消息面上，新特能源发布2025年中期业绩，营业收入73.11亿元(人民币，下同)，同比减少37.74%；归母 净亏损2.56亿元，同比收窄71.11%。而今年一季度归属于上市公司股东的净亏损为2.63亿元。公告指 出，报告期内，公司合理制定多晶硅生产计划，纵深推进提质降本，持续大力发展光伏、风电资源开 发、建设、运营以及关键设备制造业务，参股的两个火电项目成为新的利润贡献单元，进一步提升了经 营韧性和抗风险能力。 新特能源 分时图 日K线 周K线 月K线 7.77 0.55 7.62% 8.86% 5.96% 2.91% 0.00% 2.91% 5.96% 8.86% 6.58 6.79 7.01 7.22 7.43 7.65 7.86 09:30 10:30 12:00/13:00 14:00 16:10 0 37万 74万 111万 新特能源(01799)涨超7%，截至发稿，涨7.36%，报7.29港元，成交额5052.21万港元。 国泰君安期货指出，短期周度产量维持高位。四川、云南及新疆部分工厂复产，但亦有部分新疆工厂减 产，8月多晶硅排产预计超过13万吨。库存视角，SMM统计本周硅料厂家库存去库，下游 ...

证券研究报告 中国海油 (883 HK/600938 CH) 天然气产量同比快速增长，提质降本成果卓越 Q1 公司油气净产量 188.8 百万桶油当量，同比+4.8%，其中石油液体/天然 气产量 145.5 百万桶/253.0 十亿立方英尺，同比分别+3.4%/+10.2%。Brent 期货 Q1 均价同比-8.3%至 75.0 美元/桶，公司实现油价同比-7.7%至 72.7 美元/桶，实现气价同比+1.2%至 7.78 美元/千立方英尺。公司桶油成本控制 良好，Q1 同比下降 0.56 美元/桶至 27.03 美元/桶，主要系产量结构调整叠 加油价下行带动其他税金降低。公司 Q1 油气销售收入同比-1.9%至 882.7 亿元，综合毛利率同环比+1.2/+3.9pct 至 54.6%。 港股通 油气产量创新高，重点项目有序推进 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地/中国香港 | 石油（天然气）开采 | 中国海油于 4 月 29 日发布一季报：Q1 实现营业收入 1069 亿元，同环比 -4.1%/+ ...

Investment Rating - The report maintains a "Buy" rating for the company A/H shares [5][8]. Core Views - The company achieved a revenue of 420.5 billion RMB in 2024, a year-on-year increase of 1%, and a net profit attributable to shareholders of 137.9 billion RMB, up 11% year-on-year [1]. - The company has demonstrated strong performance in reserve additions and production growth, alongside effective cost reduction measures [2]. - The report anticipates a decline in oil prices for 2025-2026, adjusting profit forecasts downward but still projecting growth in net profit [5]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 94.5 billion RMB, a decrease of 14% quarter-on-quarter, and a net profit of 21.3 billion RMB, down 19% quarter-on-quarter [1]. - The average Brent price in 2024 was 79.9 USD per barrel, a decrease of 2.8% year-on-year, while the company's realized oil price was 76.8 USD per barrel, down 1.6% year-on-year [2]. Production and Cost Efficiency - The company's net oil and gas production reached 726.8 million barrels of oil equivalent in 2024, an increase of 7.2% year-on-year [2]. - The company achieved a barrel of oil cost of 28.52 USD, a decrease of 1.1% year-on-year, with a gross margin increase of 3.7 percentage points to 53.6% [2]. Capital Expenditure and Future Projects - The company invested 132.5 billion RMB in capital expenditures in 2024, a 2.2% increase year-on-year, supporting future production and efficiency improvements [4]. - The company made 11 new discoveries and evaluated 30 oil and gas structures, with key projects like the Bohai Zhong 19-2 oil field and deep-sea gas development coming online [4]. Profit Forecast and Valuation - The report projects net profits of 142.5 billion RMB for 2025, down from previous estimates due to anticipated lower oil prices [5]. - The target prices for A/H shares are set at 37.50 RMB and 27.72 HKD, respectively, based on a price-to-earnings ratio of 12.5x for 2025 [5].