在2025年第一季度业绩说明会上，中国石化财务总监寿东华回应公司一季度投资收益同比下降69.9%至16.47亿 元、亏损38.25亿元时表示，中国石化开展商品类金融衍生品业务符合金融衍生品业务的监管要求，配合实货 经营需求，运行规范，实现了平抑价格波动、防范市场风险的目标。一季度公司衍生品业务经营健康稳健，投 资收益中的套期保值业务盈亏变动是衍生品业务结算在会计上的体现。另外，中国石化联合营公司主要以下游 业务为主，一季度业绩同比有所下降。 ...

中国石化回应投资收益亏损38亿元：系衍生品结算会计表现及下游联合营公司业绩影响 金十数据4月29日讯，在2025年第一季度业绩说明会上，中国石化财务总监寿东华回应公司一季度投资 收益同比下降69.9%至16.47亿元、亏损38.25亿元时表示，中国石化开展商品类金融衍生品业务符合金 融衍生品业务的监管要求，配合实货经营需求，运行规范，实现了平抑价格波动、防范市场风险的目 标。一季度公司衍生品业务经营健康稳健，投资收益中的套期保值业务盈亏变动是衍生品业务结算在会 计上的体现。另外，中国石化联合营公司主要以下游业务为主，一季度业绩同比有所下降。 （一财） ...

Core Viewpoint - The new leadership of the China Petroleum and Chemical Industry Federation emphasizes the importance of the petroleum and chemical industry as a pillar of the national economy and its critical role in achieving China's modernization goals [5][6]. Group 1: Industry Importance - The petroleum and chemical industry is recognized as a vital support for national economic development, social stability, and national defense security [5]. - The industry has been highlighted by President Xi Jinping as essential for energy security and economic stability, with calls for high-quality development and contributions to national goals [5][6]. Group 2: Four Services - The Federation's mission includes serving the country, society, the public, and the industry, which are seen as fundamental responsibilities and the foundation of its existence [6][7][8]. - The focus on "Four Services" aims to align the Federation's work with national strategies and enhance its role in promoting high-quality development within the industry [6][7]. Group 3: Strategic Initiatives - The Federation plans to enhance its role as a strategic think tank, innovation platform, and service hub, focusing on seven key areas to support industry growth [10]. - Initiatives include improving industry monitoring, promoting modern industrial systems, fostering technological innovation, and advancing digital transformation [11][12][13][14][15][16][17]. Group 4: Governance and Compliance - Strengthening governance and compliance is deemed essential for the Federation's sustainable development, with a focus on establishing effective systems and enhancing operational transparency [19][20]. - The Federation aims to create a fair competitive environment through self-regulation and adherence to industry standards [19][20]. Group 5: Talent and Cultural Development - Emphasis is placed on talent development and cultural building within the industry to ensure a robust workforce capable of meeting future challenges [22][23]. - The Federation seeks to cultivate a culture of innovation and respect, drawing on historical industry values to enhance its brand and public image [23].

Investment Rating - The investment rating for the company is "Buy" [9][10] Core Views - The company's Q1 revenue was 735.4 billion RMB, showing a decrease of 7% quarter-on-quarter but an increase of 4% year-on-year. The net profit attributable to shareholders was 13.3 billion RMB, which is a decrease of 28% quarter-on-quarter but an increase of 119% year-on-year [1] - The report highlights that the traditional business faces profit pressure, while non-oil business shows promising performance. The chemical sector has reduced losses, and the marketing segment's non-oil business has exceeded expectations [1][4][5] - The report maintains a positive outlook for the company's profitability recovery in the refining industry post-2025, supported by its integrated advantages and transformation into new materials [6] Summary by Sections Financial Performance - Q1 oil production was 69.5 million barrels, down 1.2% year-on-year, with an average oil price of 71.5 USD/barrel, down 5.2%. Natural gas production increased by 5.1% to 368.4 billion cubic feet [2] - The refining segment's Q1 operating profit dropped significantly by 44.3 billion RMB to 19.8 billion RMB due to high oil inventory costs, with refining margins narrowing to 6.2 USD/barrel, down 13.9% year-on-year [3] - The marketing segment's total domestic refined oil sales decreased by 5.3% year-on-year, leading to a profit drop of 39.8 billion RMB to 39.7 billion RMB [4] Chemical Sector - The chemical segment's production of ethylene, synthetic resin, and fiber monomers increased by 18%, 17%, and 27% year-on-year, respectively. The segment's losses were reduced by 4.7 billion RMB year-on-year [5] Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 53.9 billion RMB, 58.8 billion RMB, and 61.6 billion RMB, respectively, with EPS projected at 0.44, 0.48, and 0.51 RMB [6] - The target prices are set at 6.82 RMB for A-shares and 4.73 HKD for H-shares, reflecting a valuation of 15.5x PE for 2025 [6]

Group 1: Market Trends and Investment Opportunities - The report indicates a shift in foreign capital from net outflows to net inflows, with passive allocation foreign capital being the main contributor to this trend [1][2][3] - The construction industry is experiencing weak supply and demand, with a notable decline in real estate transaction volumes, particularly in new homes [2][3] - The FPSO market is expected to see a rise in both volume and price due to improved economic viability in deep-sea oil and gas development, with projected spending reaching $159.4 billion in 2025, a 28% year-on-year increase [7] Group 2: Company Performance and Financial Results - Huazhong Technology reported a total bond scale of 27.3 billion yuan and $700 million, with a focus on off-market repayment due to risk exposure [3] - The report highlights that Weilan Meishi has established a strong brand presence in the spicy snack sector, with a target price of HKD 19.96 based on a 32x PE ratio for 2025 [9] - Xinbao Co. achieved a revenue of 16.82 billion yuan in 2024, a 14.84% increase year-on-year, with a strong performance in Q1 2025 driven by export demand [10] Group 3: Sector-Specific Insights - The energy sector is witnessing increased investment demand for grid upgrades following a large-scale power outage in Spain, Portugal, and southern France, which may benefit companies like Siyi Electric and China West Electric [4] - The report notes that the steel industry is under pressure, with Baosteel's revenue declining by 6.6% in 2024, but the company is expected to benefit from supply-side optimization [22] - The report emphasizes that the semiconductor industry is facing challenges, with Zhuoshengwei's revenue dropping by 36.47% in Q1 2025, but there is potential for recovery with new product launches [20]

【DT新材料】 获悉，4月28日， 中国石化 发布2025年第一季度业绩报告。公司 第一季度营收 7353.56亿元，同比下降6.9%；归母净利润132.64亿元，同比下降27.6%，其中： （1）勘探及开发板块 一季度息税前利润为136.31亿元 ，仍然是公司最大的利润来源。 （2）炼油板块 一季度息税前利润为23.93 亿元 。公司坚持低成本"油转化"、高价值"油转特"，增产化工原料和航 煤，持续压降柴汽比， 大力推进高端碳材料、特种油品等产品发展 。 其中， 生物航煤方面 ， 2月26日，装载500吨中国石化生物航煤的"圣油238"轮驶向香港，并供应 香港国际机场，这是中国石化生物航煤首次供应香港。 3月11日，香港公司与顺丰集团正式签订可 持续航空燃油（SAF）大宗采购合作协议。 高端碳材料 方面，重点发力 在针状焦、负极材料专用焦和低排阳极专用焦。 今年2月， 茂名石化 稳定产出可用作优质锂离子电池负极材料的Ⅰ类针状焦，质量指标达到国内先进水平。3月份， 湖南 石化 生产的首批动力电池专用高端石油焦产品发往国内头部动力电池企业。 （3）营销及分销板块 一季度 息税前利润为48.67亿元 。其中， 加 ...

Investment Rating - The report maintains an "Overweight" rating for the chemical industry, specifically for the petrochemical and transportation sectors [4]. Core Views - The macroeconomic recovery in China, driven by various government measures to stabilize employment and promote economic growth, is expected to positively impact the chemical industry, leading to a rebound in profitability for chemical products in 2025 [1][2]. - The report anticipates a recovery in cyclical sectors such as refining, MDI (Methylene Diphenyl Diisocyanate), agricultural chemicals, and vitamins, with overall chemical prices expected to rise from their current lows [2]. Summary by Sections 1. Industry Overview - The Chinese government has introduced several measures to stabilize employment and promote economic growth, which are expected to support the chemical industry [1]. - In Q1 2025, China's GDP grew by 5.4% year-on-year, surpassing the growth rate of 5% for the entire year of 2024 [1]. 2. Chemical Product Price Trends - Refining: Lower energy prices are expected to ease cost pressures for downstream refining companies, with a positive outlook for large refining and coal chemical enterprises [2]. - MDI: Major companies have increased MDI prices by €175 per ton in Europe and $100-$300 per ton in other regions, although the average industry price continues to decline [2]. - Agricultural Chemicals: Potash prices have rebounded due to seasonal demand and tariffs, while phosphate prices are also showing signs of recovery [2]. - Vitamins: Supply for certain vitamins is shifting towards China, with prices for Vitamin D3 rising significantly [2]. 3. Investment Recommendations - The report suggests focusing on undervalued, high-dividend companies in the oil sector, including China National Petroleum, Sinopec, and CNOOC [3]. - It also highlights opportunities in domestic material companies benefiting from the trend of domestic substitution, as well as in the agricultural chemicals and private refining sectors [3]. - Companies in the vitamin and methionine sectors are also recommended for investment [3].

董事會欣然宣佈，於2025年4月28日，本公司、福建煉化及AAS簽署了《合資協議》。根據《合 資協議》，本公司及本公司附屬公司福建煉化將與AAS（獨立第三方）共同出資成立合資公 司。合資公司註册資本為人民幣28,800,906,667元，本公司及福建煉化將分別以現金方式出資人 民幣7,200,226,667元及人民幣14,400,453,334元，佔合資公司註册資本的25%及50%；AAS將以現 金方式出資人民幣7,200,226,667元，佔合資公司註册資本的25%。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不會因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 董事會欣然宣佈，於2025年4月28日，本公司、福建煉化及AAS簽署了《合資協議》。根據《合資 協議》，本公司及本公司附屬公司福建煉化將與AAS（獨立第三方）共同出資成立合資公司。合資 公司註册資本為人民幣28,800,906,667元，本公司及福建煉化將分別以現金方式出資人民幣 7,200,226,667元及人民幣14,400,453 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任 於本公告日，中國石化集團公司為本公司之控股股東，構成本公司之關連人士。由於 本次增資的若干適用百分比率超逾0.1%但低於5%，因此，本次增資須遵守《上市規 則》第14A章的申報及公告的規定，惟豁免遵守獨立股東批准的規定。 一、概述 董事會欣然宣佈於2025年4月28日，本公司、中國石化集團公司與資本公司簽訂《增 資協議》。據此，本公司及中國石化集團公司將對資本公司增資合計人民幣19.9億元， 其中，本公司以現金增資人民幣9.751億元，中國石化集團公司以現金增資人民幣 10.149億元。資本公司的註冊資本將由人民幣100億元增加至人民幣119.9億元。本次 增資完成後，本公司及中國石化集團公司擁有资本公司的股份權益維持不變，仍為 49%及51%。 （證券代號：00386） 二、《增資協議》之主要條款 訂約方 1 本次增資 關連交易 向資本公司增資 董事會欣然宣佈於2025年4月28日，本公司、中國石化集團公 ...

Core Viewpoint - The expansion of the scrapping subsidy for old operating trucks to include natural gas vehicles is expected to accelerate the replacement of gas heavy trucks, benefiting China Petroleum & Chemical Corporation (Sinopec) [1][3]. Financial Performance - In Q1, Sinopec reported a revenue decline of 6.9% year-on-year to 735.36 billion yuan, with a net profit attributable to shareholders down 27.6% to 13.26 billion yuan [1]. - The decline in performance is attributed to falling international oil prices, which led to an asset impairment loss of 210 million yuan due to inventory devaluation [1]. - Investment income dropped by 69.9% year-on-year to 1.65 billion yuan, with a loss of 3.83 billion yuan, impacted by fluctuations in hedging business and decreased performance of joint ventures [1]. Market Dynamics - Domestic refined oil demand fell by 4% year-on-year in Q1, while chemical product demand grew but remained at low margins [2]. - The average selling price of crude oil decreased by 5.2% to 71.5 USD per barrel, and the price of self-produced natural gas fell by 3.5% to 1.91 yuan per cubic meter [2]. - Crude oil processing volume decreased by 1.8% to 62.13 million tons, with diesel production dropping significantly by 13.9% to 12.7 million tons [2]. Business Segment Performance - The exploration and development, refining, and marketing and distribution segments saw EBIT declines of 8%, 65%, and 44% respectively, with profits of 13.63 billion yuan, 2.39 billion yuan, and 4.87 billion yuan [2]. - The chemical segment, while still in loss, narrowed its loss by 288 million yuan to -1.61 billion yuan [2]. - Sinopec's marketing and distribution segment experienced significant growth in its gas station business, with retail sales of liquefied natural gas (LNG) increasing by 116% to 2.05 billion cubic meters [2]. Industry Trends - The market for natural gas heavy trucks is rapidly developing, with sales increasing by 4% year-on-year to 47,000 units in Q1 [3]. - The proportion of natural gas heavy trucks in total heavy truck sales is projected to rise from 8% in 2022 to 28% in 2024, driven by environmental and economic considerations [4].