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 公司名稱： 中國石油化工股份有限公司 呈交日期： 2025年11月14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 | | | | 已發 ...

Market Overview - The refining and trading sector experienced a decline of 0.66% on November 14, with Runbei Hangke leading the losses [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable gainers in the refining and trading sector included: - Heshun Petroleum (603353) with a closing price of 28.03, up 10.01% [1] - Unified Shares (600506) at 31.30, up 8.49% with a trading volume of 499,100 shares and a transaction value of 1.536 billion [1] - Baomo Shares (002476) at 6.33, up 3.09% with a transaction value of 214 million [1] - Conversely, Runbei Hangke (001316) led the declines with a closing price of 35.90, down 3.49% [2] - Other notable decliners included: - Wanbangda (300055) at 8.40, down 3.34% [2] - Daqing Huake (000985) at 20.03, down 2.53% [2] Capital Flow - The refining and trading sector saw a net outflow of 133 million from institutional investors and 197 million from speculative funds, while retail investors contributed a net inflow of 330 million [2] - Detailed capital flow for selected stocks showed: - Unified Shares (600506) had a net inflow of 167 million from institutional investors, but a net outflow of 12 million from speculative funds [3] - China Petroleum (601857) experienced a net outflow of 10.24 billion in total trading volume [2][3]

在河南炼化公司，专题宣传片与沙盘直观展示了中国石化及河南炼化的发展布局与规模，智能化生产系 统的高效运行让大家赞叹不已，乙烯项目则让公众对河南炼化高质量发展蓝图充满期待。 在洛阳工程公司，"时代楷模"陈俊武院士赤诚报国的家国情怀、敢为人先的创新精神与无私奉献的道德 风范传承着石化精神的力量。在洛阳石油公司第53加油站，便捷的服务设施与贴心的服务举措让公众切 实感受到中国石化扎根河南、服务民生的务实担当。 据介绍，此次开放日活动通过多元互动形式让公众近距离触摸石化企业的发展脉搏，不仅展现了中国石 化驻豫企业的创新实力与绿色担当，更搭建了企业与公众沟通的坚实桥梁，为企业在河南持续健康发展 营造了良好氛围。（刘贺娟 王东亮） 来源：环球网 11月12日，"中国石化在河南"公众开放日活动顺利举办。活动通过走进中国石化河南炼化公司、洛阳工 程公司及河南石油第53加油站，全方位体现了石化企业的创新发展与社会责任。 ...

Core Viewpoint - The report indicates that the price recovery of petrochemical products is expected to stabilize and uplift the Producer Price Index (PPI), driven by strong policy support focusing on supply-side optimization and demand-side expansion [1][2]. Group 1: Petrochemical Products and PPI - Petrochemical products have a high weight and strong volatility in the PPI composition, showing a strong correlation with PPI trends [1][2]. - Recent policies are aimed at optimizing supply and expanding demand, which may lead to a recovery in petrochemical prices and subsequently stabilize the PPI [1][2]. Group 2: Supply and Demand Dynamics - The optimization of the petrochemical downstream capacity structure is expected to initiate a new price cycle, with 2025 being a critical year for the refining industry [2]. - By 2025, domestic crude oil processing capacity is expected to be controlled within 1 billion tons, with an anticipated increase of 5.8 million tons in refining capacity from 2025 to 2030 [2]. - The government continues to push for the elimination of inefficient refining capacities, which may accelerate the exit of outdated refining capabilities [2]. Group 3: Demand Recovery and Structural Highlights - The overall demand for petrochemical products is slowly recovering, with structural differences in recovery dynamics among various chemical products [3]. - While demand for polyolefins is weak, aromatic products are benefiting from downstream capacity expansions, maintaining a high growth rate [3]. - High-end petrochemical materials are developing rapidly, aligning with national innovation and emerging industry needs, with products like high-end polyolefins and engineering plastics expected to see sustained demand growth [3]. Group 4: Investment Opportunities - Despite the current PPI not yet turning positive, petrochemical downstream stock prices have shown signs of stabilization and recovery, indicating a favorable investment opportunity [4]. - The report recommends key state-owned enterprises such as Sinopec and PetroChina, as well as private refining companies like Hengli Petrochemical and Rongsheng Petrochemical, due to their scale advantages and diverse product offerings [4].

Core Viewpoint - The report from Cinda Securities indicates that the price changes of petrochemical products are strongly correlated with the Producer Price Index (PPI), and recent policy efforts aimed at optimizing supply and expanding demand are expected to support a recovery in petrochemical prices, thereby stabilizing and potentially increasing the PPI [1] Group 1: Supply-Side Analysis - The optimization of the petrochemical downstream capacity structure is expected to initiate a new price cycle, with 2025 being a critical year for the refining industry, as the National Development and Reform Commission (NDRC) has set a cap on domestic crude oil processing capacity at 1 billion tons [1] - In 2024, domestic refining capacity is projected to be 923 million tons, with an expected addition of 58 million tons from 2025 to 2030, indicating that refining capacity expansion is nearing its limits [1] - The NDRC has emphasized the need to accelerate the elimination of inefficient and outdated refining capacities, which, combined with recent central government signals to reduce "involution," may lead to a quicker exit of outdated refining capacities [1] Group 2: Demand-Side Analysis - The overall demand for petrochemical products is gradually recovering, with structural highlights indicating that while the demand for major chemical products like polyolefins is weak, the demand for aromatics is expected to maintain high growth due to downstream capacity expansions [2] - High-end petrochemical materials are developing rapidly, aligning with national requirements for fine chemical innovation and the needs of emerging industries, with products like high-end polyolefins, engineering plastics, and lithium battery separators expected to see sustained high demand growth [2] Group 3: Market Performance and Investment Opportunities - Although the PPI has not yet turned positive, petrochemical downstream stock prices have shown signs of stabilization and recovery, indicating a favorable investment opportunity [3] - The government’s push for "de-involution" in key industries, including petrochemicals, and the recent "Stability Growth Work Plan for the Petrochemical Industry (2025-2026)" suggest a focus on eliminating outdated capacities and optimizing supply structures [3] - The expected gradual recovery in petrochemical product demand, coupled with improved profitability in the sector, supports the performance of petrochemical stocks, with companies like Rongsheng Petrochemical and Hengli Petrochemical showing significant quarter-on-quarter profit improvements [3] Group 4: Investment Recommendations - The report recommends focusing on state-owned chemical leaders such as Sinopec (600028.SH) and PetroChina (601857.SH), as well as private large refining enterprises like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) that have scale advantages and rich product layouts [4] - Additionally, companies like Tongkun Co., Ltd. (601233.SH) and Xin Fengming (603225.SH), which are enhancing their industrial chain synergy, are also highlighted as key investment opportunities [4] - The report suggests paying attention to Dongfang Shenghong (000301.SZ) as a potential investment target [4]

Investment Rating - The report maintains an investment rating of "Positive" for the petrochemical industry, consistent with the previous rating [2]. Core Insights - The petrochemical products are expected to benefit from a stabilization and recovery in the Producer Price Index (PPI), driven by strong correlations between petrochemical prices and PPI trends [3][20]. - The optimization of downstream capacity in the petrochemical sector is anticipated to initiate a new price cycle, with limited supply growth and ongoing policy efforts to eliminate inefficient production capacity [3][22]. - Demand for petrochemical products is gradually recovering, with structural highlights indicating that while some segments like polyolefins may see weak recovery, others such as aromatics and high-end petrochemical materials are expected to maintain strong growth [3][26]. - Stock prices in the petrochemical sector have begun to stabilize and rise ahead of the PPI index, indicating a favorable investment opportunity [3][20]. Summary by Sections 1. Petrochemical Price Recovery Supporting PPI Stabilization - Petrochemical products have a high weight in the PPI, with significant volatility impacting overall PPI trends [11][13]. - The correlation between petrochemical prices and PPI is strong, with key policies aimed at optimizing supply and expanding demand expected to support price recovery [20]. 2. Optimization of Downstream Capacity Expected to Drive New Price Cycle - The expansion cycle in refining is nearing its end, with a projected addition of 58 million tons of refining capacity from 2025 to 2030, approaching regulatory limits [22][23]. - Policies are actively promoting the exit of inefficient refining capacities, reshaping the competitive landscape [28][29]. 3. Gradual Recovery in Petrochemical Demand with Structural Highlights - Overall demand for petrochemical products is slowly recovering, with significant growth expected in high-end materials aligned with national innovation goals [3][26]. - The demand recovery shows structural differences, with some segments like aromatics benefiting from downstream capacity expansions [3][26]. 4. Investment Opportunities and Strategies - The report recommends key state-owned enterprises such as Sinopec and PetroChina, as well as private refining companies like Hengli Petrochemical and Rongsheng Petrochemical, which have strong competitive advantages [3][4].

Core Insights - The trading activity of industry and thematic ETFs has decreased, with only the Sci-Tech Chip ETF (588200) exceeding a transaction amount of 1 billion yuan, reaching 1.627 billion yuan [1][3] - The Hong Kong Innovative Drug ETF (513120) remains active in cross-border ETFs, with a half-day transaction amount exceeding 5 billion yuan, reaching 6.258 billion yuan [1][4] Industry and Thematic ETFs Summary - The Sci-Tech Chip ETF (588200) had a current price of 2.295 yuan, with a decline of 1.88%, and a total transaction amount of 1.627 billion yuan [3] - Other notable ETFs include: - Battery ETF (159755): 1.127 yuan, -2.51%, 0.891 billion yuan - Semiconductor ETF (512480): 1.416 yuan, -2.14%, 0.834 billion yuan - Securities ETF (512880): 1.241 yuan, -0.56%, 0.818 billion yuan - Communication ETF (515880): 2.567 yuan, -2.25%, 0.692 billion yuan [3] Cross-Border ETFs Summary - The Hong Kong Innovative Drug ETF (513120) had a current price of 1.42 yuan, with an increase of 0.35%, and a total transaction amount of 6.258 billion yuan [4] - Other significant cross-border ETFs include: - Hong Kong Securities ETF (513090): 2.195 yuan, -1.48%, 4.084 billion yuan - Hang Seng Technology ETF (513130): 0.778 yuan, -2.14%, 3.300 billion yuan - Hang Seng Technology Index ETF (513180): 0.793 yuan, -2.1%, 2.542 billion yuan [4] Oil and Gas Resource ETFs Summary - The Oil and Gas Resource ETF (563150) saw a half-day increase of 2.04%, with a current price of 1.1 yuan and a transaction amount of 2.884 million yuan [5][6] - The ETF tracks the China Securities Oil and Gas Resource Index, which includes companies involved in oil and gas extraction, services, equipment manufacturing, refining, processing, transportation, and sales [6][7] - Key stocks in the index include: - China Petroleum (601857): 9.85% weight - Sinopec (600028): 8.45% weight - Jereh Group (002353): 7.53% weight [7]

推动整治突出问题。监督组聚焦责任落实、项目实施、资金使用、制度执行等关键领域，发现援扶工作 管理机制不完善、管理责任未有效落实、合规管理水平不高、项目管理实施不规范、资金管理使用不规 范等97个问题，并督促有关帮扶县挂职干部和企业剖析问题原因、制定整改措施，抓好整改落实，目前 已完成整改问题74个。 促进监督成果转化。紧盯乡村资金使用监管领域突出问题，督促退回不合理使用的帮扶资金225万元， 盘活资金1323万元，兑现收益53万元。对监督检查发现的问题线索提级核查、从严惩治，确保党中央惠 民利民政策落实到位。（中央纪委国家监委驻中国石化纪检监察组 || 责任编辑 徐梦龙） 中央纪委国家监委驻中国石化纪检监察组坚持把助力乡村振兴作为政治监督的重要任务，深入开展巩固 拓展脱贫攻坚成果同乡村振兴有效衔接监督，守护乡村振兴"家底子"。 精心抓好统筹部署。结合中国石化实际，纪检监察组制定监督实施方案，细化检查要点，组建监督组， 按照"三年全覆盖"安排，先后对8个定点帮扶县以及部分直属企业开展全流程监督。驻中国石化纪检监 察组组长王鹏连续2年带队赴甘肃省东乡县和青海省泽库县进行督导检查，对强化政治监督保障，聚焦 项目、资 ...

Core Viewpoint - The event "Seeking Sino-Arab Youth Cultural Ambassadors" organized by Sinopec in Algiers highlights the importance of youth engagement in promoting Sino-Arab cooperation and cultural exchange, showcasing the role of young people in building mutual understanding and friendship between China and Algeria [2][3] Group 1: Event Overview - The event awarded five young individuals the title of "Sino-Arab Youth Cultural Ambassadors" after receiving 165 submissions, with 30 advancing to the semi-finals and 15 reaching the final presentation stage [2] - The initiative is part of the implementation of the "Eight Joint Actions" from the Sino-Arab Cooperation Forum, specifically focusing on the "Youth Development" initiative [2] Group 2: Cultural Exchange and Cooperation - The event utilized new media formats like short videos and Vlogs to narrate stories of the Belt and Road Initiative and Sino-Arab friendship, engaging a large number of Algerian youth [2] - The President of the Algeria-China Friendship Association emphasized the event's role in showcasing the diversity and charm of both cultures, highlighting Sinopec's contributions to cultural exchange and mutual understanding [2] - The Algerian Minister of Culture expressed hopes that the youth would act as cultural ambassadors, fostering strong ties and ensuring the legacy of Sino-Arab friendship [2] Group 3: Sinopec's Commitment - Sinopec's General Manager of the Brand Department stated the company's dedication to sustainable energy development in Africa and its commitment to promoting energy cooperation alongside cultural exchange [3] - The representative of Sinopec in Africa reflected on the company's 23 years of energy cooperation in Algeria, emphasizing a collaborative approach that supports local operations, employment, and skills training while fostering cultural exchanges [3]

Core Viewpoint - Jiangsu Province Enterprise Federation recently released the list of the top 100 manufacturing enterprises in Jiangsu for 2025, highlighting the inclusion of three Sinopec subsidiaries: Yangzi Petrochemical, Yizheng Chemical Fiber, and Yangzi Petrochemical-BASF [1] Group 1: Company Performance - In 2025, Yangzi Petrochemical, Yizheng Chemical Fiber, and Yangzi Petrochemical-BASF will focus on ensuring the supply of clean energy and chemical products in the market [1] - These companies are committed to accelerating green and low-carbon development, enhancing technological innovation efforts, and advancing oil and gas exploration and development [1] Group 2: Industry Contribution - The companies will also work on refining and chemical production, as well as the operation and sales of finished oil and chemical products, contributing significantly to the economic development of Jiangsu Province [1] - The initiatives aim to promote the transformation and upgrading of the entire industry chain [1]