Core Viewpoint - China Petroleum & Chemical Corporation (the "Company") reported better-than-expected operating performance in the first half of the year, driven by proactive responses to market changes and advancements in production, technology, and marketing strategies [1] Group 1: Financial Performance - The Company achieved a revenue of 1.5 trillion yuan and a net profit of 84.01 billion yuan in the first half of the year [1] - The board declared an interim dividend of 0.22 yuan per share, totaling 40.26 billion yuan, maintaining a historically high payout level [1] Group 2: Oil and Gas Production - The Company recorded an oil and gas equivalent production of 924 million barrels, a year-on-year increase of 2.0%, with crude oil production at 476 million barrels (up 0.3%) and marketable natural gas production at 2.68 trillion cubic feet (up 3.8%) [2] - The Company made significant breakthroughs in exploration and development, optimizing production capacity and enhancing recovery rates [2] Group 3: Refining and Chemical Business - The Company is advancing its refining and chemical transformation, with significant projects in Jilin and Guangxi achieving mid-stage completion [6] - The production of ethylene and chemical products reached historical highs, with chemical product sales increasing by 4.9% and new materials production up by 54.9% [6] Group 4: Sales and Market Expansion - The Company enhanced its marketing strategies, resulting in a 0.3% increase in domestic refined oil sales and a 1.5 percentage point increase in market share [7] - Sales of natural gas reached 151.5 billion cubic meters, a year-on-year increase of 2.9%, with domestic sales up 4.2% [7] Group 5: Technological Innovation - The Company emphasizes innovation as a primary development strategy, focusing on enhancing core competitiveness in oil and gas exploration, refining, and new energy sectors [8] - The implementation of the "Smart Oil" strategy aims to integrate digital technology with the energy industry, improving efficiency across the entire value chain [8]

中东地区如果陷入混乱的局面，就会推高国际原油的价格，就在原油价格下挫的时候，美国再次大打出手，对于也门荷台达地区发动了大规模的空袭。根据 外媒报道，也门荷台达地区有48个目标遭遇了空袭，实际上除了美军之外，以色列空军也参与了对于也门的空袭。以色列空军长途跋涉，通过空中加油机的 支持，实现了跨越2000公里的远程打击行动，实际上加上返程，以色列空军战斗机要飞行4000公里的距离，从而才能够对于也门发动攻击。 以色列位于地中海沿岸，也门则是位于红海附近，并且紧靠亚丁湾，为此对于以色列来说，远程打击也门是一个非常困难的军事行动。原本美国就在对于也 门胡塞武装发动打击，并且已经是美国共和党政府在2025年的重要的对外战略，以色列的加入，凸显了以色列和美国的勾连。美国和以色列联合对于也门进 行空袭，已经会让中东局势更为紧张，从而可以推高国际原油的价格，烽火线分析认为，美国在中东地区的军事部署，以及行动是有险恶意图的。 在美国没有选举的时候，过低的石油价格对于美国既得利益集团来说是巨大的冲击，因此如今美国白宫已经有不淡定的节奏。美国是世界上最大的石油生产 和出口国，这是因为美国在页岩油气技术领域的突破，从而让美国不需要从 ...

Core Insights - The oil and gas extraction sector saw a rise of 0.93% on September 5, with *ST Xinchao leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Sector Performance - The closing prices and percentage changes for key stocks in the oil and gas extraction sector are as follows: - *ST Xinchao: 4.02, up 2.81% - Blue Flame Holdings: 6.94, up 0.87% - Intercontinental Oil and Gas: 2.28, up 0.44% - China National Offshore Oil Corporation: 25.74, up 0.39% [1] Capital Flow - The oil and gas extraction sector experienced a net inflow of 225,500 yuan from main funds, while retail funds saw a net inflow of 3,815,040 yuan [1] - The detailed capital flow for specific stocks is as follows: - China National Offshore Oil: Main funds net inflow of 23,524,100 yuan, retail net inflow of 2,440,830 yuan - Blue Flame Holdings: Main funds net inflow of 6,253,300 yuan, retail net outflow of 664,700 yuan - *ST Xinchao: Main funds net outflow of 11,748,000 yuan, retail net inflow of 447,700 yuan - Intercontinental Oil and Gas: Main funds net outflow of 17,803,900 yuan, retail net inflow of 1,591,210 yuan [2]

Market Performance - The oil and gas extraction sector declined by 2.49% compared to the previous trading day, with *ST Xinchao leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Capital Flow - The oil and gas extraction sector experienced a net outflow of 108 million yuan from main funds, while retail investors saw a net inflow of 100 million yuan [2] - Specific stock performances included: - Intercontinental Oil & Gas (600759) had a main fund net outflow of 965,800 yuan and a retail net inflow of 11,166,200 yuan [2] - Blue Flame Holdings (000968) saw a main fund net outflow of 9,456,700 yuan and a retail net inflow of 15,573,200 yuan [2] - *ST Xinchao (600777) faced a significant main fund net outflow of 42,062,900 yuan, with a retail net inflow of 18,607,300 yuan [2] - China National Offshore Oil Corporation (600938) had a main fund net outflow of 55,335,600 yuan, while retail investors contributed a net inflow of 54,872,500 yuan [2]

Group 1 - Huazhong Securities issued a report on September 4, giving China National Offshore Oil Corporation (CNOOC) a "Buy" rating based on steady growth in oil and gas net production and a strengthened cost competitive advantage [1] - The report highlights the company's proactive approach in advancing new project launches [1] Group 2 - Potential risks mentioned include the possibility of new project progress falling short of expectations, changes in industry policies, and significant fluctuations in crude oil and natural gas prices [1]

Core Viewpoint - China Petroleum & Chemical Corporation (00857) is experiencing a decline in revenue and net profit for the first half of 2025, attributed to business structure optimization and a shift towards renewable energy [1] Financial Performance - The company achieved an operating revenue of 1.5 trillion yuan, a year-on-year decrease of 6.7% [1] - Gross profit stood at 117.5 billion yuan, while net profit attributable to shareholders was 84.01 billion yuan, reflecting a year-on-year decline of 5.4% [1] Operational Changes - The company is implementing a strategy of reducing oil production while increasing chemical output, leading to record high production levels in both oil and renewable energy [1] - Crude oil production reached 476 million barrels, showing a year-on-year increase of 0.3% [1] - Marketable natural gas production was 26.8 trillion cubic feet, indicating a robust operational performance [1] Future Outlook - The company is expected to benefit from the elasticity of natural gas, which will help mitigate the impact of oil price fluctuations, leading to improved operational conditions [1] - Revenue projections for 2025-2027 are estimated at 2.8732 trillion yuan, 2.88 trillion yuan, and 2.9366 trillion yuan respectively [1] - Net profit forecasts for the same period are also anticipated to show gradual improvement [1]

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" (maintained) [1] Core Views - The company's performance in H1 2025 met expectations, with production growth offsetting the impact of oil price fluctuations [1] - CNOOC reported a revenue of RMB 207.61 billion in H1 2025, a year-on-year decrease of 8.45%, and a net profit attributable to shareholders of RMB 69.53 billion, down 12.79% year-on-year [5] - The company achieved a net production of 384.6 million barrels of oil equivalent in H1 2025, an increase of 6.1% year-on-year, with domestic production rising by 7.6% [5][6] - Brent crude oil futures averaged USD 66.71 per barrel in Q2 2025, a decrease of 21.55% year-on-year, while the company's average realized oil price was USD 69.15 per barrel, down 13.9% year-on-year [6] - CNOOC's cost control measures have strengthened its competitive advantage, with operating costs per barrel decreasing to USD 6.76, down 0.7% year-on-year [6] Financial Performance - CNOOC's revenue for H1 2025 was RMB 207.61 billion, with a net profit of RMB 69.53 billion [5] - The company expects net profits for 2025-2027 to be RMB 140.37 billion, RMB 146.32 billion, and RMB 154.52 billion, respectively, with corresponding P/E ratios of 8.88, 8.52, and 8.07 [9] - Key financial indicators for 2025E include revenue of RMB 420.60 billion, net profit of RMB 140.37 billion, and a gross margin of 54.2% [11] Production and Exploration - CNOOC's net production of oil and gas has steadily increased, with significant contributions from projects like "Deep Sea No. 1" Phase II [5][7] - The company made five new discoveries in the South China Sea and successfully evaluated 18 oil and gas structures in H1 2025 [7][8] - CNOOC's capital expenditure for H1 2025 was approximately RMB 57.6 billion, a decrease of 8.8% year-on-year [8]

盘面上，CPO、铜缆高速连接概念高开，腾景科技、光库科技(300620)涨约8%，长飞光纤(601869)涨超 6%；金价近日屡创新高，部分黄金股涨势延续，西部黄金(601069)涨超3%；军工装备板块低开，长城 军工(601606)跌停，内蒙一机(600967)、北方长龙跌超5%；油气股普跌，通源石油(300164)跌近4%，中 国海油跌超1.5%，据报欧佩克+将考虑再次增产。(格隆汇) 格隆汇9月4日｜A股开盘，三大指数涨跌不一，沪指低开0.15%报3807.76点，深证成指高开0.44%，创 业板指高开1.18%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) ...

Core Viewpoint - The ongoing power struggle between the new and old management of *ST Xinchao revolves around the control of the company's overseas oil and gas assets, which constitute over 99% of its total assets, valued at approximately 36.2 billion yuan as of mid-2025 [4][10]. Group 1: Management Transition and Control - The new management of *ST Xinchao faced resistance during the handover of the Beijing office, with the previous management refusing to cooperate [4][10]. - The new management, backed by Yitai B, has attempted to take control of the company's U.S. subsidiary, Seewave Energy Holdings, by replacing its board members [3][11]. - A "status quo order" was issued by the Delaware Chancery Court, maintaining the current operational status of the U.S. subsidiary while the legitimacy of the new management is under review [16][20]. Group 2: Legal Proceedings - Multiple lawsuits have been filed in U.S. courts regarding the control of *ST Xinchao's assets, with key cases involving both the new management and the original management team [7][8]. - The original management, led by Liu Ke, has initiated legal actions to restore their positions on the board of the U.S. subsidiary [14][15]. - The outcomes of these legal disputes are critical as they will determine the control over the overseas oil and gas assets [20][21]. Group 3: Asset Valuation and Audit Issues - *ST Xinchao's overseas assets, primarily located in Texas, have been acquired through various transactions totaling approximately $1.06 billion from 2015 to 2019 [23][26]. - There have been significant discrepancies in the audit reports regarding the number of oil wells and their associated liabilities, raising concerns about the accuracy of the company's asset valuations [26][27]. - Previous auditors have raised issues regarding the internal controls of the overseas subsidiaries, which could impact the company's financial reporting and governance [27][28].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4][6]. Core Views - The transfer of shares from the controlling shareholder to China Mobile Group is expected to enhance collaboration and benefit the company's digital transformation efforts [2][3]. - The strategic cooperation agreement signed between China Petroleum Group and China Mobile aims to deepen the integration of information technology and the energy industry, promoting the construction of "Smart China Petroleum" [3]. - The company is projected to benefit from the synergistic effects of its parent company, which is focusing on digital transformation initiatives [3]. Summary by Sections Share Transfer and Strategic Cooperation - The controlling shareholder, China Petroleum Group, plans to transfer 540 million A-shares (0.30% of total shares) to China Mobile Group, increasing its stake from 0.10% to 0.39% [1][2]. - This transfer aims to deepen the strategic partnership and optimize the company's equity structure, facilitating mutual benefits and development [2]. Financial Projections - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 1661 billion, 1712 billion, and 1757 billion CNY, respectively, with corresponding EPS of 0.91, 0.94, and 0.96 CNY per share [4]. - Revenue for 2023 is projected at 30,110 billion CNY, with a decline expected in subsequent years, stabilizing around 29,250 billion CNY by 2027 [10]. Key Financial Metrics - The report provides a detailed financial outlook, including revenue growth rates, net profit margins, and return on equity (ROE) projections, indicating a gradual decline in ROE from 11.14% in 2023 to 9.92% in 2027 [12][13]. - The company's P/E ratios for A-shares are projected to decrease from 10.3 in 2023 to 9.5 in 2027, suggesting a potential undervaluation [12].