Core Viewpoint - Bank of America reports that China Petroleum & Chemical Corporation (00857) experienced a 5% year-on-year decline in net profit for the first three quarters, totaling 126 billion RMB, with a 4% decline in the third quarter to 42.3 billion RMB, although a 14% quarter-on-quarter increase exceeded expectations, driven by significant growth in natural gas sales profits [1] Financial Performance - The net profit for the first three quarters decreased by 5% to 126 billion RMB [1] - The third quarter net profit fell by 4% year-on-year to 42.3 billion RMB, but increased by 14% quarter-on-quarter [1] Capital Expenditure - Capital expenditure for the first three quarters declined by 5% to 177 billion RMB, representing 68% of the annual guidance [1] Future Outlook - Bank of America raised its forecast for the company's net profit for next year and the year after by 1% [1] - The target price for H-shares was increased from 8 HKD to 8.5 HKD, maintaining a "Buy" investment rating based on a projected dividend yield of 6% for this year [1]

RESULTS PRESENTATION OCTOBER 31, 2025 DISCLAIMER This presentation contains forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forward–looking terminology such as "believe", "expect", "anticipate", "estimate", "plan", "project", "target", "may", "will" or other similar words that express an indication of actions or results of actions that may or are expected to occur in the future. You should not place undue reliance on these forward-looki ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 中国海油（600938.SH） 中国海洋石油（0883.HK） 投资评级 买入 上次评级 买入 [Table_Author] 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金 隅大厦B座 邮编：100031 [Table_Title] Q3 受台风影响利润环比下滑，业绩符合预期 [Table_ReportDate] 2025 年 10 月 31 日 [Table_S 事件：2025 ummar年y]10 月 30 日晚，中国海油发布 2025 年三季度报告。2025 年 前三季度，公司实现营收 3125.03 亿元，同比-4.15%；实现归母净利润 1019.71 亿元，同比-12.59%；扣非后归母净 ...

考虑首三季业绩后，该行将2026至2027年净利润预期上调1%，将H股目标价由8港元上调至8.5港元，维 持A股目标价10元，AH股溢价率由先前40%收窄至30%，重申"买入"评级，2025年预期股息收益率达 6%。 美银证券发表报告指，中石油2025年首三季净利润1260亿元，按年下降5%。第三季净利润423亿元，按 年下降4%，按季增长14%，主要得益于天然气销售利润显著提升。前三季资本支出1770亿元，年减 5%，完成2025年全年指引的68%。 ...

Core Viewpoint - UBS reports that PetroChina's net profit for the first nine months of 2025 decreased by 5% year-on-year to 126.3 billion RMB, with a third-quarter profit of 42.3 billion RMB, down 4% year-on-year but up 14% quarter-on-quarter, outperforming UBS's expectations [1] Group 1: Financial Performance - PetroChina's net profit for the first nine months of 2025 is 126.3 billion RMB, reflecting a 5% year-on-year decline [1] - The third-quarter profit stands at 42.3 billion RMB, showing a 4% year-on-year decrease but a 14% increase compared to the previous quarter, which is better than UBS's forecast [1] - UBS has raised PetroChina's target price from 9.3 HKD to 10.3 HKD and slightly increased the 2025 earnings forecast by 2%, maintaining a "Buy" rating [1] Group 2: Market Outlook - For the fourth quarter of 2025, UBS expects the average Brent crude oil price to be 63 USD per barrel, with an anticipated rise in natural gas prices and sales due to seasonal demand [1] - UBS notes potential pressure on refining and chemical fundamentals and suggests monitoring asset impairment situations by year-end [1] Group 3: Long-term Projections - UBS forecasts oil prices for PetroChina to stabilize and rebound, estimating 64 USD, 70 USD, and 75 USD per barrel for the years 2026 to 2028 respectively [1] - Domestic natural gas prices are expected to be more stable than international prices due to ongoing growth in domestic demand [1] - PetroChina's downstream refining and chemical segments may benefit from anti-involution policies [1]

Core Viewpoint - UBS report indicates that CNOOC's net profit for the first three quarters decreased by 12.6% to 102 billion RMB, with the third quarter net profit of 32.4 billion RMB, reflecting a year-on-year and quarter-on-quarter decline of 12.2% and 1.6% respectively, aligning with the bank's expectations [1] Group 1: Financial Performance - CNOOC's oil and gas production increased by 6.7% year-on-year to 578.3 million barrels of oil equivalent [1] - Natural gas production rose by 11.6% year-on-year [1] - The cost per barrel remained stable at 27.35 USD [1] Group 2: Price Trends - Oil prices for the first three quarters and the third quarter fell by 13.6% and 12.8% year-on-year, with the decline slightly less than that of Brent crude oil prices [1] - Natural gas prices remained stable, with increases of 1% and 0.6% year-on-year for the first three quarters and the third quarter respectively [1] Group 3: Analyst Rating - UBS maintains a "Buy" rating and a target price of 26.5 HKD for CNOOC [1]

智通财经APP获悉，中银国际发布研报称，中国海洋石油(00883)第三季净利润录324亿元人民币，同比 跌12%，按季跌2%，仍胜该行预期6%，主要因交易利润高过预期;而盈利下跌则因产量按季轻微回落， 以及单位成本按季上升。该行预期第四季利润将按季下降21%，因预期油价下跌及成本增加;将2025年 盈利预测上调1%，重申"买入"评级，H股目标价由原先24.87港元上调至25.06港元。 ...

Core Viewpoint - Citigroup's research report indicates that CNOOC's net profit for the third quarter was 32.4 billion yuan, reflecting a quarterly decline of 2% and a yearly decline of 12%, aligning with the bank's expectations and reaching 76% of its annual forecast [1] Financial Performance - The performance contrasts with a 2% quarterly increase in Brent oil prices, primarily impacted by a 1% quarterly decline in crude oil production and a one-time negative impact of 876 million yuan [1] - Despite the slight decrease in production, the total production for the first three quarters reached a historical high of 578 million barrels of oil equivalent [1] Management Outlook - Management expresses confidence in achieving the upper limit of the annual production guidance set at the beginning of the year [1] Future Expectations - Looking ahead to the fourth quarter, Citigroup anticipates a quarterly decline in company profits due to falling oil prices, maintaining a target price of 24 HKD and a "buy" rating [1]

本报讯(记者向炎涛)10月30日，中国海洋石油有限公司(以下简称"中国海油（600938）")发布2025年三 季度经营业绩。前三季度，公司增储上产持续发力，国内外产量稳步增长，成本竞争优势持续巩固，盈 利能力保持韧性，实现油气销售收入2554.8亿元，归属于母公司股东的净利润1019.7亿元。 前三季度，公司油气净产量达578.3百万桶油当量，同比增长6.7%。中国净产量达400.8百万桶油当量， 同比上升8.6%，主要得益于深海一号二期和渤中19-2等油气田的产量贡献；海外净产量177.4百万桶油 当量，同比上升2.6%，主要得益于巴西Mero3等项目带来的产量贡献。第三季度，公司油气净产量达 193.7百万桶油当量，同比增长7.9%。 勘探方面，前三季度，公司共获得5个新发现，成功评价22个含油气构造。第三季度，成功评价垦利10- 6，持续扩大储量规模，有望成为中型油田；陵水17-2一体化滚动增储成效显著。开发生产方面，公司 前三季度共投产14个新项目，包括垦利10-2油田群开发项目(一期)、东方29-1气田开发项目、文昌19-1 油田开发项目和圭亚那Yellowtail项目等。 中国海油总裁阎洪涛表示 ...

里昂发表报告指，中海油第三季业绩显示，尽管油价波动，公司仍按年初指引稳步实现强劲产量增长。 中海油的盈利与现金流生成能力亦较市场预期更具韧性，支持目前8%股息率。该行将中海油H股目标 价由22.4港元上调至23港元，维持A股目标价为31.4元，并重申对中海油H股及A股"增持"评级。 ...