Investment Rating - The report indicates a positive outlook for the petrochemical sector, with various indices showing significant weekly gains, particularly the polyester index which increased by 8.52% [9]. Core Insights - Oil prices experienced fluctuations due to geopolitical tensions and supply concerns, with WTI closing at $56.74 and Brent at $63.73 as of December 26, reflecting a week-on-week increase of $0.59 and $2.30 respectively [15][17]. - The report highlights that the U.S. is focusing on economic measures against Venezuela's oil exports, while tensions in the Gulf region, particularly with Saudi airstrikes in Yemen, contribute to market volatility [17]. - The report notes that the overall oil market remains influenced by geopolitical factors and supply-demand dynamics, with expectations of a potential peace agreement impacting market sentiment [17]. Summary by Sections Market Review - The petrochemical sector outperformed the Shanghai Composite Index, with a weekly increase of 3.18% [9]. - The oil and gas resource index rose by 3.35%, while the refining and chemical index saw a 4.16% increase [9]. Petrochemical Subsector Overview - **Oil**: The report indicates a mixed outlook with oil prices fluctuating due to geopolitical tensions and supply concerns. U.S. crude oil production is reported at 13.84 million barrels per day, with a decrease in net imports [15]. - **Refining**: The average refining margin for major refineries was reported at 663.63 yuan/ton, showing an increase of 49.75 yuan/ton from the previous period [15]. - **Polyester**: The report notes that polyester production is facing challenges with profitability, as the average profit for polyester POY150D was reported at -135.19 yuan/ton [15]. - **Olefins**: Ethylene prices remained stable at 6172 yuan/ton, while propylene prices decreased by 240 yuan/ton to 5715 yuan/ton [15]. Price Tracking - The report provides detailed tracking of various petrochemical product prices, indicating significant fluctuations in margins and costs across different segments [12][14].

Group 1 - Key point 1: The article lists various executives from different companies, indicating a focus on leadership within the industry [2][3] - Key point 2: The companies mentioned span multiple sectors, including transportation, energy, and technology, highlighting a diverse range of industries [2][3] - Key point 3: The presence of executives from both state-owned and private enterprises suggests a mixed economic landscape in China [2][3] Group 2 - Key point 1: The mention of specific individuals such as Wang Jian from CRRC and Li Yan from Fuanna indicates their significance in their respective companies [2] - Key point 2: The inclusion of companies like BYD and Tianqi Lithium reflects the growing importance of electric vehicles and battery materials in the current market [2] - Key point 3: The diversity of sectors represented, from environmental technology to traditional manufacturing, points to a broad spectrum of investment opportunities [2][3]

Core Insights - The oil service engineering sector experienced a 0.5% increase on December 24, with Huibo Po leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Sector Performance - The following companies in the oil service engineering sector showed notable price changes: - Huibo Po (002554) closed at 3.33, up 2.46% with a trading volume of 553,500 shares and a transaction value of 181 million yuan [1] - China Oil Engineering (600339) closed at 3.37, up 1.51% with a trading volume of 230,100 shares and a transaction value of 77.02 million yuan [1] - Beiken Energy (002828) closed at 11.06, up 1.37% with a trading volume of 74,800 shares and a transaction value of 82.43 million yuan [1] - Other companies such as Zhonghai Aofeng (601808) and Bomai Ke (603727) also saw slight increases in their stock prices [1] Capital Flow - The oil service engineering sector saw a net outflow of 32.18 million yuan from institutional investors and 32.67 million yuan from retail investors, while there was a net inflow of 64.85 million yuan from individual investors [2] - The detailed capital flow for specific companies indicates varied investor behavior, with some companies experiencing significant net outflows from institutional and retail investors [3]

证券日报网讯 12月23日，海油发展发布公告称，公司第五届董事会第二十二次会议审议通过《2026年 度财务预算方案》等多项议案。 （文章来源：证券日报） ...

一、董事会会议召开情况 中海油能源发展股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日以 电子邮件方式向全体董事发出了《关于召开第五届董事会第二十二次会议的通 知》。2025 年 12 月 22 日，公司于北京市东直门海油大厦以现场表决方式召开了 第五届董事会第二十二次会议，会议由公司董事、总经理周天育先生（代行董事 长职责）召集和主持。 本次会议应到董事 6 位，实到董事 6 位。公司部分高级管理人员、相关部门 负责人列席了本次会议，会议的召开符合法律、法规及《公司章程》的规定。 证券代码：600968 证券简称：海油发展 公告编号：2025-028 中海油能源发展股份有限公司 第五届董事会第二十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 会议讨论了下列议案，并以记名方式进行了表决。经过充分讨论，与会董事 做出如下决议： 1、审议通过《2026 年度财务预算方案》 表决情况：同意票 6 票，反对票 0 票，弃权票 0 票。 此议案已经审计委员会审议通过后提交董事会审议。 二、董事会会 ...

Group 1 - The core viewpoint of the article highlights that CNOOC Development (SH 600968) held its 22nd meeting of the fifth board of directors on December 22, 2025, where it reviewed the proposal to amend the "Engineering Construction Management System" [1] - For the year 2024, the revenue composition of CNOOC Development is as follows: Energy logistics services account for 44.19%, energy technology services account for 41.38%, and safety, environmental protection, and energy conservation account for 19.16%, with inter-segment eliminations at -4.73% [1] - As of the report date, CNOOC Development has a market capitalization of 39.1 billion yuan [1] Group 2 - The article also mentions that a real estate "top performer" is facing a 2 billion yuan maturing debt, with ongoing negotiations for the first debt extension, and over 10 billion yuan in public debts maturing next year [1]

"风险标注做加法，安全防线才够牢。"梁新欣介绍，白板上的"色彩密码"藏着明确信号：红笔圈出关键 作业风险，警示不可疏忽；黄笔标注高频隐患，提醒重点关注；蓝笔记录典型场景，附带详细整改流程 示意图。密密麻麻的字迹，无声传递着"安全无小事"的硬核道理。 操作工黄天宇路过白板时，蓝色标注的"阀门未关紧"风险提示恰好与他负责的工序相关，当即返回岗位 重新核查，成功排除一处潜在隐患。如今，车间里主动围拢白板学习的员工越来越多，白板上的警示要 求渐渐融入日常操作的每一个环节。这块不足两平方米的小小白板，用三色警示绘就起上下同心的安 全"同心圆"。 这面"安全警示墙"的诞生，源于一次及时的隐患整改。前不久，车间一台空压机出现轻微凝露，虽未造 成事故，却让电泵智能制造厂健康安全环保监督梁新欣高度警觉。 "安全不能只挂在嘴边，得让风险看得见、防控有方向。"他随即翻阅车间历年安全案例，提炼关键防控 细节，用不同颜色标注风险等级，将普通白板升级为直观易懂的"安全指南"。 （来源：工人日报） 12月4日清晨，中海油能源发展股份有限公司工程技术分公司电泵智能制造工厂车间内，一块白板前早 早围满了刚到岗的员工。原本仅用于记录生产任务的白 ...

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300164 通源石油 | | 1557.04万 | 5.95% | -513.68万 | -1.96% | -1043.37万 | -3.98% | | 002629 仁智股份 | | 671.06万 | 7.18% | -496.70万 | -5.32% | -174.36万 | -1.87% | | 002207 准油股份 | | 632.88万 | 6.69% | -158.74万 | -1.68% | -474.14万 | -5.01% | | 600583 海油工程 | | 505.53万 | 2.81% | -636.96万 | -3.54% | 131.43万 | 0.73% | | 603727 博迈科 | | 453.63万 | 11.71% | 27.97万 | 0.72% | -481.60万 | -12.44% | | 601808 中海油服 ...

证券研究报告 原油周报：国际油价下跌，关注地缘风险 大化工首席分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 石化化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2025年12月21日 请务必阅读正文之后的免责声明部分 投资要点 ◼ 【美国原油】 2 ◼ 1）原油价格：本周Brent/WTI原油期货周均价分别59.9/56.1美元/桶，较上周分别-1.9/-2.0美元/桶。 ◼ 2）原油库存：美国原油总库存、商业原油库存、战略原油库存、库欣原油库存分别8.4/4.2/4.1/0.2亿桶，环比-103/- 127/+25/-74万桶。 ◼ 3）原油产量：美国原油产量为1384万桶/天，环比-1万桶/天。美国活跃原油钻机本周406台，环比-8台。美国活跃压裂 车队本周168部，环比-8部。 ◼ 4）原油需求：美国炼厂原油加工量为1699万桶/天，环比+13万桶/天；美国炼厂原油开工率为94.8%，环比+0.3pct。 ◼ 5）原油进出口量：美国原油进口量、出口量、净进口量为653/ ...

Investment Rating - The report indicates a positive outlook for the petrochemical sector, with the overall performance of the sector outperforming the Shanghai Composite Index by 1.57% this week [9]. Core Insights - Oil prices have remained volatile, influenced by geopolitical developments, particularly the progress in Russia-Ukraine negotiations and the fluctuating situation in Venezuela, which has led to a widening discount on Venezuelan oil [14]. - The average operating rate of domestic refineries is stable at 75.11%, while the average refining profit for major refineries is reported at 613.88 CNY/ton, showing a decrease from the previous period [3]. - The polyester sector is experiencing weak demand as the year-end approaches, with expectations of reduced operating rates for weaving machines [3]. - The ethylene market remains stable, with domestic prices holding steady, while propylene prices have seen a slight decline due to ample supply [3]. Summary by Sections Market Overview - The petrochemical sector has outperformed the Shanghai Composite Index, with various indices showing mixed performance, such as the polyester index increasing by 4.65% [9][10]. Oil and Gas Sector - As of December 18, WTI crude oil is priced at 56.15 USD, down by 1.45 USD, while Brent crude is at 61.43 USD, down by 0.95 USD. The U.S. commercial crude oil inventory decreased by 1.274 million barrels [14]. - The U.S. active oil rig count increased by 1 to 414 rigs, indicating a slight uptick in exploration activity [14]. Refining Sector - The average refining profit for major refineries is reported at 613.88 CNY/ton, a decrease of 31.59 CNY/ton from the previous period [3]. - The average operating rate for major refineries is stable at 75.11% [3]. Polyester Sector - The average profit for polyester products shows a decline, with POY150D at 38.35 CNY/ton, down by 71.09 CNY/ton, and FDY150D at -166.66 CNY/ton, down by 81.13 CNY/ton [3]. - PTA processing fees have slightly decreased to 156.51 CNY/ton, indicating ongoing challenges in profitability within the sector [3]. Olefins Sector - Ethylene prices remain stable at 6172 CNY/ton, while propylene prices in Shandong have decreased to 5955 CNY/ton, reflecting a 2.22% decline [3].