重要内容提示： ■ 股票代码：600028 股票简称：中国石化公告编号：2025-49 中国石油化工股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 回购期间，公司的控股股东中国石油化工集团有限公司根据已披露的增持计划通过自身及其全资子公司 合计增持了公司A股和H股共计47,735,615股股份，占注销前公司总股本的0.04%。除此以外，公司的控 股股东、实际控制人、董事、监事、高级管理人员在回购期间不存在买卖公司股票的情况。 四、已回购股份的注销安排 一、回购审批情况和回购方案内容 为维护公司价值及股东权益，2025年8月21日，中国石油化工股份有限公司（简称"公司"）第九届董事 会第八次会议审议通过了《关于以集中竞价交易方式回购公司股份的方案》，本轮回购自董事会批准方 案之日起不超过3个月（简称"回购期间"），于2025年11月20日完成，所回购股份将全部注销并减少注 册资本，具体内容详见公司于2025年8月22日在上海证券交易所网站披露的相关公告。 二、回购实施情况 ...

Group 1: Market Response and Confidence - Over 60 companies in the Shanghai Stock Exchange have collectively released positive signals through announcements regarding share buybacks and operational improvements [1] - Leading companies and shareholders are actively repurchasing shares to build market confidence, particularly in "hard technology" sectors where contract orders and R&D news are consistently positive [1] Group 2: Share Buyback Activities - Companies such as Xiangyuan Cultural Tourism and Yuyuan Holdings have initiated share buybacks, with Xiangyuan planning to spend between 80 million to 120 million yuan, having already repurchased 2.095 million shares for 15.63 million yuan [2] - Spring Airlines has accelerated its buyback, planning to spend 300 million to 500 million yuan, with a total of 71,800 shares repurchased for nearly 4 million yuan as of November 21 [2] - Huida Technology announced a buyback plan of 200 million to 400 million yuan, aiming to repurchase 0.35% to 0.69% of its total shares [2] Group 3: Central Enterprises' Actions - Central enterprises like Sinopec and China Communications have disclosed significant buyback and shareholding increases, with China Communications repurchasing 40.53 million shares for 607 million yuan [4] - Sinopec's buyback has been substantial, with 48.82 million shares repurchased for 270 million yuan prior to November, and 40.53 million shares for 500 million yuan in November alone [4] Group 4: Major Shareholder Increases - Three Gorges Energy reported that its controlling shareholder has increased its stake by 186 million shares, representing 0.65% of total shares, with a total investment of 796 million yuan [5] Group 5: Hard Technology Developments - At least 14 companies in the Sci-Tech Innovation Board have reported buyback progress and positive contract orders, indicating strong commitment [7] - JinkoSolar announced the mass production of its TigerNeo3.0 solar module, achieving a production efficiency of over 24.8% and a power output of up to 670W [7] - Hillstone Networks has made progress in the development of its ASIC security chip, which has passed all functional and performance tests and is expected to begin mass sales in Q1 2026 [8]

Core Insights - Over 20 positive announcements were made by companies listed on the Shanghai Stock Exchange as of November 23, indicating a trend of share buybacks, operational improvements, contract orders, and R&D advancements [1] Group 1: Share Buybacks - Sinopec announced the completion of its current round of share buybacks, having repurchased 89.35 million A-shares, accounting for 0.07% of the total share capital, at an average price of approximately 5.60 yuan per share, totaling around 500 million yuan [1] - Zhongkong Technology has repurchased 5.94 million shares since starting its buyback in October, with a total transaction amount nearing 300 million yuan as of November 21 [1] Group 2: Product Development and Sales - JinkoSolar announced the official mass production of its Tiger Neo 3.0 module, marking the transition to large-scale production, with a total of 15 GW of orders signed during a global signing ceremony with distributors [1] - Hillstone Networks reported that its ASIC chip has completed critical verification and mass production, with new security products set to enter the market for bulk sales, expecting to achieve large-scale sales and product delivery by Q1 2026 [1]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - International oil prices have declined due to geopolitical factors, with Brent and WTI prices at $62.56 and $58.06 per barrel respectively as of November 21, 2025 [9][22] - The oil and petrochemical sector has seen a decrease of 2.99% in the past week, while the broader market (CSI 300) fell by 3.77% [10][12] - The report highlights a potential restart of peace talks between the US and Russia regarding the Ukraine conflict, which may impact oil prices [9] Summary by Sections Oil Price Review - Brent crude futures settled at $62.56 per barrel, down $1.83 (-2.84%) from the previous week, while WTI crude futures fell to $58.06, down $2.03 (-3.38%) [22] - The report notes that geopolitical tensions, including US sanctions on Russian oil, have influenced market dynamics [9] Offshore Drilling Services - As of November 17, 2025, the number of global offshore self-elevating drilling rigs was 365, a decrease of 5 from the previous week [25] Oil Supply - US crude oil production was reported at 13.834 million barrels per day as of November 14, 2025, a decrease of 28,000 barrels from the previous week [36] - The number of active drilling rigs in the US increased by 2 to 419 as of November 21, 2025 [36] Oil Demand - US refinery crude processing increased to 16.232 million barrels per day as of November 14, 2025, up by 259,000 barrels from the previous week [46] Oil Inventory - As of November 14, 2025, total US crude oil inventory was 835 million barrels, a decrease of 2.893 million barrels (-0.35%) [56] - Strategic oil inventory increased by 533,000 barrels (+0.13%) to 411 million barrels [56] Refined Oil Prices - In North America, average prices for diesel, gasoline, and jet fuel were $107.63, $81.99, and $98.74 per barrel respectively as of November 21, 2025 [78]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

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。 （在中華人民共和國註冊成立的股份有限公司） （證券代號：00386） 海外監管公告 中國石油化工股份有限公司 關於股份回購實施結果暨股份變動的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 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11月23日 股票代码：600028 股票简称：中国石化 公告编号：2025-49 於本公告日期，本公司的董事為：侯啟軍 * 、趙東 # 、鐘韌 * 、李永林 # 、呂亮功 # 、 牛栓文 # 、萬濤 # 、蔡勇 * 、徐林 + 、張麗英 + 、廖子彬 + 及張希良 + 。 # 執行董事 * 非執行董事 + 獨立非執行董事 中国石油化工股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法 ...

（记者 曾健辉） 截至发稿，中国石化市值为7234亿元。 每经头条（nbdtoutiao）——"抛售日本"？GDP负增长，股市跳水，国债被抛，日元贬值！高市早苗"亡 命一搏"："灌水"21万亿！专家：恐赴"特拉斯风暴"后尘 每经AI快讯，中国石化（SH 600028，收盘价：5.97元）11月23日晚间发布公告称，2025年11月20日， 公司完成本轮回购，已实际回购公司A股股份约8935万股，占公司总股本的0.07%，回购最高价格为人 民币6.1元/股，回购最低价格为人民币5.27元/股，回购均价约为人民币5.6元/股，使用资金总额为人民 币约5亿元。 2025年1至6月份，中国石化的营业收入构成为：营销及分销占比53.41%，其他行业占比47.05%，炼油 占比46.72%，化工占比17.17%，勘探及开采占比10.27%。 ...

股票代码：600028 股票简称：中国石化 公告编号：2025-49 中国石油化工股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/8/22 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 8 11 | 21 | 日~2025 | 年 | 月 20 | 日 | | 预计回购金额 | 50,000万元~100,000万元 | | | | | | | 回购价格上限 | 8.72元/股 | | | | | | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | √为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 89,349,476股 | | | | | | | 实际回购股数占总股本比例 | 0.07% | | | | | | | 实际回购金额 | 500 ...

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [5] Core Views - The international oil market is experiencing a supply-demand imbalance, leading to downward pressure on oil prices. As of November 21, 2025, Brent and WTI crude oil prices were reported at $62.51 and $57.98 per barrel, reflecting declines of 2.8% and 3.3% respectively from the previous week. The OPEC+ group plans to pause production increases from January to March 2026, which is expected to alleviate the oversupply situation [1][4] - The "Big Three" oil companies in China (China National Petroleum Corporation, Sinopec, and CNOOC) have demonstrated resilience during the current downturn in oil prices, with their net profits declining less than many international oil giants. For the first three quarters of 2025, their net profits fell by 4.9%, 32.2%, and 12.6% respectively, showcasing their ability to navigate through cyclical challenges [2] - Anticipated cold winter conditions in 2025 are expected to significantly boost natural gas demand, benefiting the natural gas business of the "Big Three." The companies are enhancing market expansion efforts, leading to rapid growth in natural gas sales. The ongoing market reforms are expected to improve pricing flexibility and profitability in their natural gas operations [3] Summary by Sections Oil Supply and Demand - The global oil supply has shifted from a tightening to an oversupply situation, with the surplus increasing from 500,000 barrels per day in April to 2 million barrels per day in October 2025. OPEC+ has adjusted its production increase plans, reflecting a desire to stabilize oil prices [1] Company Performance - In Q3 2025, the "Big Three" oil companies' net profits showed a smaller decline compared to international peers, indicating their strong performance amid falling oil prices. Their production levels and cost control capabilities have allowed them to maintain profitability above historical levels [2] Natural Gas Outlook - The expectation of a cold winter is likely to drive up natural gas demand, with the "Big Three" positioned to capitalize on this through increased sales and improved pricing structures due to market reforms [3] Investment Recommendations - The report suggests a continued positive outlook for the "Big Three" and the oil service sector, alongside favorable conditions for chemical products in the long term. Specific companies to watch include China National Petroleum Corporation, Sinopec, CNOOC, and various subsidiaries involved in oil services and refining [4]

Core Viewpoint - Zhongkong Technology (688777) has made significant advancements in the automation and AI sectors, particularly in the chemical industry, showcasing its potential for intelligent upgrades and operational efficiency [2][3]. Group 1: Company Developments - Zhongkong Technology's "无人调度" (Unmanned Dispatch) system, developed in collaboration with Wanhua Chemical, has been successfully implemented at Wanhua's industrial park, marking a historic leap towards fully autonomous factories in China's chemical sector [2]. - The company's general control system UCS has been applied in major projects, including China Petroleum's 1.2 million tons/year ethylene project, with total investments exceeding 79 billion yuan [2][5]. - The TPT model, acting as the "smart brain," captures trends in milliseconds, while UCS serves as the "nerve center," providing high-quality real-time data, contributing to a fully autonomous factory technology system [2]. Group 2: Project Outcomes - The implementation of TPT has led to significant operational improvements, including a 99.79% accuracy rate in anomaly warnings, a 25% reduction in furnace time, a 60% decrease in construction costs, and a 67% increase in personnel efficiency [2]. - TPT has been successfully deployed in over a hundred industrial scenarios, with notable results such as a 0.373% increase in single-furnace ethylene yield at China Petroleum, translating to an annual benefit exceeding 15 million yuan [3][5].