Core Viewpoint - The China Oil and Gas Industry Index has shown a decline in performance over the past month, three months, and year-to-date, indicating a challenging environment for companies in the oil and gas sector [1][2]. Group 1: Index Performance - The China Oil and Gas Industry Index closed at 1702.45 points, down 0.1% on the day, with a trading volume of 13.015 billion yuan [1]. - Over the past month, the index has decreased by 5.06%, by 5.11% over the last three months, and by 7.93% year-to-date [1]. Group 2: Index Composition - The index includes companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production [1]. - The top ten weighted companies in the index are: China National Petroleum (10.35%), China National Offshore Oil (10.1%), Sinopec (9.56%), Guanghui Energy (5.06%), China Merchants Energy (3.78%), Jereh Group (3.67%), Hengli Petrochemical (3.21%), Satellite Chemical (3.13%), Dongfang Shenghong (2.8%), and COSCO Shipping Energy (2.79%) [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (71.28%) and the Shenzhen Stock Exchange (28.72%) [1]. Group 3: Industry Breakdown - The industry composition of the index shows that energy accounts for 61.78%, materials for 20.62%, industrials for 14.80%, finance for 1.71%, and utilities for 1.10% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance in Q1 2025 exceeded expectations despite a decline in oil prices, with a gross margin of 54.65%, up 1.22 percentage points year-on-year, driven by increased natural gas prices and reduced oil costs [7] - The company is expected to maintain a stable profit level with Brent crude oil prices projected to fluctuate between $60 and $80 per barrel [7] - Capital expenditures remain high, with a target of 125 to 135 billion yuan for 2025, supporting steady growth in oil and gas production [7] - The company demonstrates strong cost control, with a barrel oil cost of $27.03, down 2.03% year-on-year [7] - Operating cash flow remains robust, with a net cash flow of 57.274 billion yuan in Q1 2025, allowing for sustained high dividend levels [7] - The profit forecasts for 2025-2027 are set at 139.9 billion, 144.8 billion, and 149 billion yuan, corresponding to PE ratios of 9X, 8X, and 8X respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 444.457 billion yuan, with a year-on-year growth rate of 5.7% [6] - Net profit attributable to the parent company is forecasted at 139.927 billion yuan for 2025, reflecting a year-on-year increase of 1.4% [6] - Earnings per share are expected to be 2.94 yuan in 2025, with a gross margin of 51.6% [6]

25Q1 油气当量产量维持高增，天然气产量同比增长10.2%公司持续加快上产步伐，25Q1 实现净产量 188.8 百万桶油当量，同比增长4.8%。其中，原油产量同比+3.4%，天然气产量同比+10.2%；中国净产 量130.8百万桶油当量，同比+6.2%，主要得益于渤中19-6 等油气田的贡献；海外净产量58 百万桶油当 量，同比+1.9%，主要由于巴西Mero2 等项目的贡献。实现价格方面，25Q1 公司平均实现油价72.65 美 元/桶，同比-7.7%，平均实现天然气价格为7.78 美元/千立方英尺，同比+1.2%。2025Q1，公司资本支出 277 亿元，有力支撑新项目建设和产量增长。 25Q1 公司共获得2 个新发现，并成功评价14 个含油气构造。其中，惠州19-6油田探明地质储量超1 亿 吨油当量，涠洲10-5 油气田展示了北部湾盆地潜山领域广阔的勘探前景；成功评价绥中36-1 南，有望 成为中型油田。期内，番禺10/11 区块联合开发项目、东方29-1 气田开发项目、渤中26-6 油田开发项目 （一期）、文昌19-1 油田二期项目以及巴西Buzios7 项目等多个新项目已成功投产。其他新项目正在 ...

Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - The company's performance demonstrates resilience during periods of oil price fluctuations, with significant cost reduction and efficiency improvements [6][11] - CNOOC's net profit for Q1 2025 is projected to be 366 billion yuan, reflecting a year-on-year decrease of 7.95% but a quarter-on-quarter increase of 71.84% [5][11] - The company continues to enhance its production capacity and maintain cost advantages, with a focus on high-quality development and stable production growth [10][11] Summary by Sections Financial Performance - In Q1 2025, CNOOC achieved total revenue of 1,069 billion yuan, a year-on-year decrease of 4.14% but an increase of 13.09% compared to the previous quarter [5] - The average realized oil price was 72.65 USD per barrel, down 7.7% year-on-year, while natural gas prices increased by 1.2% to 7.78 USD per thousand cubic feet [7] Production and Exploration - CNOOC's net production in Q1 2025 reached 188.8 million barrels of oil equivalent, a year-on-year increase of 4.8%, with natural gas production growing by 10.2% [7] - The company made two new discoveries and successfully evaluated 14 oil and gas structures during the quarter, indicating strong exploration potential [8] Cost Management - The company reported a decrease in oil production costs to 27.03 USD per barrel, down 2.0% year-on-year, showcasing its effective cost control measures [9] - CNOOC's operating cash flow for Q1 2025 was 573 billion yuan, reflecting a year-on-year decrease of 4.5% but maintaining a high level of cash flow [6] Capital Expenditure and Future Outlook - CNOOC plans to maintain high capital expenditures in 2025, with a budget of 1250-1350 billion yuan to support stable production growth [10] - The company aims for a production target of 760-780 million barrels of oil equivalent in 2025, with a focus on sustainable growth in the following years [10][11]

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

● 本报记者 董添 稳定分红提升公司价值 从分红角度看，5294家上市公司发布2024年度利润分配方案。其中，3638家公司拟现金分红，占比 68.68%，合计拟派息1.65万亿元。剔除金融股，中国移动、中国石油、中国神华、贵州茅台、中国海 油、美的集团等公司拟派息金额居前。 年报显示，上市公司加速锻造新质生产力，战略性新兴产业成为驱动转型的核心力量，为中国经济向新 向智向未来注入澎湃势能。 加码研发投入 从申万一级行业看，农林牧渔、非银金融、电子、交通运输、汽车、家用电器、通信、商贸零售、食品 饮料、公用事业、有色金属等行业上市公司业绩回暖明显。其中，农林牧渔中的养殖业、饲料板块，电 子行业中的光学光电子、元件、消费电子、半导体板块，交通运输中的航空机场、航运港口板块净利润 同比增幅居前。 上市公司持续加码研发投入，巩固技术壁垒，提升产品核心竞争力。在AI浪潮席卷下，上市公司纷纷 拥抱AI技术，重视AI领域的研发投入，抢占市场机遇。 研发投入方面，Wind数据显示，4256家上市公司披露研发投入相关金额，合计约为1.59万亿元。其中， 比亚迪以541.6亿元再度位居A股上市公司年度研发投入榜榜首，中国建筑、 ...

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The report highlights that the company achieved excellent performance in Q1 2025, demonstrating its investment value even in adverse conditions [1][6] - The company reported a total revenue of 1068.54 billion yuan in Q1 2025, a year-on-year decrease of 4.14% but a quarter-on-quarter increase of 13.09% [1] - The net profit attributable to shareholders was 365.63 billion yuan, down 7.95% year-on-year but up 71.84% quarter-on-quarter [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net profit of 365.63 billion yuan, with a basic earnings per share (EPS) of 0.77 yuan, reflecting a year-on-year decrease of 8.33% but a quarter-on-quarter increase of 75.00% [1] - The company's revenue and net profit figures indicate resilience despite a challenging market environment [1][6] Production and Output - The company produced 145.5 million barrels of oil liquids in Q1 2025, representing a year-on-year increase of 3.41% and a quarter-on-quarter increase of 0.62% [3] - Natural gas production reached 2530 billion cubic feet, up 10.24% year-on-year and 8.63% quarter-on-quarter, primarily due to contributions from specific projects [3] Pricing and Costs - The average oil price realized by the company was 72.65 USD per barrel, down 6.10% year-on-year but up 2.57 USD per barrel quarter-on-quarter [4] - The company maintained a low oil cost of 27.03 USD per barrel, which is a decrease from the previous year, indicating effective cost management [4] Capital Expenditure and Future Outlook - The company reported capital expenditures of 27.7 billion yuan in Q1 2025, with a stable budget for 2025 set between 1250-1350 billion yuan [5] - Profit forecasts for 2025-2027 indicate a net profit of 1364.41 billion yuan in 2025, with expected growth rates of -1.1%, 4.3%, and 5.3% for the following years [5][6]

证券代码：600938 证券简称：中国海油 公告编号：2025-014 中国海洋石油有限公司 2025 年第五次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国海洋石油有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开 2025 年第五次董事会。本次董事会的会议通知及议案已于 2025 年 4 月 10 日发送给公 司全体董事。本次会议应出席董事 8 人，实际出席董事 7 人。执行董事穆秀平女 士因公不能到会，已书面委托副董事长、执行董事周心怀先生代为行使表决权。 会议由副董事长周心怀先生主持。会议的召集、召开、表决程序符合有关法律法 规及《中国海洋石油有限公司组织章程细则》的相关规定，合法、有效。 二、董事会审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《中国 海洋石油有限公司 2025 年第一季度报告》。本议案已经公司审核委员会审议通 过，并同意提交董事会审议。 表决 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 106,854 million, a decrease of 4.1% compared to RMB 111,468 million in the same period last year[4] - Net profit attributable to shareholders of the parent company was RMB 36,563 million, down 7.9% from RMB 39,719 million year-on-year[4] - The net cash flow from operating activities was RMB 57,274 million, reflecting a decline of 4.5% from RMB 59,978 million in the previous year[4] - The company's oil and gas sales revenue for Q1 2025 was approximately RMB 882.7 billion, a decrease of 1.9% compared to the previous year, primarily due to falling oil prices[16] - Net profit for Q1 2025 was RMB 36,601 million, down 7.1% from RMB 39,726 million in Q1 2024[24] - The total comprehensive income for Q1 2025 was RMB 36,229 million, down from RMB 39,877 million in Q1 2024, indicating a decline of 6.6%[24] Asset and Liability Overview - The total assets at the end of the reporting period were RMB 1,102,706 million, an increase of 4.4% from RMB 1,056,281 million at the end of the previous year[5] - The company's total assets as of March 31, 2025, amounted to RMB 1,102.7 billion, compared to RMB 1,056.3 billion at the end of 2024[20] - The total liabilities as of March 31, 2025, were RMB 316.9 billion, an increase from RMB 306.8 billion at the end of 2024[21] Production and Exploration - In Q1 2025, the company's total net production reached 188.8 million barrels of oil equivalent, an increase of 4.8% year-on-year[15] - The company achieved 2 new discoveries and successfully evaluated 14 oil and gas structures in Q1 2025, indicating strong exploration prospects[15] Pricing and Costs - The average realized price for crude oil was USD 72.65 per barrel, down 7.7% from USD 78.75 per barrel in the same period last year[10] - The average realized oil price in Q1 2025 was $72.65 per barrel, a decrease of 7.7% year-on-year, while the average realized gas price was $7.78 per thousand cubic feet, an increase of 1.2%[16] - The company reported a cost per barrel of $27.03, a decrease of 2.0% year-on-year[16] - Total operating costs decreased to RMB 56,530 million in Q1 2025 from RMB 59,520 million in Q1 2024, reflecting a reduction of 5.0%[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 233,407, with the largest shareholder holding 60.54% of the shares[11] - The company's basic and diluted earnings per share for Q1 2025 were both RMB 0.77, compared to RMB 0.84 in Q1 2024, representing a decline of 8.3%[24] Cash Flow and Investments - Cash flow from operating activities for Q1 2025 was RMB 57,274 million, a decrease of 4.5% from RMB 59,978 million in Q1 2024[28] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 101,403 million, down from RMB 158,407 million at the end of Q1 2024[28] - Investment activities resulted in a net cash outflow of RMB 35,408 million in Q1 2025, compared to RMB 33,884 million in Q1 2024[28] - The company reported an investment loss of RMB 637 million in Q1 2025, contrasting with a gain of RMB 577 million in Q1 2024[23] Capital Expenditures - Capital expenditures totaled RMB 27,713 million, a decrease of 4.5% from RMB 29,014 million year-on-year[10] - Capital expenditures for Q1 2025 were approximately RMB 277.1 billion, a decrease of 4.5% year-on-year due to reduced exploration and adjustment work[16] Non-recurring Items - Non-recurring losses amounted to RMB 464 million, primarily due to asset disposal losses of RMB 704 million[7]

Core Viewpoint - The company sees potential acquisition opportunities if international oil prices continue to decline, and it plans to adjust and optimize its oil and gas asset portfolio based on market conditions and its management capabilities [1][4]. Financial Performance - In Q1, the company reported revenue of 1068.54 billion yuan, a year-on-year decrease of 4.1%, and a net profit attributable to shareholders of 365.63 billion yuan, down 7.9% year-on-year [1]. - The average selling price of oil liquids fell by 7.7% to 72.65 USD/barrel, negatively impacting profit margins due to lower oil prices [1]. - The average Brent crude oil futures price decreased by 8.3% year-on-year to 74.98 USD/barrel, leading to a 1.9% decline in oil and gas sales revenue to 882.7 billion yuan, with oil sales revenue down 4.6% to 746.3 billion yuan [1]. Production and Cost Management - The company's total net production increased by 4.8% year-on-year to 188.8 million barrels of oil equivalent in Q1, supported by contributions from various oil and gas fields [2]. - The average cost per barrel of oil decreased by 2% year-on-year to 27.03 USD, helping to mitigate the impact of falling oil prices [2]. Strategic Outlook - The company maintains a positive long-term outlook for the oil industry, asserting that low oil prices will not affect its long-term development strategy or its investment plans and production targets for 2025 [4]. - The company emphasizes a low-cost strategy and aims to maintain a cost advantage among major global oil companies, regardless of oil price fluctuations [4]. - The company is committed to global oil and gas asset allocation and views potential declines in international oil prices as favorable for acquisitions, leveraging its strong cash flow and low cost structure [4].