Core Viewpoint - As of November 17, 2025, Sinopec's stock closed at 5.78 CNY, reflecting a 1.23% increase, with significant net inflows from institutional investors [1] Financial Performance - For the first three quarters of 2025, Sinopec reported a main operating revenue of 21,134.41 billion CNY, a year-on-year decrease of 10.69% - The net profit attributable to shareholders was 299.84 billion CNY, down 32.23% year-on-year, while the non-recurring net profit was 305.52 billion CNY, down 30.51% [2] - In Q3 2025, the company recorded a single-quarter main operating revenue of 7,043.89 billion CNY, a decrease of 10.88% year-on-year, and a net profit of 85.01 billion CNY, down 0.5% year-on-year [2] Market Position - Sinopec's total market capitalization is 700.407 billion CNY, significantly higher than the industry average of 213.514 billion CNY, ranking 61st in the industry [2] - The company has a price-to-earnings ratio of 17.52, which is lower than the industry average of 36.98, ranking 4th in the industry [2] Investment Sentiment - Over the past 90 days, 13 institutions have rated Sinopec, with 12 buy ratings and 1 hold rating, indicating positive sentiment towards the stock [3]

中国石油化工股份(00386)发布公告，于2025年11月17日斥资1673.84万港元回购378.8万股;斥资1266.74 万元回购220万股A股。 ...

Investment Rating - The investment rating for the company has been upgraded to "Buy" with a target price of RMB 7.60 / HKD 6.26 [7][5] Core Views - The report highlights a significant increase in sulfur prices due to supply-demand imbalances, with prices rising by 152% to RMB 3930 per ton as of November 14, 2025. This trend is expected to benefit the refining sector of the company [1][4] - The report anticipates an 8.6% year-on-year growth in sulfur consumption in China for 2024, driven by demand from various sectors including lithium batteries and new materials [1][2] - The company is positioned as the largest sulfur supplier in China with an annual production capacity of 8.88 million tons, which is expected to enhance its profitability amid rising sulfur prices [4][5] Summary by Sections Supply and Demand Dynamics - Global sulfur supply is facing constraints due to peak crude oil processing in China and reduced overseas supply, while demand is steadily increasing from sectors such as phosphate fertilizers and new materials [1][2] - In the first nine months of 2025, China's apparent sulfur consumption reached 16.75 million tons, a 6.1% increase year-on-year, with imports accounting for 47% of the total [2] Refining Sector Insights - The refining sector's growth is being challenged by structural changes in natural gas supply and a decline in independent refinery operations, leading to limited growth in sulfur production from crude oil [3] - The report notes that geopolitical factors, such as the Russia-Ukraine conflict, have tightened international sulfur supply due to reduced refinery operations and export bans [3] Financial Projections and Valuation - The company is expected to report a net profit of RMB 36.8 billion for 2025, with upward revisions for 2026 and 2027 net profit forecasts to RMB 46.3 billion and RMB 54.6 billion, respectively [5][11] - The report provides a valuation based on a price-to-earnings (P/E) ratio of 20.0x for A-shares and 15.0x for H-shares for 2026, reflecting the company's integrated advantages and transformation into new materials and non-oil businesses [5][12]

EE305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation 17 November 2025 Date Submitted: Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is discloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of H ...

智通财经APP讯，中国石油化工股份(00386)发布公告，于2025年11月17日斥资1673.84万港元回购378.8 万股;斥资1266.74万元回购220万股A股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國石油化工股份有限公司 呈交日期： 2025年11月17日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | H 股份類別 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00386 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（ ...

Core Insights - The National Energy Administration has identified "expanding non-electric utilization of renewable energy" as a key focus for the 14th Five-Year Plan, emphasizing the development of integrated wind-solar hydrogen, ammonia, and methanol production [1] - The wind-solar hydrogen-ammonia-methanol integration model is seen as a transformative approach to convert unstable green electricity into green hydrogen, which can then be synthesized into storable and transportable green ammonia and methanol, addressing the issue of renewable energy intermittency [2] - As of October 2023, over 800 hydrogen-ammonia-methanol integration projects have been planned in China, with a total planned green hydrogen capacity of nearly 9 million tons per year, positioning China as a global leader in this sector [2] Industry Development - Most of the green hydrogen and methanol projects are concentrated in resource-rich regions such as Northwest, North, and Northeast China, with provinces like Inner Mongolia, Jilin, and Xinjiang actively promoting large-scale development [3] - Notable operational projects include the China Petroleum & Chemical Corporation's green hydrogen demonstration project in Xinjiang and the 100,000-ton green methanol project in Inner Mongolia, among others [3][4] - The industry is witnessing increasing participation from both state-owned enterprises and private companies, creating a competitive landscape [4] Challenges and Future Outlook - The green hydrogen and methanol industry faces challenges such as high production costs, insufficient technological integration, and a lack of standardized systems [6] - Industry experts emphasize the need to reduce investment costs and improve operational rates to enhance competitiveness [6] - Despite current challenges, the market potential for green methanol and ammonia is significant, particularly in the context of low-carbon development trends in shipping and aviation, suggesting a promising long-term outlook for the hydrogen-ammonia-methanol market [6]

证券时报·数据宝统计显示，11月14日有38家香港上市公司进行了股份回购，合计回购3869.20万股，回 购金额2.06亿港元。 中国飞鹤回购数量1070.00万股，回购金额4612.75万港元，回购最高价为4.340港元，最低价为4.300港 元，年内累计回购金额5.50亿港元；中远海控回购数量300.00万股，回购金额4258.27万港元，回购最高 价为14.310港元，最低价为14.110港元，年内累计回购金额48.92亿港元；中国石油化工股份回购数量 674.00万股，回购金额2982.11万港元，回购最高价为4.450港元，最低价为4.400港元，年内累计回购金 额12.31亿港元。 以金额进行统计，11月14日回购金额最多的是中国飞鹤，回购金额为4612.75万港元；其次是中远海 控，回购金额为4258.27万港元；回购金额居前的还有中国石油化工股份、瑞声科技等。回购数量上 看，11月14日回购股数最多的是中国飞鹤，当日回购量为1070.00万股；其次是中国石油化工股份、安 东油田服务等，回购数量分别为674.00万股、600.80万股。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎 ...

Core Viewpoint - Multiple companies conducted share buybacks on November 14, 2025, with China Feihe (06186) leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - China Feihe (06186) repurchased 10.70 million shares for a total of 46.13 million yuan, representing 1.412% of its total share capital [2]. - COSCO Shipping Holdings (01919) repurchased 3.00 million shares for 42.58 million yuan, accounting for 0.979% of its total share capital [2]. - Sinopec Limited (00386) repurchased 6.74 million shares for 29.82 million yuan, which is 0.120% of its total share capital [2]. - AAC Technologies (02018) repurchased 300,000 shares for 11.97 million yuan, representing 0.212% of its total share capital [2]. - Yimeng Sunshine (N23020) repurchased 604,000 shares for 9.97 million yuan, accounting for 1.732% of its total share capital [2]. Group 2: Other Notable Buybacks - Kweichow Moutai (09987) repurchased 17,400 shares for 6.27 million yuan, which is 3.190% of its total share capital [2]. - Antong Oilfield Services (03337) repurchased 6.01 million shares for 5.99 million yuan, representing 1.660% of its total share capital [2]. - MGM China (02282) repurchased 338,700 shares for 5.45 million yuan, accounting for 0.763% of its total share capital [2]. - China Feihe (06186) has a cumulative buyback of 12.8 million shares for the year, which is 1.412% of its total share capital [2].

Core Viewpoint - Sinopec is leading the domestic industry in the recycling of waste plastics through a combination of independent research and international cooperation, establishing a comprehensive technical system from chemical recycling to physical regeneration [2][4]. Group 1: RPCC Technology Development - The RPCC technology developed by Sinopec's Research Institute represents the forefront of domestic chemical recycling of waste plastics, specifically targeting polyethylene (PE) and polypropylene (PP) [2]. - The RPCC technology features three main innovations: the ability to process mixed waste plastics containing varying levels of PVC, achieving a thermal oil yield exceeding 80%, and forming a complete closed-loop cycle from "plastic-waste plastic-olefins-resins-plastic" [7][8]. Group 2: Industrial Application and Investment - The RPCC technology is set to transition from laboratory to industrial application in 2024, with the RDC equipment being a core component of the first global chemical recycling industrial demonstration project for waste agricultural film [5]. - The Tahe Refining and Chemical's project, utilizing RPCC technology, has a total investment of 162 million yuan and aims to process 35,000 tons of waste agricultural film annually, converting it into pyrolysis oil to partially replace naphtha as a feedstock for ethylene production [5]. Group 3: Waste Plastic Pyrolysis Oil Processing - The processing of waste plastic pyrolysis oil is crucial due to its complex composition and high impurity content, necessitating deep processing to enhance quality [12][24]. - Key processing methods include dechlorination, hydrogenation refining, catalytic upgrading, and steam cracking, which are essential for transforming waste plastic pyrolysis oil into high-value products [12][22]. Group 4: Future Directions - Future development directions for the processing of waste plastic pyrolysis oil include improving analytical techniques for precise composition analysis, optimizing hydrogenation technologies, and developing integrated processing methods to address the challenges posed by diverse impurities [24].