Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is implementing a positive and negative list to ensure compliance with the Central Eight Regulations, aiming to clarify what is permissible and what is prohibited for party members and cadres [1][2]. Group 1: Implementation of Regulations - The negative list includes 12 categories and 124 prohibitive clauses, while the positive list outlines 11 categories and 75 permissible actions, providing clear guidelines for party members [1][2]. - The initiative is designed to address common issues identified in the supervision and disciplinary review processes, focusing on the unique characteristics of state-owned enterprises [1][2]. Group 2: Educational and Supervisory Measures - Various educational methods such as theoretical study groups, themed party days, and expert lectures are being employed to ensure comprehensive understanding and adherence to the regulations [3]. - The company emphasizes strict enforcement of the lists, particularly monitoring key individuals, and employs various methods like special inspections and public reporting to address persistent issues [3]. Group 3: Addressing Violations - Specific measures are being taken to rectify issues related to improper hospitality expenses, with a focus on reviewing expenditures related to business entertainment, meetings, training, welfare, and travel [3]. - Disciplinary actions have been taken against individuals found violating regulations, including the revocation of party positions and formal reprimands [3].

Group 1: Market Performance - The Zhongzheng Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) rose by 1.05% as of May 12, 2025, with notable increases in constituent stocks such as Guangdong Hongda (002683) up 6.04%, China Shipbuilding Defense (600685) up 4.54%, and Huada Gene (300676) up 3.93% [1] - The Greater Bay Area ETF (512970) increased by 0.85%, with a latest price of 1.19 yuan, and has seen a cumulative rise of 2.34% over the past week as of May 9, 2025 [1] Group 2: Fund Performance - The State-Owned Enterprise Win-Win ETF (159719) rose by 0.20% as of May 12, 2025, with a latest price of 1.49 yuan, and has shown a cumulative increase of 1.02% over the past week as of May 9, 2025 [2] - The State-Owned Enterprise Win-Win ETF has achieved a net value increase of 44.07% over the past three years, ranking 77 out of 1747 index stock funds, placing it in the top 4.41% [2][3] - The fund has a year-to-date relative drawdown of 0.15%, the smallest among comparable funds [3] Group 3: Fee Structure - The management fee for the Greater Bay Area ETF is 0.15% and the custody fee is 0.05% [1] - The management fee for the State-Owned Enterprise Win-Win ETF is 0.25% and the custody fee is 0.05%, which is the lowest among comparable funds [3] Group 4: Strategic Insights - The State-Owned Assets Supervision and Administration Commission emphasized the need for state-owned enterprises to enhance their capabilities in key technological areas and integrate artificial intelligence into critical business processes [3] - Analysts believe that the ongoing benefits from state-owned enterprises present long-term investment value, with potential opportunities in debt reduction and mergers and acquisitions, as well as investments in undervalued sectors with high dividends [3] Group 5: Index Composition - The State-Owned Enterprise Win-Win ETF closely tracks the FTSE China State-Owned Enterprises Open Win-Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [4] - The top ten constituent stocks of the Greater Bay Area Development Theme Index include BYD (002594), China Ping An (601318), and China Merchants Bank (600036), collectively accounting for 53.49% of the index [4][8]

中化新网讯 4月28日，中国石化集团公司党组深入贯彻中央八项规定精神学习教育读书班进行第二次集 体学习，深入学贯《习近平关于加强党的作风建设论述摘编》，并围绕"整治形式主义为基层减负"开展 专题研讨。集团公司党组书记、董事长马永生主持学习研讨。 马永生指出，要坚持边学边查边改。深入贯彻中央八项规定精神学习教育启动之初，中央就强调一体推 进学查改，确保学有质量、查有力度、改有成效。学是查的基础，查是改的前提，改是学和查的最终目 的，三者有机统一、相互支撑。要发扬彻底的自我革命精神，在深入学习、对照、查摆上持续发力，抓 紧推进现有问题整改，不断巩固拓展学查改整体推进、相互促进的良好局面。 马永生强调，要抓实整治形式主义为基层减负。要即知即改、立行立改，从现在做起，从一点一滴做 起，全面贯彻落实中央整治形式主义为基层减负若干规定精神，带头开短会、讲短话、干实事、求实 效，为全系统各级领导干部作出表率。要认真履行全面从严治党责任，扎扎实实抓好分管领域的减负工 作，对分管部门提报的事项和方案都要深思熟虑、严格把关，最大限度消除形式主义因素，切实减轻基 层负担。要强化组织协调，发挥好总部层面为基层减负专项工作机制作用，全 ...

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [5] Core Viewpoints - Geopolitical risks remain high, with recent conflicts between India and Pakistan highlighting global uncertainties, leading to a rebound in oil prices. As of May 9, Brent and WTI crude oil prices increased by 4.0% and 4.6%, respectively, closing at $63.88 and $61.06 per barrel [1][2] - China's dependence on oil imports is projected to be 72% and natural gas imports at 43% in 2024, indicating significant external challenges to energy security amid geopolitical tensions and tariff conflicts. The "Big Three" oil companies in China are responding to national calls for increased reserves and production, with a compound annual growth rate (CAGR) of 6.6% in upstream capital expenditure from 2018 to 2024 [2] - The report emphasizes the importance of monitoring OPEC+ production decisions and the outcomes of U.S.-Iran negotiations, as these factors could significantly impact the oil supply outlook. The potential easing of sanctions on Iranian oil exports could disrupt oil prices [3] Summary by Sections Oil Supply and Demand Outlook - The report highlights multiple disturbances in the oil supply and demand landscape, including trade agreements and geopolitical negotiations that could affect oil prices and supply stability [3] - The report suggests that the long-term oil supply-demand structure remains favorable, supporting a positive outlook for the "Big Three" oil companies and oil service sectors [4] Investment Recommendations - The report recommends focusing on the following companies: China National Petroleum Corporation (CNPC), Sinopec, CNOOC, and their respective oil service subsidiaries. It also suggests monitoring leading companies in the refining and chemical sectors, as well as coal chemical leaders and ethylene producers [4]

在第九个"中国品牌日"来临之际，中国石化胜利油田举行"易能问地"业务品牌体验暨公众开放活动，正式发 布了"易能问地"业务品牌市场推介片，实地感受"绿动"赋能企业发展的工作成效。中国石化胜利油田党委副 书记、纪委书记、监事魏永军出席活动。来自烟台东方威斯顿和油田相关直属单位的利益相关方代表参加观 摩体验。 转自：新华财经 如何实现超大负荷下的电动替代？ 怎样做到终端用能低成本智能量测？ 如何破解"风光气热电"多元能源开发利用不充分、融合优化调控不到位的难题？ …… 5月9日，在"走进电力，感受绿动"品牌体验日活动中，这些疑惑都能找到答案！ 据了解，下一步胜利油田将持续强化品牌战略落地，锚定品牌驱动业务发展目标任务，大力提升全员品牌意 识，着力构建"大品牌"建设格局，努力培育品牌建设胜利范式，用实干赢得市场广泛赞誉，加快打造"易能问 地"金字招牌，为建设领先企业、打造百年胜利筑牢品牌支撑。 期间，与会人员参观了胜利电力品牌文化长廊，以及胜利油田"源网荷储"智慧能源系统，胜利油田电力分公 司被授予"易能问地"品牌落地示范先锋。（焦子琳 王筱桐） 编辑：胡晨曦 "易能问地"是胜利油田牵头打造的中国石化上游板块综合解决 ...

Core Viewpoint - The demand for polymer foam materials is increasing due to rising living standards and the need for comfort, safety, and environmental protection. The market size of China's polymer foam materials industry is projected to grow from 1.2 trillion yuan in 2019 to 2.3 trillion yuan in 2024, with a compound annual growth rate of 13.9% [1][14]. Industry Overview - Polymer foam materials are characterized by a porous structure, low density, and excellent thermal insulation, sound absorption, and fire resistance properties. They can be categorized into various types, including polyurethane, polystyrene, polyethylene, and polypropylene foams [3][5]. - The industry has evolved through four stages: initiation (1980-1992), development (1993-2005), rapid development (2006-2015), and transformation (2015-present) [5]. Industry Chain - The upstream of the polymer foam materials industry includes raw materials such as plastics, rubber, catalysts, and foaming agents, primarily sourced from the petrochemical industry. The midstream involves the production of polymer foam materials, while the downstream encompasses applications in construction, packaging, consumer electronics, and transportation [8]. Market Demand and Applications - Polymer foam materials are widely used in construction for insulation, soundproofing, and fire protection, in the automotive industry to reduce weight and enhance safety, and in packaging to protect products and reduce costs. The packaging market in China is expected to reach approximately 1.2 trillion yuan in 2024, reflecting a year-on-year increase of 3.99% [12][14]. Competitive Landscape - The industry is becoming increasingly competitive, with numerous companies entering the market. Key players include Changzhou Tiangsheng New Materials Group Co., Ltd., Hubei Xiangyuan New Materials Technology Co., Ltd., and others. Companies must enhance their technology, product quality, and cost efficiency to remain competitive [18][20]. Development Trends 1. **Environmental Focus**: The industry is moving towards environmentally friendly practices, including the reduction or elimination of harmful substances in production processes [24]. 2. **Multifunctionality**: Future developments will focus on enhancing the functionalities of polymer foam materials, such as adding flame retardant, anti-static, and antibacterial properties [25]. 3. **Intelligent Manufacturing**: The industry is transitioning towards smart and automated manufacturing processes, integrating information technology with production techniques to drive sustainable development [27].

Core Viewpoint - The opening of the new convenience store by Sinopec in Rizhao University City marks a significant step in the company's transformation into a comprehensive energy service provider, focusing on campus scenarios and integrating digital operations to meet the diverse needs of consumers [9]. Group 1: Store Operations and Offerings - The new store, located in Rizhao University City, is strategically positioned near several universities, targeting students and local residents with a product matrix of nearly 600 items, including food, beverages, and daily necessities [3]. - The store features Sinopec's proprietary brands and has introduced a "Sinopec Food Circle" to cater to student preferences, offering self-developed snacks and light meals through a digital operation model [3][9]. - Various promotional activities, such as in-store gifts and discounts, were launched on the opening day, generating a consumer frenzy [5]. Group 2: Customer Experience and Engagement - Students expressed satisfaction with the convenience of home delivery services, highlighting the store's role in enhancing campus life [5]. - The store incorporates elements of campus culture, including a social space and a popular photo wall, evolving into a social landmark for students [7]. Group 3: Company Strategy and Future Plans - The Rizhao University store is the first of its kind in Shandong to focus on the university market and integrate fresh coffee services, indicating a new direction for Sinopec's convenience store operations [9]. - Sinopec plans to continue innovating by merging convenience services with energy solutions, aiming to create an integrated platform that meets diverse consumer needs and supports regional economic development [9]. - Established in 2008, Sinopec's Easy Joy has expanded to 28,000 convenience stores and nearly 10,000 car service locations, serving over 300 million users, with a brand value projected to reach 21.745 billion yuan in 2024 [9].

Group 1 - China Petroleum & Chemical Corporation (Sinopec) and Sinopec Petroleum Chemical Research Institute have applied for a patent titled "Petroleum Coke and Its Preparation Method" with publication number CN119931720A, filed on March 2024 [1] - The patent involves a method for producing petroleum coke from low-quality aromatic oil, enhancing the value of heavy fractions in the oil and making it suitable for industrial promotion [1] - The preparation method includes separating light and heavy components from the low-quality aromatic oil, followed by hydrogenation and delayed coking processes [1] Group 2 - China Petroleum & Chemical Corporation was established in 2000, located in Beijing, with a registered capital of approximately 12.17 billion RMB, and has invested in 256 companies [2] - Sinopec Petroleum Chemical Research Institute was founded in 2022, also in Beijing, with a registered capital of 300 million RMB, and has invested in 2 companies [2] - Both companies have significant patent portfolios, with Sinopec holding around 5000 patents and the research institute holding 1232 patents [2]

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - MXD6, a high-performance engineering plastic, is primarily used in lightweight applications for automobiles and drones, as well as in barrier packaging materials. Its properties include high strength, rigidity, heat resistance, wear resistance, aging resistance, chemical resistance, flame retardancy, and high barrier performance [1][10]. - The global market for MXD6 is projected to grow from approximately $410 million in 2024 to $760 million by 2033, with a compound annual growth rate (CAGR) of about 7.1%. In the automotive sector, the market size is expected to increase from $132 million in 2023 to $225 million by 2033 [2][15]. - Major global suppliers of MXD6 include Mitsubishi Gas Chemical and Solvay, while domestic companies like Sinochem International and Qicai Chemical are breaking through technical barriers and ramping up production [3][16]. Summary by Sections Market Overview - The MXD6 market is expected to see significant growth due to the rising demand for lightweight materials in emerging industries such as low-altitude economy and robotics [2][15]. - In 2024, the global production of MXD6 is estimated to be around 30,000 to 40,000 tons [15]. Supplier Landscape - Mitsubishi Gas Chemical has an annual production capacity of 19,000 tons of MXD6, while Solvay has a capacity of 8,000 tons. Domestic players are also increasing their production capabilities, with Qicai Chemical entering trial production for a 5,000-ton project in 2024 [3][16]. Applications - MXD6 is utilized in packaging materials due to its superior gas barrier properties, effectively preventing oxygen permeation and carbon dioxide loss. It can be co-extruded or co-injected with materials like PET, PP, and PE to create multi-layer films, sheets, and bottles [13][1]. - In plastic modification, MXD6 can be compounded with glass fibers, carbon fibers, and mineral fillers to produce enhanced materials suitable for high-strength and aesthetic applications in automotive and electronics sectors [13][1].

Group 1 - The core report "Brand Finance 2025 China Brand Value Top 500" was officially released on May 9, 2025, with Phoenix News as the exclusive media partner [1] - Sinopec's brand value reached $29.78 billion in 2025, representing a year-on-year growth of 4.6%, maintaining its national ranking at 15th place with a brand strength rating of AA+ [1] - The growth in Sinopec's brand value is attributed to its robust operations in refining and sales, as well as continuous investments in green and low-carbon development, which have solidified its brand position in the oil and gas industry [1] Group 2 - Sinopec has successfully established and put into operation a smart oil and gas field production command center, achieving digital control of the entire exploration and development process, which has reduced labor costs and improved production efficiency [1]