Core Viewpoint - DBS reported that China Petroleum & Chemical Corporation (00857) slightly exceeded expectations in Q3 performance, with a year-on-year profit decline of only 3.9% despite a 15% drop in oil prices [1] Group 1: Company Performance - The company's business model demonstrates resilience, making it a preferred stock in the industry [1] - The target price for China Petroleum has been raised from HKD 8.02 to HKD 8.8 [1] - The company is expected to maintain stable profits supported by a healthy oil price level of USD 65 per barrel and a recovery in downstream operations [1] Group 2: Dividend Outlook - The estimated dividend yield for the next two years is projected to be 6% [1]

Core Viewpoint - China Petroleum's stock has seen a continuous increase over four days, with a cumulative rise of 5.28% [1] Group 1: Company Overview - China Petroleum and Natural Gas Corporation is headquartered in Beijing and was established on November 5, 1999, with its stock listed on November 5, 2007 [1] - The company's main business includes exploration, development, production, transportation, and sales of crude oil and natural gas, as well as renewable energy [1] - Revenue composition: refining products 69.64%, crude oil 43.27%, natural gas 39.98%, chemical products 8.78%, other 7.00%, non-fuel sales at gas stations 0.86%, other income 0.04%, and pipeline transportation 0.03% [1] Group 2: Fund Holdings - Nord Fund has a significant holding in China Petroleum, with its fund Nord New Enjoy (004987) reducing its stake by 21,400 shares in Q3, now holding 167,300 shares, representing 4.94% of the fund's net value [2] - The fund has realized a floating profit of approximately 16,730 yuan today, with a total floating profit of 80,300 yuan during the four-day increase [2] Group 3: Fund Manager Information - The fund manager of Nord New Enjoy (004987) is Gu Yu, who has been in the position for 7 years and 315 days, managing assets totaling 271 million yuan [3] - The fund's performance during Gu Yu's tenure includes a best return of -4.87% and a worst return of -28.04% [3]

Core Points - Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.29% on November 4, with a trading volume of 70.587 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 3, the fund's latest share count was 225 million, with a total size of 231 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.16 billion yuan, with an average daily trading amount of 58.005 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 1.18% during the tenure [1] Holdings Summary - The top holdings of Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China Pacific Insurance (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Core Insights - The 41st Abu Dhabi International Petroleum Exhibition and Conference opened on November 3, attracting over 2,250 companies globally to discuss the future of energy and sustainable development [1] Group 1: Event Overview - The event is hosted at the Abu Dhabi National Exhibition Centre and spans four days [1] - The exhibition highlights the UAE's significant role in leading global energy dialogue and promoting energy security and sustainable development cooperation [1] Group 2: UAE's Commitment - UAE Vice President and Prime Minister Mansour bin Zayed Al Nahyan emphasized the country's ongoing investment in advanced technology, clean energy, and innovation to balance economic growth with environmental protection [1] - The UAE aims to continue driving energy transition through international cooperation [1] Group 3: Participation and Focus Areas - Approximately 330 Chinese enterprises and institutions, including China National Petroleum Corporation and China National Offshore Oil Corporation, are participating as core strategic partners [1] - The exhibition features 17 halls, with four key thematic areas: artificial intelligence and digital transformation, decarbonization, shipping and logistics, and a new section on chemicals and low-carbon solutions [1]

该行表示，中石油的业务模式具弹性，因此仍是行业首选股，重申"买入"评级，目标价由8.02港元上调 至8.8港元。 星展发表研究报告指，中石油第三季业绩略胜于预期，虽然油价按年下跌约15%，公司纯利仅按年跌 3.9%。该行预期，油价在每桶65美元的健康水平加上下游出现复苏，预计中石油的纯利将保持稳定并 支持其派息，估计未来两年股息率为6%。 ...

近日，中石油发布2025年第三季度报告，按国际财务报告会计准则，截至9月30日止3个月，该集团期内取得营业收入7191.57亿元（人民币，单位下同），同比增加2.3%；归属于母公司股东 高盛发布研报称，中石油第三季EBITDA及净利润分别同比跌5%及4%，表现具韧性，相比起同期布伦特原油价格跌幅达13%。期内EBITDA较该行预期高3%，或受到上游业务与天然气销售业务的 责任编辑：卢昱君 中国石油（00857）盘中涨超3%，截至发稿，股价上涨2.53%，现报8.50港元，成交额10.23亿港元。 ...

Group 1: Market Movements - Wanda Hotel Development (00169) saw a significant increase, rising over 20% during trading, attributed to an agreement with Sony's CPE for a 49% stake in Vampire Squid Productions, which operates the "Octonauts" IP [1] - Cat's Eye Entertainment (01896) rose over 5.3% following the announcement of the film "Demon Slayer: Infinity Castle Chapter One" set to release on November 14, with over 142,000 new views recorded on the platform [1] - Baidu Group-SW (09888) increased by 6.6% after its subsidiary reported over 250,000 orders completed by fully autonomous vehicles, marking a significant step in the commercialization of autonomous driving [1] - Semiconductor stocks experienced gains, with Huahong Semiconductor (01347) up 2.14%, Shanghai Fudan (01385) nearly 1%, and SMIC (00981) up 1.37%, driven by a continued demand for memory chips and price increases planned by several manufacturers [1] Group 2: Gold and Oil Stocks - Gold stocks continued to decline, with Lingbao Gold (03330) down 4.46% and China Gold International (02099) down 2.41%, as spot gold prices fell below $3,980 per ounce, a drop of over 9% from the high on October 20 [2] - Oil stocks rose, with PetroChina (00857) up 3.14% and Sinopec (00386) up 1.66%, following OPEC+'s announcement to pause production increases in Q1 2024, leading Morgan Stanley to raise its short-term oil price forecast [3] Group 3: Automotive and Technology Developments - Li Auto-W (02015) fell 3.3%, with a reported 38% year-on-year decline in new car deliveries for October, alongside a recall announcement for the MEGA 2024 model due to coolant issues [3] - Hesai Technology (02525) rose over 2% after announcing a strategic partnership with Guanghetong to develop a multi-modal perception and control solution based on lidar technology [3] Group 4: US Market Highlights - Atour (ATAT.US) increased by over 5.8%, supported by China's 14th Five-Year Plan aimed at boosting consumption [5] - NIO (NIO.US) rose over 2.3% with a 92.6% year-on-year increase in new car deliveries for October [5] - Micron Technology (MU.US) gained over 4.8% as Samsung paused DDR5 DRAM contract quotes, impacting the supply chain [5] - Nokia (NOK.US) rose over 3.4% following a $1 billion investment from Nvidia to accelerate AI-RAN innovations [6]

中银国际发布研报称，中国石油股份(00857.HK)第三季度盈利按季度增长14%至423亿元人民币，较该 行预测高7%，这一增长主要得益于天然气销售业务利润远超预期。展望未来，中银国际预计，受油价 下跌和入账更多成本的影响，中石油第四季获利将按季度减少29%，并将其2025至2027年盈利预期上调 2%，重申对中石油"买入"评级，并将目标价从8.59港元升至8.83港元。 投行对该股的评级以买入为主，近90天内共有1家投行给出买入评级，近90天的目标均价为9.11港元。 第一上海最新一份研报给予中国石油股份买入评级，目标价9.11港元。 机构评级详情见下表： | 股票代码 股票简称 │投行名称│ 发布日期│评级│目标价（港元） | | --- | | 00857.HK 中国石油股份 第一上海 2025-09-04 买入 9.11 | 中国石油股份港股市值1692.13亿港元，在石油开采Ⅱ行业中排名第1。主要指标见下表： | 指标 | 中国石油股份 | 石油开采II 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | 10.5% | -32.03% | 1 7 | | ...

Core Viewpoint - China Petroleum & Chemical Corporation (00857) reported a 14% quarter-on-quarter increase in profit for Q3, reaching 42.3 billion RMB, which is 7% higher than the forecast by CICC [1] Group 1: Financial Performance - The significant profit growth was primarily driven by the natural gas sales business, which exceeded expectations [1] - CICC anticipates a 29% quarter-on-quarter decrease in profits for Q4 due to falling oil prices and increased costs [1] Group 2: Future Outlook - CICC has raised its profit forecasts for China Petroleum for the years 2025 to 2027 by 2% [1] - The firm reiterated a "Buy" rating for China Petroleum and increased the target price from 8.59 HKD to 8.83 HKD [1]

Core Viewpoint - China Petroleum & Chemical Corporation (00857) reported a 14% quarter-on-quarter increase in profit for Q3, reaching 42.3 billion RMB, which is 7% higher than the forecast by CICC [1] Group 1: Financial Performance - The significant profit growth was primarily driven by the natural gas sales business, which exceeded expectations [1] - CICC anticipates a 29% quarter-on-quarter decrease in profits for Q4 due to falling oil prices and increased costs [1] Group 2: Future Outlook - CICC has raised its profit forecasts for China Petroleum for the years 2025 to 2027 by 2% [1] - The rating for China Petroleum remains "Buy," with the target price increased from 8.59 HKD to 8.83 HKD [1]