Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance exceeded expectations despite a decline in oil prices, driven by cost reduction and efficiency improvements [6] - Oil and gas production reached a new high, effectively mitigating the impact of falling oil prices [6] - The company maintains a strong cash flow and a substantial mid-term dividend payout ratio [6] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 444,457 million, with a year-on-year growth rate of 5.7% [5] - Net profit attributable to shareholders is projected to be 139,927 million for 2025, reflecting a slight increase of 1.4% year-on-year [5] - Earnings per share for 2025 is expected to be 2.94 [5] - The company achieved a gross margin of 51.6% for 2025, with a return on equity (ROE) of 17.0% [5] - The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 9X, 8X, and 8X respectively [6]

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" [1] Core Views - The overall performance of the company meets expectations, with a decline in profits year-on-year due to falling oil prices, but the company shows good performance in price differentials and production increases [3] - The company has seen a narrowing of the price discount compared to Brent crude oil, with an average oil price of $69 per barrel in H1 2025, down from a $3 discount in the previous year to about $1 [3] - Natural gas sales prices have increased, with a Q2 price of $8 per thousand cubic feet, reflecting a year-on-year increase of 1.60% and a quarter-on-quarter increase of 3.03% [3] - Significant growth in natural gas production was noted, with H1 2025 oil and gas production at 296.1 million and 88.5 million barrels of oil equivalent, respectively, representing year-on-year increases of 4% and 12% [3] - The company maintains a low oil production cost advantage, with a H1 2025 cost of $26.94 per barrel, which is stable compared to Q1 and down $0.8 from the previous year [3] - Capital expenditures decreased by 9% year-on-year, with a budgeted expenditure of 125 billion to 135 billion yuan for 2025 [3] - Profit forecasts for 2025-2027 predict net profits of 1350.29 billion, 1397.82 billion, and 1480.96 billion yuan, with corresponding EPS of 2.84, 2.94, and 3.12 yuan per share [3] Financial Summary - For H1 2025, the company achieved revenue of 207.61 billion yuan, a year-on-year decrease of 8.45%, and a net profit of 69.53 billion yuan, down 12.79% [1][2] - The basic earnings per share for H1 2025 was 1.46 yuan, reflecting a year-on-year decline of 13.10% [1] - In Q2 2025, the company reported revenue of 100.75 billion yuan, a year-on-year decrease of 12.62% and a quarter-on-quarter decrease of 5.71% [2] - The net profit for Q2 2025 was 32.97 billion yuan, down 17.60% year-on-year and 9.83% quarter-on-quarter [2]

Core Viewpoint - Citi maintains a "Outperform" rating for China National Offshore Oil Corporation (CNOOC) despite fluctuations in oil prices, reflecting confidence in the company's ability to deliver high dividends through cycles [1] Price Target Adjustments - The H-share target price for CNOOC has been lowered from HKD 23.1 to HKD 22.4, while the A-share target price has been adjusted from CNY 32.4 to CNY 31.4, incorporating a 50% A-H premium [1] Financial Performance and Dividend Policy - CNOOC's mid-2025 performance indicates that most operational metrics align with annual targets, showcasing resilience amid macroeconomic uncertainties [1] - The company plans to increase its dividend payout ratio by 5 percentage points year-on-year, signaling management's commitment to enhancing shareholder returns through free cash flow [1]

里昂发布研报称，维持中国海洋石油(00883)"跑赢大市"评级，但基于对2025及2026财年布伦特原油价 格预测维持75美元/桶及70美元/桶(长期锚定价70美元/桶)的预测不变，将H股目标价从23.1港元下调至 22.4港元;中国海油（600938）(600938.SH)A股目标价由32.4元人民币下调至31.4元人民币，在H股目标 价基础上叠加50%的A-H溢价得出。 里昂指尽管面临油价波动，中海油展现穿越周期高股息兑现能力，在全球油气舞台上继续以世界级的执 行力稳步前行。其2025年中期业绩显示，多数营运指标均符合全年目标，在市场当前宏观不确定性的背 景下实属不易。另一亮点是中海油将派息比率同比提升5个百分点，使每股派息维持同比持平，释出管 理层愿意运用自由现金流提升股东回报的信号。 ...

中金公司研报指出，中国海油上半年收入2076亿元，同比-8%；归母净利润695.3亿元，对应每股盈利 1.5元，同比-13%，2Q25营业收入1008亿元，同比-12.6%，归母净利润330亿元，盈利略超市场预期， 主要是产量较高所致。大项目提前投产，全年产量较为乐观，同时海外高质量区块投产，判断圭亚那项 目的上产或保证公司的低成本高回报。认为公司成本曲线处于全球较为领先地位。此外，公司派息率再 度提升，维持高股东回报。维持AH股"跑赢行业"评级，以及目标价30元、22.8港元。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 25.47 CNY [6]. Core Views - The company has experienced rapid growth in oil and gas production, with a net production of 385 million barrels of oil equivalent in the first half of 2025, representing a year-on-year increase of 6.1% [2]. - Despite a decline in oil prices, the company has managed to maintain a relatively smaller decrease in net profit due to effective cost control measures [1][3]. - The company has a strong dividend payout ratio of 45.6%, with a projected dividend yield of 2.6% for A-shares and 3.9% for H-shares [4]. Financial Performance - In the first half of 2025, the company reported a revenue of 207.61 billion CNY, a decrease of 8.4% year-on-year, and a net profit attributable to shareholders of 69.53 billion CNY, down 12.8% year-on-year [1]. - The Brent crude oil price averaged 69.15 USD per barrel in the first half of 2025, a decline of 13.9% year-on-year [2]. - The company’s cost control measures have led to a decrease in per barrel costs, with operating expenses at 6.76 USD per barrel, down 0.7% year-on-year [3]. Production and Exploration - The company achieved a net oil production of 296 million barrels, a 4.5% increase year-on-year, and natural gas production of 516.3 billion cubic feet, up 12.0% year-on-year [2]. - The company has made five new discoveries in domestic exploration and signed multiple contracts for overseas exploration, including a contract in Kazakhstan and two in Indonesia [3]. Future Projections - The company is projected to achieve net profits of 122.19 billion CNY, 126.39 billion CNY, and 130.20 billion CNY for the years 2025, 2026, and 2027, respectively [4][5]. - The earnings per share (EPS) are expected to be 2.57 CNY, 2.66 CNY, and 2.74 CNY for the same years, with corresponding price-to-earnings (PE) ratios of 10, 10, and 9 [5].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved record oil and gas production in H1 2025, demonstrating resilience in profitability during periods of oil price volatility [5][11]. - Despite a decline in revenue and net profit year-on-year, the company has shown strong cash flow performance and maintained a prudent financial policy [5][11]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 207.6 billion yuan, a decrease of 8.4% year-on-year, and a net profit attributable to shareholders of 69.5 billion yuan, down 12.8% year-on-year [4]. - The Q2 2025 results showed a total revenue of 100.8 billion yuan, down 12.6% year-on-year, and a net profit of 33.0 billion yuan, down 17.6% year-on-year [4]. Production and Operational Highlights - The company achieved a net production of 385 million barrels of oil equivalent in H1 2025, marking a 6.1% increase year-on-year, setting a historical high for the same period [6]. - Natural gas production increased by 12.0% year-on-year, with significant contributions from new gas field projects [6]. Cost Management - The average cost per barrel of oil equivalent decreased by 0.81 USD to 26.94 USD, reflecting effective cost control measures [8]. - The company continues to strengthen its cost competitiveness, with a focus on maintaining a cost-leading strategy during periods of oil price fluctuations [8]. Dividend Policy - The company has a strong commitment to shareholder returns, with a mid-year dividend payout ratio of 45.9%, reflecting its intent to share development results with shareholders [9]. Capital Expenditure and Growth Strategy - The company plans to maintain high capital expenditures, with a budget of 125 to 135 billion yuan for 2025, to support stable production growth [10]. - The production target for 2025 is set at 760 to 780 million barrels of oil equivalent, with a focus on high-quality development and effective production growth [10]. Profitability Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 135.4 billion, 139.8 billion, and 144.3 billion yuan respectively, with expected EPS of 2.85, 2.94, and 3.04 yuan per share [11].

Group 1: Market Overview - The Hang Seng Index fell by 0.66%, down 165 points, closing at 25,035 points, while the Hang Seng Tech Index decreased by 1.04% [1] - Early trading volume in Hong Kong stocks reached HKD 210.8 billion [1] Group 2: Chip Industry Insights - According to TrendForce, the proportion of external chip suppliers in China's AI server market is expected to drop from 63% in 2024 to 42% by 2025, while local chip suppliers' share may rise to 40%, indicating a trend towards domestic substitution [1] - Chip stocks saw gains, with Shanghai Fudan up 5.79%, SMIC up 8.27%, and Huahong Semiconductor up 4.64% [1] Group 3: Company Performance Highlights - China Cinda's stock rose by 9.74% after reporting a 5.8% year-on-year increase in net profit for the first half of the year, reinforcing its advantage in the non-performing asset management sector [2] - Yadea Holdings' stock increased by over 5% as its net profit for the first half of the year surged nearly 60%, with the new national standard expected to usher in a new industry cycle [3] - CNOOC's stock rose by 4.4% following a mid-term net profit of approximately CNY 69.5 billion, with further potential in overseas exploration [4] - Television Broadcasts' stock fell over 9%, reporting a loss of HKD 108 million for the first half of the year, but expects to achieve positive net profit for the year [5] - Alibaba's stock declined by 3.74% ahead of its first fiscal quarter earnings report, with market concerns regarding the impact of flash sale investments on profits [6] - Lao Pu Gold's stock dropped nearly 4% due to a reduction in shares by the company's incentive platform, although the controlling shareholder did not sell any shares [7] - Smoore International's stock fell over 8%, with a nearly 28% year-on-year decrease in net profit for the first half of the year, affected by increased R&D expenditures [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][23] Core Views - The company demonstrated resilient profitability with a net profit of 33 billion yuan in Q2 2025, exceeding expectations despite a 15.1% decline in Brent oil prices [1][9] - The company achieved a record high in oil and gas net production, with a total of 384.6 million barrels of oil equivalent in H1 2025, reflecting a 6.1% year-on-year increase [2][12] - The average realized price for oil liquids was 69.2 USD/barrel in H1 2025, down 13.9% year-on-year, while the average gas price was 7.90 USD/thousand cubic feet, up 1.4% year-on-year [16][12] Financial Performance - In H1 2025, the company reported operating revenue of 207.61 billion yuan, a decrease of 8.5% year-on-year, and a net profit of 69.53 billion yuan, down 12.8% year-on-year [1][9] - The company's oil and gas sales revenue for H1 2025 was 171.75 billion yuan, a decline of 7.2% year-on-year [2][12] - The average cost per barrel of oil equivalent was 26.94 USD, a decrease of 0.81 USD year-on-year [16][12] Capital Expenditure and Dividends - The company completed capital expenditures of 57.6 billion yuan in H1 2025, a decrease of 5.5 billion yuan year-on-year, with an expected total capital expenditure for 2025 of 125-135 billion yuan [3][18] - The interim dividend for 2025 is set at 0.73 HKD per share, reflecting the company's commitment to sharing growth with shareholders [3][18] Profit Forecast - The profit forecast for the company is maintained, with expected net profits of 126.3 billion yuan, 129.7 billion yuan, and 135 billion yuan for 2025, 2026, and 2027 respectively [4][23]

Group 1 - The core viewpoint of the article highlights the significant rise in Hong Kong oil stocks, particularly China National Offshore Oil Corporation (CNOOC), which saw an increase of over 3% following its earnings report [1] - CNOOC reported a revenue of 171.7 billion yuan and a net profit attributable to shareholders of 69.5 billion yuan for the first half of 2025, achieving a record high net production of 384.6 million barrels of oil equivalent [1] - The article notes that the three major state-owned oil and gas companies in China, referred to as the "Big Three," experienced declines in both revenue and net profit in the first half of the year due to falling international oil prices, with a combined net profit of 175.023 billion yuan [1] Group 2 - The executive director and president of China National Petroleum Corporation (CNPC), Huang Yongzhang, indicated that the current geopolitical tensions and the potential for the Federal Reserve to initiate interest rate cuts next month could support international oil prices [1] - CNPC forecasts that international oil prices will fluctuate around $70 per barrel in the third quarter, while the market may have already priced in the potential production increase from OPEC+ [1] - The article provides stock performance data for several companies, including CNOOC, CNOOC Oilfield Services, Kunlun Energy, and China Petroleum & Chemical Corporation, with respective price changes noted [1]