高盛发布研报称，维持中国石油股份(00857,601857.SH)"买入"评级，因集团的现金流在布伦特油价低于 每桶60美元时，仍足以覆盖基本的资本开支及股息，且自由现金流及股息收益率具吸引力。该行又预期 油价疲弱下，中石油的自由现金流仍将保持韧性，集团的估值在全球同业中亦处低位。现予H股目标价 8.6港元，A股目标价11.8元人民币。 该行称，中石油第三季EBITDA及净利润分别同比跌5%及4%，表现具韧性，相比起同期布伦特原油价 格跌幅达13%。期内EBITDA较该行预期高3%，或受到上游业务与天然气销售业务的优异表现带动。首 三季资本开支达该行全年预期的65%，略高于过往平均水平的61%;同期现金流亦达该行全年预期的 125%，对比过往平均水平为108%。 ...

Group 1 - The company announced a share buyback plan, intending to repurchase 365.2 million H-shares at a cost of HKD 15.1248 million, with a price range of HKD 4.11 to 4.17 per share [1] - Additionally, the company spent RMB 62.2883 million to buy back 11.4001 million A-shares, with a repurchase price between RMB 5.43 and 5.50 per share [1]

Core Viewpoint - The Hong Kong stock market experienced a decline in October, with all three major indices ending the month lower after a brief rise at the beginning. The Hang Seng Index fell by 3.53%, the Hang Seng China Enterprises Index dropped by 4.05%, and the Hang Seng Tech Index saw the largest decline at 8.62. The Hang Seng Index fell below the 26,000-point mark, while the Hang Seng Tech Index fell below 6,000 points [1]. Sector Performance - The coal, port transportation, oil, and airline sectors showed positive performance, with China Eastern Airlines rising by 19.8%, China Southern Airlines increasing by 12.5%, and China Petroleum gaining over 13%. China National Offshore Oil Corporation rose nearly 4%. In the coal sector, China Coal Energy surged nearly 18%, while China Shenhua Energy increased by 12% and Shougang Resources rose by 9.7% [1]. - Conversely, the Apple concept stocks, biopharmaceuticals, domestic real estate, automotive, and semiconductor sectors experienced significant declines. Highway Electronics led the Apple concept sector with a drop of 20.7%, followed by Sunny Optical with a decline of 16.8% and Q Technology down by 15.8%. In the automotive sector, Li Auto fell by 21.35%, Leap Motor dropped by 12.13%, and BYD shares decreased by 8.7%. Although SMIC reached a new high during the month, it still fell by 5.7% [1]. Large Technology Stocks - Among large technology stocks, Xiaomi saw a significant drop of 20%, Kuaishou fell by 14.48%, Baidu decreased by 11.71%, NetEase dropped by 8.36%, JD.com fell by 7.87%, Alibaba decreased by 6.72%, Tencent dropped by 5.13%, and Meituan fell by 2.39% [1].

每经AI快讯，民生证券10月31日发布研报称，给予中国石油（601857.SH，最新价：9.15元）"推荐"评 级。评级理由主要包括：1）成品油销售和天然气销售是Q3利润环比增长的主要驱动；2）勘探业务生 产经营稳健，油价环比提升；3）天然气销售效益提升显著；4）炼化业务深入推进转型升级；5）销售 业务边际改善，彰显营销策略成效。风险提示：原油价格大幅波动的风险，化工品所需原材料价格上涨 的风险，需求复苏不及预期的风险。 每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ （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 ...

美银发布研报称，中国石油股份(00857)首三季税后利润同比跌5%至1,260亿元人民币，单计第三季同比 跌4%至423亿元人民币，按季升14%胜预期，受显著增长的天然气销售利润推动。首三季资本开支同比 跌5%至1,770亿元人民币，为全年指引的68%。该行上调对中石油明年及后年税后利润预测1%，H股目 标价由8港元上调至8.5港元，重申H股"买入"投资评级，基于预测今年6厘股息率。 ...

Core Points - The event "Henan Province Urban Gas 'Entering Enterprise Management' and China Petroleum and Natural Gas Winter Supply Exchange Activity" was held in Zhengzhou Airport, co-hosted by China Petroleum and Natural Gas Sales Henan Company and the Henan Provincial Urban Gas Association [1] - China Petroleum and Natural Gas Sales Henan Company plays a crucial role in ensuring stable gas supply across the province, contributing to economic development and public welfare [3] - The company aims to enhance supply responsibility and improve the supply system, focusing on preparations for the winter gas peak to ensure warmth for the public and support high-quality economic development in Henan [3] - The event facilitated in-depth discussions on gas enterprise management and winter supply, with participants sharing innovative achievements in safety management, operational optimization, and standardization [3] - Representatives from various companies recognized China Petroleum's efforts in resource assurance and customer service, expressing a collective willingness to strengthen supply security [3] - The exchange activity established a high-level dialogue platform for the industry, highlighting the company's leadership in promoting regional gas development and enhancing winter supply capabilities [3] - Moving forward, the company will continue to leverage its resources, technology, and management advantages to foster high-quality, safe, and intelligent development in the Henan gas industry [4]

Core Viewpoint - Bank of America reports that China Petroleum & Chemical Corporation (00857) experienced a 5% year-on-year decline in net profit for the first three quarters, totaling 126 billion RMB, with a 4% decline in the third quarter to 42.3 billion RMB, although a 14% quarter-on-quarter increase exceeded expectations, driven by significant growth in natural gas sales profits [1] Financial Performance - The net profit for the first three quarters decreased by 5% to 126 billion RMB [1] - The third quarter net profit fell by 4% year-on-year to 42.3 billion RMB, but increased by 14% quarter-on-quarter [1] Capital Expenditure - Capital expenditure for the first three quarters declined by 5% to 177 billion RMB, representing 68% of the annual guidance [1] Future Outlook - Bank of America raised its forecast for the company's net profit for next year and the year after by 1% [1] - The target price for H-shares was increased from 8 HKD to 8.5 HKD, maintaining a "Buy" investment rating based on a projected dividend yield of 6% for this year [1]

RESULTS PRESENTATION OCTOBER 31, 2025 DISCLAIMER This presentation contains forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forward–looking terminology such as "believe", "expect", "anticipate", "estimate", "plan", "project", "target", "may", "will" or other similar words that express an indication of actions or results of actions that may or are expected to occur in the future. You should not place undue reliance on these forward-looki ...

中国石油（601857.SH）2025 年三季报点评 利润环比高增，行业龙头稳健性凸显 2025 年 10 月 31 日 ➢ 成品油销售和天然气销售是 Q3 利润环比增长的主要驱动。25Q3，公司实 现营业收入 7191.6 亿元，同/环比+2.3%/+3.2%；实现归母净利润 422.9 亿元， 同/环比-3.9%/+13.7%；扣非归母净利润为427.6亿元，同/环比-2.2%/+13.9%。 25Q3，公司总经营利润为 580.2 亿元，同/环比-8.0%/+11.9%，环比增幅主要 由销售、天然气销售业务贡献，二者经营利润分别为 40.6/126.5 亿元，环比 +61.3%/+147.2%，油气新能源/炼油/化工业务经营利润分别为 394.2/47.9/4.0 亿元，环比分别-0.4%/-6.3%/-28.8%。 ➢ 勘探业务生产经营稳健，油价环比提升。25Q3，公司实现油气当量产量 453 百万桶，同/环比+3.8%/-0.7%；其中，原油产量 238 百万桶、同/环比 +1.9%/+0.7%，天然气产量 12936 亿立方英尺（约 366 亿立方米）、同/环比 +6.1%/-2.2%。据 win ...

公司报告 | 季报点评 炼化经营利润环比-5 亿，化工板块持续低迷 Q3 原油加工量环比-3%，成品油产量环比-3%，其中汽柴煤油产量分别环比 -4%/-5%/+4%，乙烯产量环比+1%。炼化板块经营利润 52 亿，环比减少 5 亿，其中炼油业务环比-3 亿，化工业务环比-2 亿。 营销板块利润环比增长 Q3 成品油销售量环比+4.8%，汽柴煤油销量分别环比+11.1%/+0.2%/+4.2%， 其中国内销量环比-0.4%，Q3 经营利润 59 亿（环比+51 亿）。 Q3 归母净利润 423 亿，超市场预期！ 2025Q3 业绩超市场预期 公司 2025Q3 营收 7192 亿元，环比+3.2%，其中归母净利润 423 亿元，环 比+13.7%，油价环比微增 3%的情况下，公司业绩实现两位数以上的环比增 长，超出市场预期。 上游经营利润环比持平 2025Q3 原油产量环比+0.7%，天然气产量环比-2.2%；实现油价 64 美元（环 比+3%）；Q3 单位操作成本环比提升 15%，上游油气和新能源收入环比略 降 1%，经营利润基本持平。 中国石油（601857） 证券研究报告 天然气销售板块利润增长靠量增及 ...