Mining and Exploration Industry Development Research Report

Although China has become the world’s second-largest petrochemical country in terms of scale, it still faces multiple challenges constraining high-quality development of its petrochemical industry: persistently high crude oil import volumes, an external dependence exceeding 70%, structural overcapacity in refining capacity, slowing growth in refined product demand, continuously rising ethylene-equivalent import volumes, oversupply of low-end chemical products, and heavy reliance on imports for high-end products. Meanwhile, the shale oil and gas revolution has reinvigorated the U.S. petrochemical industry—the world’s leading petrochemical power—and is gradually enabling U.S. energy independence. Compared with the United States, China’s petrochemical industry still lags significantly. Figure: OPEC Crude Oil Production Data (thousand barrels per day) Domestic Situation China’s proven degree of petroleum resource exploration stands at 34%, placing it in the mid-stage of exploration, with remaining technically recoverable reserves totaling 3.5 billion tons. Petroleum resources are concentrated in eight major basins: Bohai Bay, Songliao, Tarim, Ordos, Junggar, Pearl River Mouth, Qaidam, and the East China Sea Shelf. Natural gas resources have a much lower proven degree—only 19%—indicating an early stage of exploration, with remaining economically recoverable reserves amounting to 3.8 trillion cubic meters. To date, China has discovered and developed large-scale gas fields in Sichuan, Ordos, Tarim, Qaidam, and offshore areas. Overall, China’s oil and natural gas industry exhibits pronounced monopolistic characteristics and extremely high industrial concentration. Historically, CNPC (China National Petroleum Corporation) focuses primarily on onshore oil exploration and production (upstream), with assets concentrated in northern, northeastern, and northwestern China; Sinopec (China Petroleum & Chemical Corporation) specializes in petroleum marketing and refining (downstream), with assets mainly located in eastern and southern China; and CNOOC (China National Offshore Oil Corporation) concentrates on offshore oil exploration and production, operating at a significantly smaller scale than CNPC and Sinopec. Figure: Coal Market Prosperity Index 3.4 Key Chinese Corporate Participants Major Chinese enterprises include PetroChina [601857.SH], Sinopec [600028.SH], China Shenhua [601088.SH], Zijin Mining [601899.SH], Luoyang Molybdenum [603993.SH], Shaanxi Coal Industry [601225.SH], China Coal Energy [601898.SH], COSL (China Oilfield Services) [601808.SH], Yanzhou Coal Mining [600188.SH], COSL [601808.SH], PetroChina Company Limited [0857.HK], Sinopec Corp. [0386.HK], CNOOC Limited [0883.HK], China Shenhua Energy Company Limited [1088.HK], China Coal Energy Company Limited [1898.HK], Yanzhou Coal Mining Company Limited [1171.HK], United Energy Group [0467.HK], Yancoal Australia [3668.HK], JiuTai Bangda Energy [2798.HK], Shanghai Petrochemical Company Limited [0338.HK], Hai Guo You 3 [400057.OC], Nuowei Er [838732.OC], Yangde Environment [833755.OC], and Huaxin Kong 3 [400076.OC]. Figure: A-Share and H-Share Listed Companies (1) PetroChina [601857.SH] is China’s dominant and largest integrated oil and gas producer and marketer, one of China’s top revenue-generating companies, and among the world’s largest oil companies.

List of listed companies with exceptionally high trading volume at the bottom on June 29 (with trading volumes)

1. Gemdale Group — Free-float market cap: RMB 58.419 billion; Forward P/E: 23.33; Free-float share ratio: 1 2. Yonyou Network — Free-float market cap: RMB 72.219 billion; Forward P/E: —; Free-float share ratio: 0.94 3. Greenland Holdings — Free-float market cap: RMB 50.978 billion; Forward P/E: 5; Free-float share ratio: 1 4. Qihoo 360 — Free-float market cap: RMB 60.664 billion; Forward P/E: 68.38; Free-float share ratio: 1 5. Red Star Macalline — Free-float market cap: RMB 21.789 billion; Forward P/E: 9.41; Free-float share ratio: 0.92 6. Ellassay — Free-float market cap: RMB 3.602 billion; Forward P/E: 19.12; Free-float share ratio: 1 7. Aoyuan Beauty Valley — Free-float market cap: RMB 5.902 billion; Forward P/E: —; Free-float share ratio: 1 8. Suning Universal — Free-float market cap: RMB 8.518 billion; Forward P/E: 21.27; Free-float share ratio: 0.75 9. Yiyi Co., Ltd. — Free-float market cap: RMB 1.884 billion; Forward P/E: 40.82; Free-float share ratio: 0.63 10. Innovation Medical — Free-float market cap: RMB 2.356 billion; Forward P/E: —; Free-float share ratio: 0.82 11. Jinfalabi — Free-float market cap: RMB 1.600 billion; Forward P/E: 117.18; Free-float share ratio: 0.55 12. Hengxin Oriental — Free-float market cap: RMB 4.399 billion; Forward P/E: —; Free-float share ratio: 0.81 13. Changhong Technology — Free-float market cap: RMB 5.925 billion; Forward P/E: 52.02; Free-float share ratio: 0.63

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Ecolab Director Nowell Holds 6,922 Shares Following Award

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