作者 | 第一财经 郭霁莹 8月27日盘后，随着中国海油披露半年报，"三桶油"上半年业绩已全部披露完毕。中国石油、中国石 化、中国海油分别实现归母净利润840.1亿元、214.8亿元、695亿元，总计净赚1749.9亿元，相当于日赚 9.6亿元。不过，受上半年国际原油价格下行影响，三家公司净利润出现5%至40%不等跌幅，与去年同 期相比总利润减少了290.5亿元，相当于每天少赚约1.6亿元。 2025.08.27 ...

（文章来源：第一财经） 8月27日盘后，随着中国海油披露半年报，"三桶油"上半年业绩已全部披露完毕。中国石油、中国石 化、中国海油分别实现归母净利润840.1亿元、214.8亿元、695亿元，总计净赚1749.9亿元，相当于日赚 9.6亿元。不过，受上半年国际原油价格下行影响，三家公司净利润出现5%至40%不等跌幅，与去年同 期相比总利润减少了290.5亿元，相当于每天少赚约1.6亿元。 ...

油气及化工装备展区：大型压裂车组如钢铁巨兽般矗立，金刚石钻头折射出冷冽的光芒；新能源与新材料展区："绿电"流动模型在风光电沙盘上跃动；智 能算力展区：数字孪生平台将千里之外的油田作业场景实时投射。 在骄阳似火的八月，新疆克拉玛依这座以"油城"闻名的西部城市再度成为世界能源领域的焦点。第七届中国（克拉玛依）国际石油天然气及石化技术装备 展览会于8月13日至15日隆重举办，以"新驱动、新制造、新效能"为主题，3.3万平方米的展馆犹如一部立体的能源产业画卷，来自8个国家及19个省区市 的416家企业在此同台竞技，共同勾勒出中国能源装备创新的宏伟图景。 01 创新矩阵：从地下万米到绿色零碳 走进克拉玛依会展中心，六大特色展区星罗棋布，共同组成了能源装备的"创新矩阵"。 第七届中国（克拉玛依）国际石油天然气及石化技术装备展览会新疆油田展台。董雯 摄 中国石油展团以1620平方米的"大块头"阵容强势登场，14家企业携168件展品组成硬核方阵。展区现场，CCUS开井装置、制氢设备与燃料电池热电联供系 统一字排开。"这套系统实现绿电与制氢高效耦合，为油田提供'零碳'动力。"讲解员的声音吸引越来越多的人群驻足。新疆油田公司带来 ...

[Table_StockAndRank] 中国石油(601857.SH) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_A 刘红光 uthor 石化行业联席首席分析师 ] 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [油价Table_T 震荡下行 itle] ，上游及炼化业务短期拖累公司业绩 [Table_ReportDate] 2025 年 8 月 27 日 [Table_S 事件： ummary] 2025 年 8 月 26 日晚，中国石油发布 2025 年半年度报告。2025 年 上半年公司实现营业收入 14500.99 亿元，同比下降 6.74 ...

日前，中国石油(601857.SH)公告称，公司2025年半年度实现营业收入145万亿元，同比下降6.7%:实现 归属于上市公司股东的净利润840.07亿元，同比下降5.4%。拟派发2025年中期股息每股人民币022元(含 适用税项)，总派息额约人民币402.65亿元。小财注:Q1净利468亿元，据此计算，Q2净利372亿元，环比 下降20.55%。（智通财经） ...

Group 1 - The core viewpoint of the article highlights that China National Petroleum Corporation (CNPC) is making a significant investment of 40 billion in gas storage facilities, indicating a strategic shift towards natural gas despite a 5.4% decline in net profit [1][2] - The decline in overall performance is attributed to a 14.5% drop in crude oil prices, while natural gas sales increased by 4.2%, suggesting a potential growth area for the company [2] - The acquisition will add 10.97 billion cubic meters of working gas capacity, acting as a "stabilizer" for future performance, similar to characteristics seen in high-performing stocks [2] Group 2 - The article discusses the concept of "bull stocks" and how they often do not provide comfortable entry points for investors, emphasizing the importance of understanding market behavior [3][5] - A notable phenomenon observed is the "preemptive buying" behavior that occurs before the rise of bull stocks, which is a result of capital market dynamics [6][8] - The analysis of capital behavior through quantitative data serves as a tool to identify market trends, with CNPC's natural gas business growth amidst overall decline serving as a prime example [14] Group 3 - The article emphasizes that price movements are fundamentally driven by trading behavior, with CNPC's acquisition of gas storage being a strategic move to optimize future cash flow [9][14] - The insights drawn from the CNPC case suggest that true investment opportunities often lie outside mainstream narratives, as institutional investors may be positioning themselves in natural gas while retail investors chase after trending stocks [14]

Core Insights - China National Petroleum Corporation (CNPC) announced a significant asset acquisition worth over 40 billion yuan, aimed at enhancing the stability and competitiveness of its natural gas supply chain [1] - The company also reported its 2025 semi-annual performance, showing a decline in overall revenue and profit, but highlighted growth in natural gas sales [2][3] Group 1: Asset Acquisition - CNPC's subsidiary, Taihu Company, plans to establish three joint ventures to acquire 100% equity in three gas storage companies for a total of 400.16 billion yuan [1] - The acquisition will add 10.97 billion cubic meters of working gas capacity, improving the company's peak-shaving ability and overall efficiency of the supply chain [1] - The transaction is expected to significantly reduce related party transactions between CNPC and its group companies [1] Group 2: Financial Performance - As of the end of 2024, the three acquired gas storage companies reported net assets of 13.069 billion yuan, 7.904 billion yuan, and 10.467 billion yuan, with combined revenues of 4.643 billion yuan and net profits of 1.858 billion yuan [2] - In the first half of 2025, CNPC's total revenue was 1.45 trillion yuan, a decrease of 6.7% year-on-year, while net profit fell by 5.4% to 839.93 billion yuan [2] - Despite the overall decline, natural gas sales increased by 2.9% to 151.495 billion cubic meters, with domestic sales growing by 4.2% [2] Group 3: Shareholder Returns - CNPC plans to distribute a cash dividend of 0.22 yuan per share, totaling 40.265 billion yuan, to reward shareholders despite the challenging financial environment [3]

里昂发表研究报告指，中国石油次季业绩韧性超预期，其盈利跌幅超越中石化。除化工业务外，两间公 司次季销量的分化趋势都值得关注，该行预计有关差异可能在未来几季度进一步扩大。中国石油派息比 率按年提高6个百分点至48%，再次跑赢中石化，料受到市场欢迎。该行将中国石油H股目标价由8港元 上调至8.6港元，A股目标价由11.2元上调至11.9元，均予"跑赢大市"评级。该行的行业偏好顺序为中石 油、中海油及中石化。 ...

格隆汇8月27日｜里昂发表研究报告指，中国石油次季业绩韧性超预期，其盈利跌幅超越中石化。除化 工业务外，两间公司次季销量的分化趋势都值得关注，该行预计有关差异可能在未来几季度进一步扩 大。中国石油派息比率按年提高6个百分点至48%，再次跑赢中石化，料受到市场欢迎。该行将中国石 油H股目标价由8港元上调至8.6港元，A股目标价由11.2元上调至11.9元，均予"跑赢大市"评级。该行的 行业偏好顺序为中石油、中海油及中石化。 ...

智通财经APP获悉，里昂发布研报称，中国石油股份(00857)次季业绩韧性超预期，其盈利跌幅超越中国 石油化工股份(00386)。该行将H股目标价由8港元上调至8.6港元，A股(601857.SH)目标价由11.2元人民 币上调至11.9元人民币，均予"跑赢大市"评级。 除化工业务外，两间公司次季销量的分化趋势都值得关注，该行料有关差异可能在未来几季度进一步扩 大。派息比率同比提高6个百分点至48%，再次跑赢中石化，料受到市场欢迎。该行的行业偏好顺序为 中国石油、中国海洋石油(00883)及中石化。 ...