Core Viewpoint - China National Petroleum Corporation (CNPC) has made a significant advancement in perovskite solar cell technology with the launch of its first perovskite module photovoltaic demonstration power station in Qinghai, marking a key step in the research and industrial application of this technology [1] Group 1: Project Details - The demonstration power station, located at an altitude of 2800 meters in the Qaidam Basin, has a peak installed capacity of 101.8 kilowatts [1] - The power station utilizes perovskite modules developed in collaboration with Shenzhen Institute and self-developed Kunpeng inverters, creating an off-grid energy storage and supply system [1] Group 2: Environmental Impact - The power station is expected to generate an average annual electricity output of 181,000 kilowatt-hours, reducing diesel consumption by 36 tons and carbon dioxide emissions by 113 tons annually [1] - The proportion of green electricity used for production at the well site is projected to exceed 95% throughout the year [1] Group 3: Technological Capabilities - Shenzhen Institute has established a comprehensive technical capability covering perovskite module research and development, photovoltaic station design, and operation and maintenance [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [2][5][7]. Core Views - The company has demonstrated stable operating performance, with a focus on enhancing long-term investment value. Despite a year-on-year decline in revenue and net profit, the company is expected to benefit from its competitive advantages across the entire industry chain [5][10]. - The report highlights the company's oil and gas production growth, with an increase in natural gas contribution and ongoing upgrades in refining and chemical sectors, which are expected to enhance profitability [5][10]. - The valuation adjustments reflect a cautious outlook on international oil prices, while still recognizing the company's strong refining segment [7][10]. Financial Performance Summary - For the first half of 2025, the company reported total revenue of RMB 1,450.099 billion, a decrease of 6.74% year-on-year, and a net profit attributable to shareholders of RMB 83.993 billion, down 5.42% [5][11]. - The average Brent crude oil price for the first half of 2025 was USD 71.87 per barrel, a decline of 14.5% compared to the previous year [10]. - The company’s oil and gas equivalent production reached 923.6 million barrels, reflecting a 2.0% increase year-on-year, with domestic crude oil production up by 0.6% and marketable natural gas production up by 4.7% [10][11]. Segment Performance - The refining segment reported an operating profit of RMB 9.664 billion, a decrease of 8.0% year-on-year, while the chemical segment saw a profit of RMB 1.392 billion, down significantly due to lower product prices [10]. - The company processed 694.3 million barrels of crude oil, a slight increase of 0.1%, and produced 5.9572 million tons of refined oil, a decrease of 0.9% [10]. Dividend and Capital Expenditure - The interim dividend for 2025 is set at RMB 0.22 per share, with a total payout of approximately RMB 40.265 billion, reflecting a payout ratio of 47.94%, an increase of 1.99 percentage points year-on-year [10]. - The total capital expenditure for 2025 is projected at RMB 262.2 billion, with a focus on oil and gas, renewable energy, refining, and chemical sectors [10].

在革命老区甘肃庆阳，一座现代化的炼化企业——中国石油天然气股份有限公司庆阳石化分公司（以下 简称庆阳石化），在税务合规经营方面树立了行业标杆。 近年来，国家税务总局庆阳市税务局引导企业诚信纳税，帮助企业实现链式合规，助力其完成从"老区 窑洞"到"城市型精品炼厂"的绿色转型。 诚信纳税：从"合规遵从"到"价值创造" 多年来，庆阳石化始终将"诚信纳税"作为企业经营的底线，坚持依法纳税、规范管理，严格遵守各项税 收法律法规，确保税款计算准确、申报及时、缴纳足额，连续多年纳税缴费信用等级被评为A级，2022 —2024年累计缴纳各项税费超220亿元。 "所谓'链式合规'，就是建立了供应商税务信用评价体系，将税务合规作为供应商准入的重要标准，推 动上下游企业共同构建合规生态。"韩永强介绍。 庆阳石化主动与税务机关建立常态化沟通机制，积极参与税收政策研讨，反馈行业诉求。2024年，庆阳 市税务局与企业联合开展"税收合规护航行动"，为区域内中小企业提供税务合规辅导，推动全行业健康 发展。 "合规经营不是'紧箍咒'，而是'护身符'。"庆阳石化财务部主任韩永强表示。庆阳石化作为国有大型企 业，合规经营、依法纳税不仅是企业应尽的 ...

Group 1 - The core viewpoint is that despite a decrease in national natural gas consumption in the first half of 2025, the company achieved a 6% year-on-year increase in natural gas sales from January to July this year, indicating resilience in a challenging market environment [2][4] - The company supplies over 60% of the natural gas in China, covering all 31 provinces, autonomous regions, and municipalities [2] - The company has implemented proactive supply guarantee measures in response to complex market conditions, including increasing gas supply to power plants during peak demand periods, resulting in over 10 billion cubic meters of gas supplied to gas-fired power plants during the summer peak [2][3] Group 2 - The number of gas supply customers is growing rapidly at an annual rate of 11%, exceeding 3,500 customers across 17 industries, including agriculture, electricity, and manufacturing [4] - The company is expanding its trading mechanisms, including annual contract transfers and LNG raw material gas trading, to enhance resource allocation efficiency [3] - Future plans include strengthening collaboration with upstream and downstream enterprises to contribute to national energy security and promote green and low-carbon development [4]

Market Performance - The Hang Seng Index rose by 262.13 points, an increase of 1.01%, closing at 26,200.26 points with a total turnover of HKD 288.21 billion [1] - The National Enterprises Index increased by 85.76 points, closing at 9,328.16 points, a rise of 0.93% [1] - The Hang Seng Tech Index gained 73.95 points, closing at 5,902.69 points, reflecting a growth of 1.27% [1] Blue Chip Stocks - Tencent Holdings increased by 1.04%, closing at HKD 633.5 [1] - Hong Kong Exchanges and Clearing rose by 1.37%, closing at HKD 444.6 [1] - China Mobile saw a rise of 0.35%, closing at HKD 87.05 [1] - HSBC Holdings increased by 1.95%, closing at HKD 104.4 [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 1.49%, closing at HKD 38.1 [1] - Sun Hung Kai Properties increased by 4.28%, closing at HKD 97.5 [1] - Henderson Land Development rose by 2.37%, closing at HKD 27.68 [1] Chinese Financial Stocks - Bank of China increased by 2.06%, closing at HKD 4.46 [1] - China Construction Bank rose by 2.84%, closing at HKD 7.97 [1] - Industrial and Commercial Bank of China increased by 1.87%, closing at HKD 6 [1] - Ping An Insurance rose by 0.69%, closing at HKD 56.55 [1] - China Life Insurance increased by 1.85%, closing at HKD 23.12 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.95%, closing at HKD 4.23 [1] - China National Petroleum Corporation increased by 0.81%, closing at HKD 7.45 [1] - CNOOC Limited saw a rise of 0.2%, closing at HKD 20.18 [1]

Core Viewpoint - Charitable trusts are emerging as a new model that integrates financial tools with public welfare goals, playing a significant role in serving national strategies and adjusting income distribution [1][4]. Group 1: Role of Charitable Trusts - Charitable trusts can effectively address national strategies by providing customized solutions for specific areas such as rural revitalization, common prosperity, and green development [5]. - The independent and sustainable management of charitable trusts allows for the perpetual operation of public welfare resources, enabling long-term investments in areas requiring sustained funding, such as renewable energy and ecological restoration [5][6]. - Charitable trusts serve as a cross-sector platform that integrates various stakeholders, including government, enterprises, and social organizations, to create a synergistic effect in resource allocation [5][7]. Group 2: Advantages for State-Owned Enterprises (SOEs) - SOEs possess significant funding and resource integration capabilities, allowing them to create large-scale public welfare funding pools through charitable trusts [7]. - The social credibility of SOEs provides a natural endorsement for charitable trusts, facilitating trust from the government, public, and beneficiaries [7][8]. - Charitable trusts enable SOEs to align their development outcomes with public welfare, thereby enhancing their role in promoting common prosperity [6][9]. Group 3: Challenges Faced by Charitable Trusts - There are challenges in aligning regulatory frameworks, as existing regulations may not fully accommodate charitable trusts within the scope of SOE donations [8]. - Public awareness and understanding of charitable trusts are limited, leading to high communication costs and low cooperation efficiency [8]. - The successful implementation of charitable trusts requires cross-disciplinary talents who are proficient in industry operations, charitable attributes, and trust mechanisms [8]. Group 4: Motivation for Establishing Charitable Trusts - Policy incentives drive SOEs to establish charitable trusts, as the government encourages new donation methods to support various social initiatives [9]. - The inherent responsibilities of SOEs necessitate their involvement in social welfare, making charitable trusts a strategic choice for fulfilling these obligations [9][10]. Group 5: Integration with Core Business - Charitable trusts can be integrated into the entire energy industry chain, addressing local issues such as education through targeted funding [10]. - SOEs can leverage their infrastructure to create a comprehensive public welfare network, ensuring long-term funding for charitable initiatives [10]. - This integration fosters a virtuous cycle where public welfare projects support business development, and business growth, in turn, enhances public welfare contributions [10].

Core Viewpoint - Morgan Stanley reiterates that "anti-involution" will be the thematic trade for the Chinese market over the next 18 to 24 months, with a broader scope than the previous supply-side reform [1] Group 1: Policy Insights - The "anti-involution" policy closely resembles the 2021 regulatory approach aimed at preventing disorderly capital expansion, but it has a wider range, focusing on streamlining local government endorsements and investment subsidies [1] - Three industrial ecosystems are affected by this policy, with renewable energy stocks prioritized due to their superior revenue structure compared to real estate and macro stocks, and stronger policy enforcement compared to e-commerce stocks [1] Group 2: Market Implications - The "anti-involution" policy is crucial for the Chinese stock market, as higher ROI is a prerequisite for the institutionalization process and market expansion of onshore stocks, benefiting large industry leaders [1] - A list of preferred Chinese stocks benefiting from the "anti-involution" policy includes Daqo New Energy, Hengli Petrochemical, CATL, Zhongsheng Holdings, Baosteel, SF Holding, GAC Group, PetroChina, and ZTO Express [1]

Core Viewpoint - Charitable trusts are emerging as a new model that integrates financial tools with public welfare goals, playing a significant role in serving national strategies and adjusting income distribution in the context of promoting common prosperity and deepening financial supply-side reforms [1][2]. Group 1: Role of Charitable Trusts - Charitable trusts can effectively mobilize various social resources through professional asset management, addressing public needs in areas like green development and inclusive finance, while enhancing the credibility of financial services through transparency [3][4]. - The unique characteristics of charitable trusts allow for targeted service models that align with specific national strategies, such as rural revitalization and ecological protection [4]. - Charitable trusts enable sustainable operation of public welfare resources through mechanisms like "retaining principal and using interest," allowing funds to serve strategic goals over extended periods [4][5]. Group 2: Integration and Collaboration - Charitable trusts serve as a cross-sector platform that integrates resources from government, enterprises, and social organizations, creating synergistic effects that enhance the effectiveness of public welfare initiatives [4][6]. - The ability of state-owned enterprises (SOEs) to link industrial resources through charitable trusts is crucial for addressing imbalances in development and pooling donation resources [4][6]. Group 3: Transparency and Accountability - The structured operation of charitable trusts, including professional management and regular disclosures, ensures that funds are accurately aligned with specific national strategic goals, thereby enhancing public trust in charitable activities [5][6]. Group 4: Advantages and Challenges for State-Owned Enterprises - SOEs possess significant advantages in establishing charitable trusts due to their stable funding and resource integration capabilities, which can create large-scale public welfare funding pools [6][8]. - The public credibility of SOEs provides a natural endorsement for charitable trusts, facilitating trust from the government and the public [6][8]. - Challenges include regulatory complexities and a general lack of understanding of charitable trusts among the public and within SOEs, which can hinder effective collaboration and implementation [8][9]. Group 5: Motivation for Establishing Charitable Trusts - Policy incentives are a primary driver for SOEs to establish charitable trusts, as the government encourages the development of such trusts to support various social initiatives [9][10]. - The inherent responsibilities of SOEs to fulfill political and social obligations necessitate their involvement in charitable activities, with charitable trusts serving as a key mechanism for achieving these goals [9][10]. Group 6: Integration with Core Business - Charitable trusts can be integrated into the core operations of SOEs, leveraging industry advantages to create sustainable public welfare initiatives that align with business objectives [10]. - By embedding charitable projects within the entire energy industry chain, SOEs can address local community needs while simultaneously enhancing their operational footprint [10].

记者团每到一处驻足细观，现代化的生产场景、前沿的科创成果都让记者们深刻感受到新质生产力在炼 化领域的生动实践。 走进"石化之光"展厅，详实史料与生动讲解交织，清晰梳理出大庆石化60余年的发展脉络、辉煌成就与 社会贡献。大家沉浸式感受企业以标杆担当打好能源保供攻坚战，朝着高质量发展目标"向'新'而行、 向'质'图强"的坚定步伐。 "这就像化工装置的'智慧大脑'！"一进化工区中控室，巨大电子屏与整齐控制台便吸引目光，操作人员 轻点鼠标，生产装置实时状态清晰呈现，讲解员介绍智能化技术在生产、管理、安全中的创新应用，大 家直观看到大庆石化以科技赋能推动炼化生产向高效、安全、智能迈进，现场讨论热烈。 乙烯二部E3装置区现场，钢铁丛林气势恢宏，据介绍，E3装置脱瓶颈及下游配套项目正在稳步推进 中，项目建成后，装置年产能将从66万吨提升至78万吨，能耗将进一步降低，充分彰显大庆石化持续提 质增效、追求高质量发展的决心。 来源：央广网客户端 央广网哈尔滨9月9日消息（记者李雪）9月9日，大庆石化公司举办向"新"而行、向"质"图强——中国石 油大庆石化公司2025年开放日活动。新华社、人民网、央广网等中央主流媒体及网站、省级重 ...

格隆汇9月9日｜香港交易所信息显示，摩根大通在中国石油化工股份的持股比例于09月04日从4.98%升 至5.02%，平均股价为4.1346港元。 ...