<p>摩根士丹利在一份研究报告中表示，中国石油（00857.HK）+0.220 (+1.836%) 空头头寸为 6.0868 亿美元；比例为 38.355% 报告的 2026 年第一季度业绩低于预期，每股收益为人民币 0.26，比经纪人预测低 4%，主要是由于实现的油价与其估计相比短缺了 14%。然而，报告将此归因于定价时间滞后，导致第一季度实现的油价与布伦特原油期货之间的折扣相对较大。预计这种情况将在 2026 年第二季度正常化。</p>
<p>报告指出，天然气、炼油、化工和营销部门的收益均显著高于预期。经纪人认为，尽管名义收益未达到预测，但基础运营结果远好于预期。维持该股的增持评级，目标价为港币 13.25。（hc/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 30 日 12:25。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>

中国石油

中国石油股份

中国石化

<p>摩根士丹利报告称，中国石油在 2026 年第一季度的收益未能达到预期，每股收益为人民币 0.26 元，低于预期 4%，主要由于实现的油价短缺 14%。这被归因于定价时间滞后，但天然气、炼油、化工和营销的收益超出了预期。该券商对中国石油维持 “增持” 评级，目标价为港币 13.25 元，预计 2026 年第二季度油价将恢复正常</p>

<p>Morgan Stanley said in a research report that PETROCHINA (00857.HK) +0.220 (+1.836%)  Short selling $608.68M; Ratio 38.355%  reported 1Q26 results below expectations, with EPS of RMB0.26, 4% lower than the brokers forecast, mainly due to a 14% shortfall in realized oil prices versus its estimate. However, the broker attributed this to a pricing time lag, which led to a relatively wider discount of realized oil prices to Brent oil futures in the first quarter. It expects the situation to normalize in 2Q26.</p>
<div class="lb-trans"><p>摩根士丹利在一份研究报告中表示，中国石油（00857.HK）+0.220 (+1.836%) 空头头寸为 6.0868 亿美元；比例为 38.355% 报告的 2026 年第一季度业绩低于预期，每股收益为人民币 0.26，比经纪人预测低 4%，主要是由于实现的油价与其估计相比短缺了 14%。然而，报告将此归因于定价时间滞后，导致第一季度实现的油价与布伦特原油期货之间的折扣相对较大。预计这种情况将在 2026 年第二季度正常化。</p>
</div><p>The report noted that earnings from the natural gas, refining, chemicals and marketing segments were all significantly above expectations. The broker believes that despite nominal earnings missing forecasts, the underlying operating results were materially better than expected. It maintained an Overweight rating on the stock with a TP of HKD13.25. (hc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 12:25.)</p>
<div class="lb-trans"><p>报告指出，天然气、炼油、化工和营销部门的收益均显著高于预期。经纪人认为，尽管名义收益未达到预测，但基础运营结果远好于预期。维持该股的增持评级，目标价为港币 13.25。（hc/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 30 日 12:25。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

M Stanley: PETROCHINA  Oil Price Lag Drags on Reported Earnings, Rated Overweight

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摩根士丹利

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

PetroCN HK SDR 1to2

摩根士丹利：油价滞后拖累了中国石油的报告收益，评级为增持