Group 1: Company Overview - China National Offshore Oil Corporation (CNOOC) is primarily engaged in the exploration, production, and sales of crude oil and natural gas, with operations in China, Canada, the USA, the UK, Nigeria, and Brazil [2] - The company's revenue composition includes 84.57% from oil and gas sales, 13.11% from trading, and 2.32% from other businesses [2] - As of June 30, 2025, CNOOC had 232,800 shareholders, a decrease of 0.25% from the previous period, with an average of 12,936 circulating shares per shareholder, an increase of 5.50% [2] Group 2: Financial Performance - For the first half of 2025, CNOOC reported operating revenue of 207.61 billion yuan, a year-on-year decrease of 8.45%, and a net profit attributable to shareholders of 69.53 billion yuan, down 12.79% year-on-year [2] - CNOOC has distributed a total of 224.33 billion yuan in dividends since its A-share listing, with 176.36 billion yuan distributed over the past three years [3] Group 3: Market Activity - On September 2, CNOOC's stock rose by 1.70%, with a trading volume of 2.641 billion yuan [1] - The financing buy-in amount for CNOOC on the same day was 241 million yuan, with a net financing buy of 13.48 million yuan, while the total financing balance reached 1.844 billion yuan [1] - CNOOC's margin trading balance accounted for 2.32% of its market capitalization, indicating a high level of financing activity [1]

Core Viewpoint - China National Petroleum Corporation (CNPC) is transferring approximately 541 million A-shares (0.30% of total share capital) to China Mobile Group to deepen strategic cooperation and optimize shareholding structure [1][4][5]. Group 1: Share Transfer Details - The transferring party is CNPC, while the receiving party is China Mobile Group [4]. - Before the transfer, CNPC held 150,923,565,570 A-shares (82.46% of total share capital) and 291,518,000 H-shares (0.16% of total share capital) through its wholly-owned subsidiary [4]. - After the transfer, CNPC will hold 150,382,363,193 A-shares (82.17% of total share capital) and maintain its H-shares [5]. - China Mobile Group will hold 541,202,377 A-shares (0.30% of total share capital) and 178,794,300 shares (0.10% of total share capital) through its subsidiary [5]. Group 2: Strategic Intent and Financial Impact - The transfer aims to deepen strategic cooperation and achieve complementary advantages without significantly impacting normal operations [6]. - The transfer price is set at zero, and it does not involve a tender offer or change in control of the company [6]. Group 3: Financial Performance - For the first half of 2025, the company reported a revenue of 1.45 trillion RMB, a decrease of 6.7% year-on-year [8]. - Oil and gas, along with new energy businesses, generated a revenue of 422.67 billion RMB, down 6.3% year-on-year [8]. - The net profit attributable to shareholders was 84.01 billion RMB, a decline of 5.4% year-on-year, while net cash flow from operating activities increased by 4% to 227.06 billion RMB [8]. - The board has proposed an interim dividend of 0.22 RMB per share, totaling 40.26 billion RMB, maintaining a historically high level [8].

Group 1: Energy and Metals Crude Oil - Brent crude's November contract rose 1.04% overnight. Mid - term supply - demand is loose, but short - term net long positions of funds are low, making oil prices sensitive to geopolitical positives. Consider shorting SC's November contract on rallies and use out - of - the - money call options for protection [1] Precious Metals - Rising Fed rate - cut expectations and concerns about Fed independence boost precious metals. International gold prices may hit new highs. Hold long positions and focus on US non - farm payrolls data on Friday [2] Copper - Overnight, copper prices oscillated and closed lower. The probability of short - term copper prices breaking through the 80,000 - yuan mark and expanding the upward trend is increasing. Hold short - term long positions based on the MA5 moving average and pay attention to the rise in the premium of the 2510 contract's call option with a strike price of 82,000 yuan [3] Aluminum - Overnight, Shanghai aluminum oscillated. Downstream开工率 has been rising seasonally for four weeks, and inventory is likely to be low this year. However, the inventory of aluminum ingots and bars increased slightly at the beginning of the week. The short - term trend is oscillatory, with resistance at the 21,000 - yuan area [4] Cast Aluminum Alloy - Cast aluminum alloy follows Shanghai aluminum. The spot - to - Shanghai aluminum cross - variety spread may narrow further due to tight scrap aluminum supply and expected tax policy adjustments [5] Alumina - Alumina's operating capacity is at a historical high, with rising inventory and warehouse receipts. Supply surplus is emerging, and the northwest tender price has dropped significantly. It is in a weak trend but may not fall deeply after breaking through the cost of high - cost production capacity. Pay attention to the support at the June low of 2830 yuan to the 3000 - yuan mark [6] Zinc - SMM's zinc social inventory rose to 146,300 tons, pressuring zinc prices. In September, smelter maintenance will increase, and zinc output is expected to decrease. LME zinc inventory is low, and there is strong support at the 22,000 - yuan mark. It is expected to oscillate in the "Golden September and Silver October" season. Consider shorting on rebounds in the medium - term at the 23,000 - 23,500 - yuan range [7] Nickel and Stainless Steel - Shanghai nickel rebounded sharply. Concerns about political unrest in Indonesia may push up the price of the nickel industry chain. Short - term trading should be oscillatory, suspending the short - selling strategy [9] Tin - After strong two - way fluctuations, tin prices closed with a positive line overnight. LME Singapore warehouse inventory increased. There is a shortage of concentrate in the domestic tin market. Hold short - term long positions based on the 271,000 - yuan level and avoid chasing the rise [10] Lithium Carbonate - Lithium carbonate futures oscillated weakly. Total market inventory decreased slightly to 141,000 tons. The market is focused on the 930 - term expectation. Adopt a bullish strategy with risk control [11] Industrial Silicon - Industrial silicon futures rose slightly, driven by polysilicon sentiment. In September, supply surplus is expected to intensify. Temporarily observe the support at 8300 yuan/ton. If it breaks, consider short - selling lightly [12] Polysilicon - Polysilicon futures rose significantly due to a leading company's "industry restructuring plan" and the "self - discipline production limit" in September. The policy's short - term implementation needs verification. Pay attention to the resistance at 53,000 yuan/ton and control positions [13] Group 2: Steel and Iron Ore Rebar and Hot - Rolled Coil - Night - session steel prices continued to decline slightly. Rebar's apparent demand improved, but inventory accumulated. Hot - rolled coil's demand and output declined, and inventory also increased. The market is under short - term pressure, and pay attention to the improvement in building material demand [14] Iron Ore - Iron ore's overnight futures oscillated. Global shipments reached a new high this year, and domestic arrivals rebounded. Iron - water production may decline significantly this week. It is expected to oscillate at a high level [15] Coke - Coke prices rebounded at the end of the session. The first round of price cuts was partially implemented. Inventory decreased slightly, and the market is affected by the "anti - involution" policy. Prices are under short - term pressure [16] Coking Coal - Coking coal prices mainly declined during the session and rebounded at the end. Total inventory decreased, and production - end inventory increased. It is affected by the "anti - involution" policy, and prices are under short - term pressure [17] Silicomanganese - Silicomanganese prices oscillated downwards and rebounded at the end. Demand is good, and manganese ore prices have limited downside. Observe the support at the previous low [18] Ferrosilicon - Ferrosilicon prices oscillated downwards and rebounded at the end. Demand is okay, and supply has increased significantly, with inventory slightly decreasing [19] Group 3: Shipping and Energy - Related Products Container Freight Index (European Line) - Spot market freight rates are in a downward channel. The impact of geopolitical events on the market is short - term. The market is under pressure. Pay attention to airlines' empty - sailing plans for the National Day Golden Week. If the scale is smaller than last year, the market may decline further [20] Fuel Oil and Low - Sulfur Fuel Oil - As of the end of July, Singapore and China's bunker fuel sales decreased year - on - year, and domestic refinery production enthusiasm was low. LU is under pressure, while FU is relatively stronger due to geopolitical premiums [21] Asphalt - Factory and social inventories of asphalt continued to decline. Asphalt futures rose against the trend. It is expected to oscillate strongly in the short - term. Consider a spread strategy of going long on the crack spread between BU and SC10 [22] Liquefied Petroleum Gas - September's CP was stable. After the gas off - season, it showed some resilience. Import costs and domestic demand rebounded, supporting the spot price. The short - term futures market is stronger in the near - term and weaker in the far - term [23] Group 4: Chemical Products Urea - Urea's daily output decreased slightly but remained high year - on - year. Some compound fertilizer enterprises limited production, and agricultural fertilizer preparation was slow. Inventory at production enterprises increased. During India's tender period, the market sentiment may change [24] Methanol - Methanol's autumn maintenance is ending, and domestic supply is increasing, with production enterprises accumulating inventory. However, downstream demand is expected to improve due to better economics and pre - holiday stocking, so the market outlook is positive [25] Pure Benzene - Pure benzene prices continued to be weak, breaking through 6000 yuan/ton at night. Supply increased, demand was weak, and the port inventory increased slightly. There is an expectation of supply - demand improvement in the third quarter, but pay attention to the downstream rhythm [26] Styrene - Styrene's trend is weak. Crude oil may fluctuate widely, and pure benzene may be weak, providing no support. Demand is weak, supply is high, and inventory has increased significantly, resulting in a weak fundamental situation [27] Polypropylene, Plastic, and Propylene - Propylene production enterprises have controllable inventory pressure, but downstream acceptance of price increases is limited. Ethylene's downstream demand is mixed, and polypropylene's supply pressure is increasing, with weak downstream orders [28] PVC and Caustic Soda - PVC is weak due to high supply and low demand. Caustic soda is relatively strong, but the profit is good, so future supply may increase. PVC is expected to oscillate weakly, and caustic soda may oscillate widely [29] PX and PTA - Night - session PX drove PTA to rise first and then fall, oscillating. Terminal demand is improving, but the actual supply - demand improvement is limited. Pay attention to device dynamics, oil prices, and polyester's production increase [30] Ethylene Glycol - Ethylene glycol's night - session price dropped to the 4400 - yuan mark. Domestic production increased, and port inventory rose slightly. It is expected to oscillate within a range. Pay attention to policies and the peak - season demand [31] Short - Fiber and Bottle Chip - Short - fiber's supply - demand is stable, and its price follows the cost. New capacity this year is limited, and the peak - season demand may boost the market. Bottle - chip has long - term over - capacity issues. Pay attention to petrochemical policies [32] Group 5: Agricultural Products Soybean and Soybean Meal - Last night, soybean meal futures increased in position and oscillated upwards. Globally, the "crushing for oil" pattern is emerging. Domestically, import costs limit the decline of soybean meal. Supply is sufficient in the fourth quarter but may be short in the first quarter of next year. The market may oscillate in the short - term and is cautiously bullish in the long - term [36] Soybean Oil and Palm Oil - Overnight, soybean oil and palm oil rebounded. Short - term price declines released negative factors, and concerns about supply in Indonesia exist. Domestic soybean supply is loose in the near - term and uncertain in the far - term. Palm oil may enter a production - reduction cycle in the fourth quarter. Consider buying on dips in the long - term [37] Rapeseed and Rapeseed Oil - The Canadian rapeseed futures market was closed. Global rapeseed supply will be seasonally loose. China's rapeseed supply - demand is expected to be in a tight - balance state. Rapeseed futures may stabilize in the short - term [38] Soybean No. 1 - After recent price declines, the price of domestic soybean futures rebounded as short - sellers reduced positions. Policy - driven auctions increased supply. New soybeans are expected to have a good harvest. Pay attention to the new - season opening price [39] Corn - Dalian corn futures rose last night. New - season corn may have a good harvest. Short - term, the market may oscillate stably. After the new - grain purchase enthusiasm fades, it may decline at the bottom [40] Live Pigs - Live - pig futures opened high and closed low on Monday. The pig - grain ratio is below 6:1. Supply is expected to increase in September, but demand may also rise during holidays. The price is under downward pressure. Pay attention to policies and supply release [41] Eggs - Egg futures increased in position on Monday. Spot prices did not rise strongly in the autumn semester. Old - hen culling increased, and chick replenishment was low in August. Consider long positions in far - month contracts next year and pay attention to short - sellers' exit in near - month contracts [42] Cotton - US cotton oscillated weakly last week. US cotton signing data improved. China - US negotiations are ongoing. Brazilian cotton's harvest is slow but the yield is expected to be good. Zhengzhou cotton is expected to oscillate, with strong support below. Buy on dips [43] Sugar - Overnight, US sugar oscillated. Brazilian sugar production may remain high. In China, domestic sugar sales are fast, and inventory pressure is low. The 25/26 sugar - cane production in Guangxi is uncertain. Sugar prices are expected to oscillate [44] Apples - Apple futures oscillated at a high level. Early - maturing apples have high prices, but the supply in the 25/26 season may not change much. The price may rise in the short - term but lacks long - term bullish factors. Temporarily observe [45] Wood - Wood futures oscillated. Foreign prices rose, but domestic prices increased slightly. Imports may remain low, and inventory pressure is small. The supply - demand situation improved, but peak - season demand has not started. Temporarily observe [46] Pulp - Pulp futures rose slightly yesterday. Port inventory declined slightly, but it is still high year - on - year. Supply is relatively loose, and demand is average. Temporarily observe or trade within a range [47] Group 6: Financial Products Stock Index - The stock market oscillated strongly yesterday, with the ChiNext Index performing well. Futures contracts of stock indices rose. Shanghai's mortgage policy was adjusted. The market has an optimistic expectation of factors such as Fed rate cuts. Increase allocation to the technology - growth sector and also pay attention to consumption and cyclical sectors [48] Treasury Bonds - Treasury bond futures rose across the board. The "stock - bond seesaw" effect is weakening. In September, domestic monetary policy may be loosened. The yield curve is expected to steepen [49]

Group 1 - China Petroleum's stock price decreased by 0.11% on September 1, with a trading volume of 1.142 billion yuan [1] - The financing buy-in amount for China Petroleum on the same day was 126 million yuan, while the financing repayment was 85.0735 million yuan, resulting in a net financing buy-in of 41.0405 million yuan [1] - As of September 1, the total financing and securities lending balance for China Petroleum was 2.354 billion yuan, with the financing balance at 2.338 billion yuan, accounting for 0.17% of the circulating market value, which is below the 40th percentile level over the past year [1] Group 2 - China Petroleum's main business includes exploration, development, production, transportation, and sales of crude oil and natural gas, as well as refining and sales of oil products and chemicals [2] - The revenue composition of China Petroleum shows that refining products account for 73.89%, crude oil for 45.28%, natural gas for 39.06%, chemical products for 10.48%, and other income sources [2] - For the first half of 2025, China Petroleum reported operating revenue of 1.450 trillion yuan, a year-on-year decrease of 6.68%, and a net profit attributable to shareholders of 83.993 billion yuan, down 5.21% year-on-year [2] Group 3 - Since its A-share listing, China Petroleum has distributed a total of 835.015 billion yuan in dividends, with 243.89 billion yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders of China Petroleum include Hong Kong Central Clearing Limited and several ETFs, with notable increases in holdings [3] - The number of shareholders decreased by 8.82% to 482,400, while the average circulating shares per person increased by 9.77% to 339,297 shares [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report focuses on the crude oil market's restorative rebound and the potential reversals in various spreads. It analyzes the price dynamics, supply - demand fundamentals, and key events across different regions in the oil and refined product markets [1]. 3. Summary by Relevant Catalogs 3.1 Crude Oil Market Price and Dynamics - In Europe, Mediterranean Naphtha is at 463.715€ /mt, Dated Brent is at 67.93$/b (-0.54$), with OPEC +减产 execution rate at 117% and increased September loading plans after North Sea maintenance. In Asia, Dubai (Oct) is at 70.50$/b (+0.80$) due to strong Chinese strategic reserve demand and high Indian refinery throughput, and ESPO is at 64.02$/b (+0.64$). In America, WTI USGC is at 65.91$/b (-0.55$) with eased export congestion and low Cushing inventory, and Mars is at 64.20$/b (+0.24$) affected by hurricane and pipeline maintenance [2]. 3.2 Refined Oil Product Market Price and Dynamics - For gasoline, in Europe, FOB AR 92RON is at 725.50$/mt (unchanged), in Asia, Singapore 92RON is at 79.40$/b (+1.13$), and in America, NYH CBOB is at 217.89¢/gal (-2.13¢). For diesel, European 10ppm ULSD is at 682.25$/mt (+0.75$), Asian 10ppm Gasoil is at 86.33$/b (+0.58$), and American USGC ULSD is at 221.23¢/gal (+4.11¢). For aviation fuel, European Jet A - 1 is at 690.00$/mt (+1.75$), Asian Singapore Jet is at 84.50$/b (+0.46$), and American USGC Jet is at 205.70¢/gal (-4.98¢). For fuel oil, European 3.5% FO is at 387.75$/mt (+4.25$), Asian 380CST is at 387.90$/mt (+8.99$), and American USGC HSFO is at 59.93$/b (-0.21$) [4]. 3.3 Cross - Regional Comparison - In terms of supply, Europe has limited Russian supply but increased production from the Norwegian Johan Sverdrup field; Asia has refinery maintenance and delayed new plant commissioning; America has record - high production and eased pipeline bottlenecks. For demand, Europe has growing diesel power generation demand, Asia has strong summer gasoline consumption, and America's demand is export - led. Regarding inventory, Europe has ARA diesel inventory at 208.5 tons, Asia's Singapore light distillate inventory dropped 11.01% weekly, and America's Gulf of Mexico crude inventory is at a five - year low. In transportation, European Baltic freight rates are rising, Asian VLCC Middle - East to East - Asia rates are stable, and American pipeline capacity bottlenecks are alleviated [5][6]. 3.4 Key Spreads - Brent - Dubai spread is at 3.25$/b (+0.30$), indicating a shortage of light - sweet crude. WTI - Brent spread is at - 2.82$/b (-0.25$) due to increased quality differences in US crude. Gasoil - Naphtha spread is at 18.75$/mt (+1.20$) with weak petrochemical feedstock demand. ULSD - Jet spread is at 0.97¢/gal (-0.15¢) as the aviation industry's recovery lags [6]. 3.5突发事件 or Potential Impact Factors - The attack in Ukraine led to the shutdown of the Tuapse refinery and a halving of Black Sea CPC blend exports. The Mexican refinery restart was delayed, increasing US gasoline exports to Mexico. US sanctions on India affected Russian oil procurement. A hurricane warning in the US Gulf of Mexico affected production and increased insurance premiums [7]. 3.6 Other Market News - Angola's Cabinda refinery will start production by the end of the year. Oil traders expect OPEC + to maintain output this weekend. Saudi Aramco and SOMO stopped supplying oil to an Indian refiner. Indian officials defended their Russian oil imports. Shandong independent refinery crude arrivals decreased. Syrian oil exports occurred for the first time in 14 years [8][10].

Group 1 - The core point of the news is the appointment of Zhou Xinhui as the new General Manager of China National Petroleum Corporation (CNPC), emphasizing his extensive experience and focus on technological innovation and digital transformation [2] - Zhou Xinhui has nearly 30 years of experience in the oil sector, having held various significant positions within China National Offshore Oil Corporation (CNOOC) before his new role at CNPC [2] - Under Zhou's leadership, CNPC aims to enhance its innovation-driven approach and transition towards a comprehensive international energy company, focusing on high-end, intelligent, and green development [3] Group 2 - In the first half of 2025, CNPC reported impressive financial results, achieving operating revenue of 1.45 trillion yuan, operating profit of 117.03 billion yuan, and net profit attributable to shareholders of 84.01 billion yuan, marking a year-on-year growth of 11.5% [3] - CNPC is actively transitioning from traditional oil and gas operations to integrated energy solutions, with significant growth in its non-oil business and a 213% increase in charging and swapping electricity volume [5] - The company is also focusing on new materials, achieving a production volume of 1.665 million tons in the first half of the year, reflecting a substantial year-on-year growth of nearly 55% [4]

Investment Strategy - The global oil and gas capital expenditure trend is declining, leading to a slowdown in supply growth. Since the signing of the Paris Agreement in 2015, the global carbon neutrality process has accelerated, resulting in a significant decrease in upstream capital expenditure, which was $351 billion in 2021, down nearly 22% from the 2014 peak. The capital expenditure is expected to continue to shrink as major energy companies face pressure from policies and the need for transformation [8][24][25] - The report suggests focusing on companies that benefit from high oil prices and increased capital expenditure, such as China National Offshore Oil Corporation (CNOOC), China National Petroleum Corporation (CNPC), and Sinopec [9][24] Oil Market - The oil market is experiencing fluctuations due to Ukraine's attacks on Russian energy facilities, which have led to a decrease in Russian refining capacity. Brent crude oil is priced at $67.62 per barrel, down 0.43% week-on-week, while WTI crude oil is at $64.16 per barrel, up 1.63% week-on-week [9][27][28] - OPEC's unexpected speed in reducing production and the resilience of demand, supported by recent GDP growth forecasts from the World Bank and IMF, suggest that oil prices may continue to fluctuate [9][24] Coal Market - The thermal coal market is experiencing a slight decline in prices due to weakened downstream demand. The average market price for Qinhuangdao port thermal coal (Q5500) is 695 yuan per ton, down 1.14% week-on-week. The total inventory at the nine ports in the Bohai Rim is reported at 23.08 million tons, down 0.79% [10][11] - The report highlights that domestic coal production is being maintained at normal levels, but some areas are affected by rainfall, leading to supply tightness. The demand from power plants remains stable, but the cement market is weak [10][11] Coking Coal Market - The coking coal market is currently in a stalemate, with the price of coking coal remaining stable at 1,610 yuan per ton. The report notes that safety inspections are tightening, limiting the supply of coking coal, while steel mills are cautious about purchasing due to weak market conditions [13][14] - The report suggests focusing on coking coal producers with strong resource capabilities, such as Huabei Mining and Pingmei Shenma Group, as they are well-positioned to benefit from price increases [14] Natural Gas Market - The report mentions the potential restart of the Datang Group's coal-to-gas project in Liaoning, which is the largest single investment project in Fuxin's history. The average price of natural gas in the U.S. is $2.82 per million British thermal units, up 1.3% week-on-week [15][16] - European natural gas prices are also rising, with the UK IPE natural gas price at $10.95 per million British thermal units, up 2.0% week-on-week [15][16] Oilfield Services - The oilfield services industry is expected to maintain its prosperity due to government policies supporting energy security. The total capital expenditure of the three major oil companies is projected to be 583.3 billion yuan in 2023, with CNOOC showing a compound growth rate of 13.1% [18][19] - The global active rig count is reported at 1,621, with a slight increase in the Asia-Pacific region, indicating a stable outlook for the oilfield services sector [18][19]

Group 1 - The company reported a revenue of 1.056 billion yuan for the first half of the year, representing a year-on-year decrease of 20.60% [1] - The net profit attributable to shareholders of the listed company was 49.76 million yuan, down 54.38% year-on-year [1] - The basic earnings per share were 0.0126 yuan [1]

Core Insights - The reform of cross-border RMB business facilitation is becoming a significant measure to empower high-quality development of enterprises and support the construction of a new development pattern [1][3] - The implementation of relevant policies has significantly improved the efficiency of cross-border capital flow for enterprises, effectively reducing operational costs and injecting strong momentum for the real economy to "go global" [1] Group 1: Cross-Border RMB Business Facilitation - A petroleum company in Dongying, Shandong, with a full industrial chain service capability in wellbore technology, has successfully completed the first cross-border RMB settlement for foreign contracting projects in Shandong Province, benefiting from the facilitation policies [1] - From January to July this year, the company processed RMB 360 million through the facilitation channel, achieving "same-day remittance and same-day receipt," greatly enhancing the efficiency of international business operations [1] - The process optimization has led to a significant reduction in the time required for single transactions from one working day to less than half an hour, improving capital turnover efficiency by over 60% [1] Group 2: Risk Management and Technology Empowerment - The bank implements "classified management" for enterprises, achieving precise and differentiated risk control, simplifying the review process for A-class enterprises while strengthening requirements for B and C-class enterprises [2] - A comprehensive management system covering pre-classification of clients, differentiated review during the process, and post-monitoring reports has been established to balance convenience and safety [2] - The deep application of financial technology has accelerated cross-border RMB settlement, with real-time settlement achieved for certain countries, significantly enhancing settlement efficiency and reducing exchange rate risks and transaction costs for enterprises [2]

Core Points - The central point of the news is the appointment of Zhou Xinhai as the new General Manager and Deputy Secretary of the Party Committee of China National Petroleum Corporation (CNPC) [1] Group 1: Appointment Details - Zhou Xinhai has been appointed as the Director, General Manager, and Deputy Secretary of the Party Committee of CNPC, while being relieved of his duties at China National Offshore Oil Corporation (CNOOC) [1] - The appointment was announced during an expanded leadership meeting of CNPC, with the announcement made by officials from the Central Organization Department [1] Group 2: Background of Zhou Xinhai - Zhou Xinhai was born in December 1970 and holds a Bachelor's degree in Petroleum Geology from Jianghan Petroleum Institute, a Master's degree in Coalfield, Oil and Gas Geology and Exploration from Chengdu University of Technology, and a PhD in Energy Geology Engineering from China University of Geosciences (Beijing) [3] - He has a long career in the oil sector, having served as Chief Geologist at CNOOC East China Petroleum Administration Bureau in March 2017, and later as General Manager of CNOOC Exploration Department in October 2019 [3] - In March 2021, he became General Manager and Party Secretary of CNOOC Hainan Branch, and in March 2022, he was appointed as Vice General Manager and Party Member of CNOOC [4]