此外，里昂发表报告指，中石油第三季业绩显示，公司可在油市波动下交出稳定及坚韧的盈利。中石油股息展望及股息稳定性为同业中最佳。该行对中石油 H股目标价由8.6港元上调至8.8港元，A股目标价由11.9元上调至12元，重申"跑赢大市"评级，视为三桶油中首选。 消息面上，OPEC+周日表示，计划明年第一季度暂停增产，这是该组织自4月开始恢复之前削减的供应以来，首次按下增产暂停键。在OPEC宣布暂停增产 后，摩根士丹利上调对原油价格的短期预测，该行将2026年上半年布伦特原油期货价格预期从每桶57.50美元上调至60美元。 今日，港股石油股继续走高，截至发稿， 涨2.9%， 、 涨1%。 | 序號 | 代碼 | 名稱 | 最新價 | 漲跌幅 ◆ | 成交額 | | | --- | --- | --- | --- | --- | --- | --- | | 1 | 00857 | 中國石油股份 | 8.530 | +2.90% | 8.94億 | 1 | | 2 | 00386 | 中國石油化工股份 | 4.260 | +1.19% | 3.13億 | 51 | | 3 | 00883 | 中國海洋石油 | 20.72 ...

2025 年 11 月 03 日 证券分析师 干璐 A0230516080007 wanqlu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 博浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 录证价格大涨 9 月天然气 O DE 申万公用环保周报(25/10/26~25/11/2) 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 美研究报 联系人 朱亦 (8621)23297818× zhuhe@swsresearch.com 电力：绿证市场量价齐升。2025 年 10 月 30 日，国家能源局发布最新数据：2025 年 9 月，全国 核发绿色电力证书（绿证）2.29 亿个，涉及可再生能源发电项目 30.65 万个，其中可交易绿证 1.58 亿个，占比 68.86%。2025 年 1-9 月，累计核发绿证 21.08 亿个，可交易量达 14.35 亿个。 绿证市场呈现量价齐升的良好态势。下一步，期待绿 ...

| 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00135 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 16,000,000,000 | HKD | | 0.01 | HKD | | 160,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 16,000,000,000 | HKD | | 0.01 | HKD | | 160,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 昆侖能源有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 FF301 III.已發行股份及/或庫存股份變動詳情 ...

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

Core Viewpoint - The chemical industry is entering a downward cycle due to high costs and weak supply-demand dynamics, despite maintaining high capital expenditure and supply growth since the peak in 2021. However, there are "long-termist" companies capable of navigating through the cycle, providing substantial returns to investors through growth and dividends [1][2]. Group 1: Industry Overview - The chemical industry has experienced high capital expenditure and significant supply growth since the peak in 2021, but demand recovery remains relatively weak, leading to a high-cost and weak supply-demand environment [1]. - Long-termist companies in the chemical sector are characterized by strong shareholder backgrounds, excellent management capabilities, reasonable industry chain layouts, continuous R&D investment, and a strong sense of social responsibility, enabling them to achieve stable growth and sustainable development [2]. Group 2: Oil and Gas Sector - The "three major oil companies" (China National Petroleum, Sinopec, and CNOOC) are expected to maintain high capital expenditure and enhance natural gas market development, aiming for long-term growth despite oil price fluctuations [3]. - The domestic oil service companies are benefiting from high upstream capital expenditure, with improved operational quality and international competitiveness, particularly in the context of the Belt and Road Initiative [3]. Group 3: Refining and Chemical Fiber Industry - The refining and chemical fiber industry is anticipated to recover, with the refining expansion nearing completion and supply-demand dynamics expected to improve, leading to high-quality development in the sector [4]. - The polyester sector is seeing limited new capacity, with structural optimization accelerating, which is expected to enhance the market share and competitiveness of leading companies [4]. Group 4: Coal Chemical Industry - The coal chemical industry is projected to improve profitability due to a gradual easing of coal supply and demand, alongside a decline in coal prices. The transition towards modern coal chemical processes is seen as essential for traditional coal enterprises [5]. - The average prices for various coal types have decreased, with main coking coal, thermal coal, and anthracite prices showing declines of -10.5%, -2.0%, and -16.0% respectively compared to the beginning of the year [5]. Group 5: Investment Recommendations - The report suggests focusing on leading companies in the upstream oil and gas sector and oil service companies, including China National Petroleum (601857.SH), Sinopec (600028.SH), CNOOC (600938.SH), and others [6]. - For the refining and chemical fiber sector, companies like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) are recommended due to their potential benefits from industry optimization and upgrades [7]. - In the coal chemical sector, companies such as Hualu Hengsheng (600426.SH) and Baofeng Energy (600989.SH) are highlighted for their expected improvement in profitability [7]. - The report also suggests monitoring cyclical leading companies like Wanhua Chemical (600309.SH) and Satellite Chemical (002648.SZ) as demand recovers and supply-demand dynamics improve [7].

Core Viewpoint - Kunlun Energy (00135) announced that China National Petroleum Corporation (CNPC) and Shandong Shengli Oil & Gas Co., Ltd. have signed a letter of intent for a potential transaction involving the sale of stakes in Nantong CNPC and Ganhe CNPC [1] Group 1: Transaction Details - CNPC intends to sell a 51% stake in Nantong CNPC and a 40% stake in Ganhe CNPC to Shengli Oil & Gas [1] - The payment for the stakes may be made through a combination of share issuance and cash [1] - Negotiations are still ongoing, and no legally binding agreement has been established yet, indicating that the transaction may not be finalized [1] Group 2: Business Operations - Nantong CNPC primarily engages in natural gas sales and gas pipeline construction [1] - Ganhe CNPC also focuses on natural gas sales and gas pipeline construction [1]

Core Viewpoint - The company Kunlun Energy (00135) announced that China National Petroleum Corporation (CNPC) and Shandong Shengli Oilfield Company have signed a letter of intent for the sale of stakes in Nantong CNPC and Ganhe CNPC, indicating potential strategic shifts in the natural gas sector [1] Group 1: Transaction Details - CNPC intends to sell a 51% stake in Nantong CNPC and a 40% stake in Ganhe CNPC to Shengli Oilfield [1] - The payment for the stakes can be made through a combination of share issuance and cash [1] - The negotiations are ongoing, and no legally binding agreement has been established yet, meaning the transaction may not be finalized [1] Group 2: Business Operations - Nantong CNPC primarily engages in natural gas sales and gas pipeline construction [1] - Ganhe CNPC also focuses on natural gas sales and gas pipeline construction [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 之 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 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 昆 侖 能 源 有 限 公 司 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) （股份代號：00135.HK） 自願公告 香 港，2025年10月30日 於 本 公 告 日 期，董 事 會 成 員 包 括 劉 國 海 先 生 為 主 席 兼 執 行 董 事、錢 治 家 先 生 為 行 政 總 裁 兼 執 行 董 事、呂 菁 女 士 及 戚 振 忠 先 生 為 非 執 行 董 事，及 辛 定 華 先 生、曾 鈺 成 先 生 及 郭 志 成 先 生 為 獨 立 非 執 行 董 事。 本 公 告 乃 由 昆 侖 能 源 ...

Core Viewpoint - Kunlun Energy (00135) has entered into a sale agreement to transfer 51% and 49% stakes in Xinjiang Xin Jie Petroleum Co., Ltd. to PetroChina Xinjiang for a total consideration of RMB 13.5035 million, aiming to enhance resource allocation and focus on core urban gas distribution and sales business [1]. Group 1 - The transaction involves Kunlun Energy's wholly-owned subsidiary Xinjiang Xin Jie, along with PetroChina Xinjiang and Xinjiang Heng Sheng, selling stakes in the target company [1]. - The target company primarily operates gas stations in northern Xinjiang and is managed by Xinjiang Xin Jie [1]. - The board believes that the sale will allow the group to allocate and utilize resources more effectively, with the goal of increasing market share and business efficiency [1].

董事会认为出售事项将使集团能够更有效地分配及利用其资源，专注于城市燃气的分销及销售等主要业 务，并以提升集团的市场份额及业务效率为目标。因此，董事会认为，出售事项将对公司及股东整体有 利。 截至本公告日期，目标公司由新疆恒晟及新疆新捷分别持有51%及49%权益。目标公司主要于新疆北部 运营加油站，营运则由新疆新捷管理。 智通财经APP讯，昆仑能源(00135)公布，于2025年10月30日，公司全资附属新疆新捷、中石油新疆、新 疆恒晟与目标公司新疆新捷石油有限公司订立买卖协议，据此，新疆恒晟及新疆新捷分别同意向中石油 新疆转让目标公司的51%及49%股权，总代价为人民币1350.35万元。 ...