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10月13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 | 股份類別 H | | 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 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 佔有關事件前的現有已發 已發行股份（ ...

Core Viewpoint - Ningbo Xinghai Terminal Co., Ltd. has undergone a significant change in its shareholder structure, with Sinopec becoming a new shareholder holding 34% of the company [1] Company Summary - Ningbo Xinghai Terminal Co., Ltd. was established in August 2022 and has a registered capital of 168 million yuan [1] - The company is involved in port operations, ship port services, and non-residential real estate leasing [1] Shareholder Changes - Sinopec (stock code: 600028) has acquired a 34% stake in Ningbo Xinghai Terminal Co., Ltd. [1] - The company has also experienced changes in its key personnel [1]

Core Viewpoint - The petrochemical industry in China is experiencing a decline in profitability due to overcapacity and insufficient demand growth, leading to a competitive environment characterized by "involution" [1] Industry Summary - During the "14th Five-Year Plan" period, the production capacity of basic petrochemical products is expanding rapidly, but the growth in terminal demand is lagging behind, resulting in significant "revenue without profit" characteristics in the industry [1] - The current period is seen as a strategic window for restructuring the global petrochemical industry chain, with expectations for the "15th Five-Year Plan" period to focus on high-quality transformation and upgrading through self-discipline, policy guidance, and enhancing industry chains [1] ETF and Market Data - The petrochemical ETF (159731) is closely tracking the China Petrochemical Industry Index, which has seen a decline of approximately 1.9% recently [1] - The basic chemical industry accounts for 61.93% and the oil and petrochemical industry accounts for 30.84% of the Shenwan first-level industry distribution [1] - The top ten weighted stocks in the index include Wanhua Chemical, China Petroleum, and Sinopec, collectively accounting for 55.12% of the index [1]

Core Insights - A supertanker, the New Vista, changed its destination from Rizhao to Ningbo and Zhoushan after U.S. sanctions were imposed on the Rizhao oil terminal [1][3] - The New Vista, chartered by Unipec, is carrying 2 million barrels of Abu Dhabi's Upper Zakum oil [2] - The Rizhao Shihua Crude Oil Terminal, partially owned by a Sinopec logistics unit, was sanctioned for receiving Iranian oil on sanctioned vessels [3][4] - Sinopec relies on the Rizhao terminal for one-fifth of its crude oil imports [4]

Core Viewpoint - The commencement of the desulfurization and demercaptan unit for coking liquefied gas marks a significant step in the transformation and upgrading project of Qilu Petrochemical, transitioning from planning to actual construction [1] Group 1: Project Overview - The project is a key outcome of the strategic cooperation between Sinopec and Shandong Province, involving the construction of various facilities including atmospheric distillation, high-end carbon materials, and ethylene [1] - The desulfurization and demercaptan unit has a designed processing capacity of 75,000 tons per year, serving as the first unit to be constructed under this project [1] Group 2: Significance and Goals - The project is expected to optimize the petrochemical industry layout and cultivate new productive forces, highlighting its importance in the sector [1] - Qilu Petrochemical aims to implement strict safety production responsibilities, develop a scientific construction plan, and optimize resource allocation during the project [1] Group 3: Environmental Commitment - The project is positioned as a green, low-carbon, and environmentally friendly demonstration project, emphasizing high standards in design, quality in construction, and efficiency in progress [1]

Core Viewpoint - The Energy ETF (159930) opened with a decline of 2.27%, indicating a negative market sentiment towards energy stocks [1] Group 1: ETF Performance - The Energy ETF (159930) opened at 1.333 yuan, reflecting a drop in value [1] - Since its establishment on August 23, 2013, the fund has achieved a return of 37.76% [1] - The fund's performance over the past month shows a return of 3.11% [1] Group 2: Major Holdings Performance - Major holdings in the Energy ETF experienced declines, including: - China Shenhua down 0.78% - China Petroleum down 1.69% - China Petrochemical down 1.30% - Shaanxi Coal and Chemical Industry down 1.79% - China National Offshore Oil Corporation down 1.64% - Yanzhou Coal Mining down 2.28% - Jereh Group down 3.94% - China Coal Energy down 1.68% - Shanxi Coking Coal down 2.60% - Meijin Energy down 2.82% [1] Group 3: Management Information - The Energy ETF is managed by Huatai-PineBridge Fund Management Co., Ltd. [1] - The fund managers are Dong Jin and Sun Hao [1]

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [5] Core Views - The geopolitical risks in the Middle East have significantly eased following the ceasefire agreement between Israel and Hamas, which is expected to reduce the geopolitical risk premium on oil prices [1][10] - OPEC+ plans to increase production by 137,000 barrels per day in November, although the actual increase may fall short of this target due to limited spare capacity among member countries [2][14] - The reintroduction of tariffs by the U.S. on imports from China may negatively impact global oil demand, leading to a supply surplus and potential downward pressure on oil prices in the fourth quarter [3][19] Summary by Sections OPEC+ Production and Geopolitical Risks - The ceasefire agreement in the Israel-Hamas conflict is expected to alleviate geopolitical tensions, potentially lowering oil prices [1][10] - OPEC+ has announced a cautious increase in production, with a total increase of 1.75 million barrels per day recorded so far in 2025 [2][14] - The production capacity of major OPEC+ members varies, with Saudi Arabia having significant spare capacity while Russia's production is constrained [2][14] Tariff Risks and Demand Outlook - The U.S. will impose a 100% tariff on imports from China starting November 1, which could disrupt global oil demand [3][19] - The IEA projects a global oil demand increase of 740,000 barrels per day in 2025, while supply is expected to grow by 2.7 million barrels per day, leading to a potential oversupply situation [3][19] Investment Recommendations - The report suggests a long-term positive outlook for major oil companies and oil service sectors, emphasizing the potential for recovery in chemical demand due to macroeconomic improvements [4] - Specific companies to watch include China National Petroleum Corporation, Sinopec, and CNOOC, along with their respective oil service subsidiaries [4]

Group 1 - The core viewpoint of the article is that Sinopec has officially launched its recruitment for 2026 graduates, focusing on attracting talent in key areas such as traditional industry transformation, emerging industry development, and future industry layout [1][3] - Sinopec aims to recruit graduates with expertise in petroleum and petrochemical fields, as well as in urgent and scarce disciplines like new energy, new materials, and artificial intelligence [3] - The company will conduct campus recruitment presentations at relevant universities to encourage graduates to apply [3]

Group 1: Leadership Changes - Recent leadership changes occurred in several subsidiaries of China National Petroleum Corporation (CNPC) and Sinopec, including Southwest Oil and Gas Field, Shanghai Marine Oil Bureau, Central Plains Petroleum Engineering Company, and Yumen Oilfield [2][4][5][9] - Li Bo was appointed as a member of the Party Committee and Secretary of the Discipline Inspection Commission at CNPC Southwest Oil and Gas Field [2] - Zhang Shanghu was appointed as General Manager and Deputy Secretary of the Party Committee at Sinopec Shanghai Marine Oil Bureau [5] - Chen Zongqi was appointed as Executive Director and Secretary of the Party Committee at Sinopec Central Plains Petroleum Engineering Company [7] - Li Hui was appointed as General Manager and Deputy Secretary of the Party Committee at Yumen Oilfield [9] Group 2: Company Overview and Strategic Importance - Southwest Oil and Gas Field is the largest natural gas production and supply enterprise in Southwest China, with a strategic position in the industry [4] - The company achieved an impressive oil and gas equivalent production of 35.79 million tons in 2024, ranking second in CNPC's upstream sector and becoming the third-largest oil and gas field in China [4] - Shanghai Marine Oil Bureau, established in 1993, is the only Sinopec entity focused on deep-sea oil and gas exploration and engineering services, highlighting the company's commitment to marine resource development [5][6] - Central Plains Petroleum Engineering Company, founded in 2012, provides comprehensive oil engineering services and plays a crucial role in supporting upstream exploration and development activities [7][8] - Yumen Oilfield, known as the cradle of China's petroleum industry, focuses on oil and gas exploration, development, and refining, playing a vital role in energy supply for the western region [9]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) Shanghai Petrochemical Company Limited announced the results of its 2025 centralized bidding for refining agents, specifically for hydrogen gasoline stabilizer corrosion inhibitors with an additive amount of 20-40 ppm [1][2] - The company has made investments in 22 enterprises and participated in 23,334 bidding projects [1] - Sinopec holds significant intellectual property, including 65 trademark registrations, 1,307 patents, and 9 copyrights, along with 12,789 administrative licenses [1] Group 1 - The procurement was conducted by Sinopec Shanghai Petrochemical Company [2] - The winning supplier for the bidding is Zhejiang Hanghua Technology Co., Ltd. [2] - The bid amounts awarded were 71.557965 million, 82.699115 million, 89.20354 million, and 86.415929 million [2] Group 2 - The announcement was made on October 10, 2025 [2] - The bidding results are part of Sinopec's ongoing efforts to enhance its refining capabilities [1][2] - The data was compiled using Tianyancha APP, indicating a comprehensive analysis of the company's operational metrics [1]