每经AI快讯，石油化工板块盘初下挫，国际实业跌超4%，中国石化跌超3%，泰山石油、统一股份跌超 1%。 （文章来源：每日经济新闻） ...

石油化工板块盘初下挫，国际实业跌超4%，中国石化跌超3%，泰山石油、统一股份跌超1%。 ...

Core Viewpoint - The sulfur market is experiencing a strong upward trend in prices due to tightening supply and demand dynamics, with significant price increases reported from major exporting countries in the Middle East [1][2]. Supply and Demand Dynamics - The sulfur supply-demand balance in China for 2026 is expected to be tight, with a structural gap continuing to widen, leading to a "tight balance" as the main theme for the year [2]. - Only two new or expanded sulfur production facilities are planned for 2026, adding a total capacity of 500,000 tons per year, with uneven production schedules [2]. - Downstream demand is projected to grow significantly, with 15 new facilities planned, resulting in an additional sulfur consumption capacity of approximately 3.29 million tons per year [2][3]. Price Trends - The latest sulfur prices from Qatar and the UAE for January 2026 are reported at $517 and $520 per ton, respectively, reflecting increases of $22 and $25 per ton from the previous month [1]. - The domestic sulfur price is expected to rise, with predictions that it could exceed 5,000 yuan per ton and potentially reach 6,000 yuan per ton in optimistic scenarios [5]. Market Structure - The sulfur industry in China is highly concentrated, with major players like Sinopec, PetroChina, and Rongsheng Petrochemical dominating the market, collectively holding over 70% of the total production capacity [4]. - The total sulfur production capacity in China has reached approximately 16.79 million tons, but future capacity expansion is limited due to government policies on crude oil processing [4]. Profitability Outlook - The increase in sulfur prices is expected to significantly enhance profits for leading companies, with estimates suggesting that a price increase of 100 yuan per ton could yield billions in profit for top firms [5]. - Rongsheng Petrochemical, with its substantial production capacity and low-cost structure, is projected to achieve a gross profit of around 3.4 billion yuan from its sulfur business [5].

Group 1 - Anta Sports-R (82020), Tencent Holdings-R (80700), and Geely Automobile-R (80175) have the highest short-selling ratios at 100.00%, 90.92%, and 80.03% respectively [1][2] - Meituan-W (03690), Alibaba-W (09988), and Tencent Holdings (00700) lead in short-selling amounts, with 1.554 billion, 1.440 billion, and 1.253 billion respectively [1][2] - Tencent Holdings-R (80700), China Wangwang (00151), and Country Garden (02007) have the highest deviation values at 45.18%, 36.17%, and 33.66% respectively [1][2] Group 2 - The top short-selling amounts are led by Meituan-W (03690) at 1.554 billion, followed by Alibaba-W (09988) at 1.440 billion, and Tencent Holdings (00700) at 1.253 billion [2] - The top short-selling ratios include Anta Sports-R (82020) at 100.00%, Tencent Holdings-R (80700) at 90.92%, and Geely Automobile-R (80175) at 80.03% [2] - The highest short-selling deviation values are observed in Tencent Holdings-R (80700) at 45.18%, China Wangwang (00151) at 36.17%, and Country Garden (02007) at 33.66% [2][3]

Core Viewpoint - The report from CITIC Construction Investment indicates that the reform of central state-owned enterprises (SOEs) will deepen from late 2025 to early 2026, focusing on professional restructuring, strategic upgrades, and industrial synergy [1] Group 1: Restructuring and Integration - The vertical integration of Sinopec and China Aviation Oil serves as a benchmark, creating a comprehensive "refining-storage-distribution" system [1] - This integration not only aligns with the policy direction of SOE reform but also addresses the industry's pain points regarding insufficient collaboration in aviation fuel [1] Group 2: Competitive Advantage and Supply Security - The restructuring enhances international competitiveness and supply security capabilities [1] - The establishment of a Sustainable Aviation Fuel (SAF) industrial ecosystem supports the low-carbon transition of the aviation industry [1] Group 3: Focus Areas for Future Development - Central SOEs are concentrating on intelligent, green, and integrated transformations, leveraging the "14th Five-Year Plan" to expand into emerging industries [1] - Key focus areas include new energy, 6G technology, and biobreeding [1]

长江商报消息●长江商报记者 沈右荣 新年伊始，央企战略重组开启，一家新的能源巨无霸将诞生。 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"中石化 集团"）与中国航空油料集团有限公司（以下简称"中航油集团"）实施重组。 1月8日，国务院国资委网站发布消息称，经报国务院批准，中石化集团与中航油集团实施重组。 此次重组早有预期。两个多月前，市场流传消息称，两家能源"国家队"要合并，中石化集团将接管中航 油集团的全部资产和运营。 2025年10月30日，在新加坡交易所上市的中国航油（新加坡）股份有限公司（简称"中国航油股份公 司"）曾发布一则关于控股股东拟进行重组的公告。中国航油股份公司于2025年10月30日获其控股股东 中航油集团的通知，中航油集团将与另一家企业集团进行企业重组。 如今，随着国务院国资委官宣，上述央企重组谜底算是正式揭晓。 本次重组备受关注，与两家企业的规模相关。中石化集团是中国最大的成品油和石化产品供应商，是世 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。在2025年世界500强中位居第六位， 拥有9家上市公司，涵盖油气勘探、炼油化工、装备制 ...

Core Insights - The company aims to enhance its market presence and efficiency during the "14th Five-Year Plan" period by focusing on comprehensive energy services, including oil, gas, hydrogen, and electricity [2][3] Group 1: Stabilizing the Core Business - The market share of refined oil remains stable at around 50% [3] - LNG retail volume has an average annual growth rate of 56.7% [3] - The company has established 16 overseas branches, enhancing the quality of its international operations [4] Group 2: Expanding Growth Areas - The company has over 140,000 charging terminals, with a projected platform charging volume exceeding 5 billion kilowatt-hours by 2025 [5] - A total of 150 hydrogen stations have been built, connecting 8 hydrogen corridors [6] - The company has constructed 7,000 distributed photovoltaic power stations, with a total installed capacity of 266 megawatts, and expects to generate over 190 million kilowatt-hours by 2025 [5] Group 3: Customer-Centric Approach - The "Easy Car Maintenance" platform has become the largest car wash service platform in China [7] - The brand value of "Easy" has reached 22.814 billion yuan [7] - The company has provided free energy replenishment and rest services to over 4.93 million returning motorcyclists and 67.83 million travelers during the Spring Festival over the past 13 years [7][8] Group 4: Transitioning to a Comprehensive Energy Service Provider - The company is actively participating in the entire hydrogen supply chain and has undertaken 8 national-level research projects related to hydrogen transportation [6] - The company has launched a new generation of fuel card systems and a unified APP platform to enhance customer service [9] - The company has built the world's largest enterprise SD-WAN network to support its extensive user base [9]

行 华福证券 基础化工 2026 年 01 月 11 日 业 研 究 行 业 定 期 报 告 基础化工 行业周报：中国石化与中国航油实施重组，尿素 市场迎"开门红" 投资主线三：关注具有较强韧性的景气周期行业、以及库存完成去化迎来 底部反转。（1）磷化工：供给端受环保政策限制，磷矿及下游主要产品供给 扩张难，叠加下游新能源需求增长，供需格局趋紧。磷矿资源属性凸显，支撑 产业链景气度。建议关注：云天化、川恒股份、兴发集团、芭田股份。（2） 氟化工：二代制冷剂生产配额加速削减支撑盈利能力高位企稳，三代制冷剂生 产配额落地在即迎来景气修复，高端氟聚合物及氟精细化学品高速发展，萤石 需求资源属性增强价格阶段性高位。建议关注：金石资源（萤石资源储量、成 长性行业领先）、巨化股份（制冷剂龙头企业）、三美股份、永和股份、中欣 氟材。（3）涤纶长丝：库存去化至较低水平，充分受益下游纺织服装需求回 强于大市（维持评级） 投资要点： 本周板块行情：本周，上证综合指数上涨 3.82%，创业板指数上涨 3.89%， 沪深 300 上涨 2.79%，中信基础化工指数上涨 5.39%，申万化工指数上涨 5.03%。 化工各子行业板块涨跌 ...

Core Viewpoint - The restructuring between Sinopec and China Aviation Oil represents a strategic integration aimed at creating a "super refinery" and supply system, enhancing collaboration across the entire supply chain rather than merely combining resources [1]. Group 1: Reasons for Restructuring - The aviation industry is experiencing a strong recovery, with global jet fuel demand projected to reach 389 million tons by 2025, reflecting a year-on-year growth of 3.9%. Domestic jet fuel demand is expected to exceed 40 million tons, indicating significant growth potential in this sector [2]. - Sinopec seeks more direct sales channels, while China Aviation Oil aims to secure more stable upstream resources and reduce intermediary costs through this restructuring [2]. Group 2: Strategic Significance of the Restructuring - Sinopec's sustainable aviation fuel (SAF) has been successfully tested on domestic large aircraft such as the C919 and ARJ21, with the potential to reduce carbon emissions by over 50% compared to traditional jet fuel. China Aviation Oil plays a leading role in the promotion and application of SAF, serving 585 global airline customers [3]. - This restructuring is expected to facilitate the transition of "green jet fuel" from demonstration flights to large-scale commercial use [3]. Group 3: Impact on Consumers and Investors - As the demand for overseas travel among Chinese citizens increases, a robust Chinese aviation fuel service provider can offer more reliable and unified refueling services for international flights, benefiting industry development [6]. - Jet fuel typically accounts for one-third of an airline's total costs. The restructuring is anticipated to eliminate intermediary costs, potentially lowering jet fuel prices and alleviating profit pressures on airlines, thereby enhancing route stability and service quality [6].

专利摘要显示，本发明公开了一种金属单原子修饰氧化铟催化材料及其制备方法、应用。所述金属为第 VIII族金属；其中，所述金属以单原子的形态存在于氧化铟中。在氨分解制氢反应中，有着较高的反应 活性。 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。 中石化石油化工科学研究院有限公司，成立于2022年，位于北京市，是一家以从事研究和试验发展为主 的企业。企业注册资本30000万人民币。通过天眼查大数据分析，中石化石油化工科学研究院有限公司 共对外投资了2家企业，参与招投标项目3895次，专利信息1646条，此外企业还拥有行政许可293个。 国家知识产权局信息显示，中国石油化工股份有限公司;中石化石油化工科学研究院有限公司申请一项 名为"金属单原子修饰氧化铟催化材料及其制备方法、应用"的专利，公开号CN121288855A， ...