8月26日24时，国内成品油零售调价或将开启下调窗口，成品油价或将迎来年内第七次下调，连续三连 跌。据卓创资讯数据，近期国际原油变化率持续负值范围内运行，本轮成品油零售价格呈现下调趋势。 截至8月22日收盘，国内第9个工作日参考原油的变化率为-4.41%，预计汽柴油下调幅度在190元/吨，折 升价92#汽油和0#柴油分别下调0.15、0.16元。若本轮成品油零售限价下调确认后，私家车单次加满一箱 50L的油后将少花7.5元。（人民财讯） （来源同花顺，以上信息为南都·湾财社AI大数据自动生成） ...

地址：中国南京市鼓楼区中山北路 324 号 电话： （025）58586145、58586146 Address: No. 324 Zhongshan North Road, Nanjing, CHINA Tel: +86-25-58586145、+86-25-58586146 环境、社会及管治 (ESG) 报告 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 邮编：210003 Postcode: 210003 网址：https://www.njtc.com.cn Website: http://www.njtc.com.cn 招商局南京油运股份有限公司 目 录 CONTENT 报告说明 001 引领责任担当 017 共创一流航运 047 报告附录 087 董事长致辞 003 规范公司治理 保障能源供应 ESG 绩效 关于招商南油 005 全面风险管理 数智航运转型 内容索引 我们的 2024 005 恪守商业道德 优质客户服务 专有名词 荣誉与认可 006 可持续供应链 意见反馈表 公司概况 007 推动行业发展 059 组织架构 007 坚守安全航运 061 业务 ...

深圳商报·读创客户端记者 宁可坚 另外，招商南油同日公告，公司拟使用自有资金，以集中竞价交易方式回购部分社会公众股份，本次回 购的股份将全部予以注销，以减少注册资本。本次回购股份金额不低于2.5亿元，不超过4亿元，回购价 格不超过4.32元/股。 8月24日，招商南油(601975)披露2025年半年报，上半年，公司实现营业收入27.72亿元，同比下降 21.43%；归母净利润5.7亿元，同比下降53.28%；基本每股收益0.1187元。 截至2025年6月末，公司总资产131.66亿元（未经审计），归属于上市公司股东的净资产113.91亿元（未 经审计），货币资金48.48亿元（未经审计）。 | | | | 单位:元币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上 年同期增减 | | | (1-6月) | | | | | | | (%) | | 营业收入 | 2,771,745,481.92 | 3,527,708, 475, 31 | -21. 43 | | 利润总额 | 685, 418, 837, 87 | 1, 40 ...

证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，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 本期内容提要： [Table_Title] 大炼化周报：长丝需求有所回暖，库存、产销 情况改善 [Table_ReportDate0] 2025 年 8 月 24 日 [Table_Author] [Table_Summary] ➢ 国内外重点炼化项目价差跟踪：截至 8 月 22 日当周，国内重点大炼 化项目价差为 2431.20 元/吨，环比变化+29.59 元/吨（+1.23%）； 国外重点大炼化项目价差为 1080.63 元/吨，环比变化-29.81 元/吨（- 2.68%）。截至 8 月 22 日当周，布伦 ...

Core Viewpoint - In the first half of 2025, the company experienced a significant decline in revenue and net profit due to weak supply and demand dynamics, alongside inventory losses from falling oil prices [1][2]. Financial Performance - The company reported a total revenue of 1,409.05 billion yuan, a year-on-year decrease of 10.60% [1] - The net profit attributable to shareholders was 21.48 billion yuan, down 39.83% year-on-year [1] - The basic earnings per share (EPS) was 0.18 yuan, reflecting a 40.2% decline compared to the previous year [1] - In Q2 2025, revenue was 673.70 billion yuan, down 14.31% year-on-year and 8.39% quarter-on-quarter [1] - The net profit for Q2 was 8.22 billion yuan, a year-on-year decrease of 52.73% and a quarter-on-quarter decrease of 38.04% [1] Segment Performance - The exploration and development segment generated 23.6 billion yuan, down 55% year-on-year; refining segment earned 3.5 billion yuan, down 36%; marketing segment earned 8 billion yuan, down 67%; and the chemical segment reported a loss of 4.2 billion yuan, down 11% [2] - In Q2, the exploration and development segment earned 11.9 billion yuan, while the refining and chemical segments saw a quarter-on-quarter decline [2] Production and Cost Management - The company achieved a record high oil and gas equivalent production of 262.81 million barrels, a 2.0% increase year-on-year [3] - The cash operating cost for oil and gas was 718.0 yuan per ton, a reduction of 4.7% year-on-year [3] Refining and Chemical Sector - The refining sector faced weak oil product demand, processing 120 million tons of crude oil, a 7.6% decrease year-on-year, while producing 71.4 million tons of refined oil [4] - The chemical sector saw improvements in production and sales, with ethylene production increasing by 16.4% to 7.56 million tons and synthetic resin production rising by 12.8% to 11.04 million tons [4] Industry Outlook - The company is positioned to benefit from the current competitive landscape as domestic refining capacity approaches regulatory limits, with a focus on eliminating inefficient production [5] - The long-term investment value of the company is viewed positively, with projected net profits for 2025-2027 at 46.17 billion, 47.86 billion, and 51.73 billion yuan respectively [5]

证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] [Table_StockAndRank] 中国石化(600028.SH) | | | 上次评级 买入 [Table_A 刘红光uthor 石化行业联席首席分析师 ] 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@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 [炼化板块 Table_Title带来] 拖累，公司业绩静待修复 [Table_ReportDate] 2025 年 8 月 22 日 [Table_S 事件： ummary] 2025 年 8 月 21 日晚，中国石化发布 2025 年半年度报告。2025 年 上半年公司实现营业收入 14090.52 亿元，同比下降 10.60%；实现归母净 利润 214.83 亿元，同比下降 39.83%；实 ...

瑞银发布研报称，中石化第二季度纯利82亿元人民币，同比下跌53%，环比下跌38%。该行预计中石化 第三季度的盈利将略为改善。期内油价较上季稳定，相信原油库存对盈利的负面影响较小。此外，由于 第三季是化学品的传统旺季，化学品业务的利润或会上升。长期而言，该行相信中国的反内卷措施，加 上海外产能退出，将推高炼油的基本面。另外，公司将其全年资本开支指引下调5%。 消息面上，中国石化发布中期业绩，按中国企业会计准则编制的财务数据和指标，集团今年上半年实现 营收1.41万亿元，同比下跌10.6%；归母净利润为214.83亿元，同比下跌39.8%。集团上半年主营业务收 入为13,804亿元，同比降低10.7%，主要归因于石油石化产品价格以及成品油等产品销量下降。 智通财经APP获悉，中石化(00386)午后跌近4%，截至发稿，跌3.34%，报4.34港元，成交额7.98亿港 元。 ...

据商务部市场运行监测系统显示，8月11日至17日，全国食用农产品市场价格比前一周（环比，下同） 上涨0.3%，生产资料市场价格比前一周上涨0.2%。 生产资料市场：橡胶价格小幅上涨，其中合成橡胶、天然橡胶分别上涨0.8%和0.6%。有色金属价格略 有上涨，其中铜、铝分别上涨1.0%和0.2%，锌与前一周持平。基础化学原料价格以涨为主，其中硫酸 上涨0.9%，甲醇、纯碱、聚丙烯分别下降0.5%、0.3%和0.3%。煤炭价格继续上涨，其中炼焦煤、动力 煤、无烟块煤每吨983元、763元和1137元，分别上涨0.7%、0.3%和0.2%。钢材价格基本持平，其中热 轧带钢、普通中板每吨3636元和3791元，均上涨0.3%，螺纹钢、高速线材每吨3450元和3637元，均下 降0.1%。成品油批发价格略有下降，其中0号柴油、92号汽油、95号汽油均下降0.2%。化肥价格小幅下 降，其中尿素、三元复合肥分别下降0.7%和0.1%。 食用农产品市场：30种蔬菜平均批发价格每公斤4.32元，上涨3.1%，其中菜花、西兰花、菠菜分别上涨 17.4%、16.5%和11.3%。水产品批发价格有所上涨，其中大黄鱼、大带鱼、鲢鱼分别上 ...

据证券之星公开数据整理，近期上海石化（600688）发布2025年中报。截至本报告期末，公司营业总收 入395.23亿元，同比下降9.21%，归母净利润-4.62亿元，同比下降1755.66%。按单季度数据看，第二季 度营业总收入200.03亿元，同比下降10.1%，第二季度归母净利润-3.72亿元，同比下降563.04%。本报告 期上海石化公司应收账款体量较大，当期应收账款占最新年报归母净利润比达619.05%。 本次财报公布的各项数据指标表现一般。其中，毛利率16.77%，同比增2.93%，净利率-1.17%，同比减 1717.48%，销售费用、管理费用、财务费用总计7.55亿元，三费占营收比1.91%，同比减11.35%，每股 净资产2.31元，同比减0.69%，每股经营性现金流0.07元，同比增130.65%，每股收益-0.04元，同比减 1566.67% 其他收益变动幅度为-38.76%,原因:收到的政府补助较去年同期减少。 资产减值损失变动幅度为-273.92%,原因:部分产品市场价格波动等，公司根据中国企业会计准则和公司 相关会计政策，计提存货跌价准备4.17亿元。本报告期转销存货跌价3.92亿 ...

Group 1 - The core viewpoint of the report indicates that Sinopec's financial performance in the first half of 2025 has been impacted by declining oil prices and reduced demand for refined products, leading to a decrease in revenue and profits compared to the previous year [9][10][18] - The company reported a total revenue of RMB 1,409.1 billion, a decrease of 10.6% year-on-year, and an operating profit of RMB 33.4 billion, down 34.5% year-on-year [9][18] - The board of directors proposed a cash dividend of RMB 0.088 per share for the first half of 2025, reflecting the company's commitment to shareholder returns despite the challenging market conditions [1][34][70] Group 2 - As of June 30, 2025, Sinopec had a total of 456,099 shareholders, with 450,892 from domestic A-shares and 5,207 from overseas H-shares [2][4] - The company’s major shareholder, Sinopec Group, plans to increase its stake in Sinopec A-shares and H-shares with a total investment of between RMB 2 billion and RMB 3 billion over the next 12 months [3] - The company’s total assets as of June 30, 2025, were RMB 2,144.939 billion, with net assets attributable to shareholders of RMB 827.449 billion [50] Group 3 - The report highlights that domestic natural gas demand grew by 2.1% year-on-year, while refined oil demand decreased by 3.6%, influenced by alternative energy sources [8][9] - The average price of Brent crude oil was reported at USD 71.7 per barrel, a decline of 14.7% year-on-year, affecting the company's revenue from oil sales [8][9] - The company plans to produce 141 million barrels of crude oil and 7,145 billion cubic feet of natural gas in the second half of 2025, aiming to enhance production efficiency [25][26] Group 4 - Sinopec's operating expenses for the first half of 2025 were RMB 1,375.6 billion, a decrease of 9.8% year-on-year, primarily due to lower costs for crude oil and refined products [12][18] - The company’s investment income and share of profits from joint ventures decreased by 19.2% year-on-year to RMB 6.1 billion, attributed to maintenance shutdowns at some chemical joint ventures [19] - The net profit attributable to shareholders for the first half of 2025 was RMB 23.8 billion, down 35.9% year-on-year, reflecting the overall decline in profitability [23] Group 5 - The company has announced a share buyback plan, intending to repurchase A-shares worth between RMB 500 million and RMB 1 billion, with a maximum repurchase price of RMB 8.72 per share [42][44] - The buyback is aimed at enhancing shareholder value and confidence, with the shares to be canceled and the registered capital reduced accordingly [42][44] - The board has received authorization from the shareholders to proceed with the buyback, which is expected to be completed within three months [43][44]