Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Holding Company marks the first major state-owned enterprise (SOE) restructuring in 2026, signaling the beginning of deeper reforms in China's state-owned economy [1] Group 1: Restructuring Details - The merger aims to enhance the integration of aviation fuel production and sales, allowing Sinopec to streamline its operations and improve inventory management, thereby reducing costs and increasing efficiency [2] - The restructuring is expected to strengthen the competitive position of SOEs in the global market, particularly in response to complex international environments [1][2] Group 2: Market Potential - With the rapid development of new energy sources, demand for aviation kerosene is projected to grow, with estimates suggesting a need of approximately 50 million tons by 2030, reflecting an average annual growth rate of about 4% during the 14th Five-Year Plan [2] - China has the potential for significant growth in air travel frequency, currently at 0.6 trips per person per year, compared to developed countries, indicating a robust future demand for aviation fuel [2] Group 3: Sustainable Aviation Fuel (SAF) - The restructuring will facilitate the entire supply chain for sustainable aviation fuel (SAF), positioning the companies to capitalize on the global shift towards low-carbon solutions [3] - Sinopec is recognized as the first Asian company to develop and commercialize bio-jet fuel production technology, while China Aviation Oil plays a crucial role in the promotion and application of SAF [3]

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 準確性或完整性亦無發表任何聲明，並明確表示不會就本公告全部或任何部份內容或因 倚賴該等內容而引致的任何損失承擔任何責任。 董事名單與其角色與職能 中國石油化工股份有限公司董事會（「董事會」）成員如下： 非執行董事 執行董事 獨立非執行董事 • 侯啟軍 • 鐘 韌 • 蔡 勇 • 趙 東 • 李永林 • 呂亮功 • 牛栓文 • 萬 濤 • 徐 林 • 張麗英 • 廖子彬 • 張希良 • 厲 偉 戰略委員會 | 職務 | 姓名 | | --- | --- | | 主任委員 | 侯啟軍 | | 委員 | 趙 東 | | | 李永林 | | | 徐 林 | | | 張麗英 | | | 厲 偉 | 審計委員會 | 職務 | 姓名 | | --- | --- | | 主任委員 | 廖子彬 | | 委員 | 蔡 勇 | | | 徐 林 | | | 張麗英 | | | 張希良 | | | 厲 偉 | 可持續發展委員會 董事會已成立五個委員會。其成員列載如下： | 職務 | 姓名 | | --- | --- | | 主任委員 | 張麗英 | | 委員 ...

Group 1 - The core point of the news is the successful restructuring of China Aviation Oil Group Co., Ltd. (CAO) and China Petroleum & Chemical Corporation (Sinopec), which was approved by the State-owned Assets Supervision and Administration Commission (SASAC) [1][3] - The restructuring was anticipated as early as October 2025, when CAO's subsidiary announced it was in talks with another company, later confirmed to be Sinopec [1][2] - Sinopec is the largest refining company globally and the largest supplier of refined oil and petrochemical products in China, with total assets of 2.74 trillion yuan and total revenue of 3.14 trillion yuan in 2024 [1][2] Group 2 - CAO, which was originally part of the People's Liberation Army Air Force, has evolved into a major player in the aviation fuel market, providing services to 258 transport airports and 454 general airports in China [2] - In 2024, China's aviation fuel consumption is expected to grow by 13% year-on-year to 39.28 million tons, making it the second-largest aviation fuel consumer globally [2][3] - The restructuring aligns with SASAC's push for the professional integration of state-owned enterprises to optimize the state-owned economy and build world-class enterprises [3] Group 3 - The merger enhances the competitive edge of the aviation fuel sector by integrating production and sales, addressing core pain points in the supply chain [4] - The restructuring is expected to improve the supply security of aviation fuel by leveraging Sinopec's upstream resources and refining capabilities, reducing reliance on international markets [3][4] - The aviation fuel market is projected to continue growing, with annual growth rates expected to be around 5% and 4% during the 14th and 15th Five-Year Plans, respectively [3] Group 4 - The restructuring may lead to increased competition for other oil suppliers and local private refineries, as CAO and Sinopec will dominate the market [4] - Sustainable Aviation Fuel (SAF) is highlighted as a key area for growth, with the potential to reduce greenhouse gas emissions by up to 80% compared to traditional fuels [5][6] - The collaboration between Sinopec and CAO is expected to accelerate the commercialization of green aviation fuel, helping the aviation industry achieve carbon reduction goals [6]

Market Performance - The refining and trading sector increased by 0.52% on January 9, with Unification Co. leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Top Gainers - Unification Co. (600506) closed at 28.81, up 5.65% with a trading volume of 375,900 shares and a transaction value of 1.058 billion [1] - Runbei Aerospace (001316) closed at 41.26, up 4.59% with a trading volume of 85,400 shares and a transaction value of 345 million [1] - Taishan Petroleum (000554) closed at 6.81, up 3.03% with a trading volume of 482,800 shares and a transaction value of 331 million [1] Top Losers - Hengli Petrochemical (600346) closed at 23.22, down 2.40% with a trading volume of 347,500 shares and a transaction value of 813 million [2] - Tongkun Co. (601233) closed at 17.67, down 2.27% with a trading volume of 332,100 shares and a transaction value of 588 million [2] - Huajin Co. (000059) closed at 5.50, down 1.61% with a trading volume of 283,500 shares and a transaction value of 157 million [2] Capital Flow - The refining and trading sector experienced a net outflow of 403 million from main funds, while retail funds saw a net inflow of 155 million [2] - The sector's main stocks showed varied capital flows, with Unification Co. experiencing a net outflow of 54.51 million from main funds [3] - China Petroleum (601857) had a net inflow of 47.87 million from main funds, indicating strong interest [3]

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268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41个。 中石化石油物探技术研究院有限公司，成立于2022年，位于南京市，是一家以从事开采专业及辅助性活 动为主的企业。企业注册资本133611.989369万人民币。通过天眼查大数据分析，中石化石油物探技术 研究院有限公司共对外投资了2家企业，参与招投标项目503次，专利信息810条，此外企业还拥有行政 许可14个。 国家知识产权局信息显示，中国石油化工股份有限公司取得一项名为"基于多元信息控制的低频阻抗模 型建立方法和装置"的专利，授权公告号CN120028834B，申请日期为2023年11月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

Core Viewpoint - The report from JPMorgan indicates that the State Council has approved the restructuring of Sinopec Group and China Aviation Oil, with the latter holding a 51.3% stake in Singapore-listed China Aviation Oil. This transaction reflects the ongoing theme of state-owned enterprise restructuring under the "14th Five-Year Plan" but is not expected to have a direct impact on Sinopec's profitability or cash flow [1] Group 1 - The restructuring is seen as a significant theme in the current economic planning, emphasizing the importance of state-owned enterprise consolidation [1] - There is uncertainty regarding the completion timeline and structure of the transaction, making it difficult to analyze potential synergies or impacts on listed companies [1] - Media reports suggest that this move may enhance Sinopec's efforts in sustainable aviation fuel (SAF), which is viewed as a slight positive for the company [1] Group 2 - Despite the potential benefits from the restructuring, Sinopec is expected to face challenges in the short term [1] - JPMorgan maintains a "neutral" rating on Sinopec with a target price of 4 HKD [1]

Group 1 - The core viewpoint of the article is that the restructuring between Sinopec Group and China Aviation Oil Group has been approved by the State Council, indicating a renewed focus on state-owned enterprise restructuring as a key theme in the 14th Five-Year Plan [1] - The transaction involves China Aviation Oil holding a 51.3% stake in Singapore-listed China Aviation Oil, but it is noted that this deal will not have a direct impact on the profitability or cash flow of China Petroleum & Chemical Corporation (Sinopec) [1] - There is uncertainty regarding the completion timeline and structure of the transaction, making it difficult to analyze potential synergies or impacts on listed companies, such as whether China Aviation Oil and United Petrochemical will remain independent or merge [1] Group 2 - The restructuring is seen as a slight positive for Sinopec's efforts in sustainable aviation fuel (SAF), although it is categorized as a minor benefit [1] - Morgan Stanley maintains a "neutral" rating on Sinopec with a target price of 4 HKD, reflecting the challenges the company faces in the short term [1]

Group 1 - The core viewpoint of the article is that the restructuring between Sinopec Group and China Aviation Oil Group has been approved by the State Council, indicating a renewed focus on state-owned enterprise restructuring as a key theme in the 14th Five-Year Plan [1] - Morgan Stanley believes that this transaction will not have a direct impact on Sinopec's profitability or cash flow, and the potential integration of listed company operations remains uncertain [1] - The completion timeline and structure of the transaction are still uncertain, making it difficult to analyze potential synergies or impacts on listed companies, such as whether China Aviation Oil will remain independent or merge with Sinopec [1] Group 2 - Most media articles suggest that this move will enhance Sinopec's efforts in sustainable aviation fuel (SAF), which Morgan Stanley views as a slight positive [1] - Considering the overall situation, Sinopec is expected to face challenges in the short term, leading Morgan Stanley to maintain a "neutral" rating and a target price of HKD 4 [1]

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (CAOG) marks a significant event in the central enterprise's professional integration, potentially reshaping the 200 billion yuan aviation fuel market and impacting the trillion-level energy and chemical market [1] Group 1: Market Context - China's refined oil consumption is facing a historic turning point, with a projected decline due to the rapid growth of the electric vehicle industry and energy electrification [3] - Sinopec's net profit for 2024 is expected to decline by over 16% year-on-year, with further declines anticipated in the first three quarters of 2025 [3] - In contrast, aviation kerosene is one of the few refined oil categories with a certain growth outlook, with an estimated consumption of around 40 million tons in 2024, leading to a market size exceeding 200 billion yuan [3] Group 2: Strategic Integration - The merger aims to create an integrated supply chain from refinery to wing, leveraging Sinopec's refining capacity and CAOG's distribution network as Asia's largest aviation fuel service provider [3][4] - The vertical integration allows Sinopec to access CAOG's channels for aviation fuel sales, enhancing resource supply stability and bargaining power in international markets [4] Group 3: Industry Dynamics - The merger raises concerns about the bargaining power of downstream airlines, as aviation fuel typically accounts for about 30% of their total operating costs [5] - The consolidation may lead to a shift in market dynamics, potentially disadvantaging smaller domestic airlines against the newly formed "giant" in the upstream market [5] - Analysts suggest that to balance the power dynamics in the aviation fuel supply chain, the civil aviation industry may initiate a new round of consolidation, potentially forming large airline groups based on existing major carriers [5]

华泰证券研报指出，经国务院批准，中国石化集团与中国航油宣布拟实施重组。认为若此次重组顺利实 施，两家企业将整合航油产销一体化，打通海外航油贸易，优化成品油零售体系，增强我国航空燃料产 业国际竞争力。同时，中国石化股份有限公司有望在产业链一体化下受益，但或将面临关联交易增加， 叠加炼油与化工板块有望迎来盈利低谷下的筑底反弹，公司业绩有望迎来修复，维持A/H"买入"评级， 目标价7.98元/6.26港元。 ...