Core Viewpoint - The article discusses the 2024 annual salary disclosures of executives from several major energy state-owned enterprises in China, highlighting the pre-tax remuneration and additional benefits for key personnel. Group 1: China National Petroleum Corporation (CNPC) - The chairman, Ma Yongsheng, has a pre-tax salary of 935,500 RMB, with additional social insurance and pension contributions totaling 237,600 RMB [3] - Other executives, such as Da Dong and Zhong Ren, also have salaries around 935,500 RMB and 842,000 RMB respectively, with similar additional benefits [3] Group 2: China Petroleum and Chemical Corporation (Sinopec) - Chairman Wang Dongjin's pre-tax salary is 966,900 RMB, with social insurance contributions of 264,800 RMB [5] - Other executives, including Zhou Xinhai and Wang Dehua, have salaries ranging from 289,200 RMB to 867,800 RMB, with similar additional benefits [5] Group 3: China National Offshore Oil Corporation (CNOOC) - Chairman Wang Dongjin earns 966,900 RMB, with social insurance contributions of 264,800 RMB [5] - Other executives have salaries from 14,510 RMB to 867,800 RMB, with additional benefits [5] Group 4: China Huaneng Group - Chairman Wen Shugang's pre-tax salary is 961,700 RMB, with social insurance contributions of 270,000 RMB [9] - Other executives, such as Zhang Wenfeng and Deng Jianling, have salaries ranging from 400,700 RMB to 860,000 RMB [9] Group 5: China Datang Corporation - Chairman Ren Jian's pre-tax salary is 922,100 RMB, with social insurance contributions of 283,200 RMB [11] - Other executives have salaries from 7,680 RMB to 824,900 RMB, with similar additional benefits [11] Group 6: China Huadian Corporation - Chairman Jiang Yi's pre-tax salary is 961,100 RMB, with social insurance contributions of 310,400 RMB [13] - Other executives have salaries ranging from 43,260 RMB to 865,000 RMB, with additional benefits [13] Group 7: China Longyuan Power Group - Chairman Liu Ming's pre-tax salary is 885,700 RMB, with social insurance contributions of 237,000 RMB [14] - Other executives have salaries from 7,250 RMB to 860,000 RMB, with similar additional benefits [14] Group 8: China Energy Investment Corporation - Chairman Yu Bing's pre-tax salary is 953,700 RMB, with social insurance contributions of 292,000 RMB [17] - Other executives have salaries ranging from 42,650 RMB to 850,000 RMB, with additional benefits [17] Group 9: China National Coal Group - Chairman Wang Shudong's pre-tax salary is 910,200 RMB, with social insurance contributions of 287,300 RMB [23] - Other executives have salaries from 15,170 RMB to 819,200 RMB, with similar additional benefits [23]

证券研究报告 中国石化 (600028 CH/386 HK) 港股通 公司有望受益于重组后的一体化优势 | 华泰研究 | | 动态点评 | | --- | --- | --- | | 2026 年 | 1 月 09 日│中国内地/中国香港 | 石油化工 | 1 月 8 日，经国务院批准，中国石化集团与中国航油宣布拟实施重组。我们 认为，若此次重组顺利实施，两家企业将整合航油产销一体化，打通海外航 油贸易，优化成品油零售体系，增强我国航空燃料产业国际竞争力。同时， 中国石化股份有限公司有望在产业链一体化下受益，但或将面临关联交易增 加，叠加炼油与化工板块有望迎来盈利低谷下的筑底反弹，公司业绩有望迎 来修复，维持 A/H"买入"评级，目标价 7.98 元/6.26 港元。 中国石化集团与中国航油官宣重组，有望增强我国航煤产业竞争力 1 月 8 日，经报国务院批准，中国石油化工集团有限公司与中国航空油料集 团有限公司拟实施重组。中国石化集团是全球第一大炼油公司和我国第一大 航油生产商，25 年前三季度原油加工量及航煤产量分别为 186.4/25.7 百万 吨，同比变化-2.2%/+6.5%。中国航油是亚洲最大的集航 ...

Group 1 - The State Intellectual Property Office of China has granted a patent to China Petroleum & Chemical Corporation for "Organic Phosphorus Compounds, Flame Retardant Fibers, Composite Material Compositions and Their Applications," with the announcement number CN119930690B and application date of November 2023 [1] - China Petroleum & Chemical Corporation, established in 2000 and based in Beijing, primarily engages in oil and gas extraction, with a registered capital of 12,173,968.9893 million RMB [1] - The company has invested in 268 enterprises, participated in 5,000 bidding projects, holds 45 trademark registrations, 5,000 patents, and possesses 41 administrative licenses [1] Group 2 - Sinopec Shanghai Petrochemical Company Limited, founded in 1993 and located in Shanghai, focuses on the oil, coal, and other fuel processing industries, with a registered capital of 1,054,261.75 million RMB [1] - The company has invested in 21 enterprises, engaged in 5,000 bidding projects, holds 51 trademark registrations, 1,352 patents, and has 12,791 administrative licenses [1]

Core Viewpoint - FORVIA Group has announced a strategic investment of 300 million RMB (approximately 40 million Euros) from Sinopec Capital into its hydrogen energy subsidiary, enhancing its market positioning in China's rapidly growing hydrogen sector [1][4]. Group 1: Investment Details - Sinopec Capital, through its private equity management arm, is investing in FORVIA's hydrogen energy subsidiary, indicating a strong commitment to the hydrogen energy market [1][4]. - The hydrogen fund managed by Sinopec is the largest in China focused on the hydrogen industry chain, having invested in 13 hydrogen-related companies [4]. Group 2: Market Context - The hydrogen industry has been elevated to a national priority in China, alongside gasoline and natural gas, to accelerate its industrialization [5]. - China's hydrogen production is projected to reach 36.5 million tons in 2024, a 3.5% increase from 2023, with significant applications in the chemical industry and growing use in transportation and steel manufacturing [5]. - China remains the largest single market for hydrogen fuel cell vehicles, with cumulative sales exceeding 30,000 units and 559 hydrogen refueling stations established nationwide [5]. Group 3: Strategic Collaboration - The partnership with Sinopec Capital is expected to enhance FORVIA's supply chain optimization and accelerate growth and value creation in the hydrogen sector [6]. - Executives from FORVIA emphasize that this collaboration will strengthen their market position in China and enhance their ability to provide innovative solutions [6]. - Sinopec Capital aims to become the leading hydrogen company in China and plans to leverage this investment to foster deep business cooperation and promote high-quality development in the global hydrogen industry [6].

Core Viewpoint - The restructuring between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is approved by the State Council, aiming to enhance market competitiveness and achieve strategic synergies [1][4]. Group 1: Restructuring Details - The restructuring requires further procedures and approvals but is not expected to significantly impact the normal operations of the companies involved [4]. - China Aviation Oil Group is the largest aviation fuel service provider in Asia, serving 258 transport airports and 454 general airports, and has been listed in the Fortune Global 500 for 13 times since 2011 [4]. Group 2: Strategic Benefits - The merger is anticipated to create significant strategic complementarity and synergy, enhancing the overall market competitiveness of both companies [5]. - Sinopec can leverage China Aviation Oil Group's distribution network to expand its market share in aviation fuel and integrate production and sales [5]. - China Aviation Oil Group will gain more stable upstream resource supply, improving its bargaining power in the international aviation fuel market [5]. Group 3: Green Transition - The restructuring aligns with China's "dual carbon" goals, as the civil aviation sector is a key area for achieving these targets, with approximately 99% of carbon emissions from aviation coming from fuel consumption [5]. - Sinopec is focusing on the development of sustainable aviation fuel (SAF) as a critical path for emissions reduction, having made significant advancements in this area since 2014 [5][6]. - The collaboration is expected to reshape the competitive landscape of the traditional energy market and have a profound impact on the green transition of China's aviation industry [6].

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (CAOG) marks a significant shift in the domestic aviation fuel market, creating a powerful entity that connects refining to airport fuel sales, thereby reshaping competition in the sector [1][3]. Group 1: Restructuring Details - The restructuring was approved by the State-owned Assets Supervision and Administration Commission (SASAC) and is the first major merger among oil and gas state-owned enterprises since the establishment of the National Oil and Gas Pipeline Group in December 2019 [1]. - Sinopec is the world's largest refining company and the second-largest chemical company, while CAOG is Asia's largest aviation fuel service provider [1][2]. Group 2: Market Implications - The merger is expected to reshape the competitive landscape of the domestic aviation fuel market, with CAOG gaining direct access to stable revenue streams from aviation fuel sales, while Sinopec strengthens its upstream supply chain [1][3]. - China's aviation fuel consumption is projected to grow significantly, with a 13% increase expected in 2024, reaching 39.28 million tons, and a forecast of 75 million tons by 2040 [3]. Group 3: Strategic Considerations - The merger aligns with global trends of vertical integration in the energy sector, enhancing the combined entity's strength in both upstream and downstream operations [4]. - The focus on sustainable aviation fuel (SAF) is critical, as it is seen as a key pathway for decarbonizing the aviation industry, with Sinopec being a pioneer in SAF production in China [5][6]. Group 4: Concerns and Challenges - There are concerns regarding market barriers that may arise from the merger, particularly for private SAF producers, as the new entity may leverage its integrated advantages to dominate the market [7]. - Other suppliers and airlines are apprehensive about potential reductions in market space and the impact on pricing power due to the consolidation of the largest supplier and distributor in the aviation fuel sector [7].

值得注意的是，1月8日，经报国务院批准，中国石油（601857）化工集团有限公司与中国航空油料集团 有限公司实施重组。光大证券发布研报称，中国石化（600028）集团与中国航油集团实施重组，本次合 并有助于中国石化集团打通航煤生产、销售、加注全产业链，提升成品油业务竞争力，下属上市公司有 望受益于中国石化集团的一体化全产业链优势。 消息面上，国际油价周四从连续两日下跌中反弹，布伦特原油一度涨幅达5%，创两周新高。据报道， 一艘驶往俄罗斯的油轮在黑海遭遇无人机袭击，伊拉克因美国对俄罗斯Lukoil实施制裁而推进West Qurna 2油田国有化，伊朗则因经济困境引发全国性抗议并实施互联网封锁。 石油股早盘走高，截至发稿，上海石油化工股份(00338)涨4.29%，报1.46港元；中海油(00883)涨 1.74%，报21.04港元；中石油(00857)涨1.38%，报8.08港元；中海油服（601808）(02883)涨0.82%，报 7.38港元；中石化(00386)涨0.43%，报4.69港元。 ...

值得注意的是，1月8日，经报国务院批准，中国石油化工集团有限公司与中国航空油料集团有限公司实 施重组。光大证券发布研报称，中国石化集团与中国航油集团实施重组，本次合并有助于中国石化集团 打通航煤生产、销售、加注全产业链，提升成品油业务竞争力，下属上市公司有望受益于中国石化集团 的一体化全产业链优势。 消息面上，国际油价周四从连续两日下跌中反弹，布伦特原油一度涨幅达5%，创两周新高。据报道， 一艘驶往俄罗斯的油轮在黑海遭遇无人机袭击，伊拉克因美国对俄罗斯Lukoil实施制裁而推进West Qurna 2油田国有化，伊朗则因经济困境引发全国性抗议并实施互联网封锁。 智通财经APP获悉，石油股早盘走高，截至发稿，上海石油化工股份(00338)涨4.29%，报1.46港元；中 海油(00883)涨1.74%，报21.04港元；中石油(00857)涨1.38%，报8.08港元；中海油服(02883)涨0.82%， 报7.38港元；中石化(00386)涨0.43%，报4.69港元。 ...

Group 1 - The core point of the news is the restructuring between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group, which has been approved by the State-owned Assets Supervision and Administration Commission of the State Council [1] - The oil and petrochemical, refining, and trading industries are expected to benefit from the sustained high volatility of international crude oil prices, with ongoing increases in global and domestic oil and gas capital expenditures [1] - The domestic strategy of increasing reserves and production is driving industry demand due to the rising dependence on foreign crude oil [1] Group 2 - High-tech barrier enterprises are anticipated to gain advantages in overseas markets, particularly in unconventional land oil and gas and offshore oil development, which are becoming new growth areas [1] - The oil price and energy security are expected to drive continued industry prosperity [1] - The oil ETF (561360) tracks the oil and gas industry index (H30198), which reflects the overall performance of listed companies in the oil and gas industry chain, providing an effective investment tool for investors focusing on the energy sector [1]

Group 1 - The State Intellectual Property Office of China has granted a patent to China Petroleum & Chemical Corporation for a technology related to image processing, with the announcement number CN116993593B and application date in April 2022 [1] - China Petroleum & Chemical Corporation, established in 2000 and based in Beijing, primarily engages in oil and gas extraction, with a registered capital of 121,739.6893 million RMB [1] - The company has invested in 267 enterprises, participated in 5,000 bidding projects, holds 45 trademark registrations, and has 5,000 patent records, along with 41 administrative licenses [1] Group 2 - Sinopec (Dalian) Petroleum and Chemical Research Institute Co., Ltd., established in 2022 and located in Dalian, focuses on research and experimental development, with a registered capital of 3,384.5908 million RMB [1] - This research institute has invested in 1 enterprise, participated in 2,801 bidding projects, holds 5,000 patent records, and possesses 65 administrative licenses [1]