1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views of the Report - Last week, State Street issued broad - industry option strategy products, and other option strategy product lines also expanded. The performance of new and traditional energy in the US has diverged significantly this year, with new energy outperforming traditional energy. The Russell 2000 ETF had a significant outflow, while the overall inflow of broad - based ETFs was positive. The outflow of US domestic stock funds returned to over $10 billion in a single week, and the inflow of bond products was stable [1]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: State Street Issues Broad - Industry Option Strategy Products - Last week, there were 23 new US products. State Street issued option strategy products for its GICS broad - industry ETFs, which invest in existing broad - industry ETFs and sell corresponding call options to gain income, covering all 11 industries. The GraniteShares YieldBOOST product line expanded, with a new product linked to CoinBase, and the YieldMax single - stock Covered Call strategy product was linked to ROBLOX. BlackRock issued an infrastructure active ETF, First Trust issued a nuclear energy product, Dakota issued an active ETF, and PGIM issued 4 ETFs, including 3 corporate bond ETFs with different maturities and a S&P 500 downside protection product [1][6]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Significant Outflow from Russell 2000 ETF - Last week, equity ETFs had an inflow of nearly $10 billion, the inflow of digital currency ETFs slowed down, and commodity ETFs had a slight outflow. Among broad - based ETFs, the Russell 2000 ETF had an outflow of nearly $5 billion, while multiple YieldMax Covered Call products had the highest inflows, and traditional leveraged products had outflows. In the bond market, short - term bonds had inflows and long - term bonds had outflows [1][10][13]. 3.2.2 US ETF Performance: New Energy Significantly Outperforms Traditional Energy - This year, there has been a significant divergence in the performance of new and traditional energy in the US. Different from the high - inflation period of 2021 - 2022, the new energy sector has significantly outperformed the traditional energy sector. The VanEck nuclear energy ETF has risen by over 40%, and other managers also issued similar products last week [1][17]. 3.3 Recent US Ordinary Public Fund Fund Flows - In June 2025, the total amount of non - money public funds in the US was $22.69 trillion, an increase of $0.78 trillion compared to May 2025. The S&P 500 rose by 6.15% in June, and the scale of US domestic equity products increased by 4.26%, slightly lower than the stock increase. From July 16th to July 23rd, US domestic equity funds had a total outflow of approximately $13.5 billion, returning to over $10 billion, while the inflow of bond products was stable [1][19].

Core Viewpoint - The successful test flight of China's self-developed 2-ton electric vertical take-off and landing aircraft "Kairiou" marks a significant advancement in low-altitude logistics applications, particularly in maritime supply scenarios [1] Group 1: Technological Innovation - The "Kairiou" aircraft successfully transported fresh fruits and emergency medical supplies from a land take-off point in Shenzhen to an offshore oil and gas platform located 150 kilometers from the Shenzhen coastline [1] - The flight took 58 minutes, demonstrating the aircraft's capability in cross-sea logistics [1] Group 2: Industry Impact - This breakthrough not only innovates the maritime supply model but also highlights the potential of low-altitude economic technologies to empower traditional energy industries [1] - The integration of innovative aviation technology, mature operational experience, and real maritime operational needs creates a closed-loop application for low-altitude logistics [1]

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月4日｜A股开盘，沪指跌0.36%，深证成指跌0.53%，创业板指跌0.66%。盘面上，现货黄金上 周五一度突破3360美元，黄金股集体上涨，西部黄金(601069)、晓程科技涨超4%；暑期档票房破70亿， 影视院线板块再度活跃，中国电影(600977)涨超8%，北京文化(000802)涨超4%；中药板块高开，奇正藏 药(002287)4连板，新天药业(002873)涨超8%；油气板块低开，潜能恒信(300191)、准油股份跌超3%。 (格隆汇) ...

Core Insights - The successful launch of the Dongfang 13-3 area development project marks a significant breakthrough for China in offshore complex oil and gas resource development, enhancing national energy security [1][2] Group 1: Project Overview - The Dongfang 13-3 area is located over 110 kilometers from Dongfang City in the Yinggehai sea area, with an average operational water depth of approximately 67 meters [1] - The project includes the installation of two new subsea pipelines and one subsea cable, improving the interconnectivity of the subsea natural gas pipeline network around Hainan Island [1] Group 2: Technological Advancements - The project team utilized past successful experiences in offshore high-temperature and high-pressure gas field drilling to develop drilling fluids tailored to the geological characteristics, achieving a record for the length of high-temperature and high-pressure well operations in China [1] - The new platform is an unmanned wellhead platform that incorporates various digital and intelligent technologies, enabling remote-controlled production [2]

"2023年开工，当年建成、当年投产。"7月29日，在陕西延长石油(集团)有限责任公司气田公司采气二 厂杨桥畔净化厂，延长石油气田公司产能建设事业部副指挥晁肖哲说。 干净整洁的厂区内，生产井然有序。在这里，经过处理的天然气通过管网源源不断输向千家万户。 这座现代化净化厂是延长石油150亿立方米产能工程的首个项目，其建设历程从侧面反映了全国第四大 气田建设的"延长速度"。 近年来，延长石油坚持"稳煤、扩油、增气并举"战略，将天然气勘探开发作为公司发展的一个重要方 向。 "作为我国油气行业的百年'老字号'，延长石油前100年只产油不产气，天然气勘探开发从零起步。能实 现每年150亿立方米的天然气产能，是我们延长石油人不断打破思维瓶颈，突破一系列技术难题取得的 成果。"晁肖哲说。 延长石油气田公司的开采区域主要在鄂尔多斯盆地南部。鄂尔多斯盆地是目前我国第一大油气生产基 地，2024年生产油气当量超过9700万吨。20世纪80年代以来，鄂尔多斯盆地中北部陆续发现了靖边、苏 里格、榆林、大牛地等大型气田，成为我国天然气主产区之一。盆地南部始终未取得勘探突破，曾被业 界认为是"贫气区"。在长期勘探开发过程中，该盆地形成了 ...

7月25日，笔者从济柴动力获悉，该公司与西南油气田联合研制的国产首台超深井用70兆帕高压注气压 缩机组，在川西北气矿双鱼132井投用，并完成500小时现场工业性试验，累计驱水量超1000立方米，刷 新了国内排水采气工艺气举深度纪录，为开发7000米以深的油气资源提供了国产装备支撑。 我国7000米以深的超深油气藏开发，面临高温高压等世界级难题。70兆帕高压注气压缩机作为核心设 备，产品和技术长期被国外垄断。为满足国家能源战略需求，中国石油启动了"70兆帕高压注气压缩机 组研制"关键核心技术攻关项目。济柴动力凭借多年的压缩机研制服务经验，成为攻关该项目的"先锋部 队"，着力攻关高压动态密封可靠性，高压气流脉动、机械振动与附加应力控制，高压高转速下的核心 部件寿命，智能化运行与安全监控四大关键瓶颈。为确保产品的可靠性，该公司项目组建立了严苛的验 证体系，创新"氮气+天然气模化"试验方法，搭建起国内领先的超高压氮气负荷试验台，在厂内安全环 境下有序完成了压缩机主机及系统的极限压力和性能测试。截至目前，70兆帕高压注气压缩机组稳定运 行，各项性能表现全面超越预期。(通讯员张雅琪黄玫钟曾根) ...

Company Participants - The conference call featured key participants including Terry Anderson (President and CEO), Kris Bibby (CFO), Armin Jahangiri (COO), and Ryan Berrett (Senior VP of Marketing) [1][3]. Conference Call Overview - The second quarter earnings conference call for ARC Resources Limited took place on August 1, 2025, and was recorded for future reference [2][4]. - Dale Lewko, Manager of Capital Markets, initiated the call and outlined the agenda, indicating that forward-looking statements and non-GAAP financial measures would be discussed [4]. Financial Reporting - The company plans to present its second quarter results, with a focus on financial performance metrics and operational highlights [4][5].

从资金流向上来看，当日油气开采板块主力资金净流出3490.32万元，游资资金净流出154.62万元，散户 资金净流入3644.94万元。油气开采板块个股资金流向见下表： | 代码 | 名称 | 主力净流入（元） | | | 主力净占比 游资净流入（元） 游资净占比 散户净流入（元） 散户净占比 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 600938 中国海油 | | 1762.54万 | 2.08% | -528.43万 | -0.62% | -1234.10万 | -1.46% | | 600759 洲际油气 | | 157.49万 | 0.75% | -1093.17万 | -5.19% | 935.69万 | 4.45% | | 000968 蓝焰控股 | | -628.15万 | -8.59% | -58.95万 | -0.81% | 687.10万 | 9.40% | | 600777 | *ST新潮 | -4782.20万 | -22.30% | 1525.94万 | 7.11% | 3256.26万 | 15.18% | ...

Investment Rating - The oil and gas industry is rated as "Outperform" [4][6] Core Views - In July 2025, Brent crude oil futures averaged $69.4 per barrel, a slight decrease of $0.4 from the previous month, while WTI averaged $67.1 per barrel, down $0.6 [1][13] - OPEC+ announced an accelerated production increase of 548,000 barrels per day for August, with plans to complete the remaining increase by September 2025 [2][17] - Global oil demand is expected to grow by 700,000 to 1.3 million barrels per day in 2025, with similar growth projected for 2026 [3][18] - The expected price range for Brent crude oil in 2025 is between $65 and $75 per barrel, while WTI is projected to be between $60 and $70 per barrel [3][19] Summary by Sections July Oil Price Review - Brent crude oil futures closed at $73.2 per barrel at the end of July, while WTI closed at $70.0 per barrel [1][13] - The oil price experienced fluctuations due to geopolitical tensions and seasonal demand [1][13] Oil Price Outlook - OPEC+ has extended its voluntary production cuts and announced an increase in production rates [2][17] - The demand for oil is expected to rise significantly, with major energy agencies forecasting increases in daily consumption [3][18] Key Data Tracking - As of July 30, 2025, WTI crude oil futures settled at $70.00 per barrel, reflecting a 7.5% increase from the previous month [40] - U.S. crude oil production averaged 13.337 million barrels per day in July, showing a slight decrease [46] - The average operating rate of U.S. refineries was 94.9% in July, indicating strong demand for refined products [56]

Te 徐 蛋 文 E院院长 国家信息中心主任 7月30日，中国石油集团党组宣传部部长张海云在一场经济研讨会上透露，通过深地勘探、非常规资源开发及全产业链升级，中国已在深地油气、非常规天 然气以及高端化工领域实现突破，中石油天然气产量占比达到40%，成为保障国家能源安全的核心力量。 能源结构转型的背后，是供应链体系的全面升级。 张海云指出，为落实习近平总书记"能源的饭碗必须端在自己手里"的重要嘱托，中国石油构建起国内深地勘探加国际贸易锁定的模式。 中石油在鄂尔多斯、准噶尔、塔里木三大盆地实施一系列勘探，实现对能源的有效保障。在用气高峰时段，中石油供气量达10亿立方米/日，相当于为14亿 中国人每天准备1立方米气；波谷用气量每人0.1立方米/日。为此，中国建成了大型储气库群，实现"夏季注气存储、冬季调峰供气"的动态平衡。"这种波峰 峰谷差10倍的极端场景，要求我们建设强大的供应链体系。"他表示，目前中石油国内天然气供应量占全国市场的三分之二，作为唯一以"天然气"命名的央 企，已形成覆盖勘探、生产、储运的全链条保障能力。 新质生产力正成为能源企业转型的核心引擎。 "我们有100万名员工，上下游产业链上有数百家企业， ...