智通财经APP获悉，美银证券发布研报称，中国石油化工股份(00386)2025年净利润同比跌34%至325亿元人民币，意味第四季净利润为4.11亿元人民币，同比跌89%，按季跌95%，符合预期。第四季表现疲弱主要由于存货损失及年终减值增加。该行维持中石化“买入”评级，予H股目标价6港元，中石化(600028.SH)A股目标价7.6元人民币。
管理层指引2026年资本开支为1,316亿元，当中上游、炼油、营销及化工分别占55%、13%、7%及21%。上游资本开支同比增2%，下游则同比减少21%至35%。此外，管理层视乎市况，预留额外170亿元人民币灵活调整资本开支。
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