1—8月份，黑色金属冶炼和压延加工业利润总额837亿元。 | 行 业 | 营业收入 | | 营业成本 | | 利润总额 | | | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 同比增长 | 金额 | 同比增长 | 我都 | 同比增长 | | | (亿元) | (%) | (亿元) | (%) | (亿元) | (%) | | 분+ | 896231.9 | 2.3 | 766960.8 | 2.5 | 46929.7 | 0 d | | 煤炭开采和洗选业 | 16559.1 | -20.8 | 12079.2 | -13.4 | 1937.3 | -53.6 | | 石油和天然气开采业 | 7706.5 | -5.7 | 4236.6 | 1.8 | 2364.7 | -12.4 | | 黑色金属矿采选补 | 3056.4 | -12.6 | 2461.2 | -11.3 | 295.0 | -30.3 | | 有色金属矿采选业 | 2664.1 | 13.2 | 1530.1 | 6.0 | 809.3 | 33.9 | | 非美属矿关进补 | 23 ...

2019年-2025年1-8月全国石油和天然气开采业出口货值统计图 上市公司：泰山石油（000554），ST实华（000637），沈阳化工（000698），恒逸石化（000703）， 岳阳兴长（000819），大庆华科（000985），中国石化（600028），恒力石化（600346），ST海越 （600387），统一股份（600506），上海石化（600688），渤海化学（600800），中国石油 （601857），恒通股份（603223） 相关报告：智研咨询发布的《2025-2031年中国石油石化行业市场现状调查及投资前景研判报告》 根据国家统计局数据可知：2025年8月全国石油和天然气开采业出口货值为3.5亿元，同比下降26.6%； 2025年1-8月全国石油和天然气开采业累计出口货值为29亿元，累计同比下降18.5%。 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋 ...

Industry Investment Ratings The report does not provide industry investment ratings. Core Views - The 7 - 8 months in Q3 show a complex macro - economic situation with economic slowdown pressure and policy counter - cyclical adjustment. The stock market is strong, and the commodity market is volatile. Overseas, the Fed's "preventive降息周期" has started, and future policies depend on employment and inflation [2]. - For the RMB exchange rate, it fluctuates around 7.10. The Fed faces challenges in formulating policies, and the RMB may not have a trend appreciation in the short term [3][4]. - The stock index is expected to continue to fluctuate in the short term due to a lack of super - expected information and approaching holidays [6]. - The bond market is expected to be volatile, and it is advisable to hold some long positions and take partial profits [7]. - The shipping index futures are expected to be volatile, and the 12 - contract can be considered for low - buying opportunities [9]. - In the non - ferrous metals market, copper is expected to be stable, aluminum is expected to be volatile and strong, zinc is expected to be weak after a rebound, nickel and stainless steel have limited downside space, tin is expected to be volatile, and lithium carbonate is expected to be volatile before the holiday [10][11][14][15][17][18]. - In the black metals market, steel prices are expected to be volatile with limited upside and downside, iron ore is expected to be volatile, and coal and coke are not recommended as short - positions in the black series [26][29][32]. - In the energy and chemical market, crude oil is expected to be weak in the medium - term, LPG short - positions can be gradually closed, PX - TA can be considered for cautious long - positions, MEG should be observed in the short term, methanol should hold short - put options, PP can be considered for long - positions at low prices, PE is expected to be volatile, pure benzene and styrene are expected to be affected by pre - holiday stocking, fuel oil follows the cost down, and asphalt is expected to be volatile and weak [36][39][45][47][50][53][54][56][57][61]. - In other markets, urea is expected to be volatile between 1650 - 1850, soda ash has a strong supply and weak demand pattern, glass lacks a clear trend, caustic soda's price is affected by various factors, and pulp is expected to be volatile [64][65][67]. Summary by Directory Financial Futures - **Macro**: Policy is the key variable. The economy shows a slowdown pressure, and policy counter - cyclical adjustment is in place. Overseas, the Fed's "preventive降息周期" has started [1][2]. - **RMB Exchange Rate**: It fluctuates around 7.10. The Fed's policy challenges affect the market, and the RMB may not appreciate in the short term [3][4]. - **Stock Index**: It is expected to be volatile due to a lack of information and approaching holidays [6]. - **Bond Market**: It is expected to be volatile, and long - positions can be partially held and profited [7]. - **Shipping Index Futures**: It is expected to be volatile, and the 12 - contract can be considered for low - buying [9]. Non - Ferrous Metals - **Copper**: It is expected to be stable and may fluctuate strongly around 80,000 yuan per ton due to supply and demand [10]. - **Aluminum Industry Chain**: Aluminum is expected to be volatile and strong after a short - term correction. Alumina is expected to be weak, and cast aluminum alloy is expected to be volatile at a high level [11][12]. - **Zinc**: It is expected to be weak after a rebound, with a supply surplus and general demand [13][14]. - **Nickel and Stainless Steel**: They have limited downside space due to concerns about the Indonesian nickel ore sanctions [15][16]. - **Tin**: It is expected to be volatile due to supply and demand [17]. - **Lithium Carbonate**: It is expected to be volatile between 72,000 - 76,000 yuan per ton before the holiday [18][19]. Black Metals - **Steel**: Steel prices are expected to be volatile with limited upside and downside due to supply, demand, and macro - policies [26]. - **Iron Ore**: It is expected to be volatile, and the market may return to fundamentals after the policy is not as expected [29]. - **Coking Coal and Coke**: They are not recommended as short - positions in the black series, and the market is affected by downstream replenishment and policies [32]. - **Silicon Iron and Manganese**: They can be considered for long - positions at low prices, with cost support and anti - involution expectations [33][34]. Energy and Chemicals - **Crude Oil**: It is expected to be weak in the medium - term due to supply and demand imbalances, although geopolitical risks provide some support [36][37]. - **LPG**: Short - positions can be gradually closed as the supply is controllable and the demand changes little [39]. - **PX - TA**: They can be considered for cautious long - positions, with supply and demand and processing fee issues [40][42]. - **MEG - Bottle Chip**: It should be observed in the short term, with limited supply elasticity and expected to be volatile [43][45]. - **Methanol**: Hold short - put options as the port contradiction is difficult to solve [47]. - **PP**: It can be considered for long - positions at low prices as the profit is compressed and the device operation needs attention [50]. - **PE**: It is expected to be volatile due to weak supply and demand and low valuation [53]. - **Pure Benzene and Styrene**: They are affected by pre - holiday stocking, and the market is expected to be volatile [54][56]. - **Fuel Oil**: It follows the cost down, and it is advisable to observe in the short term [57]. - **Low - Sulfur Fuel Oil**: Its cracking is weak, and the market is currently soft [59]. - **Asphalt**: It is expected to be volatile and weak, with supply growth and demand affected by weather [61]. Others - **Urea**: It is expected to be volatile between 1650 - 1850, with supply and demand and export factors [64]. - **Soda Ash**: It has a strong supply and weak demand pattern, and the market is affected by new production and exports [64]. - **Glass**: It lacks a clear trend due to high inventory and weak demand [65]. - **Caustic Soda**: Its price is affected by spot rhythm, demand, and macro - expectations [67]. - **Pulp**: It is expected to be volatile, with high inventory and limited upward drive [67].

Industry News - The Ministry of Ecology and Environment reported that the cumulative trading volume of carbon emission allowances in the national carbon market reached 714 million tons, with a total transaction value of 48.961 billion yuan as of September 18, 2025. The number of environmental impact assessments for wind power and new energy vehicles increased by 44.4% and 31.3% year-on-year, respectively [4] - The State Administration for Market Regulation released 56 national metrology technical standards, including those for electric energy, providing a clear traceability path and technical specifications for direct current energy measurement, which will support the development of electric vehicle charging, high-speed rail operations, and photovoltaic power generation [4] - The National Energy Administration issued 271 million green certificates in August 2025, involving 306,500 renewable energy projects, with 155 million certificates available for trading, accounting for 55.99% of the total [5] - The first national standard zero-carbon park was awarded in Xiong'an New Area, marking a significant step in promoting zero-carbon development in the construction sector [5] Corporate News - China National Offshore Oil Corporation (CNOOC) successfully tackled world-class challenges in the development of offshore reef limestone oil fields, with the Liuhua 11-1/4-1 oil field producing over 700,000 tons of crude oil in its first year of secondary development [6] - The China Electric Power Construction Group's Gansu Survey and Design Institute was established in Guazhou County, aiming to enhance regional cooperation and promote economic transformation in western China [6] - LONGi Green Energy and JinkoSolar announced a joint statement to resolve patent litigation, marking a shift in the photovoltaic industry from price competition to technology-driven high-quality development [7] Local News - A new discovery of 760 million tons of coal resources was reported in the Pan San coal mine in Anhui Province, which will significantly boost the sustainable development of the Huai coalfield [8] - The Xinjiang Dashixia Water Conservancy Hub project officially began water storage, expected to generate over 1.8 billion kilowatt-hours of clean electricity annually, sufficient to meet the annual electricity needs of 650,000 households [8] - Jiangsu Province's largest user-side energy storage station, with a total storage capacity of 240 megawatt-hours, has been officially connected to the grid, marking a significant step towards near-zero carbon transformation for a traditional steel giant [8]

Core Viewpoint - China National Petroleum Corporation (CNPC) has obtained a patent for an external component and installation assembly for solar panel functional devices, indicating a strategic move towards renewable energy technology [1] Company Summary - CNPC was established in 1999 and is headquartered in Beijing, primarily engaged in oil and natural gas extraction [1] - The company has a registered capital of 18,302,097,000 RMB [1] - CNPC has invested in 1,289 enterprises and participated in 443 bidding projects [1] - The company holds 38 trademark registrations and 5,000 patent records, along with 168 administrative licenses [1] Patent Details - The patent, titled "An External Component and Installation Assembly for Solar Panel Functional Devices," was applied for on October 2024, with the authorization announcement number CN 223334630 U [1] - The design includes a fixed block, connection plate, installation plate, and tightening component, featuring a slot for securing the solar panel frame [1] - The assembly is noted for its clever and simple structure, broad applicability, and ease of promotion in the solar panel accessory technology field [1]

宏观：美联储如期降息 【市场资讯】1）美联储如期降息 25 基点，强调就业下行风险，认为通胀有所上升，预计 年内还降息两次、明年降息一次，米兰投下唯一反对票、主张降息 50 基点。鲍威尔：本次 属风险管理型降息，50 基点降息呼声不高，就业下行成为实质性风险。"新美联储通讯社"： 对就业市场放缓的担忧压倒了对通胀的担忧，为美联储转向小幅降息提供理由。2）美财长 被曝和美联储理事库克同款"污点"：有类似的抵押贷款申报。3）美国 SEC 重磅新政：为集 体诉讼设限，旨在"让美国 IPO 再次伟大"。4）加拿大央行如期降息 25 基点，几乎没有提 供未来降息指引，称在风险中谨慎行事。5）李家超：探索缩短股票结算周期至 T+1，落实 稳定币发行人制度，建造区域黄金储备枢纽。施政报告专家解读：香港全力发展成为国际 创新科技中心。 【核心逻辑】国内方面，从今年的政策导向来看，我国对消费领域的重视程度正与日俱增。 政策转向的背后是由于收入分配层面的失衡，使得国内有效需求难以充分释放，导致资本 回报率呈现递减趋势。当前年内逐步落地的一系列需求端政策并非终点，后续仍将有更多 民生领域的相关政策逐步出台、落地。商务部等 9 部门 ...

2025年1-4月，石油和天然气开采业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年 起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为 179个，和上年同期相比，增加了12个，同比增长7.19%，占工业总企业的比重为0.03%。 2016-2025年1-4月石油和天然气开采业企业数统计图 数据来源：国家统计局，智研咨询整理 上市公司：泰山石油（000554），ST实华（000637），沈阳化工（000698），恒逸石化（000703）， 岳阳兴长（000819），大庆华科（000985），中国石化（600028），恒力石化（600346），ST海越 （600387），统一股份（600506），上海石化（600688），渤海化学（600800），中国石油 （601857），恒通股份（603223） 相关报告：智研咨询发布的《2025-2031年中国石油石化行业市场现状调查及投资前景研判报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。 ...

Group 1: Core Insights - The "China Top 500 Enterprises" list was released for the 24th consecutive time, highlighting the performance of major companies based on their 2024 revenue [1][2] - The total revenue of the Top 500 enterprises reached 110.15 trillion yuan, an increase from the previous year, with the entry threshold rising for 23 consecutive years to 47.96 billion yuan [2] - The total assets of these enterprises amounted to 460.85 trillion yuan, reflecting a growth of 7.46% [2] Group 2: Economic Performance - The net profit attributable to the owners of the parent company for the Top 500 enterprises totaled 4.71 trillion yuan, marking a growth of 4.39% [3] - The net profit margin improved to 4.27%, an increase of 0.17 percentage points [3] Group 3: Innovation and R&D - The Top 500 enterprises invested 1.73 trillion yuan in R&D, achieving a record R&D intensity of 1.95%, which has been increasing for eight consecutive years [4] - The number of valid patents held by these enterprises reached 2.2437 million, an increase of 10.54% from the previous year, with 1.0396 million being invention patents, up by 16.86% [4] Group 4: Industry Structure - The number of enterprises in advanced manufacturing and modern service industries has increased, with 39 new or returning companies on the list [5] - The contributions to total revenue growth from manufacturing, services, and other industries were 40.48%, 40.29%, and 19.23%, respectively [5] - In Shanxi province, 10 enterprises made the list, evenly split between state-owned and private enterprises [5][6]

Group 1 - The company, Blue Flame Holdings, announced the convening of its eighth board meeting on September 16, 2025, to discuss various proposals, including adjustments to the board's specialized committee members [1] - For the first half of 2025, Blue Flame Holdings reported that its revenue composition was 96.44% from oil and gas extraction, 3.25% from construction, and 0.31% from other businesses [1] - As of the report date, Blue Flame Holdings had a market capitalization of 6.8 billion yuan [1]

Core Insights - The "2025 China Top 500 Enterprises" list was officially released, highlighting significant growth in revenue, profit, and innovation among large Chinese companies [1][2][3] Group 1: Financial Performance - The total revenue of the 2025 China Top 500 Enterprises reached 110.15 trillion yuan, an increase from the previous year [2] - The total assets amounted to 460.85 trillion yuan, reflecting a growth of 7.46% [2] - The net profit attributable to the parent company was 4.71 trillion yuan, up by 4.39% [2] - The revenue net profit margin improved to 4.27%, an increase of 0.17 percentage points [2] - The threshold for entering the top 500 reached 47.96 billion yuan, marking a continuous increase for 23 years [4] Group 2: Company Rankings - There are 267 companies with revenues exceeding 100 billion yuan, representing 53.4% of the total [5] - The top 10 companies by revenue include State Grid Corporation, China National Petroleum Corporation, and China Petroleum & Chemical Corporation, with State Grid's revenue exceeding 3 trillion yuan [6][7] Group 3: Innovation and R&D - The total R&D expenditure of the 2025 China Top 500 Enterprises was 1.73 trillion yuan, with an R&D intensity of 1.95%, marking an 8-year consecutive increase [11] - The number of valid patents held by these enterprises reached 2.2437 million, a growth of 10.54% from the previous year [13] - The top 10 companies by R&D intensity include Ctrip Group and Huawei, with Ctrip leading at 24.62% [12] Group 4: Industry Trends - The number of companies in advanced manufacturing and modern service industries has increased, with 39 new or re-entering companies in the 2025 list [8] - The number of enterprises in advanced manufacturing sectors like new energy equipment and semiconductor manufacturing has grown from 23 to 32 since the 14th Five-Year Plan [9] - The contribution to revenue growth from manufacturing, services, and other industries was 40.48%, 40.29%, and 19.23% respectively, indicating balanced development [17] Group 5: Regional Distribution - The 2025 China Top 500 Enterprises are distributed across 30 provinces, with Beijing, Zhejiang, and Guangdong having the highest representation [14][15] - Beijing alone has 79 enterprises listed, the highest among all regions [15] Group 6: Strategic Insights - The report emphasizes the importance of large enterprises in driving innovation and maintaining supply chain stability amid external challenges [13] - Companies are encouraged to leverage their market, technology, and standards advantages to build a resilient and competitive modern industrial ecosystem [13]