香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （證券代號：00386） 海外監管公告 2026年1月9日 於本公告日期，本公司的董事為：侯啟軍 * 、趙東 # 、鐘韌 * 、李永林 # 、呂亮功 # 、 牛栓文 # 、萬濤 # 、蔡勇 * 、徐林 + 、張麗英 + 、廖子彬 + 、張希良 + 及厲偉 + 。 # 執行董事 * 非執行董事 + 獨立非執行董事 中國石油化工股份有限公司 第九屆董事會第十次會議決議公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 承董事會命 中國石油化工股份有限公司 黃文生 副總裁、董事會秘書 中國北京 股票代码：600028 股票简称：中国石化 公告编号：2026-01 中国石油化工股份有限公司 第九届董事会第十次会议决议公告 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 ...

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Holding Company marks the first major state-owned enterprise (SOE) restructuring in 2026, signaling the beginning of deeper reforms in China's state-owned economy [1] Group 1: Restructuring Details - The merger aims to enhance the integration of aviation fuel production and sales, allowing Sinopec to streamline its operations and improve inventory management, thereby reducing costs and increasing efficiency [2] - The restructuring is expected to strengthen the competitive position of SOEs in the global market, particularly in response to complex international environments [1][2] Group 2: Market Potential - With the rapid development of new energy sources, demand for aviation kerosene is projected to grow, with estimates suggesting a need of approximately 50 million tons by 2030, reflecting an average annual growth rate of about 4% during the 14th Five-Year Plan [2] - China has the potential for significant growth in air travel frequency, currently at 0.6 trips per person per year, compared to developed countries, indicating a robust future demand for aviation fuel [2] Group 3: Sustainable Aviation Fuel (SAF) - The restructuring will facilitate the entire supply chain for sustainable aviation fuel (SAF), positioning the companies to capitalize on the global shift towards low-carbon solutions [3] - Sinopec is recognized as the first Asian company to develop and commercialize bio-jet fuel production technology, while China Aviation Oil plays a crucial role in the promotion and application of SAF [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦無發表任何聲明，並明確表示不會就本公告全部或任何部份內容或因 倚賴該等內容而引致的任何損失承擔任何責任。 董事名單與其角色與職能 中國石油化工股份有限公司董事會（「董事會」）成員如下： 非執行董事 執行董事 獨立非執行董事 • 侯啟軍 • 鐘 韌 • 蔡 勇 • 趙 東 • 李永林 • 呂亮功 • 牛栓文 • 萬 濤 • 徐 林 • 張麗英 • 廖子彬 • 張希良 • 厲 偉 戰略委員會 | 職務 | 姓名 | | --- | --- | | 主任委員 | 侯啟軍 | | 委員 | 趙 東 | | | 李永林 | | | 徐 林 | | | 張麗英 | | | 厲 偉 | 審計委員會 | 職務 | 姓名 | | --- | --- | | 主任委員 | 廖子彬 | | 委員 | 蔡 勇 | | | 徐 林 | | | 張麗英 | | | 張希良 | | | 厲 偉 | 可持續發展委員會 董事會已成立五個委員會。其成員列載如下： | 職務 | 姓名 | | --- | --- | | 主任委員 | 張麗英 | | 委員 ...

Group 1 - The core point of the news is the successful restructuring of China Aviation Oil Group Co., Ltd. (CAO) and China Petroleum & Chemical Corporation (Sinopec), which was approved by the State-owned Assets Supervision and Administration Commission (SASAC) [1][3] - The restructuring was anticipated as early as October 2025, when CAO's subsidiary announced it was in talks with another company, later confirmed to be Sinopec [1][2] - Sinopec is the largest refining company globally and the largest supplier of refined oil and petrochemical products in China, with total assets of 2.74 trillion yuan and total revenue of 3.14 trillion yuan in 2024 [1][2] Group 2 - CAO, which was originally part of the People's Liberation Army Air Force, has evolved into a major player in the aviation fuel market, providing services to 258 transport airports and 454 general airports in China [2] - In 2024, China's aviation fuel consumption is expected to grow by 13% year-on-year to 39.28 million tons, making it the second-largest aviation fuel consumer globally [2][3] - The restructuring aligns with SASAC's push for the professional integration of state-owned enterprises to optimize the state-owned economy and build world-class enterprises [3] Group 3 - The merger enhances the competitive edge of the aviation fuel sector by integrating production and sales, addressing core pain points in the supply chain [4] - The restructuring is expected to improve the supply security of aviation fuel by leveraging Sinopec's upstream resources and refining capabilities, reducing reliance on international markets [3][4] - The aviation fuel market is projected to continue growing, with annual growth rates expected to be around 5% and 4% during the 14th and 15th Five-Year Plans, respectively [3] Group 4 - The restructuring may lead to increased competition for other oil suppliers and local private refineries, as CAO and Sinopec will dominate the market [4] - Sustainable Aviation Fuel (SAF) is highlighted as a key area for growth, with the potential to reduce greenhouse gas emissions by up to 80% compared to traditional fuels [5][6] - The collaboration between Sinopec and CAO is expected to accelerate the commercialization of green aviation fuel, helping the aviation industry achieve carbon reduction goals [6]

Summary of Key Points Core Viewpoint - As of January 9, a total of 73 stocks reached their 52-week highs, with notable performances from Lingxiong Technology (02436), Delai Construction (01546), and Zhipu (02513) showing significant growth rates of 104.99%, 38.89%, and 22.22% respectively [1]. 52-Week Highs - Lingxiong Technology (02436) closed at 11.760, with a peak price of 15.600, achieving a high rate of 104.99% [1]. - Delai Construction (01546) closed at 0.161, reaching a maximum of 0.250, with a high rate of 38.89% [1]. - Zhipu (02513) had a closing price of 158.600 and a peak of 165.000, resulting in a high rate of 22.22% [1]. - Other notable stocks include Asia Pacific Satellite (01045) with a high rate of 20.64% and Rongda Technology (09881) at 12.87% [1]. 52-Week Lows - The stocks reaching their 52-week lows include Lishi International (00842) with a closing price of 0.850, marking a decline of 39.29% [2]. - Bokan Vision Cloud - B (02592) closed at 2.930, with a decrease of 16.90% [2]. - Lingzai Technology Finance (00093) reached a low of 0.485, reflecting a drop of 14.77% [2].

天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了268家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可41个。 中石化石油物探技术研究院有限公司，成立于2022年，位于南京市，是一家以从事开采专业及辅助性活 动为主的企业。企业注册资本133611.989369万人民币。通过天眼查大数据分析，中石化石油物探技术 研究院有限公司共对外投资了2家企业，参与招投标项目503次，专利信息810条，此外企业还拥有行政 许可14个。 国家知识产权局信息显示，中国石油化工股份有限公司取得一项名为"基于多元信息控制的低频阻抗模 型建立方法和装置"的专利，授权公告号CN120028834B，申请日期为2023年11月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

Core Viewpoint - The report from JPMorgan indicates that the State Council has approved the restructuring of Sinopec Group and China Aviation Oil, with the latter holding a 51.3% stake in Singapore-listed China Aviation Oil. This transaction reflects the ongoing theme of state-owned enterprise restructuring under the "14th Five-Year Plan" but is not expected to have a direct impact on Sinopec's profitability or cash flow [1] Group 1 - The restructuring is seen as a significant theme in the current economic planning, emphasizing the importance of state-owned enterprise consolidation [1] - There is uncertainty regarding the completion timeline and structure of the transaction, making it difficult to analyze potential synergies or impacts on listed companies [1] - Media reports suggest that this move may enhance Sinopec's efforts in sustainable aviation fuel (SAF), which is viewed as a slight positive for the company [1] Group 2 - Despite the potential benefits from the restructuring, Sinopec is expected to face challenges in the short term [1] - JPMorgan maintains a "neutral" rating on Sinopec with a target price of 4 HKD [1]

Group 1 - The core viewpoint of the article is that the restructuring between Sinopec Group and China Aviation Oil Group has been approved by the State Council, indicating a renewed focus on state-owned enterprise restructuring as a key theme in the 14th Five-Year Plan [1] - The transaction involves China Aviation Oil holding a 51.3% stake in Singapore-listed China Aviation Oil, but it is noted that this deal will not have a direct impact on the profitability or cash flow of China Petroleum & Chemical Corporation (Sinopec) [1] - There is uncertainty regarding the completion timeline and structure of the transaction, making it difficult to analyze potential synergies or impacts on listed companies, such as whether China Aviation Oil and United Petrochemical will remain independent or merge [1] Group 2 - The restructuring is seen as a slight positive for Sinopec's efforts in sustainable aviation fuel (SAF), although it is categorized as a minor benefit [1] - Morgan Stanley maintains a "neutral" rating on Sinopec with a target price of 4 HKD, reflecting the challenges the company faces in the short term [1]

Core Viewpoint - The restructuring of Sinopec Group and China Aviation Oil Group has been approved by the State Council, indicating a renewed focus on state-owned enterprise consolidation as a key theme in the 14th Five-Year Plan, although it has no direct impact on the profitability or cash flow of China Petroleum & Chemical Corporation (Sinopec) [1] Group 1: Transaction Details - The transaction involves China Aviation Oil holding a 51.3% stake in the Singapore-listed China Aviation Oil [1] - The completion timeline and structure of the transaction remain uncertain, making it difficult to analyze potential synergies or impacts on listed companies [1] Group 2: Market Implications - The restructuring may enhance Sinopec's efforts in sustainable aviation fuel (SAF), which is viewed as a slight positive by analysts [1] - Morgan Stanley maintains a "neutral" rating on Sinopec with a target price of 4 HKD, reflecting the challenges the company faces in the short term [1]

Group 1 - The core viewpoint of the article is that the restructuring between Sinopec Group and China Aviation Oil Group has been approved by the State Council, indicating a renewed focus on state-owned enterprise restructuring as a key theme in the 14th Five-Year Plan [1] - Morgan Stanley believes that this transaction will not have a direct impact on Sinopec's profitability or cash flow, and the potential integration of listed company operations remains uncertain [1] - The completion timeline and structure of the transaction are still uncertain, making it difficult to analyze potential synergies or impacts on listed companies, such as whether China Aviation Oil will remain independent or merge with Sinopec [1] Group 2 - Most media articles suggest that this move will enhance Sinopec's efforts in sustainable aviation fuel (SAF), which Morgan Stanley views as a slight positive [1] - Considering the overall situation, Sinopec is expected to face challenges in the short term, leading Morgan Stanley to maintain a "neutral" rating and a target price of HKD 4 [1]