Summary of Key Points from the Conference Call Industry Overview - **Industry**: Oil, Gas, and Chemical Sector in China - **Outlook Period**: 2026-2028 Oil Market Insights - **Brent Crude Price Forecast**: UBS projects average prices of US$64, US$70, and US$75 per barrel for 2026, 2027, and 2028 respectively [7][10][12] - **OPEC+ Production Cuts**: The second tranche of OPEC+'s voluntary cuts of 1.65 million barrels per day (Mb/d) may conclude in December 2026, with effective production increases expected to be only 40% of the headline numbers [2][24] - **China's Oil Demand**: Anticipated declines in gasoline and diesel demand by 4.4% and 3.7% year-over-year (YoY) in 2025 and 2026 respectively, driven by the rise of electric vehicles (EVs) [2][53] Natural Gas Market Insights - **Asia LNG Price Forecast**: Expected prices of US$12.8 and US$11.5 per million British thermal units (MMBtu) for 2025 and 2026 respectively, with long-term prices approaching US$7-8/MMBtu [2][41][47] - **China's Natural Gas Demand Growth**: Projected compound annual growth rate (CAGR) of 3-4% from 2025 to 2030, despite a 1% YoY decline in H1 2025 due to various economic factors [48][52] Chemical Sector Insights - **Earnings Recovery**: The petrochemical industry is expected to rebound due to overseas capacity exits and China's anti-involution policies [3] - **Preferred Sectors**: Recommendations include PTA, silicone, and glyphosate sectors, focusing on industries with low profitability and potential for improved utilization rates [3] New Materials Insights - **Lithium Hexafluorophosphate (LiPF6)**: Prices expected to remain strong in 2026, with demand growth outpacing effective capacity growth [4] - **Memory Chip Cycle Recovery**: Anticipated support for earnings rebound for electronic gas and wet chemical producers [4] Stock Recommendations - **Oil Companies**: Favorable outlook for PetroChina A/H, CNOOC A/H, and Sinopec A/H due to expected recovery in oil prices and attractive dividend yields [5] - **Chemical Companies**: Recommendations include Wanhua Chemical, Baofeng Energy, and Hengli Petrochemical [5] - **New Materials**: Positive outlook for Capchem, Sinocera, and Jiemei as beneficiaries of the electrolyte and MLCC cycle recoveries [5] Risks and Considerations - **Oil Price Risks**: Potential upside risks include firmer global economic growth and geopolitical tensions, while downside risks involve a global economic slowdown and weaker compliance from OPEC+ [9][10] - **Natural Gas Market Volatility**: Expected tightness in the global LNG market until 2030, with potential disruptions leading to elevated prices [41][47] Additional Insights - **EV Penetration**: Domestic EV penetration in China has exceeded 50% since April, with expectations to reach 76% by 2030 [54][55] - **China's Crude Imports**: A 3% YoY increase in crude imports in 9M25, attributed to lower oil prices and inventory scaling [60]

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 FF305 公司名稱： 中國石油化工股份有限公司 呈交日期： 2025年11月18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 | | ...

新华财经北京11月18日电 （记者安娜）记者18日从中国石化新闻办了解到，今冬首场寒潮11月16日来 袭后，中国石化天然气分公司紧贴市场需求变化，合理优化资源配置，向北方6省市增供天然气约1000 万立方米，日均输送天然气1.15亿立方米，可满足约2.3亿户家庭一天用气需求，全力保障供区人民群众 温暖过冬。 科学合理分配资源。天然气分公司充分利用中国石化上中下游全产业链一体化优势，强化协同联动，主 动与上游气田对接生产计划，制定供应方案，同时充分用好"全国一张网"，全力畅通自产资源外输渠 道，确保全产全销、多产多销。密切跟踪市场需求，统筹安排供销计划，积极向北方6省市增供天然气 约1000万立方米，满足民生用气需求。 扎实开展调峰保供。进一步优化LNG接收站船期安排，提升天然气接卸与外输效率，目前青岛LNG接 收站、天津LNG接收站保持高效运行，日均外输天然气累计超2500万立方米，较寒潮到来前增加500万 立方米。启动冬季采气工作，日均采气400万立方米保障用气高峰期市场供应。 全力强化安全生产。密切关注天气变化，做好冰冻雨雪、寒潮大风等监测预警，增加LNG接收站、储 气库、管道等重点设备设施巡检频次。充分 ...

Core Viewpoint - The onset of winter heating season in northern China has prompted energy companies to enhance supply capabilities, with a focus on natural gas and clean energy sources to meet increased demand during the cold months [1][5][6] Group 1: Natural Gas Supply and Infrastructure - A liquefied natural gas (LNG) carrier has docked in Qingdao, marking the seventh LNG shipment since October, highlighting the ongoing efforts to secure energy supply [1] - The Tianjin LNG terminal has improved unloading efficiency through a "dual-ship" operation model, which enhances storage capacity [1] - China National Petroleum Corporation (CNPC) has increased natural gas production at its Longqing Oilfield to 135 million cubic meters, a rise of 3 million cubic meters since the beginning of the month [1] - The "Sichuan Gas Eastward Transmission" project has seen the number of high-yield wells exceed 80, a historical high, to bolster winter supply [1] - CNPC plans to increase natural gas supply resources by 3.7% year-on-year for the winter heating season, accounting for approximately 60% of domestic supply [1] Group 2: Pipeline Network and Emergency Preparedness - The National Pipeline Group is enhancing the stability and emergency response capabilities of the natural gas transmission network, crucial for national energy security [2] - In response to extreme weather in Xinjiang, the National Pipeline Group has activated emergency measures to ensure safe operations [2] - Over 400 compressor units have been maintained, and significant pipeline projects have been completed to ensure readiness for winter supply [2] - Key projects such as the West-to-East Gas Transmission and Sichuan Gas Eastward Transmission have been fully operational this year [2] Group 3: Gas Storage and Supply Readiness - Various gas storage facilities have completed their annual injection tasks ahead of winter, ensuring adequate supply for peak demand [3] - The Liaohe gas storage facility has initiated winter supply mode, with a storage capacity exceeding 3 billion cubic meters [3] - The Tarim Oilfield's four storage facilities have achieved a record injection volume of 1.2 billion cubic meters [3] - A total of 19 storage facilities connected to the National Pipeline Group are fully stocked for winter, with China Petroleum planning to supply nearly 20 million cubic meters per day [3] Group 4: Clean Energy Initiatives - Clean energy projects are being implemented to enhance low-carbon heating solutions, including industrial waste heat and geothermal energy [5] - The "Liao Heat into Jinan" project utilizes industrial waste heat to provide heating for 1 million square meters, replacing coal-fired boilers [5] - China Petroleum has developed multiple geothermal projects, enhancing its clean heating capacity to 126 million square meters, significantly reducing CO2 emissions [5][6] - In the first three quarters of the year, renewable energy generation reached 2.89 trillion kilowatt-hours, a 15.5% increase year-on-year, with wind and solar power accounting for 22% of total electricity consumption [6]

Market Overview - The refining and trading sector experienced a decline of 0.46% on November 18, with Unified Corporation leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - He Shun Petroleum saw a significant increase of 9.99%, closing at 33.91, with a trading volume of 179,500 shares and a turnover of 591 million yuan [1] - Unified Corporation closed at 32.56, down 5.43%, with a trading volume of 626,400 shares and a turnover of 2.091 billion yuan [2] - Other notable declines included Hengli Petrochemical down 3.87% and Tongkun Co. down 3.39% [2] Capital Flow - The refining and trading sector experienced a net outflow of 918 million yuan from main funds, while retail investors saw a net inflow of 609 million yuan [2] - The main funds showed a net inflow of 22.74 million yuan into Sinopec, while Wanbangda had a net inflow of 7.22 million yuan [3] Individual Stock Capital Flow - Sinopec had a main fund net inflow of 22.74 million yuan, but retail investors had a net outflow of 21.45 million yuan [3] - Wanbangda attracted a net inflow of 7.22 million yuan from main funds and 9.34 million yuan from retail investors [3] - Other stocks like Huajin Co. and Yuxin Co. also showed mixed capital flows, with varying net inflows and outflows from different investor categories [3]

Core Viewpoint - The report from Huatai Securities indicates that due to the peak in China's crude oil processing capacity and constraints on overseas supply, global sulfur supply growth is facing bottlenecks, while demand is steadily increasing in sectors such as global phosphate fertilizer consumption and the production of new materials like lithium batteries, nylon, and titanium dioxide [1] Industry Summary - In 2024, China's apparent sulfur consumption is expected to grow by 8.6% year-on-year, with imports accounting for 47% of the total, reflecting a year-on-year increase of 12.7% [1] - The increasing dependence on foreign sulfur and the global supply-demand imbalance are projected to lead to a 152% rise in sulfur prices by November 14, 2025, reaching 3,930 yuan per ton [1] Company Summary - China Petroleum & Chemical Corporation (Sinopec) has a sulfur production capacity of 8.88 million tons per year, making it the largest sulfur supplier in China [1] - The recovery in sulfur market conditions is expected to boost the company's refining segment, alongside a turning point in the petrochemical sector's capacity cycle [1] - As a result, Huatai Securities has upgraded the company's A/H rating to "Buy," with a target price of 7.60 yuan and 6.26 Hong Kong dollars [1]

华泰证券研报指出，由于中国原油加工量的达峰及海外供给受到抑制，全球硫磺供给增长遇到瓶颈，而 需求侧无论是全球磷复肥的消耗扩张还是中国锂电池、尼龙、钛白粉等新材料领域的产能爬升，都带来 稳步增长。2024年我国硫磺表观消费量同比增长8.6%，进口量占比47%，同比增长12.7%。国内硫磺对 外依存度增加及全球性供需矛盾导致硫磺价格在2025年内（截至11月14 日）累计上涨152%至3930元/ 吨，中国石化依托炼油及天然气加工的能力，具备888万吨/年硫磺产能，是国内硫磺供应量最大的企 业。硫磺景气回升带动公司炼油板块景气回暖，叠加石化领域产能周期拐点，该行上调公司A/H评级 至"买入"，目标价7.60 元/6.26港元。 ...

Core Points - 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 [1] - The geothermal heating capacity of Sinopec has been further enhanced, reaching a historical high of 12.6 million square meters, which can provide clean heating for more than 1.2 million households this season [1] - The initiative is expected to significantly reduce carbon emissions, contributing to environmental sustainability efforts [1]

Core Viewpoint - Sinopec and LG Chem have signed an agreement to jointly develop key materials for sodium-ion batteries, targeting the energy storage systems and low-speed electric vehicle markets in China and globally, aiming to accelerate commercialization and expand into new energy and high-value materials sectors [1] Industry Overview - Sodium-ion batteries offer advantages over lithium-ion batteries in terms of resources, cost, safety, and charging speed, with better performance in low-temperature environments compared to lithium iron phosphate batteries [3] - The sodium-ion battery market in China is projected to grow from 10 GWh in 2025 to 292 GWh by 2034, with an average annual growth rate of approximately 45% [6] - Major companies involved in sodium-ion battery production include CATL, BYD, and others, with significant developments in battery technology and applications [4][6] Key Materials and Technologies - The main cathode materials for sodium-ion batteries include layered oxides, polyanionic compounds, and Prussian blue, each with distinct characteristics and commercialization speeds [3] - Hard carbon is the mainstream choice for anode materials due to its high sodium storage capacity and excellent cycling stability [3] - The electrolyte composition is similar to lithium-ion batteries, primarily using sodium hexafluorophosphate, with key players including Tianqi Materials and others [4] Market Developments - The first large-capacity sodium-ion battery energy storage station in China has commenced operations, showcasing the technology's application potential [6] - CATL's "Sodium New Battery" brand has achieved an energy density of 175 Wh/kg, comparable to lithium iron phosphate batteries, with a cycle life exceeding 10,000 cycles [6] - Wanhua Chemical has entered the sodium-ion battery sector, developing high-capacity cathode materials and establishing strategic partnerships for further advancements [5] Challenges and Future Outlook - The commercialization of sodium-ion batteries is at a critical juncture, with technological advancements, cost control, and policy support being key factors for success [7] - Despite the theoretical cost advantage of sodium-ion batteries being around 20% lower than lithium-ion batteries, current prices exceed 0.5 yuan/Wh, with expectations to drop to 0.3 yuan/Wh upon achieving scale [8]

Core Viewpoint - The onset of winter heating season in northern China has prompted energy companies to fully activate their winter supply modes, ensuring energy security during peak demand periods. Group 1: Energy Supply and Infrastructure - A liquefied natural gas (LNG) transport ship carrying 69,000 tons has docked in Qingdao, marking the seventh LNG shipment received at the station since October [1] - The Tianjin LNG receiving station has adopted a "dual-ship docking and simultaneous unloading" operation mode to enhance unloading efficiency and storage capacity [1] - China Petroleum's Longqing Oilfield has increased its natural gas production to 135 million cubic meters, up by 3 million cubic meters since the beginning of the month [3] - The daily gas supply capacity has reached 738 million cubic meters, ensuring heating for northern regions [7] - The national gas pipeline network's peak capacity has increased to 1.17 billion cubic meters per day, a 23% increase compared to last winter [14] Group 2: Storage and Emergency Preparedness - Underground gas storage facilities have completed their annual injection tasks ahead of winter, with the Liaohe storage facility starting its winter supply mode, holding over 3 billion cubic meters of gas [17] - The Central Plains Oilfield's storage facilities have achieved a record high of 940 million cubic meters of gas reserves, sufficient to meet the daily needs of 26 million households during peak usage [21] - The Tarim Oilfield's storage facilities have also completed their annual injection tasks, reaching a historical high of 1.2 billion cubic meters [21] Group 3: Green Energy Initiatives - The "Liao Heat into Jinan" project utilizes industrial waste heat for heating, capable of meeting the heating needs of 1 million square meters and reducing coal consumption by approximately 1.29 million tons annually [25][27] - China Petroleum has launched geothermal heating services across 11 provinces, providing clean heating for over 1.2 million households [28] - Renewable energy generation in the first three quarters reached 2.89 trillion kilowatt-hours, accounting for about 40% of total electricity generation, with wind and solar power growing by 28.3% [30]