瑞银发表研究报告指，中海油首三季净利润按年下降12.6%至1020亿元，当中第三季净利润324亿元， 按年及按季分别跌12.2%及1.6%，符合该行预期。首三季油气产量按年增长6.7%至5.783亿桶油当量，当 中天然气产量按年增长11.6%；每桶成本维持稳定于27.35美元。首三季及第三季公司实现油价分别按年 跌13.6%及12.8%，跌幅略小于布兰特原油价格跌幅。天然气价格保持稳定，首三季及第三季分别按年 升1%及0.6%。该行维持中海油"买入"评级及目标价26.5港元。 ...

Core Viewpoint - Citigroup's research report indicates that CNOOC's net profit for the third quarter was 32.4 billion yuan, reflecting a quarterly decline of 2% and a yearly decline of 12%, aligning with the bank's expectations and reaching 76% of its annual forecast [1] Financial Performance - The performance contrasts with a 2% quarterly increase in Brent oil prices, primarily impacted by a 1% quarterly decline in crude oil production and a one-time negative impact of 876 million yuan [1] - Despite the slight decrease in production, the total production for the first three quarters reached a historical high of 578 million barrels of oil equivalent [1] Management Outlook - Management expresses confidence in achieving the upper limit of the annual production guidance set at the beginning of the year [1] Future Expectations - Looking ahead to the fourth quarter, Citigroup anticipates a quarterly decline in company profits due to falling oil prices, maintaining a target price of 24 HKD and a "buy" rating [1]

本届上市公司金牛奖共设置"最具投资价值奖""上市公司分红回报奖""金牛董秘奖"等九大奖项。中国海油此次一举斩获三项大奖，反映了资本市场对上 市公司投资价值与股东回报能力的重要认可，持续稳健的业绩增长与长期稳定的分红实践，构成了奖项背后的核心支撑，也印证了公司在"价值创 造"与"股东共享"层面的扎实布局。 10月30日中国海油发布2025年三季度报告。报告期内，公司增储上产持续发力，国内外产量稳步增长，成本竞争优势持续巩固，盈利能力保持韧性。 前三季度，公司油气净产量达578.3百万桶油当量，同比增长6.7%，其中天然气涨幅为11.6%。中国净产量达400.8百万桶油当量，同比上升8.6%，主要 得益于深海一号二期和渤中19-2等油气田的产量贡献；海外净产量177.4百万桶油当量，同比上升2.6%，主要得益于巴西Mero3等项目带来的产量贡献。 第三季度，公司油气净产量达193.7百万桶油当量，同比增长7.9%。 勘探方面，前三季度，公司共获得5个新发现，成功评价22个含油气构造。第三季度，成功评价垦利10-6，持续扩大储量规模，有望成为中型油田；陵 水17-2一体化滚动增储成效显著。开发生产方面，前三季度共投 ...

Investment Rating - The report provides a "First Recommendation" for the deep-sea technology industry [7] Core Insights - The deep-sea technology sector is increasingly recognized as a key area for national development, with significant policy support and strategic importance under the "Marine Power" initiative [2][25] - The industry is experiencing a surge in market activity, with leading companies enhancing their technological capabilities and market presence, evidenced by a substantial IPO financing scale of 11.4 billion yuan in 2024 [3][35] - Key technological breakthroughs are being achieved, moving the industry towards a more autonomous and self-sufficient development model [4] Summary by Sections 1. Development Window for Deep-Sea Technology - Deep-sea technology is crucial for the development of the marine economy, focusing on resource exploration and sustainable development in deep-sea areas [13] - The central government has shifted its focus to deep-sea technology as a strategic pillar of the "Marine Power" initiative, with various supportive policies being implemented [20][25] - Local governments are actively creating plans and measures to foster deep-sea technology, enhancing regional competitiveness [27][28] 2. Insights into China's Marine Economy - The marine economy's total output surpassed 10 trillion yuan in 2024, with a growth rate of 5.9%, outpacing the national GDP growth [35][39] - The marine economy is characterized by a diversified structure, with the tertiary sector contributing the most to the marine GDP [39] 3. Deep-Sea Technology Industry Chain and Key Enterprises - The deep-sea technology industry comprises a complete chain from upstream raw materials and components to midstream equipment manufacturing and downstream applications [45] - Key upstream companies include Baotai Co., West Materials, and Guangwei Composite, which are pivotal in providing essential materials for deep-sea equipment [47][49][50] - Midstream equipment manufacturers are focusing on deep-sea detection and sensing equipment, with significant advancements in manned submersibles and unmanned underwater vehicles [56][61] 4. Investment Recommendations - The report suggests focusing on upstream material and component companies such as Baotai Co., West Materials, and Guangwei Composite; midstream equipment manufacturers like China CNR, Zhenhua Heavy Industries, and China Shipbuilding; and downstream application companies like China National Offshore Oil Corporation [5]

（原标题：里昂：升中国海洋石油(00883)目标价至23港元 重申"增持"评级） 智通财经APP获悉，里昂发布研报称，中国海洋石油(00883)2025年第三季度业绩显示，尽管油价波动，公司仍同比初指引稳步实现强劲产量增 长。中海油的盈利与现金流生成能力亦较市场预期更具韧性，支持目前8%股息率。该行将中海油H股目标价由22.4港元上调至23港元，维持中海 油A股目标价于31.4元人民币，并重申对中海油H股及A股"增持"评级。 ...

Core Viewpoint - CNOOC (China National Offshore Oil Corporation) has demonstrated strong production growth in Q3 2025, despite oil price fluctuations, and its profitability and cash flow generation capabilities are more resilient than market expectations, supporting an 8% dividend yield [1] Group 1 - CNOOC's Q3 2025 performance shows steady year-on-year production growth [1] - The company's earnings and cash flow generation are more robust than market forecasts [1] - The current dividend yield stands at 8% [1] Group 2 - Credit Suisse has raised the target price for CNOOC's H-shares from HKD 22.4 to HKD 23 [1] - The target price for CNOOC's A-shares remains at RMB 31.4 [1] - The firm maintains an "Overweight" rating for both CNOOC's H-shares and A-shares [1]

2025 年 10 月 31 日 公司研究 前三季度油气产量显著增长，盈利能力保持韧性 ——中国海油（600938.SH）2025 年三季报点评 买入（维持） 当前价：27.01 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com 25H1 油气产量再创新高，油价波动期盈利 韧性凸显——中国海油（600938.SH）2025 年半年报点评（2025-08-28） 要点 事件： 公司发布 2025 年三季报。2025 年前三季度，公司实现营业总收入 3125 亿元， 同比-4.1%，实现归母净利润 1020 亿元，同比-12.6%。2025Q3 单季，公司实现营 业总收入 1049 亿元，同比+5.7%，环比+4.1%，实现归母净利润 324 亿元，同比 -12.2%，环比-1.6%。 点 ...

Core Insights - The conference highlighted the urgent need for the petrochemical industry to embrace "new growth" through innovation, green transformation, and digital empowerment in response to current economic challenges [2][3][4] Group 1: Industry Development - The petrochemical industry aims to achieve high-quality development by focusing on intelligent, green, and integrated approaches, as emphasized by industry leaders [2] - The consensus among participants is that new growth should be driven by innovation, characterized by green and low-carbon transitions, and supported by digital technologies [2][3] Group 2: Technological Innovations - Significant technological breakthroughs were showcased, such as the development of the MegaMax catalyst for CO2-to-methanol conversion, demonstrating the industry's commitment to innovation [3] - A notable collaboration between China National Petroleum Corporation and BASF on carbon footprint accounting methods was recognized as a substantial achievement in carbon management [4] Group 3: Sustainable Practices - Companies like Covestro reported a 75% reduction in carbon emissions per product through innovative processes and high renewable energy usage [5] - Ningbo's zero-carbon park initiatives achieved a 99.7% comprehensive utilization rate of solid waste, showcasing effective circular economy practices [5] Group 4: Challenges and Opportunities - The industry faces challenges in plastic circular economy related to raw material-market alignment, policy coherence, and economic viability, necessitating collaborative efforts [7] - Discussions on financial tools to support the petrochemical industry's low-carbon transition highlighted the importance of unified standards and incentive mechanisms [7] Group 5: Talent Development - The need for talent cultivation was emphasized as crucial for achieving new growth, with calls for enhanced exchanges between China and Saudi Arabia [7] - The urgency for companies to establish clear technical pathways for carbon reduction was noted, indicating a gap in current strategies [7]

本报讯(记者向炎涛)10月30日，中国海洋石油有限公司(以下简称"中国海油（600938）")发布2025年三 季度经营业绩。前三季度，公司增储上产持续发力，国内外产量稳步增长，成本竞争优势持续巩固，盈 利能力保持韧性，实现油气销售收入2554.8亿元，归属于母公司股东的净利润1019.7亿元。 前三季度，公司油气净产量达578.3百万桶油当量，同比增长6.7%。中国净产量达400.8百万桶油当量， 同比上升8.6%，主要得益于深海一号二期和渤中19-2等油气田的产量贡献；海外净产量177.4百万桶油 当量，同比上升2.6%，主要得益于巴西Mero3等项目带来的产量贡献。第三季度，公司油气净产量达 193.7百万桶油当量，同比增长7.9%。 勘探方面，前三季度，公司共获得5个新发现，成功评价22个含油气构造。第三季度，成功评价垦利10- 6，持续扩大储量规模，有望成为中型油田；陵水17-2一体化滚动增储成效显著。开发生产方面，公司 前三季度共投产14个新项目，包括垦利10-2油田群开发项目(一期)、东方29-1气田开发项目、文昌19-1 油田开发项目和圭亚那Yellowtail项目等。 中国海油总裁阎洪涛表示 ...

Group 1: Economic and Trade Relations - Xi Jinping and Donald Trump held a meeting in Busan, discussing the stability of China-US relations and the need for cooperation despite differences [2] - The Chinese side expressed willingness to work with the US to maintain and implement the important consensus reached during the leaders' meeting [3] - The US Senate passed a resolution to terminate Trump's comprehensive tariff policy, indicating a shift in trade policy [4] Group 2: Financial and Economic Developments - A total of 500 billion yuan in new policy financial tools has been fully allocated, expected to drive over 7 trillion yuan in total project investment [7] - Nearly 80% of A-share companies reported profits in the third quarter, with over 50% showing net profit growth [8] - The latest Hu Run Rich List revealed a significant increase in the number of billionaires, with notable wealth growth in the biopharmaceutical sector [10] Group 3: Company Performance - Wuliangye reported a significant decline in net profit by 65.62% in Q3, with revenue dropping by 52.66% [13] - Vanke secured a loan of up to 2.2 billion yuan from its largest shareholder for debt repayment [14] - The "Big Three" oil companies reported a combined profit of 832.3 billion yuan in Q3, averaging over 9 billion yuan in daily earnings [15] Group 4: Banking Sector Insights - Agricultural Bank of China reported a net profit of 222.3 billion yuan in the first three quarters, with a year-on-year growth of 3.28% [16] - The bank's stock price has been rising, with a market capitalization of approximately 2.74 trillion yuan [16] Group 5: Market Trends - The A-share market experienced a collective decline, with the Shanghai Composite Index falling by 0.73% [18] - The Hong Kong stock market also saw a downturn, with the Hang Seng Index dropping by 0.24% [18] - US stock markets closed lower, with the Nasdaq down approximately 1.57% [19]