智通财经5月2日电，埃尔多安表示，土耳其正努力与马来西亚国家石油天然气公司签署一项合作协议。 ...

[Table_Title] Research Report 2 May 2025 壳牌 (SHEL US) 主要由上游业务带动的良好业绩增长；持续回购 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] Flash Analysis [（本报告为 Table_summary] 2025 年 5 月 1 日发布的英文报告的翻译版。） 要闻回顾以及最新动态 我们预计壳牌（HTI 未覆盖）的 25 年第一季度业绩的市场反应为积极 ，该公司报告的调整后净收入为 55.77 亿美 元，远高于共识，这主要得益于该公司除可再生能源以外的所有业务部门。该公司在最近的资本市场日上重申了 其 25 财年资本支出指南，即 200-220 亿美元。公司还宣布在 25 年第二季度实施 35 亿美元的回购计划。 点评 主要受上游业务推动，业绩大幅增长：壳牌公布的调整后净收入为 55.77 亿美元，而共识值为 49.63 亿美元，这主 要是受上游业务部门的推动。资本支出为 41.75 亿美元，约为 25 ...

壳牌(SHEL.N)宣布启动股票回购计划。 ...

壳牌第一季度调整后利润55.8亿美元，预估50.7亿美元。壳牌宣布了一项35亿美元的 股票回购计划。 ...

Investment Rating - The report suggests a positive outlook for the aerospace and defense sectors, recommending a focus on high-performance structural component manufacturers and defense contractors due to increased defense spending and recovery in the aerospace industry [5]. Core Insights - The report highlights the impact of tariffs on technology giants' capital expenditure plans, particularly in data centers, while also noting a strategic adjustment may be necessary [2][17]. - The industrial sector shows stable price indices for aircraft engines and components, with a slight increase in prices year-on-year [3][23]. - The energy sector is experiencing fluctuations in electricity prices, with a significant rise in capacity prices in the MISO region due to reduced supply [4][19]. - The robotics industry saw a slight decline in installations in 2023, but the long-term growth trend remains intact, with expectations for increased demand driven by automation needs [2][35]. Summary by Sections Global Market Review - The US stock market has shown a steady upward trend, with the S&P 500 and Dow Jones Industrial Average continuing to rise, indicating positive market sentiment [9][11]. Infrastructure - **Data Centers**: Major tech companies reaffirmed their capital expenditure plans despite tariff pressures, with significant investments planned for data center capacity [17]. - **Energy Construction**: MISO's summer capacity prices surged to $666.50 per megawatt day due to reduced surplus capacity, highlighting the need for increased capacity [19][20]. - **Aerospace**: Boeing faces challenges due to tariffs affecting aircraft deliveries to China, impacting its global supply chain [21][22]. Industrial Equipment - The industrial equipment price index remains stable, with slight increases noted in specific sectors such as gas turbines and transformers [39][53]. Global Energy - The energy market is experiencing price fluctuations, with natural gas prices declining due to trade tensions and supply-demand dynamics [4][19]. Key Company Insights - Companies like Howmet Aerospace and Raytheon Technologies are positioned to benefit from increased defense spending and aerospace recovery [5][6]. - ABB is highlighted for its potential growth due to rising demand for industrial robots as manufacturing returns to the US [6][35].

[Table_Title] Research Report 1 May 2025 道达尔能源 (TTE FP) 盈利能力和股息稳健；持续回购 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] Flash Analysis [事件Table_summary] 道达尔能源（海通国际未覆盖该公司）2025 年第一季度调整后净收入为 41.92 亿美元，尽管其略低于市场共识预 期，受电力、炼油/化工和营销部门业绩影响，但息税折旧摊销前利润超出预期，我们预计市场将普遍对其第一季 度业绩持积极态度。该公司宣布第一期中期股息为每股 0.85 欧元，同比增长 7.6%。公司还重申了 2025 财年资本支 出指引在 170 - 175 亿美元左右，以及每季度 20 亿美元的股票回购计划。 点评 EBITDA 超出预期，但净利润略低于预期：道达尔能源公布的调整后净收入为 41.92 亿美元，而市场共识预期为 43.89 亿美元，这是由于油价下跌和炼油利润率下降影响了其下游部门。净现金流为 20 ...

Core Viewpoint - The meeting emphasized the need for high-quality development of the oil and gas industry in Shaanxi province, focusing on enhancing production capacity, optimizing investment processes, and fostering innovation-driven growth [2]. Group 1: Industry Development Strategies - The meeting highlighted the importance of fully implementing the directives from Xi Jinping's visits to Shaanxi, aiming for comprehensive improvements across the oil and gas industry chain [2]. - There is a strong focus on stabilizing growth by increasing production capacity and optimizing investment approval processes to boost project construction [2]. - The strategy includes deepening the integration of production, education, and research to cultivate new productive forces and enhance innovation [2]. Group 2: Future Planning and Policy Alignment - The meeting called for a scientific approach to planning the oil and gas industry's development, considering factors like high-speed rail openings and domestic industrial transfers [2]. - It emphasized the need to align with national strategic implementations and to plan significant projects that strengthen the industry chain [2]. - There is a push for better coordination with national ministries to stay updated on planning dynamics and policy directions, aiming to secure more projects under national initiatives [2].

这届年轻人开始组团"打野"了 ·年报收官！A股十大"盈利王"出炉A股2024年年报披露收官！数据显示，去年有77家上市公司归母净利 润超100亿元，其中24家来自银行业、10家来自非银金融行业。归母净利润最高的10家公司分别为：工 商银行、建设银行、农业银行、中国银行、中国石油、招商银行、中国移动、中国海油、中国平安、中 国人寿。第一名去年赚了这个数。详情>> ·小城 "钞能力"显现，"五一"假期县域酒店消费升级"五一"假期即将开启，旅游市场已经升温，带动酒 店预订高峰。根据携程发布的报告，今年假期旅游消费呈现长线爆发、跨境双向升温、县域逆袭三大特 征。在"请4休11"拼假策略带动下，跨市住宿订单占比已突破80%，县域市场高星酒店消费反超高线城 市，入境游订单同比激增173%，全民开启"假日经济新玩法"。详情>> ·1.65万亿！A股狂撒红包雨，工行最"壕"！10家公司股息率超10%截至4月30日10时，A股共有5402家上 市公司披露2024年年报，3645家上市公司拟进行现金分红，占比约为67.48%；预计分红总规模达1.65万 亿元。多家头部公司狂撒"红包雨"。从现金分红金额看，合计226家上市公司派现 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of China Petroleum [1] Core Views - In Q1 2025, the company achieved an operating revenue of 753.1 billion yuan, a year-on-year decrease of 7%, but a quarter-on-quarter increase of 10%. The net profit attributable to shareholders was 46.8 billion yuan, up 2% year-on-year and up 46% quarter-on-quarter. The oil and gas sectors maintained stable operations, and emerging industries like new energy and new materials showed rapid growth, leading to stable performance that slightly exceeded expectations [7] - The upstream segment's profit increased due to higher natural gas production and sales. In Q1 2025, the operating profit from oil and gas and new energy was 46.1 billion yuan, a year-on-year increase of 30 billion yuan, or 7%. The average oil price was $70 per barrel, down 7.2% year-on-year, while the domestic natural gas price was 2.29 yuan per cubic meter, down 3.1% year-on-year. The net production of oil and gas was 467 million barrels of oil equivalent, up 0.7% year-on-year [7] - The downstream refining and chemical sectors faced profit pressure, with operating profit of 5.4 billion yuan in Q1 2025, a year-on-year decrease of 27 billion yuan, or 34%. The sales segment also reported weak profitability, with an operating profit of 5 billion yuan, down 17 billion yuan, or 25% year-on-year, due to reduced market demand and lower sales volumes [3][7] - The natural gas sales segment saw a significant profit increase, with an operating profit of 13.5 billion yuan, up 1.2 billion yuan, or 10% year-on-year, attributed to optimized resource procurement and sales strategies [7] - The company emphasizes shareholder returns, projecting a net profit of 166.8 billion yuan for 2025, with a dividend payout ratio of 52%, totaling 86.8 billion yuan. The estimated dividend yield for A shares is 5.9%, and for H shares, it is 8.8% before tax [7] Financial Summary - The total revenue forecast for 2023A is 3,012.8 billion yuan, with a year-on-year decrease of 6.99%. The net profit attributable to shareholders is projected at 161.4 billion yuan, reflecting an 8.52% year-on-year increase. The EPS for 2023A is estimated at 0.88 yuan per share [1][8] - For 2024A, the total revenue is expected to be 2,938 billion yuan, with a year-on-year decrease of 2.48%. The net profit is projected at 164.7 billion yuan, a 2.02% increase year-on-year, and the EPS is estimated at 0.90 yuan [1][8] - The company’s P/E ratio for A shares is projected to decrease from 9.00 in 2023A to 8.71 in 2025E, indicating an improving valuation [1][8]