Core Insights - The oil industry experienced a decline of 0.27% on August 1, with a net outflow of 418 million yuan in principal funds [1] - Among the constituent stocks, 10 increased in value while 8 decreased [1] Fund Flow Analysis - The companies with the highest net outflow of principal funds were Sinopec (205 million yuan), PetroChina (141 million yuan), Guanghui Energy (52.85 million yuan), *ST Xinchao (47.82 million yuan), and Guangju Energy (12.24 million yuan) [1] - Notable net inflows were observed in Donghua Energy (23.41 million yuan), CNOOC (17.62 million yuan), and Shanghai Petrochemical (0.59 million yuan) [1] Stock Performance - Donghua Energy's latest price was 10.29 with a slight increase of 0.29% [1] - CNOOC's stock price was 25.94, reflecting a decrease of 0.84% [1] - Shanghai Petrochemical's stock price was 2.85, down by 0.71% [1] - Other companies like Bohai Steel and Huajin also showed minor fluctuations in their stock prices [1]

Investment Rating - The report maintains a "Buy" rating for both A and H shares of Sinopec [1] Core Views - The company's performance in the first half of 2025 is expected to be under pressure, with a projected net profit decline of 39.5% to 43.7% year-on-year, primarily due to falling international oil prices and intense market competition [7] - Future benefits are anticipated from the reform of fuel consumption tax and the reduction of internal competition in refined oil products [7] - The report highlights the company's commitment to shareholder returns, projecting a dividend payout ratio of 73% for 2025, resulting in a dividend yield of 5.0% for A shares and 5.8% for H shares after tax [7] Financial Forecasts - Total revenue for 2025 is estimated at 2,959,498 million RMB, a decrease of 3.74% year-on-year [1] - The net profit attributable to shareholders is projected to be 50,172 million RMB for 2025, a slight decrease of 0.28% year-on-year [1] - Earnings per share (EPS) is expected to remain at 0.41 RMB for 2025, with a projected increase to 0.60 RMB by 2027 [1] - The report adjusts profit forecasts for 2025-2027, estimating net profits of 502 billion RMB, 604 billion RMB, and 723 billion RMB respectively [7] Operational Data - In H1 2025, the company expects to produce 263 million barrels of oil equivalent, with natural gas contributing to production growth [7] - Oil processing volume is projected to decline by 5.3% year-on-year to 120 million tons in H1 2025 [7] - Domestic refined oil sales are expected to decrease by 3.4% year-on-year, totaling 87 million tons in H1 2025 [7]

来源：金融界 金融界2025年8月1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"一种重质馏分油生产化工原料的两段加氢裂化方法"的专利，授权 公告号CN118440736B，申请日期为2023年02月。 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1172次，专利信息4658条，此外企业还拥有行政 许可58个。 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。 ...

Market Performance - The three major A-share indices collectively declined, with the Shanghai Composite Index down 0.37%, the ChiNext Index down 0.24%, and the Shenzhen Component Index down 0.17% [1] - The trading volume in the Shanghai, Shenzhen, and Beijing markets was 16,199 billion yuan, a decrease of 3,420 billion yuan compared to the previous day [1] Sector Performance - AI hardware themes generally retreated, with CPO and GPU sectors leading the decline; stablecoins, military industry, and semiconductor stocks also saw significant drops [1] - Conversely, AI applications, photovoltaic, innovative pharmaceuticals, and smart logistics sectors were active [1] ETF Highlights - The Guangfa Fund's Hang Seng Consumer ETF rose by 4.69% [1] - The photovoltaic sector showed strength, with Guangfa Fund's Photovoltaic ETF, Guotai Fund's Photovoltaic 50 ETF, and Huashan Fund's Photovoltaic ETF Index Fund increasing by 2.53%, 1.94%, and 1.94% respectively [1] - The traditional Chinese medicine sector was active, with Yinhua Fund's Traditional Chinese Medicine 50 ETF and Huitianfu Fund's Traditional Chinese Medicine ETF rising by 2.36% and 1.89% respectively [1] International Market Trends - Overnight oil prices declined, leading to a drop of over 5% in Sinopec's stock, and the oil and gas resource ETF fell by 4.18% [1] - The South Korean stock market also declined, with the South Korea Semiconductor ETF down 3.38% [1] - European stock markets closed at their lowest in over a week, with France's CAC40 ETF and Germany's ETF down 2.44% and 2.2% respectively [1] - U.S. stocks experienced a pullback after an initial rise, with the U.S. 50 ETF and Nasdaq ETF both down by 2% [1] - Military stocks were among the biggest losers, with the aerospace and defense ETF down 2.31% [1]

金十图示：2025年08月01日（周五）富时中国A50指数成分股今日收盘行情一览：银行股走势分化，石油、证券、医药股走软 富时中国A50指数连续 光大银行 2392.96亿市值 6.38亿成交额 4.05 0.00(0.00%) 保险 中国太保 中国平安 中国人保 机械 3608.68亿市值 3569.15亿市值 10598.36亿市值 9.02亿成交额 28.60亿成交额 6.15亿成交额 58.20 37.10 8.16 -0.36(-0.96%) -0.49(-0.83%) -0.02(-0.24%) 酿酒行业 贵州茅台 山西汾酒 五粮液 17800.32亿市值 2182.64亿市值 4696.75亿市值 42.01亿成交额 9.39亿成交额 14.91亿成交额 1417.00 178.91 121.00 -4.67(-0.33%) -0.09(-0.05%) -0.15(-0.12%) 半导体 海光信息 北方华创 寒武纪-U HYGON 2379.85亿市值 2882.85亿市值 3201.78亿市值 49.98亿成交额 18.35亿成交额 31.52亿成交额 329.80 689.10 137.75 ...

Core Viewpoint - Sinopec (00386) experienced a significant decline in stock price, dropping over 5% following the release of its profit forecast for the first half of 2025, indicating a substantial year-on-year decrease in net profit due to various market pressures [1]. Financial Performance - Sinopec expects to achieve a net profit of 20.1 billion to 21.6 billion RMB for the first half of 2025, representing a year-on-year decline of 39.5% to 43.7% [1]. - For the second quarter, the company anticipates a net profit attributable to shareholders of 6.8 billion to 8.3 billion RMB, reflecting a year-on-year decrease of 52.1% to 60.7% and a quarter-on-quarter decline of 37.2% to 48.5% [1]. Market Influences - The decline in profits is primarily attributed to a sharp drop in international oil prices, ongoing competition in the oil and petrochemical markets, and low margins in the chemical market [1]. - Everbright Securities has revised its profit forecasts for Sinopec for 2025 to 2027, expecting net profits of 45.3 billion (down 15.4%), 55.5 billion (down 3.1%), and 66.2 billion (down 7.6%) RMB, respectively [1]. Long-term Outlook - Despite the current challenges, the company is committed to long-term strategies, focusing on the development of new energy and new materials businesses [1]. - As the overall chemical market improves and new production capacities come online, the company's performance is expected to strengthen, leading to a positive long-term growth outlook [1].

封面新闻记者 朱珠 8月1日午间，中国石化下跌近5%，报5.73元/股。昨日晚间，中国石化发布2025年半年度业绩提示性公告称，预计上半年实现归属于母公司股东的净利润 为201亿-216亿元，与上年同期相比，将下降39.5%-43.7%。同期的扣非净利润为200亿-215亿元，同比将下降39.6%-43.8%。上年同期，中国石化的归母净 利润为357.03亿元。 中国石化发布半年业绩预告 谈及业绩变动主要原因，中国石化称，面对严峻复杂的经营形势，公司加大生产经营优化力度，从严从紧控制成本费用。受国际原油价格大幅下跌、石油 石化市场竞争激烈、化工市场毛利低迷等因素影响，上半年归属于母公司股东的净利润同比下降。 今年一季度，中国石化实现营业收入7353.56亿元，同比减少6.9%；实现归母净利润132.64亿元，同比大跌27.6%。由此测算，其二季度净利润最多83.36亿 元，同比、环比均降幅明显。 复兴油田探井钻井现场。图据中国石化 8月1日，记者从中国石化勘探分公司了解到，由中国石化勘探分公司、江汉油田提交的复兴油田首期石油2010.06万吨，天然气123.52亿立方米，探明地质 储量顺利通过自然资源部评审， ...

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1172次，专利信息4658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1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"一种重油加工工艺和加工系统"的专利，授权公告号 CN117701303B，申请日期为2022年09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 - Sinopec (00386) experienced a significant decline in stock price, dropping over 5% following the release of its profit forecast for the first half of 2025, indicating a substantial year-on-year decrease in net profit due to various market pressures [1] Financial Performance - Sinopec expects a net profit of 20.1 billion to 21.6 billion RMB for the first half of 2025, representing a year-on-year decline of 39.5% to 43.7% [1] - For the second quarter, the anticipated net profit attributable to shareholders is projected to be between 6.8 billion and 8.3 billion RMB, reflecting a year-on-year decrease of 52.1% to 60.7% and a quarter-on-quarter decline of 37.2% to 48.5% [1] Market Conditions - The decline in profits is primarily attributed to a sharp drop in international oil prices, ongoing competition in the oil and petrochemical markets, and low margins in the chemical market [1] - Everbright Securities has revised its profit forecasts for Sinopec for 2025 to 2027, estimating net profits of 45.3 billion (down 15.4%), 55.5 billion (down 3.1%), and 66.2 billion (down 7.6%) RMB respectively [1] Future Outlook - Despite the current challenges, the company is committed to long-term strategies and is proactively investing in new energy and new materials businesses [1] - As the overall chemical market improves and new production capacities come online, the company's performance is expected to strengthen, leading to a positive long-term growth outlook [1] - The company maintains a "buy" rating for both A-shares and H-shares, reflecting confidence in its future growth potential [1]

消息面上，中国石化发布业绩预告，按中国企业会计准则，预计2025年上半年实现净利润201亿至216亿 元人民币，同比下跌39.5%至43.7%。单看第二季度，公司预计实现归母净利润68亿至83亿元，同比下 降52.1%至60.7%，环比下降37.2%至48.5%，主要受国际原油价格大幅下跌、石油石化市场竞争激烈、 化工市场毛利低迷等因素影响， 光大证券指出，二季度油价快速下跌，成品油需求持续下行，化工景气度复苏不及预期，下调公司25- 27年盈利预测，预计公司25-27年归母净利润分别为453(下调15.4%)/555(下调3.1%)/662(下调7.6%)亿 元，对应的EPS分别为0.37、0.46、0.55元/股。公司坚守长期主义，前瞻性布局新能源、新材料业务， 未来随着化工景气度整体向好，公司新产能逐步投产，新能源布局落地，业绩有望增厚，我们看好公司 长期成长前景，因此维持A股和H股的"买入"评级。 智通财经APP获悉，中石化(00386)今日低开低走，午后跌幅扩大逾5%。截至发稿，跌5.65%，报4.34港 元，成交额14.44亿港元。 ...