（文章来源：第一财经） 8月26日盘后，中国石油（00875.HK）披露半年报，公司上半年营业收入同比下滑6.7%至1.45万亿元， 归母净利润同比下跌5.4%至840.1亿元，相当于上半年每日净赚4.6亿元。第一财经记者注意到，今年上 半年，中国石油八大主要对外销售产品中一半产品销量下滑，六大产品平均售价下跌。 ...

（文章来源：第一财经） 中国石油股份在港交所公告，2025年中期营收14500.99亿元，同比下降6.7%；归母净利润840.07亿元， 同比下降5.4%。 ...

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14,500.99亿元， 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%；实现基本每股收益人民币 0.46元。 ...

Core Viewpoint - China Petroleum & Chemical Corporation reported a decrease in revenue and net profit for the first half of 2025, while focusing on enhancing domestic oil and gas production and optimizing its asset structure [1][2][3] Group 1: Financial Performance - The company achieved operating revenue of RMB 1,450.99 billion, a year-on-year decrease of 6.7% [1] - Net profit attributable to shareholders was RMB 84.007 billion, down 5.4% year-on-year [1] - Basic earnings per share were RMB 0.46 [1] Group 2: Domestic Oil and Gas Operations - Domestic crude oil production reached 395.2 million barrels, a 0.6% increase from 392.8 million barrels in the same period last year [1] - Marketable natural gas production was 2,602.6 billion cubic feet, up 4.7% from 2,486.8 billion cubic feet [1] - Total oil and gas equivalent production was 828.9 million barrels, a 2.7% increase from 807.3 million barrels [1] Group 3: Overseas Oil and Gas Operations - Overseas crude oil production was 81.2 million barrels, a decrease of 1.0% from 82.0 million barrels [2] - Marketable natural gas production fell to 81.0 billion cubic feet, down 16.8% from 97.4 billion cubic feet [2] - Total oil and gas equivalent production from overseas was 94.7 million barrels, a decline of 3.6% from 98.2 million barrels, accounting for 10.3% of the company's total production [2] Group 4: New Energy Business - The company secured new wind and solar power generation capacity of 16.38 million kilowatts and signed geothermal heating contracts covering 5.542 million square meters [3] - Wind and solar power generation reached 3.69 billion kilowatt-hours, a 70.0% increase from 2.17 billion kilowatt-hours in the same period last year [3] - The company captured and utilized 130.5 thousand tons of carbon dioxide, achieving enhanced oil recovery of 30 thousand tons [3]

时至今日，尽管西方制裁层层加码，俄罗斯经济的"底线"似乎仍未被触及，2025年的预言式崩溃尚未上 演。每一次制裁的升级，似乎都伴随着克里姆林宫的"死撑"与韧性。这背后究竟隐藏着怎样的逻辑？ 历史的回响：从2014年到如今的"抗压"之路 俄经济"未塌"之谜：制裁下的"死撑"与生存智慧 回溯至2014年，克里米亚危机爆发后，俄罗斯被踢出SWIFT支付系统，卢布应声跳水，油价一度跌破每 桶40美元。彼时，全球普遍预期俄罗斯将陷入经济危机，但它却展现出惊人的"生命力"。及至本轮乌克 兰战争，尽管俄罗斯财政赤字飙升至3.5万亿卢布，2024年军费支出更是占GDP的7.1%，如此巨大的财 政消耗，对任何其他大国而言都可能是压垮骆驼的最后一根稻草，但俄罗斯却依然屹立不倒。 但反观西方，真的就坐视俄罗斯经济崩溃吗？能源依赖让欧洲国家进退两难。匈牙利、塞尔维亚等国对 俄罗斯天然气的高度依赖，早已在欧盟内部引发了激烈的争论。一旦彻底切断供应，欧洲自身将难以承 受。那么，西方的"极限制裁"是否真的能有效扼住俄罗斯经济的命脉？ 克里姆林宫的"算盘"：政治优先下的战争经济 "猫鼠游戏"：能源出口与制裁的博弈 西方一边高喊"要让卢布变成 ...

Core Insights - The report highlights a structural price recovery in the context of anti-involution, with significant price movements observed across various sectors, particularly in upstream coal, midstream agriculture, and downstream chemicals [1][2][3] - A total of 49 major products were tracked, with 19 experiencing price increases, 28 seeing declines, and 2 remaining stable as of early August 2025, indicating a clear divergence in price trends across different industries [1][2] Price Tracking of Key Production Materials - As of early August 2025, prices for key production materials showed a mixed trend, with notable increases in upstream coal products and certain chemicals, while black metals and construction materials continued to face downward pressure due to weak downstream demand [1][2] - Year-on-year data indicates that industrial prices are still in a downward trend, but the rate of decline is stabilizing, with some sectors like steel and certain chemicals beginning to recover [1][2][3] Price Changes Across Industry Chains - Recent data indicates that upstream industries remain weak, with coal prices declining by 6% to 7%, while midstream sectors show signs of recovery, with indices for bulk commodities and shipping improving [2][3] - Downstream sectors are under pressure, particularly in real estate and traditional medicine, while food prices remain stable with slight declines in certain agricultural products [2][3] Industry Price Sentiment Tracking - The report analyzes price differentials across the supply chain, revealing that upstream resource prices are generally weak but exhibit significant differentiation, with precious metals and some non-ferrous metals performing well [3] - The midstream bulk commodity index has shown signs of recovery, while the construction materials sector continues to struggle, reflecting ongoing challenges in the real estate market [3]

Core Insights - The report highlights a structural price recovery in the context of anti-involution, with significant price variations across different sectors, indicating a phase of "structural recovery + inter-industry differentiation" [1][2][3] Price Tracking of Key Production Materials - As of early August 2025, among 49 major products, 19 saw price increases, 28 experienced declines, and 2 remained stable. The price increases were primarily in upstream coal (e.g., anthracite, coke), midstream agriculture (e.g., soybean meal, natural rubber), and downstream chemicals (e.g., sulfuric acid, methanol) [1] - Year-on-year data shows that industrial products are still in a downward trend, but the rate of decline is stabilizing. Steel and some chemical products have begun to recover, while coal, coke, traditional building materials, and certain petrochemical products remain at low levels [1][2] Price Changes Across Industry Chains - Recent data indicates that upstream industries are generally weak, with coal prices declining by 6% to 7%. Oil prices (WTI, Brent) have seen double-digit declines, while natural gas prices, despite being high year-on-year (28%), have significantly narrowed in growth [2] - Midstream industries show signs of recovery, with the bulk commodity index and shipping index rebounding, while downstream industries remain weak, particularly in real estate and traditional Chinese medicine [2][3] Industry Price Sentiment Data - The report analyzes price changes across the supply chain, revealing that upstream resource prices are generally weak but differentiated, with copper, aluminum, and precious metals benefiting, while the oil and coal sectors remain under pressure [3] - The midstream bulk commodity index has rebounded, and the price decline of rebar has narrowed to near stability. However, the building materials sector continues to face significant negative pressure [3]

Group 1 - The company, Sunshine Oilsands (02012), announced the issuance of 8.174 million shares based on a general authorization granted on June 24, 2025 [1]

Group 1 - The core viewpoint of the article is the establishment of a new innovation center by China National Petroleum Corporation (CNPC) in Beijing, indicating a strategic move towards enhancing technological capabilities [1] - The newly formed company, Zhongyou Jifu (Beijing) Innovation Center Co., Ltd., has a registered capital of 42 million yuan, which reflects CNPC's commitment to investing in technology and innovation [1] - The business scope of the new center includes software development for network and information security, data processing services, and the sale and rental of mechanical equipment, showcasing a diverse range of operational focuses [1]

Investment consulting business qualification：CSRC License [2012] No.669 咨询业务资格：证监许可【2012】669 号 能源列国志：苏丹&南苏丹 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要 Abstract 苏丹和南苏丹均位于非洲东北部，但苏丹位于红海西岸，南苏丹则系内陆国。19 世纪以前，南苏丹没 有成文历史，2011 年 7 月南苏丹成立。目前，苏丹正陷入与快速支援部队的武装冲突中，而南苏丹国内政 治斗争激烈，政治过渡期数度延长。 两国均属于世界上不发达的国家。其中，苏丹工业基础薄弱，农业是主要经济支柱。粮食作物主要有 高粱、谷子、玉米和小麦。经济作物主要有棉花、花生、芝麻和阿拉伯胶，大多数供出口。南苏丹则几乎没 有规模化工业生产，工业产品及日用品完全依 ...