Core Points - China Petroleum & Chemical Corporation (Sinopec) has launched geothermal heating services for this winter, covering over 70 cities and counties across 11 provinces, providing clean heating for more than 1.2 million households [1][2] - The geothermal heating capacity has reached a historical high of 126 million square meters, which can reduce carbon dioxide emissions by nearly 6.2 million tons annually [1] - Sinopec has implemented equipment upgrades to ensure stable heating services and utilizes smart technology for real-time monitoring and management of heating operations [1] Group 1 - Sinopec is the largest developer of medium and deep geothermal energy in China, with geothermal heating capacity exceeding one million square meters in over 30 cities and counties [2] - The company has achieved full coverage of geothermal heating in Xiong County, Hebei, creating China's first "smokeless city" for clean heating, which has been recognized by the International Renewable Energy Agency [2] - Sinopec has successfully drilled China's first deep geothermal scientific exploration well, reaching over 5,000 meters, and has contributed to over 50% of industry standards and the first international geothermal standard in the global geothermal field [2]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has fully launched its geothermal heating services for the winter season, covering over 70 cities and counties across 11 provinces and municipalities in China, providing clean heating for more than 1.2 million households [1] Group 1 - Sinopec has established geothermal heating capacity exceeding 1 million square meters in over 30 cities and counties, making it the largest enterprise in China for the development and utilization of medium and deep geothermal energy [1] - In Xiong County, Hebei, Sinopec has achieved full coverage of geothermal heating, creating the country's first "smokeless city" for clean heating [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has fully launched its geothermal heating services for this winter, covering over 70 cities and counties across 11 provinces, providing clean heating for more than 1.2 million households [1] Group 1: Geothermal Heating Services - Sinopec's geothermal heating capacity has reached a historical high of 126 million square meters, which can reduce carbon dioxide emissions by nearly 6.2 million tons annually [1] - The company commenced geothermal heating services in Taiyuan, Shanxi, ahead of schedule on October 20, as per local government requirements [1] Group 2: Industry Leadership - Sinopec is the largest enterprise in China for the development and utilization of medium and deep geothermal energy, with over 1 million square meters of geothermal heating capacity established in more than 30 cities and counties nationwide [1] - The company has achieved full coverage of geothermal heating in Xiong County, Hebei, creating China's first "smokeless city" for clean heating, which has been included in the global promotion list by the International Renewable Energy Agency [1] Group 3: Technological Advancements - Sinopec successfully drilled China's first deep geothermal scientific exploration well, reaching over 5,000 meters in depth, known as Fushen Hot 1 [1] - The company has led the formulation of over 50% of industry standards and has contributed to the first international geothermal standard by the International Geothermal Association in China [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has fully launched its geothermal heating services for this winter, covering over 70 cities and counties across 11 provinces and municipalities in China, providing clean heating for more than 1.2 million households [1] Group 1 - The geothermal heating capacity of Sinopec has been further enhanced, reaching a historical high of 12.6 million square meters [1] - The initiative is expected to reduce carbon dioxide emissions by nearly 6.2 million tons annually [1] - Sinopec commenced geothermal heating services in Taiyuan, Shanxi, ahead of schedule on October 20, as per local government requirements [1]

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: 14 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 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國石油化工股份有限公司 呈交日期： 2025年11月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00386 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發 ...

Market Overview - The refining and trading sector experienced a decline of 0.66% on November 14, with Runbei Hangke leading the losses [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable gainers in the refining and trading sector included: - Heshun Petroleum (603353) with a closing price of 28.03, up 10.01% [1] - Unified Shares (600506) at 31.30, up 8.49% with a trading volume of 499,100 shares and a transaction value of 1.536 billion [1] - Baomo Shares (002476) at 6.33, up 3.09% with a transaction value of 214 million [1] - Conversely, Runbei Hangke (001316) led the declines with a closing price of 35.90, down 3.49% [2] - Other notable decliners included: - Wanbangda (300055) at 8.40, down 3.34% [2] - Daqing Huake (000985) at 20.03, down 2.53% [2] Capital Flow - The refining and trading sector saw a net outflow of 133 million from institutional investors and 197 million from speculative funds, while retail investors contributed a net inflow of 330 million [2] - Detailed capital flow for selected stocks showed: - Unified Shares (600506) had a net inflow of 167 million from institutional investors, but a net outflow of 12 million from speculative funds [3] - China Petroleum (601857) experienced a net outflow of 10.24 billion in total trading volume [2][3]

在河南炼化公司，专题宣传片与沙盘直观展示了中国石化及河南炼化的发展布局与规模，智能化生产系 统的高效运行让大家赞叹不已，乙烯项目则让公众对河南炼化高质量发展蓝图充满期待。 在洛阳工程公司，"时代楷模"陈俊武院士赤诚报国的家国情怀、敢为人先的创新精神与无私奉献的道德 风范传承着石化精神的力量。在洛阳石油公司第53加油站，便捷的服务设施与贴心的服务举措让公众切 实感受到中国石化扎根河南、服务民生的务实担当。 据介绍，此次开放日活动通过多元互动形式让公众近距离触摸石化企业的发展脉搏，不仅展现了中国石 化驻豫企业的创新实力与绿色担当，更搭建了企业与公众沟通的坚实桥梁，为企业在河南持续健康发展 营造了良好氛围。（刘贺娟 王东亮） 来源：环球网 11月12日，"中国石化在河南"公众开放日活动顺利举办。活动通过走进中国石化河南炼化公司、洛阳工 程公司及河南石油第53加油站，全方位体现了石化企业的创新发展与社会责任。 ...

Core Viewpoint - The report indicates that the price recovery of petrochemical products is expected to stabilize and uplift the Producer Price Index (PPI), driven by strong policy support focusing on supply-side optimization and demand-side expansion [1][2]. Group 1: Petrochemical Products and PPI - Petrochemical products have a high weight and strong volatility in the PPI composition, showing a strong correlation with PPI trends [1][2]. - Recent policies are aimed at optimizing supply and expanding demand, which may lead to a recovery in petrochemical prices and subsequently stabilize the PPI [1][2]. Group 2: Supply and Demand Dynamics - The optimization of the petrochemical downstream capacity structure is expected to initiate a new price cycle, with 2025 being a critical year for the refining industry [2]. - By 2025, domestic crude oil processing capacity is expected to be controlled within 1 billion tons, with an anticipated increase of 5.8 million tons in refining capacity from 2025 to 2030 [2]. - The government continues to push for the elimination of inefficient refining capacities, which may accelerate the exit of outdated refining capabilities [2]. Group 3: Demand Recovery and Structural Highlights - The overall demand for petrochemical products is slowly recovering, with structural differences in recovery dynamics among various chemical products [3]. - While demand for polyolefins is weak, aromatic products are benefiting from downstream capacity expansions, maintaining a high growth rate [3]. - High-end petrochemical materials are developing rapidly, aligning with national innovation and emerging industry needs, with products like high-end polyolefins and engineering plastics expected to see sustained demand growth [3]. Group 4: Investment Opportunities - Despite the current PPI not yet turning positive, petrochemical downstream stock prices have shown signs of stabilization and recovery, indicating a favorable investment opportunity [4]. - The report recommends key state-owned enterprises such as Sinopec and PetroChina, as well as private refining companies like Hengli Petrochemical and Rongsheng Petrochemical, due to their scale advantages and diverse product offerings [4].

Core Viewpoint - The report from Cinda Securities indicates that the price changes of petrochemical products are strongly correlated with the Producer Price Index (PPI), and recent policy efforts aimed at optimizing supply and expanding demand are expected to support a recovery in petrochemical prices, thereby stabilizing and potentially increasing the PPI [1] Group 1: Supply-Side Analysis - The optimization of the petrochemical downstream capacity structure is expected to initiate a new price cycle, with 2025 being a critical year for the refining industry, as the National Development and Reform Commission (NDRC) has set a cap on domestic crude oil processing capacity at 1 billion tons [1] - In 2024, domestic refining capacity is projected to be 923 million tons, with an expected addition of 58 million tons from 2025 to 2030, indicating that refining capacity expansion is nearing its limits [1] - The NDRC has emphasized the need to accelerate the elimination of inefficient and outdated refining capacities, which, combined with recent central government signals to reduce "involution," may lead to a quicker exit of outdated refining capacities [1] Group 2: Demand-Side Analysis - The overall demand for petrochemical products is gradually recovering, with structural highlights indicating that while the demand for major chemical products like polyolefins is weak, the demand for aromatics is expected to maintain high growth due to downstream capacity expansions [2] - High-end petrochemical materials are developing rapidly, aligning with national requirements for fine chemical innovation and the needs of emerging industries, with products like high-end polyolefins, engineering plastics, and lithium battery separators expected to see sustained high demand growth [2] Group 3: Market Performance and Investment Opportunities - Although the PPI has not yet turned positive, petrochemical downstream stock prices have shown signs of stabilization and recovery, indicating a favorable investment opportunity [3] - The government’s push for "de-involution" in key industries, including petrochemicals, and the recent "Stability Growth Work Plan for the Petrochemical Industry (2025-2026)" suggest a focus on eliminating outdated capacities and optimizing supply structures [3] - The expected gradual recovery in petrochemical product demand, coupled with improved profitability in the sector, supports the performance of petrochemical stocks, with companies like Rongsheng Petrochemical and Hengli Petrochemical showing significant quarter-on-quarter profit improvements [3] Group 4: Investment Recommendations - The report recommends focusing on state-owned chemical leaders such as Sinopec (600028.SH) and PetroChina (601857.SH), as well as private large refining enterprises like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) that have scale advantages and rich product layouts [4] - Additionally, companies like Tongkun Co., Ltd. (601233.SH) and Xin Fengming (603225.SH), which are enhancing their industrial chain synergy, are also highlighted as key investment opportunities [4] - The report suggests paying attention to Dongfang Shenghong (000301.SZ) as a potential investment target [4]