Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has officially established the largest hydrogen energy investment fund in China, with an initial scale of 5 billion yuan, aimed at developing the hydrogen energy industry chain [1] Group 1: Fund Establishment - The hydrogen industry chain venture capital fund initiated by Sinopec has completed its business registration and has been filed with the Asset Management Association of China [1] - The fund will focus on key materials, core equipment, and original technologies with significant development potential across the entire hydrogen energy industry chain [1] Group 2: Infrastructure Development - Sinopec has built 11 hydrogen fuel cell hydrogen supply centers and 144 hydrogen refueling stations [1] - The company has established seven "hydrogen corridors," including the Western Land-Sea New Corridor and major highways such as Jinghu, Jingtian, Chengdu-Chongqing, and Hanjing [1] - Sinopec is now the company with the most hydrogen refueling stations in operation globally [1]

Group 1: Company Overview - Company is a global leader in the petrochemical industry, establishing a development pattern of "one base, two wings, and three new" [1] - The company is the largest oil and gas producer in China, with a stable increase in oil and gas production and significant reserve growth, projecting a total oil and gas equivalent production of 515 million barrels in 2024, a year-on-year increase of 2.2% [1] - As the world's largest refining company and the second-largest chemical company, the company has a refining capacity of approximately 303 million tons, accounting for 32.2% of the national refining capacity, with 14 refineries exceeding 10 million tons [1] Group 2: Industry Outlook - Supply growth is expected to be limited while demand continues to grow, leading to an outlook of mid-to-high oil prices through 2025 [2] - The company is focusing on hydrogen energy as a core business, aiming to become the leading hydrogen energy company in China by establishing a full hydrogen energy industry chain and forming deep collaborations with various domestic and international enterprises [2] Group 3: Financial Projections - The company is projected to achieve a net profit attributable to shareholders of 54.738 billion, 59.162 billion, and 63.423 billion yuan from 2025 to 2027, representing year-on-year growth of 8.80%, 8.08%, and 7.20% respectively, with corresponding PE ratios of 12.58X, 11.64X, and 10.86X [3]

Core Viewpoint - By 2030, hydrogen energy vehicles are expected to achieve industrialization in Hainan, with over 10,000 vehicles and 66 hydrogen refueling stations projected in the province [1] Industry Summary - The first Hainan Free Trade Port Hydrogen Energy Vehicle Industry Development Seminar was held in Haikou, highlighting the future potential of hydrogen energy vehicles in the region [1] - The collaboration aims to establish a zero-carbon emission automotive ecosystem within the Hainan Free Trade Port [1] Company Summary - Hainan Haima Automobile Co., a subsidiary of Haima Automobile, signed a strategic cooperation agreement with Shanghai Shunhua New Energy System Co. and Sinopec (Hainan) to develop the hydrogen energy vehicle industry [1]

General Provisions - The company is established to protect the legal rights of the company, shareholders, and creditors, and to regulate its organization and behavior according to relevant laws and regulations [1][3] - The articles of association and its attachments are legally binding documents that govern the rights and obligations between the company and its shareholders, as well as among shareholders [1][3] Company Structure - The company is a joint-stock company established in accordance with the Company Law and other relevant regulations, with its founding approved by the National Economic and Trade Commission [3] - The registered name of the company is China Petroleum & Chemical Corporation, abbreviated as Sinopec [5][3] - The company is a permanent entity, and its capital is divided into equal shares, with shareholders' rights and responsibilities limited to their subscribed shares [3][5] Business Objectives and Scope - The company's business objectives include developing the enterprise, returning profits to shareholders, contributing to society, and benefiting employees [6] - The business scope includes production, storage, transportation, and sales of petroleum and chemical products, as well as various energy-related services [7] Shares and Capital - The company issues ordinary shares, which include domestic and foreign shares, and can increase capital through various methods, including issuing new shares to existing shareholders [8][11] - The registered capital of the company is RMB 121,281,555,698 [24] Shareholder Rights and Obligations - Shareholders have the right to receive dividends, participate in shareholder meetings, supervise company operations, and request the company to buy back their shares under certain conditions [30][31] - Shareholders are obligated to comply with the articles of association and not to abuse their rights to harm the interests of the company or other shareholders [31][32] Shareholder Meetings - The shareholder meeting is the company's decision-making body, responsible for approving major company decisions, including business strategies, capital increases, and financial reports [57][60] - The company must establish rules for shareholder meetings, which include procedures for convening meetings, voting, and decision-making [33][36]

第三条 本章程及其附件对公司、公司股东及公司董事、监事、高级管理人员均 有约束力；前述人员均可以依据本章程及其附件提出与公司事宜有关的 权利主张。 中国石油化工股份有限公司 章程 2025 年 5 月 28 日经公司 2024 年年度股东会修订 | 2 | | --- | | 第一章 | 总则 . | | --- | --- | | 第二章 | 经营宗旨和范围 3 | | 第三章 | 股份和注册资本 . | | 第四章 | 减资和购回股份 6 | | 第五章 | 购买公司股份的财务资助 . | | 第六章 | 股票和股东名册 | | 第七章 | 股东的权利和义务 . | | 第八章 | 股东大会 15 | | 第九章 | 类别股东表决的特别程序 . | | 第十章 | 董事会 23 | | 第十一章 | 公司董事会秘书 29 | | 第十二章 | 公司总裁 30 | | 第十三章 | 监事会 . | | 第十四章 | 公司董事、监事、高级管理人员的资格和义务 33 | | 第十五章 | 财务会计制度、利润分配和审计 . | | 第十六章 | 会计师事务所的聘任 | | 第十七章 | 劳动人事 . | | 第十 ...

ck 4 × 2 儿证律师: 许 北京市海间律师事务所 关于中国石油化工股份有限公司 2024 年年度股东会、2025年第一次 A 股类别股东会和 2025年 第一次 H 股类别股东会的法律意见书 致:中国石油化工股份有限公司 本所作为贵司的常年法律顾问,应贵司要求,根据《中华人民共和国证券法》、 《中华人民共和国公司法》(以下统称"有关法律")及《中国石油化工股份有限 公司章程》(以下称"公司章程")的规定,出席贵司于 2025年5月28日召开的 2024 年年度股东会、2025年第一次 A 股类别股东会和 2025年第一次 H 股类别 股东会(以下称"本次会议"),对本次会议召开的合法性进行见证,并依法出具 本法律意见书。 本所律师根据《中华人民共和国证券法》第十九条的要求,按照律师行业公 认的业务标准、道德规范和勤勉尽责精神,出席了本次会议现场会议,并对贵司 提供的文件和有关事实进行了核查和验证。本所律师认为,本次会议召集和召开 的程序、召集人的资格、出席本次会议现场会议的股东或股东代理人资格、本次 会议的表决程序符合有关法律和公司章程的有关规定,本次会议的表决结果有效。 北京 BEIJING | 上海 ...

股票代码：600028 股票简称：中国石化 公告编号：2025-21 中国石油化工股份有限公司 2024年年度股东会、2025 年第一次 A 股类别股东会和 2025 年第一次 H 股类别股东会决议公告 中国石化董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 是否有否决议案：无 一、会议召开和出席情况 （一）2024 年年度股东会（简称"股东年会"）、2025 年第一次 A 股类别股东 会（简称"A 股类别股东会"）和 2025 年第一次 H 股类别股东会（简称"H 股类别 股东会"）召开时间：2025 年 5 月 28 日 （二）股东年会、A 股类别股东会、H 股类别股东会（合称"股东会"）召开 地点：北京市东城区朝阳门北大街 2 号北京港澳中心瑞士酒店 | （三）出席股东会的股东及其持有股份情况： | | --- | | 1、出席股东年会的股东和股东授权代理人人数（人） | 3,695 | | --- | --- | | 其中：A 股 | 3,691 | | 股 H | 4 | | 2、出席股东年会的股东和股东授 ...

Market Overview - The three major stock indices collectively declined, with the Shanghai Composite Index closing at 3339.93 points, down 0.02%, the Shenzhen Component Index at 10003.27 points, down 0.26%, and the ChiNext Index at 1985.38 points, down 0.31% [1]. Sector Performance - Strong sectors included medical waste treatment (+2.66%), combustible ice (+2.50%), beverage manufacturing (+2.30%), controllable nuclear fusion (+2.02%), and textile and apparel (+1.48%) [4]. - The internet e-commerce sector led the decline, with a drop of -2.01%, followed by medical services at -1.81% [4]. Individual Stock Highlights - In the medical waste treatment sector, notable performers included Yuhua Tian and Boschke, both hitting the 20% daily limit up, while Qiaoyin Co. also reached the limit up [4]. - The combustible ice sector saw ShenKai Co. hitting the limit up, with potential gains for QianNeng HengXin (+8%) and other companies like HaiMo Technology and Sinopec following suit [4]. Fund Flow Analysis - Major funds saw net inflows in sectors such as machinery, power equipment, and communications, while experiencing net outflows in banking, media, and public utilities [5]. - Specific stocks with significant net inflows included XueRen Co. (5.06 billion), GongXiao DaJi (3.37 billion), and GuoFang Group (3.36 billion) [6]. - Conversely, companies like BYD, Great Wall Motors, and Seres faced substantial sell-offs, with net outflows of 8.33 billion, 7.51 billion, and 6.21 billion respectively [7]. Institutional Insights - Dongfang Securities noted that liquidity disturbances are expected to continue, with long-term bond yields likely to remain high, indicating a tight overall market liquidity [8]. - The report emphasized that sectors with better performance visibility, such as consumption and pharmaceuticals, may offer relatively better short-term elasticity [8]. - Galaxy Securities advised caution in chasing high valuations in the fast-rotating new consumption sector [9]. - Guotai Haitong expressed a mid-term positive outlook on beverage manufacturing but recommended against chasing high prices in the short term [10].

Investment Rating - The report maintains an "Increase" rating for the petrochemical and chemical transportation sectors [5] Core Views - The third round of the fourth batch of central ecological environment protection inspections has been fully launched, which may impact the chemical industry [1] - The pesticide industry is undergoing capacity optimization due to stricter environmental regulations, with a potential price increase for chlorantraniliprole following an explosion at a major production facility [2] - The organic pigment industry is consolidating, with a positive outlook for high-performance organic pigments as domestic alternatives gain traction [3] - Investment recommendations include focusing on undervalued, high-dividend companies in the "three barrels of oil" and oil service sectors, as well as materials companies benefiting from domestic substitution trends [4] Summary by Sections 1. Chemical Product Market Review - The report highlights the current pricing trends for various petrochemical products, including Brent crude oil at $65 per barrel and WTI crude oil at $62 per barrel, with a notable decline in prices compared to previous months [9] - The report also provides detailed pricing for basic chemicals, fertilizers, and pesticides, indicating fluctuations in market prices [16][17] 2. Pesticide Industry Insights - The pesticide industry is seeing a reduction in capacity as non-compliant small enterprises exit the market, leading to a potential recovery in raw material prices [2] - The explosion at Youdao Chemical is expected to impact the supply of chlorantraniliprole, which may lead to price increases [2] 3. Organic Pigment Industry Analysis - The organic pigment sector is experiencing ongoing consolidation, with a shift towards high-performance organic pigments due to stricter environmental regulations and market saturation of traditional pigments [3] - The report suggests that companies with advanced production technologies will benefit from this trend [3] 4. Investment Recommendations - The report recommends focusing on companies in the oil and gas sector, materials benefiting from domestic substitution, and those in the fertilizer and pesticide sectors due to favorable monetary and fiscal policies [4]

中国青年报客户端讯（中青报·中青网见习记者 刘佳佳 记者 魏婉）5月26日，"强国总师思政课"第三期 活动在中国石油大学（北京）举办，中国工程院院士、中国石化总地质师、中国石化石油勘探开发研究 院院长郭旭升以"向深而行 为国争气"为题，向在场学子授课。 为丰富思政课内容，促进大学生了解国情社情，助力高校实习实践活动，国务院国资委宣传工作局、国 务院国资委新闻中心和中国青年报社联合相关单位共同组织了"强国总师思政课"主题活动。活动邀请各 领域顶尖专家、学者走进高校，为学生们讲述国家重大工程科技创新背后的故事，传递爱国情怀、创新 精神和社会责任感。 据了解，接下来，"强国总师思政课"还将邀请高校师生和青年代表深入超级工程、企业一线，开展"一 日总师体验卡"等实践活动，利用报、网、微、端、抖等媒体矩阵，组织开展"一线青年说"等活动，让 一线学子的声音被听见、力量被看见，让思政教育更加贴近青年，服务青年。 来源：中国青年报客户端 中国工程院院士、中国石化总地质师、中国石化石油勘探开发研究院院长郭旭升以"向深而行 为国争 气"为题，向在场学子授课。主办方供图 郭旭升开篇点明了进军地球深部的意义，阐述了深地资源开发在国家 ...