格隆汇8月29日｜天风证券研报指出，中国石油上半年归母净利润840亿，Q2归母净利润372亿，上半年 分红0.22元/股。勘探开发板块，上半年国内原油产量同比+0.6%，天然气产量+4.7%。原油实现价格 66.2美元/桶，同比-11.2美元/桶。经营利润857亿，同比-62亿（同比-6.8%）。业绩波动显著好于油价同 比变化原因可能包括量增、原油操作成本和从价税下降。公司面临成品油达峰问题，炼油及销售板块积 极优化结构，天然气销售板块利润增长。按照去年52%分红比例，对应A股分红收益率5%，H股分红收 益率7%，维持"买入"评级。 MACD金叉信号形成，这些股涨势不错！ ...

Group 1 - The core point of the article is the appointment of Zhou Xinhuai as the new General Manager and Deputy Secretary of the Party Committee of China National Petroleum Corporation (CNPC) [1] - Zhou Xinhuai has been relieved of his duties as the General Manager and Deputy Secretary of the Party Committee of China National Offshore Oil Corporation (CNOOC) [1] - The appointment and removal of positions are conducted in accordance with relevant laws and regulations [1]

ESG Policies - The Central Committee and State Council of China issued an opinion to strengthen the national carbon market, aiming for comprehensive coverage of major industrial emission sectors by 2027 and full coverage of voluntary greenhouse gas reduction trading markets in key areas [1] ESG Investment - A new ESG green unicorn industry fund with a scale of 500 million RMB was launched, focusing on high-growth sectors such as intelligent manufacturing, AI, and new energy, utilizing diverse investment methods to support global development [2] - The Rongtong CSI Chengtong Central Enterprise ESG ETF Connect Fund was launched with a record issuance scale of 960 million RMB, indicating a significant increase in domestic investor recognition of sustainable investments [3] ESG Development - The National Energy Administration reported that renewable energy investments have become the dominant force in power investments, with over 80% of investment in key renewable energy projects expected in 2024, highlighting the acceleration of green energy transition in China's energy structure [4] - KPMG China noted that more companies are viewing ESG as a new engine for business growth, integrating it into core strategies rather than treating it as a compliance task, reflecting a significant evolution in corporate governance philosophy [5][6] ESG Actions - The chairman of China National Petroleum Corporation emphasized the need to advance the construction of large-scale renewable energy bases, focusing on diverse technologies such as geothermal, wind, and solar energy, showcasing the company's commitment to green transformation [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 1,450.1 billion yuan, down 6.7% year-on-year, and a net profit of 83.993 billion yuan, down 5.4% year-on-year [6] - The company aims to reduce costs and increase efficiency to withstand cyclical fluctuations in the oil market [6] - Future oil prices are expected to stabilize in the range of $60 to $70 per barrel, with an anticipated increase in oil and gas production contributing to improved performance in the upstream segment [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2,969.2 billion yuan, with a year-on-year growth rate of 1.1% [5] - Net profit forecast for 2025 is 156.142 billion yuan, reflecting a decrease of 5.2% year-on-year [5] - Earnings per share for 2025 is projected at 0.85 yuan [5] - The company plans to distribute a cash dividend of 0.22 yuan per share, totaling 402.65 billion yuan, with a payout ratio of 47.94% [6] Operational Highlights - The company achieved an oil and gas production of 924 million barrels of oil equivalent in the first half of 2025, up 2% year-on-year [6] - The average oil price in the first half of 2025 was $66.21 per barrel, down 14.5% year-on-year [6] - The refining segment's operating profit decreased by 18.9% year-on-year, with a total of 111 billion yuan [6] - Natural gas sales increased by 2.9% year-on-year, with a total of 1,515 billion cubic feet sold [6]

受中央组织部领导委托，中央组织部有关干部局负责同志宣布了党中央关于中国石油天然气集团有限公司总经理任职的决定：周心怀同志任中国石 油天然气集团有限公司董事、总经理、党组副书记，免去其中国海洋石油集团有限公司董事、总经理、党组副书记职务。相关职务任免，按有关法 律和章程的规定办理。 中国石油天然气集团有限公司2025年8月29日召开领导班子（扩大）会议。 ...

2025年8月29日，中国石油天然气集团有限公司召开领导班子（扩大）会议。受中央组织部领导委托， 中央组织部有关干部局负责同志宣布了党中央关于中国石油天然气集团有限公司总经理任职的决定：周 心怀同志任中国石油天然气集团有限公司董事、总经理、党组副书记，免去其中国海洋石油集团有限公 司董事、总经理、党组副书记职务。相关职务任免，按有关法律和章程的规定办理。 ...

中国石油天然气股份有限公司计划发行3年期美元债券为2026年到期票据再融资。 ...

Core Viewpoint - DBS reported that China Petroleum & Chemical Corporation (00857) slightly exceeded expectations in Q2 2025, with a net profit decrease of 13% year-on-year to 37 billion RMB, primarily due to a 20% drop in oil prices [1] Financial Performance - The net profit for Q2 2025 was 37 billion RMB, reflecting a 13% year-on-year decline [1] - Oil prices have stabilized in the range of 65-70 USD per barrel, which may alleviate concerns regarding downstream supply surplus [1] Dividend Information - China Petroleum's interim dividend is set at 0.22 RMB per share, which is better than expected [1] - The full-year dividend is anticipated to be 0.44 RMB per share, resulting in a dividend yield of 6.5% [1] Investment Rating - DBS maintains a "Buy" rating for the stock, with the target price raised from 7.3 HKD to 8 HKD [1] - The target price adjustment is based on an updated valuation model extending to the fiscal year 2026, along with a slight increase in downstream business valuation [1]

智通财经APP获悉，星展发布研报称，中国石油股份(00857)2025年第二季业绩略超预期，净利润同比下 降13%至370亿元人民币，主要受油价下跌约20%影响。该行认为，油价似乎稳定在每桶65-70美元区 间，市场关注下游供应过剩可能缓解。星展指，中石油中期股息每股0.22元人民币，好过预期;预期全 年股息为0.44元人民币，股息率达6.5%。维持对该股"买入"评级，目标价由7.3港元上调至8港元，因估 值模型已更新至2026财年，且下游业务估值略为调升。 ...

Group 1 - The core viewpoint emphasizes the importance of ensuring gas safety in schools during the back-to-school season, with a focus on creating a safe and comfortable learning environment [1][3] - The company, Lanling Kunlun Zhongde Gas Company, conducted comprehensive safety inspections at five schools in Linyi City, including Linyi University of Technology and Dongyuan Senior High School, to strengthen safety measures [1][3] - The inspections included detailed checks of gas pipelines, valve wells, pressure regulating equipment, and the overall gas usage environment within the schools, ensuring rigorous safety standards [3] Group 2 - The company has implemented a systematic approach to address any issues found during inspections, ensuring that schools promptly rectify problems and track the progress of these corrections [3] - Safety awareness was enhanced through direct engagement with school officials, where safety knowledge and emergency response measures were communicated [3] - Moving forward, the company plans to continue its gas safety inspections in schools, aiming to provide high-level gas services and create a safer, more efficient learning environment for students and teachers [3]