Core Viewpoint - The article discusses the current trends and developments in the investment banking sector, highlighting the impact of recent economic changes on market dynamics and investment opportunities [1] Group 1: Economic Trends - The investment banking industry is experiencing significant shifts due to rising interest rates and inflation, which are affecting deal-making activities [1] - There is a noted increase in mergers and acquisitions (M&A) as companies seek to consolidate and enhance their market positions amid economic uncertainty [1] Group 2: Market Opportunities - Investment banks are focusing on sectors such as technology and healthcare, which are expected to show resilience and growth potential despite broader economic challenges [1] - The demand for advisory services is increasing as companies navigate complex financial landscapes, creating opportunities for investment banks to expand their service offerings [1] Group 3: Challenges Ahead - Regulatory changes and geopolitical tensions are posing challenges for investment banks, potentially impacting their operational strategies and profitability [1] - Competition among investment banks is intensifying, leading to pressure on fees and margins, which could affect overall industry profitability [1]

1.1 本中期業績公告（半年度報告摘要）摘自中國石油天然氣股份有限公司 （「本公司」）二零二五年半年度報告全文，為全面了解本公司的經營成果、財務 狀 況 及 未 來 發 展 規 劃 ， 投 資 者 應 當 到 上 海 證 券 交 易 所 網 站 （ 網 址 https://www.sse.com.cn）、香港聯合交易所有限公司（「香港聯交所」）「披露易」 網 站 （ 網 址 https://www.hkexnews.hk ） 及 本 公 司 網 站 （ 網 址 https://www.petrochina.com.cn）仔細閱讀本公司二零二五年半年度報告全文。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED （於中華人民共和國註冊成立之股份有限公司） （於香港聯交所股票代碼：857；於上海證券交易所股票代碼：601857） 二零二五年中期業績公告（半年度報告摘要） 1 ...

BOARD AND MANAGEMENT INTERIM RESULTS PRESENTATION AUGUST 27, 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 rel ...

中银国际发布研报称，根据国际财务报告准则，中国石油化工股份(00386)上半年净利润同比下降36%至 238亿元人民币，比该行预期高出8%。差异主要源于其勘探生产部门和炼油部门的盈利以及来自联营公 司和合资公司的盈利高于预期。由于预期油价下跌，该行预计公司2025年下半年盈利将按季下降12%。 该行将2025-2027年盈利预测上调3-6%，并将目标价由4.59港元上调至4.78港元，重申"持有"评级。 ...

Core Viewpoint - The article highlights the effective implementation of the "Oil Benefit Double Wallet" campaign by the management team in Zhalantun, aiming to deliver tangible benefits to car owners while enhancing service at gas stations [1] Group 1: Campaign Implementation - The Zhalantun management team actively sought ways to ensure the "Oil Benefit Double Wallet" campaign was effectively executed, focusing on delivering real benefits to car owners [1] - The campaign includes a promotional offer where customers can receive a glass water and fuel vouchers for 30 yuan, with a more attractive option available for 84 yuan [1] Group 2: Service Transformation - The gas station employees transitioned from a passive approach of waiting for inquiries to a proactive strategy of actively informing customers about the promotional offers [1] - The use of an A4 paper to communicate the campaign details has proven effective, allowing employees to engage with customers and encourage them to take advantage of the offers [1] - This shift in service approach has resulted in positive customer feedback, with many expressing appreciation for the reminders about the useful discounts [1]

会上，张志鹏总会计师带领与会人员逐章逐条深入研读，重点剖析新旧条款的显著变化，特别是针对强 化会计监督、压实主体责任、规范会计行为、加大违法惩戒力度等关键修订内容进行了系统讲解。他结 合行业特性和公司实际运营，阐释了新法对公司会计核算、信息披露及内部控制的风险把控，为财务人 员精准把握法规精髓提供了清晰指引。 总会计师张志鹏亲自主持并领学，强调此次学习是适应国家法规新要求、夯实公司财务工作基石的迫切 任务。 在集体学习的基础上，各岗位结合日常工作中遇到的天然气暂估、加油卡对账、资产调拨、加油站交接 油品损耗处理、税务衔接及风险防控等具体疑难问题踊跃发言。张志鹏总会计师凭借深厚的专业积累和 丰富的实践经验，对每一个问题进行了耐心细致的解答，并分享了合规高效的实务操作思路。 为全面提升财务管理水平，规范会计核算，强化依法合规意识，2025年8月4日，济南公司组织财务部全 体人员开展新修订《中华人民共和国会计法》专题学习会。主要目的是规范会计行为，强化会计监督与 责任意识，提升会计管理水平。 围绕下一步工作，张志鹏总会计师要求：学习新《会计法》不能仅仅停留在理论层面，更要落实到实际 行动中。我们可以通过参加专业培训 ...

Group 1 - The core viewpoint is that traditional energy companies, such as China National Petroleum Corporation (CNPC), are accelerating their transition to renewable energy in response to the growing electricity demand from new energy vehicles (NEVs) [3] - CNPC has added 24 new charging stations this year, with a single-day charging volume exceeding 440,000 kilowatt-hours, indicating a significant increase in their operational capacity [3] - The company is focusing on enhancing the convenience of services in the new energy charging market and plans to continue expanding its charging station infrastructure [3] Group 2 - The "light-storage-direct-flexible" energy solution is being implemented at CNPC's charging stations, utilizing photovoltaic power generation for low-carbon operations [1] - The Beijing Wangjing South gas station has transformed a limited area of 247.5 square meters into 50 parking spaces, addressing local residents' parking and charging difficulties [1]

Core Viewpoint - China National Petroleum Corporation's Bohai Drilling Company has achieved significant success in international markets, showcasing its advanced engineering technology in complex geological conditions, contributing to the Belt and Road Initiative's energy cooperation [2] Group 1: Technological Innovations - The BH-GNB combination gamma instrument made its overseas debut in Bolivia, successfully completing drilling tasks for three wells with a total of 2,703 hours of operation and a record of 14 consecutive trips without failure [3] - The BH-GNB system integrates data decoding and depth tracking functions through a unified software platform, simplifying complex equipment connections on-site [3] - In Iraq's Missan oil field, Bohai Drilling successfully applied a new cement slurry system for the first time, achieving "quality" standards in solid casing for the FQCS-105 well, overcoming significant geological challenges [4] Group 2: Operational Efficiency - The innovative dual packer acidizing technique was successfully applied for the first time in the Missan oil field, significantly reducing the operation time from an average of 29.9 days to just 13.4 days for the BUCN-217D well [5] - The new technique allows for precise targeting and layered treatment of multiple oil layers, enhancing operational efficiency [5] - Bohai Drilling's recent breakthroughs in high-end logging instruments, complex solid casing, and efficient acidizing processes demonstrate its strong R&D capabilities in addressing global challenges such as high temperature, high pressure, and multi-layer operations [5]

智通财经APP获悉，中银国际发布研报称，根据国际财务报告准则，中国石油化工股份(00386)上半年净 利润同比下降36%至238亿元人民币，比该行预期高出8%。差异主要源于其勘探生产部门和炼油部门的 盈利以及来自联营公司和合资公司的盈利高于预期。由于预期油价下跌，该行预计公司2025年下半年盈 利将按季下降12%。该行将2025-2027年盈利预测上调3-6%，并将目标价由4.59港元上调至4.78港元，重 申"持有"评级。 ...

Core Insights - In July, the company achieved a completion rate of 109% in line with the annual work meeting spirit of Shandong Company, ranking third in the province with a year-on-year sales increase of 10% and a market share growth of 4.5% [1] - The company implemented a "quality improvement action" to strengthen its existing customer base by enhancing marketing tools and launching high-cost performance new products [1] - The "customer expansion action" focused on developing new customer segments, particularly targeting driving schools, wedding car fleets, and rental platforms [1] - The "customer retention action" aimed at migrating existing customers, achieving a retention rate of over 53% through innovative marketing strategies [2] - The "innovation action" emphasized cross-industry cooperation, including initiatives like car purchase promotions with fuel card giveaways [2] Group 1 - The company set a target to outperform the market and competitors, achieving a sales increase of 10% year-on-year and a market share growth of 4.5% [1] - The marketing strategy included a combination of basic, seasonal, and surprise products to maintain customer engagement, resulting in a 5.7% increase in active customer scale [1] - The company adopted a proactive marketing model at highway stations to enhance customer service and fuel sales [1] Group 2 - The company implemented a structured approach to retain customers during station closures, achieving a customer retention rate of over 53% [2] - The strategy involved a three-phase service model to guide customers through the closure process, ensuring effective communication and incentives [2] - The company explored partnerships with external entities, such as car purchase promotions and collaborations with ride-hailing services, to enhance customer engagement [2]