中油资本公告称，近日收到控股股东中国石油集团通知，2025年12月26日，中国石油集团与国网英大集 团签署股份划转协议，拟将其持有的379,262,372股公司A股股份（占总股本的3.00%）划转至国网英大 集团。本次划转不会导致公司控股股东及实控人变更，但尚需获国资委批准并办理过户登记。划转完成 后，中国石油集团持股比例降至74.35%，国网英大集团持股3.00%。 ...

Core Viewpoint - The company has announced the implementation of an internal audit management approach, which applies to its headquarters, subsidiaries, and controlled enterprises [1] Group 1: Audit Management Framework - The new audit management approach emphasizes principles such as legal compliance and objectivity in auditing [1] - It clarifies management responsibilities, including the establishment of audit departments and the definition of functions and audit authorities for various departments [1] - The audit scope covers multiple business areas of the company, with procedures that include planning, notification, and execution of audits [1] Group 2: Audit Results and Collaboration - The approach highlights the importance of utilizing audit results and establishes a reporting mechanism for key findings [1] - It encourages collaboration with other supervisory entities to enhance the effectiveness of the audit process [1] Group 3: Audit Requirements and Technology - The new management approach sets forth requirements for audit work, including reward and punishment systems, as well as provisions for information technology in auditing [1] - The new approach has been approved by the board of directors and replaces the previous management method [1]

证券研究报告 华泰研究 2025 年 12 月 26 日│中国内地 行业月报 供需宽松叠加地缘溢价逐步消退，油价回归至边际成本附近 12 月以来 OPEC+宣布维持 26Q1 产量目标不变，但美国原油产量持续攀升， 叠加俄乌"和平计划"持续谈判中，12 月中旬 Brent 油价一度跌破 60 美元/ 桶而后小幅反弹，12 月 25 日 WTI/Brent 期货价格收于 58.4/62.2 美元/桶， 较 11 月末下跌 0.3%/1.5%。我们认为美欧对俄制裁带来的风险溢价已基本 消退，北半球需求淡季叠加 OPEC+前期目标增量逐步释放，供需宽松局势 下 26Q1 油价或仍有小幅下行空间，26Q2-Q3 油价有望在需求进入旺季的 带动下见底并上探，预计 25/26 年 Brent 均价为 68/62 美元/桶。长期而言， 考虑主要产油国边际成本及"利重于量"诉求，油价中枢存 60 美元/桶底部 支撑，具备增产降本能力及天然气业务增量的能源龙头企业或将显现配置机 遇，推荐中国石油（A/H）、中国海油（A/H）。 需求侧：北半球进入需求淡季，主要地区成品油进入补库阶段 石油天然气 边际成本支撑下油价下行风险或可控 ...

Group 1 - The State Intellectual Property Office of China has granted a patent to China National Petroleum Corporation Bohai Drilling Engineering Co., Ltd. for a method, system, electronic device, and storage medium related to "cooperative directional calibration" with the authorization announcement number CN120995411B, and the application date is October 2025 [1] - China National Petroleum Corporation Bohai Drilling Engineering Co., Ltd. was established in 2008 and is located in Tianjin, primarily engaged in oil and gas extraction, with a registered capital of 1,621,400,000 RMB [1] - The company has made investments in one enterprise, participated in 5,000 bidding projects, holds 10 trademark records, and has 3,334 patent records, along with 83 administrative licenses [1] Group 2 - China National Petroleum Corporation, established in 1990 and located in Beijing, is also primarily engaged in oil and gas extraction, with a registered capital of 48,690,000,000 RMB [1] - The corporation has invested in 107 enterprises, participated in 5,000 bidding projects, holds 1,446 trademark records, and has 5,000 patent records, along with 28 administrative licenses [1]

Market Overview - The refining and trading sector increased by 0.2% compared to the previous trading day, with Baomo Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Baomo Co., Ltd. (002476) closed at 6.71, up 5.17% with a trading volume of 525,800 shares and a transaction value of 346 million yuan [1] - Wanbangda (300055) closed at 7.75, up 4.31% with a trading volume of 183,100 shares and a transaction value of 142 million yuan [1] - Dongfang Shenghong (000301) closed at 10.72, up 3.08% with a trading volume of 296,200 shares and a transaction value of 315 million yuan [1] - Hengli Petrochemical (600346) closed at 21.27, up 2.56% with a trading volume of 353,300 shares and a transaction value of 745 million yuan [1] - Hengyi Petrochemical (000703) closed at 9.92, up 2.16% with a trading volume of 447,300 shares and a transaction value of 437 million yuan [1] Capital Flow - The refining and trading sector experienced a net outflow of 344 million yuan from institutional investors, while retail investors saw a net inflow of 354 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Hengli Petrochemical (600346) had a net outflow of 46.92 million yuan from institutional investors, with a 6.30% share of the total capital flow [3] - Wanbangda (300055) saw a net inflow of 21.46 million yuan from institutional investors, representing 15.15% of the total capital flow [3] - Unified Co., Ltd. (600506) had a net inflow of 14.11 million yuan from institutional investors, accounting for 6.25% of the total capital flow [3]

"十四五"时期，是我国全面建设社会主义现代化国家开局起步的关键五年，更是中国石油长庆石化公司 锚定"世界一流示范型城市炼厂"目标，在攻坚中突破、在升级中跨越的五年。五年来，长庆石化公司 以"减油增化、减油增特、减碳增绿"战略为引领，破解"厂居交织"困局，筑牢安全环保根基，激活数智 转型引擎，各项核心业绩屡创历史新高，从"原地升级"的突围者成长为行业"标杆引领"的示范者，交出 了一份沉甸甸的高质量发展答卷。 面对"厂居交织"的突出困局，长庆石化公司凝聚全员共识、汇聚多方力量，打赢了一场事关生存发展的 就地改造攻坚战。五年来，严格按节点高质量完成46个内部改造项目，配合地方政府分阶段推进外部搬 迁，顺利完成任家咀拆迁、水电十五局东侧搬迁、西咸新区秦汉新城3530社区搬迁等关键任务，周边安 全和卫生防护距离范围内所有居民全部完成搬迁安置，就地改造工作任务圆满完成，为公司高质量发展 拓展了广阔空间。作为咸阳市"清洁低碳能化产业链"和"氢能产业链"双链主企业，长庆石化公司带动周 边形成年产值700亿元的产业集群，成功破解了城市炼厂发展空间受限的行业难题，实现了企业发展与 城市的共融共赢。 业绩跃升篇："十四五"砥砺前行 ...

Core Viewpoint - The "CNI Energy Sustainable Development Index" (referred to as "Energy ESG") has been officially launched, aiming to fill the gap in the market for a specialized index focusing on the sustainable development of the energy sector, thereby guiding capital towards key areas such as renewable energy and green technology innovation [1][3]. Group 1: Index Overview - The "Energy ESG" index comprises 50 sample companies selected based on their ESG scores, profitability, and growth potential, with a total market capitalization of 5.9 trillion yuan and an average market capitalization of 118.2 billion yuan [2]. - The top ten companies in the index, including Changjiang Electric Power and China Shenhua, account for 65% of the index's weight [2]. - Since its base date of June 29, 2018, the index has achieved a cumulative return of 40%, with an annualized return of 5%, outperforming major market indices like the CSI 300 and CSI 500 [2]. Group 2: Trends in Energy Sustainability - The energy transition is entering a critical phase, with increasing attention from capital markets on the sustainable development capabilities of energy companies [3]. - Six major trends in energy sustainability have been identified, including the evolution of energy supply and demand patterns, with coal's share in power generation expected to drop below 50% by 2030 [3][4]. - The need for enhanced system regulation and energy storage capabilities is emphasized, with new types of storage solutions becoming increasingly important [4]. - The emergence of new industries and business models in the energy sector is driven by technological advancements, leading to rapid growth in areas such as smart microgrids and green manufacturing [4]. - The collaboration between electricity and carbon markets is being strengthened, with new policies being introduced to enhance resource allocation [4][5]. - The economic implications of energy transition are becoming more pronounced, necessitating a focus on optimizing system economics while ensuring a successful transition [5]. - International competition and cooperation in energy are evolving, with increased global interconnectivity and trade in new energy products like hydrogen [5]. Group 3: Company Initiatives - Changjiang Electric Power has set a target for its six hydropower stations to generate 2,959 billion kilowatt-hours by June 2024, which is projected to reduce carbon emissions by 243 million tons [6]. - China Shenhua has implemented a "mining while rehabilitating" model in its mining operations, achieving a 100% rehabilitation rate over 3,300 hectares, with vegetation coverage increasing from 20% to 80% [6].

Core Insights - The quality inspection of automotive diesel in Suzhou for the year 2025 revealed a 0% non-compliance rate, indicating that all 100 samples tested met the required standards [3]. Group 1: Inspection Overview - The Suzhou Market Supervision Administration commissioned the Suzhou Product Quality Inspection Institute to conduct a city-level supervision inspection of automotive diesel products [3]. - A total of 100 batches of automotive diesel were planned for inspection, all sourced from the circulation field [3]. Group 2: Results of the Inspection - The inspection results showed that no non-compliant products were found, resulting in a non-compliance rate of 0% [3]. - The announcement of the inspection results was published as the 70th issue of the city-level supervision inspection report [3].

来源：新浪证券-红岸工作室 截至9月30日，中国石油股东户数50.39万，较上期增加4.46%；人均流通股324618股，较上期减少 4.33%。2025年1月-9月，中国石油实现营业收入21692.56亿元，同比减少3.86%；归母净利润1262.79亿 元，同比减少4.71%。 分红方面，中国石油A股上市后累计派现8752.80亿元。近三年，累计派现2470.78亿元。 机构持仓方面，截止2025年9月30日，中国石油十大流通股东中，中国证券金融股份有限公司位居第四 大流通股东，持股10.20亿股，持股数量较上期不变。香港中央结算有限公司位居第五大流通股东，持 股5.21亿股，相比上期减少3.36亿股。华夏上证50ETF（510050）位居第七大流通股东，持股2.16亿 股，相比上期减少586.44万股。华泰柏瑞沪深300ETF（510300）位居第十大流通股东，持股1.93亿股， 相比上期减少955.40万股。易方达上证50增强A（110003）退出十大流通股东之列。 融券方面，中国石油12月24日融券偿还16.27万股，融券卖出19.38万股，按当日收盘价计算，卖出金额 190.89万元；融券余量20 ...

Core Insights - The Bohai Drilling Company has achieved a significant milestone by surpassing a cumulative drilling depth of 20,000 meters in 2023, particularly in complex geological areas [1][2]. Group 1: Drilling Achievements - The 40617 drilling team successfully drilled the Guan 37-19 well to a depth of 2012 meters, contributing to the overall achievement of over 20,000 meters this year [1]. - The team has drilled in challenging areas such as the Oil Production Plant No. 6 and No. 3, as well as geothermal wells in North China, facing issues like loss circulation and collapse [1][2]. Group 2: Technical Innovations - The team developed a replicable technical management model to address complex geological challenges, implementing a tailored drilling strategy for each well [2]. - The use of new PDC drill bits and efficient screw tools has led to a 15% increase in mechanical drilling speed [2]. Group 3: Safety and Risk Management - The team achieved a "zero accident, zero hazard" goal through a comprehensive safety management approach, emphasizing full responsibility, standardized inspections, and practical training [2]. - A closed-loop management mechanism was established to ensure safety controls throughout the drilling process [2]. Group 4: Collaborative Production Mechanism - The team adopted a "modular division of labor and cross-collaboration" approach to optimize equipment utilization and work efficiency [3]. - Strong collaboration with external parties, including geological and mud service units, was emphasized to ensure seamless operations [3]. Group 5: Market Expansion and Revenue Growth - The Bohai Drilling Company is transitioning from service-oriented operations to self-reliant, high-quality development, aiming for significant revenue growth by 2025 [4]. - The company has introduced a comprehensive service model in the coalbed methane market, enhancing geological guidance and engineering efficiency, resulting in a 32% improvement in drilling time [5]. Group 6: Equipment and Technology Upgrades - The company has shifted its product development focus to address on-site challenges, leading to the creation of advanced monitoring equipment for well control [7]. - The introduction of intelligent monitoring systems has significantly improved safety and operational efficiency across various regions [7]. Group 7: Lean Management Initiatives - The company has launched a "Lean Management Deepening Year" initiative to enhance efficiency and reduce costs amid market challenges [8]. - Internal restructuring and market expansion efforts have led to a 35% increase in revenue from new technology services [8].