Core Viewpoint - The "Large Diameter All-Electric Fine Pressure Control Drilling System" developed by China Petroleum Chuanqing Drilling Engineering Company has been recognized as a major technological equipment in the energy sector, filling a gap in pressure control technology for large diameter boreholes of 311.2mm and above, enhancing China's capability for deep well drilling operations [1][3]. Group 1: Challenges in Deep Well Drilling - The development of deep and ultra-deep oil and gas resources faces significant challenges due to complex well structures, high fluid flow rates, and narrow safety windows, making it difficult to reach geological targets [2]. - China's deep and ultra-deep oil and gas resources account for 70.3% of its total resources, necessitating advancements in drilling technology to meet the increasing demands for deep well drilling [2]. Group 2: Innovations in the New System - The new drilling system features three major innovations: a self-compensating sealing structure for high-speed rotary components, a high-efficiency throttling control technology for large flow rates, and an advanced algorithm for real-time pressure monitoring and adjustment [6][7]. - The system can handle borehole sizes up to 593.7mm and pressure capabilities of 35 MPa, with a flow rate of 120 liters per second, significantly improving efficiency by 263% [6][7]. Group 3: Market Positioning and Future Applications - The system is designed for complex geological conditions and is expected to meet the increasing demand for deep and ultra-deep well drilling, with an anticipated annual demand of over 100 wells [7]. - The system's production achieves 100% localization, breaking foreign technology monopolies and enhancing the domestic industry's technological capabilities [7][8]. - The project has established a comprehensive industrial chain covering R&D, manufacturing, maintenance, and service, with plans for further expansion into international markets [8].

Market Overview - The Shanghai Composite Index rose by 0.71% on October 24, with 16 out of the 28 sectors in the Shenwan classification experiencing gains, particularly in the communication and electronics sectors, which increased by 4.73% and 4.72% respectively [1] - The oil and petrochemical sector saw a decline of 1.36%, leading the losses for the day [1] Oil and Petrochemical Sector Analysis - The oil and petrochemical sector experienced a net outflow of 524 million yuan, with 47 stocks in the sector; only 9 stocks rose, and 1 stock hit the daily limit [1] - Among the stocks with net inflows, 14 stocks saw capital inflows, with 6 stocks receiving over 10 million yuan; the top stock for net inflow was Maohua Shihua, with an inflow of 47.69 million yuan, followed by Shihua Oil Service and CNOOC Development with inflows of 24.91 million yuan and 18.68 million yuan respectively [1] - The stocks with the highest net outflows included CNOOC, PetroChina, and Rongsheng Petrochemical, with outflows of 78.02 million yuan, 75.66 million yuan, and 55.14 million yuan respectively [1] Key Stocks in Oil and Petrochemical Sector - CNOOC (600938) decreased by 0.65% with a turnover rate of 1.72% and a net outflow of 78.02 million yuan [1] - PetroChina (601857) fell by 1.31% with a turnover rate of 0.11% and a net outflow of 75.66 million yuan [1] - Rongsheng Petrochemical (002493) dropped by 1.68% with a turnover rate of 0.45% and a net outflow of 55.14 million yuan [1] - Maohua Shihua (000637) increased by 10.04% with a turnover rate of 19.67% and a net inflow of 47.69 million yuan [2]

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 公司關于召開 2025 年第三季度業績說明會的公告》，僅供參閱。 特此公告 中國石油天然氣股份有限公司董事會 中國北京 2025 年 10 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、劉曉蕾女士及 張玉新先生擔任獨立非執行董事。 证券代码 601857 证券简称 中国石油 公告编号 临 2025-029 中国石油天然气股份有限公司 关于召开 2025 年第三季 ...

Core Viewpoint - Goldman Sachs has initiated a "Buy" rating for China Petroleum & Chemical Corporation (00857), setting a target price of HKD 8.6 for H-shares and RMB 11.8 for A-shares [1] Group 1: Company Analysis - Liaohe Petrochemical's capacity accounts for 4% of China Petroleum's refining capacity, and sanctions may lead to the cancellation of crude oil supply transactions by suppliers and shipping companies, potentially causing production disruptions [1] - The company is expected to pivot towards non-Western supply chains for crude oil procurement and increase imports from Russia [1] - China Petroleum's Hong Kong operations serve as a trading window for importing Russian crude oil, with sanctions possibly complicating transactions that rely on the EU, financial intermediaries, insurance companies, or ship management firms [1] Group 2: Market Impact - The impact of sanctions on the volume of Russian crude oil imports remains uncertain, but adjustments in crude oil procurement could mitigate production disruption effects [1] - Oil prices will continue to be a primary factor affecting the group, with Goldman Sachs estimating that a USD 10 per barrel change in Brent crude oil prices will result in a corresponding change of 1 billion in EBITDA for China Petroleum [1]

证券代码 601857 证券简称 中国石油 公告编号 临 2025-029 中国石油天然气股份有限公司 关于召开 2025 年第三季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10月30日闭市后发布2025年第三季度报告，并计划于2025年10 月31日（星期五）下午16:30-17:30召开业绩说明会，向投资者介绍2025年第三季度的 经营业绩情况，并进行交流互动。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将介绍2025年第三季度的经营业绩 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。 二、说明会召开的时间、方式 会议召开时间：2025 年 10 月 31 日（星期五）下午 16:30-17:30 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 10 月 30 日（星期四）17:00 前登录上证路演中心网 站 ...

Core Viewpoint - The event titled "Taking Responsibility for Energy Supply and Empowering Quality Life" showcased China Petroleum Shaanxi Sales Company's commitment to energy security, green transformation, and social responsibility, aiming to strengthen public trust and enhance its brand image as a responsible state-owned enterprise [1][24]. Group 1: Event Overview - The eighth season of "China Petroleum Open Day" was held in Xi'an, coinciding with the conclusion of the 14th Five-Year Plan and the 75th anniversary of China Petroleum [1]. - Approximately 60 representatives from various sectors, including government and media, attended the event to witness the company's innovative achievements and corporate responsibility [3]. Group 2: Corporate Commitment - The company emphasizes an open and inclusive approach, inviting public feedback to improve management and service quality [6]. - The annual social responsibility report highlighted the company's efforts in energy supply, green development, and social welfare [8]. Group 3: Innovation and Quality Control - The event featured three thematic display areas, allowing guests to experience the company's innovative capabilities and management precision [10]. - The Quality Control Display Area showcased strict measures for fuel quality, measurement accuracy, and environmental safety, along with advancements in new energy projects like charging stations and solar power [12][19]. Group 4: Social Responsibility and Community Engagement - The company actively supports rural revitalization by integrating local agricultural products into its sales network, achieving over 20 million yuan in annual agricultural sales [21]. - The establishment of 300 "Love Stations" provides essential services to outdoor workers and the public, receiving widespread acclaim from the community [21]. Group 5: Future Outlook - Moving forward, the company aims to deepen operational excellence and strengthen its commitment to social responsibility, collaborating with various sectors to enhance quality of life and economic development [26].

Core Viewpoint - Goldman Sachs has initiated a "Buy" rating for China Petroleum & Chemical Corporation (00857), setting a target price of HKD 8.6 for H-shares and RMB 11.8 for A-shares [1] Group 1: Company Analysis - Liao Yang Petrochemical's capacity accounts for 4% of China Petroleum's refining capacity, and sanctions may lead to disruptions in crude oil supply transactions [1] - The company can pivot to non-Western supply chains for crude oil procurement and increase imports of Russian crude oil to mitigate some impacts [1] - China Petroleum Hong Kong serves as a trading window for importing Russian crude oil, and sanctions may complicate transactions reliant on EU and financial intermediaries [1] Group 2: Market Impact - The impact of sanctions on Russian crude oil imports remains unclear, but the company can maintain refining output by sourcing different grades of crude oil [1] - Assuming adjustments in crude oil procurement can alleviate production disruption, oil prices will continue to be a major factor affecting the group [1] - Goldman Sachs estimates that for every $10 change in Brent crude oil prices, China Petroleum's EBITDA will change by 13% under unchanged conditions [1] - If disruptions in Russian oil supply worsen, short-term oil prices may rise to the $70 range [1]

Core Viewpoint - Goldman Sachs has initiated a "Buy" rating for China Petroleum (601857) with a target price of HKD 8.6 for H-shares and CNY 11.8 for A-shares, highlighting potential impacts from sanctions on oil supply chains and production interruptions [1] Group 1: Company Analysis - Liao Yang Petrochemical accounts for 4% of China Petroleum's refining capacity, and sanctions may lead to the cancellation of oil supply transactions by suppliers and shipping companies, potentially causing production disruptions [1] - The company can pivot to non-Western supply chains for crude oil procurement and increase imports of Russian crude oil to mitigate some of the impacts from sanctions [1] - China Petroleum Hong Kong serves as a trading window for importing Russian crude oil, and sanctions may complicate transactions reliant on EU and financial intermediaries, but the company can maintain refining output by sourcing different grades of crude oil [1] Group 2: Market Impact - Oil prices will continue to be a major factor affecting the group, with an estimated EBITDA change of 13% for every USD 10 fluctuation in Brent crude oil prices, assuming other conditions remain constant [1] - In the event of intensified disruptions to Russian oil supply, short-term oil prices may rise to the USD 70 range [1]

10月22日，欧盟轮值主席国丹麦宣布对俄罗斯实施第19轮制裁，令人意外的是，制裁名单中竟然包括了四家中国石油企业。这一消息引起了外界的广泛关 注，因为就在前一天，中国商务部长王文涛还与欧盟贸易委员谢夫乔维奇进行了长达两小时的视频会谈，并且欧方还热情邀请王部长前往布鲁塞尔讨论合作 事宜，并表示愿意寻找"建设性解决方案"。然而，不到24小时，从握手和友好的邀请到直接制裁，欧盟的反转速度让很多人感到震惊，有网友甚至戏谑道， 这比翻书还快，连特朗普这样的反复无常人物都得甘拜下风。 10月21日，中欧经贸对话气氛一片和谐，王文涛和谢夫乔维奇的视频通话涉及了三大敏感议题。第一个是稀土出口管制问题，稀土是新能源汽车和风电设备 的核心原材料，今年中国扩大了稀土出口的管制范围，欧盟的企业对此感到焦虑不安。谢夫乔维奇在通话中多次强调，希望与中方共同寻找解决方案，甚至 提出尽快在布鲁塞尔召开升级版对话会，期待尽早达成具体的解决细节。 第二个议题是电动汽车的贸易摩擦，欧盟曾对中国的电动汽车进行反补贴调查，双方已经就此展开了多轮磋商。谢夫乔维奇表示，欧方认可中方提出的"务 实平衡"原则，希望通过价格承诺的方式解决争议，这与中方的立场不 ...

Core Insights - Wuhan Shiyi Kunlun New Energy Co., Ltd. has been established with a registered capital of 95 million RMB [1] - The company is involved in energy storage technology services, sales of new energy vehicle battery swapping facilities, and sales of petroleum products [1] - The shareholders include Wuhan Shiyi New Energy Technology Co., Ltd. and China National Petroleum Corporation's subsidiary, CNPC Taihu (Beijing) Investment Co., Ltd. [1] Company Overview - The legal representative of the newly established company is Lei Kai [1] - The registered capital indicates a significant investment in the new energy sector, reflecting the growing interest in renewable energy solutions [1] Industry Context - The establishment of this company aligns with the increasing demand for energy storage solutions and infrastructure for new energy vehicles in China [1] - The involvement of a major player like China National Petroleum Corporation suggests a strategic move towards diversifying into renewable energy markets [1]