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分內容而産生或因倚 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 （於中華人民共和國註冊成立之股份有限公司） (股份代號：857) 建議修訂公司章程、股東會議事規則及董事會議事規則 本公告乃中國石油天然氣股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上 市規則》第 13.51（1）條作出。 本公司為貫徹落實新《中華人民共和國公司法》、中國證券監督管理委員會發佈的《關於新< 公司法>配套制度規則實施相關過渡期安排》等相關法律法規，董事會已審議通過關於修訂本公司 《公司章程》（「公司章程」）、《股東會議事規則》（「股東會議事規則」）及《董事會議事 規則》（「董事會議事規則」）相關條款并取消監事會的決議，並同意將相關修訂草案提交本公 司股東會審議。 一、建議修訂公司章程 建議對公司章程的修訂內容如下： | | 原《公司章程》 | 修訂後《公司章程》 | | --- | --- | --- | | | 第一章 總則 | 第一章 總則 | ...

Core Viewpoint - China Petroleum & Chemical Corporation (00857.HK) announced that Zhou Song has submitted his resignation as a supervisor and chairman of the supervisory board, effective October 31, 2025 [1] Group 1 - Zhou Song's resignation will take effect in two years, indicating a planned transition within the company's governance structure [1]

Core Insights - The successful launch of the China National Petroleum Corporation's (CNPC) Guangxi Petrochemical Ethylene Project marks a significant milestone in the transformation from refining to integrated refining and chemical production, with a total investment exceeding 30 billion yuan [1][3] Group 1: Project Overview - The project features a core ethylene production capacity of 1.2 million tons per year, supported by 16 main production units and auxiliary facilities [1] - It includes the world's largest diesel adsorption separation unit, which improves raw material utilization efficiency by over 15% compared to traditional processes [1] - The project also showcases several firsts in technology, including the first set of 80,000 tons/year SBS and 120,000 tons/year functionalized styrene-butadiene rubber units, and the world's first dual-variable frequency motor ethylene refrigeration compressor [1] Group 2: Environmental Impact - The project is expected to reduce oil products by 3.49 million tons annually and increase chemical product output by 3.06 million tons, addressing domestic supply gaps in functional rubber and high-end membrane materials [3] - It achieves 100% green electricity for new electricity consumption and has energy consumption indicators that exceed national benchmark standards, contributing to a green circular economy [3] Group 3: Market and Economic Implications - The Guangxi Petrochemical Ethylene Project will leverage the Western Land-Sea New Corridor to expand its product reach to Southwest China, South China, and ASEAN markets, facilitating Guangxi's transition from basic chemicals to high-end chemical new materials [3] - The project aims to create a trillion-yuan industrial cluster targeting ASEAN, driving the development of downstream industries such as packaging and construction materials, and addressing the supply gap for high-end chemical raw materials in Southwest China [3] - CNPC plans to focus on market demand, management enhancement, and technological breakthroughs to fully unleash chemical product capacity, supporting national energy security and the establishment of a modern industrial system [3]

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，因工作調整需要，周松先 生（「周先生」）已向本公司提交辭呈，辭任本公司監事及監事會（「監事會」）主席之職務，該等辭任 在2025年10月31日生效。根據《中華人民共和國公司法》的規定，周先生的辭職不會導致監事會成員低於 法定最低人數，亦不會影響監事會的正常運作。 周先生確認其於任期期間，與本公司、董事會及監事會之間並無意見分歧，亦無任何與其辭任有關之事宜 需提請本公司股東垂注。 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) 監事會主席辭任 2025年 10 月 31 日 於本公告日，本公司董事會由戴厚良先生擔任董事長，由段良偉先生及謝軍先生擔任非執行董事，由 任立新先生及張道偉先生擔任執行董事，由蔣小明先生、何敬麟先生、閻焱先生、 ...

Quantitative Models and Construction - **Model Name**: Competitive Advantage Portfolio **Construction Idea**: Incorporates competitive environment and strategic factors into stock selection, focusing on industries with distinct competitive characteristics[10][11] **Construction Process**: 1. Classify industries into four types: "Barrier Shield", "Intense Competition", "Steady Progress", and "Seeking Breakthrough"[10] 2. Focus on "Barrier Shield" industries to identify "dominant leaders" and "cooperative win-win" companies[10] 3. Combine "dominant leaders + cooperative win-win" stocks with "efficient operators" from non-barrier industries to form the portfolio[11] **Evaluation**: Provides a unique value quantification perspective beyond traditional factor investing[10] - **Model Name**: Margin of Safety Portfolio **Construction Idea**: Focuses on internal value estimation and competitive advantage to ensure sustainable profitability[15] **Construction Process**: 1. Calculate intrinsic value using profitability metrics like ROIC and NOPAT[15] 2. Select top 50 stocks with the highest margin of safety from a competitive advantage pool[15] 3. Weight stocks by dividend yield to maximize portfolio safety margin[15][17] **Evaluation**: Emphasizes reliable intrinsic value estimation and sustainable competitive advantage[15] - **Model Name**: Dividend Low Volatility Adjusted Portfolio **Construction Idea**: Avoids "high dividend traps" by considering dividend sustainability and excluding extreme cases[21] **Construction Process**: 1. Predict dividend yield and exclude stocks with extreme price performance or abnormal debt ratios[21] 2. Optimize portfolio by focusing on stocks with stable dividend yields[21] **Evaluation**: Addresses the risks of chasing high dividend yields without considering long-term value[21] - **Model Name**: AEG Valuation Potential Portfolio **Construction Idea**: Utilizes abnormal earnings growth (AEG) to capture valuation potential[25] **Construction Process**: 1. Calculate AEG using the formula: $$\begin{array}{c}{{A E G=Y_{t}-N_{t}=(E_{t}+r*D P S_{t-1})-(1+r)*E_{t-1}}}\\ {{\frac{V_{0}}{E_{1}}=\frac{1}{r}+\frac{1}{r}*\frac{\left(\frac{A E G_{2}}{1+r}+\frac{A E G_{3}}{(1+r)^{2}}+\frac{A E G_{4}}{(1+r)^{3}}+\cdots\right)}}}\\ {{\frac{E_{1}}{E_{1}}}}\end{array}$$[25] 2. Select top 100 stocks based on AEG_EP factor, then narrow down to top 50 with high dividend reinvestment/P ratio[29] **Evaluation**: Captures undervalued growth potential in companies overlooked by the market[25][29] - **Model Name**: Cash Cow Portfolio **Construction Idea**: Evaluates companies' cash generation efficiency using CFOR analysis[32] **Construction Process**: 1. Use CFOR metrics to assess free cash flow stability and operational asset returns[32] 2. Combine high-quality stocks from non-financial sectors with ROE above the 40th percentile[33] 3. Select stocks with low volatility and valuation factors for final portfolio construction[33] **Evaluation**: Provides a comprehensive view of operational performance and financial stability[32] - **Model Name**: Distress Reversal Portfolio **Construction Idea**: Captures valuation-driven short-term fluctuations and recovery potential[39] **Construction Process**: 1. Use inventory cycles to identify distress reversal opportunities[39] 2. Combine factors like accelerated recovery and undervaluation to select top 50 stocks[39] **Evaluation**: Complements momentum strategies by focusing on valuation-driven returns during downturns[39] --- Model Backtesting Results - **Competitive Advantage Portfolio**: Annualized return 20.36%, Sharpe ratio 0.95, IR 0.12, max drawdown -19.32%, Calmar ratio 1.05[14] - **Margin of Safety Portfolio**: Annualized return 23.37%, Sharpe ratio 1.17, IR 0.13, max drawdown -16.89%, Calmar ratio 1.38[19] - **Dividend Low Volatility Adjusted Portfolio**: Annualized return 16.81%, Sharpe ratio 0.98, IR 0.16, max drawdown -21.61%, Calmar ratio 0.78[22] - **AEG Valuation Potential Portfolio**: Annualized return 24.88%, Sharpe ratio 1.13, IR 0.17, max drawdown -24.02%, Calmar ratio 1.04[31] - **Cash Cow Portfolio**: Annualized return 14.15%, Sharpe ratio 0.71, IR 0.10, max drawdown -19.80%, Calmar ratio 0.71[37] - **Distress Reversal Portfolio**: Annualized return 25.17%, Sharpe ratio 1.01, IR 0.15, max drawdown -33.73%, Calmar ratio 0.75[41]

Macro Dynamics - In September, the bond market issued a total of 81,027.8 billion yuan in various bonds, including 14,904.9 billion yuan in government bonds, 8,519.1 billion yuan in local government bonds, 11,741.0 billion yuan in financial bonds, 13,407.3 billion yuan in corporate credit bonds, 365.7 billion yuan in credit asset-backed securities, and 31,627.8 billion yuan in interbank certificates of deposit [2] - In September, China's foreign exchange market had a total transaction volume of 26.87 trillion yuan (approximately 3.78 trillion USD), with the interbank market accounting for 22.44 trillion yuan (approximately 3.16 trillion USD) [3] - In the first three quarters, the revenue of large-scale internet and related service enterprises in China reached 14,420 billion yuan, showing a year-on-year growth of 2.8% [4][5] Financial Institutions - China Taiping announced the sale of minority stakes in four companies for a total consideration of 6.5 billion yuan [8] - Hangzhou Bank received approval to issue capital instruments not exceeding 40 billion yuan [9] Market Data - On October 31, A-shares saw a collective decline, with the Shanghai Composite Index down 0.81%, the Shenzhen Component down 1.14%, and the ChiNext Index down 2.31% [11] - The financing balance in the two markets decreased by 7.392 billion yuan, with the Shanghai Stock Exchange reporting a balance of 12,535.78 billion yuan and the Shenzhen Stock Exchange reporting 12,196.92 billion yuan [12] Company Dynamics - China National Petroleum Corporation announced the resignation of Zhou Song as the chairman of the supervisory board [14] - InSai Group decided to terminate a major asset restructuring plan due to changes in the external environment [15] - Tianqi Co., Ltd. signed a strategic cooperation framework agreement with Foxconn Automotive to deploy at least 2,000 embodied intelligent robots over the next five years [17] - Li Auto announced a recall of 11,411 units of the MEGA 2024 electric vehicle due to potential safety hazards [18] - Qingyue Technology is under investigation by the China Securities Regulatory Commission for suspected false financial reporting [19]

Core Viewpoint - China National Petroleum Corporation (CNPC) reported a decline in net profit for the first three quarters of 2025, despite stable growth in oil, gas, and new energy businesses [1][2] Financial Performance - For the first three quarters of 2025, CNPC achieved operating revenue of 2.169256 trillion yuan and a net profit attributable to shareholders of 126.279 billion yuan, a year-on-year decrease of 4.9% [1] - The net profit for the third quarter of 2025 was 42.286 billion yuan [1] - As of September 30, 2025, the total assets of the company were 2.849964 trillion yuan, with equity attributable to shareholders amounting to 1.558477 trillion yuan [2] - The net cash flow from operating activities was 343.1 billion yuan, reflecting a year-on-year growth of 3.3% [2] Business Segments - Oil and gas production remained stable, with crude oil output reaching 714.3 million barrels, a year-on-year increase of 0.8% [1] - Marketable natural gas production was 3,977.2 billion cubic feet, up 4.6% year-on-year [1] - In the refining and chemical sector, the volume of chemical products sold was 29.59 million tons, a 3.3% increase year-on-year, while new materials production surged by 59.4% [1] - Natural gas sales reached 218.541 billion cubic meters, marking a 4.2% year-on-year increase, with domestic sales rising by 4.9% [1]

根据《中华人民共和国公司法》《公司章程》等规定，周松先生的 离任不会导致监事会成员低于法定人数，不会影响监事会正常运作，其 辞任当日生效。 证券代码 601857 证券简称 中国石油 公告编号 临 2025-036 中国石油天然气股份有限公司 关于公司监事会主席离任的公告 本公司监事会及全体监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、监事会主席离任情况 中国石油天然气股份有限公司（以下简称公司）监事会谨此宣布， 周松先生因工作调整需要，已于2025年10月31日向公司监事会提交辞呈， 辞去公司监事会主席及监事职务。 | 姓名 | 离任职务 | 离任时间 | | 原定任 期到期 | 离任原因 | 是否继续在 上市公司及 | 具体职 务（如 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 日 | | 其控股子公 | 适用） | 毕的公开 | | | | | | | | 司任职 | | 承诺 | | 周松 | 监事会主席、 | 20 ...

证券代码：601857 证券简称：中国石油 公告编号：临 2025-035 中国石油天然气股份有限公司 关于召开2025年第一次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第一次临时股东会 (二)股东会召集人：中国石油天然气股份有限公司（以下简称公司）董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票与网络投票相结合 的方式 (四)现场会议召开的日期、时间和地点 召开日期时间：2025 年 12 月 18 日 9 点 00 分 召开地点：北京市朝阳区北四环中路 8 号北京北辰五洲皇冠国际酒店 (五)网络投票的系统、起止日期和投票时间 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》 等有关规定执行。 二、 会议审议事项 本次股东会审议议案及投票股东类型 | 序号 | ...

Group 1 - The chairman of the supervisory board of China National Petroleum Corporation, Mr. Zhou Song, has submitted his resignation due to work adjustments, effective October 31, 2025 [1] - For the first half of 2025, the revenue composition of China National Petroleum Corporation is as follows: sales accounted for 79.76%, refining and chemicals for 38.05%, exploration and production for 28.49%, natural gas and pipelines for 21.24%, and other businesses for 2.03% [1] - As of the report date, the market capitalization of China National Petroleum Corporation is 1,674.6 billion yuan [1]