每经AI快讯，天风证券8月22日发布研报称，给予中国石化（600028.SH）买入评级。评级理由主要包 括：1）2025H1业绩因多方面因素承压明显；2）上游收益受油价下跌明显承压；3）下游业务短期主要 因油价下降导致库存减利；4）面临成品油达峰问题，销量下滑明显；5）资本开支继续放缓，利好长期 盈利和现金流能力。风险提示：1）政策不及预期风险；2）行业竞争加剧风险；3）需求不及预期风 险；4）原料大幅波动风险期。 每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

中国石油化工股份(00386)发布公告，于2025年8月22日，该公司斥资2.98亿港元回购6762.4万股。 ...

Core Viewpoint - The report indicates that China Petroleum & Chemical Corporation (Sinopec) is facing significant pressure on its performance due to declining oil prices, leading to a recommendation of a "buy" rating for the company [1]. Financial Performance - In the first half of 2025, Sinopec achieved revenue of 1,409.05 billion, a year-on-year decrease of 10.6%, and a net profit attributable to shareholders of 21.48 billion, down 39.8%, primarily due to lower oil prices, reduced inventory profits, and declining sales and price spreads of gasoline and diesel [2]. - The upstream segment's operating income was 23.6 billion, a decrease of 5.5 billion year-on-year, with crude oil production down 0.3% and natural gas production up 5.1% [3]. Downstream Business - The downstream business faced short-term pressure from falling oil prices, resulting in reduced inventory profits. Crude oil processing volume decreased by 5% year-on-year, with gasoline and diesel sales down 4% and 16.8%, respectively [4]. - The marketing segment's sales of refined oil products showed significant declines, with gasoline, diesel, and kerosene sales down 4.9%, 6.8%, and 8.4%, respectively, leading to a marketing segment income of 8 billion, down 67 billion year-on-year [5]. Capital Expenditure and Future Outlook - Sinopec plans to reduce its annual capital expenditure by approximately 5%, which may benefit long-term profitability and cash flow. In the first half of 2025, capital expenditure was 43.8 billion, a decrease of 14% year-on-year [6]. - The profit forecast for 2025-2027 has been adjusted due to downward pressure from oil prices, with expected net profits of 43.5 billion, 53.6 billion, and 64.1 billion for the respective years [6]. Analyst Ratings - Over the past 90 days, five institutions have provided ratings for Sinopec, with four recommending a "buy" and one recommending "hold." The average target price from institutions is 6.72 [8].

Core Viewpoint - In the first half of 2025, the company experienced a significant decline in revenue and net profit due to weak supply and demand dynamics, alongside inventory losses from falling oil prices [1][2]. Financial Performance - The company reported a total revenue of 1,409.05 billion yuan, a year-on-year decrease of 10.60% [1] - The net profit attributable to shareholders was 21.48 billion yuan, down 39.83% year-on-year [1] - The basic earnings per share (EPS) was 0.18 yuan, reflecting a 40.2% decline compared to the previous year [1] - In Q2 2025, revenue was 673.70 billion yuan, down 14.31% year-on-year and 8.39% quarter-on-quarter [1] - The net profit for Q2 was 8.22 billion yuan, a year-on-year decrease of 52.73% and a quarter-on-quarter decrease of 38.04% [1] Segment Performance - The exploration and development segment generated 23.6 billion yuan, down 55% year-on-year; refining segment earned 3.5 billion yuan, down 36%; marketing segment earned 8 billion yuan, down 67%; and the chemical segment reported a loss of 4.2 billion yuan, down 11% [2] - In Q2, the exploration and development segment earned 11.9 billion yuan, while the refining and chemical segments saw a quarter-on-quarter decline [2] Production and Cost Management - The company achieved a record high oil and gas equivalent production of 262.81 million barrels, a 2.0% increase year-on-year [3] - The cash operating cost for oil and gas was 718.0 yuan per ton, a reduction of 4.7% year-on-year [3] Refining and Chemical Sector - The refining sector faced weak oil product demand, processing 120 million tons of crude oil, a 7.6% decrease year-on-year, while producing 71.4 million tons of refined oil [4] - The chemical sector saw improvements in production and sales, with ethylene production increasing by 16.4% to 7.56 million tons and synthetic resin production rising by 12.8% to 11.04 million tons [4] Industry Outlook - The company is positioned to benefit from the current competitive landscape as domestic refining capacity approaches regulatory limits, with a focus on eliminating inefficient production [5] - The long-term investment value of the company is viewed positively, with projected net profits for 2025-2027 at 46.17 billion, 47.86 billion, and 51.73 billion yuan respectively [5]

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Page 1 of 15 v 1.3.0 FF305 B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6) Not applicable 1). Shares repurchased for cancellation but not yet cancelled Date of changes 22 August 2025 67,624,000 0.28 % HKD 4.4 + | 2. Class of shares shares | Ordinary | | Type of | shares A | | Listed on ...

格隆汇8月22日丨中国石油化工股份(00386.HK)发布公告，2025年8月22日，公司于上交所耗资人民币 9980.60万港元回购1720万股A股，回购价格每股5.77-5.86元。 ...

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。 （在中華人民共和國註冊成立的股份有限公司） 海外監管公告 中國石油化工股份有限公司 關於以集中競價交易方式本輪首次回購A股股份的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 承董事會命 中國石油化工股份有限公司 （證券代號：00386） 黃文生 副總裁、董事會秘書 中國北京 2025年8月22日 於本公告日期，本公司的董事為：侯啟軍 * 、趙東 # 、鐘韌 * 、李永林 # 、呂亮功 # 、 牛栓文 # 、萬濤 # 、蔡勇 * 、徐林 + 、張麗英 + 、廖子彬 + 及張希良 + 。 # 執行董事 * 非執行董事 + 獨立非執行董事 股票代码：600028 股票简称：中国石化 公告编号：2025-37 中国石油化工股份有限公司 关于以集中竞价交易方式本轮首次回购A股股份的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实 ...

智通财经APP讯，中国石油化工股份(00386)发布公告，于2025年8月22日，该公司斥资2.98亿港元回购 6762.4万股。 ...

公司名稱： 中國石油化工股份有限公司 呈交日期： 2025年8月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 2. 股份分類 | | 普通股 | 股份類別 | A | | | 於香港聯交所上市 | | 否 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | | | 說明 | | | 於上海證券交易所上市（證券代號：600028） | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | ...

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [1] Core Views - The report highlights the recent price movements in lithium carbonate, international oil prices, and organic silicon prices, with a focus on the implications of these changes for various sub-industries [1][7] - Key areas of focus for August include mid-year report trends, the impact of "anti-involution" on supply in related sub-industries, the importance of self-sufficiency in electronic materials companies, and stable dividend policies in energy companies [1][8] Industry Dynamics - In the week of August 11-17, 2025, among 100 tracked chemical products, 28 saw price increases, 42 saw declines, and 30 remained stable. Overall, 57% of products had a month-on-month average price increase, while 37% saw a decrease [2][7] - The average price of lithium carbonate increased by 17.48% compared to the previous week, reaching 84,000 CNY/ton, marking a cumulative increase of 41.18% since June 20 [2][7] - International oil prices fell, with WTI crude oil futures closing at 62.80 USD/barrel (down 1.69%) and Brent crude at 65.85 USD/barrel (down 1.11%) [2][7] - Organic silicon prices decreased by 8.00% to an average of 11,500 CNY/ton, attributed to weak terminal demand and the conclusion of pre-sale orders [2][7] Investment Recommendations - The report suggests focusing on mid-year report trends, the effects of "anti-involution" on supply, the significance of self-sufficiency in electronic materials, and the stability of dividend policies in energy companies [1][8] - Long-term investment themes include the sustained high prices of crude oil, the ongoing recovery of the oil service industry, and the rapid development of downstream industries, particularly in new materials [8] - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several technology and chemical companies [8][9]