2025 年 11 月 30 日 行业研究 地缘缓和预期下油价低位震荡，关注 OPEC+产量政策 ——石油化工行业周报第 430 期（20251124—20251130） 要点 地缘冲突缓和预期走强，本周油价低位震荡。本周俄乌和平谈判重启，地缘 冲突缓和预期驱动油价振荡加剧，但俄乌双方在核心问题的谈判尚未取得进 展，且 OPEC+增产幅度有望放缓，使得本周油价整体呈低位震荡态势。截至 11 月 28 日，布伦特、WTI 原油分别报收 62.32、58.48 美元/桶，较上周收盘 分别-0.3%、+0.9%。 俄乌谈判核心问题仍存分歧，地缘风险有望持续支撑油价。本周美国与乌克 兰代表在日内瓦举行谈判，美国宣布在达成和平协议方面取得巨大进展，使得 市场对俄乌实现和平预期走强，原油的地缘政治溢价下跌。但是，美乌谈判代 表未透露涉及俄乌重大分歧的具体解决方案，包括领土、乌克兰军队规模、乌 克兰加入北约等众多核心问题。截至本周五，谈判尚未取得任何成果。今年以 来美国数次试图调停俄乌冲突，但我们认为目前美、俄、乌、欧四方就俄乌冲 突的核心问题达成一致的可能性较低，俄乌冲突仍存长期化趋势。此外，委内 瑞拉局势紧张程度不断升 ...

Core Viewpoint - The State Intellectual Property Office of China has reported that China Petroleum & Chemical Corporation (Sinopec), Sinopec Petroleum and Chemical Research Institute Co., Ltd., and Shanghai Jiao Tong University have applied for a patent titled "A Hard Carbon Material and Its Preparation Method, Battery Anode, and Sodium-Ion Battery" with publication number CN121020544A, filed on May 2024 [1] Group 1 - The patent application involves a hard carbon material and its preparation method, which is relevant for battery anodes and sodium-ion batteries [1] - The method described in the patent includes specific steps, starting with the precursor at a temperature T [1]

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"一种用于烯烃聚合的固体催化剂 组分及其制备方法、催化剂和应用"的专利，授权公告号CN119841978B，申请日期为2023年10月。 来源：市场资讯 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（北京）化工研究院有限公司，成立于2021年，位于北京市，是一家以从事化学原料和化学制品 制造业为主的企业。企业注册资本10000万人民币。通过天眼查大数据分析，中石化（北京）化工研究 院有限公司共对外投资了4家企业，参与招投标项目2467次，财产线索方面有商标信息16条，专利信息 1829条，此外企业还拥有行政许可937个。 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。 ...

Group 1 - The State Intellectual Property Office of China has granted a patent to China Petroleum & Chemical Corporation and Sinopec (Beijing) Chemical Research Institute for a catalyst carrier used in olefin polymerization, with the announcement number CN119912600B and application date of October 2023 [1] - China Petroleum & Chemical Corporation, established in 2000 and based in Beijing, primarily engages in oil and gas extraction, with a registered capital of 12,173,968.9893 million RMB [1] - The company has invested in 268 enterprises, participated in 5,000 bidding projects, holds 45 trademark registrations, 5,000 patents, and possesses 41 administrative licenses [1] Group 2 - Sinopec (Beijing) Chemical Research Institute, founded in 2021 and located in Beijing, focuses on the manufacturing of chemical raw materials and products, with a registered capital of 10,000 million RMB [1] - This institute has invested in 4 enterprises, engaged in 2,467 bidding projects, holds 16 trademark registrations, 1,829 patents, and has 937 administrative licenses [1]

Core Insights - The article discusses the stock buybacks conducted by various companies on November 28, 2025, highlighting the total amounts and quantities repurchased, with Tencent Holdings leading the buyback efforts [1][3]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.039 million shares for a total amount of 636 million [2]. - Xiaomi Group-W (01810) repurchased 7 million shares for a total of 288 million [2]. - Midea Group (00300) repurchased 125,460 shares for a total of approximately 99.997 million [2]. - China Petroleum & Chemical Corporation (00386) repurchased 9.25 million shares for a total of 40.9914 million [2]. - COSCO Shipping Holdings (01919) repurchased 3 million shares for a total of 39.7825 million [2]. Group 2: Cumulative Buyback Data - Tencent Holdings has a cumulative buyback of 79.961 million shares, representing 0.870% of its total share capital [2]. - Xiaomi Group has a cumulative buyback of 65.7954 million shares, representing 0.250% of its total share capital [2]. - China Feihe (06186) has a cumulative buyback of 189 million shares, representing 2.088% of its total share capital [2]. - Vitasoy International (00345) has a cumulative buyback of 15.64 million shares, representing 1.490% of its total share capital [2]. - Huazheng Medical (01931) has a cumulative buyback of 16.514 million shares, representing 1.020% of its total share capital [2].

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) Hainan Petroleum Branch has launched a public service season activity to enhance community support and improve the travel experience for citizens and tourists during the winter season. Group 1: Community Engagement and Social Responsibility - The company has initiated a series of measures under the theme "Fueling and Charging at Sinopec, Shopping and Vehicle Care at Easy Joy" to provide warmth and care for travelers during winter [1][4] - The public service season activities reflect the company's commitment to social responsibility and its role in supporting local community development [4] Group 2: Service Offerings - A convenient car wash service has been launched at 46 self-operated stations across the province to help vehicle owners maintain cleanliness and enhance driving safety during the busy year-end period [2] - The "Easy Joy" digital platform offers various benefits for users, including discounts on coffee, light meals, and charging services, aimed at providing a moment of rest and energy replenishment for travelers [3] Group 3: Community-Centric Services - Easy Joy convenience stores have optimized their product offerings to include winter hot meals and daily necessities, while also providing discounts for members [4] - Some stations have established "Warm Rest Areas" to offer free hot water and temporary resting services for outdoor workers and sanitation workers, creating accessible community support [4]

Core Points - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, with a total of 9.25 million shares bought back on November 28 at a price range of HKD 4.400 to HKD 4.480, amounting to HKD 40.99 million [1] - The stock closed at HKD 4.410 on the same day, reflecting a decline of 1.34%, with a total trading volume of HKD 394 million [1] - Since October 30, the company has conducted share repurchases for 22 consecutive days, totaling 114 million shares and a cumulative repurchase amount of HKD 500 million, during which the stock price increased by 4.50% [1] Repurchase Summary - Year-to-date, Sinopec has executed 55 repurchase transactions, acquiring a total of 336 million shares for a total amount of HKD 1.566 billion [1] - Detailed repurchase data shows the highest repurchase price reached HKD 4.640 and the lowest at HKD 4.100 during the recent transactions [1][2] - The repurchase activity indicates a strategic move by the company to support its stock price and enhance shareholder value [1]

Group 1 - The company has nominated Mr. Li Wei as an independent non-executive director for the ninth board of directors of Sinopec (600028) [1] - The board secretary is authorized to handle all necessary applications, approvals, registrations, and filings related to the election of the independent director [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has nominated Mr. Li Wei as an independent non-executive director for its ninth board of directors and has authorized the board secretary to handle all necessary applications, approvals, registrations, and filings related to the election of independent directors [1] Group 1 - The nomination of Mr. Li Wei is a significant step in the governance structure of Sinopec [1] - The company is taking proactive measures to ensure compliance with regulatory requirements regarding the election of independent directors [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Summary by Categories Company Actions - The company plans to repurchase 9.25 million shares at a total cost of HKD 40.9914 million [1] - The buyback price per share is set between HKD 4.4 and HKD 4.48 [1] Financial Implications - The total expenditure for the share buyback reflects a strategic move to enhance shareholder value [1]