Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group has created a super energy entity, significantly reshaping the aviation fuel industry in China [1][3]. Group 1: Company Overview - Sinopec is the world's largest refining company and the leading aviation fuel producer in China, controlling 40% of domestic aviation fuel production capacity and having technological advantages in sustainable aviation fuel (SAF) [3]. - China Aviation Oil is Asia's largest aviation fuel service company, monopolizing 95% of the aviation fuel sales network and providing a comprehensive supply chain from procurement to airport refueling [3]. - The merger transforms the relationship between the two companies from "buyer and seller" to a unified entity, streamlining the production and refueling process [3]. Group 2: Market Context - Global aviation fuel demand is projected to reach 389 million tons in 2025, with a year-on-year growth of 3.9%, while domestic demand is expected to exceed 40 million tons during the 14th Five-Year Plan period, with an average annual growth rate of 4% [5]. - The restructuring addresses key bottlenecks in the industry, such as redundancy in intermediate links and high costs, which have hindered development [5]. Group 3: Strategic Implications - This restructuring is part of a broader trend of professional integration among state-owned enterprises, with six groups of ten companies having undergone strategic mergers during the 14th Five-Year Plan [5]. - The merger is expected to enhance the efficiency of state capital allocation and position China's aviation fuel industry to compete with international giants like Shell and ExxonMobil [5]. Group 4: Impact on A-shares - Two types of stocks are highlighted for attention: Sinopec, which will benefit from stable aviation fuel sales and high-value-added business opportunities, and sustainable aviation fuel (SAF) concept stocks, such as HXN Energy and Longkun Environment, which will benefit from the merger's acceleration of SAF promotion [5].

李锦还表示，此举也将优化国有资本布局，避免同质化竞争，形成"生产+供应"一体化的现代能源企 业，对标壳牌、BP（英国石油公司）等国际一体化巨头，增强国际竞争力，提升全球市场份额与定价 话语权。 中国石化集团是中国最大的成品油和石化产品供应商，世界第一大炼油公司、第二大化工公司，加油站 总数位居世界第二。 中国航油集团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，为国内258个运输机场和454个通用机场提供航空油品保障，并为全球585家航空客户提供服 务。 中国企业研究院首席研究员李锦向《每日经济新闻》记者表示，此次重组，核心是打造"从炼厂到机 翼"的全链条一体化，实现保供稳价、降本增效、强链提能、绿色转型、优化国资的战略价值。 在保障航空能源安全方面，本次重组有助于打通"炼化—储运—加注"全链条，减少中间环节，提升供应 韧性与响应速度，也有助于应对极端天气、地缘冲突等冲击，支撑民航体系安全运行。 航油占航司成本约三分之一，重组后能有效削减中间贸易与协调成本，由此带来的降价空间可直接缓解 航司盈利压力，保障航线稳定与服务质量。同时，还能形成规模效应，提升国际航油议价能力 ...

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is a strategic move aimed at enhancing the efficiency and competitiveness of the aviation fuel supply chain in China, aligning with national energy security and carbon reduction goals [2][3]. Group 1: Strategic Considerations - The merger allows for a comprehensive integration from crude oil refining to aircraft refueling, potentially reducing supply costs and enhancing the international competitiveness of China's aviation fuel industry [3]. - Sinopec is recognized as the earliest enterprise in China to possess sustainable aviation fuel (SAF) production capabilities, while China Aviation Oil has been proactive in promoting SAF applications [3]. Group 2: Industry Trends - The restructuring reflects a broader trend of central enterprise consolidation, with multiple state-owned enterprises undergoing strategic mergers to optimize resource allocation and enhance industrial resilience [4]. - The "14th Five-Year Plan" emphasizes the need for optimizing the layout and structure of state-owned enterprises, aiming to strengthen core functions and competitiveness [4]. Group 3: Challenges Ahead - Post-merger, the companies face the challenge of transitioning from "physical integration" to "chemical fusion," which is crucial for realizing the full benefits of the merger [5]. - There are significant challenges in ensuring national energy security and achieving the "dual carbon" goals, with expectations for the merger to create a win-win scenario for the market, industry, and society [5].

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (China Aviation Oil) marks a significant transformation in China's energy sector, creating a comprehensive energy giant that integrates the entire supply chain from crude oil refining to aviation fuel supply, impacting the aviation transport industry and national energy security strategy [2][6]. Group 1: Restructuring Details - The restructuring is officially recognized as the first major move in the 2026 state-owned enterprise (SOE) restructuring initiative, aiming to create a more integrated and competitive energy company [2][10]. - Sinopec is the world's largest refining company and the second-largest chemical company, while China Aviation Oil is the largest aviation fuel service provider in Asia, covering procurement, transportation, storage, and sales [5][6]. - The merger aims to transition China Aviation Oil from a trade-focused entity to a production and supply integrated energy company, enhancing resource allocation and reducing redundant investments [6][7]. Group 2: Market Context and Demand - The demand for aviation kerosene is expected to rise significantly, with China projected to become the world's largest aviation population by 2025, making aviation kerosene the only growth segment in the country's refined oil consumption structure [7]. - Ensuring a stable supply of aviation fuel is critical for national economic stability and public transport systems, and the restructuring is designed to create a closed-loop system that enhances supply chain stability and bargaining power [7][9]. Group 3: Competitive Landscape - Major international aviation fuel service providers, such as Shell, BP, and ExxonMobil, have significant advantages in scale, product quality, and infrastructure, highlighting the need for Chinese companies to enhance their competitive capabilities through this merger [9]. - The restructuring is part of a broader trend in the "14th Five-Year Plan," where state-owned enterprises are optimizing their structures and focusing on strategic security and public service through market-oriented mergers [10].

中国石化是中国最大的成品油和石化产品供应商，也是世界第一大炼油公司、第二大化工公司。近年 来，中国石化围绕SAF（可持续航空燃料）开展了一系列研发工作。中国石化与中国航油的重组，将重 塑国内航油市场，促进航空燃料的绿色发展。 （编辑：董曙光 审核：吴可仲 校对：陈丽） 1月8日，国务院国资委网站信息显示，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。 公开信息显示，中国航油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。其主营业务主要涉及航油、石油、物流、国际和通航五大板块，为国内258个运输 机场和454个通用机场提供供油保障，并为全球585家航空客户提供服务。 中经记者 李哲 北京报道 ...

Group 1 - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group has been approved by the State-owned Assets Supervision and Administration Commission (SASAC), marking a significant move in the central enterprise restructuring landscape [1][5] - Sinopec is the world's largest refining company and the largest aviation fuel producer in China, while China Aviation Oil is the largest integrated aviation fuel supply chain service provider in Asia, serving hundreds of airports [1][3] - The merger aims to create a seamless supply chain from crude oil refining to aircraft refueling, enhancing energy security for China's aviation industry and improving international competitiveness [3][5] Group 2 - The restructuring aligns with China's "dual carbon" goals, promoting the use of Sustainable Aviation Fuel (SAF) as a key measure for carbon reduction in the aviation sector [3][6] - Sinopec has been a pioneer in SAF production, and the collaboration is expected to break commercial barriers for SAF, facilitating its large-scale application at domestic airports [3][6] - The restructuring reflects a broader trend of central enterprises optimizing their structure and enhancing core competitiveness, with multiple strategic mergers occurring across various sectors [5][6]

Group 1 - China Petroleum & Chemical Corporation and China Aviation Oil Group have received approval from the State Council for a restructuring [2] - The Guangzhou Municipal Government has issued a plan to accelerate the construction of an advanced manufacturing city from 2024 to 2035, focusing on reusable rocket technology and establishing testing bases for large liquid rockets [2] - On January 8, polysilicon futures hit the limit down with a decline of 9%, following a meeting where the State Administration for Market Regulation discussed monopoly risks with major solar companies [2] Group 2 - Nestlé has initiated a precautionary recall of specific batches of infant formula in several European countries, with the Chinese subsidiary complying with the recall to protect consumer rights [3] - Fenglong Co. may apply for a trading suspension if its stock price continues to rise abnormally [5] - Pritchard Co. does not expect large-scale orders for its LCP film products in the brain-computer interface sector in the short term [6] - Vanke A has announced the resignation of its retiring executive vice president, Yu Liang [7] - Jiangshun Technology is planning to jointly invest in the establishment of an investment fund [8] - Kuanse Co. clarified that it is not involved in commercial aerospace or satellite navigation businesses, countering media reports [9]

1月8日晚，据新华社报道，来自国务院国资委的消息，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。 资料显示，中国航油主营业务主要涉及航油、石油、物流、国际和通航五大板块，为国内258个运输机场和454个通用机场提供供油保障，并为全球585家航 空客户提供服务，同时在26个省区市为民航及社会车辆提供汽柴油及石化产品的批发、零售、仓储及配送服务，并在环渤海湾、长三角和西南等地区建有大 型成品油及石化产品的物流储运基地。 根据标准普尔预测，2040年中国航油消费将由2024年的3928万吨增长至7500万吨。 分析人士称，中国石油化工集团与中国航油企业重组后，可发挥炼化一体化、航油供应保障体系等多方面优势，减少中间环节，降低供应成本，保障航空业 能源安全。 据介绍，中国石油化工集团有限公司的前身是成立于1983年7月的中国石油化工总公司。1998年7月，按照党中央关于实施石油石化行业战略性重组的部署， 在原中国石油化工总公司基础上重组成立中国石油化工集团公司，2018年8月，经公司制改制为中国石油化工集团有限公司。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，注册资本32 ...

两家重组后，营收规模将超过中石油，相当于航油的上游生产与下游销售的整合。 据国务院国资委消息，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。 在2025年世界500强排名中，中石化以营收4075亿美元排名全球第6位，中航油以营收334亿美元排名第 481位，两家重组后，营收规模将超过中石油。 不过，多位行业内人士告诉记者，两大央企的重组能否为航油价格带来实质性的下降，还要看国内航油 采购的定价机制是否改变。目前的"综合采购成本价"是由出厂价叠加贴水（考虑市场供求、运费等因 素）形成，而出厂价则以不超过新加坡市场进口到岸完税价为原则，由供需双方协商确定，其中进口到 岸完税价由发改委公布，涵盖国际油价、汇率及税费，每月调整一次。 也有业内认为，如果中石化与中航油重组形成"产供销"一体化产业链，原本就没有定价权的航空公司可 能更加弱势。 助力SAF生产和使用 更值得注意的是，这次重组相当于航油的上游生产与下游销售的整合。中国航油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；中国石化则是全球第 ...

Group 1 - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is expected to enhance national aviation energy supply security and promote a green low-carbon transition in aviation energy supply, aiming to create a world-class aviation energy supplier [1] - 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 [1] - China Aviation Oil is the largest aviation fuel procurement, transportation, storage, testing, sales, and refueling service provider in Asia, with its main business covering five sectors: aviation fuel, petroleum, logistics, international, and general aviation [1] Group 2 - According to the latest report from Sinopec Economic and Technical Research Institute, 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 [2] - Standard & Poor's predicts that China's aviation fuel consumption will grow to 75 million tons by 2040, with Sinopec positioned as the largest aviation fuel producer in the country, solidifying the resource foundation for aviation fuel production [2] - The merger is expected to create significant synergies, leveraging advantages in refining integration and aviation fuel supply assurance systems, reducing intermediate links, lowering supply costs, and promoting high-quality development of the industry chain [2] Group 3 - The merger is anticipated to facilitate the high-quality development of the sustainable aviation fuel (SAF) industry, with Sinopec being the first in Asia to have independent research and production technology for bio-jet fuel and the first to establish a commercial production facility [3] - China Aviation Oil plays a crucial role in the promotion and application of SAF, and the merger will deepen collaboration in SAF and other related fields [3] - This restructuring marks the first central enterprise-level merger case entering the 14th Five-Year Plan, aligning with the government's push for strategic and professional mergers and acquisitions to enhance competitiveness in key sectors [3]