严查细巡，隐患"无处遁形"。正值"七下八上"防汛关键期，该厂加大闲置井隐患排查力度。技术人员深 入一线，与作业区联合组队开展"拉网式"巡查，全力保障闲置井安全环保受控。酷暑下，草木茂盛，巡 查人员穿行于密实的玉米地，跨越野草丛生的沟坎，"青纱帐"般的叶片划过脸庞，工鞋深一脚浅一脚沾 满泥浆。最终，16口"藏"在田间地头的闲置井被逐一精准定位。技术人员细致核查地面状况及周边环 境，分类评估详实记录。对存在问题的安86等闲置井筛查潜力，量身定制井口治理方案，按计划稳步推 进，确保风险点"看得见、管得住"，为油区安全筑牢坚实堤坝。 采油四厂深入贯彻华北油田公司2025年上半年生产经营分析会部署，坚持问题导向，强化科技创新与数 智赋能，多措并举推动原油产量稳步提升，为厂高质量发展夯实根基。 本报讯（通讯员张百燕）8月11日，华北油田采油四厂泉42-40X井补孔后传来捷报：该井日产液量稳定 在13.2吨，含水率约40%，日增油量高达7吨。这口井的显著突破，为全厂在当前严峻形势下奋力稳产 上产注入了强劲动力。 动态跟踪，油井健康"实时监控"。为提升重点项目运行效率，该厂巧用生产工作群组，每日动态通报产 量波动、措施作业进 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Views - The probability of the Fed cutting interest rates in September is increasing, and the dollar is oscillating at a low level, boosting the non - ferrous market. The domestic copper inventory is low, and the smelter processing fees are gradually stabilizing and rising. The Shanghai copper is expected to be slightly strong in the short - term but still maintain a narrow - range fluctuation [7]. - The supply of lithium carbonate is expected to be tight, but the sentiment has declined. The price is expected to oscillate at a high level in the short - term, and the follow - up start - up situation of other mines needs to be monitored [9]. - Crude oil is in the seasonal travel peak. Although there are factors such as OPEC+ production increase and concerns about the US economy, the market is tight in the peak season. In the medium - to - long - term, the downward pressure on crude oil increases if the Russia - Ukraine cease - fire occurs, but there is uncertainty. The crude oil futures price has fallen again, and the short - term volatility is large [10]. - The asphalt supply is expected to increase, the demand is restricted by factors such as rainfall, and the cost support is weakening. It is expected to oscillate weakly in the near future [12]. - The PP downstream recovery is slow, the supply has new production capacity and increasing maintenance, and the cost decreases. It is expected to oscillate, and a 09 - 01 reverse spread is recommended [13]. - The plastic downstream is in the off - season, but there are signs of improvement. The supply has new production capacity. It is expected to oscillate, and a 09 - 01 reverse spread is recommended [15]. - The PVC supply is increasing, the demand has not improved substantially, the inventory is high, and it is expected to oscillate downward. A 09 - 01 reverse spread is recommended [17]. - The coking coal inventory of mines has decreased significantly, and the inventory of steel mills and coke enterprises has increased. The coke price increase has not been implemented, and the coking coal is expected to oscillate at a high level [18]. - The urea supply has narrow - range fluctuations, the domestic demand is insufficient, and the market is in a pattern of loose supply and demand. Affected by the parade, the market is expected to be weakly sorted [20]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - As of the close on August 13, domestic futures main contracts showed mixed trends. Rapeseed oil rose more than 3%, soybean meal and soybean No. 2 rose nearly 3%, and rapeseed meal rose more than 2%. In terms of declines, container shipping to Europe fell more than 5%, industrial silicon fell more than 3%, coking coal fell 3%, coke fell nearly 3%, and polysilicon fell more than 2%. Stock index futures and treasury bond futures generally rose [4]. - As of 15:27 on August 13, in terms of capital inflows of domestic futures main contracts, CSI 1000 2509 had an inflow of 8.507 billion, CSI 500 2509 had an inflow of 4.343 billion, and SSE 50 2509 had an inflow of 3.75 billion. In terms of outflows, coking coal 2601 had an outflow of 1.303 billion, palm oil 2509 had an outflow of 635 million, and Shanghai gold 2510 had an outflow of 613 million [4]. 3.2 Analysis of Specific Varieties 3.2.1 Copper - The weakening of the dollar and the expected Fed rate cut support the non - ferrous market. The domestic consumption loan policy boosts the downstream demand sentiment. The supply of copper concentrates has increased, and the TC/RC fees have stabilized and rebounded. The current demand is weak, but the inventory has not increased significantly, supporting the copper price [7]. 3.2.2 Lithium Carbonate - The price of lithium carbonate opened low and closed slightly down. The supply is expected to be affected by the shutdown of Ningde Times' mine, and the demand has increased in terms of inquiry activity, but there is still a wait - and - see attitude [8][9]. 3.2.3 Crude Oil - It is in the seasonal travel peak. OPEC+ plans to increase production in September, but Saudi Aramco has raised the official selling price. The IEA has adjusted the global crude oil surplus in 2025, and the market is tight in the peak season. Concerns about the US economy and the possibility of a Russia - Ukraine cease - fire increase the downward pressure on crude oil [10]. 3.2.4 Asphalt - The asphalt start - up rate has declined, the expected production in August has decreased, the downstream start - up rates vary, and the inventory is at a low level. The narrowing of the raw material discount and the weakening of cost support are expected to lead to weak oscillations [12]. 3.2.5 PP - The downstream start - up rate of PP has increased slightly, the enterprise start - up rate has risen, the inventory is at a high level, the cost has decreased, and the supply has new production capacity and increasing maintenance. It is expected to oscillate [13]. 3.2.6 Plastic - The plastic start - up rate is at a moderately high level, the downstream start - up rate has increased slightly, the inventory is high, the cost has decreased, and the supply has new production capacity. The off - season has not ended, but there are signs of improvement. It is expected to oscillate [15]. 3.2.7 PVC - The PVC start - up rate has increased, the downstream start - up rate is still low, the export situation is uncertain, the inventory is high, the real estate demand is weak, and there is new production capacity. It is expected to oscillate downward [16][17]. 3.2.8 Coking Coal - The coking coal price opened high and closed with a decline. The coal mine inventory has decreased, the inventory of steel mills and coke enterprises has increased, the coke price increase has not been implemented, and it is expected to oscillate at a high level [18]. 3.2.9 Urea - The urea price opened low and closed flat. The production is fluctuating narrowly, the demand is weak due to factors such as the parade, the inventory is accumulating, and the market is in a pattern of loose supply and demand. It is expected to be weakly sorted [19][20].

Core Insights - MI Energy (01555) reported a total revenue of approximately 366 million, a year-on-year decrease of 20.7% [1] - The company experienced a net loss of approximately 148 million, an increase of 34.5% year-on-year [1] - Basic loss per share was 0.04 [1] Production and Pricing - Total crude oil production decreased by 10.4% to approximately 1.52 million barrels [1] - The net share of crude oil production attributable to the group decreased by 8.5% to approximately 730,000 barrels [1] - Average daily total crude oil production fell by 9.9% to 8,409 barrels, while average daily net crude oil production decreased by 7.9% to 4,033 barrels [1] - The decline in net production was primarily due to the decrease in total production [1] - Average oil price achieved in the first half of 2025 decreased by 14.4% to 69.63 USD per barrel [1] Cost Analysis - Direct oil extraction cost at the Da'an oilfield increased by 0.13 USD per barrel, or 0.8%, to 17.34 USD per barrel for the six months ending June 30, 2025, compared to 17.21 USD per barrel for the six months ending June 30, 2024 [1] - The company did not implement drilling at the Da'an oilfield during the first half of 2025 [1]

Core Insights - MI Energy (01555) reported a mid-year performance for 2025, showing a total revenue of approximately 366 million, a year-on-year decrease of 20.7% [1] - The company experienced a net loss of about 148 million, which represents a year-on-year increase of 34.5% [1] - Basic loss per share was reported at 0.04 [1] Production and Pricing - The total crude oil production for the period decreased by 10.4% to approximately 1.52 million barrels [1] - The net share of crude oil production attributable to the group fell by 8.5% to about 730,000 barrels [1] - Daily average total crude oil production declined by 9.9% to 8,409 barrels, while daily average net crude oil production decreased by 7.9% to 4,033 barrels [1] - The reduction in net production was primarily due to the decline in total production [1] - Average oil price achieved by the group in the first half of 2025 decreased by 14.4% to 69.63 USD per barrel [1] Cost Analysis - Direct oil extraction costs at the Da'an oilfield increased from 17.21 USD per barrel for the six months ending June 30, 2024, to 17.34 USD per barrel for the six months ending June 30, 2025, marking a 0.8% increase [1] - The company did not implement any drilling activities at the Da'an oilfield during the first half of 2025 [1]

Group 1: Chemical and Oil Indices Performance - The chemical index and oil index showed overall positive performance, with the chemical raw materials index rising by 1.66% and the chemical machinery index increasing by 6.08%. However, the chemical pharmaceuticals index fell by 1.30% [1] - In the oil sector, the oil processing index increased by 0.67%, the oil extraction index rose by 2.70%, and the oil trading index went up by 2.18% [1] Group 2: International Oil Prices - International crude oil prices declined, with WTI settling at $63.88 per barrel, down 5.12% from August 1, and Brent settling at $66.597 per barrel, down 4.42% [1] Group 3: Petrochemical Products Price Changes - The top five petrochemical products with price increases included liquid chlorine up by 14.98%, coke up by 4.57%, mancozeb up by 4%, coking coal up by 3.55%, and aniline up by 2.82%. The top five products with price decreases included folic acid down by 6%, acrylic acid down by 5.51%, vitamin D3 down by 5.41%, WTI down by 5.12%, and synthetic ammonia down by 4.90% [1] Group 4: Capital Market Performance of Chemical Companies - The top five chemical companies with the highest stock price increases were Kexin New Energy up by 53.05%, Amway Co. up by 51.60%, Xinhang New Materials up by 45.88%, Zhongxin Fluorine Materials up by 35.66%, and Huaxin New Materials up by 25.99%. The top five companies with the largest declines were Lianhua Technology down by 10.41%, Cangzhou Dahua down by 8.80%, Zaiseng Technology down by 8.63%, Yabeng Chemical down by 7.86%, and Xinchao Energy down by 7.21% [2]

Core Viewpoint - The transformation of Puyang from an oil city to a new materials and renewable energy hub illustrates the city's resilience and adaptability in the face of resource depletion and economic challenges [4][16]. Group 1: Historical Context - Puyang was officially established in 1983, with its urban landscape shaped by the discovery and development of the Zhongyuan Oilfield [2]. - The city was recognized as a resource-depleted city in 2011, leading to concerns about its economic future tied to oil production [4][5]. Group 2: Technological Innovation - New technologies have revitalized the oil extraction process, allowing for the recovery of previously unrecoverable oil reserves, with new wells producing an average of 5 tons of oil per day [11]. - The implementation of digital transformations in oil extraction machinery has reduced downtime by 30%, ensuring stable production [13]. Group 3: Industry Diversification - Puyang is transitioning from a single-industry reliance on oil to a diversified economy, with significant investments in new materials and renewable energy sectors [16][17]. - The city has developed a hydrogen production base and is actively pursuing wind energy projects, creating a new industrial ecosystem [22][23]. Group 4: Economic Performance - In 2024, Puyang's GDP is projected to exceed 200 billion yuan, with industrial output growth leading the province at 11.5% [27]. - The city's public budget allocations reflect a strong focus on improving residents' welfare, with 76.5% of expenditures directed towards public services [28]. Group 5: Urban Renewal - Puyang has transformed former oil extraction sites into strategic gas storage facilities, enhancing energy security for surrounding regions [24]. - The city has repurposed industrial sites into cultural and recreational spaces, attracting tourism and revitalizing local communities [26].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The global economy is on a stable growth track, with the OPEC raising its 2025 US economic growth forecast from 1.7% to 1.8% and maintaining the 2026 forecast at 2.1% [4]. - The bond market is under pressure, with stock and commodity markets remaining strong. The long - end of the bond market has seen the largest adjustment, but the bank - to - bank money market remains stable and loose [25]. - The A - share market continues its slow - bull pattern, with the three major indices hitting new highs for the year. The semiconductor industry chain has boomed, while some anti - involution sectors have declined [35]. 3. Summary by Directory 3.1 Macro Data Quick View - In June 2025, GDP at constant prices grew 5.2% year - on - year, down from 5.4% in the previous quarter but up from 4.7% in the same period last year [1]. - In July 2025, the manufacturing PMI was 49.3%, down from 49.7% in the previous month and 49.4% in the same period last year; the non - manufacturing PMI for business activities was 50.1%, down from 50.5% in the previous month but up from 50.2% in the same period last year [1]. - In June 2025, social financing scale increment was 41993 billion yuan, compared with 22899 billion yuan in the previous month and 32985 billion yuan in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Two loan discount policies were released on the 12th to stimulate consumption and boost the economy [2]. - China and the US agreed to continue suspending the implementation of 24% reciprocal tariffs for 90 days starting from August 12 [2]. - The US is likely to see interest rate cuts in September and October, according to CME "FedWatch" data [3]. 3.2.2 Metals - As of August 12, the gold holdings of SPDR Gold Trust remained unchanged from the previous trading day [5]. - The lithium industry branch of the China Non - Ferrous Metals Industry Association issued an initiative to resist "involution - style" competition [5]. - London's basic metals mostly rose, and the market may remain volatile in the short term [5]. 3.2.3 Coal, Coke, Steel, and Minerals - A coking enterprise in Shandong plans to cut production by 30% from August 16 - 25 and 50% from August 26 - September 3, with an estimated impact on coke output of about 41,000 tons [6]. - Indonesia's annual demand for nickel ore is expected to reach 800 million tons due to the development of the nickel processing industry [6]. 3.2.4 Energy and Chemicals - On August 12, US crude oil futures fell due to an unexpected increase in US API crude oil inventories and OPEC +'s production increase [8]. - The US Energy Information Administration adjusted its forecasts for Brent crude oil prices, global oil demand, and US oil production and demand for 2025 and 2026 [8][9]. - OPEC raised its 2026 global crude oil demand growth forecast from 128,000 barrels per day to 138,000 barrels per day [11]. 3.2.5 Agricultural Products - Malaysia's palm oil exports and production increased in July 2025 [12]. - The prices of white - feather chickens and chicken chicks have fluctuated significantly recently, and farmers are increasing their stocking due to price increases and expected demand growth [12]. - The US Department of Agriculture released data on crop subsidy registration areas and soybean production and inventory expectations for 2025/2026 [13][14]. 3.3 Financial News Compilation 3.3.1 Open Market - On August 12, the central bank conducted 114.6 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 46.1 billion yuan [15]. 3.3.2 Key News - China and the US agreed to adjust tariff policies and suspend relevant measures for 90 days [16]. - Two loan discount policies were issued to support personal consumption and service - industry business entities [16]. - The issuance scale of science - and - technology innovation bonds has exceeded 800 billion yuan in just over three months [18]. 3.3.3 Bond Market Summary - The bond market continued to adjust, with most bond yields rising, and the 30 - year Treasury bond yield breaking through 2% [25]. - Some exchange - traded bonds rose or fell significantly, and the convertible bond index closed down [25][26]. - European and US bond yields showed different trends, with European bond yields rising overall and US bond yields showing mixed performance [28]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed down 93 basis points at 7.1911 on August 12 [29]. - The US dollar index fell 0.44% in New York trading, and most non - US currencies rose [29]. 3.3.5 Research Report Highlights - CITIC Securities expects the annual bond fund scale to exceed 11 trillion yuan [31]. - CICC Fixed Income believes that the risk of a continuous widening of credit spreads in August is relatively small [31]. - Guosen Macroeconomic Fixed Income believes that the bond market will fluctuate narrowly in the short term [31]. 3.3.6 Today's Reminder - On August 13, 196 bonds will be listed, 103 bonds will be issued, 105 bonds will make payments, and 97 bonds will pay principal and interest [33][34]. 3.4 Stock Market Key News - The A - share market continued its slow - bull trend, with the semiconductor industry chain booming and some sectors declining [35]. - The Hong Kong stock market showed mixed performance, with the Hang Seng Index rising and the Hang Seng Tech Index falling [35]. - A - share margin financing balance exceeded 2 trillion yuan for the first time in ten years, and many industries received more margin funds [35].

Core Viewpoint - The article discusses the transformation of Puyang from a resource-dependent oil city to a diversified economy focusing on new materials and renewable energy, highlighting the importance of technological innovation and industry restructuring for sustainable development [1][10][22]. Group 1: Historical Context - Puyang was established as a city in 1983, thriving due to the discovery and development of the Zhongyuan Oilfield, which significantly shaped its economic framework [1][3]. - By 2011, Puyang was classified as a resource-depleted city, facing challenges as the oil industry began to decline [3][4]. Group 2: Technological Innovation - New technologies have revitalized the oil extraction process, allowing for the recovery of previously unrecoverable oil reserves, with new wells producing an average of 5 tons of oil per day [5][6]. - The implementation of digital upgrades in oil extraction machinery has reduced downtime by 30%, ensuring stable production and minimizing losses [8]. Group 3: Industry Diversification - Puyang has successfully transitioned from a single-industry economy to a multi-faceted one, with significant advancements in new materials, such as bio-based PC materials, which can sell for over 100,000 yuan per ton [11][14]. - The city has developed a new biodegradable materials industry using corn husks, creating a new growth point for local development [12]. Group 4: Renewable Energy Development - Puyang is actively developing wind energy resources, with significant projects like the 500 MW wind farm in Puyang County, contributing to a new industrial ecosystem [15][17]. - The establishment of hydrogen production facilities, including the largest PEM electrolysis unit in the country, positions Puyang as a key player in the hydrogen economy [15][17]. Group 5: Urban Renewal and Community Impact - The transformation of industrial sites into community spaces has revitalized the city, turning former oil facilities into cultural and recreational hubs [19]. - In 2024, Puyang's GDP is projected to exceed 200 billion yuan, with a notable increase in industrial output, reflecting the success of its economic transition [21][22].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The copper market is currently in a state of high supply and low demand, with the LME copper inventory significantly increasing and the overseas Chilean copper mine resuming operations on the 10th. The domestic copper price is supported to some extent by the low inventory and the non - shrinking of smelters, but the overall market is in a narrow - range fluctuation, waiting for new drivers [7]. - The price of lithium carbonate is expected to remain strong in the short term, as the market sentiment was pushed up by the suspension of production at CATL's mining end, and although the sentiment has cooled slightly today, the supply is expected to shrink, and the demand side has shown increased activity [8][9]. - The crude oil market is complex. In the short term, it is tight during the peak season, but in the medium and long term, there is increasing downward pressure due to factors such as the OPEC+ plan to increase production in September, the possible cease - fire between Russia and Ukraine, and the IEA's adjustment of the global crude oil surplus [10]. - The asphalt market is expected to fluctuate weakly in the near future, affected by factors such as the decrease in asphalt production in August, the weakening of crude oil cost support, and the impact of rainfall on demand [11][12]. - The PP market is expected to fluctuate, with the downstream recovery slow, the inventory pressure high, and the cost side affected by factors such as the possible cease - fire between Russia and Ukraine and the OPEC+ production increase plan [13]. - The plastic market is expected to fluctuate, with the consumption off - season not over, the inventory pressure large, but the potential boost from the start of agricultural film stocking [14][15]. - The PVC market is expected to fluctuate downward, with the supply increasing, the demand not substantially improved, and the inventory pressure still high [16]. - The coking coal market is expected to fluctuate at a high level, with the market sentiment pushed up by news, but the downstream resistant to price increases [18]. - The urea market is expected to have a weak consolidation in the short term, with the downstream demand weakening due to the impact of the parade, but the downward space limited due to export and subsequent demand support [19]. Summary by Related Catalogs Futures Market Overview - As of the close on August 12, most domestic futures main contracts rose. Coking coal rose nearly 7%, soda ash rose over 5%, and several other commodities also had significant increases. In terms of declines, rapeseed meal fell 3%, and several other commodities fell over 1%. Among stock index futures, most rose, while among treasury bond futures, most fell [4]. - As of 15:10 on August 12, in terms of capital flow, coking coal 2601, iron ore 2601, and lithium carbonate 2511 had capital inflows, while CSI 1000 2509, Shanghai gold 2510, and glass 2509 had capital outflows [4]. Comment on Specific Varieties Copper - The suspension of the 24% ad - valorem tariff on Chinese goods for 90 days and the US CPI data will affect the market. The supply is sufficient with the increase in copper concentrate imports, and the TC/RC fees are rising. The demand is weak due to the high - temperature and rainy season, but the terminal power grid performs well, and the inventory situation supports the domestic price to some extent [7]. Lithium Carbonate - The price opened high and closed low today with an intraday increase of over 7%. The suspension of production at CATL's mining end is expected to reduce supply, and the cost side is supportive. The demand side has shown increased activity, but there is still a wait - and - see attitude [8][9]. Crude Oil - It is in the peak consumption season, with the US inventory at a low level. The OPEC+ plans to increase production in September, and the price is affected by factors such as the possible cease - fire between Russia and Ukraine, the adjustment of the global surplus by the IEA, and the price adjustment of Saudi Aramco [10]. Asphalt - The asphalt production is expected to decrease in August. The downstream road asphalt construction is affected by funds and weather. The inventory of asphalt refineries is at a low level, and the cost support is weakening, so it is expected to fluctuate weakly [11][12]. PP - The downstream start - up rate is at a low level in the same period over the years. The cost is affected by the possible cease - fire between Russia and Ukraine and the OPEC+ production increase plan. The supply may increase with new capacity, and the demand is weak, so it is expected to fluctuate [13]. Plastic - The start - up rate is at a medium - high level. The downstream demand is in the off - season, but there are some signs of improvement in agricultural film orders. The cost is affected by external factors, and the inventory pressure is large, so it is expected to fluctuate [14][15]. PVC - The supply is increasing, and the downstream demand is still weak. The export situation is complex, and the inventory is high. The real estate market is still in adjustment, so it is expected to fluctuate downward [16]. Coking Coal - The price opened high and rose in the afternoon. The inventory is being transferred downward, and the downstream demand is strong, but the downstream is resistant to price increases, so it is expected to fluctuate at a high level [18]. Urea - The production is expected to increase slightly in the short term. The demand will be affected by the parade, but the downward space is limited due to export and subsequent demand support, so it is expected to have a weak consolidation [19].

香港本地股方面，长实集团跌0.16%，收报37.4港元；新鸿基地产跌0.42%，收报93.9港元；恒基地产跌 1.19%，收报28.14港元。 中资金融股方面，中国银行涨0.22%，收报4.55港元；建设银行涨0.25%，收报7.95港元；工商银行涨 0.33%，收报6.1港元；中国平安涨2.1%，收报55.9港元；中国人寿涨3.1%，收报22.64港元。 石油石化股方面，中国石油化工股份涨1.14%，收报4.44港元；中国石油股份涨1.72%，收报7.67港元； 中国海洋石油涨1.24%，收报18.79港元。 （文章来源：新华社） 新华社香港8月12日电香港恒生指数12日涨62.87点，涨幅0.25%，收报24969.68点。全日主板成交 2154.21亿港元。 国企指数涨28.77点，收报8916.85点，涨幅0.32%。恒生科技指数跌20.86点，收报5439.16点，跌幅 0.38%。 蓝筹股方面，腾讯控股跌0.27%，收报559.5港元；香港交易所跌0.14%，收报430港元；中国移动涨 0.91%，收报88.3港元；汇丰控股涨0.25%，收报100.2港元。 ...