机构：中银证券 研究员：徐中良 2025 年上半年公司实现营业收入2076.08 亿元，同比下降8.45%；归母净利润695.33 亿元，同比下降 12.79%。其中，二季度实现营业收入1007.54 亿元，同比下降12.62%，环比下降5.71%；归母净利润 329.70 亿元，同比下降17.60%，环比下降9.83%。公司增储上产成果丰硕，油气主业根基牢固，提质增 效持续深化，成本竞争优势进一步巩固，业绩韧性凸显，抗风险能力提升，看好公司油气主业的高质量 发展，维持"买入"评级。 支撑评级的要点 价值创造能力稳步提升，财务指标稳健向好。2025 年上半年，布伦特原油均价同比下跌15.1%，公司销 售毛利率为53.5%，同比下降0.2 pct，净资产收益率（摊薄）为8.8%，同比下降2.3 pct，资本负债率 8.4%，较去年末下降2.5 pct；公司经营活动现金流净流入1091.8 亿元，同比下降7.9%，投资活动现金流 净流出737.8 亿元，同比减少6.4%，融资活动现金流净流出224.5 亿元，同比减少26.0%。在油价下行周 期，公司展现出较强的盈利韧性，财务状况健康良好。 增储上产成果丰硕，技术 ...

来源：新浪证券-红岸工作室 9月11日，中国石油跌0.34%，成交额17.26亿元。两融数据显示，当日中国石油获融资买入额1.70亿 元，融资偿还1.11亿元，融资净买入5860.87万元。截至9月11日，中国石油融资融券余额合计23.18亿 元。 融资方面，中国石油当日融资买入1.70亿元。当前融资余额23.02亿元，占流通市值的0.16%，融资余额 低于近一年30%分位水平，处于低位。 融券方面，中国石油9月11日融券偿还8.45万股，融券卖出2000.00股，按当日收盘价计算，卖出金额 1.75万元；融券余量188.47万股，融券余额1645.34万元，超过近一年70%分位水平，处于较高位。 资料显示，中国石油天然气股份有限公司位于北京市东城区东直门北大街9号,香港金钟道89号力宝中心 2座3705室，成立日期1999年11月5日，上市日期2007年11月5日，公司主营业务涉及(i)原油及天然气的 勘探、开发、生产、输送和销售以及新能源业务;(ii)原油及石油产品的炼制,基本及衍生化工产品、其他 化工产品的生产和销售以及新材料业务;(iii)炼油产品和非油品的销售以及贸易业务;及(iv)天然气的输送 及 ...

中国海油（600938）10日宣布,我国首个海上二氧化碳封存示范项目——恩平15-1油田碳封存项目累计 封存二氧化碳突破1亿立方米,减少的碳排放量相当于植树220万棵,标志着我国海上二氧化碳封存技术、 装备和工程能力已臻成熟。据预测,未来10年,该油田将回注二氧化碳超100万吨,驱动原油增产达20万 吨。新华 ...

0:00 / 0:43 近日，中国石化胜利油田最大马力工作船——胜利295船顺利下水。 该船船体总长81米、型宽18米、型深7.8米，设计满载吃水6.2米，最大航速达15.5节，抗风等级突破蒲氏11级，续航力可达30天。 当前，胜利油田正处于全面推进海上增储上产的攻坚阶段，胜利295船的投产将进一步增强海上施工、应急救援、安全巡查与环保处置能 力，成为推动海上油田高质量发展的"硬核支撑"。 据了解，胜利295船不仅能承担海上油田应急值守、安全救助任务，还可实现作业平台拖带、移位、物资供应与人员运输，同时具备对外消 防能力。 作者：李小波、江铭、李福起 新华社音视频部制作 ...

Group 1 - Bank of America has raised Chevron's target price from $170 to $185 while maintaining a "Buy" rating [1]

从中国石油获悉，近日，中石油深圳新能源研究院有限公司（简称"深圳院"）在青海油田仙东8井建成 的集团公司首座钙钛矿组件光伏示范电站正式投入使用，装机容量峰值达101.8千瓦。这标志着中国石 油在钙钛矿电池技术研发与产业化应用上迈出关键一步，也意味着深圳院已形成覆盖钙钛矿组件研发、 光伏场站设计及运维的全链条技术能力。据悉，该示范电站位于平均海拔2800米的柴达木盆地南八仙地 区，采用深圳院联合研发的钙钛矿组件和自主研发的昆鹏变流器，构建了高原离网光储柴系统，实现绿 电直供抽油负荷，形成井场生产多能互补智能调控模式。在高原极端天气情况下，电站年均发电量预计 达18.1万千瓦时，年均可减少柴油消耗36吨、二氧化碳排放113吨，使该井全年生产用绿电占比超过 95%。 ...

Core Insights - The first offshore carbon dioxide storage demonstration project in China, the Enping 15-1 oilfield carbon storage project, has successfully stored over 100 million cubic meters of carbon dioxide, indicating the maturity of China's offshore carbon storage technology, equipment, and engineering capabilities [1] Group 1 - The Enping 15-1 oilfield project marks a significant milestone in China's efforts to develop offshore carbon capture and storage (CCS) technology [1] - The achievement of storing over 100 million cubic meters of CO2 demonstrates advancements in both technology and engineering within the industry [1] - This project reflects China's commitment to addressing climate change and reducing carbon emissions through innovative solutions [1]

Core Insights - The 2025 China International Service Trade Fair (CIFTIS) opened in Beijing, showcasing a focus on environmental services, particularly highlighting the advancements in green low-carbon technologies by major energy companies, referred to as the "Three Barrels of Oil" (China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation) [1][2]. Group 1: Energy Companies' Innovations - The "Three Barrels of Oil" prominently displayed their latest achievements in hydrogen energy and CCUS (Carbon Capture, Utilization, and Storage) technologies at the environmental service exhibition [2]. - China National Petroleum Corporation has achieved a total hydrogen production capacity of 8,100 tons per year, with a year-on-year increase of 23%, and has built 26 hydrogen refueling stations, marking a 24% growth [2]. - China National Offshore Oil Corporation has implemented over 400 energy-saving and low-carbon projects since the 14th Five-Year Plan, resulting in energy savings equivalent to 1.04 million tons of standard coal and a reduction of 3.15 million tons of CO2 emissions [2]. Group 2: Collaborative Development of Clean Energy - China Petroleum & Chemical Corporation is advancing in five key areas of new energy services: hydrogen energy, CCUS, geothermal energy, wind and solar power, and biofuels, emphasizing the need for collaborative development among these technologies [3]. - The most effective immediate reduction in emissions is through enhancing the energy efficiency of existing equipment, followed by the establishment of a new energy system centered on hydrogen, geothermal, and renewable energy [3]. Group 3: CCUS and Hydrogen as Strategic Priorities - Experts indicate that CCUS and hydrogen energy are crucial for the green low-carbon transition of the "Three Barrels of Oil," as these technologies align closely with traditional energy industry chains [5]. - The application of CCUS technology in the petrochemical industry has significantly reduced greenhouse gas emissions, with potential for expansion into more industrial sectors [5]. Group 4: Zero-Carbon Park Initiatives - The construction of zero-carbon parks is gaining momentum, with over ten domestic and international companies presenting solutions at the fair [6][9]. - The zero-carbon park management platform includes systems for virtual power plant management, industrial energy management, and AI-driven energy supply and demand management [9]. - The integration of renewable energy sources, such as distributed solar power, is essential for the energy supply system of zero-carbon parks, with a focus on energy storage and efficiency [10][11]. Group 5: Future Development and Challenges - The construction of zero-carbon parks is a complex system engineering task that requires optimization of energy structures, technological innovation, and multi-dimensional collaboration [13]. - Future development paths for zero-carbon parks should explore mechanisms for zero-carbon certification and carbon monitoring, which significantly impact the economic feasibility and long-term competitiveness of projects [13].

记者今天从中国海油获悉，位于珠江口盆地的我国首个海上二氧化碳封存示范项目累计碳封存量突破1 亿立方米，标志着我国海上二氧化碳封存技术、装备和工程能力已臻成熟，对加速推进国家"双碳"目标 达成、实现经济社会绿色低碳转型具有重要意义。 未来10年，恩平15-1油田将回注二氧化碳超5.5亿立方米，驱动原油增产达20万吨。 今年5月项目新增二氧化碳利用项目投用，通过将油田开发伴生的二氧化碳加压至超临界状态，精准注 入地下油藏，可驱动原油增产达20万吨，实现了海上二氧化碳捕集、封存与利用装备、技术和工程的全 链条升级，开创"以碳驱油、以油固碳"的海洋能源循环利用新模式。 我国首个海上二氧化碳封存示范项目所在的恩平15-1油田是我国珠江口盆地首个高含二氧化碳的油田。 中国海油通过开展地质油藏、钻完井、工程一体化等重点课题研究，于2023年6月率先推动我国海上首 个二氧化碳捕集与封存项目投用，实现将产出的油气流中的二氧化碳进行分离、脱水干燥、压缩，然后 通过回注井高压注入油田浅部水层中，年二氧化碳封存量超4000万立方米。 ...

Group 1 - The core viewpoint of the news highlights the recent trading performance of China Petroleum, indicating a decline in stock price and significant changes in financing activities [1] - On September 5, China Petroleum's stock fell by 1.00%, with a trading volume of 1.383 billion yuan, and a net financing outflow of approximately 29.87 million yuan [1] - The total financing and securities balance for China Petroleum as of September 5 is 2.282 billion yuan, with a financing balance of 2.26 billion yuan, which is low compared to the 20th percentile over the past year [1] Group 2 - China Petroleum's main business includes exploration, development, production, transportation, and sales of crude oil and natural gas, as well as refining and chemical production [2] - As of June 30, 2025, China Petroleum reported a revenue of 1.450 trillion yuan, a year-on-year decrease of 6.68%, and a net profit attributable to shareholders of 83.993 billion yuan, down 5.21% year-on-year [2] - The company's revenue composition includes refining products (73.89%), crude oil (45.28%), natural gas (39.06%), and chemical products (10.48%) [2] Group 3 - China Petroleum has distributed a total of 835.015 billion yuan in dividends since its A-share listing, with 243.89 billion yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and several ETFs, indicating a slight increase in holdings for some institutional investors [3] - The number of shareholders decreased by 8.82% to 482,400, while the average circulating shares per person increased by 9.77% to 339,297 shares [2]