Core Viewpoint - The Hong Kong stock market experienced a decline in October, with all three major indices ending the month lower after a brief rise at the beginning. The Hang Seng Index fell by 3.53%, the Hang Seng China Enterprises Index dropped by 4.05%, and the Hang Seng Tech Index saw the largest decline at 8.62. The Hang Seng Index fell below the 26,000-point mark, while the Hang Seng Tech Index fell below 6,000 points [1]. Sector Performance - The coal, port transportation, oil, and airline sectors showed positive performance, with China Eastern Airlines rising by 19.8%, China Southern Airlines increasing by 12.5%, and China Petroleum gaining over 13%. China National Offshore Oil Corporation rose nearly 4%. In the coal sector, China Coal Energy surged nearly 18%, while China Shenhua Energy increased by 12% and Shougang Resources rose by 9.7% [1]. - Conversely, the Apple concept stocks, biopharmaceuticals, domestic real estate, automotive, and semiconductor sectors experienced significant declines. Highway Electronics led the Apple concept sector with a drop of 20.7%, followed by Sunny Optical with a decline of 16.8% and Q Technology down by 15.8%. In the automotive sector, Li Auto fell by 21.35%, Leap Motor dropped by 12.13%, and BYD shares decreased by 8.7%. Although SMIC reached a new high during the month, it still fell by 5.7% [1]. Large Technology Stocks - Among large technology stocks, Xiaomi saw a significant drop of 20%, Kuaishou fell by 14.48%, Baidu decreased by 11.71%, NetEase dropped by 8.36%, JD.com fell by 7.87%, Alibaba decreased by 6.72%, Tencent dropped by 5.13%, and Meituan fell by 2.39% [1].

Group 1 - The core viewpoint of the report is that Minsheng Securities has given a "recommended" rating to China Petroleum (601857.SH) with a latest price of 9.15 yuan, citing several reasons for this rating [1] Group 2 - The main drivers for the profit growth in Q3 are the sales of refined oil and natural gas [1] - The exploration business is operating steadily, with an increase in oil prices compared to the previous quarter [1] - There is a significant improvement in the profitability of natural gas sales [1] - The refining business is actively advancing its transformation and upgrading [1] - There is a marginal improvement in sales operations, reflecting the effectiveness of marketing strategies [1]

美银发布研报称，中国石油股份(00857)首三季税后利润同比跌5%至1,260亿元人民币，单计第三季同比 跌4%至423亿元人民币，按季升14%胜预期，受显著增长的天然气销售利润推动。首三季资本开支同比 跌5%至1,770亿元人民币，为全年指引的68%。该行上调对中石油明年及后年税后利润预测1%，H股目 标价由8港元上调至8.5港元，重申H股"买入"投资评级，基于预测今年6厘股息率。 ...

Core Points - The event "Henan Province Urban Gas 'Entering Enterprise Management' and China Petroleum and Natural Gas Winter Supply Exchange Activity" was held in Zhengzhou Airport, co-hosted by China Petroleum and Natural Gas Sales Henan Company and the Henan Provincial Urban Gas Association [1] - China Petroleum and Natural Gas Sales Henan Company plays a crucial role in ensuring stable gas supply across the province, contributing to economic development and public welfare [3] - The company aims to enhance supply responsibility and improve the supply system, focusing on preparations for the winter gas peak to ensure warmth for the public and support high-quality economic development in Henan [3] - The event facilitated in-depth discussions on gas enterprise management and winter supply, with participants sharing innovative achievements in safety management, operational optimization, and standardization [3] - Representatives from various companies recognized China Petroleum's efforts in resource assurance and customer service, expressing a collective willingness to strengthen supply security [3] - The exchange activity established a high-level dialogue platform for the industry, highlighting the company's leadership in promoting regional gas development and enhancing winter supply capabilities [3] - Moving forward, the company will continue to leverage its resources, technology, and management advantages to foster high-quality, safe, and intelligent development in the Henan gas industry [4]

Core Viewpoint - Bank of America reports that China Petroleum & Chemical Corporation (00857) experienced a 5% year-on-year decline in net profit for the first three quarters, totaling 126 billion RMB, with a 4% decline in the third quarter to 42.3 billion RMB, although a 14% quarter-on-quarter increase exceeded expectations, driven by significant growth in natural gas sales profits [1] Financial Performance - The net profit for the first three quarters decreased by 5% to 126 billion RMB [1] - The third quarter net profit fell by 4% year-on-year to 42.3 billion RMB, but increased by 14% quarter-on-quarter [1] Capital Expenditure - Capital expenditure for the first three quarters declined by 5% to 177 billion RMB, representing 68% of the annual guidance [1] Future Outlook - Bank of America raised its forecast for the company's net profit for next year and the year after by 1% [1] - The target price for H-shares was increased from 8 HKD to 8.5 HKD, maintaining a "Buy" investment rating based on a projected dividend yield of 6% for this year [1]

RESULTS PRESENTATION OCTOBER 31, 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 reliance on these forward-looki ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][6]. Core Insights - The company demonstrated strong profitability in Q3 2025, with a significant quarter-on-quarter profit increase driven by refined oil and natural gas sales [1][2]. - The exploration business showed stable production, with a slight increase in oil and gas equivalent output, while Brent crude oil prices experienced a minor recovery [2]. - The company is actively transforming its refining and chemical operations, with successful upgrades in key facilities contributing to improved operational efficiency [3]. - Sales strategies have been effective, leading to marginal improvements in product sales despite a declining market demand for refined oil [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 2,169.26 billion yuan, a year-on-year decrease of 3.9%, and a net profit attributable to shareholders of 126.28 billion yuan, down 4.9% year-on-year [1]. - In Q3 2025, the company achieved revenue of 719.16 billion yuan, with a quarter-on-quarter increase of 3.2%, and a net profit of 42.29 billion yuan, reflecting a 13.7% increase from the previous quarter [1][2]. Production and Sales - The company’s oil and gas equivalent production reached 453 million barrels in Q3 2025, with crude oil production at 238 million barrels and natural gas production at approximately 366 billion cubic meters [2]. - Natural gas sales volume increased to 67.1 billion cubic meters, showing a 7.1% year-on-year growth [2]. Refining and Chemical Operations - The company processed 346 million barrels of crude oil in Q3 2025, with a focus on upgrading its refining capabilities and enhancing product yields [3]. - The production of major chemical products such as ethylene and synthetic resin showed positive growth, indicating successful transformation efforts [3]. Future Outlook - The company is projected to achieve net profits of 159.8 billion yuan, 163.2 billion yuan, and 174.1 billion yuan for the years 2025, 2026, and 2027, respectively, with an estimated EPS of 0.87 yuan, 0.89 yuan, and 0.95 yuan [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - In Q3 2025, the company reported a revenue of 719.2 billion yuan, a quarter-on-quarter increase of 3.2%, and a net profit attributable to shareholders of 42.3 billion yuan, reflecting a quarter-on-quarter growth of 13.7%, exceeding market expectations despite a slight increase in oil prices [1] - The upstream operating profit remained stable, with crude oil production increasing by 0.7% quarter-on-quarter, while natural gas production decreased by 2.2% [2] - The refining segment saw a decrease in operating profit by 5 billion yuan, attributed to a 3% decline in crude processing volume and a 3% drop in refined oil production [3] - The marketing segment's profit increased significantly, with refined oil sales volume rising by 4.8% quarter-on-quarter, leading to an operating profit of 5.9 billion yuan, up by 51 billion yuan [4] - The natural gas sales segment experienced profit growth driven by increased sales volume and reduced costs, achieving an operating profit of 12.7 billion yuan, up by 7.5 billion yuan [5] Financial Forecasts - The report forecasts net profits attributable to shareholders for 2025-2027 at 150.9 billion, 169.2 billion, and 174.1 billion yuan respectively, with corresponding P/E ratios of 11, 9.8, and 9.6 for A-shares, and 8.1, 7.2, and 7.0 for H-shares [5] - The projected dividend yield for A-shares is 4.7% and for H-shares is 6.4% based on a 52% dividend payout ratio [5] Financial Data Summary - The company’s total revenue for 2025 is projected at 3,011,012 million yuan, with a growth rate of -5.54% [6] - The net profit attributable to shareholders for 2025 is estimated at 150,854.99 million yuan, reflecting a decline of 8.39% [6] - The earnings per share (EPS) for 2025 is expected to be 0.82 yuan, with a P/E ratio of 11.03 [6]

瑞银发布研报称，中国石油股份(00857)2025年前九个月净利润同比下降5%，至1,263亿元人民币;第三 季度录得423亿元人民币，同比下降4%，但按季上升14%，优于该行的预测。瑞银上调中石油目标价， 从9.3港元升至10.3港元。鉴于2025年第三季度业绩优于预期，小幅上调中石油2025年预测盈利2%，评 级"买入"。 展望2025年第四季度，瑞银预期，布伦特原油价格平均为63美元/桶;因国内天然气需求进入旺季，预期 天然气价格及销量均可上升。瑞银又认为，炼油及化工基本面可能面临一些压力;并建议关注年底时的 资产减值情况。 长期而言，瑞银预期中石油2026至2028年油价分别为每桶64美元、70美元及75美元，逐步趋稳并反弹; 国内天然气价格可能较海外价格更稳定，因国内天然气需求仍处增长状态;中石油下游炼油及化工细分 市场可受益于反内卷政策。 ...

Core Viewpoint - UBS reports that PetroChina's net profit for the first nine months of 2025 decreased by 5% year-on-year to 126.3 billion RMB, with a third-quarter profit of 42.3 billion RMB, down 4% year-on-year but up 14% quarter-on-quarter, outperforming UBS's expectations [1] Group 1: Financial Performance - PetroChina's net profit for the first nine months of 2025 is 126.3 billion RMB, reflecting a 5% year-on-year decline [1] - The third-quarter profit stands at 42.3 billion RMB, showing a 4% year-on-year decrease but a 14% increase compared to the previous quarter, which is better than UBS's forecast [1] - UBS has raised PetroChina's target price from 9.3 HKD to 10.3 HKD and slightly increased the 2025 earnings forecast by 2%, maintaining a "Buy" rating [1] Group 2: Market Outlook - For the fourth quarter of 2025, UBS expects the average Brent crude oil price to be 63 USD per barrel, with an anticipated rise in natural gas prices and sales due to seasonal demand [1] - UBS notes potential pressure on refining and chemical fundamentals and suggests monitoring asset impairment situations by year-end [1] Group 3: Long-term Projections - UBS forecasts oil prices for PetroChina to stabilize and rebound, estimating 64 USD, 70 USD, and 75 USD per barrel for the years 2026 to 2028 respectively [1] - Domestic natural gas prices are expected to be more stable than international prices due to ongoing growth in domestic demand [1] - PetroChina's downstream refining and chemical segments may benefit from anti-involution policies [1]