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) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 茲載列中國石油天然氣股份有限公司在上海證券交易所網站刊登的《中國石油天然氣股份有限 公司關於召開 2025 年度業績説明會的公告》，僅供參閱。 特此公告 中國石油天然氣股份有限公司董事會 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2025年度的 经营成果及财务指标的具体情况，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。 中國北京 2026 年 3 月 20 日 於本公告日，本公司董事會由戴厚良先生擔任董事長，由周心懷先生擔任副董事長及非執行董事， 由段良偉先生、周松先生及謝軍先生擔任非執行董事，由任立新先生、張道偉先生及宋大勇先生擔 任執 ...

证券代码：601857 证券简称：中国石油 公告编号：临 2026-002 中国石油天然气股份有限公司 关于召开 2025 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： 本次业绩说明会通过网络互动形式召开，公司将介绍2025年度的 经营成果及财务指标的具体情况，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：2026 年 3 月 30 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 2026 年 3 月 29 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 份有限公司（以下简称公司）邮箱 ir@petrochina.com.cn 进行提问。 二、说明会召开的时间、方式 （一）会议召开时间：2026年3月30日（星期一）下午17:30-18:30 （二）会议召 ...

Core Viewpoint - China National Petroleum Corporation (CNPC) has announced a centralized procurement tender for lithium iron phosphate energy storage systems for 2026, with a total capacity of 772.5 MWh [3][4]. Group 1: Tender Details - The project consists of 8 packages with a total capacity of 772.5 MWh, including 750 MWh at a 0.5C rate and 22.5 MWh at a 0.33C rate [4]. - Each package is quoted in "Yuan/Wh" and requires battery cells with a capacity of at least 314Ah and battery modules of at least 5MWh [5][8]. Group 2: Package Specifications - Package 1 includes a 2.5MW/5MWh system with a 0.5C liquid cooling requirement, expected to be delivered by June 1, 2026, at locations in Longqing Oilfield and Qingyang [5][6]. - Package 2 has a larger capacity of 200MWh, with a delivery date set for July 10, 2026, located in Turpan City [5][6]. - Package 4 is expected to deliver 140MWh by August 10, 2026, in Karamay City [5][6]. Group 3: Bidder Qualifications - Bidders must be registered suppliers in CNPC's resource database and must not participate in joint bids [6][9]. - Bidders are required to submit a commitment letter confirming no major quality incidents from 2023 to 2025 [6][9]. Group 4: Timeline - The tender document acquisition period is from March 17 to March 24, 2026, with the bid submission deadline set for April 8, 2026, at 8:30 AM Beijing time [7][10].

Investment Rating - The industry investment rating is maintained as "Accumulate" [1] Core Insights - The 2026-2027 China National Petroleum Corporation (CNPC) pipeline natural gas purchase and sale contract policy has been officially released, with sales prices remaining unchanged year-on-year. The pricing policy includes an 18.5% increase over the provincial gate prices for regulated gas, and a 70% increase for fixed non-regulated gas in certain regions [7] - The stable pricing from CNPC is expected to stabilize domestic gas prices and promote steady downstream demand growth. CNPC holds a dominant position in domestic natural gas supply, which may influence other gas source companies to follow its pricing strategy [7] - The report highlights investment opportunities in resource production capabilities due to rising gas prices driven by geopolitical conflicts. Recommended companies include Shouhua Gas and New Natural Gas, with a focus on those with long-term cost advantages and flexible scheduling [7] Summary by Sections Industry Trends - The report indicates that the pricing policy for the 2026-2027 period shows no adjustments in resource allocation ratios or price increases compared to the previous year [7] - The resource allocation ratios for regulated gas are 60% in the off-season and 55% in the peak season, while for non-regulated gas, the ratios are 33% and 38% respectively [5] Investment Recommendations - The report recommends focusing on companies with gas source production capabilities, such as Shouhua Gas, and those with advantageous long-term contracts like New Energy and Jiufeng Energy [7] - It also suggests paying attention to city gas companies that are adjusting their pricing structures, with specific recommendations for New Energy and China Gas [7]

PetroChina, China's biggest natural gas supplier, will keep its contract prices largely unchanged this year to shield industrial consumers from surging global energy prices due to the Middle East conflict https://t.co/40mgQIyiYw ...

Group 1 - PetroChina will keep its contract prices largely unchanged this year to protect industrial consumers from rising global energy prices due to the Middle East conflict [2] - The company will maintain last year's upper price limit to support the long-term growth of the domestic gas industry, as noted by Chinese consultancy OilChem [2] - China is well-positioned to handle ongoing gas disruptions from the war, thanks to higher-than-usual inventories built up last year when demand was softer [3] Group 2 - Spot liquefied natural gas prices for May delivery to China have increased by about one-third this month to $17.13 per million British thermal units, but cheaper onshore gas and coal have limited price increases [4] - China is pushing to liberalize its gas market, allowing suppliers to pass on some costs to consumers while preventing sharp price spikes that could harm the economy [5] - Domestic producers are expected to increase gas production as oil demand plateaus, which should help mitigate global geopolitical and energy disruptions [5]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Buy" recommendation for selected companies within the sector [3]. Core Insights - The report highlights that escalating tensions in the Middle East have driven up oil prices, with both EIA and IEA significantly lowering their global oil supply forecasts for the year [6][7]. - EIA projects the average crude oil price for 2026 to be $79 per barrel, an increase of $21 from the previous month, while the average for 2027 is projected at $64 per barrel, up by $11 [6][7]. - Demand forecasts show IEA has reduced its 2026 oil demand growth estimate to 640,000 barrels per day, down by 210,000 barrels per day from last month, while EIA has slightly increased its forecast to 1.23 million barrels per day for 2026 [11][12]. Summary by Sections Upstream Sector - Oil prices have risen, with Brent crude futures closing at $103.14 per barrel, a week-on-week increase of 11.27%, and WTI futures at $98.71 per barrel, up 8.59% [24]. - The report notes a significant increase in drilling activity, with the number of active rigs in the U.S. rising to 553, a slight increase from the previous week but a decrease of 39 year-on-year [37]. Refining Sector - The report indicates that refining margins have improved, with the Singapore refining margin rising to $54.03 per barrel, an increase of $17.35 from the previous week [6]. - The report anticipates that refining profitability will gradually improve as economic recovery progresses [6]. Polyester Sector - PTA prices have increased, with the average price in East China reaching 6,475 RMB per ton, up 19.01% week-on-week [6]. - The report suggests that the polyester industry is expected to see gradual improvement as supply and demand dynamics tighten [21]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector such as Tongkun Co. and Wan Kai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical [21]. - It also highlights the potential for offshore oil service companies like CNOOC Services and Haiyou Engineering to benefit from sustained high capital expenditures in exploration and development [21].

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, recommending specific companies for investment opportunities [3][22]. Core Insights - The report highlights the impact of escalating tensions in the Middle East, which have led to increased oil prices and significant downward revisions in global oil supply forecasts by EIA and IEA [6][7]. - EIA projects the average crude oil price for 2026 to be $79 per barrel, up by $21 from the previous month, while the average for 2027 is projected at $64 per barrel, an increase of $11 [6][7]. - Demand forecasts show IEA has significantly reduced its 2026 oil demand growth estimate to 640,000 barrels per day, while EIA has slightly increased its forecast to 1.23 million barrels per day [11][12]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $103.14 per barrel, reflecting an increase of 11.27% week-on-week, while WTI futures rose by 8.59% to $98.71 per barrel [27]. - The report notes a rise in drilling rig counts, with the U.S. rig count increasing to 553, up by 2 from the previous week, although down by 39 year-on-year [43][46]. Refining Sector - The report indicates an improvement in refining margins, with the Singapore refining margin rising to $54.03 per barrel, an increase of $17.35 from the previous week [6]. - The report suggests that refining profitability is expected to improve as economic recovery progresses, despite current margins being at lower levels [6]. Polyester Sector - PTA prices have risen, with the average price in East China reaching 6,475 yuan per ton, up by 19.01% week-on-week [6]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [6]. Investment Recommendations - The report recommends high-quality companies in the polyester sector such as Tongkun Co. and Wan Kai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical [22]. - It also highlights the potential for offshore oil service companies like CNOOC Services and Haiyou Engineering to benefit from sustained high capital expenditures in offshore exploration [22].

Summary of the IEA Oil Market Update Industry Overview - The report focuses on the **oil and gas industry** in the Asia-Pacific region, particularly the impact of geopolitical events on oil supply and demand. Key Points Oil Demand Forecast - The **IEA has reduced its 2026 oil-demand growth forecast** by 0.1 million barrels per day (MMbls/d), now projecting a total of **104.8 MMbls/d**. This adjustment is attributed to the ongoing conflict in Iran affecting air travel and LPG supplies, alongside rising prices and economic risks that may weaken consumption further [1][8] Supply Disruptions - Global oil supply is expected to **decline by 8 MMbls/d in March**, with a further **2 MMbls/d of NGLs** shut in, marking the largest supply disruption since the COVID-19 pandemic [3] - The **Straits of Hormuz (SoH)** disruption has impacted **20 MMbls/d of supply**, representing **20% of global oil consumption**. Limited bypass options exist, with the East-West pipeline in Saudi Arabia having a capacity of **5 MMbls/d** [2] Production Adjustments - Iraq and Kuwait have announced production cuts, while the UAE is also reducing output from offshore fields. Outside the region, there is limited ability to increase production, with US light oil and deferred Canadian oil sands maintenance being notable sources of potential supply addition [2] Economic Impact - A **$10/bbl increase in oil prices** is projected to reduce global economic growth by **15 basis points**. Global demand is expected to decline by **1 MMbls/d** in March and April due to disruptions in airline travel, shipping, and LPG supply [4] Refining Capacity and Margins - The crisis has led to the shutdown of **3 MMbls/d of refining capacity** due to attacks and lack of export routes, with an additional **1 MMbls/d at risk** of imminent shutdown. Refining margins have surged by **$10-15/bbl** in March as product price increases outpace crude oil price rises [5] Inventory Levels - Global oil inventories reached a record high of **8,210 million barrels** in January, the highest since February 2021. The OECD accounted for **50%** of these stocks, with China holding **15%** and oil on water comprising **25%** [6] Strategic Reserves - IEA member countries have agreed to release **400 MMbls from emergency reserves**, although this will not compensate for the **20 MMbls/d loss in supply**. The OECD holds **1.2 billion barrels** in strategic reserves, covering **27.4 days of forward demand** [7] Market Outlook - The IEA forecasts that by **May**, global supply will be nearly back to normal, and by **June**, it will be fully normalized. However, the ongoing conflict and its implications for oil prices remain a significant concern [3][4] Investment Implications - The report highlights that the ongoing conflict in Iran could lead to oil prices exceeding **$120/bbl** again. The longer the conflict persists, the higher the oil prices will rise, increasing risks to the global economy. The full reopening of the SoH is deemed essential for resuming energy flows and stabilizing commodity prices [24] Additional Insights - The report emphasizes the vulnerability of jet fuel and LPG markets to disruptions and the potential for increased reliance on US, West African, and Latin American oil supplies as buyers seek alternatives [6][2] This summary encapsulates the critical insights from the IEA Oil Market Update, reflecting the current state and future outlook of the oil and gas industry amidst geopolitical tensions.

Report Information - Report Title: Crude Oil Weekly: Escalation of Middle East Conflict, Continued Rise in International Oil Prices [1] - Report Date: March 15, 2026 [1] - Analysts: Chen Shuxian, Zhou Shaowen [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $96.5/$92.0 per barrel, up $12.7/$13.5 per barrel from last week [2]. - The report recommends companies such as CNOOC, PetroChina, Sinopec, COSL, Offshore Oil Engineering, and CNOOC Energy Technology & Services; it also suggests paying attention to Sinopec Oilfield Service, CNPC Engineering, and Sinopec Mechanical & Electrical Equipment [3]. Summary by Directory 1. Crude Oil Weekly Data Briefing - Data sources include Bloomberg, WIND, EIA, TSA, Baker Hughes, and Dongwu Securities Research Institute [8][9] 2. This Week's Performance of the Petroleum and Petrochemical Sector 2.1 Performance of the Petroleum and Petrochemical Sector - Information on the performance of the petroleum and petrochemical sector and its sub - industries, including their price - to - earnings ratios and price - to - book ratios, is presented. The data sources are WIND and Dongwu Securities Research Institute [11][18] 2.2 Performance of Listed Companies in the Sector - The report provides data on the stock prices, market capitalizations, and price changes of upstream companies in the sector over different time periods (weekly, monthly, quarterly, annually, and year - to - date in 2026). It also includes a valuation table for listed companies, showing data such as net profit, PE, and PB from 2024 to 2027 [22][23] 3. Crude Oil Sector Data Tracking 3.1 Crude Oil Price - Analyzes the prices and price differences of various types of crude oil, including Brent, WTI, Russian Urals, and ESPO crude oil, as well as their relationships with the US dollar index and LME copper prices [29][31][37] 3.2 Crude Oil Inventory - Examines the inventory levels of US crude oil, including total inventory, commercial inventory, strategic inventory, and Cushing inventory, and their relationships with oil prices [40][42][44] 3.3 Crude Oil Supply - Focuses on US crude oil production, the number of active oil rigs, and the number of active fracturing fleets, and their relationships with oil prices [57][58][60] 3.4 Crude Oil Demand - Analyzes US refinery crude oil processing volume, refinery operating rate, and the operating rates of Shandong and Chinese state - owned refineries [65][67][71] 3.5 Crude Oil Import and Export - Discusses US crude oil import, export, and net import volumes, as well as the import, export, and net import volumes of crude oil and petroleum products [76][78] 4. Refined Oil Sector Data Tracking 4.1 Refined Oil Price - Analyzes the relationship between international oil prices and domestic and international refined oil prices, including gasoline, diesel, and aviation kerosene, and their price differences [83][86][90] 4.2 Refined Oil Inventory - Examines the inventory levels of US and Singapore refined oil products, including gasoline, diesel, and aviation kerosene [119][124][127] 4.3 Refined Oil Supply - Focuses on US refined oil production, including gasoline, diesel, and aviation kerosene [134][136] 4.4 Refined Oil Demand - Analyzes US refined oil consumption, including gasoline, diesel, and aviation kerosene, and its relationship with the number of airport security checks [140][141][143] 4.5 Refined Oil Import and Export - Discusses US refined oil import and export volumes, including gasoline, diesel, and aviation kerosene, and their net export volumes [149][154][155] 5. Oilfield Services Sector Data Tracking - Analyzes the average daily fees of self - elevating and semi - submersible drilling platforms in the industry [166][168]