人民财讯8月1日电，据齐心集团（002301）官微消息，近期，齐心集团成功中标中国石化2025年日用电 器框架协议采购预案日用电器项目。 ...

Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [7] Core Views - The refining sector remains under pressure, with a forecasted decline in net profit for H1 2025 by 39.5%-43.7% year-on-year, primarily due to weak industry conditions [1] - The company's upstream performance is negatively impacted by a significant drop in international oil prices, with Brent crude averaging $66.7 per barrel in Q2 2025, down 21.5% year-on-year [2] - Domestic demand for refined oil products is being squeezed by the rise of new energy vehicles, leading to a decrease in gasoline and diesel consumption by 7.2% and 5.0% respectively in the first half of 2025 [3] - The chemical sector is facing margin pressure due to weak supply-demand dynamics, although capital expenditure is expected to stabilize, potentially leading to a market recovery [4] - The company's net profit forecasts for 2025-2027 have been revised downwards by 27% for 2025, reflecting the impact of lower oil prices and refining margins [5] Summary by Sections Financial Performance - The company expects a net profit of RMB 201-216 billion for H1 2025, with a significant drop in Q2 net profit anticipated at RMB 68-83 billion [1] - Oil processing volume decreased by 5.3% to 120 million tons in H1 2025, with total refined oil sales down 3.4% to 87.1 million tons [3] Production and Pricing - The company's crude oil production slightly decreased by 0.3% to 140 million barrels in H1 2025, while natural gas production increased by 5.1% to 736.3 billion cubic feet [2] - The average price of gasoline and diesel is expected to decline, with the company adjusting its sales volume and pricing assumptions accordingly [5][15] Capital Expenditure and Market Outlook - The chemical segment's capital expenditure is projected to remain stable at RMB 449 billion, focusing on ethylene and high-end materials [4] - The report suggests that the market may see a recovery as capital expenditure growth reaches a turning point, aided by policies aimed at optimizing supply dynamics [4] Valuation and Price Target - The target price for A shares is set at RMB 6.72 and for H shares at HKD 4.92, reflecting a valuation based on integrated advantages and a lower sensitivity to oil price fluctuations [5][8]

港股8月开局不利，三大指数继续承压走低，尾盘跌幅有所扩大。截止收盘，恒生指数跌1.07%或265.52 点，报24507.81点，大市交投缩减，全日成交额为2546.74亿港元；恒生国企指数跌0.88%，报8804.42 点；恒生科技指数跌1.02%，报5397.4点。全周来看，恒指累跌3.47%，国指累跌3.78%，恒科指累跌 4.94%。 东吴证券指出，往后看，市场担心海外风险上行。一是，美元资产继续上涨，或会导致全球资金减少对 中国资产的关注；二是，对等关税截止日临近，市场预期关税博弈更偏向税率"缓"+"降"。交银国际认 为，港股市场当前流动性状态仍较为充裕，估值水平保持合理，适度的市场拥挤度也为投资者提供了较 为理想的配置窗口。 蓝筹股表现 5.71港元。 1.个别快递股逆市走高。截至收盘，中通快递-W(02057)涨7.44%，报163.2港元；极兔速递-W(01519)涨 2.52%，报10.58港元。 7月29日，国家邮政局召开快递企业座谈会，就依法依规治理行业"内卷式"竞争，强化农村地区领取快 件违规收费等突出问题整治，促进行业高质量发展进行座谈交流。据现代物流报，7月17日义乌邮管局 已率先 ...

从中证香港300上游指数持仓样本的行业来看，石油与天然气占比51.36%、煤炭占比15.88%、工业金属 占比15.22%、贵金属占比15.08%、油气开采与油田服务占比1.05%、稀有金属占比0.88%、其他有色金 属及合金占比0.51%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 作者：行情君 数据统计显示，中证香港300上游指数近一个月上涨8.11%，近三个月上涨21.15%，年至今上涨 16.69%。 据了解，中证香港300主题指数系列从中证香港300指数样本中根据中证行业分类选取符合相应主题的证 券作为指数样本，反映了在香港交易所上市各主题证券的整体表现。该指数以2004年12月31日为基日， 以1000.0点为基点。 从指数持仓来看，中证香港300上游指数十大权重分别为：中国海洋石油（28.21%）、中国石油股份 （13.54%）、紫金矿业（10.5%）、中国神华（9.62%）、中国石 ...

致：香港交易及結算所有限公司 公司名稱: 中國石油化工股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00386 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 24,049,292,600 | RMB | | 1 RMB | | 24,049,292,600 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 24,049,292,600 | RMB | | 1 RMB | | 24,049,292,600 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | ...

证券之星消息，8月1日炼化及贸易板块较上一交易日下跌3.58%，中国石化领跌。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。炼化及贸易板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002986 | 宇新股份 | 12.99 | 8.70% | 20.79万 | 2.62亿 | | 300839 | 博汇股份 | 12.67 | 3.68% | 16.72万 | 2.10亿 | | 000637 | 茂化实华 | 4.16 | 1.96% | 10.94万 | 4522.27万 | | 002408 | 齐翔腾达 | 5.11 | 1.39% | - 36.43万 | 1.86亿 | | 000985 | 大庆华科 | 18.66 | 1.08% | 1.38万 | 2564.38万 | | 603223 | 恒通股份 | 9.84 | 0.92% | 5.22万 | 5121.55万 | | 603798 | 康普顿 ...

Core Viewpoint - The company anticipates a significant decline in net profit for the first half of 2025, primarily due to falling international oil prices and increased competition in the oil and petrochemical markets [1][2]. Group 1: Financial Performance - For 2025H1, the company expects a net profit attributable to shareholders of 201-216 billion yuan, representing a year-on-year decrease of 39.5% to 43.7% [1]. - In Q2 2025, the projected net profit is between 68-83 billion yuan, down 52.1% to 60.7% year-on-year, and a decline of 37.2% to 48.5% compared to Q1 2025's net profit of 133 billion yuan [1]. Group 2: Production and Operational Data - In 2025H1, the total oil and gas equivalent production reached 263 million barrels, a 2% increase year-on-year, with oil production at 140 million barrels (down 0.3%) and natural gas production at 208 billion cubic meters (up 5.1%) [2]. - The company processed 120 million tons of crude oil in H1 2025, a decrease of 5.3% year-on-year, with gasoline and diesel production also declining [2]. - Ethylene production increased by 16.4% year-on-year to 7.56 million tons, while synthetic resin production rose by 12.8% to 11.04 million tons [2]. Group 3: Industry Trends and Regulations - The government is implementing a nationwide crackdown on illegal gas stations and enhancing regulation of fuel consumption taxes, which is expected to increase industry concentration [3]. - The reform of fuel consumption taxes will create a more equitable competitive environment for legitimate businesses, potentially benefiting state-owned oil companies with better supply chains and sales networks [3]. Group 4: Profit Forecast and Investment Rating - The company's net profit forecasts for 2025-2027 have been adjusted to 502, 604, and 723 billion yuan, respectively, reflecting the negative impact of declining oil prices [4]. - The corresponding price-to-earnings ratios for A shares are projected at 14.5, 12.1, and 10.1 times, while for H shares, they are 10.1, 8.4, and 7.0 times [4]. - The company maintains a "buy" rating, anticipating a bottoming out of oil prices and accelerated progress in fuel consumption tax reforms [4].

来源：金融界 主力资金净流出居前的分别为中国石化（2.05亿元）、中国石油（1.41亿元）、广汇能源（5285.52万 元）、*ST新潮（4782.2万元）、广聚能源（1224.13万元）。 序号代码名称最新价涨跌幅主力净流入主力净占比1002221东华能源10.290.292341.29万元8.61%2600938 中国海油25.94-0.841762.54万元2.08%3600688上海石化2.85-0.71340.59万元12.42%4300839博汇股份 12.673.681181.29万元5.62%5000059华锦股份5.260.57737.49万元8.16%6000637茂化实华4.161.96628.40万 元13.9%7000159国际实业5.671.07238.42万元3.67%8600759洲际油气2.390.0157.49万元0.75%9002778中 晟高科18.531.15-316.16万元-2.96%10603798康普顿11.550.79-412.82万元-8.35% 8月1日，石油行业下跌0.27%，今日主力资金流出4.18亿元，成分股10只上涨，8只下跌。 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of Sinopec [1] Core Views - The company's performance in the first half of 2025 is expected to be under pressure, with a projected net profit decline of 39.5% to 43.7% year-on-year, primarily due to falling international oil prices and intense market competition [7] - Future benefits are anticipated from the reform of fuel consumption tax and the reduction of internal competition in refined oil products [7] - The report highlights the company's commitment to shareholder returns, projecting a dividend payout ratio of 73% for 2025, resulting in a dividend yield of 5.0% for A shares and 5.8% for H shares after tax [7] Financial Forecasts - Total revenue for 2025 is estimated at 2,959,498 million RMB, a decrease of 3.74% year-on-year [1] - The net profit attributable to shareholders is projected to be 50,172 million RMB for 2025, a slight decrease of 0.28% year-on-year [1] - Earnings per share (EPS) is expected to remain at 0.41 RMB for 2025, with a projected increase to 0.60 RMB by 2027 [1] - The report adjusts profit forecasts for 2025-2027, estimating net profits of 502 billion RMB, 604 billion RMB, and 723 billion RMB respectively [7] Operational Data - In H1 2025, the company expects to produce 263 million barrels of oil equivalent, with natural gas contributing to production growth [7] - Oil processing volume is projected to decline by 5.3% year-on-year to 120 million tons in H1 2025 [7] - Domestic refined oil sales are expected to decrease by 3.4% year-on-year, totaling 87 million tons in H1 2025 [7]

来源：金融界 金融界2025年8月1日消息，国家知识产权局信息显示，中国石油化工股份有限公司;中石化（大连）石 油化工研究院有限公司取得一项名为"一种重质馏分油生产化工原料的两段加氢裂化方法"的专利，授权 公告号CN118440736B，申请日期为2023年02月。 中石化（大连）石油化工研究院有限公司，成立于2022年，位于大连市，是一家以从事研究和试验发展 为主的企业。企业注册资本338459.08万人民币。通过天眼查大数据分析，中石化（大连）石油化工研 究院有限公司共对外投资了1家企业，参与招投标项目1172次，专利信息4658条，此外企业还拥有行政 许可58个。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了263家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可40个。 ...