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 ...

表决结果：4 票同意，0 票反对，0 票弃权。 证券代码：000617 证券简称：中油资本 公告编号：2025-023 中国石油集团资本股份有限公司 第十届董事会第十七次会议决议公告 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）第十届董事会 第十七次会议通知于 2025 年 6 月 13 日（周五）以专人通知、电子邮 件的形式发出。会议于 2025 年 6 月 17 日（周二）以通讯方式召开， 会议应出席董事 7 人，实际出席董事 7 人。会议的召开符合《中华人 民共和国公司法》和《中国石油集团资本股份有限公司章程》的有关 规定。本次参会的全体非关联董事认真审议并一致同意通过《关于向 昆仑资本增资暨关联交易的议案》。 本议案已经独立董事专门会议 2025 年第五次会议审议通过。 关联董事汤林、郭旭扬、周建明就该事项回避表决。 具体内容详见同日在中国证券报、证券时报、上海证券报、证券 日报和巨潮资讯网（www.cninfo.com.cn）披露的《关于向昆仑资本 增资暨关联交易的公告》（公告编号：2025-024）。 ...

Group 1 - A significant investment of over 3 billion yuan is being made in the controllable nuclear fusion sector, with Zhongyou Capital planning to increase its stake in Kunlun Capital by 655 million yuan for this purpose [1] - The total capital increase amounts to 3.275 billion yuan, with contributions from China National Petroleum Corporation (16.705 billion yuan), China Petroleum (9.495 billion yuan), and Zhongyou Capital [1] - Kunlun Capital already has ongoing nuclear fusion projects, including a planned investment of 2.9 billion yuan to acquire a 20% stake in Fusion New Energy (Anhui) Co., Ltd. by June 2024 [1] Group 2 - Fusion New Energy is following a three-step strategy for development, focusing on experimental research, engineering demonstration, and commercialization [2] - The company has significant backing from state-owned enterprises, with four major Anhui state-owned companies holding a combined 75% stake [2] - The successful development of the "Chixiao" strong current linear plasma device by the Hefei Institute of Physical Science positions China as the second country to possess such technology [2] Group 3 - A strategic cooperation framework agreement has been signed between the Jiangxi provincial government and China National Nuclear Corporation, leading to a partnership for a controllable nuclear fusion project with an estimated total investment exceeding 20 billion yuan [3] - The project aims to achieve a Q value greater than 30 and continuous power generation of 100 MW [3]

Market Overview - As of 10:30 AM today, the Shanghai Composite Index stands at 3352.43 points, above the six-month moving average, with a change of 0.15% [1] - The total trading volume of A-shares today is 568.946 billion yuan [1] Stocks Performance - A total of 138 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Dahongli (300865) with a deviation rate of 17.40%, closing at 27.74 yuan, up 19.98% [1] - Huaxi Biological (688363) with a deviation rate of 6.97%, closing at 54.41 yuan, up 7.87% [1] - *ST Chengchang (001270) with a deviation rate of 5.20%, closing at 36.55 yuan, up 5.00% [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Zhejiang Shuwenhua (600633) with a deviation rate of 5.17%, closing at 13.62 yuan, up 5.66% [1] - Gehua Cable (600037) with a deviation rate of 4.76%, closing at 7.73 yuan, up 6.47% [1] - Stocks with smaller deviation rates that have just crossed the six-month line include Aotai Biological, Chitianhua, and Emei Mountain A [1]

| ○ 基金经理:柳军 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 累计任职时间：15年又360天 任职起始日期：2009-06-04 现任基金公司：华泰柏瑞基金管理有限公司 现任基金资产 在管基金最佳 总规模 任期回报 4232.91亿元 135.71% | | 基金经理简介:柳军先生:中国国籍。监事.复旦大学财务管理硕士.2000-2001年任上海汽车集 团财务有限公司财务,2001-2004年任华安基金管理有限公司高级基金核算员,2004年7月加入 华泰柏瑞基金管理有限公司,历任基金事务部总监、上证红利ETF基金经理助理。2009年6月 起任上证红利交易型开放式指数证券投资基金的基金经理。2010年10月起担任指数投资部副 总监。2011年1月至2020年2月任华泰柏瑞上证中小盘ETF基金、华泰柏瑞上证中小盘ETF联 接基金基金经理。2012年5月起任华泰柏瑞沪深300交易型开放式指数证券投资基金、华泰柏 | | | | | | 柳宇 | | | 瑞产深300交易型开放式指数证券投资基金联接基金的基金经理。2 ...

Core Viewpoint - The company aims to integrate green development into its strategic plan, targeting a scale of 100 billion yuan in green credit, green leasing, and green investment by 2025 [1] Group 1: Green Financial Products - In 2024, the company developed specialized green credit products such as "Wind Power Loan" and issued the lowest interest rate green financial bonds in Xinjiang [1] - The current balance of green credit stands at 49.36 billion yuan, while the scale of green leasing and green trust projects is 24.85 billion yuan [1] Group 2: Digital Currency Initiatives - The company is actively conducting research and planning regarding digital renminbi, having completed the technical development and construction of the foundational platform for digital renminbi business [1]

Group 1: Green Finance Development - The company integrates green development into its strategy, aiming for a green credit balance of CNY 493.6 billion and a target of CNY 1 trillion in green credit and investment by 2025 [1] - In 2024, the company plans to launch specialized green credit products such as "wind power loan" and issue the lowest interest green financial bonds in Xinjiang [1] - The company emphasizes a comprehensive green financial service system, leveraging its diverse financial licenses and market advantages [1] Group 2: Cross-Border and Digital Currency Initiatives - The company is actively promoting cross-border RMB settlement in alignment with the national "Belt and Road" initiative [2] - Currently, Kunlun Bank does not have overseas branches but is developing a digital RMB platform and enhancing its financial information technology capabilities [1][2] Group 3: Profitability and Financial Strategy - The company focuses on industrial finance, providing tailored financial solutions to the energy sector, and aims to enhance profitability through green finance and financial technology [2] - The company has implemented a "Quality Return Dual Improvement" action plan to enhance operational quality and address investor concerns [3] Group 4: Market Value Management - The company has established a market value management framework, incorporating performance indicators into management contracts to improve company quality [3][5] - Since its restructuring, the company has distributed a total of CNY 150.44 billion in cash dividends to shareholders [3][5] Group 5: Share Buyback and Dividend Plans - The company is researching potential share buyback plans in accordance with market management policies and will disclose any plans in a timely manner [4][5] - For the fiscal year 2024, the company plans to implement a mid-term dividend, with a total dividend payout of CNY 1.17 per 10 shares, representing a payout ratio of 31.80% [5]