PetroChina Co Ltd Class A

Shell is investing in the next phase of Arrow Energy's Surat Gas Project in Queensland, Australia, to secure ongoing gas supply for domestic customers and its Queensland Curtis LNG export terminal. The new phase, Surat Gas Project Central, is expected to begin production in 2028 and comprises 143 backfill wells designed to deliver around 79 million standard cubic feet, or approximately 84 terajoules, of gas per day at peak output. Arrow Energy is an incorporated joint venture equally owned by Shell and PetroChina, and the gas will be supplied under an existing 27-year sales agreement between Arrow Energy and the Shell QGC-operated QCLNG joint venture. Shell Australia executive vice-president and country chair Cecile Wake stated that continuing to invest in gas development is critical to domestic energy security, meeting export contracts, and supporting employment and economic activity in regional Queensland.

Asian stocks were mixed, with the Shanghai Composite falling back. Although the Political Bureau of the Communist Party of China Central Committee outlined a policy direction for economic improvement through measures such as expanding domestic demand, the market was dampened by rising US long-term interest rates following the Federal Open Market Committee meeting and higher crude oil prices amid escalating Middle East tensions. The Hang Seng Index rose for a fourth straight day, supported by expectations of additional economic stimulus from Chinese authorities, with PetroChina and others gaining on higher crude oil prices. The Shanghai Composite closed at 3804.69, down 23.78 points from the previous day, while the Hang Seng Index ended at 25858.88, up 50.96 points.

Recently, blue chips on the Shanghai Stock Exchange main board have bucked the trend and strengthened. China Construction Bank hit an all-time high of 10.73 yuan during trading, while China Merchants Bank's market value returned to the 1 trillion yuan mark. The Shenwan banking sector has risen 11.7% since July, topping all primary industries. Oil and gas, insurance, coal mining, and other blue-chip-heavy sub-sectors posted gains of over 10% over the same period, with PetroChina and Zijin Mining surging more than 20% within the month. The rally in blue chips has shifted to a dual driver of high dividend stability and earnings certainty. Among the 728 Shanghai main board companies that issued earnings forecasts, 66 companies in coal, petroleum and petrochemicals, and nonferrous metals expect to achieve net profits of 161.6 billion to 172.9 billion yuan, a year-on-year increase of 60% to 71%. At the same time, high dividends have become a ballast for capital seeking shelter. Since July, at least 12 Shanghai main board company chairmen or major shareholders have proposed interim profit distributions. Looking at 2025 dividends, 29 main board companies paid annual dividends exceeding 10 billion yuan. Among the 188 companies with cumulative annual dividends above 1 billion yuan, nearly 65% have a dividend yield above 3%. Analysts point out that this market driven by fundamental certainty is an important force for market stability.

China's stock market may open under pressure on Thursday after the Shanghai Composite Index slipped 0.02 percent to 3,339.93, marking its fifth straight session of declines. The Shenzhen Composite Index dipped 0.28 percent to 1,965.45. Among major movers, PetroChina spiked 2.08 percent and Sinopec jumped 1.94 percent, while Huaneng Power tanked 2.69 percent. The soft lead from Wall Street, where the Dow dropped 0.58 percent, and lingering uncertainty over U.S. trade policies are expected to weigh on Asian markets.

The Shanghai Composite Index closed only slightly higher today, amid concerns over China's economic outlook after gross domestic product expanded just 4.3 percent in the second quarter of 2026, the slowest growth rate since the fourth quarter of 2025 and below the government's full-year growth target range of 4.5 to 5 percent. The index closed at 3,867.03 points, up 2.67 points or 0.07 percent. Investors are watching the meeting of the Politburo Standing Committee of the Communist Party of China later this month, with top leaders expected to set the economic policy agenda for the remainder of the year. Technology stocks faced selling pressure, with Zhongji Innolight falling 6.66 percent and Eoptolink Technology plunging 7.79 percent, while energy stocks outperformed, with PetroChina surging 2.34 percent and CNOOC jumping 4.72 percent.

The chemical sector bucked the trend and moved higher, as China's first ethylene project fully implementing green and low-carbon development concepts officially went into operation. On July 16, PetroChina Dushanzi Petrochemical Tarim's 1.2 million tonnes per year Phase II ethylene and supporting green low-carbon demonstration project successfully started up on a single feed and entered full production, marking the completion of China's first 3 million tonne ethylene industrial base in the central and western regions. As of 11:30 on July 17, the CSI Subdivision Chemical Industry Theme Index rose 0.76%, and Chemical ETF Penghua gained 0.93% to 0.76 yuan, with intraday net subscriptions of 210 million units. Changjiang Securities noted that most chemical product spreads are currently at historical lows, the supply contraction trend is clear, and chemical product prosperity is expected to continue its upward trajectory.

The global naphtha market is projected to grow from USD 235.07 billion in 2025 to USD 381.58 billion by 2035, at a compound annual growth rate of 4.96 percent. Heavy naphtha held the largest revenue share at 61.4 percent in 2025, driven by its high olefin yields in steam crackers, while petrochemicals accounted for 54.7 percent of revenue due to demand for ethylene and propylene. Asia Pacific led the market in 2025, with China representing 44.3 percent of regional revenues, supported by integrated refinery-petrochemical plants from Sinopec, PetroChina, Hengli, and Rongsheng. In 2025, Sinopec started operations at a 1.4 million metric ton per year naphtha-fed steam cracker at Zhenhai Refining & Chemical, the largest single-train addition in China's history. The United States naphtha market was valued at USD 30.83 billion in 2025 and is expected to reach USD 46.87 billion by 2035, while Europe's market is forecast to grow from USD 60.45 billion to USD 98.03 billion over the same period.

On the morning of July 9, A-share memory chip concept stocks opened collectively higher. Huatian Technology quickly hit the daily limit, achieving three boards in two days. Lingxian Shares also surged to its daily limit, with its stock price reaching a record high. Domestic memory chip leader Changxin Technology released its STAR Market IPO prospectus, expecting to raise 29.5 billion yuan. Its prospectus forecasts net profit growth of 2,244.03 percent to 2,544.19 percent year-on-year in the first half of 2026. Meanwhile, amid renewed US-Iran tensions, international oil prices soared, and the entire oil industry chain strengthened. Tongyuan Petroleum briefly touched a 20 percent daily limit, and PetroChina rose for seven consecutive days.

World Brand Lab released its 2026 China's 500 Most Valuable Brands report, with Tencent ranking first at 639.24 billion RMB. Huawei, Haier, ICBC, and PetroChina rounded out the top five, all surpassing 600 billion RMB. The total value of the 500 brands reached 45.29 trillion RMB, up 7.76% from last year, and 146 brands are now valued at over 100 billion RMB. The food and beverage industry led with 71 brands on the list, followed by communication electronics and IT with 54. For the first time, the evaluation included an AI Influence Index to measure brand voice within the AI ecosystem.