PETROCHINA(SH:601857) 光大证券研究·2026-01-04 11:33Core Viewpoint - The major shareholder, China National Petroleum Corporation, has shown confidence in the company's long-term development by increasing its stake during the designated buyback period, indicating a positive outlook for the company's future [3][4]. Group 1: Shareholder Activity - China National Petroleum Corporation has increased its holdings by acquiring 30 million A-shares, representing approximately 0.02% of the company's total issued shares, and 11.896 million H-shares, accounting for about 0.01% of the total [3]. - The total investment for this share acquisition amounts to 391 million yuan, with 301 million yuan for A-shares and 89.78 million yuan for H-shares, reflecting the major shareholder's commitment to the company [4]. Group 2: Company Performance and Strategy - In the first three quarters of 2025, the company has actively responded to declining oil prices and low refining profitability by increasing exploration and development efforts, resulting in a year-on-year decline of 4.9% in net profit attributable to shareholders, showcasing its earnings resilience [5]. - The company aims to leverage its integrated industrial chain advantages to withstand oil price fluctuations and enhance the resilience of its supply chain while maintaining steady progress [5]. Group 3: Industry Outlook - The company is enhancing its oil and gas operations by improving exploration and recovery rates, with expectations for continuous improvement in crude oil production and reserves [6]. - The company is also focusing on increasing the production of high-value-added products through refining transformation and is committed to developing natural gas, which is expected to see sustained demand growth in the medium to long term [6].