【导读】中上协发布2025年上市公司现金分红榜单 来源：中国上市公司协会 近年来，在新 "国九条"和现金分红新规等政策的引导下，提高投资者回报已经成为上市公司 的"必修课"，我国资本市场进入"重回报"的新阶段，塑造共建共享的资本市场新生态。为引 导上市公司树立回报投资者的理念，增强分红意识，中国上市公司协会 结合现金分红 规则 要求， 编制发布 2025 年上市公司现金分红榜单 1 。 2025 年上市公司现金分红榜单以现金分红客观数据 2 为基础，综合考量多维因素，最终形成 现金分红总额、股利支付率、股息率三个榜单 3 （详见附件），每个榜单 100 家公司。 一是 强调诚信合规底线 ，将违法违规、资本市场诚信、审计意见等作为前置条件，将异常分红行 为纳入负面调整因素，对不合规的公司 "一票否决"。 二是注重分红连续性、稳定性 。榜单 对分红数据进行三到五年的长周期评价，并增加多年连续分红、分红连续增长等前置条件， 鼓励公司连续分红、稳定分红、多次分红，与投资者共享公司长期发展带来的收益和回报。 三是注重多维度评价 。榜单综合考量上市公司分红金额和分红比例，将绝对指标和相对指标 相结合，发挥对不同规模、不同 ...

中国青年报客户端讯（中青报·中青网记者 李悦）8月7日，中国石化报社、中国石化国际石油工程公司 联合举办"中沙对话 共绘青春"青年文化交流体验活动。来自沙特法赫德国王石油与矿业大学的16名学 生以及来自国工公司、中国石化报社的20余名中国青年代表，身着各自国家特色的传统服饰欢聚一堂。 场。主办方供图 活动现 活动中，中国青年现场展示了中国传统茶具、分享中国茶文化，介绍中国书法起源及运笔方法；沙特青 年分享了沙特红茶文化、阿拉伯书法及写作方法，并带来了阿拉伯舞蹈及诗朗诵表演。参加活动的青年 纷纷表示，期待未来中沙之间有更多"美美与共"的文化交往，推动中沙关系的长久发展。 据了解，沙特大学生在华期间还参加了国工公司协同沙特阿美公司组织的为期54天的暑期社会实践活 动。 来源：中国青年报客户端 ...

Summary of Conference Call on China Oil & Gas Equities Industry Overview - The oil and gas sector in China is facing significant challenges due to falling international crude oil prices and intense competition in refined oil and petrochemical markets [2][3][15]. Key Companies Discussed Sinopec - Issued a profit warning on July 31, projecting 1H25 net income (excluding extraordinary items) between RMB20.1-21.6 billion, indicating a year-on-year decline of 39.5% to 43.7% for 1H25 [2][15]. - Expected 2Q25 net income between RMB6.8-8.3 billion, representing a year-on-year decline of 52-61% [2][15]. - The decline is attributed to lower international crude oil prices and competitive pressures in the market [2][15]. - Cash flows are under pressure, raising concerns about dividend distribution [4][15]. PetroChina - Expected to report a net profit of RMB33.4 billion for 2Q25, down 22% year-on-year, primarily due to a 20% decline in Brent oil prices [9][13]. - The natural gas business is expected to show resilience, with profit growth from increased gas prices for downstream utilities [9][10]. - Estimated free cash flow (FCF) yield of approximately 12% for 2026, the highest among peers [4][9]. - Investment thesis remains positive, with a Buy rating maintained [3][4]. CNOOC - Projected net profit of RMB31 billion for 2Q25, a decline of 23% year-on-year, also due to the 20% drop in Brent oil prices [13][14]. - Total oil and gas production expected to increase by 6% year-on-year, with oil production up 5% and natural gas production up 10% [13][14]. - CNOOC's competitive production costs are expected to mitigate some earnings impact from lower oil prices [3][4]. Financial Metrics and Estimates - **Sinopec**: - Revenue estimates for 2025 are revised to RMB2,718 billion, with net income expected to be RMB39 billion [37]. - EBIT for 2025 is estimated at RMB60 billion, reflecting a 6% decline from previous estimates [37]. - **PetroChina**: - Revenue estimates for 2025 revised to RMB2,528 billion, with net income projected at RMB147 billion [29]. - EBIT for 2025 is estimated at RMB210 billion, a 3% increase from previous estimates [29]. - **CNOOC**: - Revenue estimates for 2025 revised to RMB394 billion, with net income projected at RMB126 billion [34]. - EBIT for 2025 is estimated at RMB169 billion, reflecting a slight decrease from previous estimates [34]. Investment Ratings - **PetroChina**: Buy rating maintained, with target prices raised to RMB11.00 for A-shares and HKD8.50 for H-shares, indicating upside potential of 29.3% and 14.6% respectively [58]. - **CNOOC**: Buy rating maintained, with target prices raised to RMB31.80 for A-shares and HKD21.70 for H-shares, indicating upside potential of 22.6% and 16.3% respectively [58]. - **Sinopec**: Hold rating maintained, with target prices set at RMB5.50 for A-shares and HKD4.40 for H-shares, indicating a slight downside risk [58]. Risks and Considerations - Risks for all companies include potential sharp declines in oil prices, competition pressures, and regulatory changes affecting the energy sector [3][4][58]. - Sinopec faces the highest risk regarding dividend distribution due to declining earnings and cash flows [4][15]. Conclusion - The Chinese oil and gas sector is currently under pressure from falling oil prices and competitive dynamics, with varying impacts on major players. PetroChina and CNOOC are expected to show resilience, while Sinopec faces significant challenges. Investment strategies should consider these dynamics and the associated risks.

Group 1 - The core viewpoint is that the oil and gas industry is experiencing structural changes, shifting from fuel-based refining to chemical-based refining due to declining demand for traditional fuel products and the push for renewable energy [2] - The government is implementing policies to limit the growth of domestic refining capacity and accelerate the elimination of outdated small refining units, while promoting the replacement of advanced low-emission new capacities [2] - Leading refining companies are expected to enhance their product structure by increasing the yield of chemical raw materials like propylene and ethylene, which will reduce carbon emissions and improve product value [2] Group 2 - As of July 31, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index accounted for 65.78% of the index, with major companies including Sinopec, PetroChina, and CNOOC [3] - The National Petroleum and Natural Gas Index reflects the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [2][3] - The oil and gas ETF closely tracks the National Petroleum and Natural Gas Index, indicating a positive market trend with a recent increase of 0.68% [1]

Core Viewpoint - The successful commissioning of the world's largest single-series acrylonitrile plant by Zhenhai Refining and Chemical Company, utilizing Shanghai Institute's technology, marks a significant advancement in the acrylonitrile production industry [2]. Group 1: Company Developments - Zhenhai Refining and Chemical has successfully started up a 400,000 tons/year acrylonitrile facility, achieving stable operation and producing qualified products [2]. - The Shanghai Institute has developed proprietary S-ANT acrylonitrile technology, which has been industrialized and applied in several large-scale acrylonitrile plants in China [2]. - The new generation of 400,000 tons/year technology package developed by Shanghai Institute features high-efficiency acrylonitrile catalysts that enhance yield, stability, and pressure resistance, thereby reducing energy consumption and improving environmental standards [2]. Group 2: Industry Insights - Acrylonitrile is a crucial raw material for three major synthetic materials: plastics, synthetic rubber, and synthetic fibers, with downstream applications including ABS resin, acrylic fiber, acrylamide, and carbon fiber [2]. - ABS has emerged as the leading consumer market for acrylonitrile, while other downstream products like adiponitrile and carbon fiber are also gaining popularity [2]. - The primary industrial production methods for acrylonitrile are propylene ammoxidation and propane ammoxidation, with over 90% of global production utilizing the propylene ammoxidation method [2].

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Sailun Tire, and Zhenhua [12]. Core Viewpoints - The report highlights significant price increases in products such as Epoxy Chloropropane (up 11.43%) and Phosphoric Pentoxide (up 9.29%), while products like Liquid Chlorine saw a substantial decrease (down 34.78%) [6][9]. - The report suggests focusing on investment opportunities in import substitution, domestic demand, and high dividend stocks due to the rapid rise in international oil prices influenced by geopolitical tensions [8][24]. - The chemical industry is currently experiencing a mixed performance, with some sectors like lubricants showing unexpected strength, while others remain weak due to overcapacity and subdued demand [22][24]. Summary by Sections Chemical Industry Investment Suggestions - The report discusses the impact of rising international oil prices and suggests monitoring the market for potential investment opportunities in sectors like glyphosate, fertilizers, and high-dividend assets [20][24]. - Specific recommendations include focusing on companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical, which are expected to enter a favorable economic cycle [10][24]. Price Trends of Chemical Products - The report notes that while some chemical products have rebounded in price, others continue to decline, indicating a mixed market environment [9][22]. - Key price movements include significant increases in Epoxy Chloropropane and Phosphoric Pentoxide, while Liquid Chlorine and Natural Rubber have seen notable declines [21][22]. Market Dynamics - The report outlines the current dynamics in the oil market, emphasizing the influence of U.S. sanctions on Russia and the resulting volatility in oil prices, which are expected to stabilize between $65 and $70 per barrel [8][25]. - It also highlights the cautious sentiment among downstream buyers, which is affecting the overall demand for various chemical products [28][30].

转自：中国质量报 三个"第一次" 碰撞出"火花" 对于成为总站第一个以三位一体管理模式实施的项目，济南炼化公司十分期待。该公司设备工程处副处 长高天吉在接受本报记者采访时说，一方面，随着济南城市建设步伐加快，济南炼化公司逐渐被城市包 围，无论是日常生产，还是开展大修、新建工程，保证生态环境质量、减少对周边居民干扰都对这家面 积仅2.5平方公里、大修期间每天进场人员最高达5000人的"城市炼化厂"提出了极致要求。另一方面， 企业存在大修相关专业技术人员不足、能力弱等短板。实践证明，三位一体管理为企业长期、稳定、安 全运行提供了坚实的技术保障，在规范技术操作、提升专业水平等方面发挥了重要作用。 首次涉足大修质量管理领域、承担总站第一次三位一体管理试点，对于济南炼化项目部来讲也是一个挑 战。济南炼化项目部负责人邢云松告诉记者，这一管理模式，要求通过优化资源配置和流程再造，构建 从后勤保障到技术服务的全链条管理体系，要求项目团队科学规划、精准施策、补位支持，有效克服项 目密集、人员紧张等挑战。 据了解，济南炼化项目涉及济南炼化公司8个运行部的27套生产和辅助生产装置，项目共计2200余项。 "在这个项目中，济南炼化公 ...

Group 1 - The East China Sea officially resumed fishing activities on August 5 after a three-month fishing moratorium, with thousands of fishing boats setting sail from coastal areas such as Wenzhou, Ningbo, Taizhou, and Zhoushan [1] - China Petroleum & Chemical Corporation (Sinopec) Zhejiang Branch has prioritized oil supply support for fishermen, ensuring sufficient fuel for their fishing operations [3][4] - The oil supply stations have established a 24-hour green channel for quick refueling, enhancing service efficiency for fishermen [6] Group 2 - Sinopec has prepared various supplies for fishermen, including drinking water, first aid kits, and chargers, emphasizing safety during fishing trips [6] - Volunteer service teams are assisting fishermen by providing emergency fuel, instant noodles, and heatstroke medications, as well as helping to clean fishing nets [6]

中石化（大连）石油化工研究院有限公司，成立于2022年，位于大连市，是一家以从事研究和试验发展 为主的企业。企业注册资本338459.08万人民币。通过天眼查大数据分析，中石化（大连）石油化工研 究院有限公司共对外投资了1家企业，参与招投标项目1173次，专利信息4657条，此外企业还拥有行政 许可58个。 来源：金融界 金融界2025年8月5日消息，国家知识产权局信息显示，中国石油化工股份有限公司;中石化（大连）石 油化工研究院有限公司取得一项名为"一种富含链烷烃柴油加氢改质催化剂及其制备方法和应用"的专 利，授权公告号CN117380257B，申请日期为2022年07月。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了263家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可40个。 ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) launched the first AI oil selection assistant in the lubricant industry during the 2025 Mid-term Outstanding Partner Conference, showcasing its commitment to integrating advanced technology into customer service [1] Group 1: AI Oil Selection Assistant - The AI oil selection assistant is based on a national certification platform with 700 billion parameters from Sinopec's Great Wall model technology [1] - It integrates extensive research, technical, and market data accumulated by Great Wall Lubricants over the years [1] - The assistant has undergone thousands of scenario tests and evaluations by numerous industry experts, ensuring its reliability and effectiveness [1] Group 2: Functionality and Benefits - The AI assistant autonomously calls tools, searches for relevant knowledge and information, and performs intelligent oil selection, lubrication technology inquiries, and equipment lubrication fault diagnosis [1] - It provides optimal oil product combinations and in-depth functional interpretations based on customer equipment conditions [1] - The assistant offers a one-stop solution for industry-level lubrication management, helping customers achieve better lubrication management [1]