Core Viewpoint - The strategic cooperation framework agreement signed between Shanghai Port Energy and Sinopec Fuel Oil Sales Co., Ltd. aims to enhance collaboration in ship fuel supply and the promotion of new energy applications, driving the green and low-carbon transformation of the shipping industry [1] Group 1: Strategic Cooperation - The partnership is characterized as a strong collaboration between an industry leader in marine fuel oil and an emerging player in the new energy sector [1] - Both parties will work together to establish a new benchmark for "green fuel," develop new paradigms for industry standards, and explore new methods for energy supply assurance [1] Group 2: Focus Areas - The collaboration will focus on creating a full-chain supply system for green fuels such as methanol fuel, biofuels, and liquefied natural gas, contributing to Shanghai Port's goal of becoming a global leader in green fuel supply services [1] - The partnership will also explore opportunities in resource cooperation for ship fuel supply, logistics optimization, barge sharing, and supply substitution, establishing a resource exchange mechanism to share inventory and transportation capabilities [1] Group 3: Broader Collaboration - The cooperation will extend to comprehensive maritime services, the promotion of new energy policies, and carbon trading, with a commitment to building a regular communication mechanism to strengthen the partnership [1]

2025 年 08 月 11 日 (磷酸)五氧化二磷、尿素等涨幅居前，建议关注 进口替代、纯内需、高股息等方向 告 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：高铭谦 S1050124080006 gaomq@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 基础化工(申万) 6.8 12.6 33.9 沪深 300 2.2 6.7 23.2 市场表现 -10 0 10 20 30 40 (%) 基础化工 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《基础化工行业周报：环氧氯丙 烷、(磷酸)五氧化二磷等涨幅居 前，建议关注进口替代、纯内需、 高股息等方向》2025-08-07 2、《基础化工行业周报：TDI、合 成氨等涨幅居前，建议关注进口替 代、纯内需、高股息等方向》2025- 07-29 3、《基础化工行业周报：TDI、尿 素等涨幅居前，建议关注进口替 代、纯内需、高股息等方向》2025- 07-24 ▌(磷酸)五氧化二磷、尿素等涨幅居前，二氯甲烷、合成氨 等跌幅较大 本周涨幅较大的产品：(磷酸)五氧化 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Viewpoints - The chemical industry is expected to benefit from supply-side reforms and a reduction in low-price competition, leading to improved performance for leading companies [7][31] - The report highlights four major investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields [8][9][31] Summary by Sections Core Target Tracking - The report tracks key companies in the chemical sector, emphasizing their performance and market conditions [32] Market Observation - The report notes that the chemical industry is entering a replenishment cycle due to fiscal policy support in China and the US, alongside a reduction in European production capacity [31] Data Tracking - The report provides various price trends for key chemical products, including MDI, lithium carbonate, and others, indicating market dynamics and supply-demand conditions [10][11][12][14][19] Weekly Focus on Individual Stocks - The report identifies specific stocks to watch, including companies like Wanhua Chemical, Hengli Petrochemical, and others, with a focus on their growth potential and market positioning [32] Investment Recommendations - The report suggests a focus on companies with strong fundamentals and growth potential, particularly in sectors like polyurethane, low-carbon olefins, and phosphate chemicals [7][8][9][31]

8月11日，中国石化今日收盘5.68元，下跌1.05%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到15.22倍，总市值6886.73亿元。 从行业市盈率排名来看，公司所处的石油行业行业市盈率平均12.85倍，行业中值30.51倍，中国石化排 名第11位。 股东方面，截至2025年3月31日，中国石化股东户数458853户，较上次增加79190户，户均持股市值 35.28万元，户均持股数量2.76万股。 中国石油化工股份有限公司的主营业务为石油及天然气和化工业务。石油及天然气业务包括勘探、开发 及生产原油及天然气；管输原油、天然气；将原油提炼为石油制成品；以及营销原油、天然气和成品 油。化工业务包括制造及营销广泛的工业用化工产品。是中国大型油气生产商；炼油能力排名中国第一 位；在中国拥有完善的成品油销售网络，是中国最大的成品油供应商；乙烯生产能力排名中国第一位， 构建了比较完善的化工产品营销网络。 最新一期业绩显示，2025年一季报，公司实现营业收入7353.56亿元，同比-6.91%；净利润132.64亿元， 同比-27.60%，销售毛利率15.66%。 序号股票简称PE(TTM)PE(静) ...

Core Insights - As of August 11, 2025, Sinopec's stock closed at 5.68 CNY, down 1.05% with a turnover rate of 0.13% and a trading volume of 1.2113 million lots, amounting to 690 million CNY in transaction value [1] - The latest quarterly report shows total revenue of 735.356 billion CNY, a year-on-year decrease of 6.91%, and a net profit attributable to shareholders of 13.264 billion CNY, down 27.58% year-on-year [1] - The company has a current ratio of 0.851, a quick ratio of 0.472, and a debt-to-asset ratio of 53.35% [1] Financial Performance - Total revenue for the first quarter of 2025 was 735.356 billion CNY, reflecting a 6.91% decrease compared to the previous year [1] - Net profit attributable to shareholders was 13.264 billion CNY, which is a 27.58% decline year-on-year [1] - The company's non-recurring net profit was 13.223 billion CNY, also down 27.29% year-on-year [1] Capital Flow - On the trading day, the main capital saw a net outflow of 10.4813 million CNY, accounting for 1.52% of the transaction value [1] - Large orders experienced a net inflow of 10.9458 million CNY, while super large orders had a net outflow of 21.4271 million CNY [1] - Small orders also saw a net outflow of 6.6844 million CNY, indicating a mixed sentiment among investors [1] Company Overview - Sinopec, officially known as China Petroleum & Chemical Corporation, was established in 2000 and is headquartered in Beijing [2] - The company primarily engages in oil and gas extraction and has a registered capital of approximately 121.739 billion CNY [1] - Sinopec has made investments in 263 companies and participated in 5,000 bidding projects, showcasing its extensive operational footprint [2]

中国石油化工股份有限公司 2025 年第一次临时股东会资料 2025 年 8 月 注意事项 根据《中国石油化工股份有限公司章程》和《股东大会议 事规则》，敬请参会人员注意： 一、股东和股东授权代理人凭本人身份证明、授权委托书 （如适用）参会并听从会议安排。 董事会办公室 二、股东和股东授权代理人出席股东会依法享有发言、质 询、表决等权利。 三、股东和股东授权代理人如要求在股东会上发言，应当 在会前向公司登记。 四、公司相关人员应当认真负责，有针对性地回答股东和 股东授权代理人提出的问题。 五、股东会采用投票表决方式。 2025 年 8 月 11 日 - 1 - 六、如有任何问题，请垂询会议组织人员。 联系人：陈冬冬先生，电话：010-59969671。 根据《公司章程》，现提请本次股东会以累积投票制方式 选举侯启军先生、蔡勇先生为公司第九届董事会非执行董事。 以上议案，请予审议。 中国石油化工股份有限公司 2025 年第一次临时股东会文件 关于选举公司董事的议案 （2025 年 8 月 21 日） 各位股东、股东授权代理人： 经公司第九届董事会第七次会议决议，董事会提名侯启军 先生、蔡勇先生为中国石化第九届董 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 中國石油化工股份有限公司（「中國石化」）謹此公佈，中國石化將於2025年8月21日 （星期四）召開董事會，藉以審議並（如認為適當）批准包括中國石化截至2025年6月 30日止之六個月期間的半年度業績等事宜。 承董事會命 中國石油化工股份有限公司 黃文生 副總裁、董事會秘書 中國北京 2025年8月11日 （在中華人民共和國註冊成立的股份有限公司） （ 股份代號： 00386） 關於召開董事會的通知 於本公告日期，本公司的董事為：趙東 # 、鐘韌 * 、李永林 # 、呂亮功 # 、牛栓文 # 、萬濤 # 、徐林 + 、 張麗英 + 、廖子彬 + 及張希良 + 。 # 執行董事 1 * 非執行董事 + 獨立非執行董事 ...

人民财讯8月11日电，企查查APP显示，近日，中石化（天津）销售应用技术研究院有限公司成立，法 定代表人为付永杰，注册资本1亿元，经营范围含新兴能源技术研发、储能技术服务、软件开发、化工 产品销售等。企查查股权穿透显示，该公司由中国石化（600028）旗下中国石化销售股份有限公司全资 持股。 ...

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the impact of fluctuating international oil prices and the recent price changes in titanium dioxide and refrigerants, suggesting a focus on mid-year earnings reports and the influence of supply-side factors in related sub-industries [2][3][11] - It emphasizes the importance of self-sufficiency in electronic materials companies and the stability of dividend policies in energy enterprises [11] Summary by Sections Industry Dynamics - In the week of August 4-10, 2025, among 100 tracked chemical products, 18 saw price increases, 39 experienced declines, and 43 remained stable. 38% of products had month-on-month price increases, while 56% saw decreases [10][31] - International oil prices fell, with WTI crude oil closing at $63.88 per barrel, down 5.12% for the week, and Brent crude at $66.59 per barrel, down 4.42% [10][32] - Titanium dioxide prices decreased to an average of 13,302 RMB/ton, down 1.10% from the previous week, with a year-to-date decline of 7.24% [10][33] - Refrigerant prices increased, with R32 averaging 56,500 RMB/ton, up 2.73% week-on-week and 31.40% year-to-date [10] Investment Recommendations - The report suggests focusing on mid-year earnings, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials [11] - Long-term investment themes include the sustained high demand in the oil and gas extraction sector, the rapid development of downstream industries, and the potential for recovery in demand supported by policy [11] - Recommended stocks include China Petroleum, China Oilfield Services, and several technology and chemical companies [11] Key Stocks for August - The report identifies Satellite Chemical and Anji Technology as key stocks for August, highlighting their strong performance and growth potential [12][18]

Oil Market Overview - Brent and WTI crude oil futures averaged $67.4 and $64.9 per barrel respectively, down $4.2 and $3.6 from the previous week [2] - Total U.S. crude oil inventory stands at 830 million barrels, with commercial inventory at 420 million barrels, strategic inventory at 400 million barrels, and Cushing inventory at 20 million barrels, showing changes of -2.79 million, -3.03 million, +0.23 million, and +0.45 million barrels respectively [2] - U.S. crude oil production is at 13.28 million barrels per day, a decrease of 30,000 barrels per day from the previous week [2] - U.S. refinery crude oil processing volume is 17.12 million barrels per day, an increase of 210,000 barrels per day, with a refinery utilization rate of 96.9%, up 1.5 percentage points [2] Refined Products - Average prices for gasoline, diesel, and jet fuel in the U.S. are $88, $96, and $89 per barrel respectively, down $3.9, $5.2, and $5.1 from the previous week [3] - U.S. gasoline, diesel, and jet fuel inventories are at 230 million, 110 million, and 40 million barrels respectively, with changes of -1.32 million, -0.57 million, and +0.97 million barrels [4] - Production of gasoline, diesel, and jet fuel in the U.S. is at 980,000, 511,000, and 198,000 barrels per day respectively, with changes of -24, -10, and +11 thousand barrels per day [5] - Consumption of gasoline, diesel, and jet fuel in the U.S. is at 904,000, 372,000, and 171,000 barrels per day respectively, with changes of -11, +12, and -39 thousand barrels per day [6] Trade Dynamics - U.S. gasoline imports, exports, and net exports are 120,000, 950,000, and 820,000 barrels per day respectively, with changes of +1, +6, and +5 thousand barrels per day [6] - U.S. diesel imports, exports, and net exports are 80,000, 1.55 million, and 1.47 million barrels per day respectively, with changes of -15, +23, and +38 thousand barrels per day [6] - U.S. jet fuel imports, exports, and net exports are 0, 140,000, and 140,000 barrels per day respectively, with changes of -6, 0, and +6 thousand barrels per day [6] Related Companies - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [6]