1. Report Industry Investment Rating - All the commodities in the report are rated as "Oscillating" [1][2][4][5][7] 2. Core Viewpoints of the Report - The oil market is currently affected by the uncertainty of supply - side expectations, and oil prices are expected to oscillate. The fuel oil market is also in an oscillating state due to factors such as supply and demand and sanctions. The asphalt market has increased production expectations in September, and the price will oscillate while paying attention to the actual demand. The polyester market has improved demand expectations, and the supply has shrunk due to some device overhauls, with prices following cost fluctuations. The rubber market has support from demand, and the price will oscillate in the short - term. The methanol market will maintain an oscillating trend considering supply and demand changes. The polyolefin market is gradually transitioning to a state of both strong supply and demand, with narrow - range oscillations. The PVC market is expected to oscillate weakly due to factors such as supply, demand, and inventory [1][2][4][5][7] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, WTI October contract rose $0.9 to $64.15/barrel (1.42% increase), Brent October contract rose $0.83 to $68.05/barrel (1.23% increase), and SC2510 closed at 481.5 yuan/barrel, down 4.9 yuan/barrel (1.01% decrease). Last week, US crude, gasoline, and distillate inventories decreased due to increased demand. Russia extended the gasoline export ban until September 30. Ukraine's drone attacks on Russian oil export pipelines and US tariffs on Indian imports affected Russian crude exports, with weekly shipments decreasing to 272 barrels/day in the week ending August 24. The market is affected by supply - side uncertainty, and oil prices are expected to oscillate [1] - **Fuel Oil**: On Wednesday, FU2510 fell 2.39% to 2821 yuan/ton, and LU2511 fell 1.47% to 3485 yuan/ton. Affected by US sanctions on Iran and previous low valuations, FU had a strong rise this week but回调ed with the oil price yesterday. The Chinese refinery's average utilization rate of atmospheric and vacuum distillation units was 63.61% as of August 27, up 1.04 percentage points from last week. The Asian low - sulfur fuel oil market structure weakened further, and the high - sulfur fuel oil supply pressure is expected to continue. FU is affected by sentiment and is expected to oscillate [2] - **Asphalt**: On Wednesday, BU2510 fell 0.57% to 3505 yuan/ton. The domestic refinery's asphalt production plan in September is about 2.64 million tons, a 10% increase from August and a 33% increase from the same period last year. This week, the domestic refinery's asphalt inventory level was 27.15%, down 0.66% week - on - week, and the social inventory rate was 33.94%, up 0.04% week - on - week. The asphalt plant's device utilization rate was 36.67%, down 0.25% week - on - week. In September, the demand is expected to increase, and the price will oscillate while paying attention to the actual demand [2][4] - **Polyester**: TA601 closed at 4824 yuan/ton, down 0.94%; EG2601 closed at 4481 yuan/ton, down 0.2%. The polyester yarn sales in the Yangtze River Delta region are still weak, with an average sales estimate of about 30%. A 300,000 - ton/year synthetic gas - to - ethylene glycol device in Shanxi is restarting, and a cracking device in Singapore has an unexpected delay in restart. The demand improvement brings positive support, and the supply has shrunk due to device overhauls. The prices of PX and TA follow cost fluctuations, and the ethylene glycol price is favorable due to reduced imports and lower inventory [4][5] - **Rubber**: On Wednesday, RU2601 fell 125 yuan/ton to 15760 yuan/ton, NR fell 175 yuan/ton to 12615 yuan/ton, and BR fell 135 yuan/ton to 11710 yuan/ton. From January to July, Vietnam's total exports of natural rubber and mixed rubber decreased by 0.8% year - on - year, but exports to China increased by 5% year - on - year. The supply - side prices of cup rubber and latex are relatively firm, and the demand - side tire exports have increased, supporting the short - term price to oscillate [5] - **Methanol**: The spot price in Taicang is 2250 yuan/ton. Recently, there have been many domestic device overhauls, and the supply is at a phased low. Overseas, Iranian device loads are high, and short - term arrivals will remain high. However, with the increase in the price difference between Europe, India, and China, the arrival volume will decrease in the long - term. The MTO device load in East China is not high, and the port inventory will increase in the short - term. The price is expected to oscillate [5][7] - **Polyolefins**: The mainstream price of East China wire - drawing PP is 6910 - 7080 yuan/ton. The production profit of different raw material - based PP varies. The subsequent production volume will remain high, and the downstream enterprise's operating rate is currently low but is expected to increase with the approaching of the peak demand season. The market is gradually transitioning to a state of both strong supply and demand, and the price will oscillate narrowly [7] - **Polyvinyl Chloride (PVC)**: The market price in East China, North China, and South China has adjusted weakly. The domestic real - estate construction has stabilized and recovered, and the demand for pipes and profiles is expected to increase. However, exports will be affected by India's anti - dumping policy. The supply remains high, and the price is expected to oscillate weakly [7][8] 3.2 Daily Data Monitoring - This part provides the basis and reference for analyzing the market trends of various energy - chemical products by presenting the spot prices, futures prices, basis, basis rates, and their changes of multiple energy - chemical varieties on August 27 and 26, as well as the position of the latest basis rate in historical data [9] 3.3 Market News - The US imported about 74,000 barrels per day of Venezuelan crude oil in the week ending August 22, which is the first time since the US government issued a new license to Chevron to operate in Venezuela. Russia extended the gasoline export ban until September 30, with different lifting times for fuel manufacturers and non - manufacturers [14] 3.4 Chart Analysis - **4.1 Main Contract Prices**: It shows the historical closing prices of the main contracts of multiple energy - chemical products from 2021 to 2025, helping to analyze the long - term price trends of these products [16][18][20][22][24][25][26][28] - **4.2 Main Contract Basis**: It presents the historical basis data of multiple energy - chemical products from 2021 to 2025, which is useful for understanding the relationship between spot and futures prices [30][32][36][38][40][42] - **4.3 Inter - period Contract Spreads**: It shows the historical spreads of different contracts of multiple energy - chemical products, which can be used to analyze the price differences between different contract periods [44][46][49][52][54][57][60] - **4.4 Inter - variety Spreads**: It presents the historical spreads and ratios between different energy - chemical products, helping to analyze the price relationships between different varieties [62][63][64][66] - **4.5 Production Profits**: It shows the historical production profit data of multiple energy - chemical products, which is helpful for understanding the profitability of different products [67][69][71] 3.5 Team Member Introduction - The research team includes members such as Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, each with rich experience and professional backgrounds in the energy - chemical field, and they have won many industry awards [73][74][75][76]

Core Viewpoint - The decline in international oil prices in the first half of the year has negatively impacted the profits of domestic oil companies, with "three major oil companies" reporting significant decreases in net profits and revenues compared to the previous year [1][2]. Financial Performance - China National Petroleum Corporation (CNPC) reported a net profit of 84.01 billion yuan, down 5.4% year-on-year - China Petroleum & Chemical Corporation (Sinopec) reported a net profit of 21.48 billion yuan, down 39.8% year-on-year - China National Offshore Oil Corporation (CNOOC) reported a net profit of 69.53 billion yuan, down 13% year-on-year - The total decline in net profits for the three companies amounted to 29.05 billion yuan, equivalent to a daily loss of nearly 160 million yuan [1][2]. Revenue Trends - The operating revenues of the three companies also experienced declines ranging from 5% to 11% - CNPC faced a rare situation of both revenue and net profit decline for the first time in five years [1][2]. Oil Price Impact - The average selling price of crude oil for CNPC was $66.21 per barrel, down 14.5% year-on-year - CNOOC's average selling price was $69.15 per barrel, down 13.9% year-on-year - The oil and gas segment revenue for CNPC decreased by 6.3% to 422.67 billion yuan, while CNOOC's oil and gas sales revenue fell by 7.2% to 171.75 billion yuan [2]. Natural Gas Performance - CNPC's natural gas sales revenue increased by over 16% to 27.75 billion yuan, driven by a 5% rise in average selling price and a nearly 3% increase in sales volume - CNOOC's natural gas average selling price rose by 1.4% to $7.9 per thousand cubic feet, with sales volume increasing by 13.5% to 489.2 billion cubic feet [2]. Downstream Business Impact - Both CNPC and Sinopec reported significant impacts on their downstream oil products and refining businesses due to declining prices and sales volumes - CNPC's chemical business operating profit fell by 55.5% to 1.392 billion yuan, while Sinopec's chemical division reported an expanded loss of 4.224 billion yuan, up 33.5% year-on-year [3]. Market Trends and Future Outlook - The domestic gasoline demand has peaked in 2023, with expectations of a significant decline post-2030 - The overall oil product demand is projected to peak by 2028, prompting the three major oil companies to accelerate their non-oil business strategies [4]. Strategic Initiatives - CNPC plans to expand into new energy and materials sectors, reporting a 70% increase in wind and solar power generation - CNOOC aims to enhance green electricity usage and has initiated a carbon capture and utilization project - Sinopec is focusing on developing a hydrogen and electric vehicle network, having invested in battery manufacturer CATL to build at least 500 battery swap stations [4].

Core Viewpoint - The "Big Three" oil companies in China are accelerating their non-oil business expansion in response to declining profits from their core oil operations due to falling international oil prices [2][5]. Financial Performance - In the first half of the year, the "Big Three" reported a total net profit decline of 290.5 billion yuan, equivalent to a daily loss of nearly 1.6 billion yuan, with individual profits of China National Petroleum Corporation (CNPC) at 840.1 billion yuan, Sinopec at 214.8 billion yuan, and CNOOC at 695.3 billion yuan, reflecting year-on-year decreases of 5.4%, 39.8%, and 13% respectively [2][3]. - Revenue for the "Big Three" also fell between 5% to 11%, with CNPC experiencing a rare dual decline in both revenue and net profit for the first time in five years [2][3]. Oil Price Impact - The average crude oil price for CNPC was $66.21 per barrel, down 14.5% year-on-year, while CNOOC's average price was $69.15 per barrel, down 13.9% [3]. - CNPC's oil and gas segment revenue decreased by 6.3% to 422.67 billion yuan, accounting for 30% of total revenue, while CNOOC's oil and gas sales revenue fell by 7.2% to 171.75 billion yuan, making up 83% of total revenue [3]. Natural Gas Performance - Both CNPC and CNOOC saw growth in natural gas sales, with CNPC's average sales price increasing over 5% to 2,334 yuan per ton and sales volume rising nearly 3% to 1.515 million tons [3]. - CNOOC's natural gas average price rose 1.4% to $7.9 per thousand cubic feet, with sales volume increasing 13.5% to 4.892 trillion cubic feet, leading to a 16% increase in natural gas revenue to 27.75 billion yuan [3]. Downstream Business Challenges - The downstream oil product sales and refining businesses of CNPC and Sinopec were significantly impacted by falling prices and sales volumes of oil and petrochemical products [4]. - CNPC's chemical business profit dropped 55.5% to 1.392 billion yuan, while Sinopec's chemical division reported a loss that widened by 33.5% to 422.4 million yuan [4]. Strategic Shift to Non-Oil Business - The "Big Three" are focusing on non-oil business development due to the peak oil demand in the transportation sector and the anticipated decline in overall oil demand by 2028 [5]. - CNPC plans to expand into new energy and materials, reporting a 70% increase in wind and solar power generation to 3.69 billion kilowatt-hours, and a 50% increase in new materials production to 1.665 million tons [5]. - CNOOC aims to increase green electricity usage and has initiated a carbon capture and utilization project [5][6].

据证券之星公开数据整理，近期中国石油（601857）发布2025年中报。截至本报告期末，公司营业总收 入14500.99亿元，同比下降6.74%，归母净利润839.93亿元，同比下降5.42%。按单季度数据看，第二季 度营业总收入6969.91亿元，同比下降6.09%，第二季度归母净利润371.86亿元，同比下降13.59%。本报 告期中国石油公司应收账款体量较大，当期应收账款占最新年报归母净利润比达72.7%。 财报体检工具显示： 1. 建议关注公司现金流状况（货币资金/流动负债仅为68.84%） 分析师工具显示：证券研究员普遍预期2025年业绩在1633.33亿元，每股收益均值在0.89元。 本次财报公布的各项数据指标表现一般。其中，毛利率20.89%，同比减0.39%，净利率6.46%，同比增 0.64%，销售费用、管理费用、财务费用总计672.95亿元，三费占营收比4.64%，同比增8.17%，每股净 资产8.5元，同比增4.43%，每股经营性现金流1.24元，同比增3.96%，每股收益0.46元，同比减6.12% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | - ...

Core Points - Mozambique government signed a strategic cooperation agreement worth $20 billion with Qatar-based Al Mansour Holding to promote development in key economic and social sectors [1] - The agreement covers multiple sectors including agriculture, livestock, fisheries, oil and gas, renewable energy, infrastructure, logistics, social housing, and healthcare [1] - Investments will also be made in tourism and social sectors, including the construction of schools, hotels, resorts, and sustainable coastal projects [1] Group 1 - The agreement emphasizes the partnership spirit and historical significance of cooperation between Mozambique and Qatar [1] - Sheikh Mansour Bin Jabor Bin Jassim Al Thani highlighted the importance of transforming natural resources and talent into development engines for future generations [1] - The focus of the development is on creating jobs, empowering youth, and enhancing community cohesion rather than short-term profits [1] Group 2 - The collaboration is framed as a community effort, calling for Africa and the Middle East to work together towards innovation and shared prosperity [1]

1. Report Industry Investment Rating No information provided regarding the report industry investment rating 2. Core View of the Report The short - term trend of crude oil is expected to be weak with oscillations, and attention should be paid to the persistence of geopolitical events. The supply side presents a mix of positive and negative factors, and the demand side is at the end of the peak season with refinery profits under pressure. The significant inventory build - up and the deepening of the contango structure intensify the pressure on near - term prices. The upside potential of oil prices is restricted by inventory pressure and marginal supply increase. If Russia's export plan is actually realized or the geopolitical premium fades, oil prices may continue the weak oscillatory trend, with the short - term support for WTI at $62 - 63 per barrel and resistance at $65 per barrel [8] 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Crude Oil Futures Market Data Change Analysis - **主力合约与基差**: As of August 26, the SC crude oil continuous contract price slightly declined to 496.1 yuan per barrel, up 0.65% from the previous day, but closed at 487 yuan per barrel at night, down 2.19% from the day session. WTI and Brent main contracts fell 2.21% to $63.31 and $66.69 per barrel respectively. The SC - Brent and SC - WTI spreads strengthened to $2.58 and $5.96 per barrel respectively, and the Brent - WTI spread slightly narrowed to $3.38 per barrel. The SC far - month contango (spread between contract 1 and contract 3) widened to - 4.3 yuan per barrel, indicating increasing pressure on the spot side [2] - **持仓与成交**: The SC crude oil main contract fluctuated sharply, with prices rising first and then falling, and the night - session decline exceeded 2%. The geopolitical disturbances and Fed policy expectations drove capital fluctuations. The medium - sulfur crude oil futures warehouse receipts increased by 954,000 barrels to 5.721 million barrels on August 26, and fuel oil warehouse receipts also increased by 26,600 tons, reflecting the surplus pressure in the physical market [3] 3.1.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes - **供给端**: Iraq's crude oil exports in July reached 104.7 million barrels (3.38 million barrels per day). Russia planned to increase its western port crude oil exports by 200,000 barrels per day in August, but 17% of its refining capacity (1.1 million barrels per day) was disrupted by Ukrainian drone attacks. Iran's exports declined in August due to US sanctions and logistics constraints, and Alberta in Canada sought investment in the Japanese refining industry [4] - **需求端**: The interruption of Russia's refining capacity and the seasonal peak in gasoline demand may suppress the actual increase in crude oil re - exports. Global refinery margins remained low, and attention should be paid to the trends of US strategic reserves and the end of the seasonal demand in the Northern Hemisphere [5] - **库存端**: US Cushing and commercial crude oil inventories continued to accumulate. The medium - sulfur crude oil futures warehouse receipts increased significantly, and fuel oil warehouse receipts also rose, reflecting the surplus pressure in the spot market. The interruption of Russian refining may indirectly increase overseas crude oil inventory pressure [6] 3.2 Industrial Chain Price Monitoring 3.2.1 Crude Oil - **期货价格**: SC price was 496.1 yuan per barrel, WTI was $63.31 per barrel, and Brent was $66.69 per barrel. OPEC's basket price remained unchanged at $70.45 per barrel [9] - **现货价格**: Various crude oil spot prices showed different changes, with Oman up 0.64%, Shengli up 0.61%, etc. [9] - **价差**: The SC - Brent spread widened to $2.58 per barrel, the SC - WTI spread to $5.96 per barrel, and the Brent - WTI spread slightly narrowed to $3.38 per barrel [9] - **其他资产**: The US dollar index, S&P 500, DAX index, and RMB exchange rate also had corresponding changes [9] - **库存**: US commercial crude oil inventory decreased by 1.41%, Cushing inventory increased by 1.82%, and US strategic reserve inventory increased by 0.06% [9] - **开工**: The US refinery weekly operating rate was 96.6%, up 0.21% [9] 3.2.2 Fuel Oil - **期货价格**: FU was 2,880 yuan per ton, down 0.93%; LU was 3,529 yuan per ton, up 0.09%; NYMEX fuel oil was 228.59 cents per gallon, down 2.71% [10] - **现货价格**: Different fuel oil spot prices had various changes, such as IF0380 in Singapore up 2.71% [10] - **纸货价**: High - sulfur 180 and 380 in Singapore (near - month) showed slight declines [10] - **价差**: The Singapore high - low sulfur spread was not available, and the Chinese high - low sulfur spread widened to 649 yuan per ton [10] - **Platts**: Platts (380CST) and Platts (180CST) prices increased [10] - **库存**: Singapore's fuel oil inventory decreased by 6.53% [10] 3.3 Industry Dynamics and Interpretation 3.3.1 Supply - Iraq's oil exports in July reached 104.7 million barrels. Russia planned to increase its western port crude oil exports by 200,000 barrels per day in August, but there were uncertainties due to drone attacks and maintenance. Iran's exports declined in August, and Canada's Alberta province considered investing in the Japanese refining industry [11][12] 3.3.2 Demand Ukrainian attacks disrupted at least 17% of Russia's refining capacity, and there was a shortage of gasoline in some regions due to seasonal peak demand [13] 3.3.3 Inventory Low - sulfur fuel oil warehouse futures receipts remained unchanged, medium - sulfur crude oil futures warehouse receipts increased by 954,000 barrels, and fuel oil futures warehouse receipts increased by 26,600 tons [14] 3.3.4 Market Information As of 2:30 closing, the Shanghai gold main contract rose 0.21%, the Shanghai silver main contract fell 0.30%, and the SC crude oil main contract fell 2.19%. Trump's dismissal of the Fed governor increased concerns about the Fed's independence and enhanced the expectation of interest - rate cuts [14][15] 3.4 Industrial Chain Data Charts The report provides multiple data charts, including the prices and spreads of WTI and Brent first - line contracts, US crude oil weekly production, OPEC crude oil production, etc., to visually display the industry data [16][20][22]

Core Viewpoint - Zhongman Petroleum (603619.SH) reported a slight increase in revenue but a significant decline in net profit for the first half of 2025 [1] Financial Performance - The company achieved an operating revenue of 1.981 billion yuan, representing a year-on-year growth of 3.29% [1] - The net profit attributable to shareholders of the listed company was 300 million yuan, showing a year-on-year decrease of 29.81% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 291 million yuan, down 30.38% year-on-year [1] - Basic earnings per share stood at 0.76 yuan [1]

Core Insights - The financial results of China's three major oil companies, namely China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), have been disclosed, showing a total net profit of 174.99 billion yuan for the first half of the year, equivalent to approximately 9.6 million yuan per day [2] Financial Performance - CNPC reported a net profit of 84.01 billion yuan, Sinopec reported 21.48 billion yuan, and CNOOC reported 69.5 billion yuan, contributing to the total net profit [2] - The net profits of these companies have decreased by 5% to 40% compared to the same period last year, resulting in a total profit reduction of 29.05 billion yuan, which translates to a daily loss of about 1.6 million yuan [2]

Group 1 - The average price change rate of a basket of crude oil was reported at 0.58% on August 26 [1] - According to the Oil Price Management Measures, domestic gasoline and diesel prices are adjusted based on international crude oil price changes every 10 working days, with the adjustment taking effect at 24:00 on the announcement date [3] - The National Development and Reform Commission announced a reduction in domestic gasoline and diesel prices by 180 yuan and 175 yuan per ton, respectively, effective from August 26, 2025, at 24:00 [3] Group 2 - August 27 marks the first working day of the current pricing cycle, with the next price adjustment window opening on September 9 at 24:00 [3]

Group 1 - The core viewpoint of the article highlights the financial performance of China's three major oil companies, known as "Three Barrels of Oil," which reported a total net profit of 174.9 billion yuan for the first half of the year, equivalent to a daily profit of 960 million yuan [2] - China National Petroleum Corporation (CNPC) achieved a net profit of 84.01 billion yuan, while China Petroleum & Chemical Corporation (Sinopec) reported 21.48 billion yuan, and China National Offshore Oil Corporation (CNOOC) earned 69.5 billion yuan [2] - The overall profit of these companies decreased by 290.5 billion yuan compared to the same period last year, reflecting a decline in net profits ranging from 5% to 40% due to falling international oil prices [2]