Market Movements - As of August 5, U.S. stock index futures showed mixed results, with Dow futures down 0.01%, S&P 500 futures up 0.19%, and Nasdaq futures up 0.29% [1] - European indices also saw positive movements, with Germany's DAX up 0.77%, UK's FTSE 100 up 0.54%, France's CAC 40 up 0.21%, and the Euro Stoxx 50 up 0.34% [2][3] - WTI crude oil fell by 0.89% to $65.70 per barrel, while Brent crude oil decreased by 0.76% to $68.24 per barrel [3][4] Market News - MUFG reported that the U.S. non-farm payrolls for July were significantly below expectations, leading to increased bets on interest rate cuts by the Federal Reserve, with a 90% probability for a rate cut in September [4][5] - San Francisco Fed President Mary Daly indicated support for potential rate cuts, suggesting that the Fed may need to cut rates more than twice this year [5] - Wall Street analysts warned of a possible market correction due to high stock valuations and deteriorating economic data, with predictions of a 10% to 15% correction [6] - Jefferies noted that a shift in market dynamics could favor small-cap stocks over large-cap tech stocks during the Fed's rate-cutting cycle [7] Company-Specific News - Palantir reported a quarterly revenue exceeding $1 billion for the first time, with a 48% year-over-year growth, driven by strong government and commercial orders [9] - Pfizer's Q2 revenue grew by 10% to $14.65 billion, exceeding expectations, and the company raised its full-year profit guidance [10] - BP's Q2 profit surpassed expectations at $2.35 billion, and the company announced a dividend increase and a comprehensive business review under new leadership [11] - Yum China reported a 14% increase in operating profit, reaching $304 million, with a net addition of 336 stores in Q2 [12] - Diageo's FY2025 sales slightly declined but showed better-than-expected organic sales growth of 1.7%, while the company plans to further cut costs [13] Economic Data and Events - The U.S. ISM Non-Manufacturing PMI for July is scheduled for release at 22:00 Beijing time [14]

此前该公司长期表现落后于行业同行，此次业绩发布之际，英国石油正试图重建投资者信心。首席执行 官默里·奥金克洛斯周二在接受采访时表示，"上游业务表现极为强劲，运营效率创下纪录，同时五个大 型新项目已启动投产。" 公司于周一宣布，在巴西近海发现了其25年来最大的油气田，这一发现可能为其持续加码油气业务提供 重要助力。首席执行官奥金克洛斯在财报中指出："我们在勘探领域取得了重大突破，今年已斩获10个 商业勘探发现。就在昨天，我们宣布了巴西的'回旋镖'(Bumerangue)油田这一重大成果，这尤其令人振 奋。" 近期英国石油深陷收购传闻，引发国内竞争对手壳牌(SHEL.US)在6月底公开表态称"无意"对其发起收 购。当被问及在持续的收购传闻中是否与潜在收购方接触时，奥金克洛斯表示，英国石油正专注于业务 增长，"这才是推动股东股价上涨的关键。"截至目前，英国石油股价今年以来累计上涨约3.3%。 英国石油是五大国际石油巨头中最后一家发布财报的公司。此前，壳牌、埃克森美孚(XOM.US)和雪佛 龙(CVX.US)均业绩超预期，道达尔能源(TTE.US)则不及预期。周二，沙特阿美公布净利润连续第十个 季度下滑，原因是油价下 ...

中化新网讯 美国能源部近期表示，已取消拜登任期签发的24个绿色能源项目，这些项目的政府总资助 金额超过37亿美元。特朗普政府表示，正在评估拜登政府为新兴技术项目签发的公共资助基金和贷款。 美国能源部表示，这些项目中近70%的资助金额在2024年11月5日至2025年1月20日期间签署。 特朗普政府正寻求最大限度提高油气产量，同时废除拜登政府在气候和清洁能源方面的一系列政策。此 次被美国能源部取消的项目包括：为埃克森美孚得克萨斯州贝汤炼厂一体化项目提供的3.32亿美元;为 美国海德堡材料公司在路易斯安那州的项目提供的5亿美元;为伊士曼化学公司在得克萨斯州朗维尤的项 目提供的3.75亿美元。其中，为贝汤项目提供的资助旨在通过氢气而非天然气来生产乙烯，从而减少碳 排放。 ...

Group 1 - The core viewpoint of the articles highlights a strong performance in the stock market, particularly in the military and robotics sectors, with a total of 55 stocks hitting the daily limit up, and a promotion rate of 36.36% for consecutive limit-up stocks [1][2] - Among the stocks, Shengtong Energy achieved a four consecutive limit-up, while Lideman, involved in mergers and acquisitions, reached a three consecutive limit-up [1][2] - The military sector saw nearly 20 stocks limit up or rise over 10%, with notable performances from Wanzhe Co. and Changcheng Military, while the robotics sector also showed resilience with multiple stocks achieving consecutive limit-ups [1][2] Group 2 - The promotion rates for consecutive limit-up stocks varied, with Shengtong Energy at 50%, Lideman at 33%, and several others in the robotics sector showing lower rates [2] - Specific stocks such as Shanhai Intelligent and Jiangnan New Materials also demonstrated significant performance, with Shanhai Intelligent achieving seven limit-ups over 11 days [2] - The upcoming 2025 World Robot Conference, scheduled for August 8-12 in Beijing, is expected to further boost the robotics sector [1]

瑞达期货（002961） 液化气供需格局改善有限，短线跟随成本低位震荡 中辉期货 PG【3850-3950】 瑞达期货：液化气供需格局改善有限，短线跟随成本低位震荡 欧佩克3日发表声明称，欧佩克和非欧佩克产油国中的8个主要产油国决定9月日均增产54.7万桶，自 2025年4月起，OPEC+产量策略显著转向，其从此前的减产周期迈向增产周期，4月至8月累计增产空间 达到191.9万桶/日；美国经济数据疲软，就业市场降温，引发市场对需求前景的担忧；关税僵局缓和， 市场对需求担忧下降；利空影响扩大，国际油价大幅回调。8月CP下调，进口成本打压国内价格。供应 方面，国内液化气商品量与港口到船量同步增加，供应端充裕，港口库存增幅明显，8月中上旬有部分 炼厂结束检修复产，商品量将继续增加，生产企业库存呈现增长。需求方面，国内液化气市场燃烧需求 预期无太大改善，化工消费能力或有提升：据隆众统计，烯烃深加工方面有两套烷基化装置计划开工， 醚后碳四需求将有增多；烷烃深加工中有两套PDH装置复产，丙烷消费量预期增长。液化气供需格局改 善有限，短线跟随成本低位震荡。技术上，PG主力合约断线呈现冲高回落，请投资者注意风险控制。 中辉期 ...

Investment Rating - The report does not explicitly state an investment rating for Shell (SHEL US) but indicates a slightly negative market reaction expected due to underperformance in the integrated gas business [1]. Core Insights - Shell's adjusted net income for Q2 2025 was $4.26 billion, below market expectations of $4.595 billion, primarily due to weak performance in the integrated gas segment [2][5]. - The company reaffirmed its capital expenditure guidance for 2025 at $20 billion to $22 billion and announced a $3.5 billion stock buyback plan for Q3 2025 [1][2]. - The integrated gas segment's adjusted net income was $1.737 billion, significantly lower than expected, while upstream and marketing segments exceeded expectations [2][5]. Summary by Relevant Sections Financial Performance - Q2 2025 adjusted net income was $4.26 billion, down 24% quarter-over-quarter and 32% year-over-year [5]. - Revenue for Q2 2025 was $65.406 billion, a decrease of 6% quarter-over-quarter and 12% year-over-year [5]. - Adjusted EBITDA for Q2 2025 was $13.313 billion, reflecting a 13% decline quarter-over-quarter and a 21% decline year-over-year [5]. Segment Performance - Integrated Gas: Adjusted net income was $1.737 billion, down 30% quarter-over-quarter and 35% year-over-year [5]. - Upstream: Adjusted net income was $1.732 billion, down 26% quarter-over-quarter but stable year-over-year [5]. - Marketing: Adjusted net income was $1.199 billion, up 33% quarter-over-quarter and 11% year-over-year [5]. - Chemicals & Products: Adjusted net income was $118 million, down 74% quarter-over-quarter and 89% year-over-year [5]. - Renewables & Energy Solutions: Adjusted net loss was $9 million, showing improvement from previous losses [3][5]. Capital Expenditure - Capital expenditure for Q2 2025 was $1.196 billion, approximately 50% of the annual guidance [2][5]. - The company plans to maintain its capital expenditure guidance for 2025 at $20 billion to $22 billion [1][2].

针对2025年第二季，花旗预测中石油净利润按季下降约18%，按年下降8%，达到约385亿元，主要受原 油价格走低影响。该行仍将中石油视为中国油气股的首选标的。花旗维持中石油"买入"评级及目标价 8.2港元。 花旗预期，中石油凭借资源优势，将持续扩大其在天然气销售市场的份额。2025年第二季，中国管道天 然气进口量自2016年以来首次超越液化天然气(LNG)进口，2025年上半年管道天然气总量按年增长 10%，而LNG进口量则下降21%。管道天然气进口成本于5至6月降至1.82元/立方米，相比2025年4月为 1.94元/立方米，滞后跟随油价下跌，且该行预期下半年成本将进一步下降。此外，公司于2025年4月与 下游客户签订的有利合约修订，有效期自2025年4月至2026年3月，将支持中石油缩减进口天然气亏损并 维持稳健的天然气业务盈利。 ...

杰瑞股份（SZ 002353，最新价：39.26元）8月1日晚间发布公告称，截至2025年7月31日，公司通过股 份回购专用证券账户以集中竞价方式累计回购公司股份约309万股，占公司总股本的0.3%，购买股份的 最高成交价为38.65元/股，最低成交价为33.67元/股，成交金额约1.06亿元。 2024年1至12月份，杰瑞股份的营业收入构成为：油气行业占比96.53%，新能源及再生行业占比 3.47%。 （文章来源：每日经济新闻） ...

Core Viewpoint - Citigroup predicts that PetroChina's net profit for Q2 2025 will decline by approximately 18% quarter-on-quarter and 8% year-on-year, reaching around 38.5 billion RMB, primarily due to falling crude oil prices [1] Group 1: Company Performance - PetroChina's projected net profit for Q2 2025 is approximately 38.5 billion RMB, reflecting an 8% year-on-year decrease [1] - In contrast, Sinopec's preliminary earnings for the first half of 2025 are estimated to be between 20.1 billion and 21.6 billion RMB, indicating a quarter-on-quarter decline of 45% to 56% and a year-on-year decrease of 58% to 67% [1] Group 2: Investment Outlook - Citigroup maintains its "Buy" rating for PetroChina and sets a target price of 8.2 HKD [1] - Despite the projected decline in profits, PetroChina remains the preferred choice among Chinese oil and gas stocks according to Citigroup [1]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.2% while the Shenzhen Component and ChiNext Index fell by 0.28% and 0.49% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached 932.3 billion yuan, a decrease of 75.7 billion yuan from the previous day [1] - Over 2,700 stocks in the two markets experienced gains [1] Sector Performance - The leading sectors included military equipment, precious metals, gaming, gas, and high-speed rail, which saw significant gains [1] - Conversely, sectors such as innovative drugs, silicon energy, retail, and dairy products faced declines [1] ETF Performance - The gold stock ETFs performed notably well, with the Gold Stock ETF (517400) leading with a gain of 4.06%, followed by the Gold Stock ETF Fund (159315) at 3.74% and another Gold Stock ETF (159562) at 3.59% [2] - In contrast, the S&P Oil & Gas ETFs faced losses, with the leading decline at 3.3% for one ETF and 3.26% for another [1][2] Economic Indicators - The U.S. reported a disappointing non-farm payroll increase of 73,000 for July, significantly below the expected 110,000, with revisions showing a total downward adjustment of 258,000 for May and June combined [3] - The revisions included a drop in May's non-farm payroll from 144,000 to 19,000 and June's from 147,000 to 14,000, indicating a deterioration in the U.S. labor market [3] Federal Reserve Developments - The Federal Reserve announced the resignation of board member Adriana Kugler, which may facilitate the appointment of a "shadow chair" ahead of schedule amid ongoing pressure for interest rate cuts from President Trump and allies [4] - This resignation is expected to strengthen market expectations for interest rate cuts [4]