销量增加及采购成本控制良好，天然气销售业务盈利能力持续提高。天然气销售业务大力控制天然气采 购成本；持续优化客户结构，大力开拓直销客户和终端销售市场，积极开展市场化交易，不断增强创效 能力。2025 上半年销售天然气1,514.95 亿立方米，同比增长2.9%，平均实现销售价格2.33 元/方，同比 上涨5.2%。由于天然气销量增加以及采购成本控制良好，天然气销售业务实现经营利润人民币186.26 亿元，同比增加10.8%。 事件评论 事件描述 油气产量小幅增长叠加降本增效，油气和新能源业务业绩变动优于同期油价变动。2025年上半年公司实 现油气当量产量923.6 百万桶，同比上升2.0%。其中国内油气当量产量828.9 百万桶，同比增长2.7%； 海外油气当量产量94.7 百万桶，同比下降3.6%。大力加强油气生产成本控制，单位油气操作成本10.14 美元/桶，同比下降8.1%。2025 年上半年布伦特期货均价为70.81 美元/桶，同比下降15.12%，公司实现 油价达到66.2 美元/桶，同比下降14.5%。产量提升叠加降本增效，以及税费支出减少，板块2025 年上 半年实现经营利润856.86 亿元， ...

Core Viewpoint - The A-share market has seen a record high in mid-term cash dividends, with 810 companies planning to distribute a total of 642.81 billion yuan, marking a year-on-year increase of 9.56% in dividend amount and 15.06% in the number of companies participating, both reaching historical highs [1][2]. Group 1: Dividend Distribution - 810 companies have announced mid-term cash dividend plans for 2025, with a total proposed payout of 642.81 billion yuan [1]. - Over 300 companies are planning to issue mid-term cash dividends for the first time [7]. - Among companies with dividends exceeding 1 billion yuan, "state-owned enterprises" account for about 30% [1][3]. Group 2: Major Contributors - China Mobile leads with a proposed cash dividend of 54.08 billion yuan, distributing 2.5025 yuan per share [3]. - Other major telecom operators, China Telecom and China Unicom, plan to distribute 16.58 billion yuan and 3.477 billion yuan, respectively [3]. - The "three oil giants" (China National Petroleum, Sinopec, and CNOOC) collectively plan to distribute over 80 billion yuan in mid-term dividends [3][4]. Group 3: Performance and Support - A significant number of companies have shown robust performance, with 522 out of 810 companies reporting a year-on-year increase in net profit [5]. - Companies like Muyuan Foods and WuXi AppTec have demonstrated exceptional profit growth, with Muyuan's net profit increasing nearly 12 times [6]. - Haier Smart Home reported a revenue increase of 10.22% and a net profit increase of 15.59%, leading to a proposed dividend of 2.69 yuan per share [6]. Group 4: Market Implications - The trend of increasing cash dividends is seen as a sign of market maturity, enhancing long-term returns and improving market ecology [8]. - The rise in dividend payouts is expected to stabilize market expectations and attract more investors [8].

2025 年 8 月 31 日 行业研究 25H1 石化行业业绩承压，关注油价预期变化与"反内卷"进程 油服业绩逆势上行，石化工程企业新签合同高增。2025H1，油服行业一方面 受益于国内"增储上产"持续推进，一方面海外业务逐渐进入业绩释放期，使 得主要油服企业经营质量明显上升，在油价下跌的同时业绩逆势上行。 2025H1，中海油服、海油工程、海油发展、石化油服毛利率分别同比上升 0.71、 5.43、1.18、0.41pct，经营质量持续改善。25H1 石化工程行业新签合同持续 高增，中石化炼化工程 25H1 新签合同总额增长 42.1%，中油工程 25H1 海外 新签合同同比增长 9.86%。随着海外高毛利项目逐渐释放业绩，石化工程行 业盈利能力有望持续上行。 炼化-化纤产业链需求修复偏弱，"反内卷"有望修复行业景气度。25H1，主 要石油化工产品需求修复较弱，叠加油价下跌带来库存损失，大炼化公司业绩 普遍下行，恒力石化、荣盛石化 25H1 归母净利润分别同比-24.1%、-29.8%。 受益于化纤景气度回升，化纤上市公司业绩上行，25H1 桐昆股份、新凤鸣归 母净利润分别同比+2.9%、+17.3%。2 ...

有些深地塔科1井的工作人员说，他们有点怕王春生。最初对他的一些做法也不太理解。 今年年初，我国首口超万米科探井——深地塔科1井在地下10910米胜利完钻。该井先后创造了全球尾管固井最深、全球电缆成像测井最深、全球陆上钻井突破万米最快、亚洲直井钻探最深等工程 万米钻探，步步惊心，每一米都是对未知的挑战，每一寸都是向极限的突破。那么多世界级技术难题、井控风险，那么多来自五湖四海的专业队伍，需要一个集现场技术总负责、生产组织总指挥 善用人才 高品质堵漏浆是控制风险的基础，这需要钻井液专业方面的知识。当天晚上，王春生就带着大家研制80％浓度的堵漏浆。从选材料到调配方、定方案，他都提出大胆又新奇的专业意见。 一夜无眠。第二天晨曦初露时分，堵漏浆试验成功了。但要将如此高浓度、流动性极差的堵漏浆顺利送达1万多米深的井下，常规施工措施效果欠佳。于是，王春生又给钻井专业的人支招。他打 按照王春生提出的办法，新研制的堵漏浆不仅畅通无阻到达万米井下，而且仅用两个小时就成功解决了井漏问题。王春生的"疯狂"想法变成了成效显著的现实，深地塔科1井得以继续钻进。 扎实钻研 王春生有胆有识、敢作敢当，这些特点在他工作时展现得淋漓尽致。 井身 ...

本周关注点 股本股东变化 截至2025年6月30日，公司股东户数为47.72万户，较3月31日减少4.66万户，减幅为8.9%。户均持股数 量由上期的30.91万股增加至33.93万股，户均持股市值为290.1万元。 业绩披露要点 2025年中报显示，公司主营收入14500.99亿元，同比下降6.74%；归母净利润839.93亿元，同比下降 5.42%；扣非净利润841.16亿元，同比下降8.36%。2025年第二季度单季度归母净利润371.86亿元，同比 下降13.59%；单季度扣非净利润375.54亿元，同比下降18.21%。负债率38.48%，投资收益78.74亿元， 财务费用63.28亿元，毛利率20.89%。 截至2025年8月29日收盘，中国石油（601857）报收于8.72元，较上周的8.69元上涨0.35%。本周，中国 石油8月26日盘中最高价报8.87元。8月28日盘中最低价报8.55元。中国石油当前最新总市值15959.43亿 元，在炼化及贸易板块市值排名1/30，在两市A股市值排名7/5152。 中国石油第九届董事会第十四次会议于2025年8月26日召开，审议通过《关于公司2025年中期 ...

Group 1 - A-share companies have announced over 800 mid-term cash dividend plans, setting a historical record, with total cash dividends exceeding 639 billion yuan and a cash dividend ratio of 21.36% of total net profits [1] - The banking sector leads in dividend scale, with an expected mid-term cash dividend of 237.54 billion yuan in 2025, followed by industries such as oil and petrochemicals, telecommunications, non-bank financials, coal, and transportation [1] Group 2 - Major companies like China Mobile and Industrial and Commercial Bank of China have cash dividends exceeding 50 billion yuan, while over 20 companies, including Chang'an Automobile and Hengli Petrochemical, are initiating mid-term dividends for the first time [3] - In terms of cash dividend ratios, companies like Shuoshi Biology and Yisheng Shares have exceptionally high ratios, with Shuoshi Biology proposing a cash dividend of 34 yuan per 10 shares, resulting in a cash dividend ratio of 7142.28% [3] - Institutional investors show a clear preference for high dividend yields, with Dongfang Yuhong leading at a yield of 7.87%, and several other companies also exceeding 5% [3][4] Group 3 - Among stocks with dividend yields over 2%, six companies, including Bingchuan Network and Jinneng Technology, reported net profit growth exceeding 50% in the first half of the year [4] - Bingchuan Network achieved a net profit of 336 million yuan, marking a turnaround, with a mid-term dividend yield of 2.3% [4]

但在深地塔科1井，这些"配角"被王春生当成宝贝。他经常开会强调，钻井人一定要结交"3个好朋友"： 地质、钻井液、钻工具。他催促年轻的钻井人，"赶紧去找'3个好朋友'串门呀，掏点他们的'武功秘 籍'"。他自己则天天和这3个专业的现场技术负责人胡剑风、尹达、卢强在一起吃饭、散步。 今年年初，我国首口超万米科探井——深地塔科1井在地下10910米胜利完钻。该井先后创造了全球尾管 固井最深、全球电缆成像测井最深、全球陆上钻井突破万米最快、亚洲直井钻探最深等工程纪录。 万米钻探，步步惊心，每一米都是对未知的挑战，每一寸都是向极限的突破。那么多世界级技术难题、 井控风险，那么多来自五湖四海的专业队伍，需要一个集现场技术总负责、生产组织总指挥于一身的负 责人，塔里木油田企业首席专家王春生担起了重任，成为深地塔科1井的井长。"我们要努力向深而生， 保障国家能源安全。"王春生说。 善用人才 有些深地塔科1井的工作人员说，他们有点怕王春生。最初对他的一些做法也不太理解。 现场钻井工程主要由钻井、地质、钻井液、钻工具四大专业队伍联合完成。曾经，地质、钻井液、钻工 具专业处于"配角"地位。虽然目前油田实行工程地质一体化并取得不小成绩 ...

Core Insights - The latest Fortune Global 500 list reveals that the United States leads with 138 companies, while Japan has significantly dropped to 38 companies, indicating a stark contrast in economic performance and corporate strength between these nations [1][3][9]. Group 1: United States - The United States maintains its dominance with 138 companies on the Fortune Global 500 list, showcasing a strong economic core [3]. - Walmart continues to hold the title of the world's largest company with revenues of $680.9 billion and a net profit of $19.4 billion, marking its 12th consecutive year at the top [4]. - Other major U.S. companies, including Apple and CVS Health, also feature prominently, with the U.S. occupying over half of the top 11 spots on the list [6]. Group 2: Japan - Japan's representation on the list has drastically decreased from 149 companies in the 1980s to just 38 this year, highlighting ongoing challenges [9]. - Toyota, Japan's flagship company, ranks 15th with revenues of $315.1 billion and a net profit of $31.2 billion, but faces significant competition from emerging electric vehicle manufacturers [11]. - Factors contributing to Japan's decline include severe population aging, slow innovation rates, and external trade challenges [13]. Group 3: China - China has 130 companies on the list, a decrease of 8 from the U.S. and 3 from the previous year, yet it shows signs of structural optimization and growth in emerging industries [14]. - Major Chinese firms like China National Petroleum and Sinopec rank 5th and 6th, respectively, with revenues of $412.6 billion and $407.5 billion, reflecting strong performance in traditional energy sectors [16]. - The automotive sector in China is thriving, with BYD making significant strides, ranking 91st after a 52-position increase, driven by advancements in battery technology [19].

Core Viewpoint - The "Big Three" oil companies in China, namely China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), reported a decline in revenue and net profit for the first half of 2025 due to falling international oil prices, despite continuing to distribute substantial dividends [2][4][8]. Financial Performance - In the first half of 2025, the combined revenue of CNPC, Sinopec, and CNOOC reached approximately 3.07 trillion yuan, with a net profit of 175.01 billion yuan, representing a decrease of over 29 billion yuan compared to the same period last year [2][4]. - CNPC, Sinopec, and CNOOC reported revenues of 1.45 trillion yuan, 1.41 trillion yuan, and 207.61 billion yuan respectively, with year-on-year declines of 6.74%, 10.60%, and 8.45% [4]. - Corresponding net profits for the three companies were 839.93 billion yuan, 214.83 billion yuan, and 695.33 billion yuan, reflecting year-on-year decreases of 5.42%, 39.83%, and 12.79% [4]. Oil Price Impact - The average Brent crude oil price for the first half of 2025 was 71.87 USD/barrel, down 14.5% from 84.06 USD/barrel in the previous year, while the average price for West Texas Intermediate (WTI) was 67.60 USD/barrel, down 14.4% from 78.95 USD/barrel [4]. - The average selling prices of crude oil for CNPC, Sinopec, and CNOOC were 66.21 USD/barrel, 67 USD/barrel, and 69.15 USD/barrel, showing declines of 14.5%, 12.9%, and 13.9% respectively [5]. Natural Gas Performance - CNPC's natural gas segment saw a volume increase of 2.9% year-on-year, with sales reaching 151.5 billion cubic meters and operating profit rising to 18.6 billion yuan [6]. - CNOOC's natural gas revenue grew by over 16% to 27.75 billion yuan, driven by the full production of the "Deep Sea No. 1" project [6]. Dividend Distribution - Despite the decline in performance, the "Big Three" maintained a high dividend payout strategy, distributing a total of over 82.5 billion yuan, although this was a reduction of approximately 7.7 billion yuan compared to the previous year [2][8]. Future Outlook - Analysts predict that the average international oil price for 2025 will hover around 70 USD/barrel, with potential upward risks to 90 USD/barrel and downward risks to 45 USD/barrel [3][9]. - The outlook for oil prices remains cautious, with expectations of increased downward pressure due to geopolitical factors and seasonal demand fluctuations [8][10].

Group 1 - The trend of interim dividends is becoming a new norm in the A-share market, shifting from an optional choice to a mandatory response for companies to reward investors [1][2] - A total of 809 listed companies have announced interim cash dividend plans, representing 14.91% of all A-share companies, both figures are historical highs [2] - The total amount of interim cash dividends reached 639.13 billion yuan, accounting for 21.36% of the total net profit of A-share companies in the first half of the year, marking the highest levels ever [2] Group 2 - The banking sector is the most generous in terms of cash dividends, with an expected payout of 237.54 billion yuan for the mid-2025 period [3] - Notable companies such as China Mobile, Industrial and Commercial Bank of China, and China Petroleum are leading the dividend distribution, with China Mobile alone distributing 54.09 billion yuan [3] - Over 240 companies are set to distribute more than half of their profits as dividends, with the highest cash dividend ratios seen in companies like Shuoshi Biology and Yisheng Shares, despite their low net profits [4] Group 3 - A total of 72 stocks have a dividend yield of over 2%, with Dongfang Yuhong leading at 7.87% [5] - Companies with a dividend yield exceeding 5% include Siwei Liekong and Shuoshi Biology, indicating strong cash flow and profitability [5] - The highest proportion of holdings by social security funds is in Huawang Technology, which is a leading company in the domestic decorative paper industry [6] Group 4 - Six stocks with a dividend yield above 2% have seen net profit growth exceeding 50%, indicating strong performance and recovery [6] - Ice Glacier Network, for example, reported a net profit of 336 million yuan, marking a turnaround from losses in the previous year [6]