【券商聚焦】第一上海予中国石油股份(00857)买入评级指近半年油价企稳业绩环比改善

金吾财讯

Nov 11, 2025

金吾财讯 | 第一上海发研报指，中国石油股份(00857)2025年前三季度公司实现营业收入2.17万亿元，同比-3.9%；毛利润为1751亿元；归母净利润1263亿元，同比-4.9%。国际市场原油价格相较去年下行，布伦特原油期货均价同比下跌14.6%至69.91美元/桶。公司第三季度营业收入7192亿元，毛利润580亿元，归母净利润423亿元，近半年油价企稳，业绩环比改善。油气和新能源业务经营稳健：前三季度公司原油产量7.14亿桶，同比+0.8%；可销售天然气产量3.98万亿立方英尺，同比增长4.6%，风光发电项目累计发电量达57.9亿千瓦时，同比+72.2%，前三季度油气单位操作成本降至10.79美元/桶，同比-6.1%；油气和新能源业务实现经营利润1,251.03亿元，整体盈利水平稳健。炼化业务高端化转型提速：前三季度公司原油加工量达 10.41亿桶，同比增长0.4%；化工产品商品量2959万吨，同比+3.3%。高附加值产品表现亮眼，该板块合计实现经营利润162.40亿元，转型成效持续显现。受益于各板块业务提质增效及天然气业务高增，该机构预测公司 2025-2027年的收入分别为28620亿元/28777亿元/29347亿元人民币；归母净利润分别为1608亿元、1670亿元和1734亿元；给予公司2026年10倍PE估值，目标价为9.78港元，较现价有15%的上涨空间，给予买入评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2582339192"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2582339192\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2582339192?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250109/MjZhZmU5OWE5M2M5YjFiNzE1NDI2Mjg5NzQxNQ==.jpg","is_english":false,"pubTime":"2025-11-11 12:15","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2582339192","market":"fut","top_or_hot":-1,"title":"【券商聚焦】第一上海予中国石油股份(00857)买入评级 指近半年油价企稳 业绩环比改善","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/00227\">第一上海</a>发研报指，<a href=\"https://laohu8.com/S/00857\">中国石油股份</a>(00857)2025年前三季度公司实现营业收入2.17万亿元，同比-3.9%；毛利润为1751亿元；归母净利润1263亿元，同比-4.9%。国际市场原油价格相较去年下行，布伦特原油期货均价同比下跌14.6%至69.91美元/桶。公司第三季度营业收入7192亿元，毛利润580亿元，归母净利润423亿元，近半年油价企稳，业绩环比改善。油气和新能源业务经营稳健：前三季度公司原油产量7.14亿桶，同比+0.8%；可销售天然气产量3.98万亿立方英尺，同比增长4.6%，<a href=\"https://laohu8.com/S/301100\">风光</a>发电项目累计发电量达57.9亿千瓦时，同比+72.2%，前三季度油气单位操作成本降至10.79美元/桶，同比-6.1%；油气和新能源业务实现经营利润1,251.03亿元，整体盈利水平稳健。炼化业务高端化转型提速：前三季度公司原油加工量达 10.41亿桶，同比增长0.4%；化工产品商品量2959万吨，同比+3.3%。高附加值产品表现亮眼，该板块合计实现经营利润162.40亿元，转型成效持续显现。受益于各板块业务提质增效及天然气业务高增，该机构预测公司 2025-2027年的收入分别为28620亿元/28777亿元/29347亿元人民币；归母净利润分别为1608亿元、1670亿元和1734亿元；给予公司2026年10倍PE估值，目标价为9.78港元，较现价有15%的上涨空间，给予买入评级。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】第一上海予中国石油股份(00857)买入评级 指近半年油价企稳 业绩环比改善</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】第一上海予中国石油股份(00857)买入评级 指近半年油价企稳 业绩环比改善\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-11-11 12:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/00227\">第一上海</a>发研报指，<a href=\"https://laohu8.com/S/00857\">中国石油股份</a>(00857)2025年前三季度公司实现营业收入2.17万亿元，同比-3.9%；毛利润为1751亿元；归母净利润1263亿元，同比-4.9%。国际市场原油价格相较去年下行，布伦特原油期货均价同比下跌14.6%至69.91美元/桶。公司第三季度营业收入7192亿元，毛利润580亿元，归母净利润423亿元，近半年油价企稳，业绩环比改善。油气和新能源业务经营稳健：前三季度公司原油产量7.14亿桶，同比+0.8%；可销售天然气产量3.98万亿立方英尺，同比增长4.6%，<a href=\"https://laohu8.com/S/301100\">风光</a>发电项目累计发电量达57.9亿千瓦时，同比+72.2%，前三季度油气单位操作成本降至10.79美元/桶，同比-6.1%；油气和新能源业务实现经营利润1,251.03亿元，整体盈利水平稳健。炼化业务高端化转型提速：前三季度公司原油加工量达 10.41亿桶，同比增长0.4%；化工产品商品量2959万吨，同比+3.3%。高附加值产品表现亮眼，该板块合计实现经营利润162.40亿元，转型成效持续显现。受益于各板块业务提质增效及天然气业务高增，该机构预测公司 2025-2027年的收入分别为28620亿元/28777亿元/29347亿元人民币；归母净利润分别为1608亿元、1670亿元和1734亿元；给予公司2026年10倍PE估值，目标价为9.78港元，较现价有15%的上涨空间，给予买入评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00227","symbol_name":"第一上海","start_time":0,"source_url":"1969395","article_id":"2582339192","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/MjZhZmU5OWE5M2M5YjFiNzE1NDI2Mjg5NzQxNQ==.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2582339192","pubTimestamp":1762834505,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"金吾财讯 | 第一上海发研报指，中国石油股份 2025年前三季度公司实现营业收入2.17万亿元，同比-3.9%；毛利润为1751亿元；归母净利润1263亿元，同比-4.9%。国际市场原油价格相较去年下行，布伦特原油期货均价同比下跌14.6%至69.91美元/桶。公司第三季度营业收入7192亿元，毛利润580亿元，归母净利润423亿元，近半年油价企稳，业绩环比改善。高附加值产品表现亮眼，该板块合计实现经营利润162.40亿元，转型成效持续显现。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"00227":"第一上海","00857":"中国石油股份"},"translate_title":"[Brokerage Focus] First Shanghai gave PetroChina (00857) a buy rating, indicating that oil prices have stabilized in the past six months and performance has improved month-on-month","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00227":1.5,"00857":1.5},"content_text":"金吾财讯 | 第一上海发研报指，中国石油股份(00857)2025年前三季度公司实现营业收入2.17万亿元，同比-3.9%；毛利润为1751亿元；归母净利润1263亿元，同比-4.9%。国际市场原油价格相较去年下行，布伦特原油期货均价同比下跌14.6%至69.91美元/桶。公司第三季度营业收入7192亿元，毛利润580亿元，归母净利润423亿元，近半年油价企稳，业绩环比改善。油气和新能源业务经营稳健：前三季度公司原油产量7.14亿桶，同比+0.8%；可销售天然气产量3.98万亿立方英尺，同比增长4.6%，风光发电项目累计发电量达57.9亿千瓦时，同比+72.2%，前三季度油气单位操作成本降至10.79美元/桶，同比-6.1%；油气和新能源业务实现经营利润1,251.03亿元，整体盈利水平稳健。炼化业务高端化转型提速：前三季度公司原油加工量达 10.41亿桶，同比增长0.4%；化工产品商品量2959万吨，同比+3.3%。高附加值产品表现亮眼，该板块合计实现经营利润162.40亿元，转型成效持续显现。受益于各板块业务提质增效及天然气业务高增，该机构预测公司 2025-2027年的收入分别为28620亿元/28777亿元/29347亿元人民币；归母净利润分别为1608亿元、1670亿元和1734亿元；给予公司2026年10倍PE估值，目标价为9.78港元，较现价有15%的上涨空间，给予买入评级。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}