Core Insights - The report emphasizes the role of the central government and state-owned enterprises in stabilizing the A-share market amidst recent volatility, particularly following significant declines in major indices due to external pressures [1][2] - The central government, through the Central Huijin Investment Ltd., has expressed confidence in the long-term prospects of the Chinese capital market and has committed to increasing investments in exchange-traded funds (ETFs) to support market stability [1][2] - The report suggests that the current market downturn presents an opportunity for long-term investment, particularly in sectors such as consumption, agriculture, and technology innovation, which are expected to benefit from government policies and economic recovery [3] Market Performance - As of April 7, 2025, the A-share market experienced significant declines, with the Shanghai Composite Index dropping by 7.34%, the Shenzhen Component Index by 9.66%, and the ChiNext Index by 12.5%, indicating widespread market pessimism [1][6] - The report highlights that over 5,284 companies saw declines, with 3,038 stocks hitting their daily limit down, reflecting a severe market reaction to external economic pressures [1] Strategic Recommendations - The report advises investors to remain optimistic and seek entry points during market adjustments, particularly focusing on sectors with strong earnings reports and those benefiting from policy support [3] - It encourages a gradual shift towards high-quality technology innovation stocks once the market stabilizes, indicating a long-term investment strategy [3]

2025 年 4 月 8 日 公司研究 增持体现大股东发展信心，油价波动期公司经营韧性凸显 ——中国石油（601857.SH/0857.HK）公告点评 要点 事件：公司发布《关于控股股东增持公司股份计划的公告》，控股股东中国石油 集团拟增持公司股份，拟增持金额不少于人民币 28 亿元（含本数），不超过人 民币 56 亿元（含本数）。 点评： 增持彰显大股东对公司发展信心，看好公司长期发展前景。中国石油集团将使用 自有资金，分别通过上海证券交易所交易系统集中竞价方式及香港联合交易所有 限公司系统场内交易方式增持公司 A 股及 H 股股份。综合考虑市场波动、资金 安排、境内外监管要求等因素并为保障本次增持计划顺利实施，中国石油集团及 其全资子公司将自本公告日起 12 个月内完成本次增持计划。本次增持体现了中 国石油集团对公司未来发展前景的信心，表明公司对资本市场的积极态度。 一体化产业链优势显著，油价波动期彰显公司业绩韧性。2024 年布油均价为 79.86 美元/桶，同比-2.8%，公司积极应对形势变化，持续加大勘探开发力度， 深入推进炼化转型升级，依托全产业链优势抵御油价波动，24 年归母净利润同 比+2.0 ...

Core Viewpoint - In 2024, China National Petroleum Corporation (CNPC) reported a revenue of 2.9 trillion yuan and a net profit of 164.68 billion yuan, marking a 2% year-on-year increase, achieving record highs for three consecutive years despite a 2.5% decline in international oil prices [2] Group 1: Financial Performance - CNPC's operating performance continues to grow, achieving historical highs for three consecutive years [2] - The company reported a revenue of 2.9 trillion yuan and a net profit of 164.68 billion yuan for 2024, with a 2% increase in net profit year-on-year [2] Group 2: Natural Gas Exploration and Development - CNPC is focusing on unconventional natural gas resources, particularly coalbed methane and coal rock gas, to enhance energy supply capabilities [3] - The Longqing Oilfield, CNPC's largest oil and gas field, has developed over 30 key technologies to address the challenges of tight gas development, achieving low-cost and efficient production [4] - In 2024, CNPC's natural gas sales reached 287.75 billion cubic meters, a 5.2% increase year-on-year, with domestic sales at 227.83 billion cubic meters, up 3.7% [4] Group 3: Refining and Chemical Transformation - CNPC is accelerating the transformation and upgrading of its refining and chemical business, focusing on high-end materials and addressing structural issues in the petrochemical industry [5] - The company is actively expanding its aviation kerosene production capacity to meet the growing demand in the aviation sector, with a monthly production of over 130,000 tons in 2024 [6] Group 4: Low-Carbon Development - CNPC is advancing its "dual carbon" goals through the development of renewable energy projects, achieving over 50% growth in renewable energy utilization capacity [7] - The company is integrating oil and gas operations with renewable energy, enhancing its research and innovation capabilities in hydrogen, geothermal energy, and carbon capture, utilization, and storage (CCUS) [8] - CNPC has established a carbon-neutral ecological park and aims to expand its green initiatives, with a green area of 36 million square meters by the end of 2024 [9]

每经记者 岳楚鹏 每经编辑 高涵 ①【三大期指齐跌】截至发稿，道指期货跌3.85%、标普500指数期货跌4.02%、纳指期货跌4.33%。 ②【大型科技股多数走低】美股大型科技股盘前多数走低。截至发稿，美光科技跌超7%，英伟达跌超 6%，台积电跌超6%，苹果跌约4%。 ③【银行股大跌】美国银行股盘前大跌，截至发稿，高盛跌超7%，美国银行跌超5%，摩根大通跌超 5%。 ⑤【运营和税收成本上升，壳牌下跌7%】近日，壳牌发布了2025年第一季度交易数据，尽管天然气和 石油交易表现强劲，但公司警告税收和运营成本增加。壳牌表示，预计税收成本在24亿至32亿美元之 间，远高于加拿大皇家银行18亿美元的预估。壳牌还警告称，第一季度可能出现高达50亿美元的营运资 金增加。截至发稿，壳牌下跌7%。 ⑥【捷豹路虎停止向美国发货】近日，捷豹路虎汽车公司表示，由于新关税政策，它将暂停向美国发 货。捷豹路虎汽车公司将此举描述为"短期行动"，并表示将花时间制定长期计划以适应新的经济格局。 ⑦【WTI原油期货跌破每桶60美元，创2021年4月以来最低水平】截至发稿，美国WTI原油期货价格下 跌逾3%，至每桶59.61美元。目前，WTI原油 ...

截至2025年3月28日收盘，中国石油（601857）报收于8.08元，较上周的7.96元上涨1.51%。本周，中国 石油3月27日盘中最高价报8.19元。3月24日盘中最低价报7.9元。中国石油当前最新总市值14897.91亿 元，在炼化及贸易板块市值排名1/31，在两市A股市值排名7/5140。 近日中国石油披露，截至2025年2月28日公司股东户数为54.25万户，较12月31日增加5.64万户，增幅为 11.6%。户均持股数量由上期的33.31万股减少至29.85万股，户均持股市值为234.61万元。 公司公告汇总2024年末期A股利润分配方案 中国石油天然气股份有限公司公布2024年末期A股利润分配方案。每股分配比例为人民币0.25元（含 税），以2025年6月24日登记的总股本为基数。若总股本发生变动，公司拟维持每股分配比例不变，相 应调整分配总额，并另行公告。截至2024年12月31日，公司总股本为183,020,977,818股，据此计算合计 拟派发现金红利人民币457.6亿元（含税），其中A股现金红利人民币404.8亿元（含税）。本年度公司 现金分红总额为人民币860.20亿元，占本年度归属 ...

Core Insights - Global ESG policies and investments are advancing, presenting both challenges and opportunities. Japan has released its first report guidelines aligned with international sustainability standards, while France's National Climate Adaptation Plan proposes 52 measures to address climate change. The U.S. EPA has rescinded several environmental regulations to ease corporate burdens, and Germany's financial plan along with Tokyo's carbon credit trading highlights the role of green finance in sustainable development. Additionally, the U.S. rejection of the UN Sustainable Development Goals reflects differing national paths in sustainability [2][6][7]. - In China, as of March 2025, efforts are being made to systematically construct an ESG development framework through regional collaboration and top-level design. Shenzhen is leading the green transition with its ESG standard system, while Shanghai promotes low-carbon development through its carbon emission management measures. The National Energy Administration has issued guidelines to promote the high-quality development of renewable energy green power certificate markets [2][7]. - The total scale of ESG funds in China increased by 28.404 billion yuan in Q1 2025 compared to the end of 2024, indicating a recovery in market sentiment. Most domestic ESG funds achieved positive returns in March 2025, with average and median returns of 0.59% and 0.51%, respectively, particularly strong in equity mixed funds [2][25][22]. ESG Important Events - Japan has published its first sustainable development disclosure standards based on ISSB guidelines, marking a significant step for Japanese companies in sustainability reporting [6][7]. - France's National Climate Adaptation Plan outlines 52 measures to enhance climate resilience, focusing on infrastructure upgrades and energy structure optimization [6][7]. - The U.S. EPA announced the repeal of 31 environmental regulations, representing a significant deregulation effort in environmental oversight [6][7]. - Germany's financial plan includes a 500 billion euro proposal to support climate protection and energy transition, with 100 billion euros allocated to existing climate and transition funds [6][7]. Domestic ESG Fund Performance Review - As of March 2025, the total number of existing ESG funds in China is 660, with a total scale of 821.9 billion yuan, reflecting a 28.404 billion yuan increase from the end of 2024. The pure ESG fund scale is 49.858 billion yuan, accounting for 6.07% of the total [22][19]. - In March 2025, domestic ESG funds generally reported positive returns, with the average return at 0.59% and the median at 0.51%. The performance of equity mixed funds was particularly notable [25][24]. ESG Academic Frontiers - Research indicates that artificial intelligence (AI) can significantly mitigate the adverse effects of climate change across various sectors, including energy and transportation. AI applications can reduce manufacturing energy consumption by 30-50% and optimize traffic routes to cut carbon emissions by up to 60% [2][37].

Group 1 - In Q1 2025, the US stock market experienced its worst quarterly performance since 2022, with the Nasdaq Composite down 10.4%, S&P 500 down 4.6%, and Dow Jones down 1.28% [1] - The decline in tech stocks was significant, with Tesla down approximately 36%, Nvidia down over 19%, and Apple down over 11%. The "Magnificent Seven" tech stocks index fell 14.83% [1] - Despite the overall downturn, defensive stocks provided stable returns, with seven out of eleven S&P 500 sectors achieving positive returns, including energy up nearly 8% and healthcare up 5% [2][3] Group 2 - The European market showed strong performance in Q1 2025, with the Stoxx Europe 600 index rising about 5%, contrasting with the US market [2] - Increased defense spending in Germany and other European countries led to significant gains in defense-related stocks, with Rheinmetall up 134.73% and Thales up 91.48% [2] - Analysts suggest that many US stocks, particularly in tech, are overvalued, while energy, healthcare, and utility sectors are undervalued, indicating a potential shift in investment focus towards international stocks [3]

证券代码：603619 股票简称：中曼石油 公告编号：2025-010 中曼石油天然气集团股份有限公司 第四届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中曼石油天然气集团股份有限公司（以下简称"公司"）第四届董事会第七次 会议的通知于 2025 年 3 月 30 日以电子邮件方式发出，会议于 2025 年 4 月 1 日 在上海市浦东新区江山路 3998 号公司会议室以现场和通讯相结合的方式召开。 本次会议应参加并表决的董事 8 名，实际参加会议并表决的董事 8 名，会议 由董事长李春第先生主持，部分监事、高管列席了会议。会议的通知、召开符合 《公司法》等有关法律、法规和《公司章程》的规定，会议决议有效。 中曼石油天然气集团股份有限公司董事会 附件 简 历 李艳秋，女，1979 年出生，中国国籍，本科学历。曾担任济南中曼天然气 有限公司销售经理、北京中原昆仑国际贸易有限公司销售经理、中曼石油装备集 团有限公司总经理助理、投资总监。现任中曼石油天然气集团股份有限公司副董 事 ...

Core Viewpoint - The innovative skin treatment product "Fumeida" developed by Zhejiang Funuo Pharmaceutical Co., Ltd. faces trademark challenges from ExxonMobil, which may hinder its market launch despite receiving approval from the National Medical Products Administration of China [2][4]. Group 1: Product and Approval - "Fumeida" (Fluocinolone Hydroquinone Tretinoin Cream) is a new generation topical treatment for melasma and is the first domestic product that meets international gold standards with a three-component formula [2]. - The product has been in development for over ten years and has recently received approval for market launch [2]. Group 2: Trademark Dispute - ExxonMobil has applied to the Chinese National Intellectual Property Administration to declare the "Fumeida" trademark invalid, claiming it is similar to their "Mobil" trademark, alleging potential consumer deception [2][4]. - Funuo Pharmaceutical registered the "Fumeida" trademark in 2019 and has used it for multiple products, achieving positive social feedback [4]. Group 3: Legal and Industry Implications - The legal representative from Funuo Pharmaceutical argues that the two trademarks differ significantly in terms of text composition, pronunciation, meaning, and overall appearance [6]. - ExxonMobil's strategy of full-category trademark protection allows them to assert rights across different industries, which can lead to disputes with smaller companies like Funuo Pharmaceutical, often resulting in high legal costs and strategic adjustments for the latter [6]. - Funuo Pharmaceutical emphasizes the importance of understanding the differences in trademark characteristics across industries and calls for respect for Chinese language conventions in trademark protection [6][7].

Investment Rating - The investment rating for the company is "Outperform the Market" [2]. Core Insights - The company achieved an operating revenue of 2,937.98 billion yuan in 2024, a year-on-year decrease of 2.48%, while the net profit attributable to shareholders was 164.68 billion yuan, a year-on-year increase of 2.02% [7][8]. - The report highlights that the fourth quarter saw a decline in oil prices, which negatively impacted profitability, particularly in the oil and gas and new energy sectors [7][10]. - The report projects net profits for 2025-2027 to be 160.9 billion, 162.7 billion, and 165.3 billion yuan respectively, with a reasonable valuation range of 11.32 to 13.07 yuan per share based on a price-to-book ratio of 1.3-1.5 times [7][23]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 164.68 billion yuan, with a fourth-quarter net profit of 32.16 billion yuan, reflecting an 8.05% year-on-year increase but a 26.77% quarter-on-quarter decrease [8][10]. - The company’s total assets reached 2,753.01 billion yuan, with a debt-to-asset ratio of 37.9% [26]. Business Segment Analysis - **Oil and Gas and New Energy Business**: The EBIT for this segment was affected by falling oil prices, with quarterly EBIT figures of 12.89, 15.22, 16.80, and 4.09 USD per barrel [11][13]. - **Refining and Chemical Business**: This segment saw improved profitability due to expanded price differentials, with EBIT figures of 3.19, 2.24, 0.67, and 2.46 USD per barrel [15]. - **Natural Gas Sales**: The EBIT for this segment increased in the fourth quarter to 0.76 yuan per cubic meter, attributed to effective cost control and rising domestic gas prices during the heating season [19][20]. Future Outlook - The company expects stable growth in net profits over the next few years, with a projected EPS of 0.88 yuan for 2025 [6][7]. - The report maintains a positive outlook on the company's ability to navigate market fluctuations and achieve profitability [7][23].