{"entry_id": "5342aa2d-9191-43a3-b4b4-1afcde7ef812", "infos": [{"txt": "中国海油：", "language": "chinese", "position": {"atoms": [{"position_id": 0, "txt": "中国海油：", "x": ""}]}, "tags": [], "label": "O", "web_segment_id": 0, "global_sentence_id": 0, "edu_l1_label": "EDU_O"}, {"txt": "油价趋势分析及投资核心要素", "language": "chinese", "position": {"atoms": [{"position_id": 0, "txt": "油价趋势分析及投资核心要素", "x": ""}]}, "tags": [], "label": "O", "web_segment_id": 0, "global_sentence_id": 1, "edu_l1_label": "EDU_O"}, {"txt": "            中国海油：", "language": "chinese", "position": {"atoms": [{"position_id": 249, "txt": "\n            \n中国海油：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/h1"}]}, "tags": ["h1"], "label": "article_title", "web_segment_id": 37, "global_sentence_id": 2, "edu_l1_label": "BOT"}, {"txt": "油价趋势分析及投资核心要素          ", "language": "chinese", "position": {"atoms": [{"position_id": 250, "txt": "油价趋势分析及投资核心要素\n          ", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/h1"}]}, "tags": ["h1"], "label": "article_title", "web_segment_id": 37, "global_sentence_id": 3, "edu_l1_label": "BOT"}, {"txt": "一、石油供需分析（60美元基本是底部区间！", "language": "chinese", "position": {"atoms": [{"position_id": 252, "txt": "一、石油供需分析（60美元基本是底部区间！", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[1]/strong/br"}]}, "tags": ["br", "strong"], "label": "title1", "web_segment_id": 40, "global_sentence_id": 4, "edu_l1_label": "BOS"}, {"txt": "）", "language": "chinese", "position": {"atoms": [{"position_id": 253, "txt": "）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[1]/strong/br"}]}, "tags": ["br", "strong"], "label": "title1", "web_segment_id": 40, "global_sentence_id": 5, "edu_l1_label": "IOS"}, {"txt": "一是供给端：", "language": "chinese", "position": {"atoms": [{"position_id": 255, "txt": "一是供给端：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[2]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 41, "global_sentence_id": 6, "edu_l1_label": "IOS"}, {"txt": "美国产量占比22%，OPEC+产量占比41.6%+，且是全球最主要的石油出国国。", "language": "chinese", "position": {"atoms": [{"position_id": 256, "txt": "美国产量占比22%，OPEC+产量占比41.6%+，且是全球最主要的石油出国国。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[2]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 41, "global_sentence_id": 7, "edu_l1_label": "IOS"}, {"txt": "亚太地区虽然产油但是自给不足，还要大量进口。", "language": "chinese", "position": {"atoms": [{"position_id": 257, "txt": "亚太地区虽然产油但是自给不足，还要大量进口。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[2]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 41, "global_sentence_id": 8, "edu_l1_label": "IOS"}, {"txt": "1、美国页岩油在油价70-80美元的时候基本不增产，那么网上搜集到的信息认为页岩油60美元的成本线基本可信。", "language": "chinese", "position": {"atoms": [{"position_id": 259, "txt": "1、美国页岩油在油价70-80美元的时候基本不增产，那么网上搜集到的信息认为页岩油60美元的成本线基本可信。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[2]/strong[1]/br"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 42, "global_sentence_id": 9, "edu_l1_label": "IOS"}, {"txt": "2、OPEC+等国虽然生产成本都低于30美元，但是都是资源型国家，OPEC+普遍因财政对油价依赖极大，比如沙特、伊拉克等国石油收入占财政收入的80%-90%，而俄罗斯等非OPEC国家依赖度相对较低，也有约50%。", "language": "chinese", "position": {"atoms": [{"position_id": 261, "txt": "2、OPEC+等国虽然生产成本都低于30美元，但是都是资源型国家，OPEC+普遍因财政对油价依赖极大，比如沙特、伊拉克等国石油收入占财政收入的80%-90%，而俄罗斯等非OPEC国家依赖度相对较低，也有约50%。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 43, "global_sentence_id": 10, "edu_l1_label": "IOS"}, {"txt": "国家财政平衡成本接近80美元。", "language": "chinese", "position": {"atoms": [{"position_id": 262, "txt": "国家财政平衡成本接近80美元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 43, "global_sentence_id": 11, "edu_l1_label": "IOS"}, {"txt": "回顾近10年，一旦油价低位，一直是促成他们减产的原因和目标。", "language": "chinese", "position": {"atoms": [{"position_id": 263, "txt": "回顾近10年，一旦油价低位，一直是促成他们减产的原因和目标。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 43, "global_sentence_id": 12, "edu_l1_label": "IOS"}, {"txt": "核心调控目标为维持油价在70美元/桶以上以保障成员国财政稳定。", "language": "chinese", "position": {"atoms": [{"position_id": 264, "txt": "核心调控目标为维持油价在70美元/桶以上以保障成员国财政稳定。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 43, "global_sentence_id": 13, "edu_l1_label": "IOS"}, {"txt": "二是需求端，根据各大研究机构和券商报告，石油需求稳定增长，随着电动汽车普及（预计2030年渗透率超30%）和可再生能源成本下降，石油需求增速将显著放缓。", "language": "chinese", "position": {"atoms": [{"position_id": 266, "txt": "二是需求端，根据各大研究机构和券商报告，石油需求稳定增长，随着电动汽车普及（预计2030年渗透率超30%）和可再生能源成本下降，石油需求增速将显著放缓。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[4]/b"}]}, "tags": ["b"], "label": "content", "web_segment_id": 44, "global_sentence_id": 14, "edu_l1_label": "IOS"}, {"txt": "IEA、高盛等机构预测，全球需求可能在2030-2035年达峰，峰值区间为1.05-1.1亿桶/日，之后以年均0.3%-0.5%速度缓慢下降。", "language": "chinese", "position": {"atoms": [{"position_id": 267, "txt": "IEA、高盛等机构预测，全球需求可能在2030-2035年达峰，峰值区间为1.05-1.1亿桶/日，之后以年均0.3%-0.5%速度缓慢下降。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[4]/b"}]}, "tags": ["b"], "label": "content", "web_segment_id": 44, "global_sentence_id": 15, "edu_l1_label": "IOS"}, {"txt": "三是总结：", "language": "chinese", "position": {"atoms": [{"position_id": 269, "txt": "三是总结：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 45, "global_sentence_id": 16, "edu_l1_label": "IOS"}, {"txt": "供给端成本约束和主动管控，需求又还在持续增长，使供需处于紧平衡状态，维持油价70美元以上，且数据也证明70美元也的确是近十年油价中枢。", "language": "chinese", "position": {"atoms": [{"position_id": 270, "txt": "供给端成本约束和主动管控，需求又还在持续增长，使供需处于紧平衡状态，维持油价70美元以上，且数据也证明70美元也的确是近十年油价中枢。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 45, "global_sentence_id": 17, "edu_l1_label": "IOS"}, {"txt": "可以预见当下70美元及以下的油价，不会持续太久。", "language": "chinese", "position": {"atoms": [{"position_id": 272, "txt": "可以预见当下70美元及以下的油价，不会持续太久。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong/br[1]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 46, "global_sentence_id": 18, "edu_l1_label": "IOS"}, {"txt": "参考过去十年油价低于70美元只有3年多，还有接近7年是高于70美元。", "language": "chinese", "position": {"atoms": [{"position_id": 274, "txt": "参考过去十年油价低于70美元只有3年多，还有接近7年是高于70美元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong/br[2]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 47, "global_sentence_id": 19, "edu_l1_label": "IOS"}, {"txt": "过去15年油价低于70美元只有4年，其余11年基本高于70美元！", "language": "chinese", "position": {"atoms": [{"position_id": 276, "txt": "过去15年油价低于70美元只有4年，其余11年基本高于70美元！", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong/br[3]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 48, "global_sentence_id": 20, "edu_l1_label": "IOS"}, {"txt": "经济学常识告诉我们亏本的生意，长期看必然破产，也不可能长期存在。", "language": "chinese", "position": {"atoms": [{"position_id": 278, "txt": "经济学常识告诉我们亏本的生意，长期看必然破产，也不可能长期存在。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong/br[4]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 49, "global_sentence_id": 21, "edu_l1_label": "IOS"}, {"txt": "供给小于需求，产品价格上涨，", "language": "chinese", "position": {"atoms": [{"position_id": 279, "txt": "供给小于需求，产品价格上涨，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong/br[4]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 49, "global_sentence_id": 22, "edu_l1_label": "IOS"}, {"txt": "桶油价格越接近成本盈亏线，石油生产国停产的概率就会更高，生产国一停产，供给快速减少，石油消费具有刚需性，油价自然就上升。", "language": "chinese", "position": {"atoms": [{"position_id": 281, "txt": "桶油价格越接近成本盈亏线，石油生产国停产的概率就会更高，生产国一停产，供给快速减少，石油消费具有刚需性，油价自然就上升。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong/br[5]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 50, "global_sentence_id": 23, "edu_l1_label": "IOS"}, {"txt": "价格超过70美元，生产国又会扩产，不久后产能又会过剩，价格下跌，周而复始。", "language": "chinese", "position": {"atoms": [{"position_id": 282, "txt": "价格超过70美元，生产国又会扩产，不久后产能又会过剩，价格下跌，周而复始。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong/br[5]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 50, "global_sentence_id": 24, "edu_l1_label": "IOS"}, {"txt": "两大阵营的桶油价格生命线，就是长期的油价底部。", "language": "chinese", "position": {"atoms": [{"position_id": 284, "txt": "两大阵营的桶油价格生命线，就是长期的油价底部。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong/br[6]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 51, "global_sentence_id": 25, "edu_l1_label": "IOS"}, {"txt": "所以油价未来10年大概率处于70美元以上。", "language": "chinese", "position": {"atoms": [{"position_id": 285, "txt": "所以油价未来10年大概率处于70美元以上。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong/br[6]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 51, "global_sentence_id": 26, "edu_l1_label": "IOS"}, {"txt": "60美元更是只会出现在1-2年内，反而是投资者快速布局的好时机！", "language": "chinese", "position": {"atoms": [{"position_id": 287, "txt": "60美元更是只会出现在1-2年内，反而是投资者快速布局的好时机！", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/strong/br[7]"}]}, "tags": ["strong", "br"], "label": "content", "web_segment_id": 52, "global_sentence_id": 27, "edu_l1_label": "IOS"}, {"txt": "二、低成本是中国海油核心竞争优势", "language": "chinese", "position": {"atoms": [{"position_id": 289, "txt": "二、低成本是中国海油核心竞争优势", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[7]/strong"}]}, "tags": ["strong"], "label": "title1", "web_segment_id": 53, "global_sentence_id": 28, "edu_l1_label": "BOS"}, {"txt": "（一）每桶成本：", "language": "chinese", "position": {"atoms": [{"position_id": 291, "txt": "（一）每桶成本：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 29, "edu_l1_label": "IOS"}, {"txt": "海油28美元，圭亚那油田：", "language": "chinese", "position": {"atoms": [{"position_id": 292, "txt": "海油28美元，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[1]"}, {"position_id": 294, "txt": "圭亚那油田：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 30, "edu_l1_label": "IOS"}, {"txt": "21美元/桶（净权益成本）；", "language": "chinese", "position": {"atoms": [{"position_id": 295, "txt": "21美元/桶（净权益成本）；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 31, "edu_l1_label": "IOS"}, {"txt": "巴西里贝拉油田：", "language": "chinese", "position": {"atoms": [{"position_id": 296, "txt": "巴西里贝拉油田：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 32, "edu_l1_label": "IOS"}, {"txt": "19美元/桶（净权益成本）；", "language": "chinese", "position": {"atoms": [{"position_id": 297, "txt": "19美元/桶（净权益成本）；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 33, "edu_l1_label": "IOS"}, {"txt": "国内油田：", "language": "chinese", "position": {"atoms": [{"position_id": 298, "txt": "国内油田：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 34, "edu_l1_label": "IOS"}, {"txt": "21.8美元/桶（含天然气成本）。", "language": "chinese", "position": {"atoms": [{"position_id": 299, "txt": "21.8美元/桶（含天然气成本）。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 35, "edu_l1_label": "IOS"}, {"txt": "最受关注的北美页岩油平均成本约为62美元/桶，中东等国在80美元/桶的油价环境下才能达到财政平衡，伊朗则要达到120美元/桶，整个中东地区需在60美元/桶的油价环境下实现财政平衡，因此中东地区对高油价的诉求非常强烈。", "language": "chinese", "position": {"atoms": [{"position_id": 301, "txt": "最受关注的北美页岩油平均成本约为62美元/桶，中东等国在80美元/桶的油价环境下才能达到财政平衡", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[2]"}, {"position_id": 303, "txt": "，伊朗则要达到120美元/桶，整个中东地区需在60美元/桶的油价环境下实现财政平衡，因此中东地区对高油价的诉求非常强烈。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[2]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 36, "edu_l1_label": "IOS"}, {"txt": "沙特阿美完全成本15-20美元，俄罗斯石油公司20-30美元；", "language": "chinese", "position": {"atoms": [{"position_id": 305, "txt": "沙特阿美完全成本15-20美元，俄罗斯石油公司20-30美元；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 37, "edu_l1_label": "IOS"}, {"txt": "美国页岩油企业：", "language": "chinese", "position": {"atoms": [{"position_id": 306, "txt": "美国页岩油企业：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 38, "edu_l1_label": "IOS"}, {"txt": "EOG能源：", "language": "chinese", "position": {"atoms": [{"position_id": 307, "txt": "EOG能源：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 39, "edu_l1_label": "IOS"}, {"txt": "平衡油价约40美元/桶；", "language": "chinese", "position": {"atoms": [{"position_id": 308, "txt": "平衡油价约40美元/桶；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 54, "global_sentence_id": 40, "edu_l1_label": "IOS"}, {"txt": "康菲石油：", "language": "chinese", "position": {"atoms": [{"position_id": 310, "txt": "康菲石油：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]/br[1]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 55, "global_sentence_id": 41, "edu_l1_label": "IOS"}, {"txt": "桶油成本约32美元/桶（含折旧摊销）", "language": "chinese", "position": {"atoms": [{"position_id": 311, "txt": "桶油成本约32美元/桶（含折旧摊销）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]/br[1]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 55, "global_sentence_id": 42, "edu_l1_label": "IOS"}, {"txt": "深水项目：", "language": "chinese", "position": {"atoms": [{"position_id": 313, "txt": "深水项目：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]/br[2]"}]}, "tags": ["strong", "br"], "label": "content", "web_segment_id": 56, "global_sentence_id": 43, "edu_l1_label": "IOS"}, {"txt": "成本高于50美元/桶", "language": "chinese", "position": {"atoms": [{"position_id": 314, "txt": "成本高于50美元/桶", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]/br[2]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 56, "global_sentence_id": 44, "edu_l1_label": "IOS"}, {"txt": "西方石油（OXY）：", "language": "chinese", "position": {"atoms": [{"position_id": 316, "txt": "西方石油（OXY）：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]/br[3]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 57, "global_sentence_id": 45, "edu_l1_label": "IOS"}, {"txt": "页岩油成本约35美元/桶", "language": "chinese", "position": {"atoms": [{"position_id": 317, "txt": "页岩油成本约35美元/桶", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]/br[3]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 57, "global_sentence_id": 46, "edu_l1_label": "IOS"}, {"txt": "雪佛龙（Chevron）完全成本：", "language": "chinese", "position": {"atoms": [{"position_id": 319, "txt": "雪佛龙（Chevron）完全成本：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]/br[4]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 58, "global_sentence_id": 47, "edu_l1_label": "IOS"}, {"txt": "约44.7美元/桶（含折旧摊销）", "language": "chinese", "position": {"atoms": [{"position_id": 320, "txt": "约44.7美元/桶（含折旧摊销）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/strong[3]/br[4]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 58, "global_sentence_id": 48, "edu_l1_label": "IOS"}, {"txt": "（二）桶油利润：", "language": "chinese", "position": {"atoms": [{"position_id": 322, "txt": "（二）桶油利润：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 59, "global_sentence_id": 49, "edu_l1_label": "IOS"}, {"txt": "参考雪球C大和会计务工人员的文章：", "language": "chinese", "position": {"atoms": [{"position_id": 323, "txt": "参考雪球C大和会计务工人员的文章：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 59, "global_sentence_id": 50, "edu_l1_label": "IOS"}, {"txt": "油价93美元的油价时中海油桶利润34.81美元，83美元是桶净利润30.95美元，70美元时桶净利润26.06美元，63美元时桶净利润22.28美元，50美元时桶利润15.22美元，43美元时桶利润11.32美元。", "language": "chinese", "position": {"atoms": [{"position_id": 325, "txt": "油价93美元的油价时中海油桶利润34.81美元，83美元是桶净利润30.95美元，70美元时桶净利润26.06美元，63美元时桶净利润22.28美元，50美元时桶利润15.22美元，43美元时桶利润11.32美元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 59, "global_sentence_id": 51, "edu_l1_label": "IOS"}, {"txt": "24年上半年油价平均不低于75美元，中海油2024Q1每桶净利润31美元，", "language": "chinese", "position": {"atoms": [{"position_id": 327, "txt": "24年上半年油价平均不低于75美元，中海油2024Q1每桶净利润31美元，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/strong[2]/br[1]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 60, "global_sentence_id": 52, "edu_l1_label": "IOS"}, {"txt": "沙特阿美2024Q1桶净利润24美元，", "language": "chinese", "position": {"atoms": [{"position_id": 329, "txt": "沙特阿美2024Q1桶净利润24美元，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/strong[2]/br[2]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 61, "global_sentence_id": 53, "edu_l1_label": "IOS"}, {"txt": "2024H1西方石油的桶净利润只有6.12美元，", "language": "chinese", "position": {"atoms": [{"position_id": 331, "txt": "2024H1西方石油的桶净利润只有6.12美元，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/strong[2]/br[3]"}]}, "tags": ["strong", "br"], "label": "content", "web_segment_id": 62, "global_sentence_id": 54, "edu_l1_label": "IOS"}, {"txt": "2024H1美孚的美国产区上游桶净利润12.98美元，", "language": "chinese", "position": {"atoms": [{"position_id": 333, "txt": "2024H1美孚的美国产区上游桶净利润12.98美元，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/strong[2]/br[4]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 63, "global_sentence_id": 55, "edu_l1_label": "IOS"}, {"txt": "2024H1赫斯的美国产区继续亏损0.74美元/桶，", "language": "chinese", "position": {"atoms": [{"position_id": 335, "txt": "2024H1赫斯的美国产区继续亏损0.74美元/桶，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/strong[2]/br[5]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 64, "global_sentence_id": 56, "edu_l1_label": "IOS"}, {"txt": "大中型页岩油公司EOG的2024H1桶净利润18.4美元。", "language": "chinese", "position": {"atoms": [{"position_id": 337, "txt": "大中型页岩油公司EOG的2024H1桶净利润18.4美元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/strong[2]/br[6]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 65, "global_sentence_id": 57, "edu_l1_label": "IOS"}, {"txt": "墨西哥的PEMEX几乎跟中海油同样的产能规模，2024Q2亏损137亿美元。", "language": "chinese", "position": {"atoms": [{"position_id": 339, "txt": "墨西哥的PEMEX几乎跟中海油同样的产能规模，2024Q2亏损137亿美元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/strong[2]/br[7]"}]}, "tags": ["strong", "br"], "label": "content", "web_segment_id": 66, "global_sentence_id": 58, "edu_l1_label": "IOS"}, {"txt": "2、中海油天然气桶利润24.65美元，天然气由于长协价且长协价低于市场价，利润较为稳定可预期，相当于油价70美元的桶利润。", "language": "chinese", "position": {"atoms": [{"position_id": 341, "txt": "2、中海油天然气桶利润24.65美元，天然气由于长协价且长协价低于市场价，利润较为稳定可预期，相当于油价70美元的桶利润。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[12]/strong[1]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 67, "global_sentence_id": 59, "edu_l1_label": "IOS"}, {"txt": "海油天然气的成本在0.6-0.8元，售价在1.8-2.5元间，考虑到结合国内天然气价格市场化稳定上涨，毛利1.5上下。", "language": "chinese", "position": {"atoms": [{"position_id": 343, "txt": "海油天然气的成本在0.6-0.8元，售价在1.8-2.5元间，考虑到结合国内天然气价格市场化稳定上涨，毛利1.5上下。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[12]/br[1]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 68, "global_sentence_id": 60, "edu_l1_label": "IOS"}, {"txt": "算法1：", "language": "chinese", "position": {"atoms": [{"position_id": 345, "txt": "算法1：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[12]/strong[2]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 67, "global_sentence_id": 61, "edu_l1_label": "IOS"}, {"txt": "雪球C大文章中天然气正常非常低的成本大概17美元／桶当量左右而且深海天然气15％所得税税率，天然气桶净利润（46-17）=29*0.85=24.65美元，低于中海油平均桶利润31美元呢。", "language": "chinese", "position": {"atoms": [{"position_id": 346, "txt": "雪球C大文章中天然气正常非常低的成本大概17美元／桶当量左右而且深海天然气15％所得税税率，天然气桶净利润（46-17）=29*0.85=24.65美元，低于中海油平均桶利润31美元呢。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[12]/strong[2]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 67, "global_sentence_id": 62, "edu_l1_label": "IOS"}, {"txt": "未来随心协议价提升，天然气桶利润还会提高", "language": "chinese", "position": {"atoms": [{"position_id": 347, "txt": "未来随心协议价提升，天然气桶利润还会提高", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[12]/strong[2]"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 67, "global_sentence_id": 63, "edu_l1_label": "IOS"}, {"txt": "算法2：", "language": "chinese", "position": {"atoms": [{"position_id": 349, "txt": "算法2：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[12]/strong[2]/br[1]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 69, "global_sentence_id": 64, "edu_l1_label": "IOS"}, {"txt": "每立方米天然气相当0.006427桶。", "language": "chinese", "position": {"atoms": [{"position_id": 350, "txt": "每立方米天然气相当0.006427桶。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[12]/strong[2]/br[1]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 69, "global_sentence_id": 65, "edu_l1_label": "IOS"}, {"txt": "成本0.6元/方，售价2元/方", "language": "chinese", "position": {"atoms": [{"position_id": 352, "txt": "成本0.6元/方，售价2元/方", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[12]/strong[2]/br[2]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 70, "global_sentence_id": 66, "edu_l1_label": "IOS"}, {"txt": "已知天然气利润为1.4元每方，则相当于每桶价格为1.4/0.006427=217.83元。", "language": "chinese", "position": {"atoms": [{"position_id": 354, "txt": "已知天然气利润为1.4元每方，则相当于每桶价格为1.4/0.006427=217.83元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[12]/strong[2]/br[3]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 71, "global_sentence_id": 67, "edu_l1_label": "IOS"}, {"txt": "217.86/7.2=30.25美元/桶*0.85=25.7125美元。", "language": "chinese", "position": {"atoms": [{"position_id": 355, "txt": "217.86/7.2=30.25美元/桶*0.85=25.7125美元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[12]/strong[2]/br[3]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 71, "global_sentence_id": 68, "edu_l1_label": "IOS"}, {"txt": "（三）竞争优势", "language": "chinese", "position": {"atoms": [{"position_id": 357, "txt": "（三）竞争优势", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[14]/strong"}]}, "tags": ["strong"], "label": "title2", "web_segment_id": 72, "global_sentence_id": 69, "edu_l1_label": "IOS"}, {"txt": "1、垄断中国海域95%以上的油气资源。", "language": "chinese", "position": {"atoms": [{"position_id": 359, "txt": "1、垄断中国海域95%以上的油气资源。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[14]/br[1]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 73, "global_sentence_id": 70, "edu_l1_label": "IOS"}, {"txt": "海油的成本优势还表现为资源权近乎免费长时间使用。", "language": "chinese", "position": {"atoms": [{"position_id": 360, "txt": "海油的成本优势还表现为资源权近乎免费长时间使用。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[14]/br[1]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 73, "global_sentence_id": 71, "edu_l1_label": "IOS"}, {"txt": "且这些油气区块还属于勘探和开采的早中期，潜力巨大。", "language": "chinese", "position": {"atoms": [{"position_id": 361, "txt": "且这些油气区块还属于勘探和开采的早中期，潜力巨大。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[14]/br[1]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 73, "global_sentence_id": 72, "edu_l1_label": "IOS"}, {"txt": "如3个万亿大油气田。", "language": "chinese", "position": {"atoms": [{"position_id": 362, "txt": "如3个万亿大油气田。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[14]/br[1]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 73, "global_sentence_id": 73, "edu_l1_label": "IOS"}, {"txt": "中海油拥有圭亚那油田25%股份，圭亚那油田极为优质，桶油成本26美元，且税费很低，规模庞大，盈利能力是常规油田的3倍左右，可开采30多年。", "language": "chinese", "position": {"atoms": [{"position_id": 364, "txt": "中海油拥有圭亚那油田25%股份，圭亚那油田极为优质，桶油成本26美元，且税费很低，规模庞大，盈利能力是常规油田的3倍左右，可开采30多年。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[14]/br[2]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 74, "global_sentence_id": 74, "edu_l1_label": "IOS"}, {"txt": "2、中海油靠近消费地的价格优势，以及中国缺油少气的情况下，中海油大量油气资源就是优势。", "language": "chinese", "position": {"atoms": [{"position_id": 366, "txt": "2、中海油靠近消费地的价格优势，以及中国缺油少气的情况下，中海油大量油气资源就是优势。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[15]/br"}]}, "tags": ["br"], "label": "content", "web_segment_id": 75, "global_sentence_id": 75, "edu_l1_label": "IOS"}, {"txt": "3、未来低成本的新油田逐渐衰减为老油田，如果海油运气不好，没有新发现更多低成本油田，每桶成本上升，这是潜在风险，好在随着高利润低成本的天然气产量快速增长，综合桶油成本稳中有降。", "language": "chinese", "position": {"atoms": [{"position_id": 368, "txt": "3、未来低成本的新油田逐渐衰减为老油田，如果海油运气不好，没有新发现更多低成本油田，每桶成本上升，这是潜在风险，好在随着高利润低成本的天然气产量快速增长，综合桶油成本稳中有降。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[16]/br"}]}, "tags": ["br"], "label": "content", "web_segment_id": 76, "global_sentence_id": 76, "edu_l1_label": "IOS"}, {"txt": "4、海油把工厂建在沿海，虽然客观成本高，但是省了运费，加快了对接高价消费的市场，也是优势。", "language": "chinese", "position": {"atoms": [{"position_id": 370, "txt": "4、海油把工厂建在沿海，虽然客观成本高，但是省了运费，加快了对接高价消费的市场，也是优势。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[17]/br[1]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 77, "global_sentence_id": 77, "edu_l1_label": "IOS"}, {"txt": "不能只考虑低成本的生产！", "language": "chinese", "position": {"atoms": [{"position_id": 371, "txt": "不能只考虑低成本的生产！", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[17]/br[1]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 77, "global_sentence_id": 78, "edu_l1_label": "IOS"}, {"txt": "三、产量稳定增长，具备成长性。", "language": "chinese", "position": {"atoms": [{"position_id": 373, "txt": "三、产量稳定增长，具备成长性。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[17]/strong"}]}, "tags": ["strong"], "label": "title1", "web_segment_id": 78, "global_sentence_id": 79, "edu_l1_label": "BOS"}, {"txt": "2018-2023年油气产量CAGR 达到 7.70%, 24年-27年产量（百万桶）720亿桶（6%），770亿桶（6.9%），790（2.6%）亿桶，820（3.8%）亿桶。", "language": "chinese", "position": {"atoms": [{"position_id": 375, "txt": "2018-2023年油气产量CAGR 达到 7.70%, 24年-27年产量（百万桶）720亿桶（6%），770亿桶（6.9%），790（2.6%）亿桶，820（3.8%）亿桶。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[17]/strong/br[1]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 79, "global_sentence_id": 80, "edu_l1_label": "IOS"}, {"txt": "未来几年产量增速预计4%。", "language": "chinese", "position": {"atoms": [{"position_id": 377, "txt": "未来几年产量增速预计4%。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[17]/strong/br[2]"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 80, "global_sentence_id": 81, "edu_l1_label": "IOS"}, {"txt": "四、资本开支较高，影响自由现金流。", "language": "chinese", "position": {"atoms": [{"position_id": 379, "txt": "四、资本开支较高，影响自由现金流。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/span[1]"}]}, "tags": [], "label": "title1", "web_segment_id": 81, "global_sentence_id": 82, "edu_l1_label": "BOS"}, {"txt": "2016年：", "language": "chinese", "position": {"atoms": [{"position_id": 381, "txt": "2016年：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[1]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 82, "global_sentence_id": 83, "edu_l1_label": "IOS"}, {"txt": "487.33亿元（低油价周期后重启增长）", "language": "chinese", "position": {"atoms": [{"position_id": 382, "txt": "487.33亿元（低油价周期后重启增长）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[1]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 82, "global_sentence_id": 84, "edu_l1_label": "IOS"}, {"txt": "2017年：", "language": "chinese", "position": {"atoms": [{"position_id": 384, "txt": "2017年：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[2]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 83, "global_sentence_id": 85, "edu_l1_label": "IOS"}, {"txt": "711.54亿元（同比增长46.4%）", "language": "chinese", "position": {"atoms": [{"position_id": 385, "txt": "711.54亿元（同比增长46.4%）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[2]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 83, "global_sentence_id": 86, "edu_l1_label": "IOS"}, {"txt": "2018年：", "language": "chinese", "position": {"atoms": [{"position_id": 387, "txt": "2018年：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[3]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 84, "global_sentence_id": 87, "edu_l1_label": "IOS"}, {"txt": "695.38亿元（小幅回调）", "language": "chinese", "position": {"atoms": [{"position_id": 388, "txt": "695.38亿元（小幅回调）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[3]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 84, "global_sentence_id": 88, "edu_l1_label": "IOS"}, {"txt": "2019年：", "language": "chinese", "position": {"atoms": [{"position_id": 390, "txt": "2019年：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[4]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 85, "global_sentence_id": 89, "edu_l1_label": "IOS"}, {"txt": "799.01亿元（同比增长14.9%）", "language": "chinese", "position": {"atoms": [{"position_id": 391, "txt": "799.01亿元（同比增长14.9%）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[4]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 85, "global_sentence_id": 90, "edu_l1_label": "IOS"}, {"txt": "2020年：", "language": "chinese", "position": {"atoms": [{"position_id": 393, "txt": "2020年：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[5]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 86, "global_sentence_id": 91, "edu_l1_label": "IOS"}, {"txt": "711.54亿元（受疫情影响持平）", "language": "chinese", "position": {"atoms": [{"position_id": 394, "txt": "711.54亿元（受疫情影响持平）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[5]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 86, "global_sentence_id": 92, "edu_l1_label": "IOS"}, {"txt": "2021年：", "language": "chinese", "position": {"atoms": [{"position_id": 396, "txt": "2021年：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[6]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 87, "global_sentence_id": 93, "edu_l1_label": "IOS"}, {"txt": "875.92亿元（同比增长23.1%）", "language": "chinese", "position": {"atoms": [{"position_id": 397, "txt": "875.92亿元（同比增长23.1%）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[6]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 87, "global_sentence_id": 94, "edu_l1_label": "IOS"}, {"txt": "2022年：", "language": "chinese", "position": {"atoms": [{"position_id": 399, "txt": "2022年：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[7]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 88, "global_sentence_id": 95, "edu_l1_label": "IOS"}, {"txt": "1,000亿元（同比增长14.2%）", "language": "chinese", "position": {"atoms": [{"position_id": 400, "txt": "1,000亿元（同比增长14.2%）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[7]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 88, "global_sentence_id": 96, "edu_l1_label": "IOS"}, {"txt": "2023年：", "language": "chinese", "position": {"atoms": [{"position_id": 402, "txt": "2023年：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[8]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 89, "global_sentence_id": 97, "edu_l1_label": "IOS"}, {"txt": "1,280亿元（同比增长28%）", "language": "chinese", "position": {"atoms": [{"position_id": 403, "txt": "1,280亿元（同比增长28%）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[8]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 89, "global_sentence_id": 98, "edu_l1_label": "IOS"}, {"txt": "2024年：", "language": "chinese", "position": {"atoms": [{"position_id": 405, "txt": "2024年：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[9]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 90, "global_sentence_id": 99, "edu_l1_label": "IOS"}, {"txt": "预算1,250-1,350亿元（维持高位）", "language": "chinese", "position": {"atoms": [{"position_id": 406, "txt": "预算1,250-1,350亿元（维持高位）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/br[9]"}]}, "tags": ["br"], "label": "content", "web_segment_id": 90, "global_sentence_id": 100, "edu_l1_label": "IOS"}, {"txt": "（21-25年高资本开支，对应产量25-29年不断增长）维持性支出占比：", "language": "chinese", "position": {"atoms": [{"position_id": 408, "txt": "（21-25年高资本开支，对应产量25-29年不断增长）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/span[2]"}, {"position_id": 410, "txt": "维持性支出占比：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 81, "global_sentence_id": 101, "edu_l1_label": "IOS"}, {"txt": "约53%（689亿元/1300亿元），主要用于覆盖老油田衰减、保持现有开采能力。", "language": "chinese", "position": {"atoms": [{"position_id": 411, "txt": "约53%（689亿元/1300亿元），主要用于覆盖老油田衰减、保持现有开采能力。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 81, "global_sentence_id": 102, "edu_l1_label": "IOS"}, {"txt": "对应产量：", "language": "chinese", "position": {"atoms": [{"position_id": 413, "txt": "对应产量：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/strong/br"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 91, "global_sentence_id": 103, "edu_l1_label": "IOS"}, {"txt": "2024年公司净产量为720百万桶油当量，若维持性支出保持689亿元规模，理论上可支撑与2024年相当的产量水平（约720百万桶），如果1300亿的资本开支全部用来维持产量，而不再新增，可以达到1300/690*7.2=13.56亿桶，产量翻倍！", "language": "chinese", "position": {"atoms": [{"position_id": 414, "txt": "2024年公司净产量为720百万桶油当量，若维持性支出保持689亿元规模，理论上可支撑与2024年相当的产量水平（约720百万桶），如果1300亿的资本开支全部用来维持产量，而不再新增，可以达到1300/690*7.2=13.56亿桶，产量翻倍！", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/strong/br"}]}, "tags": ["br", "strong"], "label": "content", "web_segment_id": 91, "global_sentence_id": 104, "edu_l1_label": "IOS"}, {"txt": "五、自由现金流", "language": "chinese", "position": {"atoms": [{"position_id": 416, "txt": "五、自由现金流", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[19]/strong/span"}]}, "tags": ["strong"], "label": "title1", "web_segment_id": 92, "global_sentence_id": 105, "edu_l1_label": "BOS"}, {"txt": "根据公式自由现金流=净利润+折旧折耗摊销-资本开支+勘探费用（失败的勘探）", "language": "chinese", "position": {"atoms": [{"position_id": 418, "txt": "根据公式自由现金流=净利润+折旧折耗摊销-资本开支+勘探费用（失败的勘探）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[19]/span[1]/br"}]}, "tags": ["br"], "label": "content", "web_segment_id": 93, "global_sentence_id": 106, "edu_l1_label": "IOS"}, {"txt": "，结合中国海油近五年（2020-2024年）公开数据及行业分析，计算结果如下：", "language": "chinese", "position": {"atoms": [{"position_id": 420, "txt": "，结合中国海油近五年（2020-2024年）公开数据及行业分析，计算结果如下：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[19]/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 92, "global_sentence_id": 107, "edu_l1_label": "IOS"}, {"txt": "（一）各年度自由现金流明细", "language": "chinese", "position": {"atoms": [{"position_id": 422, "txt": "（一）各年度自由现金流明细", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[19]/br[1]"}]}, "tags": ["br"], "label": "title2", "web_segment_id": 94, "global_sentence_id": 108, "edu_l1_label": "IOS"}, {"txt": "2021年", "language": "chinese", "position": {"atoms": [{"position_id": 424, "txt": 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# 中国海油：油价趋势分析及投资核心要素
## 一、石油供需分析（60美元基本是底部区间！）
## 二、低成本是中国海油核心竞争优势
## 三、产量稳定增长，具备成长性。
## 四、资本开支较高，影响自由现金流。
## 五、自由现金流
### （一）各年度自由现金流明细
### （二）总计与年均值
## 点评：
