Core Viewpoint - The China International Import Expo (CIIE) serves as a significant platform for promoting economic globalization and mutual benefit, showcasing China's commitment to openness and collaboration with the world [1][5]. Group 1: Event Overview - The eighth CIIE attracted over 4,000 participating companies, including nearly 300 Fortune 500 and industry-leading firms, marking a historical high in exhibition area and scale [1]. - The event has evolved from a "global premiere" to a "world sharing" platform, emphasizing China's high-level openness and its role in the global economy [1]. Group 2: Participation of Multinational Corporations - Schneider Electric's executive vice president highlighted the company's commitment to the Chinese market, showcasing its dual transformation in digitalization and green low-carbon initiatives [2]. - Bosch has consistently deepened its investment in China, expanding its operations and launching a global R&D center to connect local innovations with global markets [2]. - Honeywell introduced eight new products and signed 26 strategic cooperation agreements, reflecting its strong confidence in the Chinese market [2][3]. - ABB has launched over 320 innovative exhibits and signed more than 110 strategic cooperation agreements at the CIIE, demonstrating its commitment to practical collaboration [2]. Group 3: Long-term Impact and Innovation - The CIIE has a long-term spillover effect, fostering deep interactions between China and the world in industrial resonance, innovation integration, and ecological co-construction [3]. - The "Innovation Incubation Zone" featured over 500 innovative projects in fields such as green low-carbon technology and new materials, highlighting the importance of small and innovative enterprises [4]. - Danish multinational Danfoss emphasized its commitment to low-carbon innovations and deepening cooperation with Chinese clients, showcasing the event's inclusivity [4]. Group 4: Economic Cooperation and Data - During the 2025 CIIE, Sinopec signed contracts with 34 partners from 17 countries, covering 24 product categories with a total contract value exceeding $40.9 billion [4]. - Since 2018, Sinopec has signed contracts worth over $325 billion at the CIIE, indicating strong global interest in the Chinese market [4]. Group 5: China's Global Role - China is committed to expanding its openness and high-quality development, aiming to create a new economic system that benefits the world [5]. - The CIIE symbolizes China's role as a global opportunity provider, showcasing a more open, inclusive, and confident China [5].

Core Viewpoint - The domestic oil giants, referred to as the "Three Oil Companies" (China National Petroleum Corporation, Sinopec, and CNOOC), are facing profit pressures due to fluctuating international oil prices, but they are responding to transformation and change in different ways [1][4]. Group 1: International Oil Price Trends - International oil prices have generally declined, with Brent crude oil averaging $70.93 per barrel, down 14.3% year-on-year, and West Texas Intermediate crude oil down 14.1% [3]. - The drop in oil prices has significantly impacted corporate profits, akin to an invisible constraint on their earnings [3]. Group 2: Financial Performance of the "Three Oil Companies" - China National Petroleum Corporation reported a profit of 126.29 billion yuan, a year-on-year decline of 4.9% [4]. - Sinopec's profit was 29.98 billion yuan, marking the most significant decline among the three [4]. - CNOOC's performance was relatively stable, with a profit of 101.97 billion yuan, down 12.6% year-on-year [4]. Group 3: Net Profit Margin Differences - CNOOC boasts a net profit margin of 32.63%, significantly higher than China National Petroleum's 5.82% and Sinopec's 1.42% [6]. - The differences in profit margins are attributed to each company's unique business structure, which influences their risk resilience [6]. Group 4: Business Models and Challenges - CNOOC focuses on upstream exploration and production, with oil and gas sales accounting for over 80% of its total revenue, allowing it to maintain high profit margins despite price fluctuations [8]. - In contrast, China National Petroleum and Sinopec have a full industry chain layout, facing challenges from refining profitability and chemical sector pressures due to market demand and oversupply [8]. - Sinopec's chemical sector reported a loss of 7.43 billion yuan in the first three quarters, exceeding last year's losses, while China National Petroleum's chemical profits were nearly halved [8]. Group 5: Future Outlook and Strategies - Despite challenges, Sinopec remains optimistic about the chemical industry's recovery, anticipating market balance as the economy stabilizes and outdated capacities are eliminated [9]. - Both China National Petroleum and Sinopec are pursuing transformations towards higher-end refining and chemical production, which will require time and investment [9]. - The sales of refined oil products have also declined, with China National Petroleum's gasoline sales down 3.1% and Sinopec's domestic refined oil sales down 3.6% year-on-year, influenced by the rise of electric vehicles [9]. - CNOOC is utilizing futures and derivatives trading for hedging to stabilize earnings and mitigate risks from price volatility [10]. Group 6: Industry Challenges and Opportunities - The performance of the "Three Oil Companies" reflects the broader challenges and opportunities facing the oil industry amid energy transition [11]. - Traditional oil companies must actively seek new growth points to remain competitive in a rapidly changing market [11].

Core Insights - Jiangsu Petroleum, a subsidiary of Sinopec, plays a crucial role in the supply of refined oil and natural gas in Jiangsu Province, achieving over 80 million tons in total refined oil operations during the 14th Five-Year Plan, with sales revenue increasing by over 18% compared to the 13th Five-Year Plan [1][2] Group 1: Business Operations - Jiangsu Petroleum operates over 2,500 gas stations, serving more than 1.4 million vehicles daily, and has established a provincial emergency reserve to ensure energy security and stable supply [2] - The company is actively involved in the construction of a new energy system, operating over 10,000 charging terminals in Jiangsu Province, and has launched a heavy-duty truck charging corridor covering a 200-kilometer transport route [2] - Jiangsu Petroleum has achieved an annual charging (and swapping) electricity volume exceeding 300 million kilowatt-hours [2] Group 2: Environmental Initiatives - The company is committed to green transformation, having closed or transferred management of five inland terminals and 20 water stations, and completed safety and environmental upgrades across its facilities [3] - Jiangsu Petroleum has invested 1.1 billion yuan in oil and gas recovery modifications and has constructed a backbone network for LNG refueling, achieving an average annual growth rate of 41% in LNG retail volume from 2022 to 2024 [3][4] - The company has built 505 solar power stations, generating over 14 million kilowatt-hours annually and reducing carbon emissions by over 8,000 tons each year [4] Group 3: Social Responsibility - Jiangsu Petroleum has established 548 driver homes and 621 care stations to support truck drivers and outdoor workers, and has provided over 70 million yuan in fuel subsidies to the agricultural sector [5][6] - The company has invested over 5 million yuan in educational initiatives and has set up 1,200 rural revitalization product cabinets, generating over 100 million yuan in sales of agricultural products annually [6] - Jiangsu Petroleum aims to become a comprehensive energy service provider, integrating oil, gas, hydrogen, and electricity services, contributing to the modernization of Jiangsu Province [6]

Investment Rating - The report maintains a "Buy" rating for key companies in the petrochemical sector, specifically recommending China National Petroleum, China Petroleum & Chemical, CNOOC, Zhongman Petroleum, and New Natural Gas [4]. Core Views - OPEC+ has decided to pause production increases in Q1 2026, with a planned increase of 137,000 barrels per day in December 2025. The next meeting is scheduled for November 30, 2025. The market sentiment has improved due to this decision, but concerns about weak demand and oversupply remain, leading to expectations of price fluctuations in the short term [1][7]. - The report highlights the impact of U.S. sanctions on Russian oil producers, which has led Turkish refiners to reduce purchases of Russian crude and seek alternatives from Iraq, Libya, Saudi Arabia, and Kazakhstan [1][7]. Summary by Sections Industry Investment Rating - The report recommends focusing on industry leaders with strong performance and high dividends, specifically China National Petroleum, China Petroleum & Chemical, and CNOOC, due to their stable earnings and growth potential [10]. Oil Supply and Demand - As of October 31, 2025, U.S. crude oil production reached 13.65 million barrels per day, an increase of 10,000 barrels from the previous week. Refinery throughput also rose to 15.26 million barrels per day, up by 40,000 barrels [8][9]. - U.S. crude oil inventories increased, with strategic reserves at 409.6 million barrels, up by 500,000 barrels week-on-week [9]. Price Trends - As of November 7, 2025, Brent crude oil futures settled at $63.63 per barrel, down 2.21% from the previous week, while WTI futures settled at $59.75 per barrel, down 2.02% [8][34]. - The report notes a decrease in LNG prices in Northeast Asia, with the price at $11.02 per million British thermal units, down 1.63% week-on-week [8][37]. Company Performance - The report indicates that the petrochemical sector has outperformed the broader market, with a 4.6% increase in the sector compared to a 0.8% increase in the CSI 300 index as of November 7, 2025 [11][14]. - Key companies such as Zhongjie Oil and Gas and Hengtong Petrochemical have shown significant weekly gains, with increases of 15.61% and 8.20%, respectively [16].

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [7] Core Views - OPEC+ has announced a pause in production increases starting January 2026, aiming to balance oil prices amid declining global demand and rising inventories [2][3] - Oil prices have been under pressure due to concerns over demand, with Brent and WTI prices reported at $63.70 and $59.84 per barrel, respectively, reflecting declines of 1.4% and 1.7% from the previous week [1][11] - The IEA forecasts a modest increase in global oil demand of 700,000 barrels per day in 2026, while supply is expected to grow by 2.4 million barrels per day, leading to a potential oversupply situation [3][16] - Geopolitical tensions, particularly sanctions against Russia, are likely to provide a risk premium that supports oil prices [3][18] - The "Big Three" oil companies in China (PetroChina, Sinopec, and CNOOC) are expected to enhance their production and cost management strategies, showcasing resilience during price downturns [4][19] Summary by Sections OPEC+ Production Decisions - OPEC+ has decided to increase production by 137,000 barrels per day in December and pause further increases from January to March 2026, reflecting a strategy to stabilize oil prices amid low demand expectations [2][11] Oil Supply and Demand Outlook - The IEA has revised down its global oil demand growth forecast for 2025 to 700,000 barrels per day, indicating a slowdown in consumption growth due to macroeconomic conditions and electrification trends [16][14] - The report highlights a significant increase in oil inventories, with a notable rise in floating storage, suggesting a potential oversupply in the market [16][14] Geopolitical Factors - Recent escalations in sanctions against Russia, including the U.S. Treasury's blacklisting of major Russian oil companies, are expected to tighten the oil market and support prices [3][18] Investment Recommendations - The report recommends a focus on the "Big Three" oil companies and their associated oil service firms, as well as leading players in the refining and chemical sectors, anticipating long-term growth despite current market volatility [5][19]

Core Insights - The eighth China International Import Expo (CIIE) showcased China's commitment to expanding economic cooperation, with energy state-owned enterprises (SOEs) signing contracts exceeding $73.5 billion [1][2] - The event marked a significant economic diplomatic activity following the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, emphasizing the potential for international trade and investment [2] Energy SOEs Performance - China Petroleum and Chemical Corporation (Sinopec) signed contracts worth over $40.9 billion with 34 partners from 17 countries, covering 24 product categories including crude oil and chemicals [2] - China National Petroleum Corporation (CNPC) signed 43 procurement agreements totaling $17.485 billion with 41 global partners, indicating a stable increase compared to last year's figures [2] - China National Offshore Oil Corporation (CNOOC) achieved a record signing amount of over $13 billion, focusing on crude oil, natural gas, and deep-water oil and gas equipment [3] - China National Nuclear Corporation (CNNC) and its subsidiaries signed eight contracts related to nuclear fuel components and natural uranium, promoting global nuclear energy innovation [3] Power Sector Developments - China Huaneng Group signed agreements for gas turbine equipment and maintenance services, supporting clean energy project development [3] - China Datang Corporation collaborated with six foreign companies on renewable energy, gas turbines, and green hydrogen projects [3] - State Power Investment Corporation signed contracts worth nearly $300 million with eight international firms, showcasing confidence in international cooperation and energy transition [3] - China Energy Engineering Group signed procurement agreements totaling $1.828 billion, setting a new historical record [3] Strategic Cooperation and Future Directions - The 20th Central Committee emphasized high-level opening up and expanding bilateral investment cooperation, aligning with the goals of the Belt and Road Initiative [4] - Since the first CIIE in 2018, energy SOEs have signed contracts worth $144.785 billion with 232 international suppliers, reflecting a commitment to global energy development [4] - CNOOC's chairman highlighted the importance of open cooperation for energy security and the need for green transformation and technological innovation [5] - CNPC's general manager called for a new paradigm of energy cooperation based on fairness, resilience, and sustainability [5] - Sinopec's general manager expressed a desire to enhance technological innovation and promote sustainable development in the energy and chemical sectors [6] - CNNC's executive emphasized the role of digitalization in enhancing the global nuclear industry’s competitiveness and fostering resilient supply chains [6]

Core Insights - The eighth China International Import Expo (CIIE) showcases 461 new products, technologies, and services, emphasizing China's commitment to high-level opening-up and becoming a global innovation testing ground [4][5] - The event facilitates communication and resource integration for Chinese enterprises, enhancing their development through technological innovation and industry collaboration [5] Group 1: Global Procurement Trends - COFCO Group highlights a significant increase in the import volume of Kazakhstani wheat compared to the previous year and has entered the coconut water market through collaboration with Thai brands [6] - The trend towards diversified global procurement is evident, with increasing consumer demand for high-quality and unique global products, creating new opportunities for cross-border business [6] Group 2: Central Enterprises Participation - The "Central Enterprises Procurement Corridor" made its debut at this year's expo, with nearly 20,000 attendees from over 100 central enterprises, resulting in procurement agreements exceeding $40.9 billion across various categories [7] - China National Petroleum Corporation (CNPC) signed agreements with 34 partners from 17 countries, while China National Machinery Industry Corporation (Sinomach) introduced advanced production lines for sustainable packaging [7] Group 3: International Cooperation and Innovation - Guangxi Canglong Technology Co., Ltd. showcased its AI-powered underwater robots, which have been utilized in international cooperation projects in ASEAN countries [9] - HaiLiang Group aims to expand its collaboration in low-carbon copper materials and recycling, reflecting a commitment to green development and innovation [10][11] Group 4: Opportunities for Future Collaborations - Shanxi Pengfei Group plans to sign procurement agreements for automotive core components with German companies, highlighting the expo as a platform for new business opportunities [11] - The increasing quality and sustainability of exhibited products indicate a growing trend towards innovation and green development in global supply chains [11]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) executed a block trade on November 7, with a transaction volume of 650,000 shares and a transaction value of 3.6465 million yuan, at a price of 5.61 yuan per share [2] Group 1: Trading Details - The block trade was conducted by Guohai Securities Co., Ltd. Nanning Qifeng Road Securities Business Department as the buyer and Shenwan Hongyuan Securities Co., Ltd. Securities Investment Headquarters as the seller [2] - The closing price of Sinopec on the same day was 5.61 yuan, reflecting an increase of 1.08% [2] - The daily turnover rate for Sinopec was 0.16%, with a total transaction amount of 842 million yuan and a net inflow of main funds amounting to 53.4997 million yuan [2] Group 2: Recent Performance - Over the past five days, Sinopec's stock has increased by 2.56%, with a total net inflow of funds amounting to 132 million yuan [2] - The latest margin financing balance for Sinopec is 1.524 billion yuan, showing a decrease of 1.294 million yuan over the past five days, which is a decline of 0.08% [2]

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 07 November 2025 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .isting of Securities on The Stock Exchange of Ho ...

Group 1 - China Petroleum & Chemical Corporation (Sinopec) saw a stock price increase of 1.08%, closing at 5.61 yuan [1] - A block trade occurred with a total volume of 650,000 shares and a transaction amount of 3.6465 million yuan, with a premium rate of 0.00% [1] - The buyer was Guohai Securities Co., Ltd. and the seller was Shenwan Hongyuan Securities Co., Ltd. [1] Group 2 - Over the past three months, Sinopec has recorded one block trade with a total transaction amount of 3.6465 million yuan [1] - In the last five trading days, the stock has increased by 2.56%, with a net inflow of main funds totaling 89.7136 million yuan [1]