Research Express | China National Petroleum Corporation's Capital Accepts Guotai Haitong Securities' Investigation: Detailed Explanation of Industry Chain Financial Advantages and Financial Collaboration Initiatives

On March 31, 2026, China National Petroleum Corporation Capital Co., Ltd. (hereinafter referred to as “the Company”) received a specific-object research visit by Guotai Junan Securities.

The Company’s Deputy General Manager of the Securities Affairs Department, Wu Cheng, and relevant staff members engaged in in-depth communication with the research institutions on core issues including shareholder background advantages,融融协同 initiatives, the impact of oil price fluctuations, and the Company’s CNPC Finance business, among other topics. They provided a comprehensive explanation of the Company’s strategic layout and operational highlights in the industrial finance sector.

Relying on CNPC’s Industry Chain Resources to Build an Industry-Finance Integration Ecosystem

When discussing the Company’s core advantages, the attending personnel stated that the Company deeply leverages the vast industry chain resources of China National Petroleum Corporation and a rich range of service application scenarios. It focuses on providing financial services to customers across the energy and chemical industries, including upstream and downstream customer groups, as well as social customers. The Company firmly follows the work guidelines of “integrating industry with finance, promoting industry through finance, unified coordination, and doing things that are specific and optimizing what is done,” and fully leverages the advantages of multiple financial licenses. Through institutional innovations in industry-finance integration and融融協同, it builds an ecosystem of integrated coordination across industry investment and financing, providing customers with comprehensive financial service solution packages. This move not only strengthens the core functions of serving the main business and national strategies and the real economy, but also lays a solid foundation for the Company’s business expansion and sustainable development.

Deepening融融协同: An All-Round Layout from Systems to Services

Regarding specific initiatives for融融协同, the Company introduced that it has pushed forward the issuance of the 《Guiding Opinions on Deepening Industry-Finance Integration》, and established an industry-finance integration coordination leading group as well as a regional coordination group for融融协同. Through this mechanism, the Company provides high-quality, efficient, and fast “one-stop” bundled financial products and “one-stop” services to its main business units. The aim is to support the high-quality development of the real economy through financial support and innovation-driven leadership.

Oil Price Fluctuations Have No Direct Impact; the Stock Price Is Influenced by Multiple Factors

Regarding the impact of oil price fluctuations that the market is concerned about, the Company stated clearly that, as an industrial finance institution, its primary operations involve financial business. It focuses on providing diversified financial services across the energy and chemical industry chain, and oil price fluctuations will not have a direct impact on the Company’s performance. Meanwhile, the Company’s stock price fluctuations are affected by multiple factors, including international situations, the macroeconomy, national policies, industry conditions, and market expectations. The actual performance must be assessed comprehensively in light of information, liquidity conditions, policy factors, and sentiment factors, among others.

CNPC Finance: Key Functions of the Group’s “Internal Bank” and Treasury (Cash Management) Platform

Regarding the business positioning of CNPC Finance, the attending personnel introduced that CNPC Finance, as the “internal bank” and treasury (cash management) platform of China National Petroleum Corporation, holds full-range business qualification and license permits. It mainly provides services for the Group and its member entities, including receiving and paying transaction funds, internal fund transfer and settlement, bill acceptance, discounting and financing, deposits and loans, investment and financing, foreign exchange transactions, and more. It serves as a key carrier for the Group’s capital management and financial services.

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