截至2025年10月31日收盘，中国石油（601857）报收于9.15元，较上周的9.06元上涨0.99%。本周，中 国石油10月30日盘中最高价报9.24元。10月27日盘中最低价报8.96元。中国石油当前最新总市值 16746.42亿元，在炼化及贸易板块市值排名1/30，在两市A股市值排名8/5163。 宋大勇现任中国石油集团公司党组成员、副总经理，未持有公司股份，与公司控股股东及其他高管无关 联关系。其任职经历涵盖哈尔滨石化、抚顺石化及公司生产经营管理部等多个重要岗位。 公司发布"提质增效重回报"行动方案评估报告，2025年上半年油气当量产量9.24亿桶，同比增长2.0%； 天然气产量创历史同期新高；新材料产量同比增长54.9%；国内成品油销量增长0.3%，市场份额提升1.5 个百分点；销售天然气1,515.0亿立方米，同比增长2.9%。2024年全年派息860.2亿元，2025年上半年派 息402.6亿元，均为历史同期最高。 本周关注点 股本股东变化 截至2025年9月30日，中国石油股东户数为49.88万户，较6月30日增加2.16万户，增幅4.52%。户均持股 数量由上期的33.93万股降至32. ...

Core Insights - The article highlights the establishment of various investment funds across different regions in China, focusing on strategic industries and innovation-driven sectors. Group 1: Fund Establishments - A central enterprise strategic emerging industry development fund was launched in Beijing with an initial scale of 510 billion RMB, involving major state-owned enterprises as contributors [2] - The Zhejiang Social Security Science and Technology Innovation Fund was established with an initial scale of 500 billion RMB, aimed at supporting key areas of technological innovation [3] - The first biomanufacturing industry fund in Shanghai was initiated, combining resources from industry leaders and venture capital to drive technological breakthroughs [4] Group 2: Regional Funds - Chengdu established a high-level talent innovation and entrepreneurship fund, focusing on early-stage investments to support talent and technology transfer [5][6] - Dongguan's Songshan Lake completed the registration of a 100 billion RMB mother fund to promote technological finance and regional industrial upgrades [7] - Wuhan launched its first concept verification fund group with an annual funding pool of 112.5 million RMB to support startup projects [8] Group 3: Sector-Specific Funds - The Hebei Xiong'an concept verification fund was set up with a focus on aerospace information and biotechnology, with an initial scale of 20 million RMB [9] - The Jilin Province Ice and Snow Economy Fund was established with a total scale of 500 million RMB, targeting the ice and snow tourism and technology sectors [11] - The Zhuhai Zuguang New Intelligence Fund was launched to support high-end intelligent manufacturing, marking a significant step in the region's industrial investment [12] Group 4: Investment Strategies - The Chengdu fund emphasizes market-oriented operations to facilitate talent and technology commercialization [6] - The Dongguan fund aims to create a comprehensive fund system covering the entire lifecycle of enterprises through collaboration with various investment institutions [7] - The Jiangsu Yangzhou Aerospace Industry Fund focuses on strategic emerging industries, leveraging a significant capital structure to enhance investment capabilities [14]

Core Insights - The completion and commissioning of the ethylene project by China National Petroleum Corporation (CNPC) in Guangxi marks a significant transition from refining to integrated refining and chemical operations [1] - The project represents a total investment exceeding 30 billion yuan, making it the largest million-ton ethylene project in Southwest China [1] - The project is expected to reduce oil products by 3.49 million tons annually and increase chemical production [1] Investment and Economic Impact - The ethylene project is a key component of China's petrochemical industry planning and layout [1] - It includes a core ethylene unit with a capacity of 1.2 million tons per year, along with 14 chemical units and 2 refining units [1] - The project aims to transform Guangxi's chemical industry from basic chemicals to high-end chemical new materials [1] Market Reach and Strategic Importance - The project leverages the Western Land-Sea New Corridor, allowing products to reach markets in Southwest China, South China, and ASEAN [1] - It is positioned to help create a trillion-yuan green chemical new materials industry cluster aimed at the ASEAN market [1]

Core Insights - China National Petroleum Corporation (CNPC) has recently obtained a new invention patent titled "An Emulsified Oil Displacement Composition and Its Application in Low Permeability Oil Reservoirs" with the application number CN202310937792.4, authorized on October 31, 2025 [1] - The patent describes an emulsified oil displacement composition that includes extensible surfactants, betaine surfactants, additives, and water, which can achieve ultra-low interfacial tension and controllable emulsification strength, with a cost controlled under 10,500 yuan per ton, indicating significant application potential in low permeability oil reservoirs [1] - In 2023, CNPC has received 1,493 new patent authorizations, a decrease of 14.54% compared to the same period last year [1] - For the first half of 2023, CNPC invested 9.899 billion yuan in research and development, reflecting a year-on-year increase of 2.51% [1] - CNPC has made investments in 1,291 companies and participated in 443 bidding projects, with a total of 107 trademark registrations and 47,132 patent records [1]

Core Insights - Southbound funds increased their holdings in China Petroleum & Chemical Corporation (00857.HK) by 1.374 million shares on October 31, 2025, marking a total net increase of 69.826 million shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have net increased their holdings by 254 million shares, with 16 days of net buying activity [1] - As of now, southbound funds hold a total of 7.113 billion shares of China Petroleum, representing 33.7% of the company's total issued ordinary shares [1] Trading Data Summary - On October 31, 2025, total shares held were 7.113 billion, with a change of 1.374 million shares, reflecting a change of 0.02% [2] - On October 30, 2025, total shares held were 7.112 billion, with a change of 4.344 million shares, reflecting a change of 0.06% [2] - On October 28, 2025, total shares held were 7.108 billion, with a change of 12.528 million shares, reflecting a change of 0.18% [2] - On October 27, 2025, total shares held were 7.095 billion, with a change of 19.778 million shares, reflecting a change of 0.28% [2] - On October 24, 2025, total shares held were 7.075 billion, with a change of 31.802 million shares, reflecting a change of 0.45% [2] Company Overview - China Petroleum & Chemical Corporation primarily engages in the production and distribution of oil and gas, operating through five main segments: oil and gas exploration, refining and chemicals, sales, natural gas sales, and headquarters and other services [2]

Core Points - China Petroleum & Chemical Corporation (Sinopec) has conducted share buybacks, with the latest occurring on October 31, where it repurchased 3.652 million shares at a price range of HKD 4.110 to HKD 4.170, totaling HKD 15.1248 million [1] - The stock closed at HKD 4.130 on the same day, reflecting a 0.24% increase, with a total trading volume of HKD 472 million [1] - Since October 30, the company has repurchased shares for two consecutive days, totaling 8.428 million shares and an aggregate buyback amount of HKD 34.8477 million, during which the stock has seen a cumulative decline of 2.13% [2] Buyback Summary - Year-to-date, Sinopec has executed 23 buyback transactions, repurchasing a total of 179 million shares for an aggregate amount of HKD 809 million [3] - Detailed buyback transactions include: - October 31: 365.20 thousand shares at a maximum price of HKD 4.170 and a minimum price of HKD 4.110, totaling HKD 15.1248 million - October 30: 477.60 thousand shares at a maximum price of HKD 4.220 and a minimum price of HKD 4.100, totaling HKD 19.7230 million - September 26: 453.00 thousand shares at a maximum price of HKD 4.070 and a minimum price of HKD 4.050, totaling HKD 18.4045 million [3]

Core Insights - The company reported a revenue of 21,693 billion, a year-on-year decrease of 3.9%, and a net profit of 1,263 billion, down 4.9% year-on-year for the first three quarters of 2025 [1] - In Q3 2025, the company achieved a revenue of 7,192 billion, an increase of 2.3% year-on-year and 3.2% quarter-on-quarter, with a net profit of 423 billion, down 3.9% year-on-year but up 13.7% quarter-on-quarter [1] - The overall gross margin for Q3 2025 reached 21.5%, an increase of 0.8 percentage points quarter-on-quarter, indicating improved profitability [1] Production and Pricing - The company's oil and gas production reached 137.7 million barrels of oil equivalent in the first three quarters, a year-on-year increase of 2.6%, with crude oil production at 71.4 million barrels, up 0.8% [2] - The average oil price for the first three quarters was 65.55 USD per barrel, a decrease of 14.7% year-on-year, while Q3 2025 saw an estimated oil price of approximately 64.2 USD per barrel, up 1.9 USD from the previous quarter [2] - The upstream segment reported an operating profit of 125.1 billion, down 13% year-on-year, but is expected to maintain a good performance due to cost reduction and efficiency improvements [2] Refining and Chemical Sector - The company processed 104.1 million barrels of crude oil in the first three quarters, a year-on-year increase of 0.4%, while the production of refined oil products was 89.59 million tons, down 0.4% [3] - The refining segment achieved an operating profit of 16.2 billion, up 6.3% year-on-year, with refining business profits increasing by 22.7% [3] - The chemical business, however, saw a significant decline in profits, down 48.9%, indicating challenges in that segment [3] Sales Performance - The total sales of refined oil products reached 120.876 million tons, a year-on-year increase of 0.8%, while domestic sales were 89.64 million tons, up 0.05% [4] - The sales segment reported an operating profit of 11.6 billion, down 9.9% year-on-year, reflecting pressure on refined oil sales [4] - Natural gas sales reached 2,185 billion cubic feet, up 4.2% year-on-year, with domestic sales at 1,709 billion cubic feet, up 4.9% [4] Future Outlook - The company maintains profit forecasts for 2025-2027 at 156.1 billion, 160.6 billion, and 166.9 billion, corresponding to PE ratios of 11X, 10X, and 10X, respectively, and maintains a "buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for China Petroleum (601857) [5] Core Views - The company's performance exceeded expectations, with a stable development in the natural gas business [5] - The overall revenue for the first three quarters of 2025 was 2,169.256 billion yuan, a year-on-year decrease of 3.9%, while the net profit attributable to shareholders was 126.3 billion yuan, down 4.9% year-on-year [5] - The company achieved a gross margin of 21.5% in Q3 2025, reflecting a 0.8 percentage point increase quarter-on-quarter [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2,969.207 billion yuan, with a year-on-year growth rate of 1.1% [4] - The net profit attributable to shareholders for 2025 is projected to be 156.142 billion yuan, representing a year-on-year decrease of 5.2% [4] - Earnings per share for 2025 is estimated at 0.85 yuan [4] - The company’s oil and gas production reached 1.377 billion barrels of oil equivalent in the first three quarters, a year-on-year increase of 2.6% [5] - The average oil price for Q3 2025 was approximately 64.2 USD per barrel, reflecting a quarter-on-quarter increase of 1.9 USD [5] Operational Insights - The refining segment showed improvement, with a processing volume of 1.041 billion barrels of crude oil in Q3 2025, a year-on-year increase of 0.4% [5] - The sales of refined oil products reached 12.0876 million tons in the first three quarters, a year-on-year increase of 0.8% [5] - The natural gas sales volume was 218.5 billion cubic feet, up 4.2% year-on-year, with a significant profit increase of 23.8% in the natural gas sales segment [5]

中 國 石 油 天 然 氣 股 份 有 限 公 司 PETROCHINA COMPANY LIMITED ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代號: 857) 出席 2025 年第一次臨時股東會回條 致：中國石油天然氣股份有限公司（「本公司」） 地址為 日期： 2025 年 月 日 簽署： 本人/吾等 1 （須與股東名冊上所載的相同）（電話號碼 2為 ） 乃 股 3本公司股本中每股面值人民幣 1 元的 A 股/H 股 4的註冊持有人。 本人/吾等擬出席（親身或委派代表）於 2025 年 12 月 18 日（星期四）上午 9 時正在中國北京市朝陽區 北四環中路 8 號北京北辰五洲皇冠國際酒店舉行之本公司 2025 年第一次臨時股東會及其任何延期召開 的會議，特此通知。 附註： 收集個人資料聲明 閣下是自願提供 閣下的姓名及地址，以用於處理 閣下出席（親身或委派代表）本公司股東會的相關事宜（「該等用 途」）。我們可能向就上述該等用途為本公司提供行政、電腦及其他服務的代理人、承辦商或第三方服務供應商，以及其 他獲法例授權而要求取得有關資料的人士或其他與上述所列出的該等用途有關以及需要接收有關資料之 ...

中 國 石 油 天 然 氣 股 份 有 限 公 司 PETROCHINA COMPANY LIMITED ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代號: 857) 2025 年 12 月 18 日（星期四） 2025 年第一次臨時股東會 之代表委任表格 | 與本代表委任表格有關之股份數目 1 | | --- | | 與本代表委任表格有關之股份類別 | | （A 股或 H 股）1 | 本人/吾等 2 地址為 (須與股東名冊上所載的相同)乃中國石油天然氣股份有限公司（「本公司」）之股東，茲委任臨時股東 會（如下文定義）主席或 3 地址為 日期： 2025 年 月 日 簽署 5： 附註： - 1 - 1. 請填上與本代表委任表格有關以 閣下名義登記之股份數目。如未有填上股數，則本代表委任表格將被視為與所有以 閣下名義登 記之本公司股份有關。亦請填上與本代表委任表格有關的股份類別（A 股或 H 股）。 2. 請用正楷填上全名（中文或英文名）及地址（須與股東名冊上所載的相同）。 3. 如擬委派臨時股東會主席以外之人士為代表，請將「臨時股東會（如下文定義）主席或」字樣刪去，並在空欄內填上 閣下擬委派 之代表 ...