Group 1 - The core viewpoint of the article highlights the establishment of Sinopec Deep Detection Technology (Shanghai) Co., Ltd., which signifies Sinopec's strategic investment in the detection technology sector [2] - The newly established company has a registered capital of 153 million RMB and its business scope includes new material technology research and development, sales of analytical instruments, software sales, and inspection and testing services [2] - Sinopec holds 100% ownership of the new company, indicating a strong commitment to advancing its technological capabilities in the detection field [2]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [9][19]. Core Viewpoints - The report highlights the significant price increases in products such as toluene (up 25.22%) and liquid chlorine (up 13.73%), while products like butadiene and vinyl acetate saw notable declines [4][5][16]. - It suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high dividend stocks, particularly in light of the current international oil price fluctuations [6][19]. - The report anticipates that the international oil price will stabilize around $65 per barrel, which could benefit companies with high dividend yields and those that are sensitive to raw material price declines [6][19]. Summary by Sections Chemical Industry Investment Suggestions - The report emphasizes the importance of monitoring sectors like glyphosate, fertilizers, and high-dividend assets for potential investment opportunities [19]. - It recommends companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical, which are expected to enter a favorable economic cycle [19]. - The report also highlights the resilience of domestic chemical fertilizer and certain pesticide sectors, suggesting a focus on companies like China Heartland Fertilizer and Hualu Hengsheng [19]. Price Trends and Market Analysis - The report notes that while some chemical products have rebounded in price, the overall industry remains weak, with mixed performance across sub-sectors [17][19]. - It provides detailed price movements for various chemicals, indicating a general trend of price increases for certain products and declines for others [4][5][16]. - The report discusses the impact of OPEC's decisions on oil prices and how this affects the chemical industry, particularly in terms of raw material costs [6][20]. Company Focus and Earnings Forecast - The report includes a detailed earnings forecast for key companies, with a focus on their expected EPS and PE ratios for the coming years [9]. - Companies such as Sinopec, Jiangshan Co., and others are highlighted for their strong market positions and potential for growth [9][19]. - The report suggests that companies with strong asset quality and high dividend yields, like the "three barrels of oil," will benefit from the current market conditions [19].

Core Viewpoint - The signing of the investment agreement between Sinopec Sichuan Sales Company and the Shangri-La Municipal Government marks the beginning of a comprehensive and diversified strategic cooperation in the traditional Chinese medicine industry, specifically focusing on the development of the Fritillaria (川贝母) industry, which aims to promote local economic growth and rural revitalization [1][3][5]. Group 1: Investment Agreement and Strategic Cooperation - The investment agreement aims to integrate resources and establish a full-chain development system for the Fritillaria industry, including the construction of a seedling planting base, a modern processing industrial park, and a research and innovation center [7]. - The project includes the establishment of a seedling base capable of producing 50 tons of raw materials and 1 billion seedlings annually, alongside a modern processing facility and a national-level Fritillaria industry park [7]. - The cooperation is expected to enhance the brand "Xiangyunbei" and expand its market presence both domestically and internationally [7]. Group 2: Company Background and Market Potential - Sinopec Sichuan Sales Company has developed a business model that includes both oil and non-oil products, achieving strategic partnerships with 16 local governments in Sichuan [4]. - The company emphasizes the significant medicinal value and market demand for Fritillaria, indicating a promising future for the industry [5]. - The collaboration is seen as a responsibility to support rural revitalization and improve local economic quality and efficiency [5].

Core Viewpoint - The article highlights the performance of the Petrochemical ETF (159731) and significant advancements in China's petrochemical industry, particularly in heavy oil catalytic cracking technology, which marks a breakthrough in refining processes and positions China as a leader in this field [1]. Group 1: ETF Performance - On November 20, the Petrochemical ETF (159731) opened high but closed down with a decline of approximately 0.6%, while stocks like Cangge Mining, Salt Lake Co., and Sankeshu showed gains [1]. - Over the past 10 days, the Petrochemical ETF experienced net inflows on 8 trading days, totaling 16.91 million yuan, with the latest share count reaching 211 million and total assets at 180 million yuan, both hitting record highs since inception [1]. Group 2: Industry Developments - The China Petroleum and Chemical Corporation's research institute achieved a significant breakthrough in heavy oil efficient catalytic cracking (RTC) technology, completing assessments at the Zhenhai Refining & Chemical Company, which allows for a "zero diesel output" in refining processes [1]. - This advancement is expected to address the surplus crisis in refined oil products and facilitate the transformation of refining enterprises towards "reducing oil and increasing chemicals" with a short and efficient processing solution [1]. Group 3: Investment Recommendations - Open Source Securities suggests focusing on several directions amid the "anti-involution" trend: leading companies with diverse and large product offerings, sub-industries that are ahead in the anti-involution trend and have reached cyclical turning points, industries with potential capacity reduction, and new materials with controllable autonomy and future growth potential [1]. - The Petrochemical ETF closely tracks the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.85% and the oil and petrochemical industry for 32.16%, indicating a clear direction towards "greening, high-end, and intelligent" development in the industry [1].

Core Concept - The concept of "deep earth economy" has gained significant attention in the capital market as of October 2025, indicating a strategic shift towards resource extraction from deep within the Earth, impacting various sectors such as oil and gas, mining, and infrastructure [1] Group 1: Market Response and Strategic Initiatives - The capital market has reacted positively to the emergence of the deep earth economy, with multiple sectors showing strength, suggesting a multi-trillion yuan new growth avenue [1] - The Ministry of Natural Resources has outlined plans for the 14th Five-Year Plan, emphasizing the need for standardization in emerging industries such as deep-sea and deep-earth exploration [1][2] - A special fund has been established at the central level to guide social capital and accelerate the formulation of national standards in deep earth drilling and equipment manufacturing [1] Group 2: Resource Potential and Development Opportunities - China possesses significant deep and ultra-deep oil and gas resources, totaling 671 million tons of oil equivalent, which accounts for approximately 34% of the nation's total oil and gas resources [2] - The Sichuan Basin, particularly the city of Bazhong, is identified as a key area for deep oil and gas exploration, benefiting from favorable geological conditions and substantial resource reserves [3][5] - Bazhong's natural gas geological reserves are estimated at 1.4 trillion cubic meters, with shale oil resources around 25 million tons, indicating high economic value and development potential [5] Group 3: Investment and Development Metrics - From January to October this year, Bazhong completed investments of 1.692 billion yuan, a year-on-year increase of 63.5%, with a notable rise in the number of oil and gas wells [7] - The city has seen a significant increase in natural gas production, reaching 360 million cubic meters, a 71.4% year-on-year growth, and oil production of 14,000 tons, a 600% increase [7] Group 4: Industrial Layout and Future Plans - Bazhong aims to establish a "billion-level energy and chemical industry cluster," focusing on natural gas and oil chemical projects, with a total investment of approximately 13.15 billion yuan [11] - The city is targeting advanced materials and clean energy sectors, with investments planned for high-end products such as electronic-grade epoxy resin and carbon nanotubes [11] - The strategic deployment in Bazhong aligns with the anticipated growth of the deep earth economy, which is projected to exceed 5 trillion yuan during the 14th Five-Year Plan period [9] Group 5: Collaborative Efforts and Governance - The 2025 Bazhong Oil and Gas Development Conference highlighted the collaboration between state-owned enterprises and local government, forming a comprehensive support system for resource exploration and development [12][15] - A series of agreements were signed during the conference, showcasing the government's commitment to rapid project initiation and efficient service delivery [13][15] - Bazhong is positioning itself as a replicable model for the deep earth economy, integrating government organization, enterprise collaboration, and research support to achieve resource exploration breakthroughs [16]

Core Viewpoint - The polymer recycling industry is crucial for alleviating global resource scarcity and environmental pressure, with many countries implementing mandatory regulations for the use of recycled polymers. The establishment of the China Resource Recycling Group signifies a new strategic position for China's polymer recycling industry [3]. Group 1: Conference Overview - The Third Polymer Recycling Conference will be held from December 11-13, 2025, in Ningbo, Zhejiang, focusing on policy trends, chemical and physical recycling technologies, and high-value utilization of recycled materials across various sectors [3][53]. - The conference aims to gather international leading companies, experts, government representatives, and capital to explore the path of polymer recycling [3]. Group 2: Key Speakers and Topics - Zhang Li Qun, an academician of the Chinese Academy of Engineering and president of Xi'an Jiaotong University, will lead discussions on advanced polymer materials [4]. - Li Ming Feng, president of Sinopec Research Institute of Petroleum Processing, will present on the chemical recycling of waste plastics [7][8]. - Experts from various organizations will share insights on innovative recycling technologies, including microwave-driven degradation and enzyme-based recycling methods [10][19][20]. Group 3: Highlights of the Conference - The conference will provide insights into global plastic recycling policies and China's 14th Five-Year Plan for plastic recycling [53]. - Advanced recycling technologies will be discussed, including thermal cracking and catalytic processes for mixed low-value waste plastics [53][56]. - The event will address the challenges of balancing performance, compliance, and sustainability in recycled plastics across industries such as textiles, appliances, and automotive [53]. Group 4: Youth Forum - The Youth Forum will focus on identifying promising teams and technologies in the polymer recycling field, featuring over 20 presentations on innovative recycling techniques and carbon footprint assessment [60].

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is committed to integrating deeply into the economic and social development of Sichuan, focusing on energy efficiency, clean energy supply, and technological innovation to support the construction of a national natural gas production base and contribute to local modernization efforts [6][7]. Group 1: Corporate Commitment and Achievements - Sinopec is the largest refining company globally and the largest supplier of refined oil and petrochemical products in China [6]. - The company has made significant contributions to Sichuan's economy, including paying over 20 billion yuan in taxes and investing 84.27 million yuan in community support [7]. - Sinopec has established numerous initiatives, such as "Love Station" and "Driver's Home," to enhance community welfare and support local education and industry [7]. Group 2: Technological Innovation and Energy Supply - Sinopec has focused on technological innovation to enhance oil and gas exploration and development, achieving a geological gas reserve of over 300 billion cubic meters [6]. - The company has increased its gas supply capacity from 3.5 billion cubic meters per year to 7 billion cubic meters per year, enhancing its energy supply network [6]. - Sinopec has developed a comprehensive energy service model, transitioning from a single oil supplier to a multi-energy service provider, including hydrogen and electricity [6]. Group 3: Environmental Responsibility and Green Development - Sinopec has implemented green enterprise actions and energy efficiency improvement plans, focusing on clean production and resource recycling [6]. - The company has achieved a sulfur recovery rate of over 99.93% and has established the first "waste-free" oil depot in Sichuan [7]. - Sinopec has received multiple honors for its environmental efforts, including being recognized as a national-level green factory [7]. Group 4: Community Engagement and Social Responsibility - Sinopec has actively engaged in community support, including educational assistance and agricultural product procurement, benefiting local farmers [7]. - The company has played a crucial role in energy supply during emergencies and major events, ensuring resource availability for local communities [7]. - Sinopec's initiatives have led to significant reductions in deforestation and carbon emissions, showcasing its commitment to sustainable development [7].

Core Insights - Sinopec is actively investing in the hydrogen energy sector, particularly through its partnership with Suzhou Korun New Materials Co., Ltd. (Korun New Materials), focusing on the development of perfluorosulfonic acid proton exchange membranes [1][2][3] Group 1: Strategic Partnerships - Sinopec and Korun New Materials have signed a strategic cooperation framework agreement for joint research on perfluorosulfonic acid proton exchange membranes [1] - Sinopec has previously engaged with Korun New Materials, including participation in a hydrogen energy application conference and a supply-demand matching project [2] - Sinopec holds a 6.89% stake in Korun New Materials, making it the largest state-owned shareholder [2] Group 2: Market Potential - The global market for proton exchange membranes is projected to reach 1.56 billion yuan in 2024, with a compound annual growth rate of 50.6% expected until 2030, potentially reaching 18.2 billion yuan [4] - The demand for perfluorosulfonic acid proton exchange membranes is rapidly increasing due to their critical role in hydrogen fuel cells, electrolysis for green hydrogen, and the chlor-alkali industry [4][5] Group 3: Domestic Production and Innovation - Korun New Materials is one of only two companies in China capable of mass-producing perfluorosulfonic acid proton exchange membranes, indicating a significant step towards domestic production [6] - The company has achieved notable advancements in the field, including the development of high-performance ultra-thin composite proton exchange membranes, which have been recognized with a provincial science and technology award [7] - Korun New Materials has established itself as a market leader, being the first in China to achieve mass production of proton exchange membranes for flow batteries, with over 70% of large-scale flow battery projects utilizing its products [8] Group 4: Vision and Goals - Korun New Materials aims to become the world's leading producer of perfluorosulfonic acid proton exchange membranes, aligning with Sinopec's strategic goals in the hydrogen energy sector [9]

EE305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 19 November 2025 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is discloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of H ...

Core Viewpoint - The Shanghai Composite Index rose by 0.18% on November 19, with the oil and petrochemical sector showing significant gains, while the comprehensive and real estate sectors experienced declines [1]. Industry Summary - The oil and petrochemical sector increased by 1.67%, with a net inflow of 23.7 million yuan in main funds. Out of 47 stocks in this sector, 25 rose, 22 fell, and 1 hit the daily limit down [1]. - The top three stocks in terms of net fund inflow were China Petroleum & Chemical Corporation (Sinopec) with 235 million yuan, followed by China National Offshore Oil Corporation (CNOOC) with 228 million yuan, and China National Petroleum Corporation (CNPC) with 9.52 million yuan [1]. - The sectors with the largest declines were comprehensive and real estate, with decreases of 3.08% and 2.09%, respectively [1]. Company Summary - Sinopec (600028) saw a price increase of 4.31% with a turnover rate of 0.45% and a main fund inflow of 234.68 million yuan [1]. - CNOOC (600938) rose by 3.29% with a turnover rate of 1.67% and a main fund inflow of 228.43 million yuan [1]. - CNPC (601857) increased by 4.05% with a turnover rate of 0.14% and a main fund inflow of 9.52 million yuan [1]. - The stocks with the largest net outflows included Intercontinental Oil and Gas (823.61 million yuan), Tongkun Co., Ltd. (409.16 million yuan), and Heshun Petroleum (394.52 million yuan) [2].