来源：中国能源网 【美国原油供给】截至2025年12月12日当周，美国原油产量为1384.3万桶/天，较上周减少1.0万桶/天。 截至2025年12月19日当周，美国活跃钻机数量为406台，较上周减少8台。截至2025年12月19日当周，美 国压裂车队数量为160部，较上周减少8部。 【美国原油需求】截至2025年12月12日当周，美国炼厂原油加工量为1698.8万桶/天，较上周增加12.8万 桶/天，美国炼厂开工率为94.80%，较上周上升0.3pct。 【美国原油库存】截至2025年12月12日当周，美国原油总库存为8.37亿桶，较上周减少102.5万桶 （-0.12%）；战略原油库存为4.12亿桶，较上周增加24.9万桶（+0.06%）；商业原油库存为4.24亿桶， 较上周减少127.4万桶（-0.30%）；库欣地区原油库存为2086.2万桶，较上周减少74.2万桶（-3.43%）。 【美国成品油库存】截至2025年12月12日当周，美国汽油总体、车用汽油、柴油、航空煤油库存分别为 22562.7、1426.3、11850.0、4357.6万桶，较上周分别+480.8（+2.18%）、-192.1（-1 ...

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 maintains a "Positive" investment rating for the oil processing industry, consistent with the previous rating [1]. Core Insights - International oil prices experienced fluctuations, with Brent and WTI prices recorded at $60.05 and $56.52 per barrel respectively as of December 19, 2025, reflecting a decrease of 1.75% and 1.60% from the previous week [2][9]. - The geopolitical situation, particularly discussions around the Russia-Ukraine peace agreement and U.S. sanctions on Venezuela, has influenced market dynamics, leading to a mixed impact on oil prices [2][9]. - The oil and petrochemical sector showed resilience, with a 1.60% increase in the sector's performance compared to a 0.28% decline in the broader market (CSI 300) [10]. Summary by Sections Oil Price Review - As of December 19, 2025, Brent crude futures settled at $60.05 per barrel, down $1.07 (-1.75%), while WTI crude futures settled at $56.52 per barrel, down $0.92 (-1.60%) [2][17]. - The Urals crude price remained stable at $65.49 per barrel, while ESPO crude fell to $47.86 per barrel, down $1.77 (-3.57%) [2][17]. Offshore Drilling Services - The number of global offshore self-elevating drilling rigs increased to 375, with a net addition of 7 rigs, while floating drilling rigs rose to 131, with a net addition of 2 rigs [27]. U.S. Oil Supply - U.S. crude oil production was reported at 13.843 million barrels per day, a decrease of 10,000 barrels from the previous week [44]. - The active rig count in the U.S. decreased to 406, down by 8 rigs [44]. U.S. Oil Demand - U.S. refinery crude processing increased to 16.988 million barrels per day, with a utilization rate of 94.80%, up 0.3 percentage points from the previous week [55]. U.S. Oil Inventory - Total U.S. crude oil inventory stood at 837 million barrels, a decrease of 1.025 million barrels (-0.12%) from the previous week [62]. - Strategic oil reserves increased slightly to 412 million barrels, while commercial inventories decreased to 424 million barrels [62]. Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina, among others [3].

Investment Rating - The report does not explicitly state an investment rating for the oil processing industry Core Insights - The average global crude oil inventory change for 2026 is projected to be +204.90 thousand barrels per day according to IEA, EIA, and OPEC [2] - For Q4 2025, the average inventory change is expected to be +162.53 thousand barrels per day, showing a revision from previous forecasts [2] - Global crude oil supply for 2025 is forecasted at 10617.36, 10607.84, and 10470.71 thousand barrels per day by IEA, EIA, and OPEC respectively, indicating a year-on-year increase [2] - The global crude oil demand for 2025 is estimated at 10392.25, 10393.68, and 10513.66 thousand barrels per day by IEA, EIA, and OPEC respectively, reflecting a modest increase from 2024 [2] Summary by Sections Oil Supply - IEA, EIA, and OPEC predict global crude oil supply for 2026 to be 10865.02, 10742.59, and 10654.18 thousand barrels per day respectively, with increases from 2025 [2][35] - The Q4 2025 supply increase is projected at +414.30, +385.36, and +254.12 thousand barrels per day by IEA, EIA, and OPEC respectively [35] Oil Demand - The demand for 2026 is forecasted at 10478.51, 10516.87, and 10651.70 thousand barrels per day by IEA, EIA, and OPEC respectively, indicating a growth from 2025 [2][35] - The demand increase for Q4 2025 is expected to be +108.72, +130.72, and +152.22 thousand barrels per day by IEA, EIA, and OPEC respectively [4] Oil Prices - As of December 18, 2025, Brent crude, WTI, Russian ESPO, and Russian Urals prices are reported at 59.82, 56.00, 47.94, and 65.49 USD per barrel respectively, with significant declines observed over the year [9][10] - Year-to-date price changes show Brent down by -21.22%, WTI by -23.42%, and Russian ESPO by -33.37% [9][10] Oil Inventory - The global crude oil inventory change for 2025 is projected at +225.11, +214.16, and -42.95 thousand barrels per day by IEA, EIA, and OPEC respectively, with an average increase of +132.11 thousand barrels per day [26] - The U.S. total crude oil inventory as of December 12, 2025, stands at 83658.8 thousand barrels, reflecting a slight increase [19][20]

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].

Core Insights - The article discusses the development status and investment strategies of China's deep-sea technology industry, highlighting the competitive landscape and key players in the sector [1][6]. Company Overview - Major listed companies in the deep-sea technology sector include China Shipbuilding (600150.SH), China National Offshore Oil Corporation (601808.SH), and Zhenhua Heavy Industries (600320.SH), among others [1][2]. - These companies cover a wide range of areas including high-end equipment manufacturing, oil and gas exploration services, and underwater communication and detection [1][6]. Financial Performance - In the first three quarters of 2025, China Shipbuilding led the sector with over 100 billion RMB in revenue, although it faced low overall gross margins of 12.6% [5][13]. - Companies like China Haifang and ShenKai Co. demonstrated high gross margins exceeding 35%, indicating strong technical barriers in their niche markets [5][13]. - The financial metrics reveal that many companies have ROE (Return on Equity) concentrated around 3%-4%, while some, like Juyi Rigging and China Haifang, reported ROE below 2% [10][13]. Business Strategies - Companies are focusing on integrating advanced technologies such as AI, big data, and smart manufacturing into their operations [15][17]. - Leading firms are accelerating the intelligent upgrade and green transformation of deep-sea equipment, while smaller companies are innovating in underwater robotics and new marine materials [15][17]. Regional and Global Expansion - Most companies are strategically positioned along China's coast and are expanding their reach globally, particularly in Southeast Asia, Europe, and the Americas [6][7]. - This regional layout aligns with national strategies for marine power and international industrial development [6][7]. Future Development Plans - Companies are planning to invest in new technologies and expand their product lines, focusing on sustainable practices and international market penetration [16][17]. - For instance, China Shipbuilding aims to enhance its market share through mergers and acquisitions, while Zhongtian Technology is expanding its global footprint in submarine cable and marine communication systems [16][17].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601808 证券简称：中海油服 公告编号：临2025-032 中海油田服务股份有限公司 董事会2025年第五次会议决议公告 一、董事会会议召开情况 中海油田服务股份有限公司（以下简称"公司"或"中海油服"）董事会2025年第五次会议于2025年12月19 日在海口以现场表决方式召开。会议通知于2025年12月5日以电子邮件方式送达董事。会议应出席董事8 人，实际出席董事8人（卢涛先生因其他公务原因未能亲自出席并书面委托赵顺强先生代为行使表决 权）。会议由董事长赵顺强先生主持。公司董事会秘书孙维洲先生、首席财务官郄佶先生列席会议。会 议的召开符合《中华人民共和国公司法》等相关法律、行政法规、部门规章和《中海油田服务股份有限 公司章程》的规定。 二、董事会会议审议情况 （一）审议通过关于修订《董事会审计委员会工作规则》的议案。 参会董事以8票同意，0票反对，0票弃权通过此项议案。 制度全文请见同日于上海证券交易所网站（www.sse.com.cn）披露的公告。 （二）审议通过关于修订《董事会提名委员会工作细则》的议案。 参会董事以8票同意，0票反对，0 ...

Core Viewpoint - CNOOC Services is transforming into a technology-driven industry benchmark, focusing on breaking international monopolies in marine oil and gas exploration and ensuring energy security through advanced technology and innovation [5][10]. Group 1: Technological Advancements - CNOOC Services has invested over 1 billion yuan annually in R&D, leading to significant achievements such as the "Xuanji" rotary steering drilling system, which allows for precise directional drilling in hard rock formations [6][7]. - The "Xuanji" system has set records for drilling depth and temperature, reaching 6018 meters and 158°C, marking China's entry into the ultra-deep well sector [7]. - The company has developed a range of technologies, including the "Haimai" seabed seismic exploration system and "Haiheng" drilling fluids, achieving 95% international technology coverage [7][8]. Group 2: Integrated Innovation Ecosystem - CNOOC Services has established an integrated ecosystem for R&D, testing, production, and application, significantly shortening the time from R&D to commercialization [8][9]. - The company has expanded its product lines to 16, with over 2300 products, resulting in an increase in annual output value from 400 million yuan to 2.5 billion yuan [9]. Group 3: Market Expansion and Internationalization - The company has successfully entered international markets, securing a five-year service contract in the Gulf of Thailand worth 320 million yuan, marking a breakthrough in overseas oilfield chemical business [7][10]. - CNOOC Services operates in over 40 countries, with a comprehensive layout covering seven major business divisions, including exploration, drilling, and oilfield technology [10]. Group 4: Future Development Goals - The company aims to build a technology system that covers mainstream technologies, highlights core technologies, and develops unique technologies for competitive differentiation [10][11]. - CNOOC Services is focusing on advanced technologies such as underwater robots and remote-controlled operation robots, positioning itself to capitalize on emerging opportunities in the marine oil and gas sector [11].

中海油田服务股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总则 第一条 为进一步建立健全公司董事、高级管理人员的 考核和薪酬管理制度，完善公司治理结构，根据《中华人民 共和国公司法》《上市公司治理准则》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》《中海油田服务股 份有限公司章程》及其它有关规定，公司特设立董事会薪酬 与考核委员会（以下称薪酬委员会），并制定本细则。 第二条 薪酬委员会是董事会设立的专门工作机构，主 要负责制定公司董事、高级管理人员的考核标准并进行考核； 负责制定、审查公司董事及高级管理人员的薪酬政策与方案。 薪酬委员会对董事会负责。 第三条 本细则所称董事是指在本公司取得薪酬的全部 董事，高级管理人员是指董事会聘任的首席执行官（CEO）、 总裁、首席财务官（CFO）、副总裁、董事会秘书及由公司章 程规定的其他高级管理人员。 第二章 人员组成 第四条 薪酬委员会成员由 4 名董事组成，独立非执行 董事（以下简称独立董事）占多数。 第五条 薪酬委员会设主席（召集人）（以下简称委员会 1 主席）一名，由独立董事委员担任，负责主持委员会工作； 第六条 薪酬委员会委员及主席由董 ...

中海油田服务股份有限公司 董事会审计委员会工作规则 第一章 总则 第一条 根据《国有企业、上市公司选聘会计师事务 所管理办法》《上市公司独立董事管理办法》《上海证券交 易所股票上市规则》《香港联合交易所有限公司证券上市规 则》《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》和《中海油田服务股份有限公司章程》（以下简称 "《公司章程》"）等规定，公司设立董事会审计委员会，并 制定本工作规则。 第二条 董事会审计委员会是董事会下设的专门委 员会，行使《中华人民共和国公司法》（以下简称"《公司 法》"）规定的监事会职权，检查公司会计政策、财务状况 和财务报告程序；检查内部控制结构；推荐并聘任外部审计 机构；及主要负责公司内、外部审计的沟通、监督和核查工 作，委员会对董事会负责，向董事会报告工作。 第二章 人员组成 第三条 审计委员会成员由三名独立董事组成，全部 成员均须具有能够胜任审计委员会工作职责的专业知识和 商业经验，其中至少有一名为专业会计人士。 第四条 审计委员会设主席（召集人）一名，由委员 中有专业会计资质的人士出任。 1 第五条 审计委员会委员及主席由董事会提名委员 会提名，并由董事会选举 ...