Core Viewpoint - Sinopec's performance in Q3 2025 is expected to remain weak, with no signs of improvement in downstream operations, and potential increase in impairment losses compared to the same period last year [1] Company Summary - Sinopec's H-share and A-share target prices have been lowered to HKD 4.4 and RMB 6, respectively, from HKD 4.5 and RMB 6.3, while maintaining an "Outperform" rating [1] - Among China's three major oil companies, Sinopec is ranked third in preference, with PetroChina as the top choice and CNOOC as the second [1]

Group 1 - The core viewpoint of the report indicates that the oil and petrochemical industry in China is currently experiencing a prolonged downturn due to "involution" competition, but there is potential for a turnaround through policy measures aimed at high-quality transformation and capacity exit [1][2][3] - During the "14th Five-Year Plan" period, the industry faced significant challenges, including overcapacity in low-end products and insufficient high-end offerings, leading to a situation where production increases did not translate into profit growth [17][22] - The report forecasts that oil prices will have a strong bottom support, with Brent crude oil expected to trade in the range of $60-65 per barrel by 2026, driven by steady demand growth and OPEC+ production adjustments [1][3] Group 2 - The report highlights that the refining sector is undergoing significant changes, with leading companies expected to benefit from the exit of outdated capacities and improved profitability due to stricter tax regulations and effective price guidance [2][3] - In the PTA industry, the report notes that the market is highly concentrated, and self-regulation may lead to spontaneous production cuts, which could improve the overall supply-demand balance [3][4] - The trend towards lightweight materials and the substitution of plastics for steel is expected to drive growth in the modified plastics sector, with companies focusing on high-value specialty engineering plastics [4][3]

Group 1 - The core project of China's petrochemical industry, the Guangxi Petrochemical Ethylene Project, successfully commenced production on October 30, with a total investment exceeding 30 billion yuan [1] - This project is the largest million-ton ethylene project in Southwest China, marking a significant milestone in the transition from refining to integrated refining and chemical production for China National Petroleum Corporation (CNPC) [1] - The project features a 1.2 million tons/year ethylene unit and includes 16 main production facilities, with innovations such as the world's largest diesel adsorption separation unit, improving raw material utilization efficiency by over 15% compared to traditional processes [1] Group 2 - The project is expected to reduce oil products by 3.49 million tons annually and increase chemical products by 3.06 million tons, addressing domestic supply gaps in functional rubber and high-end membrane materials [1] - The project aims to transform Guangxi from basic chemicals to high-end chemical new materials, supporting the creation of a trillion-yuan industrial cluster aimed at the ASEAN market [2] - CNPC plans to focus on market demand, management enhancement, and technological breakthroughs to fully release chemical product capacity, contributing to national energy security and the establishment of a modern industrial system [2]

Core Viewpoint - The company, China Petroleum Engineering Co., Ltd., reported a total new contract amount of 99.216 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 5.25% [6]. Financial Data - The financial report for the third quarter of 2025 is unaudited [3][8]. - The company has a guarantee balance of approximately 45.191 billion yuan, which accounts for 170.46% of the audited net assets as of December 31, 2024 [7]. Contract Information - The new contracts signed are categorized as follows: - Domestic contracts: 73.952 billion yuan (74.54%) - Overseas contracts: 25.264 billion yuan (25.46%) - Oil and gas field surface engineering: 24.218 billion yuan (24.41%) - Pipeline and storage engineering: 24.750 billion yuan (24.95%) - Refining and chemical engineering: 20.656 billion yuan (20.82%) - Emerging businesses and future industries: 28.015 billion yuan (28.23%) - Other businesses: 1.577 billion yuan (1.59%) [6]. Investor Communication - The company will hold a performance briefing on November 20, 2025, from 14:00 to 15:00, to discuss the third-quarter results and address investor questions [12][13]. - Investors can submit questions from November 13 to November 19, 2025, through the Shanghai Stock Exchange Roadshow Center [10][14].

10月30日，国家石化产业规划布局重大项目——中国石油广西石化乙烯工程今天在广西钦州港一次投产 成功，这是我国在西南地区建成的最大的百万吨级乙烯工程。 ...

Core Viewpoint - The three major oil companies in Hong Kong, namely China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), have shown resilience in their stock performance despite broader market trends, with significant profit reports for the third quarter [1][2]. Group 1: Financial Performance - CNPC reported a net profit attributable to shareholders of 42.29 billion yuan, leading the profitability rankings among the three companies [2]. - The combined profit for the three companies in the third quarter reached 83.23 billion yuan, averaging a daily profit of 900.5 million yuan [2]. Group 2: Production and Sales Growth - With the onset of the heating season, natural gas production and sales for the three major oil companies have seen notable increases [1]. - CNOOC's natural gas production increased by 11.6% year-on-year in the first three quarters [2]. - Sinopec's natural gas production reached 31.1 billion cubic meters, reflecting a year-on-year growth of 4.9% [2]. - CNPC's marketable natural gas production grew by 4.6% year-on-year, with domestic production increasing by 5.2% [2].

港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 消息上，中国石油、中国石化、中国海油等相继公布了三季报，整体表现还是很稳健的。其中，中国石 油以422.9亿元归母净利润居盈利榜首。三家公司三季度合计盈利832.3亿元，相当于日赚9.05亿元。随 着采暖季到来，"三桶油"天然气产销量明显增长。前三季度，中国海油天然气产量同比增长11.6%；中 国石化天然气产量311亿立方米，同比增长4.9%；中国石油可销售天然气产量同比增长4.6%，其中国内 产量同比增长5.2%，保持较快增长势头。 | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00857 | 中国石油股份 | 8.120 1.88% | | 00386 | 中国石油化工股 | 4.130 0.24% | | 00883 | 中国海洋石油 | 20.060 0.20% | 10月31日，港股三桶油逆势上涨，其中，中国石油股份涨约2%，中国石油化工、中国海洋石油跟涨。 ...

港股三桶油逆势上涨，其中，中国石油股份涨约2%，中国石油化工、中国海洋石油跟涨。 消息上，中国石油、中国石化、中国海油等相继公布了三季报，整体表现还是很稳健的。其中，中国石 油以422.9亿元归母净利润居盈利榜首。三家公司三季度合计盈利832.3亿元，相当于日赚9.05亿元。 随着采暖季到来，"三桶油"天然气产销量明显增长。前三季度，中国海油天然气产量同比增长11.6%； 中国石化天然气产量311亿立方米，同比增长4.9%；中国石油可销售天然气产量同比增长4.6%，其中国 内产量同比增长5.2%，保持较快增长势头。(格隆汇) | 代码 | 名称 | | 最新价 涨跌幅 v | | --- | --- | --- | --- | | 00857 | 中国石油股份 | 8.120 | 1.88% | | 00386 | 中国石油化工股 | 4.130 | 0.24% | | 00883 | 甲国海洋石油 | 20.060 | 0.20% | ...

证券研究报告 | 2025年10月31日 中国石油（601857.SH） 优于大市 天然气板块盈利大幅改善，第三季度归母净利润 423 亿元 2025 年单三季度归母净利润 423 亿元，业绩超预期。2025 年前三季度公司 实现营收 2.17 万亿元（同比-3.9%），主要由于原油、成品油价格下降；实 现归母净利润 1262.8 亿元（同比-4.9%），实现扣非归母净利润 1268.7 亿 元（同比-6.4%）。2025 年第三季度公司实现营收 7191.6 亿元（同比+2.3%， 环比+3.2%），实现归母净利润 422.9 亿元（同比-3.9%，环比+13.7%），实 现扣非归母净利润 427.6 亿元（同比-2.0%，环比+13.9%），业绩超预期。 原油产量稳中有升，加快新能源业务发展。2025 年前三季度公司油气与新能 源板块实现经营利润 1251.0 亿元（同比-13.3%），主要由于原油销售价格 下降，实现油气当量产量 1377.2 百万桶油当量（同比+2.6%），其中原油产 量 714.3 百万桶（同比+0.8%），原油平均实现价格 65.6 美元/桶（同比 -14.7%），油气单位操作成本 ...

Core Insights - The Guangxi Petrochemical Ethylene Project marks the successful transition of China National Petroleum Corporation (CNPC) from refining to integrated refining and chemical production, establishing the largest million-ton ethylene project in Southwest China [1][2] - The project has a total investment of over 30 billion RMB and features the world's largest diesel adsorption separation unit, improving raw material utilization efficiency by over 15% compared to traditional processes [1] - The project includes the first set of proprietary technologies for producing 80,000 tons/year of SBS and 120,000 tons/year of functionalized styrene-butadiene rubber, along with other key facilities [1] Investment and Production Impact - The Guangxi Petrochemical Ethylene Project consists of a core ethylene unit with a capacity of 1.2 million tons/year, along with 14 chemical units and 2 refining units [2] - Upon production, the project is expected to reduce oil products by 3.49 million tons and increase chemical products by 3.06 million tons annually, addressing domestic supply gaps in high-end polyolefins, functionalized rubber, and advanced membrane materials [2] - The project achieves 100% green electricity for its new power consumption, with energy consumption indicators for refining and ethylene units exceeding national benchmark standards, contributing to China's dual carbon goals [2]