Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Insights - The chemical and new materials industry is set to drive the comprehensive "AI + manufacturing" transformation, as outlined in the State Council's policy document released in August 2025, which aims for deep integration of AI across six key sectors by 2027 [3][4] - The focus for the petrochemical industry is on "quality improvement and efficiency enhancement" through AI, utilizing large models and digital twin technologies to optimize various processes [5] - The report identifies three main pathways for chemical companies to implement AI: self-developed large models, third-party model integration, and investment in AI startups [13][14] Summary by Sections Policy Guidance - The State Council's document emphasizes the necessity for AI integration in the chemical industry, marking it as a compulsory aspect for achieving high-quality development [3] - The Ministry of Industry and Information Technology's implementation opinions further detail goals for AI technology and its application in manufacturing by 2027 [4] AI Empowerment in Petrochemical Industry - AI's role in the petrochemical sector focuses on enhancing operational efficiency and safety through predictive maintenance and process optimization [5] - The establishment of high-quality data sets and infrastructure is crucial for supporting AI applications in the industry [5] AI Empowerment in New Materials Industry - The new materials sector aims to leverage AI for deep integration in research and development, enhancing capabilities in material design and synthesis [5] Implementation Pathways - **Self-Developed Large Models**: Companies like China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are developing proprietary AI models to enhance their operational capabilities [9][10] - **Third-Party Model Integration**: WanHua Chemical collaborates with Huawei Cloud to implement AI solutions for predictive maintenance and operational efficiency [11] - **Investment in AI Startups**: Companies like Qicai Chemical are investing in AI startups to accelerate innovation in materials science [12][13] Investment Recommendations - The report suggests focusing on leading companies that excel in data utilization and AI integration, such as CNPC, Sinopec, and WanHua Chemical [14] - Attention is also drawn to companies involved in new materials and fine chemicals, which are expected to benefit significantly from AI-driven R&D advancements [14]

Group 1 - The core point of the article is that China National Petroleum Corporation (CNPC) has applied for a patent for a new type of polyether base oil and its preparation method, indicating innovation in the oil and gas sector [1] - The patent application, published as CN121319355A, was filed on July 2024 and describes a polyether base oil produced through a melt polycondensation method [1] - The unique structure of the polyether ester includes alternating ether and diester bonds, which enhances its performance characteristics such as viscosity-temperature performance, oxidation resistance, rust prevention, and anti-wear properties [1] Group 2 - CNPC was established in 1999 and is primarily engaged in oil and natural gas extraction, with a registered capital of 18,302,097,000 RMB [1] - The company has made investments in 1,296 enterprises and participated in 443 bidding projects, showcasing its extensive involvement in the industry [1] - CNPC holds 38 trademark registrations and 5,000 patent records, along with 168 administrative licenses, reflecting its significant intellectual property portfolio [1]

中化新网讯 日前，由中石油蓝海公司负责建设的中石油蓝海(南通)中试基地签署《工程中间交接证 书》，由建设方移交运营方，迈出从工程建设转向正式运营的关键一步。 建设过程中，项目部科学统筹、明确节点目标，全面推行"平行作业+交叉施工"组织模式，有效压缩工 序等待时间。面对梅雨连绵、高温酷暑、台风侵袭等不利天气影响，项目团队主动灵活调整施工方案， 科学统筹作业时段，抢抓可作业窗口期，在进度推进上争分夺秒，在现场管理上精准发力。 在技术应用层面，项目团队积极推动工艺创新升级。针对钢结构连接板除锈环节，创新采用激光除锈工 艺，借助精准激光束高效清除钢材表面锈蚀、氧化皮及杂质，不仅除锈彻底、不损伤母材，更兼具无粉 尘污染、作业效率高等显著优势。 该项目总投资500亿元，是中国石油天然气集团与江苏省战略合作协议的重要组成部分。作为蓝海新材 料项目重要组成部分，蓝海(南通)中试基地是中国石油落实"双碳三新"战略、推动炼化业务绿色低碳转 型的关键载体，将承担中石油上海新材料研究院、石化院等研究院新技术工业化转化任务，打通科技成 果转化"最后一公里"。 在安全与质量管控上，项目部始终坚守"质量第一、安全为本"核心理念，建立健全" ...

中国石油天然气股份有限公司是一家主要从事石油和天然气生产和分销业务的中国公司。该公司主要通 过五个分部开展业务。油气和新能源分部从事原油及天然气的勘探、开发、生产、输送和销售以及新能 源业务。炼油化工和新材料分部从事原油及石油产品的炼制，基本及衍生化工产品、其他化工产品的生 产和销售以及新材料业务。销售分部从事炼油产品和非油品的销售以及贸易业务。天然气销售分部从事 天然气的输送及销售业务。总部及其他分部从事资金管理、融资、总部管理、研究开发及为集团其他经 营分部提供商务服务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，1月13日南向资金增持4660.8万股中国石油股份（00857.HK）。近5个交易日中，获南向 资金减持的有3天，累计净减持350.76万股。近20个交易日中，获南向资金减持的有16天，累计净减持 3.17亿股。截至目前，南向资金持有中国石油股份（00857.HK）71.97亿股，占公司已发行普通股的 34.1%。 ...

Core Viewpoint - Southbound funds have significantly increased their holdings in China Petroleum & Chemical Corporation (Sinopec) over recent trading days, indicating strong investor interest in the company [1]. Group 1: Shareholding Changes - On January 13, southbound funds increased their holdings by 62.28 million shares, representing a 0.87% change [2]. - Over the past five trading days, there have been increases in holdings for five days, with a total net increase of 222 million shares [1]. - In the last twenty trading days, there were increases in holdings for sixteen days, with a cumulative net increase of 538 million shares [1]. Group 2: Current Holdings - As of January 13, southbound funds hold a total of 7.206 billion shares of Sinopec, which accounts for 30.29% of the company's total issued ordinary shares [1]. - The total number of shares held by southbound funds has shown a consistent upward trend, with previous days also reflecting increases: 71.44 billion shares on January 12 (0.68% increase), 70.96 billion shares on January 9 (0.84% increase), and so on [2]. Group 3: Company Overview - China Petroleum & Chemical Corporation primarily engages in oil, natural gas, and chemical operations, structured into five segments: exploration and development, refining, marketing and distribution, chemicals, and trading [2]. - The exploration and development segment focuses on oilfield exploration and development, while the refining segment processes crude oil and produces petroleum products for both internal and external customers [2]. - The marketing and distribution segment operates oil depots and gas stations in China, distributing refined petroleum products through wholesale and retail networks [2].

Core Insights - The three-year action plan for deepening state-owned enterprise (SOE) reform has largely been completed, with significant achievements in structural layout, technological innovation, corporate governance, and regulatory mechanisms [2][3] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes that while the action plan has concluded, the reform process must continue to deepen and consolidate its results [2] Group 1: Achievements in Reform - SOEs have undergone fundamental changes through multiple rounds of reform, contributing significantly to economic and social development, although challenges remain in original innovation capabilities and safety support in key areas [3] - Central enterprises have established 97 original technology sources and 23 innovation consortia, promoting collaborative research and development [3] - Central enterprises have opened 134 pilot verification platforms and created over 800 application scenarios across 16 key industries [3] Group 2: Strategic Developments - In the strategic emerging industries, central enterprises achieved revenues exceeding 11 trillion yuan from January to November 2025, with significant investments in biopharmaceuticals and low-altitude economy sectors [4][5] - The SASAC is promoting the restructuring and professional integration of SOEs to enhance efficiency and focus on key sectors [5] Group 3: Future Reform Directions - The "14th Five-Year Plan" and subsequent actions have shifted SOE reform from institutional construction to efficiency enhancement, laying a foundation for deeper changes in the "15th Five-Year Plan" [7] - The SASAC plans to further improve the modern enterprise system with a focus on enhancing core functions and competitiveness of SOEs [7][8] - The restructuring of major state-owned enterprises, such as the merger between Sinopec and China Aviation Oil, is seen as a significant step towards optimizing layout and responding to international competition [8][9]

Core Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159333) has shown a slight increase in its closing price and has experienced a decrease in both share count and total assets since the beginning of the year [1][2] Group 1: Fund Performance - As of January 13, 2024, the ETF closed with a gain of 0.64% and a trading volume of 54.82 million yuan [1] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually [1] - The ETF's performance benchmark is the China Securities Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return rate, adjusted for valuation exchange rates [1] Group 2: Fund Size and Liquidity - As of January 12, 2024, the ETF had a total of 365 million shares and a total size of 522 million yuan, reflecting a decrease of 7.83% in shares and 6.91% in size since December 31, 2023 [1] - Over the past 20 trading days, the ETF's cumulative trading amount reached 275 million yuan, with an average daily trading amount of 13.76 million yuan [1] - In the current year, the ETF has recorded a cumulative trading amount of 128 million yuan over 7 trading days, with an average daily trading amount of 18.33 million yuan [1] Group 3: Fund Management and Holdings - The current fund manager is Yang Kun, who has managed the ETF since its inception on August 21, 2024, achieving a return of 44.33% during his tenure [2] - The ETF's top holdings include COSCO Shipping Holdings (6.02%), China Nonferrous Mining (3.22%), China National Offshore Oil (2.51%), and Agricultural Bank of China (2.27%), among others [2]

Core Viewpoint - In 2025, China National Petroleum Corporation (CNPC) aims to achieve its strategic goals by implementing four major initiatives, ensuring high-quality energy supply, and enhancing its market competitiveness as it marks the end of the 14th Five-Year Plan and the 75th anniversary of its establishment [1][4]. Group 1: Oil and Gas Production - In 2025, CNPC will focus on efficient exploration and effective development, achieving a rebound in domestic oil and gas SEC reserve replacement rates, with stable crude oil production and rapid growth in natural gas output [2][18]. - The Longqing Oilfield's annual oil and gas equivalent production surpassed 60 million tons, marking the sixth consecutive year of stable production since it became China's first large-scale oil and gas field of this size in 2020 [1][2]. - The Southwest Oil and Gas Field has established a production capacity of 50 billion cubic meters of gas per year, while the Daqi Gas Field has achieved a daily gas production of over 10 million cubic meters [2]. Group 2: Refining and Chemical Production - The completion of key refining and chemical projects has led to a significant increase in ethylene production capacity, with the Guangxi Petrochemical project achieving a historic breakthrough of 10 million tons per year [4][5]. - The company has seen record production in specialty products such as paraxylene and asphalt, with new materials production increasing by over 60% year-on-year [5]. - The company has successfully implemented a "reduce oil and increase specialty" strategy, leading to a dominant market share in five categories of specialty products [5]. Group 3: Renewable Energy Development - In 2025, CNPC achieved a milestone in clean energy development with the successful integration of a 1.3 million kilowatt photovoltaic project, contributing to a 7% share of domestic energy supply from renewable sources [6][7]. - The company has made significant advancements in geothermal, hydrogen, and clean electricity sectors, with clean energy generation exceeding 20 billion kilowatt-hours for the year [7]. Group 4: Deep Earth Exploration - The successful drilling of the Taka-1 well, reaching a depth of 10,910 meters, set multiple world records and marked a significant milestone in deep earth exploration [12]. - CNPC has established itself as the largest producer of ultra-deep oil and gas in China, with over 60 ultra-deep wells drilled in 2025 and record production from the Bozi-Dabei gas field [12][18]. Group 5: International Expansion - CNPC successfully won bids for nine deep-sea exploration blocks in Brazil, marking a new expansion in the deep-sea exploration sector [15][16]. - The company has achieved stable growth in overseas oil and gas equity production, exceeding 10 million tons [15]. Group 6: Technological Innovation and Digital Transformation - The launch of the Kunlun Big Model signifies a major step in CNPC's digital transformation, supporting multiple languages and enhancing operational efficiency [8]. - The company has made significant progress in digitalization, with a platform economy scale exceeding 500 billion yuan and the establishment of several digital transformation pilot projects [8].

Market Performance - The Hang Seng Index increased by 239.99 points, a rise of 0.9%, closing at 26,848.47 points [1] - The total turnover for the day on the main board was HKD 315.92 billion [1] - The National Enterprises Index rose by 65.33 points, closing at 9,285.41 points, with a gain of 0.71% [1] - The Hang Seng Tech Index saw a slight increase of 6.59 points, closing at 5,869.79 points, reflecting a gain of 0.11% [1] Blue-Chip Stocks - Tencent Holdings rose by 0.72%, closing at HKD 627.5 [1] - Hong Kong Exchanges and Clearing increased by 1.31%, closing at HKD 431.8 [1] - China Mobile decreased by 0.25%, closing at HKD 80.95 [1] - HSBC Holdings rose by 1.85%, closing at HKD 126.4 [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.19%, closing at HKD 42.56 [1] - Sun Hung Kai Properties increased by 1.22%, closing at HKD 107.9 [1] - Henderson Land Development rose by 2.99%, closing at HKD 31.72 [1] Chinese Financial Stocks - Bank of China increased by 0.9%, closing at HKD 4.48 [1] - China Construction Bank rose by 1.17%, closing at HKD 7.81 [1] - Industrial and Commercial Bank of China increased by 0.96%, closing at HKD 6.3 [1] - Ping An Insurance rose by 2.19%, closing at HKD 70 [1] - China Life Insurance increased by 3.51%, closing at HKD 33 [1] Oil and Petrochemical Stocks - Sinopec increased by 0.65%, closing at HKD 4.65 [1] - PetroChina rose by 1.36%, closing at HKD 8.22 [1] - CNOOC increased by 2.58%, closing at HKD 21.48 [1]

Group 1 - Morgan Stanley has included China National Materials (002080) in its focus list for China and Hong Kong, while removing PetroChina (00857) from the list [1] - The outlook for China National Materials is positive, driven by the booming development of artificial intelligence infrastructure and the demand for energy storage systems (ESS) in China, which significantly boosts the demand for key raw materials in printed circuit boards (PCB) [1] - China National Materials is expected to see a rebound in profitability and revenue from its battery separator business, with projected earnings growth of 101%, 63%, and 45% year-on-year from 2025 to 2027 [1] Group 2 - China Ping An (601318) has been added to the focus list for A-shares, while PetroChina (601857.SH) has been removed [1] - The fundamentals of China Ping An are improving, and its A-share valuation is attractive, with a projected price-to-book ratio of 1.1 times for the fiscal year 2026 and a dividend yield exceeding 4% [1] - The return on equity (ROE) for China Ping An is expected to be around 15% [1]