Group 1 - FMR LLC reduced its stake in Sinopec Engineering (02386) by 1.2075 million shares at a price of 7.4879 HKD per share, totaling approximately 9.04164 million HKD [1] - After the reduction, FMR LLC's remaining shareholding is approximately 128 million shares, representing a holding percentage of 8.95% [1]

Core Viewpoint - FMR LLC has reduced its stake in Sinopec Engineering (02386) by selling 1.2075 million shares at a price of 7.4879 HKD per share, totaling approximately 9.04164 million HKD, resulting in a new holding of about 128 million shares, representing 8.95% ownership [1] Group 1 - FMR LLC sold 1.2075 million shares of Sinopec Engineering on November 27 [1] - The sale price per share was 7.4879 HKD, leading to a total transaction value of approximately 9.04164 million HKD [1] - After the reduction, FMR LLC's remaining shares in Sinopec Engineering are approximately 128 million, equating to an ownership percentage of 8.95% [1]

Core Viewpoint - FMR LLC has reduced its stake in Sinopec Engineering (02386) by selling 1.2075 million shares at a price of HKD 7.4879 per share, totaling approximately HKD 9.04164 million, resulting in a new holding of about 128 million shares, representing 8.95% ownership [1] Summary by Category - **Share Reduction** - FMR LLC sold 1.2075 million shares of Sinopec Engineering [1] - The sale price was HKD 7.4879 per share [1] - Total proceeds from the sale amounted to approximately HKD 9.04164 million [1] - **Current Holdings** - After the reduction, FMR LLC's remaining shares in Sinopec Engineering are approximately 128 million [1] - The current ownership percentage is 8.95% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中石化煉化工程（集團）股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02386 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,430,681,000 | RMB | | | 1 RMB | | 1,430,681,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,430,681,000 | RMB | | | 1 RMB | | 1,430,681,000 | ...

Group 1 - The State Intellectual Property Office of China has granted a patent for "Flash Cooling Concentration Crystallization Demister" to Sinopec Nanjing Engineering Co., Ltd. and Sinopec Refining Engineering (Group) Co., Ltd. The patent authorization announcement number is CN116036640B, with an application date of October 2021 [1] - Sinopec Nanjing Engineering Co., Ltd., established in 1986, is primarily engaged in construction and installation, with a registered capital of 5,560.05 million RMB. The company has invested in 8 enterprises, participated in 5,000 bidding projects, holds 845 patents, and possesses 65 administrative licenses [1] - Sinopec Refining Engineering (Group) Co., Ltd., founded in 2007, focuses on water management, with a registered capital of 44,185.435 million RMB. The company has invested in 12 enterprises, participated in 70 bidding projects, holds 5,000 patents, and has 4 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent for a "rapid cooling oil system and method for an ethylene cracking device" to China Petroleum & Chemical Corporation, Sinopec Shanghai Engineering Company, and Sinopec Refining Engineering Group Co., Ltd. The patent authorization announcement number is CN115716771B, with an application date of August 2021 [1] - China Petroleum & Chemical Corporation, established in 2000 and located in Beijing, primarily engages in oil and gas extraction. The company has a registered capital of 12,173,968.9893 thousand RMB and has invested in 268 enterprises, participated in 5,000 bidding projects, and holds 5,000 patent records [1] - Sinopec Shanghai Engineering Company, founded in 1993 and based in Shanghai, focuses on wholesale activities. The company has a registered capital of 50,000 thousand RMB, has invested in 11 enterprises, participated in 5,000 bidding projects, and holds 848 patent records [1] - Sinopec Refining Engineering Group Co., Ltd., established in 2007 and located in Beijing, primarily operates in water management. The company has a registered capital of 441,854.35 thousand RMB, has invested in 12 enterprises, participated in 69 bidding projects, and holds 5,000 patent records [2]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "A Composite Material for Shear Joints at the End of Blast-Resistant Walls" to China Petroleum & Chemical Corporation, Sinopec Shanghai Engineering Company, and Sinopec Refining Engineering Group Co., Ltd. The patent was applied for on October 2021 [1] - China Petroleum & Chemical Corporation, established in 2000, is primarily engaged in oil and gas extraction, with a registered capital of 12,173,968.9893 million RMB. The company has invested in 268 enterprises and participated in 5,000 bidding projects, holding 45 trademark records and 5,000 patent records [1] - Sinopec Shanghai Engineering Company, founded in 1993, focuses on wholesale activities with a registered capital of 50,000 million RMB. The company has invested in 11 enterprises and participated in 5,000 bidding projects, holding 4 trademark records and 848 patent records [1] - Sinopec Refining Engineering Group Co., Ltd., established in 2007, is primarily involved in water management with a registered capital of 441,854.35 million RMB. The company has invested in 12 enterprises and participated in 69 bidding projects, holding 5,000 patent records [2]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the construction industry [4]. Core Views - The report highlights that the logic of overseas engineering expansion is gradually being realized, with high growth areas showing superior growth. Infrastructure and real estate demand continue to face pressure, while railway and water conservancy investments perform well, with the effects of debt reduction expected to gradually manifest [1][8]. - Central state-owned enterprises (SOEs) are experiencing a significant decline in revenue and performance, but there is a long-term trend of improving operational quality. Many SOEs have shown improvements in profitability, cash flow, and expense ratios, indicating a gradual enhancement in operational quality [2][8]. - The overseas new contract signing is rapidly increasing, demonstrating the effectiveness of the overseas expansion strategy. The contract value and revenue from foreign engineering projects have shown significant year-on-year growth, providing support for domestic construction enterprises [3][8]. Summary by Sections 1. Industry Overview - Infrastructure investment growth has been declining, with broad infrastructure investment growth dropping from 11.50% in early 2023 to 1.51% by October 2025. Narrow infrastructure investment growth turned negative, indicating a significant slowdown in traditional infrastructure demand [16][17]. - The investment growth in the railway sector remains positive, while road transport investment has been declining due to funding pressures from local governments and construction enterprises [18][20]. 2. Central SOEs Performance - Central SOEs in the infrastructure sector are facing revenue and performance growth challenges, but operational quality is improving. The implementation of debt reduction measures is expected to show fiscal effects by 2026 [2][8]. 3. Overseas Expansion - The overseas contract signing for Chinese construction enterprises has increased significantly, with major state-owned enterprises showing higher growth rates in new contracts compared to the overall market. This trend is expected to support revenue growth in the coming years [3][8]. 4. Regional Investment Trends - In the western region, particularly Xinjiang, fixed asset investment growth is significantly higher than the national average, with major infrastructure projects expected to drive demand growth [6][8]. - The coal chemical industry in Xinjiang is projected to see substantial investment, with over 400 key projects planned, totaling an investment of 3.47 trillion yuan [6][8]. 5. Cleanroom Engineering Demand - The demand for cleanroom construction is expected to rise due to increased capital expenditure in the AI and semiconductor industries. The cleanroom engineering sector is experiencing rapid growth in orders, particularly from overseas markets [7][8]. 6. Investment Recommendations - The report suggests that low-valuation central SOEs like China State Construction and China Communications Construction Company are well-positioned for stable returns, with improving operational metrics and increasing dividends [9][8]. - Leading companies in overseas expansion, such as China National Materials and China Steel International, are expected to outperform traditional construction enterprises due to their strong growth in overseas orders [9][8].

Core Viewpoint - Southbound funds have increased their holdings in Sinopec Engineering (02386.HK), indicating positive investor sentiment towards the company [1]. Group 1: Southbound Fund Activity - On November 20, southbound funds increased their holdings by 21,500 shares [1]. - Over the past five trading days, there were four days of net increases, totaling 2,307,500 shares [1]. - In the last 20 trading days, there were 13 days of net increases, amounting to 5,245,500 shares [1]. - As of now, southbound funds hold 383 million shares of Sinopec Engineering, representing 26.86% of the company's total issued ordinary shares [1]. Group 2: Company Overview - Sinopec Engineering Co., Ltd. primarily engages in engineering contracting services and operates four divisions: design, consulting and technology licensing; engineering contracting; construction; and equipment manufacturing [2]. - The design, consulting, and technology licensing division provides services such as design, consulting, R&D, feasibility studies, and compliance certification to the refining and chemical industries [2]. - The engineering contracting division offers comprehensive engineering, procurement, construction, maintenance, and project management services to the refining and chemical sectors [2]. - The construction division provides new construction, renovation, expansion, repair, and maintenance services for infrastructure, oil and gas storage tanks, and transportation pipelines [2]. - The equipment manufacturing division is involved in the design, R&D, manufacturing, and sales of equipment and components required for refining and chemical facilities [2].

Group 1 - BlackRock, Inc. reduced its stake in Sinopec Engineering (02386.HK) by selling 169,500 shares at an average price of HKD 7.8649 per share, amounting to approximately HKD 1.3331 million [1][2] - Following the sale, BlackRock's total holdings in Sinopec Engineering decreased to 71,199,191 shares, resulting in a reduction of its ownership percentage from 5.00% to 4.99% [1][2]