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].

Core Viewpoint - The Hong Kong stock market is experiencing a significant stock buyback trend as companies respond to a six-day decline in the Hang Seng Index, which has dropped 6.84% in total. Over 60 companies, including major players like Tencent and Xiaomi, have announced buybacks to demonstrate confidence in their long-term prospects [1]. Group 1: Buyback Trends - A wide range of industries, including internet, biomedicine, consumer goods, manufacturing, and logistics, are participating in the buyback trend, with both the scale of daily buybacks and the number of participating companies showing an upward trend [1]. - Tencent Holdings has repurchased 1.042 million shares for HKD 636 million on November 21, with a total buyback of 74.828 million shares this year, amounting to HKD 63.508 billion, leading the market in both scale and frequency [2]. - Xiaomi Group repurchased 800,000 shares for HKD 30.3 million on the same day, with a total buyback amounting to HKD 2.348 billion this year [2]. Group 2: State-Owned Enterprises - Central state-owned enterprises (SOEs) are accelerating their buyback activities as part of their market value management strategy, especially with the performance assessment deadline approaching in December 2024 [3]. - Companies like China Petroleum & Chemical Corporation and COSCO Shipping Holdings have also engaged in buybacks, with China Petroleum repurchasing 8.25 million H-shares for approximately HKD 36.78 million on November 21 [4]. - The trend indicates that many SOEs are looking to enhance their investment value through buybacks, as many are currently undervalued and in a "broken net" state [4].

Core Points - The State-owned Assets Supervision and Administration Commission (SASAC) organized a meeting to promote the specialized integration of central enterprises and held a signing ceremony for key projects [1][2] - A total of 17 units participated in the signing of key projects, focusing on areas such as carbon fiber industry cooperation, intelligent driving, industrial internet, and aviation logistics [1] - The specialized integration projects aim to accelerate breakthroughs in key technologies, enhance emerging industries, and promote the high-quality development of key industrial chains [1][2] Summary by Sections - **Project Signings**: The meeting resulted in the signing of key projects between major companies, including Sinopec and Dongfang Electric Group, and China FAW and Zhuoyue Technology [1] - **Focus Areas**: The integration projects are designed to integrate quality resources, promote technological and industrial innovation, and enhance traditional industries [1] - **Strategic Direction**: SASAC emphasized the need for central enterprises to enhance their integration capabilities in strategic emerging industries and to utilize mergers and acquisitions as a means of integration [2] - **Capital Market Utilization**: There is a call for central enterprises to leverage the capital market for integrating non-core but high-potential businesses into main business platforms for mutual benefits [2]

Group 1 - As of November 21, nearly 40 companies in the Shanghai market announced share buybacks and positive operational news, with 32 of these being buyback announcements [1] - Huida Technology announced a new buyback plan of 200 million to 400 million yuan, with a buyback price ceiling of 124.15 yuan per share, representing approximately 0.35% to 0.69% of its total share capital [1] - Other companies like Yongyuan Tourism and Xiangyuan Cultural Tourism also initiated their first buybacks, with significant amounts being allocated for these plans [2] Group 2 - Xiangyuan Cultural Tourism plans to buy back between 80 million to 120 million yuan from November 18, 2025, to May 15, 2026, and has already repurchased 2.095 million shares for 15.63 million yuan [2] - Yongyuan Tourism began its buyback on November 10, 2025, repurchasing 1 million shares for 5.39 million yuan, while Xingdesheng repurchased 200,000 shares for 4.93 million yuan on the same day [2] - China National Shipping Holdings announced a buyback plan of 749 million to 1.498 billion yuan, having repurchased 40.53 million shares for a total of 607 million yuan by November 21 [2] Group 3 - China Jushi disclosed a buyback plan of up to 880 million yuan, having repurchased 34.18 million shares, which is 0.85% of its total share capital, with over 534 million yuan spent in one month [3] - Jiangsu Hengrui Medicine and Zhuzhou Qibin Group also reported their buyback activities, with Hengrui repurchasing 979,900 shares for 59.79 million yuan, totaling 889.87 million yuan in buybacks [3] - Zhuzhou Qibin Group repurchased 15.95 million shares for 112.36 million yuan, with total buybacks reaching 27.96 million shares and 195.96 million yuan spent [3] Group 4 - Seven companies, including Chengdu Bank and China Railway High-tech Industry, reported shareholder buyback progress, with Longi Green Energy's chairman completing a buyback of 6.13 million shares for 100.69 million yuan [4] - Sinopec announced that its controlling shareholder and related parties have increased their holdings by 34.56 million shares for approximately 194 million yuan since April 9, 2025, totaling over 294 million yuan in buybacks [4]

Core Insights - Major oil companies are increasingly entering the electricity sales market as part of their strategic transformation in response to the impact of electric vehicles on oil consumption [2][6] - The establishment of China National Petroleum Corporation Electric Power Co., Ltd. (中油电能) marks a significant move by China National Petroleum to position itself as a clean energy service provider [2][4] - The oil companies are leveraging their existing infrastructure, such as gas stations, to integrate electric vehicle charging solutions, thereby enhancing their service offerings [6][10] Company Developments - 中油电能 was re-established from Daqing Oilfield Electricity Sales Co., which was founded in September 2016, and has become the largest enterprise power company in the CNPC system [3][4] - China National Petroleum's unified electricity purchase and sales platform has facilitated over 68 billion kilowatt-hours of electricity transactions by August 2025 [4] - China Petroleum and Chemical Corporation (Sinopec) has also entered the electricity sales market by establishing a new company focused on gas and electricity integration [5] Market Trends - The oil sector is facing declining profits due to falling oil prices, prompting companies to diversify into non-oil businesses and accelerate their green and low-carbon transformation [8][9] - The average price of Brent crude oil fell by 14.3% year-on-year, impacting the revenues of major oil companies [9] - The 2023 policy framework encourages oil and gas companies to develop renewable energy projects and participate in electricity market transactions [7] Strategic Initiatives - The "Three Barrel Oil" companies are focusing on expanding their non-oil business segments, including natural gas, hydrogen, and electricity services [10] - China National Petroleum is committed to building integrated energy stations that combine oil, gas, hydrogen, and electricity [11] - China National Offshore Oil Corporation (CNOOC) is advancing its green transition by developing offshore wind power and carbon capture technologies [11]

会上，8组17家单位分两批进行了重点项目集中签约，主要涉及新材料、人工智能、邮轮运营、检验检测、航空物流等关键领 域。 强调五个"坚持"，要求增强战新整合能力 会议指出，去年以来，中央企业围绕服务国家战略、推动科技创新、促进高质量发展，持续调整存量、优化增量。通过一系 列整合，进一步优化产业布局，提高资源配置效率，提升企业核心竞争力。 今年9月，李镇在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上曾表示，下一步，将着眼增强核心功能、提 升核心竞争力，以系统性思维、前瞻性谋划、创新性举措，大力推动战略性专业化重组整合，不断提升国有资本的配置和运 营效率，放大国有经济的整体功能，为经济社会发展提供更加有力的支撑。 本次会议上，对于当前阶段推进中央企业专业化整合，国务院国资委提出了五个"坚持"。要求中央企业要坚持主动谋划、加 强集团战略引领，坚持防范内卷、优化行业资源配置，坚持提升本领、增强战新整合能力，坚持融合为本、打造一体化竞争 优势，坚持协同推进、形成整体工作合力。 11月21日，国务院国资委组织召开中央企业专业化整合推进会并举行重点项目签约仪式。会议总结前一阶段专业化整合工 作进展成效，组织重 ...

Group 1 - The core point of the news is the signing of an investment cooperation intention letter between Sinopec Yanshan Petrochemical Company and the Tianjin Economic and Technological Development Zone, marking the full implementation phase of the Tianjin South Port Green High-end Rubber New Materials Project with a total investment of approximately 6 billion yuan [1] - The project is planned to be executed in two phases, with the first phase involving an investment of 2.42 billion yuan, covering an area of 277,000 square meters, and the construction of two production facilities: 100,000 tons/year of solution-styrene-butadiene rubber and 100,000 tons/year of polybutadiene rubber, along with corresponding auxiliary facilities [1] - The second phase will focus on planning distinctive advantageous projects of Yanshan Petrochemical, which will be initiated based on the construction, processes, and market conditions of the first phase [1] Group 2 - The news also touches on the "14th Five-Year Plan" and the "anti-involution" policy aimed at building a new ecological environment for the chemical industry, indicating a strategic direction for future developments in the sector [1] - There is a discussion on the current state and misunderstandings of intellectual property rights within chemical enterprises, highlighting the need for better awareness and management of intellectual property [1] - The importance of protecting trade secrets in chemical enterprises is emphasized, including risk identification, high-risk scenarios, and the establishment of a protection system for trade secrets [2]

Group 1: Shareholding Changes - Company Zhaoyi Innovation announced that several directors and senior management personnel plan to reduce their holdings by a total of 249,000 shares, with specific reductions from the vice chairman and general manager, as well as other vice presidents [1] - Company Super Aerospace announced a stock suspension due to its controlling shareholders planning a significant matter that may lead to a change in control [2] - Company Haosai is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [5] Group 2: Major Contracts and Projects - Company Dajin Heavy Industry's wholly-owned subsidiary signed a contract worth approximately 1.339 billion yuan for a European offshore wind farm project, which represents 35.41% of the company's audited revenue for 2024 [3] - Company Ruifeng New Materials plans to increase capital by 200 million yuan in a related party to advance a lithium hexafluorophosphate project [6] Group 3: Regulatory Actions - Company Jushi Chemical received a notice from the CSRC regarding an investigation for suspected violations of information disclosure laws [4] - Company Huosai is also under investigation by the CSRC for similar reasons [5] Group 4: Investment and Acquisitions - Company Gao Neng Environment plans to acquire 45.2% equity in three mining companies [7] - Company Aerospace Electric intends to purchase 32% equity in Shenzhen Aerospace Electric Motor System Co., Ltd. through public bidding [8]