Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report indicates that the company's performance has been impacted by a decline in oil prices, affecting both upstream and refining operations in the short term [4] - Despite the challenges, the company has shown resilience with steady growth in oil and gas production and significant advancements in its renewable energy business [4][5] - The report maintains a positive outlook on the company's ability to recover performance through cost reduction and efficiency improvements [7] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 1,450.099 billion yuan, a year-on-year decrease of 6.74%, and a net profit attributable to shareholders of 83.993 billion yuan, down 5.42% year-on-year [1] - In Q2 2025, the company achieved revenue of 696.991 billion yuan, a decline of 6.09% year-on-year and 7.45% quarter-on-quarter, with a net profit of 37.186 billion yuan, down 13.59% year-on-year and 20.55% quarter-on-quarter [2] - The average Brent oil price for the first half of 2025 was $71 per barrel, a decrease of 15% year-on-year [4] Segment Performance Summary - The oil and gas segment achieved an operating profit of 85.7 billion yuan, while the refining and new materials segment reported a profit of 11.1 billion yuan, reflecting a decline of 62 million yuan and 26 million yuan respectively [4] - The company’s oil and gas equivalent production reached 923.6 million barrels, a 2.0% increase year-on-year, with crude oil production at 476.4 million barrels, up 0.3% year-on-year [4] - The renewable energy segment has seen a 70% increase in wind and solar power generation, indicating rapid growth in this area [4] Profit Forecast and Valuation - The forecasted net profit attributable to shareholders for 2025-2027 is 1650.87 billion yuan, 1689.72 billion yuan, and 1726.00 billion yuan respectively, with corresponding EPS of 0.90, 0.92, and 0.94 yuan per share [7] - The report suggests that the company’s P/E ratios for 2025-2027 will be 9.72, 9.50, and 9.30 times respectively, indicating a favorable valuation compared to its peers [7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, oil prices fluctuated within a narrow range, with a slight rebound in absolute prices on Friday. The peak of summer crude oil demand is ending, and the inflection point of the crude oil fundamentals has emerged. South American supply has been delivered as expected. The market is focusing on the Russia-Ukraine negotiations and the implementation of the US "punishment" measures against India for buying Russian oil. [6] - On August 21, India stated that it would continue to purchase Russian oil, eliminating the risk of an embargo, but trade frictions still have uncertainties. On Thursday, the US announced a new round of sanctions against Iran, involving two Chinese companies. The potential impact of this round of sanctions is significant, and subsequently, the Dubai market's monthly spread strengthened. [6] - From a macro perspective, the expectation of an interest rate cut in the US in September is rising, and the macro sentiment is positive, supporting the absolute price. Fundamentally, global oil inventories are slightly decreasing, US commercial inventories are decreasing, gasoline inventories are decreasing, and diesel inventories are increasing. This week, the refining profits of European and American refineries have strengthened, and the crack spreads of gasoline and diesel have also strengthened. [6] - Currently, refineries are at the peak of their operation. The latest estimate is that refinery maintenance in October worldwide will exceed previous years' levels (in Europe and Africa), and the crude oil monthly spread is expected to be under pressure. In the short term, the absolute price of crude oil is expected to remain oscillating with a slight upward trend, with Brent crude oil in the range of $65 - $70. In the medium term, the absolute price is expected to weaken, and the price will fall to $60 per barrel in the fourth quarter. Due to the expected adjustment of autumn maintenance in Europe, the crack spread price of European diesel in the fourth quarter is expected to be raised. [6] 3. Summary by Related Catalogs 3.1 Oil Price Data - From August 20 - 26, 2025, the prices of WTI, BRENT, DUBAI, and other oil - related products fluctuated. For example, WTI decreased by $1.55, BRENT decreased by $1.58, and DUBAI decreased by $0.27. [3] - The prices of domestic gasoline increased by 20 yuan, and domestic diesel increased by 25 yuan. [3] - The price of Japan's naphtha CFR increased, and the spread between Japan's naphtha CFR and BRENT increased by 19.11. [3] 3.2 Daily News - The API crude oil inventory in the US for the week ending August 22 was - 974,000 barrels, lower than the expected - 1,725,000 barrels and the previous value of - 2,417,000 barrels. [3] - Russia has increased its August crude oil export plan from western ports by 200,000 barrels per day due to refinery attacks, but there are uncertainties in export arrangements. [3] - India plans to reduce its Russian oil purchases in the coming weeks as the US is about to impose tariffs. The expected daily purchase volume in October and later will be 1.4 - 1.6 million barrels, compared with an average daily purchase of 1.8 million barrels in the first half of this year. [4] - Iran's crude oil export volume in August has declined, with an average daily export of about 1.5 million barrels so far this month, down from 1.7 million barrels from March - May, affected by domestic demand and US sanctions. [4] 3.3 Regional Fundamentals - For the week ending August 15, US crude oil exports increased by 795,000 barrels per day to 4.372 million barrels per day, and domestic production increased by 55,000 barrels to 13.382 million barrels per day. [5] - US commercial crude oil inventories (excluding strategic reserves) decreased by 6.014 million barrels to 421 million barrels, a decrease of 1.41%. The strategic petroleum reserve increased by 223,000 barrels to 403.4 million barrels, an increase of 0.06%. [5] - From August 15 - 22, the operating rate of major refineries in China decreased, while the operating rate of Shandong's local refineries increased slightly. The weekly production of gasoline and diesel from Chinese refineries decreased, gasoline inventories decreased, and diesel inventories increased. The comprehensive profits of major refineries and local refineries decreased. [5]

Market Overview - The US dollar index is trading around 98.30, while spot gold opened at $3,392.39 per ounce and is currently trading at $3,387.13 per ounce [1] - The previous trading day saw the dollar index rise by 0.54% to 98.24, and spot gold increased by 0.81% to $3,393.25 per ounce [1] - Other precious metals also experienced gains, with spot silver up 0.08% to $38.58 per ounce, platinum up 0.62% to $1,349.00 per ounce, and palladium up 0.52% to $1,100.60 per ounce [1] Inventory Data - As of August 26, COMEX gold inventory increased by 0.46 tons to 1,199.93 tons, while COMEX silver inventory decreased by 0.15 tons to 15,824.79 tons [2] - SPDR gold ETF holdings rose by 1.43 tons to 959.92 tons, whereas SLV silver ETF holdings fell by 14.12 tons to 15,274.70 tons [2] Key Events - Apple has scheduled its fall product launch event for September 10 at midnight Beijing time [3] - President Trump announced that high tariffs on furniture will be implemented soon [4] - Trump also warned of an "economic war" against Russia while criticizing Ukraine [4] - Indonesian officials reported that the US has agreed in principle to exempt Indonesian palm oil, cocoa, and rubber from a 19% tariff [5] - ExxonMobil is reportedly in secret talks with Russian oil companies regarding a potential return to Russia [5] - The US Secretary of Commerce mentioned that the government is exploring potential equity opportunities in the defense sector and other industries [6] - Vietnam has lifted the state monopoly on gold bar production, indicating a significant shift in the country's gold market dynamics [7]

2025年08月27日 国泰君安期货商品研究晨报 观点与策略 | 黄金：JH会议鲍威尔放鸽 | 3 | | --- | --- | | 白银：冲顶前高 | 3 | | 铜：内外库存减少，价格坚挺 | 5 | | 锌：区间震荡 | 7 | | 铅：库存减少，价格获支撑 | 9 | | 锡：区间震荡 | 10 | | 铝：震荡偏强 | 12 | | 氧化铝：重心下移 | 12 | | 铸造铝合金：跟随电解铝 | 12 | | 镍：窄幅区间震荡运行 | 14 | | 不锈钢：短线低位震荡 | 14 | | 碳酸锂：现货成交有所回暖，震荡运行 | 16 | | 工业硅：弱势震荡格局 | 18 | | 多晶硅：市场情绪降温，关注上游减产预期 | 18 | | 铁矿石：震荡反复 | 20 | | 螺纹钢：市场情绪反复，宽幅震荡 | 21 | | 热轧卷板：市场情绪反复，宽幅震荡 | 21 | | 硅铁：宽幅震荡 | 23 | | 锰硅：宽幅震荡 | 23 | | 焦炭：宽幅震荡 | 25 | | 焦煤：宽幅震荡 | 25 | | 原木：震荡反复 | 26 | | 对二甲苯：供需紧平衡，趋势偏强，正套 | 28 | | P ...

Group 1 - Domestic refined oil prices are set to decrease significantly on August 26, with a reduction of approximately 205 yuan per ton for gasoline and diesel, leading to savings of about 9 yuan for a full tank [2][3] - This marks the third largest single drop in oil prices this year, bringing domestic prices back to the "6 yuan era" [2][3] - The average international crude oil price has dropped by 4% during the current pricing cycle, directly triggering the domestic price reduction [3][7] Group 2 - The decline in oil prices is attributed to multiple factors, including fluctuations in international oil prices, weak U.S. economic data, and changes in global supply and demand dynamics [3][4][7] - Recent U.S. economic data has shown disappointing results, with non-farm payrolls increasing by only 73,000 in July, significantly below market expectations, raising concerns about a potential "stagflation" scenario [4][7] - Major oil-producing countries like Saudi Arabia and Russia have maintained or increased production levels, contributing to a global oversupply of crude oil [7] Group 3 - Financial institutions such as Goldman Sachs, Merrill Lynch, Citibank, and Morgan Stanley have lowered their global oil price targets for 2025, reflecting a bearish outlook on oil prices [7] - The anticipated shift in U.S. Federal Reserve policy, with potential interest rate cuts, has created volatility in the market, but the overall economic outlook remains a key factor influencing oil prices [3][4]

| 中国石油天然气股份有限公司 | | | | | | | --- | --- | --- | --- | --- | --- | | PETROCHINA COMPANY LIMITED | | | | | | | （于中华人民共和国注册成立之股份有限公司） | | | | | | | （于香港联交所股票代码：857；于上海证券交易所股票代码：601857） | | | | | | | 二零二五年中期业绩公告（半年度报告摘要） | | | | | | | （"本公司"）二零二五年半年度报告全文，为全面了解本公司的经营成果、财 | | | | | | | 务状况及未来发展规划，投资者应当到上海证券交易所网站（网址 | | | | | | | https://www.sse.com.cn）、香港联合交易所有限公司（"香港联交所"）"披露易" | | | | | | | 网 站 （ 网 址 https://www.hkexnews.hk ） 及 本 公 司 网 站 （ 网 址 | | | | | | | https://www.petrochina.com.cn）仔细阅读本公司二零二五年半年度报告全文。 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而産生或因倚賴該等內 容而引致的任何損失承擔任何責任。 中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED （於中華人民共和國註冊成立之股份有限公司） (股份代號：857) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 茲載列中國石油天然氣股份有限公司在上海證券交易所網站刊登的《中國石油天然氣股份有限 公司 2025 年半年度報告》，僅供參閱。 特此公告 中國石油天然氣股份有限公司董事會 中國北京 2025 年 8 月 26 日 於本公告日，本公司董事會由戴厚良先生擔任董事長，由段良偉先生及謝軍先生擔任非執行董事， 由黃永章先生、任立新先生及張道偉先生擔任執行董事，由蔣小明先生、何敬麟先生、閻焱先生、 劉曉蕾女士及張玉新先生擔任獨立非執行董事。 中国石油天然气股份有限公司 2025 年半年度报告 （A 股股票代码：601857） 2025 年 8 月 26 日 | | - | | --- ...

Core Viewpoint - China Petroleum and Natural Gas Corporation reported strong mid-year performance with revenue of 1.5 trillion yuan and net profit of 840.1 billion yuan, driven by proactive market strategies and innovation [1][2] Financial Performance - The company achieved a historical high in free cash flow, increasing by 11.5% year-on-year [1] - The board announced an interim dividend of 0.22 yuan per share, totaling 402.7 billion yuan, maintaining a high level compared to previous years [1] Operational Highlights - Despite a 15.1% year-on-year decline in Brent crude oil prices, the company managed to maintain stable production and operational performance [2] - Domestic oil and gas equivalent production increased by 2%, with natural gas production rising by 3.8%, both reaching historical highs [2] - In refining and chemical sectors, the company optimized product structure and maintained high operational loads for high-end products, achieving record processing volumes [2] Sales and Marketing - The company experienced a 0.3% increase in domestic refined oil sales despite a decline in overall market demand, with a significant 213% growth in charging and swapping electricity volumes [2][3] - Non-oil business profits grew by 5.5%, indicating successful diversification strategies [2] Green and Low-Carbon Transition - The company is advancing its green and low-carbon transition with a comprehensive layout of "oil, gas, heat, electricity, and hydrogen," having established a wind and solar power generation capacity of 10.24 million kilowatts [4][5] - Significant projects include large-scale photovoltaic and wind power installations, contributing to a reduction in greenhouse gas emissions [5][6] Technological Innovation - The company has made substantial progress in technology and innovation, including breakthroughs in new materials and digital transformation initiatives [7][8] - The implementation of a new version of Kunlun large model and the establishment of a smart platform have enhanced operational efficiency and decision-making capabilities [8] Future Outlook - The company aims to enhance its integrated advantages and resilience in the energy supply chain while continuing to focus on innovation and sustainable development [8]

Group 1 - BP China announced that its wholly-owned subsidiary, China Aviation Oil Group Investment Co., Ltd., agreed to invest 261 million RMB in Lianyungang Jiaao New Energy Co., Ltd. [1] - Last August, BP signed an equity investment agreement with Lianyungang Jiaao, committing to invest 353 million RMB [1] - In 2022, Zhejiang Jiaao Environmental Protection Technology Co., Ltd. established Lianyungang Jiaao to build the first 500,000-ton sustainable aviation fuel production project in China, utilizing waste oil as raw material and employing the globally leading Ecofining technology [1] Group 2 - The total investment amount for the sustainable aviation fuel project is 4.413 billion RMB [1]

【#中国石油上半年日赚4.6亿#】8月26日下午，中国石油股份在港交所公告，2025年上半年，集团实现 营业收入人民币14500.99亿元，同比下降6.7%；归属于母公司股东净利润人民币840.07亿元，同比下降 5.4%，相当于上半年每日净赚4.6亿元。 中国石油表示，营业收入下滑主要由于集团原油、成品油价格下降及油气产品销量变化综合影响。2025 年上半年，中国石油的平均实现原油价格为66.21美元/桶，比上年同期的77.45美元/桶下降14.5%。（每 经综合，德塔） ...