Group 1 - The core stock price of CNOOC Services (601808) closed at 14.03 yuan on December 30, 2025, with an increase of 0.72% and a trading volume of 10.21 million shares, resulting in a total transaction amount of 143 million yuan [1] - On December 30, 2025, the main funds experienced a net outflow of 10.33 million yuan, accounting for 7.21% of the total transaction amount, while retail investors saw a net inflow of 5.56 million yuan, representing 3.88% of the total transaction amount [2] Group 2 - CNOOC Services announced the purchase of structured deposit products using its own funds amounting to 1 billion yuan, which constitutes a transaction that requires disclosure [1][2] - The company had previously entered into agreements to purchase a total of 2 billion yuan in structured deposit products with Bank of China, which were disclosed in accordance with Hong Kong listing rules [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 2883 公告 須予披露的交易 購買理財產品 於2025年12月29日，本公司與中國銀行燕郊分行訂立中國銀行最新理財協議。根據中 國銀行最新理財協議，本公司同意以自有資金合計人民幣10億元購買兩筆理財產品。 於2025年12月17日，本公司曾與中國銀行天津海洋支行訂立中國銀行此前理財協議， 以自有資金合計人民幣10億元購買兩筆理財產品。 於2025年12月25日，本公司曾與中國銀行燕郊分行訂立中國銀行此前理財協議，以自 有資金合計人民幣10億元購買兩筆理財產品。 前述中國銀行最新理財協議及中國銀行此前理財協議由本公司與中國銀行燕郊分行、 中國銀行天津海洋支行分別訂立。根據香港上市規則第14.22條，該等交易應當合併計 算，經合併計算的中國銀行此前理財協議的適用百分比率（定義見香港上市規則第 14.07條）未達5%，但經合併計算的中國銀行最新理財協議及中國銀行此前理財協議的 適用百分比率有一項或以上超過5 ...

于2025年12月17日，公司曾与中国银行天津海洋支行订立中国银行此前理财协议，以自有资金合计人民 币10亿元购买两笔理财产品。 智通财经APP讯，中海油田服务(02883)公布，于2025年12月29日，公司与中国银行燕郊分行订立中国银 行最新理财协议。根据中国银行最新理财协议，公司同意以自有资金合计人民币10亿元购买两笔理财产 品。 于2025年12月25日，公司曾与中国银行燕郊分行订立中国银行此前理财协议，以自有资金合计人民币10 亿元购买两笔理财产品。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) Services has recently purchased a total of 3 billion RMB in bank wealth management products, indicating a strategic move to manage its financial assets effectively [1] Group 1: Recent Transactions - On December 29, 2025, the company entered into a new wealth management agreement with the Bank of China Yanjiao Branch, agreeing to invest 1 billion RMB in two wealth management products [1] - On December 17, 2025, the company had previously signed a wealth management agreement with the Bank of China Tianjin Ocean Branch, also committing 1 billion RMB to two wealth management products [1] - On December 25, 2025, the company again partnered with the Bank of China Yanjiao Branch under a prior agreement, investing another 1 billion RMB in two wealth management products [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 2883 公告 須予披露的交易 購買理財產品 於2025年12月29日，本公司與中國銀行燕郊分行訂立中國銀行最新理財協議。根據中 國銀行最新理財協議，本公司同意以自有資金合計人民幣10億元購買兩筆理財產品。 於2025年12月17日，本公司曾與中國銀行天津海洋支行訂立中國銀行此前理財協議， 以自有資金合計人民幣10億元購買兩筆理財產品。 於2025年12月25日，本公司曾與中國銀行燕郊分行訂立中國銀行此前理財協議，以自 有資金合計人民幣10億元購買兩筆理財產品。 前述中國銀行最新理財協議及中國銀行此前理財協議由本公司與中國銀行燕郊分行、 中國銀行天津海洋支行分別訂立。根據香港上市規則第14.22條，該等交易應當合併計 算，經合併計算的中國銀行此前理財協議的適用百分比率（定義見香港上市規則第 14.07條）未達5%，但經合併計算的中國銀行最新理財協議及中國銀行此前理財協議的 適用百分比率有一項或以上超過5 ...

Investment Rating - The report provides a "C" investment rating for the petrochemical industry, indicating a cautious outlook for investment opportunities [2]. Core Insights - The PX supply-demand balance is expected to tighten in the first half of 2026, leading to a recovery in market conditions. The operating rate is projected to improve from 78% in 2023 to over 85% [3][11]. - The PTA industry has reached the end of its capital expenditure cycle, with no new capacity expected until mid-2027. The current industry is entering a phase of coordinated production cuts, which may reduce PX demand [11][12]. - The downstream polyester sector is gradually tightening, with expectations for improved market conditions. Recommended companies include Tongkun Co. and Wankai New Materials [16]. Summary by Sections PX Supply and Demand - PX supply-demand is expected to be tight in the first half of 2026, with a significant recovery in market conditions anticipated. The operating rate is projected to rise from 78% in 2023 to over 85% [3][11]. - There are no large-scale new capacity plans in the short term, and maintenance seasons for domestic refineries may create temporary supply gaps [3]. PTA Industry Overview - The PTA industry's capacity increased from 46.08 million tons in 2018 to 86.02 million tons in 2024, with an average annual growth rate of 11%. The current capacity accounts for about 75% of global PTA capacity [11]. - The PTA industry is expected to enter a phase of coordinated production cuts, which may weaken PX demand [11][12]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical [16]. - The upstream exploration and development sector remains highly prosperous, with expectations for continued high capital expenditure in offshore services, recommending companies like CNOOC Services and Haiyou Engineering [16].

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, highlighting a recovery in PX supply-demand dynamics and PTA profitability restoration [3][5]. Core Insights - The PX market is expected to see a tightening supply-demand balance, with a recovery in operating rates from 78% in 2023 to over 85% as downstream PTA production ramps up in 2024-2025. This is anticipated to lead to a significant improvement in market conditions [5][6]. - PTA production capacity in China is projected to increase from 46.08 million tons in 2018 to 86.02 million tons by 2024, accounting for 75% of global capacity. The report indicates that there will be no new capacity additions post-2026, leading to a collaborative reduction phase in the industry [13][19]. - The upstream oil sector is experiencing rising oil prices, with Brent crude futures closing at $60.64 per barrel, reflecting a 0.28% increase week-on-week. This is expected to support the profitability of refining companies [5][26]. - The polyester sector is showing mixed performance, with PTA profitability increasing while polyester filament profits are declining. The report emphasizes the need to monitor demand changes closely [19]. Summary by Sections PX Market - PX supply-demand is tightening, with a forecasted increase in operating rates to over 85% due to no new capacity additions and seasonal maintenance in early 2026 [5][6]. - The report notes that the PX price has risen to $878.87 per ton, a week-on-week increase of 5.61% [19]. PTA Market - PTA production capacity is expected to reach 71.14 million tons in 2024, a 13% year-on-year increase. The report anticipates a collaborative reduction phase starting in 2026 due to no new capacity additions [13][19]. - PTA prices have shifted from a downward trend to an upward trend, with current prices in East China averaging 4,936 RMB per ton, reflecting a 6.94% increase week-on-week [19]. Upstream Oil Sector - Brent crude oil prices have increased, with a weekly average price of $61.91 per barrel, indicating a positive trend for upstream oil companies [5][26]. - The report highlights a decrease in the number of active drilling rigs in the U.S., with 545 rigs reported, a decrease of 44 year-on-year, suggesting a potential impact on future oil supply [41]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in profitability [19].

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].

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]

| 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 ...