今年是中国人民抗日战争暨世界反法西斯战争胜利80周年。铭记烽火艰难岁月，淬炼民族石油之魂。80 年前中华民族以血肉之躯铸就的胜利丰碑，不仅镌刻着前赴后继的英勇，更凝聚着工业报国的坚韧。 建厂初期的延长石油厂。 "功臣油矿"支援抗战前线 埋头苦干精神代代相传 我国发现并利用石油的历史源远流长，寻根问祖莫非陕北。北宋时期的沈括在延州(今延安)首次命名此 物为"石油"。1905年，清政府在延长县创立了中国陆上第一个石油企业——延长石油厂，1907年9月打 成了中国陆上第一口油井——"延一井"，拉开了中国近代石油工业发展的帷幕。 1935年5月，刘志丹率领陕北红军解放延长县，接管陕北油矿探勘处和延长石油厂。 1937年9月陕甘宁边区政府在延安成立后，决定恢复石油生产。然而，那时物资极度匮乏，油井和炼油 设备散落各地或遭到破坏，又缺少懂原油开采技术的人员，延长石油厂生产近乎停滞。 1938年1月，当过船员、轮机工的上海青年陈振夏辗转来到延安，被任命为延长石油厂厂长。他带领工 人沿着崎岖山路，深入各个村庄寻找埋藏和散落的设备零部件，并重新组装成简易生产设备。当年，延 长石油厂恢复生产，共生产原油3527桶、汽油167桶、 ...

业绩下滑主要受原油、成品油价格下降以及油气产品销量变化影响。今年上半年，中国石油八大主要对 外销售产品中一半产品销量同比下滑，以聚丙烯、汽油、柴油产品为首；六大主要对外销售产品平均售 价下跌，煤油、原油、柴油、汽油等跌幅居前，其中原油、柴油平均售价分别同比下滑12.3%、9.4%至 3690元/吨、6213元/吨。 中国石油称，上半年全球石油市场供需宽松，国际原油均价同比下行，布伦特（Brent）原油现货均价 同比下跌14.5%至71.87美元/桶，WTI现货均价下跌14.4%至67.6美元/桶。此外，受替代能源竞争加速影 响，成品油市场方面，国内汽、柴油消费持续受抑制；主要化工产品价格亦因国际油价回落下跌，生产 利润处于低位。 8月26日晚，中国石油（00857.HK/601857.SH）在港股率先披露半年报，公司上半年营业收入同比下滑 6.7%至1.45万亿元，归母净利润同比下跌5.4%至840.1亿元。 公司上次出现营收、净利润双下滑的情况还是在五年前的2020年年中。 来源：第一财经 【#中国石油主要外销石油产品量价齐跌# ，#中国石油近5年来首次营收净利双下滑#】 ...

2025.08. 21 本文字数：1190，阅读时长大约2分钟 作者 | 第一财经 郭霁莹 "综合考虑资源、市场、项目实施进展，公司决定下调全年资本支出计划5%左右。"中国石化在半年报中 说。不过公司同时强调，营销及分销板块资本支出计划主要用于综合加能站网络发展、现有终端销售网 络改造、非油业务等项目。 上游国际原油价格大幅下跌、下游石油化工产品售价下滑共同拖累中国石化（600028.SH）上半年业 绩。 8月21日晚间，中国石化披露半年报，公司上半年营业收入同比下滑10.6%至1.41万亿元，归母净利润 同比下降39.8%至214.83亿元。中国石化称，国际原油价格震荡下行，国内汽柴油需求下降，化工毛利 低迷，是公司营收、净利双下滑的主要原因。 据中国石化统计，今年上半年国际油价震荡下行，英国布伦特（Brent）原油现货均价同比下降14.7% 至71.7美元/桶。下游消费方面，境内成品油需求主要受可替代能源影响，消费量同比下降3.6%，其中 汽油同比下降4.6%，柴油同比下降4.3%。 具体到相关业务上，因石油石化产品价格以及成品油等产品销量下降，中国石化主营业务收入同比降低 11%至1.38万亿元。第一财 ...

Group 1 - The core viewpoint of the report indicates that China's kerosene production is projected to reach 5.09 million tons by June 2025, reflecting a year-on-year growth of 11.3% [1] - In the first half of 2025, China's cumulative kerosene production is reported to be 28.139 million tons, showing a slight decline of 0.5% compared to the previous year [1] Group 2 - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which has been dedicated to industry research for over a decade [2] - Zhiyan Consulting provides comprehensive industry research reports, business plans, feasibility studies, and customized services to empower investment decisions [2]

Core Points - Xu Jinqiang is recognized as a pioneer in China's petroleum and chemical industries, contributing significantly to the victory in the Anti-Japanese War and the establishment of the new China [1][7][19] Group 1: Contributions during the Anti-Japanese War - Xu Jinqiang joined the New Fourth Army in 1938 and played a crucial role in procuring military supplies, including disguising electronic tubes to transport them safely to the anti-Japanese base [3][6] - He facilitated the delivery of over 100 talents to the anti-Japanese base, significantly enhancing the capabilities of the New Fourth Army [6] Group 2: Establishment of New China's Petroleum Industry - After the establishment of the People's Republic of China, Xu was appointed to lead the takeover of the China Petroleum Company in Shanghai, where he identified the urgent need for domestic oil production [7][8] - He oversaw the construction of the Shanghai Refinery, which was the first refinery built after the founding of the PRC, with a processing capacity of 10,000 tons of crude oil annually [8][11] Group 3: Development of the Daqing Oilfield - Xu was appointed as the deputy minister of the Ministry of Petroleum and the commander of the Daqing oilfield campaign, which resulted in the establishment of one of the world's largest oil fields [15][18] - Under his leadership, the Daqing oilfield's crude oil production increased significantly, reaching 1,060,000 tons in 1966 [18] Group 4: Leadership in Chemical Industry - Xu served as the acting minister of the Ministry of Chemical Industry, focusing on increasing fertilizer production to meet agricultural needs, leading to the establishment of over 1,500 small nitrogen fertilizer plants by 1979 [19][20] - He initiated the import of advanced technology for large-scale fertilizer production, resulting in the establishment of China's first self-designed large nitrogen fertilizer plant [21][22] Group 5: Innovations and Achievements - Xu promoted the development of synthetic materials and advanced chemical processes, significantly enhancing the production capabilities of the chemical industry in China [22][24] - His leadership in the chemical sector contributed to the successful launch of China's first artificial satellite and the development of various chemical products for national defense [24]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report provides a comprehensive analysis of the oil demand and refining sector, highlighting the significant changes in consumption patterns and the implications for investment strategies Group 1: Oil Demand Structure - Oil has a wide range of applications, with fuel remaining the primary demand source, accounting for approximately 80% of downstream applications [12] - The growth rate of global oil consumption is strongly correlated with GDP growth, with the Asia-Pacific region being the main consumer, expected to account for 38% of global oil consumption by 2024 [1][28] Group 2: Refining Product Consumption - The global refining product structure is shifting towards lighter components, with a significant decline in the share of heavy products like residual fuel oil and kerosene [2] - The United States remains the largest consumer of oil, with gasoline consumption accounting for nearly half of its refining product consumption [31] - China's refining product consumption has rapidly increased, with other oil products surpassing gasoline and distillate fuel oil to become the largest refining product [39] Group 3: Refinery Capacity and Production - There is a global oversupply of refining capacity, with refinery utilization rates around 80%, and a projected decline to 79.9% in 2024 [3] - India is expected to be a key player in future oil consumption and refining demand growth, with refinery utilization rates consistently exceeding 100% [3][49] Group 4: Global Oil Supply and Demand Outlook - Major energy agencies predict a surplus in global oil supply in the short to medium term, with supply growth outpacing demand growth, leading to downward pressure on oil prices [57] - EIA forecasts a global oil supply increase of 1.81 million barrels per day in 2025, while demand growth is expected to be only 0.80 million barrels per day [58]

Group 1 - As of the week ending August 2, Japan's commercial crude oil inventory decreased by 948,753 thousand liters to 11,337,392 thousand liters [1] - Japan's gasoline inventory decreased by 12,487 thousand liters to 1,466,814 thousand liters [1] - Japan's kerosene inventory increased by 101,537 thousand liters to 2,360,340 thousand liters [1]

Core Viewpoint - The Ministry of Commerce has issued the "Regulations on the Management of Refined Oil Circulation" to standardize the domestic refined oil market and promote healthy industry development, effective from September 1 [1][4]. Group 1: Industry Context - China is the world's second-largest oil consumer, with a total consumption of over 350 million tons of gasoline and diesel, supported by approximately 110,000 gas stations and over 400 million vehicles [2][6]. - There have been increasing illegal activities in the industry, including the production of substandard oil and the operation of unlicensed gas stations, which harm consumer interests and disrupt the normal operation of the oil industry [2][3]. Group 2: Key Issues Addressed - The regulations aim to tackle issues such as the presence of "non-standard oil" produced by unlicensed refineries and the operation of "black gas stations" that sell substandard fuel [2][3]. - Illegal transportation of refined oil is also a concern, with "black oil vehicles" posing risks to public safety due to the sale of low-quality fuel [3]. Group 3: Regulatory Framework - The regulations consist of six chapters and 44 articles, outlining the overall requirements for refined oil circulation management, including the need for licensing and record-keeping for wholesale and retail operations [4][5]. - Specific requirements for the management of wholesale, storage, and retail operations are detailed, including the need for regular inspections and the establishment of a digital regulatory framework [5][6]. Group 4: Expected Outcomes - The implementation of these regulations is expected to enhance the management and regulation of the refined oil industry, ensuring compliance with national standards and protecting consumer rights [6]. - The regulations are seen as a positive step for industry development and consumer protection, helping to mitigate issues related to counterfeit and low-quality fuel [6].

Core Viewpoint - The company anticipates a significant decline in net profit for the first half of 2025, with projections indicating a decrease of 39.5% to 43.7% year-on-year, primarily due to falling oil prices and low refining margins [4][5]. Group 1: Performance Overview - In Q2 2025, the company expects a net profit of 68-83 billion yuan, reflecting a year-on-year decline of 52.1% to 60.7% and a quarter-on-quarter decrease of 37.2% to 48.5% [4][5]. - The average Brent crude oil price in Q2 2025 is projected to be 66.71 USD per barrel, down 21.5% year-on-year and 11.0% quarter-on-quarter, impacting overall profitability [5]. Group 2: Business Analysis - The company has strengthened its upstream operations, achieving a 2.0% increase in oil and gas equivalent production in H1 2025, with domestic crude oil production at 126.73 million barrels (up 0.2% year-on-year) and natural gas production at 20.9 billion cubic meters (up 5.1% year-on-year) [6]. - In refining, the company processed 111.97 million tons of crude oil in H1 2025, a decrease of 5.3% year-on-year, with gasoline and diesel production also declining [6][7]. - The company is focusing on optimizing its product structure and increasing the production of high-value products, with ethylene production rising by 16.4% year-on-year to 7.56 million tons [6][7]. Group 3: Strategic Initiatives - The company plans to enhance its operational efficiency and pursue a transformation in its traditional industries during the 14th Five-Year Plan period, with a capital expenditure plan of 76.7 billion yuan for upstream operations in 2025 [8]. - The company aims to transition towards high-value, differentiated products in the refining sector and is accelerating its transformation into a comprehensive energy service provider [8]. - The company is also focusing on expanding its chemical and new materials production capacity, with plans for large-scale ethylene projects to improve profitability in the refining sector [8].

Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [7] Core Views - The refining sector remains under pressure, with a forecasted decline in net profit for H1 2025 by 39.5%-43.7% year-on-year, primarily due to weak industry conditions [1] - The company's upstream performance is negatively impacted by a significant drop in international oil prices, with Brent crude averaging $66.7 per barrel in Q2 2025, down 21.5% year-on-year [2] - Domestic demand for refined oil products is being squeezed by the rise of new energy vehicles, leading to a decrease in gasoline and diesel consumption by 7.2% and 5.0% respectively in the first half of 2025 [3] - The chemical sector is facing margin pressure due to weak supply-demand dynamics, although capital expenditure is expected to stabilize, potentially leading to a market recovery [4] - The company's net profit forecasts for 2025-2027 have been revised downwards by 27% for 2025, reflecting the impact of lower oil prices and refining margins [5] Summary by Sections Financial Performance - The company expects a net profit of RMB 201-216 billion for H1 2025, with a significant drop in Q2 net profit anticipated at RMB 68-83 billion [1] - Oil processing volume decreased by 5.3% to 120 million tons in H1 2025, with total refined oil sales down 3.4% to 87.1 million tons [3] Production and Pricing - The company's crude oil production slightly decreased by 0.3% to 140 million barrels in H1 2025, while natural gas production increased by 5.1% to 736.3 billion cubic feet [2] - The average price of gasoline and diesel is expected to decline, with the company adjusting its sales volume and pricing assumptions accordingly [5][15] Capital Expenditure and Market Outlook - The chemical segment's capital expenditure is projected to remain stable at RMB 449 billion, focusing on ethylene and high-end materials [4] - The report suggests that the market may see a recovery as capital expenditure growth reaches a turning point, aided by policies aimed at optimizing supply dynamics [4] Valuation and Price Target - The target price for A shares is set at RMB 6.72 and for H shares at HKD 4.92, reflecting a valuation based on integrated advantages and a lower sensitivity to oil price fluctuations [5][8]