行业报告 | 行业专题研究 石油石化 证券研究报告 中石化 ROE 提升来自哪些方面？ 2） 成品油消费税改革或加速推进：2025 年初发布《关于推动成品油流通 高质量发展的意见》，二十届三中全会也明确提出"推进消费税征收环节后 移并稳步下划地方"，或加速不合规地炼成品油出清。 3） 高油价等不利因素消除：后续原油供给偏宽松，油价或在美国页岩油 盈亏平衡点附近震荡，根据油价弹性测算可见，Brent 油价为 60-80 美金区 间或是中石化的业绩舒适区。 风险提示：1） 政策不及预期风险；2）行业竞争加剧风险；3）需求不及 预期风险；4）原料大幅波动风险。 中石化 ROE 边际改善或已出现积极信号，主要来自以下三方面： 1） 政策红利或扭转化工"内卷"局面：石化行业"反内卷"政策频繁出 台，推动行业着力调结构、优供给、淘汰落后产能，化工品格局或改善。 2025 年 08 月 03 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | SAC 执业证书编号：S1110524090002 jiangmeidan@tfzq.com 行业走势图 ...

石化周报 地缘风险+经济担忧驱动油价宽幅震荡 2025 年 08 月 02 日 ➢ 地缘风险+经济担忧驱动油价宽幅震荡。7 月 14 日，特朗普曾表示，如果俄 罗斯没有在 50 天内同乌克兰达成和平协议，美国将对与俄有贸易的国家征收 100%的"二级制裁性关税"；7 月 28 日特朗普表示将 50 天期限缩短至 10 至 12 天，后于 7 月 29 日表示将期限缩短至 10 天；特朗普还宣布自 8 月 1 日起对 印度商品征收 25%关税，并对其购买俄罗斯石油和武器的行为进行惩罚，同时， 美国官员宣称，若中国持续进口俄罗斯原油，将面临高额关税。受此影响，上半 周油价大幅上涨。此外，7 月 30 日，美国财政部宣布，对伊朗商人穆罕默德·侯 赛因·沙姆哈尼控制的航运网络实施制裁，涉及 50 多个实体和个人以及 50 多艘 运油船和集装箱船；当天，美国国务院也宣布，将参与伊朗石油和石化产品贸易 与运输的 20 个实体列入制裁名单，将 10 艘船只列为冻结资产，这是自 2018 年 美国政府对伊朗"极限施压"以来实施的最大规模制裁。然而，市场依然对经济 前景和 OPEC+增产后造成的供应压力有所担忧，美国 7 月非 ...

Group 1 - China Petroleum & Chemical Corporation (Sinopec) and Sinopec Yizheng Chemical Fiber Company have applied for a patent titled "Co-polyester, Polyester Fiber Products and Their Preparation Methods and Applications" [1] - The patent application was published under CN120399209A with an application date of January 2024, focusing on the field of polymer chemistry [1] - The co-polyester described in the patent contains structural units A and B, with unit A being present in a greater quantity than unit B, and exhibits good flexibility, smoothness, and flame retardancy [1] Group 2 - China Petroleum & Chemical Corporation was established in 2000, located in Beijing, primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [1] - The company has invested in 263 enterprises, participated in 5000 bidding projects, and holds 5000 patent records along with 45 trademark records [1] - Sinopec Yizheng Chemical Fiber Company, founded in 2014 and based in Yangzhou, focuses on chemical fiber manufacturing with a registered capital of 400 million RMB [2] - This company has invested in 7 enterprises, participated in 5000 bidding projects, and holds 383 patent records along with 93 trademark records [2]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is transforming its traditional gas stations into multifunctional service stations, addressing the pain points of car owners by providing integrated energy and automotive services [1][3]. Group 1: Service Ecosystem Development - Sinopec held the "Easy Car Maintenance Service Ecosystem" launch event in Hangzhou, showcasing its 100th Easy Car Maintenance standard service store in Zhejiang [1]. - The new service station integrates fuel, charging, automotive services, and convenience store functions, offering a one-stop solution for energy supply, cleaning, shopping, and maintenance [1][3]. Group 2: Market Potential and Challenges - The automotive aftermarket in China is vast, covering high-frequency needs such as car washing, maintenance, and repairs, but faces issues like price transparency and inconsistent quality [3]. - Sinopec aims to leverage its network of over 2,000 energy supply stations and has established 865 automatic car wash points and 100 comprehensive automotive service points across the province [3]. Group 3: Strategic Partnerships and Innovations - Sinopec has partnered with leading automotive service platforms to create a comprehensive car service ecosystem, integrating 1,000 self-operated stores and 2,000 cooperative stores [3]. - The company is collaborating with nine banks and insurance institutions to explore innovative models such as "insurance + service" and "finance + car ecosystem" [3]. Group 4: Digital Transformation and Consumer Experience - Sinopec is utilizing a digital platform to bridge online and offline services, providing a model for "standard construction, digital empowerment, and ecological collaboration" in the automotive service industry [5]. - The launch of the "Easy Car Maintenance Zhejiang" mini-program allows users to book maintenance and cleaning services at various service points, enhancing the car maintenance experience [5].

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)市净率总市值(元)5中国石化15.2413.710.836898.85亿行业平均 12.7711.481.201822.90亿行业中值30.5334.601.6461.42亿1中国海油9.158.941.5712329.27亿2中国石油 9.409.461.0015575.09亿3广汇能源12.1711.701.25346.45亿4*ST新潮13.5813.431.19273.38亿6洲际油气 22.8920.341.1 ...

Group 1 - The State Intellectual Property Office of China has granted a patent to China Petroleum & Chemical Corporation (Sinopec) and Sinopec (Dalian) Petroleum and Chemical Research Institute for a method, system, equipment, and storage medium for measuring rust on tank tops, with the patent announcement number CN115619703B and application date of July 2021 [1] - China Petroleum & Chemical Corporation, established in 2000 and located in Beijing, primarily engages in oil and gas extraction, with a registered capital of 12,173,968.9893 thousand RMB [1] - The company has invested in 263 enterprises, participated in 5,000 bidding projects, holds 45 trademark registrations, and possesses 5,000 patent records, along with 40 administrative licenses [1] Group 2 - Sinopec (Dalian) Petroleum and Chemical Research Institute, founded in 2022 and based in Dalian, focuses on research and experimental development, with a registered capital of 338,459.08 thousand RMB [1] - The institute has invested in 1 enterprise, participated in 1,173 bidding projects, holds 4,658 patent records, and has 58 administrative licenses [1]

中石化（大连）石油化工研究院有限公司，成立于2022年，位于大连市，是一家以从事研究和试验发展 为主的企业。企业注册资本338459.08万人民币。通过天眼查大数据分析，中石化（大连）石油化工研 究院有限公司共对外投资了1家企业，参与招投标项目1173次，专利信息4658条，此外企业还拥有行政 许可58个。 来源：金融界 金融界2025年8月2日消息，国家知识产权局信息显示，中国石油化工股份有限公司;中石化（大连）石 油化工研究院有限公司取得一项名为"一种焦化和加氢裂化组合生产化工原料的加工方法"的专利，授权 公告号CN118440740B，申请日期为2023年02月。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了263家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可40个。 ...

金融界2025年8月1日消息，国家知识产权局信息显示，中国石油化工股份有限公司;中石化（大连）石 油化工研究院有限公司取得一项名为"一种煤油两段加氢裂化方法"的专利，授权公告号 CN118440732B，申请日期为2023年02月。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了263家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可40个。 中石化（大连）石油化工研究院有限公司，成立于2022年，位于大连市，是一家以从事研究和试验发展 为主的企业。企业注册资本338459.08万人民币。通过天眼查大数据分析，中石化（大连）石油化工研 究院有限公司共对外投资了1家企业，参与招投标项目1172次，专利信息4658条，此外企业还拥有行政 许可58个。 来源：金融界 ...

Group 1 - The State Intellectual Property Office of China granted a patent for a "Diffuser" to China Petroleum & Chemical Corporation, Sinopec Engineering Group Co., Ltd., and Sinopec Guangzhou Engineering Co., Ltd., with the announcement number CN115532174B and application date of August 2022 [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 thousand RMB. The company has invested in 263 enterprises and participated in 5,000 bidding projects, holding 45 trademark records and 5,000 patent records, along with 40 administrative licenses [1] - Sinopec Engineering Group Co., Ltd., founded in 2007, focuses on water management, with a registered capital of 441,854.35 thousand RMB. The company has invested in 12 enterprises, participated in 63 bidding projects, holds 5,000 patent records, and has 4 administrative licenses [1] Group 2 - Sinopec Guangzhou Engineering Co., Ltd., established in 1998, specializes in professional technical services, with a registered capital of 30,000 thousand RMB. The company has invested in 2 enterprises, participated in 4,216 bidding projects, holds 4 trademark records, 864 patent records, and has 21 administrative licenses [2]

Group 1 - The State Intellectual Property Office of China has granted a patent to China Petroleum & Chemical Corporation (Sinopec) for a technology related to gas-liquid multiple flow mixing distributors and hydrogen reactors, with the patent announcement number CN116637585B and application date of May 2023 [1] - China Petroleum & Chemical Corporation, established in 2000 and based in Beijing, primarily engages in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB. The company has invested in 263 enterprises and participated in 5,000 bidding projects, holding 45 trademark records and 5,000 patent records [1] - Sinopec Engineering Group Co., Ltd., founded in 2007 and also located in Beijing, focuses on water management, with a registered capital of approximately 441.85 million RMB. The company has invested in 12 enterprises, participated in 63 bidding projects, and holds 5,000 patent records [1]