时隔两年，中央企业集团层面重组整合再添新案例。 1月8日，国务院国资委发布消息称，经报国务院批准，中国石油化工集团有限公司（以下简称"中国石 化"）与中国航空油料集团有限公司（以下简称"中国航油"）实施重组。在业内看来，这两家能源央 企"巨无霸"的整合，将重塑国内航油市场乃至整个能源产业链的格局。 公开资料显示，中国石化是上下游、产供销、内外贸一体化特大型能源化工集团公司，目前是世界第一 大炼油公司、第二大化工公司，在2025年世界500强中位居第6，拥有9家上市公司，涵盖油气勘探、炼 油化工、装备制造等能源全产业链。中国航油则是亚洲最大的集航空油品采购、运输、储存、检测、销 售、加注于一体的航空运输服务保障企业，主营业务涉及航油、石油、物流、国际和通航五大板块。 作为民航业的"血液"，航空煤油供应安全直接关系到国家经济命脉和公共运输体系稳定。根据标准普尔 预测，2040年我国航油消费将增长至7500万吨。 有专家指出，两家企业重组后，中国石化可直接切入航油销售渠道，实现从原油炼化到飞机加油的"炼 油—分销"一体化闭环。对于中国航油来说，也将获得更稳定可靠的上游供应。总体来看，此次重组将 助双方实现优势互补， ...

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is a strategic move aimed at enhancing competitiveness in the aviation fuel industry and promoting green transformation in the aviation sector [2]. Group 1: Company Overview - China Aviation Oil is the largest integrated aviation fuel service provider in Asia, involved in procurement, transportation, storage, testing, sales, and refueling [2]. - Sinopec is recognized as the world's largest refining company and the leading aviation fuel producer in China [2]. Group 2: Strategic Implications - This reform represents a strategic and professional consolidation of central enterprises, responding proactively to international competition and the need for green transformation [2]. - The merger is expected to lower aviation fuel supply costs and enhance the competitiveness of China's aviation fuel industry [2].

◎记者 王子霖 据1月8日国务院国资委官网消息，经报国务院批准，中国石油化工集团有限公司（简称"中国石化集 团"）与中国航空油料集团有限公司（简称"中国航油集团"）实施重组。本次"强强联合"，有望助力降 低航空燃料供应成本，增强我国航空燃料产业竞争力，促进航空业绿色低碳转型。 两大石油央企集团"强强联合" 事实上，2025年11月，本次重组已被中国航油集团旗下在新加坡交易所上市的中国航油（新加坡）股份 有限公司的一则公告"剧透"。不过，彼时的公告并未披露另一家重组方，只提到中国航油集团将与另一 家企业集团进行重组。 "中国石化集团与中国航油集团的重组符合近年来国企改革聚焦主责主业、通过整合提升核心竞争力的 整体方向，其目的在于优化国有资本布局，避免同质化竞争。"中国企业改革与发展研究会研究员周丽 莎表示，处于航空燃料产业链下游关键环节的中国航油集团，拥有覆盖全国运输机场及航空客户的销售 网络，这确保了其航油产品的稳定销售。通过重组实现"炼油—分销"一体化，有助于增强我国航油供应 链的稳定性与议价能力。 郭晨凯 制图 据1月8日国务院国资委官网消息，经报国务院批准，中国石化集团与中国航油集团实施重组。从供应链 ...

Core Viewpoint - The restructuring of Sinopec and China National Aviation Fuel is expected to enhance the resilience of the aviation fuel industry chain and ensure energy security for the aviation sector in China [1][2]. Group 1: Industry Overview - China National Aviation Fuel is the largest aviation fuel service provider in Asia, involved in procurement, transportation, storage, testing, sales, and refueling [1]. - Sinopec is the world's largest refining company and the leading aviation fuel producer in China [1]. Group 2: Market Potential - According to S&P, China's aviation fuel consumption is projected to grow from 39.28 million tons in 2024 to 75 million tons by 2040 [3]. - The merger will leverage integrated refining and aviation fuel supply systems to reduce intermediate links and lower supply costs, thereby strengthening energy security for the aviation industry [3]. Group 3: Competitive Landscape - Major international aviation fuel service providers include integrated oil and petrochemical companies like Shell, BP, ExxonMobil, and Total, which have significant advantages in scale, product quality, and infrastructure [4]. - The current production, sales, and refueling of aviation fuel in China are fragmented among different companies, which limits overall competitiveness compared to large international players [5]. Group 4: Sustainable Development - The merger is also expected to promote the high-quality development of sustainable aviation fuel (SAF), which is recognized as a key route for reducing carbon emissions in the aviation sector [6]. - Sinopec is one of the earliest companies in China to have SAF production capabilities, while China National Aviation Fuel plays a crucial role in the promotion and application of SAF [6].

Core Viewpoint - The strategic merger between China Petroleum & Chemical Corporation (Sinopec) and China National Aviation Fuel Group (China Aviation Fuel) aims to create a comprehensive "super aircraft carrier" that integrates the entire aviation fuel supply chain, enhancing competitiveness and promoting green transformation in the aviation fuel industry [2][5][8] Group 1: Strength of the Companies - Sinopec is the world's largest refining company and China's top aviation fuel producer, with a registered capital of 326.5 billion RMB and a market capitalization of 689.8 billion RMB as of the merger announcement [3] - China Aviation Fuel is Asia's largest integrated aviation fuel service provider, covering procurement, transportation, storage, testing, sales, and refueling, serving 585 global airline customers [3] Group 2: Motivation for the Merger - The merger is driven by strong market demand and the complementary strengths of both companies, with global aviation fuel demand projected to reach 389 million tons by 2025, a 3.9% increase [4] - The merger aims to streamline operations, allowing Sinopec's aviation fuel to reach end customers directly through China Aviation Fuel's network, thus maximizing the value of the supply chain [4] Group 3: Strategic Value - The merger supports the low-carbon development of China's aviation industry, with Sinopec making significant advancements in sustainable aviation fuel (SAF), which can reduce carbon emissions by over 50% compared to traditional aviation fuel [5] - The integration enhances China's competitive position in the global aviation fuel market, which is currently dominated by companies like Shell and BP, by creating a unified operational capability across the entire aviation fuel supply chain [6] Group 4: Multi-Dimensional Impact - The merger is expected to lower aviation fuel costs, alleviating financial pressure on airlines and promoting healthier industry development [7] - Consumers will benefit from improved service reliability and potentially lower travel costs due to optimized operational efficiencies [7] - The combined asset quality and profitability of the merged entity will provide a more attractive investment opportunity in the capital market, enhancing the recognition of state-owned capital [7] Group 5: Industry Restructuring - The merger signifies a new era of collaborative development in China's aviation fuel industry, positioning it as a core force in high-quality energy development and global competition [8] - The integration is expected to enhance the efficiency of state capital allocation and strengthen China's international influence in the aviation fuel sector [8]

1、中国石化中国航油官宣重组 有何影响 重要程度：★★★★★ 据国资委网站，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。 业内人士认为，此项改革是中央企业战略性、专业化重组整合的布局落子，也是应对国际竞争与绿色转型 的主动作为，有望助力降低航空燃料供应成本，增强我国航空燃料产业竞争力，促进航空业绿色低碳转 型。 商务部8日举行例行新闻发布会，商务部新闻发言人何亚东在回应有关审查Meta收购人工智能平台Manus的 提问时说，中国政府一贯支持企业依法依规开展互利共赢的跨国经营与国际技术合作。需要说明的是，企 业从事对外投资、技术出口、数据出境、跨境并购等活动，须符合中国法律法规，履行法定程序。商务部 将会同相关部门对此项收购与出口管制、技术进出口、对外投资等相关法律法规的一致性开展评估调查。 5、市场监管总局通报多晶硅垄断风险?相关方回应来了 2、剑指中国商业航天新一极!广州拟攻关可复用火箭技术 重要程度：★★★★ 1月8日，广州市人民政府办公厅发布《广州市加快建设先进制造业强市规划(2024—2035年)》，提出到 2035年，打造具有全球影响力的中国商业航天新一极。 《规划》 ...

2026年，央企重大重组的"第一单"在能源领域正式落地。 中国石油化工集团有限公司预计，"十五五"期间我国航空燃料需求年均增长4%左右，2030年将达5000 万吨左右、2040年约为7500万吨。 国务院国资委8日发布消息，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。 中国石油化工集团有限公司是全球第一大炼油公司和我国第一大航油生产商，中国航空油料集团有限公 司是亚洲最大的航油服务企业。两家"巨无霸"合并，引发业内高度关注。 "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重组的核心战略意义，在于打造全链条一体 化航油供应体系，提升能源安全、国际竞争力与绿色转型能力，同时优化国有资本布局。"对外经济贸 易大学中国国际碳中和经济研究院执行院长、中国石油流通协会副监事长兼碳中和研究院院长董秀成对 上证报记者表示。 打造世界一流航空能源供应商 作为能源化工与航空油料供应两大领域的龙头企业，中国石油化工集团有限公司与中国航空油料集团有 限公司分别在各自产业链上占据核心地位。 中国石油化工集团有限公司是上下游、产供销、内外贸一体化特大型能源化工集团公司，是中国最大的 成品油和石化 ...

Core Viewpoint - The merger between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group aims to enhance national aviation energy supply security, promote green and low-carbon transformation in aviation energy supply, and establish a world-class aviation energy supplier [1][2]. Group 1: Company Overview - Sinopec is the largest refined oil and petrochemical product supplier in China, the world's largest refining company, and the second-largest chemical company, with a comprehensive energy industry chain [2]. - China Aviation Oil is the largest integrated aviation fuel service provider in Asia, involved in procurement, transportation, storage, testing, sales, and refueling of aviation fuel [2]. Group 2: Market Potential - The demand for aviation kerosene in China is projected to reach approximately 50 million tons by 2030, with an average annual growth rate of around 4% during the 14th Five-Year Plan period [2]. - According to S&P forecasts, China's aviation fuel consumption is expected to grow to 75 million tons by 2040 [2]. Group 3: Synergies and Competitive Position - The merger is expected to create significant synergies by leveraging integrated refining and aviation fuel supply systems, reducing intermediate links, and lowering supply costs [3]. - Currently, China's aviation fuel production, sales, and refueling operations are fragmented across different companies, which limits overall competitiveness compared to international integrated oil and gas companies [3]. Group 4: Green Transformation - The merger will facilitate the high-quality development of sustainable aviation fuel (SAF) industry, with Sinopec being the first in Asia to have independent R&D and commercial production of bio-jet fuel [3]. - China Aviation Oil plays a crucial role in the promotion and ecological construction of SAF, and the merger will enhance collaboration in this area [3]. Group 5: Strategic Context - This merger marks the first central enterprise-level restructuring case entering the 14th Five-Year Plan, aligning with the government's push for strategic and professional mergers and acquisitions [4]. - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of integrating key technologies, market channels, and strategic resources through mergers [4].

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，是全球第一大炼油公司与亚洲最大航油服务商的一次历史性握 手。 1月8日，经国务院批准，中国石油化工集团有限公司（以下简称"中国石化"）与中国航空油料集团有限公司（以下简称"中航油"）实 施重组。 业内人士认为，这并非简单的企业合并，而是全球第一大炼油公司与亚洲最大航油服务商的一次历史性握手。两者的结合，将直接贯通 从原油炼化到机场加注的航空燃料全产业链，在保障国家能源安全动脉的同时，锁定航空业绿色转型的未来钥匙。 强强联手优势互补 中国石化与中航油，就像产业链上的"超级生产者"与"核心主动脉"。中国石化作为全球炼油产能的领跑者，也是国内航煤生产的头号供 应商，202 3年其航煤产量超过2600万吨。而中航油则是国内航空油料采购、储运、加注的绝对主导者，业务覆盖全国各大机场，是连 接炼厂与飞机的桥梁。 但长期以来，我国航空燃料产业面临着"生产归生产、销售归销售"的格局，与国际大型一体化能源公司相比，整体竞争力有待提升。此 外，国资委也一直要求央企聚焦主责主业，实现业务资源整合协同。 中国石化与中航油的整合，正是这一政策导向的具体体现。过去，这两大巨头是 ...

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