Summary of Conference Call Notes Industry Overview - **Industry**: China Energy & Chemicals - **Companies Discussed**: Sinopec, PetroChina Key Points on Sinopec - **1Q26 Performance**: Expected nominal net profit of Rmb20.6 billion, representing a 48% year-over-year increase, driven by strong upstream performance and robust refining margins [9][14] - **Refining Dynamics**: Gross refining margin (GRM) remained strong, supported by a 45-day trading average crude price and mark-to-market fuel pricing. Anticipated retail prices for gasoline and diesel set on March 23 should keep GRM above US$6.5/bbl [12][14] - **Future Outlook**: Management likely to retain part of earnings as a buffer for 2Q26 due to uncertainties in energy markets. Estimated 2Q26 net profit around Rmb12 billion, leading to a total of Rmb32.6 billion for 1H26, a 37% year-over-year growth [14][15] - **Market Factors**: Jet fuel and naphtha prices are expected to rise, providing additional support to product cracks. The market may be underestimating the positive contributions from these products [9][12] Key Points on PetroChina - **1Q26 Performance**: Projected net profit of Rmb50 billion, a 6% year-over-year increase, with a 30% increase expected for 1H26 [9][21] - **Gas Segment**: Benefiting from lower import costs, but approximately 10% of gas volume is tied to spot LNG prices, which have surged due to the closure of the Strait of Hormuz [21] - **Future Outlook**: Anticipated strong upstream earnings due to rising crude oil prices and a significant increase in gas selling prices due to high spot LNG prices [21] Additional Insights - **GRM Model**: A new GRM model introduced, which factors in freight costs, Arab light oil premiums, and foreign exchange rates to better assess Sinopec's refining and marketing EBIT [9][3] - **Market Risks**: Sinopec's downside risk is linked to broader global equity market movements, particularly dependent on the reopening of the Strait of Hormuz [9][18] - **Chemical Margins**: Expected recovery in chemical profitability amid market undersupply in 2Q26 [9][21] Conclusion - Both Sinopec and PetroChina are positioned to deliver strong financial results in 1Q26, driven by favorable upstream conditions and refining margins. However, uncertainties in the geopolitical landscape and market dynamics pose potential risks to future performance.

证券研究报告 | 2026年04月01日 氦气行业快评 卡塔尔氦气供应中断，关注替代气源与氦气价格上行 | 行业研究·行业快评  | | |  | 基础化工·化学制品 | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 杨林 | 010-88005379 | | yanglin6@guosen.com.cn | 执证编码：S0980520120002 | | 证券分析师： | 张歆钰 | 021-60375408 | | zhangxinyu4@guosen.com.cn | 执证编码：S0980524080004 | 事项： 2026 年 3 月 2 日，卡塔尔能源公司位于拉斯拉凡与梅赛义德工业城的运营设施遭军事袭击，已停止 LNG 及 相关产品的生产；2026 年 3 月 18 至 19 日，拉斯拉凡工业城再次遭导弹袭击并引发火灾，城内两条主力 LNG 生产线及配套设施损毁。拉斯拉凡工业城是全球最大的 LNG 生产与出口综合体、全球最大的 LNG 装船 码头，是欧洲、亚洲市场 LNG 核心供应来源，同时也是全球最大的 ...

股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 23.5 14.5 21.4 54.0 相对上证综指 26.0 20.3 22.4 36.9 发行股数 (百万) 183,020.98 流通股 (百万) 183,020.98 总市值 (人民币 百万) 2,276,780.96 3 个月日均交易额 (人民币 百万) 3,688.23 主要股东 中国石油天然气集团有限公司（%） 82.19 (11%) 5% 22% 38% 54% 70% Mar-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 中国石油 上证综指 资料来源：公司公告， Wind ，中银证券 以 2026 年 3 月 30 日收市价为标准 石油石化 | 证券研究报告 — 调整盈利预测 2026 年 3 月 31 日 601857.SH 买入 原评级：买入 市场价格:人民币 12.44 板块评级:强于大市 石油石化：炼化及贸易 证券分析师：徐中良 zhongliang.xu@bocichina.com 证券投资咨询业务证书 ...

中国石油（601857.SH）2025 年年报点评 石油龙头业绩稳健，绝对分红维持不变 glmszqdatemark 相关研究 [Table_Author] | 分析师 | 周泰 | | --- | --- | | 执业证书： S0590525110019 | | | 邮箱： | zhoutai@glms.com.cn | | 分析师 | 王姗姗 | | 执业证书： S0590525110021 | | | 邮箱： | wangshanshan_yj@glms.com.cn | | 分析师 | 李航 | | 执业证书： S0590525110020 | | | 邮箱： | lihang@glms.com.cn | | 分析师 | 卢佳琪 | | 执业证书： S0590525110022 | | | 邮箱： | lujiaqi@glms.com.cn | 相对走势 -20% 13% 47% 80% 2025/3 2025/9 2026/3 中国石油 沪深300 [盈利预测与财务指标 Table_Forcast] 2026 年 03 月 31 日 | 推荐 | 维持评级 | | --- | --- | | 当前价 ...

Overall Research - In March, both A-shares and Hong Kong stocks experienced a general pullback, with significant differentiation across sectors. The A-share market saw the ChiNext index decline by 0.4%, while the Sci-Tech 50 index fell by 12.6%. In Hong Kong, the Hang Seng China Enterprises Index dropped by 4.6%, and the Hang Seng Index fell by 6.3% [1][2]. A-share Insights - Chinese assets are expected to show internal stability and potential for mid-term upward movement. Despite facing short-term risks from oil price fluctuations and declining risk appetite, the domestic market's high energy self-sufficiency provides some resistance to rising external energy prices. Historically, domestic exports tend to benefit from increased external uncertainties, indicating a stable supply chain [1]. Sector Recommendations - Focus on sectors that have previously experienced significant declines, those benefiting from rising commodity prices, and industries with potential for exceeding performance expectations. The report highlights resource products, essential consumption, hard technology, and government investment-related sectors as key areas of interest [2]. Hong Kong Market Insights - The Hong Kong market is positioned for resilience, with the OpenClaw framework redefining the AI industry narrative. The performance of leading AI companies in the US, such as Nvidia and Google, supports a robust fundamental backdrop for a rebound in Hong Kong stocks. The market is experiencing a convergence of three favorable factors: clear industry prosperity, improving sentiment as geopolitical concerns ease, and strong capital support, with net inflows of 63.2 billion HKD as of March 27 [3]. Investment Focus - The report recommends prioritizing investments in the technology sector, particularly through Hong Kong technology ETFs, to capitalize on the overall rebound. Specific focus should be on companies that are rapidly commercializing AI and have stable cash flows and low valuations [3]. A-share Stock Recommendations - The recommended A-share stocks for April 2026 include: - Zhongji Xuchuang (中际旭创) - Communication - Teruid (特锐德) - Power Equipment - Jereh (杰瑞股份) - Machinery - Nanjing Bank (南京银行) - Banking - Zijin Mining (紫金矿业) - Non-ferrous Metals - China Petroleum (中国石油) - Oil and Petrochemicals - China National Offshore Oil Corporation (中国海油) - Oil and Petrochemicals - Jinjiang Hotels (锦江酒店) - Social Services - Huaneng International (华能国际) - Utilities - Haier Smart Home (海尔智家) - Home Appliances [4][6]. Hong Kong Stock Recommendations - The recommended Hong Kong stocks for April 2026 include: - Hon Teng Precision (鸿腾精密) - Communication - Huiju Technology (汇聚科技) - Power Equipment - Alibaba (阿里巴巴-W) - Retail [4][7].

[Tabl 点评报告 e_ReportType] [Table_StockAndRank] 中国石油(601857.SH) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 证券研究报告 公司研究 ➢ 油价中枢下行，但公司全产业链抗风险能力突出。油价端，2025 年国 际油价在产油国增产、美国对等关税政策导致需求拖累等多因素影响 下震荡下跌。2025 年布伦特平均油价为 68 美元/桶，同比下跌 15%， 上游勘探开发板块盈利同比下滑，但炼化、成品油销售和天然气销售 板块盈利有所修复，公司业绩整体保持稳健。分板块盈利看，2025 年 公司油气及新能源、炼化及新材料、销售板块、天然气销售板块分别 实现经营利润人民币 1361、242、175、608 亿元，同比-236、+28、 +10、+68 亿元。2025 年公司自由现金流 1201.89 亿元，同比增长 15.2%。总体来看，由于 2025 年全年油价中枢下移，公司上游勘探开 发业务短期承压，但下游业务整体盈利有所改善，公司业绩仍保持稳 健，全产业链抗风险能力突出。 ➢ 油气产量再创新高，新能源业务保持高速增长。油气方面， ...

Key Recommendations - Yaxing Integration (603929.SH) is positioned as a leader in cleanroom engineering, which is critical for AI infrastructure development, with a significant increase in demand for cleanroom projects driven by the AI computing power boom [9][10] - The company has a strong relationship with its Taiwanese parent company, which has extensive experience in building advanced wafer fabs, allowing for resource sharing and collaboration in overseas markets [9] - The cleanroom engineering sector is experiencing a rapid increase in orders and revenue, leading to a substantial improvement in profit margins for Yaxing Integration [9][11] Financial Performance - Yaxing Integration's net profit forecasts for 2026-2028 have been raised to 1.945 billion, 3.135 billion, and 4.138 billion yuan respectively, reflecting a significant increase from previous estimates [11] - The expected earnings per share for the same period are projected to be 9.12, 14.69, and 19.39 yuan, indicating a year-on-year growth of 118%, 61%, and 32% respectively [11] - The company's reasonable valuation range is estimated to be between 222.90 and 251.97 yuan, suggesting a potential upside of 20%-35% from the current stock price [11] Industry Insights - The cleanroom sector is identified as a bottleneck in global AI infrastructure, with cleanrooms accounting for 10%-20% of total investment in AI computing power [9] - The demand for cleanroom construction is expected to continue growing due to the ongoing expansion of the semiconductor industry and the increasing complexity of AI applications [10] - The report highlights that the capital expenditure cycle driven by AI is considered a "super cycle," with sustained investment expected through 2028 [10] Market Trends - The report indicates that the overall market sentiment is cautious, with a net outflow of 355 billion yuan in the last week of March, reflecting a decline in investor confidence [16] - The consumer services sector, particularly tourism, is experiencing a resurgence as spring holidays approach, with significant increases in bookings and travel activity [21][20] - The media and internet sectors are also adapting to new trends, with the launch of Seedance 2.0 and a focus on AI-driven content creation [24][26]

证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] [Table_StockAndRank] 中国石油(601857.SH) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_A 刘红光 uthor 石化行业联席首席分析师 ] 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [油气龙头经营业绩稳健， Table_Title] 全产业链抗风险能力突出 [Table_ReportDate] 2026 年 3 月 31 日 [Table_S 事件： ummary] 2025 年 3 月 29 日晚，中国石油发布 2025 年年度报告。2025 年公 司实现营业收入 28,644.69 亿元，同比下降 2.50%；实现 ...

Core Viewpoint - The company reported a decline in total revenue and net profit for 2025, highlighting the impact of fluctuating oil prices and changing energy demands on its financial performance [4][5]. Group 1: Financial Performance - In 2025, the company achieved total revenue of 28,645 billion yuan, a year-on-year decrease of 2.5%, and a net profit attributable to shareholders of 1,573 billion yuan, down 4.5% year-on-year [4]. - In Q4 2025, the company recorded total revenue of 6,952 billion yuan, an increase of 2.2% year-on-year but a decrease of 3.3% quarter-on-quarter, with a net profit of 310 billion yuan, down 2.7% year-on-year and 26.6% quarter-on-quarter [4]. Group 2: Industry Dynamics - The international oil price experienced a downward trend, with the average Brent crude oil price at 68.19 USD per barrel, a decrease of 14.6% year-on-year. Domestic natural gas demand continued to grow, with a total consumption increase of 2.9% [5]. - The demand for refined oil products in the domestic market was affected by alternative energy sources, leading to a 4.1% decrease in consumption, with gasoline down 4.5% and diesel down 5.6% [5]. Group 3: Business Segments - The upstream business was impacted by falling oil prices, resulting in an operating profit of 1,361 billion yuan, a decline of 14.8% year-on-year. However, the natural gas sales business benefited from increased sales volume, achieving an operating profit of 608 billion yuan, up 12.6% year-on-year [6]. - The refining business, supported by the company's integrated industry chain and ongoing transformation, managed to achieve an operating profit of 243 billion yuan, an increase of 13.4% year-on-year, despite challenges in demand for refined products [6]. Group 4: Shareholder Returns - The company proposed a final dividend of 0.25 yuan per share (before tax) for 2025, maintaining the highest level of absolute dividends in history, with a total payout of 860.2 billion yuan and a payout ratio of 54.7% [7]. - Over the "14th Five-Year Plan" period, the company achieved a cumulative net profit of over 7,000 billion yuan, with a cumulative dividend of 2.03 yuan per share, reflecting a commitment to shareholder returns [7]. Group 5: Strategic Outlook - The company plans to maintain high capital expenditures, with a 2026 upstream capital expenditure plan of 2,208 billion yuan, a 7.7% increase from 2025, to ensure growth in production and reserves [9]. - The company aims to enhance its energy supply strategy amid geopolitical uncertainties, focusing on increasing domestic production and participating in global energy governance [9].

Group 1 - Yuexiu Services (6626.HK) reported a revenue of 3.902 billion yuan for 2025, a slight increase of 0.9% year-on-year, with a net profit attributable to shareholders of 274 million yuan, down 22.5% year-on-year. The property management service revenue was 1.499 billion yuan, up 21.3%, accounting for 38.4% of total revenue, indicating stable growth in core business [5] - Tianqi Lithium (002466.SZ) achieved a revenue of 10.346 billion yuan in 2025, a decrease of 20.8% year-on-year, but turned a profit with a net profit of 463 million yuan. In Q4 2025, the company reported a revenue of 2.949 billion yuan, a quarter-on-quarter increase of 7.87% and a year-on-year decrease of 1.66% [5] - China Petroleum (601857.SH0857.HK) reported total operating revenue of 2.8645 trillion yuan in 2025, down 2.5% year-on-year, with a net profit attributable to shareholders of 157.3 billion yuan, down 4.5% year-on-year. In Q4 2025, the company achieved a revenue of 695.2 billion yuan, a year-on-year increase of 2.2% [6] Group 2 - China National Materials International (600970.SH) reported a revenue of 49.6 billion yuan in 2025, a year-on-year increase of 7.5%, while net profit attributable to shareholders decreased by 4.1% to 2.86 billion yuan. In Q4 2025, the company achieved a revenue of 16.6 billion yuan, a year-on-year increase of 15.3% [8] - Hengdian East Magnetic (002056.SZ) reported a net profit of 1.851 billion yuan in 2025, an increase of 1.34% year-on-year, with stable growth in photovoltaic product shipments and a leading position in profitability [8] - PONY.ai (PONY.O) reported total revenue of 90 million USD in 2025, a year-on-year increase of 20%, with a gross margin of 16%, while the Non-GAAP net loss expanded by 35% to 180 million USD [8] - Chaohongji (002345.SZ) achieved a revenue of 9.32 billion yuan in 2025, a year-on-year increase of 43%, with a net profit of 500 million yuan, up 156.7% year-on-year, and a basic EPS of 0.56 yuan [9]