Core Viewpoint - China Petroleum has seen significant financing activity, with a net buy of 60.783 million yuan last week, indicating investor interest despite recent outflows [1] Financing Activity - Last week, China Petroleum had a financing buy amount of 512 million yuan and a repayment amount of 452 million yuan [1] - The company ranked 147th in net financing buy across the market [1] Capital Flow - Over the past 5 days, the main capital outflow from China Petroleum was 256 million yuan, with a price drop of 3.4% [1] - In the last 10 days, the total outflow reached 720 million yuan, with a decline of 5.11% [1] Company Profile - China Petroleum and Natural Gas Corporation was established in 1999 and is based in Beijing, primarily engaged in oil and gas extraction [1] - The registered capital of the company is 18.302 billion yuan, with a paid-in capital of 16 billion yuan [1] - The legal representative of the company is Dai Houliang [1] Investment and Intellectual Property - The company has invested in 1,285 enterprises and participated in 445 bidding projects [1] - It holds 38 trademark registrations and 5,000 patents, along with 168 administrative licenses [1]

Group 1 - The stock price of China Petroleum on August 4 was 8.47 yuan, down 0.47% from the previous trading day, with a trading volume of 971 million yuan and a turnover rate of 0.07% [1] - China Petroleum is a major oil and gas producer and supplier in China, involved in exploration, refining, transportation, trading, and engineering services, and is listed in Beijing, Shanghai, and Hong Kong [1] - The cumulative production of the Fengcheng oilfield in Xinjiang has surpassed 15 million tons, making it the largest shallow-layer heavy oil field in China, with enhanced production measures yielding an increase of 31,000 tons [1] Group 2 - On August 4, the net inflow of main funds into China Petroleum was 38.86 million yuan, with a cumulative net inflow of 33.29 million yuan over the past five days [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國石油天然氣股份有限公司（於中華人⺠共和國註册成立之股份有限公司） 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00857 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 21,098,900,000 | RMB | | 1 RMB | | 21,098,900,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 21,098,900,000 | RMB | | 1 RMB | | 21,098,90 ...

Market Overview - Hong Kong stocks opened lower but closed higher, with all three major indices ending in the green. The Hang Seng Index rose by 0.92% to 24,733.45 points, with a total turnover of HKD 234.68 billion [1] - The overall upward trend in Hong Kong stocks is considered healthy, shifting from previous risk-averse sentiment to improvements in fundamentals and positive policy expectations [1] Blue Chip Performance - New Oriental-S (02057) led blue-chip stocks, rising by 6.49% to HKD 36.58, contributing 2.7 points to the Hang Seng Index. Its revenue for the fourth fiscal quarter grew by 9.4% year-on-year, exceeding market expectations [2] - Other notable blue-chip performances included Zhongsheng Holdings (00881) up 5.59%, Lenovo Group (00992) up 4.95%, while Xinyi Glass (00868) fell by 5.87% [2] Sector Highlights - Gold stocks performed strongly due to lower-than-expected U.S. non-farm payroll data, with Shandong Gold (01787) rising by 10.7% and Chifeng Jilong Gold Mining (06693) up 8.89% [3] - Semiconductor stocks also saw significant gains, with Hua Hong Semiconductor (01347) up 8.69% and Shanghai Fudan (01385) up 5.66% [4] Stablecoin Sector - The stablecoin sector continued to decline, with Yunfeng Financial (00376) down 6.91% and Guotai Junan International (01788) down 6.48%. The Hong Kong Monetary Authority's new regulations on stablecoins are expected to delay the issuance of licenses until early 2026 [5][6] Notable Stock Movements - InnoCare Pharma (02577) surged by 30.47% after announcing a partnership with NVIDIA to promote a new power architecture for AI data centers [7] - Huajian Medical (01931) rose by 20.7% following a strategic cooperation agreement with BGI [8] - China Resources Medical (01515) fell by 15.58% due to a profit warning, expecting a decline of 20% to 25% in profit for the upcoming six months [9]

里昂指出中石化发布2025年上半年盈警，显示2025年第二季盈利能力较弱，反映内地石油下游(炼油与 化工)行业经营环境仍具挑战性。市场似乎预期中石化及其他中国炼油企业将受益于中国反内卷政策， 但该行认为其上行空间可能被高估。将中石化2025年至2027年财年预测下调4%至5%，以反映2025年第 二季疲弱的业绩表现。 里昂发布研报称，基于总和估值法，中国石油（601857）化工股份(00386)目标价从4.6港元下调至4.5港 元;中国石化（600028）(600028.SH)目标价相应从6.5元人民币下调至6.3元人民币。该行维持对中石化H 股和A股的"跑赢大市"评级，但需注意里昂对"三桶油"的偏好顺序为：中国石油股份(00857) 、中国海洋 石油(00883)，最后为中石化。 ...

Group 1 - The core viewpoint of the report indicates that Citibank has lowered the target price for China Petroleum & Chemical Corporation (Sinopec) from HKD 4.6 to HKD 4.5, and for Sinopec's A-shares from RMB 6.5 to RMB 6.3 [1] - Citibank maintains an "outperform" rating for both Sinopec's H-shares and A-shares, but highlights a preference order for the "Big Three" oil companies, ranking China Petroleum (00857) and CNOOC (00883) higher than Sinopec [1] - The report notes that Sinopec issued a profit warning for the first half of 2025, indicating weak profitability in Q2 2025, reflecting ongoing challenges in the domestic oil downstream (refining and chemicals) industry [1] Group 2 - The market seems to expect that Sinopec and other Chinese refining companies will benefit from China's anti-involution policies, but Citibank believes the upside potential may be overestimated [1] - The financial forecasts for Sinopec for the fiscal years 2025 to 2027 have been revised down by 4% to 5% to account for the weak performance expected in Q2 2025 [1]

知识宣讲，增强防范意识。鲁家峙油库组织在岗员工开展针对性强化培训，聚焦台风灾害特性、极端天 气下的安全操作规程、险情识别与紧急处置流程等关键内容，确保每一名员工都成为合格的"安全哨 兵"。 实战演练，检验应急反应能力。鲁家峙油库组织开展了多场景、实战化的防台防汛应急演练，有效检验 预案的可行性与队伍协同作战能力，为实战积累了宝贵经验。 中化新网讯 7月28日，为迎战今年第八号台风"竹节草"，中国石油浙江销售储运分公司鲁家峙油库 闻"风"而动，多举措推进各项防御工作，全力构筑安全屏障。 硬件加固，构筑实体防线。鲁家峙油库生产区内，重要管线、设备设施已全部完成专业绑扎和加固;露 天堆场物资全部完成防风固定与转移;排水沟渠全面疏通，应急抽水泵、沙袋等防汛物资定点就位，正 整装待发。 图为员工们在绑扎发油软管。 目前，鲁家峙油库已全面进入临战状态。该油库严格落实关键岗位24小时专人值守制度，全面加密安全 巡查频次，严密监控台风动态变化及库区实时状况，确保险情早发现、早报告、早处置。 ...

Group 1 - The Dalian Changxing Island Economic Development Zone and China National Petroleum Corporation (CNPC) Liaohe Oilfield Company held a negotiation meeting to discuss investment cooperation intentions regarding the Dalian Oil Exchange project and new energy projects [1] - The establishment of the Dalian Oil Exchange is expected to stimulate market vitality, attract diverse participants, and explore new paths and models for the development of the petrochemical industry [1] - The Liaohe Oilfield Company aims to leverage its resources to enhance the trading platform and explore innovative cooperation models in green energy and low-carbon technology [1] Group 2 - The West Zhongdao Development Group signed an investment intention agreement with Dalian Oil Exchange Co., Ltd. to develop a comprehensive service system for green methanol, green ammonia, and green aviation fuel [1] - The agreement focuses on creating a Northeast Asia green energy center, encompassing production, storage, trade, refueling, finance, and green certification across the entire industry chain [1]

针对2025年第二季，花旗预测中石油净利润按季下降约18%，按年下降8%，达到约385亿元，主要受原 油价格走低影响。该行仍将中石油视为中国油气股的首选标的。花旗维持中石油"买入"评级及目标价 8.2港元。 花旗预期，中石油凭借资源优势，将持续扩大其在天然气销售市场的份额。2025年第二季，中国管道天 然气进口量自2016年以来首次超越液化天然气(LNG)进口，2025年上半年管道天然气总量按年增长 10%，而LNG进口量则下降21%。管道天然气进口成本于5至6月降至1.82元/立方米，相比2025年4月为 1.94元/立方米，滞后跟随油价下跌，且该行预期下半年成本将进一步下降。此外，公司于2025年4月与 下游客户签订的有利合约修订，有效期自2025年4月至2026年3月，将支持中石油缩减进口天然气亏损并 维持稳健的天然气业务盈利。 ...

Core Viewpoint - Citigroup predicts that PetroChina's net profit for Q2 2025 will decline by approximately 18% quarter-on-quarter and 8% year-on-year, reaching around 38.5 billion RMB, primarily due to falling crude oil prices [1] Group 1: Company Performance - PetroChina's projected net profit for Q2 2025 is approximately 38.5 billion RMB, reflecting an 8% year-on-year decrease [1] - In contrast, Sinopec's preliminary earnings for the first half of 2025 are estimated to be between 20.1 billion and 21.6 billion RMB, indicating a quarter-on-quarter decline of 45% to 56% and a year-on-year decrease of 58% to 67% [1] Group 2: Investment Outlook - Citigroup maintains its "Buy" rating for PetroChina and sets a target price of 8.2 HKD [1] - Despite the projected decline in profits, PetroChina remains the preferred choice among Chinese oil and gas stocks according to Citigroup [1]