Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Petroleum, with current prices at 8.57 CNY and 6.12 HKD respectively [1]. Core Insights - The report emphasizes the importance of deepening reforms to enhance the resilience of the entire industry chain and to play a crucial role in energy supply security [5][6]. - The company aims to achieve high-quality development by focusing on improving energy supply capabilities, developing emerging industries, and enhancing technological independence [6][7]. - The report highlights the company's strong performance in 2024, with a significant increase in net profit compared to historical trends, showcasing its resilience against market fluctuations [10][11]. Summary by Sections Company Overview - The 2025 work meeting of China Petroleum Group outlined the company's achievements in 2024 and set key tasks for 2025, focusing on high-quality development and energy security [5][9]. Strategic Goals - The company plans to enhance energy supply capabilities, develop new industries, and strengthen management and governance to adapt to complex market conditions [6][7]. - Key tasks include improving energy supply stability, accelerating the shale oil and gas revolution, and enhancing the competitiveness of refining and sales [7][9]. Financial Performance - The report projects net profits for 2024, 2025, and 2026 to be 1759 billion, 1803 billion, and 1850 billion CNY respectively, with corresponding EPS of 0.96, 0.99, and 1.01 CNY per share [12][15]. - The company has shown a strong ability to withstand cyclical fluctuations, with a notable increase in net profit in 2024 compared to previous high oil price periods [10][11]. Valuation Metrics - The report provides a detailed financial forecast, including revenue and profit growth rates, indicating a stable outlook for the company's financial health [12][16]. - Key financial ratios such as P/E and ROE are projected to remain favorable, supporting the investment thesis [15][18].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Petroleum, with current prices at 8.57 CNY and 6.12 HKD respectively [1]. Core Viewpoints - The report emphasizes the importance of deepening reforms to enhance the resilience of the entire industry chain and to play a crucial role in energy supply security [5][6]. - The company aims to achieve high-quality development by focusing on improving energy supply capabilities, developing emerging industries, and enhancing technological independence [6][7]. - The report highlights the company's strong performance in 2024, with a significant increase in net profit compared to historical trends, showcasing its resilience against market fluctuations [10][11]. Summary by Sections Company Overview - The 2025 work meeting of China Petroleum Group was held to summarize 2024's achievements and outline key tasks for 2025 [4]. - The company aims to enhance its core business and achieve the goals set for the 14th Five-Year Plan [5]. Strategic Focus - Key strategic focuses for 2025 include improving energy supply efficiency, developing new industries, and enhancing management and governance [6][7]. - The company plans to maintain stable energy supply growth while adapting to market changes and enhancing its competitive edge [7][9]. Financial Performance - The report projects net profits for 2024, 2025, and 2026 to be 1759 billion CNY, 1803 billion CNY, and 1850 billion CNY respectively, with corresponding EPS of 0.96 CNY, 0.99 CNY, and 1.01 CNY [12][15]. - The company has shown a strong ability to withstand cyclical fluctuations, with a notable increase in net profit in 2024 compared to previous high oil price periods [10][11]. Valuation Metrics - The report maintains the earnings forecast and valuation metrics, with a projected P/E ratio for A-shares decreasing from 10.5 in 2022 to 8.5 in 2026 [15][19]. - The company is expected to maintain a healthy dividend yield, projected at 3.0% for 2025 and 2026 [19].

Investment Rating - The report maintains a "Buy" rating for China Petroleum A with a target price of RMB 12.80 per share [4][5]. Core Insights - The natural gas business is performing well, while the refining business is slightly under pressure due to weak demand for refined oil products. Overall, the upstream business is expected to remain stable in 2024, with a notable performance in natural gas [2][3]. - The company plans to maintain a capital expenditure intensity of RMB 250-300 billion in 2025 and will continue to focus on shareholder returns [2][3]. Business Segment Summary - **Upstream**: The international oil price is expected to be slightly lower than in 2023, but the upstream business is projected to perform steadily, with natural gas production expected to grow by over 3% year-on-year [3]. - **Natural Gas**: The natural gas business shows strong growth, with sales increasing rapidly and domestic prices slightly rising year-on-year. Import losses are also decreasing [3]. - **Refining**: The refining sector is facing challenges due to low domestic demand for refined oil, but the overall operational load remains high. Strict management of consumption tax and enhanced management of crude oil imports may benefit the refining business [3]. - **Chemicals**: Despite a general downturn in the domestic chemical industry, the company has maintained good profitability through optimization of oil sources, cost reduction, and leveraging ethane project advantages [3]. Valuation and Financial Metrics - The target price of RMB 12.80 per share is derived using a sum-of-the-parts (SOTP) valuation method, with a WACC set at 6%. The report indicates a 30% discount to the NAV of China Petroleum A [4][10]. - Key financial metrics include projected net profits of RMB 171.719 billion for 2024 and earnings per share (EPS) of RMB 0.94 [7]. The company is expected to maintain a dividend yield of approximately 5.3% in 2024 [8].

Group 1 - The core point of the article is that Wang Lijun, the former Deputy Secretary of the Party Committee and General Manager of China Petroleum's Jiangsu Sales Company, is under investigation for serious violations of discipline and law [1][2] - The investigation is being conducted by the China Petroleum Discipline Inspection and Supervision Group along with the Jiangsu Provincial Commission for Discipline Inspection and Supervision [1]

证券代码 601857 证券简称 中国石油 公告编号 临 2024-034 中国石油天然气股份有限公司 第九届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国石油天然气股份有限公司（以下简称公司）董事会于2024年12 月6日向公司全体董事、监事和高级管理人员发出第九届董事会第十次会 议通知，会议于2024年12月20日在北京以现场会议方式召开。应出席会 议董事12人，实际出席会议董事8人。董事谢军先生和独立董事张来斌先 生、何敬麟先生、阎焱先生因其他公务安排未能出席会议，分别书面委托 董事张道伟先生、独立董事蒋小明先生和独立董事刘晓蕾女士代为出席 并表决。会议由董事长戴厚良先生主持。部分监事和高级管理人员列席 了会议。本次会议符合《中华人民共和国公司法》和《中国石油天然气股 份有限公司章程》的规定，合法、有效。 二、董事会会议审议情况 公司董事会审议了以下议案，形成如下决议： （一）审议通过《关于公司2025年度业务发展和投资计划的议案》； 议案表决情况：同意12票，反对 ...

证券代码：601857 证券简称：中国石油 公告编号：临 2024-035 中国石油天然气股份有限公司 关于与中油财务有限责任公司货币类金融衍生业务交易及 2025 年度金融业务预计的公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 一、 关联交易概述 公司于2024年12月20日与中油财务签署2025年衍生品框架协议，中油 1 中国石油天然气股份有限公司（以下简称公司）与中油财务有限责 任公司（以下简称中油财务）于2024年12月20日签署《货币类金融 衍生业务服务框架协议》（以下简称2025年衍生品框架协议），中 油财务将于2025年度向公司及其附属公司（以下合称本集团）提供 货币类金融衍生品服务。 本次交易构成关联交易 本次交易未构成重大资产重组 截至本次关联交易为止，过去12个月内本集团与同一关联人或与不 同关联人之间交易类别相关的关联交易未达到本集团最近一期经审 计净资产绝对值5%以上，此项持续性关联交易无需提交股东会审 议。 财务将于2025年度向本集团提供货币类金融衍生品服务，根据《上海证券 交 ...

Core Insights - China National Petroleum Corporation (CNPC) has achieved a record high in the use of electric fracturing equipment, reaching 1.285 million hydraulic horsepower as of December 17, marking a year-on-year increase of 25.5% [1] - The domestic equipment localization rate for electric fracturing has reached 100%, indicating that CNPC's electric fracturing scale and key technologies have reached internationally advanced levels [1] - Electric fracturing technology offers advantages over traditional diesel-driven fracturing, including lower costs, environmental benefits, increased efficiency, and greater autonomy [1] Industry Trends - Domestic and international oil service companies are accelerating the development of electric fracturing, with some companies achieving an electric unit share of 40% [2]

Group 1 - The establishment of a new company, PetroChina Tower Oil Joint Exploration (Xinjiang) Co., Ltd., has been reported, with a registered capital of 1 billion yuan [1] - The legal representative of the new company is Liu Weibao, and its business scope includes mineral resource exploration [1] - The company is jointly held by PetroChina's wholly-owned subsidiary, PetroChina Taihu (Beijing) Investment Co., Ltd., and Xinjiang Yaxin Coalbed Methane Investment Development (Group) Co., Ltd. [1]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Petroleum, with current prices at 8.01 CNY and 5.55 HKD respectively [2]. Core Views - China Petroleum is committed to ensuring natural gas supply and driving technological innovation in exploration and development, aiming to establish itself as a sustainable energy leader [5][7]. - The company is expected to benefit from the seasonal increase in natural gas demand during the winter months, with a significant rise in consumption anticipated [9][10]. - The development of unconventional oil and gas resources, particularly shale oil and coalbed methane, is accelerating, contributing to the company's production and reserves replacement [11][12]. - The company is enhancing its operational quality and efficiency through a focus on quality management and responsibility [6][8]. - China Petroleum's long-term strategy emphasizes energy security, technological innovation, and sustainable growth, positioning it well to navigate energy market cycles [13][15]. Summary by Sections Revenue Performance - The report indicates a relative performance of -2.24% over 1 month, -25.30% over 3 months, and +8.13% over 1 year, with absolute performance at -4.53%, -9.01%, and +18.20% respectively [2]. Market Data - The total share capital is 1,830.21 million shares, with a total market value of 1,465.998 billion CNY. The stock has traded between 6.34 CNY and 10.51 CNY over the past year [2]. Natural Gas Supply - The company is focusing on ensuring natural gas supply for the winter of 2024-2025, emphasizing the importance of political awareness and proactive measures to meet supply demands [7][9]. Production and Profitability - In the first three quarters of 2024, China Petroleum's natural gas production reached 1,078 billion cubic meters, accounting for 59% of the national output, with a 29.7% year-on-year increase in operating profit from natural gas sales [10][11]. Unconventional Resources - The company has made significant advancements in shale oil production, with an annual output of 3.92 million tons in 2023, contributing to the overall growth in oil production [11][12]. Quality Management - The company is enhancing its quality management systems and focusing on improving product quality and operational efficiency [6][8]. Long-term Strategy - China Petroleum's long-term strategy includes deepening reforms, enhancing operational efficiency, and maintaining a focus on sustainable growth amidst market fluctuations [15][17].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Petroleum, with current prices at 8.01 CNY and 5.55 HKD respectively [2]. Core Views - China Petroleum is committed to ensuring natural gas supply and driving technological innovation in exploration and development, aiming to establish itself as a sustainable energy leader [5][7]. - The company is expected to benefit from the seasonal increase in natural gas demand during the winter months, with a significant rise in consumption projected [9][11]. - The development of unconventional oil and gas resources, particularly shale oil and coalbed methane, is accelerating, contributing to the company's production and reserves replacement [12][13]. - The company is enhancing its operational quality and efficiency through reforms and technological advancements, positioning itself for sustainable growth despite market fluctuations [16][17]. Summary by Sections Revenue Performance - The report indicates a relative performance of -2.24% over 1 month, -25.30% over 3 months, and +8.13% over 1 year, while absolute performance shows -4.53% over 1 month, -9.01% over 3 months, and +18.20% over 1 year [2]. Market Data - Total shares outstanding are 1,830.21 million, with a total market capitalization of 1,465.998 billion CNY. The stock has fluctuated between a low of 6.34 CNY and a high of 10.51 CNY over the past year [2]. Natural Gas Supply and Demand - The report highlights the importance of natural gas supply during the winter, with a focus on meeting the demand for heating and ensuring stable supply for the population [7][9]. - In the first three quarters of 2024, China's apparent natural gas consumption reached 3,166 billion cubic meters, marking a 10.0% year-on-year increase [9][11]. Unconventional Oil and Gas Development - China Petroleum has initiated a shale oil revolution since December 2018, with significant discoveries in the Ordos Basin, and aims to establish several demonstration areas for efficient production by the end of the 14th Five-Year Plan [12][13]. - The company has also made breakthroughs in coalbed methane exploration, with substantial geological reserves identified in the Ordos Basin [13]. Quality Management and Operational Efficiency - The company is focusing on enhancing its quality management systems and operational efficiency, with specific actions to improve product quality and brand value [8][14]. - The report emphasizes the need for a proactive approach to risk management and quality assurance to support the company's long-term goals [8][14]. Financial Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 175.9 billion, 180.3 billion, and 185.0 billion CNY respectively, with corresponding EPS of 0.96, 0.99, and 1.01 CNY per share [18].