中国石油多项前沿技术与装备亮相中国国际石油石 化技术装备展览会 截至目前，中国石油已连续14年统一参展CIPPE。本次中国石油展团参展企业共13家，昆仑制造有 限公司（以下称昆仑制造）是全展场实物最多、模型最丰富的参展商，共展出148件能源装备产品及18 套一体化服务解决方案，引发国内外参观者关注。 高端装备，彰显能源安全"硬实力" 本次昆仑制造参展产品中，自主创新研发的高端装备产品大量涌现，如为中国首口超万米科探井 ——深地塔科1井完钻完成"冲锋"任务的"深地利器"宝鸡石油机械有限责任公司（简称"宝石机械"） 12000米特深井自动化钻机；同样为深井钻探工程立下"汗马功劳"的北京石油机械有限公司（简称"北石 机械"）万米顶驱和济柴动力有限公司175发动机；满足油田、煤矿注水等对压力和流量特定工况要求， 精准实现液体输送，在青海、长庆、新疆等地实现稳定应用的渤海石油装备制造有限公司（简称"渤海 装备"）5ZB-20/43II往复式柱塞泵等。 这些产品是昆仑制造下属企业通过科研创新和制造攻关，助力制造强国的代表成果，一经亮相就受 到了国内外参观者的广泛关注。 焕新亮相，展示国产制造"新形象" 新华财经北京3月2 ...

Core Viewpoint - Goldman Sachs assigns a "Neutral" rating to Sinopec (00386, 600028.SH) with a target price of HKD 4.50, citing expected weak free cash flow due to declining refining margins and oversupply in the chemical market [1] Group 1: Financial Performance - Sinopec's fourth-quarter performance in refining, sales, and chemical sectors fell short of expectations, with EBITDA 19% lower than Goldman Sachs' forecast due to higher operational costs [2] - The company's gross profit met expectations, but overall performance was impacted by lower-than-expected profit margins across multiple business segments [2] Group 2: Dividend and Cash Flow - The dividend payout ratio for 2024 is expected to remain around 71%, consistent with 2023, leading to a 17% year-on-year decline in earnings per share dividends [3] - Despite a projected positive free cash flow in 2024 after two years of negative results, the free cash flow yield of 1.3% is below Goldman Sachs' expectation of 5% due to lower earnings and high capital expenditures [3] - Capital expenditures for 2024 are expected to be 11% higher than Goldman Sachs' forecast, with a slight decrease of 1% compared to 2023, and a projected capital expenditure of RMB 164.3 billion for 2025, which is 6% above expectations [3]

证券代码：601857 证券简称：中国石油 公告编号：临 2025-002 中国石油天然气股份有限公司 关于召开 2024 年度业绩说明会的公告 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。 重要内容提示： 公司拟于2025年3月31日发布公司2024年度报告，并计划于2025年 3月31日（星期一）下午17:30-18:30召开业绩说明会，向投资者介绍2024 年度的经营业绩情况，并进行互动交流。 一、说明会类型 本次业绩说明会通过网络互动形式召开，公司将介绍2024年度的 经营业绩情况，并在信息披露允许的范围内就投资者普遍关注的问题进 行交流。 会议召开时间：2025 年 3 月 31 日（星期一）下午 17:30-18:30 会议召开方式：通过上海证券交易所上证路演中心（以下简称上 证路演中心，网址：https://roadshow.sseinfo.com/）进行网络互动。 投资者可于 2025 年 3 月 30 日（星期日）17:00 前登录上证路演 中心网站首页点击"提问预征集"栏目或通过中国石油天然气股 份 有 ...

Core Insights - The meeting led by the chairman of China National Petroleum Corporation (CNPC) emphasized the importance of embracing artificial intelligence and advancing the "Digital Intelligence Petroleum" strategy [1][2] - The company aims to enhance its information technology capabilities, focusing on digital empowerment, intelligent development, and addressing information technology shortcomings [2] Group 1 - The chairman highlighted the need to deepen the understanding of Xi Jinping's thoughts on building a cyber power and to actively embrace AI [1] - Achievements in key projects such as the information technology reinforcement project, Kunlun large model construction, and the Cloud Dream platform were acknowledged [1] - The company is urged to enhance its sense of responsibility and urgency in adapting to the trends of the intelligent era [1] Group 2 - There is a call to accelerate the development of a production operation management platform and to prioritize network security [2] - The company plans to systematically enhance digital empowerment and strengthen data asset management [2] - Efforts will be made to promote intelligent development, optimize the Kunlun large model release plan, and increase employee engagement [2] Group 3 - The company aims to enhance talent acquisition and training, focusing on cultivating high-end talents who can bridge AI theory, technology, and applications in the energy and chemical industry [2]

中國石油天然氣股份有限公司（「本公司」）董事會（「董事會」）僅此宣佈，董事會將 於二零二五年三月二十八日（星期五）在中華人民共和國（「中国」）北京市東城區東直門北 大街 9 號中國石油大廈舉行，藉以（其中包括）審議及批准本公司及其附屬公司截至二零二四 年十二月三十一日止之年度業績及其發佈，以及考慮派發末期股息之建議。 承董事會命 中國石油天然氣股份有限公司 公司秘書 王華 中国北京 2025 年 3 月 14 日 中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED （於中華人民共和國註册成立之股份有限公司） (股份代號：857) 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而産生或因倚 賴該等內容而引致的任何損失承擔任何責任。 董事會會議通知 於本公告日，本公司董事會由戴厚良先生擔任董事長，由侯啟軍先生擔任副董事長及非執行董 事，由段良偉先生及謝軍先生擔任非執行董事，由黃永章先生、任立新先生及張道偉先生擔任 執行董事，由蔣小明先生、張來斌先生、何敬麟先生、閻焱先生及劉曉蕾 ...

Core Viewpoint - The trial of Wang Yilin, former chairman of China National Petroleum Corporation (CNPC), is underway for bribery charges, highlighting issues of corruption within the state-owned enterprise sector in China [1] Group 1: Case Details - The trial took place on February 20, 2025, at the Intermediate People's Court of Ordos City, Inner Mongolia [1] - Wang Yilin is accused of utilizing his various positions from 1996 to 2020 to provide assistance to individuals in job adjustments, project contracts, and business operations [1] - The prosecution alleges that Wang Yilin received bribes totaling over 35.01 million RMB from 2006 to 2020, either directly or through intermediaries [1] Group 2: Legal Proceedings - The Inner Mongolia People's Procuratorate has initiated criminal proceedings against Wang Yilin for bribery [1] - During the trial, evidence was presented by the prosecution, and both the defendant and his defense team engaged in cross-examination [1] - Wang Yilin expressed remorse and admitted guilt during his final statement in court [1]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Insights - The report highlights that coalbed methane (coal rock gas) has become a new driving force for natural gas production growth, with a significant year-on-year increase in production [3][28] - The company has achieved a total production of 4.12 billion cubic meters of natural gas, representing a year-on-year growth of 20.96% [3][28] - The report emphasizes the vast resource potential of coal rock gas, with estimates indicating that the geological resource volume for coal rock gas deeper than 2000 meters is approximately 40.71 trillion cubic meters, significantly exceeding the resources available in shallower coalbed methane [6][18] Summary by Sections Production and Growth - The company announced a production of 1.96 billion cubic meters of coal rock gas for the year, marking a remarkable year-on-year growth of 90.4% [3][28] - The overall production of natural gas reached 4.12 billion cubic meters, with a year-on-year increase of 20.96% [3][28] Resource Potential - The geological resource volume of coalbed methane in China is approximately 30.05 trillion cubic meters for depths less than 2000 meters, with 31.5% of this volume located between 1500 to 2000 meters [6][18] - Research indicates that the resource volume for coal rock gas deeper than 2000 meters is significantly abundant, with 29 major basins containing an estimated 40.71 trillion cubic meters [6][18] Market Dynamics - The report notes that the natural gas market in China is undergoing continuous marketization, with a broad market space expected to remain [6][29] - The apparent consumption of natural gas in China is projected to reach 4,261 billion cubic meters in 2024, reflecting an 8% year-on-year growth [6][30]

Investment Rating - The investment rating for China Petroleum (601857.SH) is "Outperform the Market" (maintained) [2] Core Viewpoints - Coalbed methane (coal rock gas) has emerged as a new driving force for natural gas production, with a significant year-on-year production increase of 90.4% to 1.96 billion cubic meters [3][28] - The total annual production reached 4.12 billion cubic meters, reflecting a year-on-year growth of 20.96% [28] - The development of coal rock gas is characterized by high pressure, high temperature, high gas content, high saturation, and high free gas content, distinguishing it from traditional coalbed methane [5][12] - The geological resource potential for coal rock gas is substantial, with estimates indicating over 40.71 trillion cubic meters of resources at depths greater than 2000 meters, significantly exceeding the resources of shallower coalbed methane [6][18] Summary by Sections Production and Development - China Petroleum's coal rock gas production has shown remarkable growth, with a focus on deep coal seams, particularly the 8 seam at depths of 2000 to 2520 meters [25][27] - The company has successfully identified and developed significant reserves, with proven geological reserves of 112.162 billion cubic meters in the Dajie block [27] - The company is accelerating the evaluation of reserves in other well areas, indicating potential for substantial resource increases [27] Market Dynamics - The domestic natural gas market is experiencing continuous reform, with a projected consumption increase to 4,580 billion cubic meters by 2025, maintaining a growth rate of around 8% [30] - The market for natural gas is expected to remain robust, driven by economic recovery and increasing demand [30] Technological Advancements - The development of coal rock gas has benefited from advancements in drilling and fracturing technologies, enabling efficient extraction from deeper reservoirs [20][21] - The shift from conventional to large-scale volume fracturing techniques has improved production rates and reduced costs [20][21] Strategic Importance - The strategic significance of coal rock gas development is underscored by its potential to enhance domestic natural gas production and self-sufficiency, especially as traditional coalbed methane growth slows [16][29]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而産生或因倚 賴該等內容而引致的任何損失承擔任何責任。 中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED （ 於中華人民共和國註冊成立之股份有限公司 ） (股份代號：857) 承董事會命 中國石油天然氣股份有限公司 公司秘書 王華 中國北京 2025 年 1 月 24 日 於本公告日，本公司董事會由戴厚良先生擔任董事長，由侯啟軍先生擔任副董事長及非執行董 事，由段良偉先生及謝軍先生擔任非執行董事，由黃永章先生、任立新先生及張道偉先生擔任 執行董事，由蔣小明先生、張來斌先生、何敬麟先生、閻焱先生及劉曉蕾女士擔任獨立非執行 董事。 H 股證券登記處變更 中國石油天然氣股份有限公司（「本公司」）僅此宣佈，自 2025 年 2 月 1 日起，本公司 之 H 股證券登記處由香港證券登記有限公司更換為香港中央證券登記有限公司。香港證券登記 有限公司為香港中央證券登記有限公司的全資附屬公司。香港中央證券登記有限公司的地址及 聯絡資料如下： ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Petroleum, with current prices at 8.57 CNY and 6.12 HKD respectively [1]. Core Insights - The report emphasizes the importance of deepening reforms to enhance the resilience of the entire industry chain and to play a crucial role in energy supply security [5][6]. - The company aims to achieve high-quality development by focusing on improving energy supply capabilities, developing emerging industries, and enhancing technological independence [6][7]. - The report highlights the company's strong performance in 2024, with a significant increase in net profit compared to historical trends, showcasing its resilience against market fluctuations [10][11]. Summary by Sections Company Overview - The 2025 work meeting of China Petroleum Group outlined the company's achievements in 2024 and set key tasks for 2025, focusing on high-quality development and energy security [5][9]. Strategic Goals - The company plans to enhance energy supply capabilities, develop new industries, and strengthen management and governance to adapt to complex market conditions [6][7]. - Key tasks include improving energy supply stability, accelerating the shale oil and gas revolution, and enhancing the competitiveness of refining and sales [7][9]. Financial Performance - The report projects net profits for 2024, 2025, and 2026 to be 1759 billion, 1803 billion, and 1850 billion CNY respectively, with corresponding EPS of 0.96, 0.99, and 1.01 CNY per share [12][15]. - The company has shown a strong ability to withstand cyclical fluctuations, with a notable increase in net profit in 2024 compared to previous high oil price periods [10][11]. Valuation Metrics - The report provides a detailed financial forecast, including revenue and profit growth rates, indicating a stable outlook for the company's financial health [12][16]. - Key financial ratios such as P/E and ROE are projected to remain favorable, supporting the investment thesis [15][18].