深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(01810) | 31.66 亿元 | +4.81 亿元 | | 阿里巴巴-W(09988) | 16.29 亿元 | +5.51 亿元 | | 腾讯控股(00700) | 14.63 亿元 | -4019.63 万元 | | 工商银行(01398) | 12.47 亿元 | -3.58 亿元 | | 美团-W(03690) | 12.41 亿元 | +2.00 亿元 | | 中芯国际(00981) | 8.71 亿元 | -1.01 亿元 | | 金山云(03896) | 7.56 亿元 | +1004.11 万元 | | 泡泡玛特(09992) | 6.62 亿元 | -8131.25 万元 | | 中国海洋石油(00883) | 5.97 亿元 | +6794.73 万元 | | 小鹏汽车-W(09868) | 5.81 亿元 | -1.64 亿元 | 智通财经APP获悉，2025年4月30日当天，小米集团-W(01810)、阿里巴巴-W(09988)、中国银行(039 ...

智通财经APP获悉，4月30日港股市场，北水成交净买入56.37亿港元，其中港股通(沪)成交净买入47.89 亿港元，港股通(深)成交净买入8.48亿港元。 北水净买入最多的个股是盈富基金(02800)、美团-W(03690)、建设银行(00939)。北水净卖出最多的个股 是工商银行(01398)、小鹏汽车-W(09868)、中国移动(00941)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 25.53亿 | 27.72亿 | 53.25亿 | | HK 01810 | | | -2.18 Z- | | 阿里巴巴-W | 12.46 亿 | 15.47 乙 | 27.93亿 | | HK 09988 | | | -3.011Z | | 中国银行 | 13.63 乙 | 12.43 亿 | 26.06亿 | | HK 03988 | | | +1.20 乙 | | 美团-W | 14.24 Z | 10.71亿 | 24.95亿 | | HK 03690 | | | +3.53 乙 | | 腾讯控 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company has shown steady growth in oil and gas production, with a net production of 189 million barrels of oil equivalent in Q1 2025, representing a year-on-year increase of 4.8% [2]. - Despite a decline in revenue and net profit, the company continues to demonstrate strong cost control, with a decrease in per barrel cost to $27.03, down 2.0% year-on-year [4]. - The company is advancing new projects that will support continued production growth, including several domestic and international projects with significant production capacities [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1068.5 billion yuan, a decrease of 4.1% year-on-year, and a net profit of 365.6 billion yuan, down 7.9% year-on-year [1]. - The company’s oil price realization was $72.65 per barrel, a decline of 7.7% year-on-year, while natural gas prices increased by 1.2% to $7.78 per thousand cubic feet [2]. Production and Projects - The company achieved a net production of 1.89 million barrels of oil equivalent in Q1 2025, with domestic and overseas production contributing 69.3% and 30.7% respectively [2]. - Seven new projects have been put into production, contributing to the overall production capacity, including significant contributions from the Bohai Zhong 26-6 oil field and the Brazil Buzios 7 project [3]. Cost Management - The company has effectively managed costs, with a reduction in operational expenses and taxes, leading to a lower cost per barrel [4]. - The report highlights the intention of the controlling shareholder to increase their stake in the company, indicating confidence in its future performance [4]. Future Outlook - The company is expected to maintain strong dividend characteristics and benefit from a high oil price environment, with projected net profits for 2025-2027 of 1268.78 billion, 1306.44 billion, and 1345.41 billion yuan respectively [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][21] Core Views - The company achieved a net profit attributable to shareholders of 36.53 billion yuan in Q1 2025, demonstrating strong earnings resilience and exceeding expectations. The total revenue for the same period was 106.86 billion yuan, reflecting a year-on-year decrease of 4.1% but a quarter-on-quarter increase of 13.1% [1][9] - The company’s oil and gas net production increased steadily, with a total net production of 188.8 million barrels of oil equivalent in Q1 2025, a year-on-year increase of 4.8%. The domestic net production accounted for 69.3% of the total [2][12] - The company maintained stable capital expenditures, with Q1 2025 capital expenditures amounting to 27.71 billion yuan, a decrease of 4.5% year-on-year. The total expected capital expenditure for 2025 is between 125 billion and 135 billion yuan [3][18] Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit of 36.53 billion yuan, with a revenue of 106.86 billion yuan. The Brent crude oil futures average price was 75.0 USD per barrel, down 8.3% year-on-year [1][9] - The average realized price for crude oil was 72.7 USD per barrel, with a year-on-year decrease of 7.7%. The average realized gas price was 7.78 USD per thousand cubic feet, up 1.2% year-on-year [2][16] Production and Cost Management - The company’s oil and gas sales revenue was 88.27 billion yuan in Q1 2025, with a net production of 188.8 million barrels of oil equivalent, showing a year-on-year increase of 4.8% [2][12] - The main cost per barrel of oil equivalent was 27.03 USD, a decrease of 2.0% year-on-year, indicating effective cost control [2][16] Capital Expenditure and Projects - The company completed capital expenditures of 27.71 billion yuan in Q1 2025, with a total expected capital expenditure for the year of 125-135 billion yuan. Seven new projects have been successfully put into production [3][18] - The company made two new discoveries and successfully evaluated 14 oil and gas structures in Q1 2025, indicating a positive outlook for exploration [3][18] Shareholder Actions - On April 8, 2025, the company announced that its controlling shareholder plans to increase its holdings of the company's A-shares and H-shares by 2-4 billion yuan within 12 months to protect shareholder interests [3][21]

Investment Rating - The report maintains a "Buy" rating for the company in both A and H shares [8]. Core Views - The company achieved a Q1 revenue of 106.9 billion RMB, with a year-on-year increase of 13.1% despite a quarter-on-quarter decrease of 4.1% [1]. - The net profit attributable to the parent company for Q1 was 36.6 billion RMB, reflecting a significant year-on-year increase of 71.8% [1]. - The company has shown resilience against oil price fluctuations due to effective cost control and production optimization [1]. Summary by Sections Financial Performance - Q1 oil and gas net production reached 188.8 million barrels of oil equivalent, a year-on-year increase of 4.8% [2]. - The average Brent crude price in Q1 was 75.0 USD per barrel, down 8.3% year-on-year, while the company's realized oil price was 72.7 USD per barrel, a decrease of 7.7% [2]. - The company managed to reduce its oil cost to 27.03 USD per barrel, a decrease of 0.56 USD year-on-year [2]. Market Conditions - The international oil prices fell significantly in April due to the U.S. "reciprocal tariff" policy and OPEC+'s unexpected production increase [3]. - The report predicts Brent crude prices to average 67 USD in 2025 and 66 USD in 2026, with a long-term price floor expected to be above 60 USD per barrel [3]. Project Development - The company successfully launched 7 new projects in Q1, including significant developments in Brazil and Bohai Bay [4]. - Capital expenditures in Q1 were 27.7 billion RMB, a decrease of 4.5% year-on-year, with exploration and development expenditures showing varied trends [4]. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 142.5 billion, 144.1 billion, and 148.4 billion RMB respectively, with EPS projected at 3.00, 3.03, and 3.12 RMB [5]. - The target prices for A and H shares are set at 37.50 RMB and 27.42 HKD respectively, based on a PE ratio of 12.5x for 2025 [5].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance in Q1 2025 exceeded expectations despite a decline in oil prices, with a gross margin of 54.65%, up 1.22 percentage points year-on-year, driven by increased natural gas prices and reduced oil costs [7] - The company is expected to maintain a stable profit level with Brent crude oil prices projected to fluctuate between $60 and $80 per barrel [7] - Capital expenditures remain high, with a target of 125 to 135 billion yuan for 2025, supporting steady growth in oil and gas production [7] - The company demonstrates strong cost control, with a barrel oil cost of $27.03, down 2.03% year-on-year [7] - Operating cash flow remains robust, with a net cash flow of 57.274 billion yuan in Q1 2025, allowing for sustained high dividend levels [7] - The profit forecasts for 2025-2027 are set at 139.9 billion, 144.8 billion, and 149 billion yuan, corresponding to PE ratios of 9X, 8X, and 8X respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 444.457 billion yuan, with a year-on-year growth rate of 5.7% [6] - Net profit attributable to the parent company is forecasted at 139.927 billion yuan for 2025, reflecting a year-on-year increase of 1.4% [6] - Earnings per share are expected to be 2.94 yuan in 2025, with a gross margin of 51.6% [6]

25Q1 油气当量产量维持高增，天然气产量同比增长10.2%公司持续加快上产步伐，25Q1 实现净产量 188.8 百万桶油当量，同比增长4.8%。其中，原油产量同比+3.4%，天然气产量同比+10.2%；中国净产 量130.8百万桶油当量，同比+6.2%，主要得益于渤中19-6 等油气田的贡献；海外净产量58 百万桶油当 量，同比+1.9%，主要由于巴西Mero2 等项目的贡献。实现价格方面，25Q1 公司平均实现油价72.65 美 元/桶，同比-7.7%，平均实现天然气价格为7.78 美元/千立方英尺，同比+1.2%。2025Q1，公司资本支出 277 亿元，有力支撑新项目建设和产量增长。 25Q1 公司共获得2 个新发现，并成功评价14 个含油气构造。其中，惠州19-6油田探明地质储量超1 亿 吨油当量，涠洲10-5 油气田展示了北部湾盆地潜山领域广阔的勘探前景；成功评价绥中36-1 南，有望 成为中型油田。期内，番禺10/11 区块联合开发项目、东方29-1 气田开发项目、渤中26-6 油田开发项目 （一期）、文昌19-1 油田二期项目以及巴西Buzios7 项目等多个新项目已成功投产。其他新项目正在 ...

Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - The company's performance demonstrates resilience during periods of oil price fluctuations, with significant cost reduction and efficiency improvements [6][11] - CNOOC's net profit for Q1 2025 is projected to be 366 billion yuan, reflecting a year-on-year decrease of 7.95% but a quarter-on-quarter increase of 71.84% [5][11] - The company continues to enhance its production capacity and maintain cost advantages, with a focus on high-quality development and stable production growth [10][11] Summary by Sections Financial Performance - In Q1 2025, CNOOC achieved total revenue of 1,069 billion yuan, a year-on-year decrease of 4.14% but an increase of 13.09% compared to the previous quarter [5] - The average realized oil price was 72.65 USD per barrel, down 7.7% year-on-year, while natural gas prices increased by 1.2% to 7.78 USD per thousand cubic feet [7] Production and Exploration - CNOOC's net production in Q1 2025 reached 188.8 million barrels of oil equivalent, a year-on-year increase of 4.8%, with natural gas production growing by 10.2% [7] - The company made two new discoveries and successfully evaluated 14 oil and gas structures during the quarter, indicating strong exploration potential [8] Cost Management - The company reported a decrease in oil production costs to 27.03 USD per barrel, down 2.0% year-on-year, showcasing its effective cost control measures [9] - CNOOC's operating cash flow for Q1 2025 was 573 billion yuan, reflecting a year-on-year decrease of 4.5% but maintaining a high level of cash flow [6] Capital Expenditure and Future Outlook - CNOOC plans to maintain high capital expenditures in 2025, with a budget of 1250-1350 billion yuan to support stable production growth [10] - The company aims for a production target of 760-780 million barrels of oil equivalent in 2025, with a focus on sustainable growth in the following years [10][11]

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The report highlights that the company achieved excellent performance in Q1 2025, demonstrating its investment value even in adverse conditions [1][6] - The company reported a total revenue of 1068.54 billion yuan in Q1 2025, a year-on-year decrease of 4.14% but a quarter-on-quarter increase of 13.09% [1] - The net profit attributable to shareholders was 365.63 billion yuan, down 7.95% year-on-year but up 71.84% quarter-on-quarter [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net profit of 365.63 billion yuan, with a basic earnings per share (EPS) of 0.77 yuan, reflecting a year-on-year decrease of 8.33% but a quarter-on-quarter increase of 75.00% [1] - The company's revenue and net profit figures indicate resilience despite a challenging market environment [1][6] Production and Output - The company produced 145.5 million barrels of oil liquids in Q1 2025, representing a year-on-year increase of 3.41% and a quarter-on-quarter increase of 0.62% [3] - Natural gas production reached 2530 billion cubic feet, up 10.24% year-on-year and 8.63% quarter-on-quarter, primarily due to contributions from specific projects [3] Pricing and Costs - The average oil price realized by the company was 72.65 USD per barrel, down 6.10% year-on-year but up 2.57 USD per barrel quarter-on-quarter [4] - The company maintained a low oil cost of 27.03 USD per barrel, which is a decrease from the previous year, indicating effective cost management [4] Capital Expenditure and Future Outlook - The company reported capital expenditures of 27.7 billion yuan in Q1 2025, with a stable budget for 2025 set between 1250-1350 billion yuan [5] - Profit forecasts for 2025-2027 indicate a net profit of 1364.41 billion yuan in 2025, with expected growth rates of -1.1%, 4.3%, and 5.3% for the following years [5][6]

证券代码：600938 证券简称：中国海油 公告编号：2025-014 中国海洋石油有限公司 2025 年第五次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国海洋石油有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开 2025 年第五次董事会。本次董事会的会议通知及议案已于 2025 年 4 月 10 日发送给公 司全体董事。本次会议应出席董事 8 人，实际出席董事 7 人。执行董事穆秀平女 士因公不能到会，已书面委托副董事长、执行董事周心怀先生代为行使表决权。 会议由副董事长周心怀先生主持。会议的召集、召开、表决程序符合有关法律法 规及《中国海洋石油有限公司组织章程细则》的相关规定，合法、有效。 二、董事会审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《中国 海洋石油有限公司 2025 年第一季度报告》。本议案已经公司审核委员会审议通 过，并同意提交董事会审议。 表决 ...