, and 138 barrels per day compared to 2024. Compared to May 2025 forecasts, the changes are -10, -19, and +14 barrels per day respectively. Non - OECD countries represented by China are expected to be the main contributors to the demand increment, while OECD countries' demand growth is expected to be weak [99][111]. 3.3.2 Global Different Petroleum Product Demand Situations - IEA expects the demand for chemical oil to recover significantly in 2025. Globally, the demand for aviation kerosene, diesel, and gasoline is expected to increase by 13, 4, and 12 barrels per day respectively compared to 2024; the demand for LPG and ethane, and naphtha in the chemical product sector will increase by 30 and 20 barrels per day respectively. In China, the demand for chemical oil is also expected to recover, with changes in the demand for aviation kerosene, diesel, and gasoline being +2, -3, and -13 barrels per day respectively, and the demand for LPG and ethane, and naphtha increasing by 6 and 15 barrels per day respectively [117][119]. 3.4 Related Listed Companies - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec Corp. (600028.SH/0386.HK), CNOOC Energy Technology & Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Development Co., Ltd. (600968.SH). Companies to be concerned about include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Mechanical Engineering Co., Ltd. (000852.SZ) [3].

Core Viewpoint - Saudi Aramco is actively promoting low-carbon fuels through its partnership with F1, showcasing its commitment to sustainability and innovation in the automotive industry [1][2]. Group 1: Event and Collaboration - Saudi Aramco hosted a special screening event for the movie "F1: Drive to Survive" in Shanghai, inviting guests to experience the excitement of racing [1][4]. - The company is the exclusive supplier of advanced sustainable fuels for F2/F3 racing, having developed and supplied these fuels for all 52 cars since 2023 [1]. - In 2025, Saudi Aramco will supply 100% advanced sustainable biomass fuel that meets the International Automobile Federation (FIA) standards for F2/F3 events [1]. Group 2: Fuel Development and Environmental Impact - Saudi Aramco is collaborating with F1 to develop fuel formulations aimed at achieving 100% use of advanced sustainable fuels in F1 racing by 2026 [1]. - The company is also working with global partners on synthetic fuel projects, which are expected to reduce lifecycle carbon emissions compared to conventional fuels [1]. - The demand for low-carbon fuels is urgent, as the number of internal combustion engine vehicles worldwide has surpassed 1.4 billion [2].

马来西亚财政部长：正致力于敲定RON95汽油补贴调整的最终细节。 ...