华泰证券发布石油化工2026年度展望：原油供需面阶段性承压，大宗周期品迎复苏拐点，新材料和新技 术亮点纷呈。2026年内需改善叠加出口支撑，且"反内卷"等助力供给优化，新一轮复苏有望到来，具备 全球竞争优势的优质化工资产或将迎来价值重估。 港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 消息上，近期港股市场上的"三桶油"（中海油、中石油、中石化）受到地缘政治、OPEC+政策以及国 内基本面的多重利好推动，股价表现强势。OPEC+本月初决定暂停2026年第一季度的原油增产计划， 以支撑油价。 11月19日，港股三桶油持续表现活跃，其中，中国石油化工涨3.38%领衔，且创今年8月以来新高，中 国石油股份涨2.6%，中国海洋石油涨2.36%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00386 | 中国石油化工股 | 4.590 | 3.38% | | 00857 | 中国石油股份 | 9.070 2.60% | | | 00883 | 中国海洋石油 | 22.320 2.39% | | ...

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00386 | 中国石油化工股 | 4.590 | 3.38% | | 00857 | 中国石油股份 | 9.070 2.60% | | | 00883 | 甲国海洋石温 | 22.320 2.39% | | 华泰证券发布石油化工2026年度展望：原油供需面阶段性承压，大宗周期品迎复苏拐点，新材料和新技 术亮点纷呈。2026年内需改善叠加出口支撑，且"反内卷"等助力供给优化，新一轮复苏有望到来，具备 全球竞争优势的优质化工资产或将迎来价值重估。 港股三桶油持续表现活跃，其中，中国石油化工涨3.38%领衔，且创今年8月以来新高，中国石油股份 涨2.6%，中国海洋石油涨2.36%。 消息上，近期港股市场上的"三桶油"（中海油、中石油、中石化）受到地缘政治、OPEC+政策以及国 内基本面的多重利好推动，股价表现强势。OPEC+本月初决定暂停2026年第一季度的原油增产计划， 以支撑油价。 ...

11月18日，四川省人民政府与中国石油天然气集团有限公司在成都签署战略合作协议。省委书记、省人 大常委会主任王晓晖，省委副书记、省长施小琳会见中国石油集团董事长、党组书记戴厚良一行，并共 同见证协议签署。 签署仪式上，副省长任京东与中国石油集团副总经理张道伟，分别代表双方签署《四川省人民政府中国 石油天然气集团有限公司战略合作协议》。根据协议，双方将立足推进川渝千亿方国家油气生产基地建 设，围绕油气资源勘探开发、石化产业绿色低碳转型发展、能源基础设施建设、油气科技创新平台打造 等领域开展务实合作，携手构建服务国家战略、提升企业效益、推动地方发展的能源开发新格局。 省委常委、秘书长陈炜，省直有关部门负责同志等参加会见或签署仪式。 会见中，双方围绕贯彻落实党的二十届四中全会精神，积极抢抓成渝地区双城经济圈建设等重大机遇， 就不断健全完善央地互利合作机制，加快推进川渝千亿方国家油气生产基地建设，共同推动能源供应保 障能力提升、能源产业建圈强链、关键核心技术攻关、新型能源体系构建，更好服务国家重大战略实 施、助力四川经济社会高质量发展等交换了意见。 ...

Core Viewpoint - The Sichuan Provincial Government and China National Petroleum Corporation (CNPC) signed a strategic cooperation agreement to enhance collaboration in the development of the Chengdu-Chongqing economic circle and establish a national oil and gas production base in the Sichuan-Chongqing region [1] Group 1: Strategic Cooperation - The agreement aims to strengthen the mutual cooperation mechanism between central and local governments [1] - Both parties will focus on advancing the construction of a national oil and gas production base with a target of producing 100 billion cubic meters [1] Group 2: Key Participants - The signing ceremony was attended by key officials including Wang Xiaohui, Secretary of the Provincial Party Committee, and Shi Xiaolin, Governor of Sichuan Province [1] - The agreement was signed by Vice Governor Ren Jingdong and CNPC Vice General Manager Zhang Dawei [1]

News Focus - The Ministry of Industry and Information Technology (MIIT) has announced a list of 34 enterprises and 30 products (technologies) to be included in the "National Industrial Power Demand Side Management Typical Cases (2025)" [2] - The MIIT has also publicized the list of members for the Green Low-Carbon Standardization Technical Committee to gather public opinions [2] Domestic News - The first "Hualong One" nuclear power unit with a cooling tower has commenced construction, expected to generate 50 billion kWh annually, meeting the electricity needs of approximately 5 million people and reducing coal consumption by about 15.27 million tons and CO2 emissions by around 46.2 million tons [2] - During the 14th Five-Year Plan period, Shanxi Province is set to establish over 80 provincial-level energy technology innovation platforms with an R&D investment of approximately 5 billion yuan [2] - The Xinjiang oilfield has injected over 2 million tons of CO2 in its carbon capture and storage project, marking significant progress in promoting green and low-carbon development [3] - The Tarim Oilfield's first gas storage facility has begun gas extraction, supplying about 60,000 cubic meters of natural gas per hour to the southern Xinjiang pipeline [3] - The Daqin Railway has maintained a high coal transportation volume, exceeding 1.2 million tons daily, with a total coal transport of 21.17 million tons in November [3] International News - Two nuclear power plants in Ukraine have been operating at reduced capacity for ten days due to damage to a substation from military attacks, highlighting the importance of reliable external power for nuclear safety [4] Company News - China National Petroleum Corporation (CNPC) has established a new company focused on electricity, aiming to integrate internal power generation and consumption resources to build a comprehensive energy supply system centered on the electricity value chain [5] - The Gansu Electric Power Investment Zhangye Power Plant has officially commenced operation of its newly expanded 2×1000 MW coal-fired units, contributing to the clean energy base in the Hexi Corridor [5]

中国石油化工股份回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.18 | 553.20 | 4.480 | 4.420 | 2453.55 | | 2025.11.17 | 378.80 | 4.440 | 4.390 | 1673.84 | | 2025.11.14 | 674.00 | 4.450 | 4.400 | 2982.11 | | 2025.11.13 | 346.80 | 4.450 | 4.390 | 1530.39 | | 2025.11.12 | 370.80 | 4.490 | 4.390 | 1652.10 | | 2025.11.11 | 425.60 | 4.410 | 4.340 | 1861.28 | | 2025.11.10 | 407.20 | 4.400 | 4.300 | 1779.63 | | 2025.11.07 | 317.20 | 4.300 | 4.250 | 1356.73 | | 2025.11.06 ...

中国石油化工股份(00386)发布公告，于2025年11月18日，该公司斥资2453.55万港元回购553.2万股H股 股份，每股回购价4.42-4.48港元；斥资1090.47万元人民币回购188.61万股A股股份，每股回购价5.76- 5.81元人民币。 ...

智通财经APP讯，中国石油化工股份(00386)发布公告，于2025年11月18日，该公司斥资2453.55万港元 回购553.2万股H股股份，每股回购价4.42-4.48港元；斥资1090.47万元人民币回购188.61万股A股股份， 每股回购价5.76-5.81元人民币。 ...

格隆汇11月18日丨中国石油化工股份(00386.HK)发布公告，2025年11月18日耗资2453.55万港元回购 553.2万股，回购价格每股4.42-4.48港元。 ...

另外，公司指引2025年资本开支为2,620亿元人民币，同比下降5%，是三年来首次出现同比下跌，加上 净负债比率处于低位，该行认为公司确实有空间提高全年派息率，而去年派息率为52%。 里昂发布研报称，中国石油股份(00857)股价早前创新高，逼近9港元关口，是过去三年油价下跌期间未 见过的水平。该行将中石油H股目标价由8.8港元升至10港元，A股(601857.SH)目标价由12元升至13.7元 人民币，均予"跑赢大市"评级。 该行认为，公司第三季业绩稳健，即使油价在今年余下时间维持在约每桶60美元水平，仍有望超越市场 的全年业绩预期。虽然近期股价上升，预期全年股息率仍能达6%，为投资者提供防御性选择。 ...