Investment Rating - Industry Rating: Outperform the Market (maintained rating) [1] Core Insights - The nuclear fusion industry is experiencing significant capital injection, with Kunlun Capital receiving CNY 3.275 billion for controllable nuclear fusion projects, indicating a strong push towards the commercialization of nuclear fusion technology [2] - Shanghai Superconductor's IPO application has been accepted, aiming to raise CNY 1.2 billion to support fusion-related business development, highlighting the company's leading position in high-temperature superconducting materials [3] - The expansion of high-temperature superconducting materials production capacity is crucial for the nuclear fusion industry, as these materials are key components in magnetic confinement and current transmission [3] Summary by Sections Section: Capital Investment - Kunlun Capital's investment of CNY 3.275 billion will enhance its growth potential in the energy and chemical industries, supporting the transition to renewable energy [2] - The involvement of major players like China National Petroleum Corporation in funding nuclear fusion projects strengthens the financial backing for these initiatives [2] Section: IPO and Market Position - Shanghai Superconductor plans to raise CNY 1.2 billion through its IPO to expand its production of second-generation high-temperature superconducting materials, which are essential for nuclear fusion applications [3] - The company has established partnerships with global fusion companies and has achieved significant technological milestones, positioning itself as a core supplier in the nuclear fusion materials sector [3] Section: Industry Recommendations - Recommended companies to watch include: - Lianchuang Optoelectronics (leading supplier of high-temperature superconducting magnets) - Yongding Co., Ltd. (main supplier of high-temperature superconducting materials) - Guoguang Electric (providing various components for controllable nuclear fusion devices) [4]

Group 1 - The core viewpoint of the article highlights that Zhongyou Capital's stock closed at 7.37 yuan, down 1.34%, with a rolling PE ratio of 22.22 times and a total market value of 93.172 billion yuan [1] - In terms of industry PE ratio rankings, Zhongyou Capital ranks 11th in the diversified financial sector, which has an average PE ratio of 72.83 times and a median of 28.94 times [1] - The net outflow of main funds for Zhongyou Capital on June 26 was 50.5165 million yuan, although there was an overall inflow of 78.2863 million yuan over the past five days [1] Group 2 - Zhongyou Capital's main business includes the production, sales, and research and development of financial products in banking and other financial fields, focusing on external investment, investment management, and investment consulting [1] - The company has received several awards, including for excellent cases in financial aging services and digital transformation in the insurance industry for 2024 [1] - The latest quarterly report for Q1 2025 shows that Zhongyou Capital achieved an operating income of 8.947 billion yuan, a year-on-year decrease of 7.77%, and a net profit of 1.269 billion yuan, down 26.57%, with a sales gross margin of 0.59% [1]

Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 0.57 yuan per 10 shares for all shareholders, with specific tax considerations for different types of investors [1][2]. Summary by Sections Profit Distribution Plan - The profit distribution plan for 2024 was approved at the shareholders' meeting on May 15, 2025, with a total share capital of 12,642,079,079 shares as of December 31, 2024 [1]. - The company will distribute a cash dividend of 0.57 yuan per 10 shares (including tax), with no bonus shares or capital increase from reserves [1]. Adjustment Principles - The distribution amount remains unchanged, and there has been no change in the total share capital from the announcement to the implementation period [2]. Equity Distribution Details - For investors holding shares through the Shenzhen-Hong Kong Stock Connect, the cash dividend will be 0.513 yuan per 10 shares after tax deductions [2]. - Different tax rates apply for various categories of shareholders, with specific provisions for individual and institutional investors regarding tax withholding [2]. Key Dates - The record date for equity distribution is set for July 2, 2025, and the ex-dividend date is July 3, 2025 [2]. Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians on the ex-dividend date [3]. Contact Information - The company provides contact details for inquiries, including a consultation address and phone numbers for the securities affairs department [4].

证券代码：000617 证券简称：中油资本 公告编号：2025-025 中国石油集团资本股份有限公司 3．本次实施的分配方案与股东大会审议通过的分配方案一致。 4．本次实施的分配方案，距离股东大会审议通过的时间未超过 两个月。 二、权益分派方案 公 司 2024 年 度 权 益 分 派 方 案 为 ： 以 公 司 现 有 总 股 本 12,642,079,079 股为基数，向全体股东每 10 股派 0.57 元人民币现 金（含税；扣税后，通过深股通持有股份的香港市场投资者、QFII、 RQFII 以及持有首发前限售股的个人和证券投资基金每10股派0.513 2024 年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 中国石油集团资本股份有限公司（以下简称公司）2024 年度利 润分配方案已经 2025 年 5 月 15 日召开的 2024 年度股东大会审议通 过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1．公司于 2025 年 5 月 15 日召开 2024 年度股东大会，审议通过 《关于 2024 年度利润分配 ...

Core Insights - The event aimed to enhance value management for listed companies under China National Petroleum Corporation (CNPC) and involved a reverse roadshow in Xinjiang with participation from various investment institutions [1][2][3] - Investors expressed confidence in CNPC's ability to integrate traditional and renewable energy, innovate in refining and chemical sectors, and expand its sales network, indicating a strong belief in the company's future high-quality development [1][2] Group 1: Investor Engagement - A total of 28 investors from 26 domestic and international institutions participated in the roadshow, visiting key operational sites such as Xinjiang Oilfield and Karamay Petrochemical [1] - Investors showed significant interest in innovative projects like the world's first SAGD heavy oil tower-type thermal extraction and high-temperature solar thermal coupling project [1][2] Group 2: Company Achievements - Karamay Petrochemical and Dushanzi Petrochemical have made substantial progress in "reducing oil and increasing chemicals," maintaining high profitability during the refining industry's downturn [2] - The Kunlun Energy Xinjiang Company received high praise for its efforts in natural gas terminal utilization and its role in local economic development [2] Group 3: Future Plans - The company plans to continue enhancing its investor relations management system, focusing on strategic development, communication, brand image, and shared operational success with investors [3]

6月23日，中油资本今日收盘7.3元，上涨3.55%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到22.01倍，总市值922.87亿元。 从行业市盈率排名来看，公司所处的多元金融行业市盈率平均61.94倍，行业中值23.01倍，中油资本排 名第12位。 股东方面，截至2025年3月31日，中油资本股东户数179183户，较上次减少26205户，户均持股市值 35.28万元，户均持股数量2.76万股。 中国石油集团资本股份有限公司的主营业务是银行等金融领域产品的生产、销售和研发。公司的主要产 品是对外投资、投资管理、投资咨询。公司取得金融适老化服务优秀案例、年度人气居家养老服务企 业、2024保险业数字化转型优秀案例等奖项。 最新一期业绩显示，2025年一季报，公司实现营业收入89.47亿元，同比-7.77%；净利润12.69亿元，同 比-26.57%，销售毛利率0.59%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)8中油资本22.0119.840.90922.87亿行业平均 61.9462.801.54199.32亿行业中值23.0121.881.52171.83亿1江苏金租11 ...

Core Viewpoint - China National Petroleum Corporation (CNPC) and its subsidiaries are increasing their investment in Kunlun Capital to support controlled nuclear fusion projects, indicating a strategic shift towards emerging industries and energy transformation opportunities [1] Group 1: Investment and Financials - Kunlun Capital's three major shareholders will invest a total of 3.275 billion yuan (approximately 0.47 billion USD) in the company, with CNPC contributing 1.6705 billion yuan, China Petroleum contributing 949.5 million yuan, and China Oil Capital contributing 655 million yuan [1] - The investment aims to enhance Kunlun Capital's competitive advantage and potential profitability in the energy and chemical sectors [1] Group 2: Technological Developments - Controlled nuclear fusion is recognized as a long-term energy solution, offering abundant energy, zero emissions, and high safety, with 1 gram of deuterium-tritium fusion releasing energy equivalent to 11.2 tons of standard coal [2] - China has achieved international leadership in controlled nuclear fusion, with significant advancements in the "Chinese Circulation No. 3" device, which has set multiple operational records since its completion in December 2020 [2][5] Group 3: Market Outlook and Trends - The global nuclear fusion market is expected to reach 2.26 trillion yuan (approximately 0.33 trillion USD) by 2030-2035, driven by ongoing research and development efforts [7] - Investment in controlled nuclear fusion is increasing, with the U.S. private market alone raising over 12 billion USD since 2024, accounting for 62% of global funding [3][4] Group 4: Industry Structure - The nuclear fusion industry in China is characterized by a dual structure, with state-led initiatives and rapidly emerging commercial companies complementing each other [4][6] - Major state-owned enterprises like China National Nuclear Corporation and the Chinese Academy of Sciences are leading the charge, while private companies are innovating with smaller, modular fusion reactors [6][7]

Core Viewpoint - China Oil Capital (中油资本) is actively integrating support for the national "dual carbon" goals into its business layout and daily management, with recent investments aimed at strategic emerging industries, particularly in controllable nuclear fusion projects [1][8]. Financial Performance - As of the end of 2024, China Oil Capital's total assets reached 1,084.172 billion yuan, a 1.01% increase from the beginning of the year, maintaining a scale above one trillion yuan for three consecutive years [2][5]. - The company achieved an annual operating revenue of 39.024 billion yuan, reflecting a year-on-year growth of 0.08%, and a net profit of 9.9 billion yuan [1][5]. Investment Activities - The company plans to invest 655 million yuan in Kunlun Capital, a subsidiary, to support the controllable nuclear fusion project, maintaining its 20% ownership stake post-investment [3][4]. - The investment is part of a broader strategy to optimize business layout and explore growth opportunities in the energy and chemical industries [4]. Business Segments - By the end of 2024, the banking business of China Oil Capital had total assets of 455.56 billion yuan, a 5.84% increase, with an operating revenue of 16.74 billion yuan and a net profit of 1.705 billion yuan [7]. - The financial company segment reported total assets of 515.73 billion yuan, with an operating revenue of 16.335 billion yuan and a net profit of 6.04 billion yuan [7]. - The financial leasing business achieved a total asset of 72.617 billion yuan, with an operating revenue of 2.842 billion yuan and a net profit of 733 million yuan [7]. Green Finance Initiatives - China Oil Capital's green finance scale exceeded 100 billion yuan in 2024, with various business segments actively promoting green financial products [9]. - The company established green credit channels and prioritized green credit clients, with a total green credit balance exceeding 60.3 billion yuan [9].

Group 1 - The core point of the announcement is that China Petroleum Group Capital Co., Ltd. plans to invest 655 million yuan in Kunlun Capital to explore opportunities in the energy and chemical industry strategic transformation [1][7] - The transaction is classified as a related party transaction as China Petroleum Group is the controlling shareholder of the company, and China Petroleum Co., Ltd. is a subsidiary of China Petroleum Group [1][3] - The approval process for the transaction has been completed, with the board of directors agreeing to submit the matter for review [2][8] Group 2 - China Petroleum Group has a registered capital of 48.69 billion yuan and reported a net profit of 161.34 billion yuan for the year ending December 31, 2024 [2][4] - China Petroleum Co., Ltd. has a registered capital of 18.30 billion yuan and reported a net profit of 164.68 billion yuan for the year ending December 31, 2024 [4][5] - As of the announcement date, China Petroleum Group holds 77.35% of the company's total shares [3][5] Group 3 - Kunlun Capital's total assets as of December 31, 2024, were approximately 108.72 billion yuan, with a net profit of approximately 50.05 million yuan for the same period [5][6] - The capital increase will not change the shareholding structure of Kunlun Capital, with the company maintaining a 20% stake post-investment [6][7] - The transaction is aimed at enhancing the competitive advantage and potential profitability of Kunlun Capital in the strategic emerging industries [8]

证券代码：000617 证券简称：中油资本 公告编号：2025-024 中国石油集团资本股份有限公司 关于向昆仑资本增资暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 为进一步优化业务布局，拓展成长空间，充分挖掘能源与化工产 业战略转型的机遇，中国石油集团资本股份有限公司（以下简称中油 资本或公司）拟出资 6.55 亿元，与中国石油天然气集团有限公司（以 下简称中国石油集团）、中国石油天然气股份有限公司（以下简称中 石油股份）以自有资金按原有持股比例共同向参股公司中国石油集团 昆仑资本有限公司（以下简称昆仑资本）进行增资，用于投资可控核 聚变项目。 （二）关联关系概述 中国石油集团为公司控股股东,中石油股份为中国石油集团控股 的子公司。根据《深圳证券交易所股票上市规则》（以下简称《股票 上市规则》）的规定，中国石油集团与中石油股份均为公司关联方， 本次交易事项构成关联交易。 （三）本次关联交易需履行的审批程序 1.本此交易已经公司独立董事专门会议 2025 年第五次会议审议 通过，一致同意提交董事会审议。 2.本次交易已经公司第十届董事会第十 ...