本报讯 （记者袁传玺）天眼查工商信息显示，近日，中石化（山西）煤层气有限公司成立，法定代表 人为刘晓，注册资本4.5亿元，经营范围包括陆地石油和天然气开采、矿产资源勘查、非煤矿山矿产资 源开采、燃气经营等。股东信息显示，该公司由中国石化（600028）（600028）全资持股。 ...

Core Insights - The oil and gas sector is experiencing active performance, with significant stock price increases among key companies, indicating a positive market sentiment [1] - China's largest shale oil production base, Changqing Oilfield, has achieved a cumulative production of over 20 million tons, marking a major milestone in the country's shale revolution [1] - The current oil market faces an oversupply situation, but OPEC+'s decision to slow down production increases is expected to mitigate this risk [1] Industry Summary - As of November 12, 2025, the National Petroleum and Natural Gas Index (399439) rose by 0.31%, with notable increases in stocks such as Shengli Oilfield (10.10%) and PetroChina (6.38%) [1] - The International Energy Agency (IEA) projects a global oil demand increase of 700,000 barrels per day in 2026, while supply is expected to grow by 2.4 million barrels per day, with both OPEC+ and non-OPEC+ contributing equally [1] - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 65.09% of the index, highlighting the concentration of market influence among major players like China National Petroleum and Sinopec [2]

Core Points - China Petroleum & Chemical Corporation (Sinopec) has established a new subsidiary, Sinopec (Shanxi) Coalbed Methane Co., Ltd., with a registered capital of 450 million yuan [1][2] - The company is fully owned by Sinopec and will engage in various activities including land oil and natural gas extraction, mineral resource exploration, gas operations, and power generation [1][2] Group 1 - The legal representative of the new company is Liu Xiao [1][2] - The registered capital of the company is 450 million yuan [1][2] - The business scope includes land oil and natural gas extraction, mineral resource exploration, gas operations, power generation, transmission, and distribution [1][2] Group 2 - The company is registered in the Yao District of Linfen City, Shanxi Province [2] - The business license is valid from November 7, 2025, to October 31, 2040 [2] - Sinopec holds 100% ownership of the new subsidiary [3]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) successfully completed the simultaneous unloading of two LNG carriers, "Zhongneng Fushi" and "Wulande," at the Tianjin LNG receiving station, marking the first dual LNG vessel operation during this heating season [1] - A total of 166,000 tons of LNG were unloaded, sufficient to meet the heating needs of over 16 million households in the Beijing-Tianjin-Hebei region for one month [1] - Since November, the Tianjin LNG receiving station has exported over 100 million cubic meters of natural gas and transported approximately 1,500 truckloads of LNG, establishing a dual supply guarantee through pipeline and liquid transportation [1] - As energy supply enters a critical phase, relevant units in Tianjin are enhancing coordination to ensure the safe and stable transportation of LNG for heating supply in the Beijing-Tianjin-Hebei region [1]

Core Viewpoint - The company has appointed Mr. Lu Zhiyong as the new General Manager and nominated him as a non-independent director candidate for the 11th Board of Directors, with the decision made during the 21st meeting of the 11th Board on November 11, 2025 [1][7]. Group 1: Appointment and Nomination - Mr. Lu Zhiyong has been appointed as the General Manager of the company, effective from November 11, 2025, until the end of the current Board's term [1][7]. - The nomination of Mr. Lu Zhiyong as a non-independent director candidate will be submitted for approval at the company's second extraordinary general meeting of shareholders in 2025 [1][7]. Group 2: Background of Mr. Lu Zhiyong - Mr. Lu Zhiyong, born in May 1978, currently serves as the Deputy Secretary of the company's Party Committee and has extensive experience in production operations, safety, environmental protection, project construction, and technical management [2]. - He has held various positions since joining Sinopec Zhenhai Refining & Chemical Company in 2001, including roles such as Deputy Chief Engineer and Vice General Manager [2]. - Mr. Lu has a Bachelor's degree in Chemical Engineering from Nanjing University of Technology and holds a senior engineer title [2]. Group 3: Board Meeting Details - The 21st meeting of the 11th Board of Directors was held via communication on November 11, 2025, with all 10 directors present, complying with relevant laws and regulations [6]. - Two resolutions were passed unanimously: the appointment of Mr. Lu Zhiyong as General Manager and his nomination as a non-independent director candidate [7].

Group 1 - China Petroleum & Chemical Corporation (Sinopec) announced a share buyback plan, spending approximately HKD 18.61 million to repurchase 4.256 million H-shares [1] - The company also plans to spend about HKD 49.58 million to buy back 8.784 million A-shares [1]

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical industry [7] Core Viewpoints - OPEC+ has unexpectedly increased production, and the U.S. "reciprocal tariffs" are suppressing demand, leading to downward pressure on oil prices. However, the slowdown in U.S. oil and gas production growth may provide fundamental support. The report remains optimistic about leading oil and gas state-owned enterprises with high-quality upstream assets, high dividends, and low valuations. In the mid and downstream sectors, the current market investment strategy is diversified, with a focus on "anti-involution," domestic demand, and emerging industries [4][12] Summary by Sections 1. Oil Price Trends and Upstream Performance - In 2025, OPEC+ announced multiple production increases, which pressured oil prices. The average Brent and WTI oil prices in Q3 2025 were $68.17/barrel and $64.96/barrel, respectively, down 13.40% and 13.78% year-on-year. The leading domestic oil and gas state-owned enterprises have maintained stable performance through continuous reserve increases and cost reductions, which may help offset the pressure from oil prices [9][16] 2. Midstream Refining Sector - The midstream refining sector is under pressure from supply and demand but may benefit from "anti-involution" policies that could improve the supply-demand balance. In Q3 2025, the PX-crude oil price spread averaged 2540 RMB/ton, down 7.96% year-on-year. The profitability of refined oil products remains under pressure, but the "anti-involution" policy may accelerate the elimination of excess capacity, leading to a structural recovery in the midstream refining sector [10][12] 3. Downstream Basic Chemical Products - The basic chemical sector has seen a divergence in performance among sub-sectors, with 17 sub-sectors, including non-metallic materials, civil explosives, and agricultural chemicals, showing revenue and profit growth year-on-year. However, some sectors like soda ash and organic silicon have experienced significant declines. The report suggests that the chemical industry, which has been at a low point for four years, may enter a recovery cycle supported by liquidity easing and "anti-involution" policies [11][12] 4. Investment Recommendations - The report recommends focusing on leading oil and gas state-owned enterprises with high-quality upstream assets and high dividends. It also suggests paying attention to traditional cyclical chemical sectors that may see improvements due to "anti-involution" policies, as well as sectors supported by domestic demand and emerging industries with high growth potential [12]

EE305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Page 1 of 21 v 1.3.0 FF305 □ Not applicable + HKD 4 09 | | | B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6) | | _ Not applicable | | | --- | --- | --- | --- | --- | --- | | 1). | Shares repurchased for cancellation but not yet cancelled | 5,410,000 | 0.02 % | HKD | 4 09 | | | Date of c ...

Core Viewpoint - The event "Searching for Sino-Arab Youth Cultural Ambassadors" held by Sinopec in Algeria serves as a significant platform for cultural exchange between China and Algeria, reinforcing the "Youth Talent" initiative under the framework of the China-Arab Cooperation Forum [1][3]. Group 1: Event Overview - The event took place in Algiers on November 10, showcasing the importance of youth perspectives in narrating Sino-Arab cooperation stories [1]. - A total of 165 entries were received for the competition, with 30 advancing to the semi-finals and 15 reaching the final presentation stage, ultimately resulting in 5 winners being named "Sino-Arab Youth Cultural Ambassadors" [3]. Group 2: Cultural Significance - The Algerian Minister of Culture and Arts emphasized the profound impact of Confucian philosophy on her youth and expressed hope that young people from both countries would act as cultural ambassadors to strengthen ties [3]. - The event highlighted the diversity and charm of Sino-Arab cultures, showcasing Sinopec's active contribution to promoting mutual understanding and cultural exchange [4]. Group 3: Sinopec's Role - Sinopec's Africa representative noted the company's commitment to sustainable development and its efforts in promoting energy cooperation alongside cultural exchanges [4][5]. - The company has been involved in energy cooperation in Algeria for 23 years, focusing on local project operations, job creation, and skills training while supporting youth cultural exchanges [5].

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) 公司名稱： 中國石油化工股份有限公司 呈交日期： 2025年11月11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 | | | | 佔有關事件前的現有已發 已發行股份（不包括庫存股份）數 行股份（不包括 ...