Group 1 - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is approved by the State Council, aiming to optimize state-owned capital layout and avoid homogeneous competition [1][2] - Sinopec is the largest supplier of refined oil and petrochemical products in China, and the world's largest refining company, with a significant presence in the Fortune Global 500 rankings [1] - China Aviation Oil is the largest aviation fuel procurement and logistics company in Asia, providing services to 258 transportation airports and 454 general airports in China, and has been listed in the Fortune Global 500 for 13 times since 2011 [1] Group 2 - The merger is expected to create strategic synergies, enhancing Sinopec's supply chain stability and bargaining power by integrating refining and distribution operations [2] - The State-owned Assets Supervision and Administration Commission (SASAC) plans to accelerate strategic and professional restructuring and high-quality mergers and acquisitions in state-owned enterprises by 2026 [2] - Future focus areas for restructuring may include new energy, energy conservation, environmental protection, and emerging strategic industries, which are seen as key growth engines for state-owned enterprises [2]

Group 1 - China Petroleum & Chemical Corporation (Sinopec) was established in July 1983 and restructured in July 1998, becoming a large integrated energy and chemical group with a registered capital of 326.5 billion RMB [1] - China National Aviation Fuel Group (China Aviation Oil) was formed in 2002 and is the largest aviation fuel service provider in Asia, involved in procurement, transportation, storage, testing, sales, and refueling [1] - The merger between Sinopec and China Aviation Oil is expected to enhance the resilience of the aviation fuel supply chain and ensure energy security for the aviation industry [1] Group 2 - The collaboration between Sinopec and China Aviation Oil aims to strengthen China's international competitiveness in the aviation fuel industry, which currently lags behind major global players like Shell and BP [2] - The merger is anticipated to promote the high-quality development of sustainable aviation fuel (SAF), addressing the challenges of carbon emissions in the aviation sector [2] - Sinopec is recognized as one of the earliest companies in China to produce SAF, while China Aviation Oil plays a crucial role in the promotion and application of SAF [2]

Group 1 - The core point of the news is the strategic merger between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group, which aims to enhance the efficiency and competitiveness of the aviation fuel supply chain in China [1][2][3] - Sinopec is recognized as the world's largest refining company and the leading aviation fuel producer in China, while China Aviation Oil is the largest integrated aviation fuel service provider in Asia, serving numerous airports and global aviation clients [1][2] - The merger is expected to create a comprehensive supply chain from crude oil refining to aircraft refueling, potentially reducing costs and improving energy security for China's aviation industry [1][3] Group 2 - The aviation industry is increasingly focusing on sustainable aviation fuel (SAF) as a key measure to address climate change and reduce carbon emissions, with Sinopec being one of the first companies in China to have SAF production capabilities [2][4] - The collaboration between Sinopec and China Aviation Oil is anticipated to break the commercialization bottleneck of SAF and promote its large-scale application at domestic airports, facilitating a green and low-carbon transition in the aviation sector [2][4] - The ongoing restructuring of state-owned enterprises (SOEs) reflects a broader trend of optimizing the layout and structure of state-owned economies, driven by the need to adapt to industrial changes and enhance core competitiveness [3][4] Group 3 - The restructuring of these two energy SOEs is part of a larger trend of accelerated mergers and integrations among central enterprises, with several other significant mergers occurring in various sectors [3][4] - Experts emphasize that while the merger is a crucial first step, the real challenge lies in achieving effective integration and synergy between the two companies to ensure national energy security and meet carbon reduction goals [4] - The upcoming "14th Five-Year Plan" suggests a focus on optimizing the layout of state-owned economies and enhancing the core functions and competitiveness of state-owned enterprises [3][4]

● 中石化股份持有本公司已发行股本约51.81%，为本公司的控股股东，中石化股份持有湖南石化 74.69%股权，湖南石化为中石化股份的控股子公司，湖南石化为上海上市规则下本公司之关联方及香 港上市规则下本公司的关联（连）人士。因此，本公司与湖南石化的交易构成本公司的关联交易（即关 联（连）交易，下同）。 ● 本次交易未构成《上市公司重大资产重组管理办法》规定的重大资产重组。 ● 根据上海上市规则，本次关联交易及本公司与同一关联人于本公告刊发之日前12个月内发生的关联交 易（已根据上海上市规则的规定审议披露的除外）的累计金额将高于本公司2024年度经审计净资产的 5%，本次关联交易需提交本公司股东会批准。根据香港上市规则，由于本次并表所适用的百分比率超 过5%，本次并表须遵守香港上市规则第十四A章项下申报、公告及独立股东批准的规定。由于本次并 表所适用的百分比率超过5%但低于25%，故根据香港上市规则第十四章，本次并表构成本公司的须予 披露交易，并须遵守香港上市规则第十四章项下申报及公告的规定。 证券代码：600688 股票简称：上海石化 编号：临2026-002 中国石化上海石油化工股份有限公司 关于并表合资 ...

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (CAOG) 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 [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 nine listed companies covering the entire energy industry chain [2]. - CAOG is the largest aviation fuel procurement, transportation, storage, testing, sales, and refueling service provider in Asia, with its subsidiary, China Aviation Oil (Singapore) Corporation, listed on the Singapore Exchange [2]. Group 2: Market Demand and Growth - It is predicted that during the 14th Five-Year Plan period, China's aviation fuel demand will grow at an average annual rate of about 4%, reaching approximately 50 million tons by 2030 and around 75 million tons by 2040 [2]. Group 3: Synergies and Industry Development - The merger is expected to create significant synergies by leveraging integrated refining and aviation fuel supply systems, reducing intermediate links, lowering supply costs, and promoting high-quality development of the industry chain [3]. - The restructuring will enable the two companies to complement each other's strengths, further strengthening and optimizing the aviation fuel industry [3]. Group 4: Green Transition and Sustainable Aviation Fuel - Sinopec is the first company in Asia to have independent research and production technology for bio-jet fuel, with the first domestic bio-jet fuel production facility [3]. - CAOG plays a crucial role in the promotion and application of Sustainable Aviation Fuel (SAF) and ecological construction [3]. - The merger will facilitate the deep integration of both companies' advantages in the SAF sector, promoting high-quality development of the SAF industry [3].

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (China Aviation Oil) is expected to reshape the domestic aviation fuel market and the entire energy industry chain in China, enhancing national energy security and competitiveness [2][3]. Group 1: Company Overview - Sinopec is the world's largest refining company and the second-largest chemical company, ranking 6th in the 2025 Fortune Global 500, with a comprehensive energy industry presence [2]. - China Aviation Oil is Asia's largest integrated aviation fuel service provider, involved in procurement, transportation, storage, testing, sales, and refueling [2]. Group 2: Strategic Implications - The merger allows Sinopec to directly access aviation fuel sales channels, creating a "refining-distribution" integrated loop, while China Aviation Oil gains a more stable upstream supply [3]. - The restructuring is seen as a strategic move in response to the growing demand for aviation fuel and the changing global energy landscape, enhancing the core value of national strategic security [3][4]. Group 3: Benefits of Restructuring - The integration aims to build a self-controlled, stable, and efficient supply chain, enhancing supply resilience [4]. - It seeks to lower overall supply costs through collaborative optimization across the entire supply chain, thereby increasing international competitiveness [4]. - The focus on sustainable aviation fuel (SAF) development is expected to support national energy transition and reduce carbon emissions in the aviation sector [4]. Group 4: National Economic Strategy - The restructuring aligns with the optimization and structural adjustment of state-owned enterprises, which is essential for strengthening and expanding state capital [5]. - The State-owned Assets Supervision and Administration Commission (SASAC) has indicated that by 2026, there will be a strong push for strategic and professional restructuring and high-quality mergers and acquisitions [4][5]. Group 5: Future Outlook - The merger signifies a shift towards enhancing core functions and competitiveness rather than merely pursuing scale effects, indicating a deeper integration of industry chains [5]. - Future state capital optimization will focus on efficiency improvements based on market demand and strategic positioning for future industry leadership rather than short-term profits [5].

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]