Core Insights - China Petroleum & Chemical Corporation (Sinopec) has reported that as of December 23, the Fuling shale gas field has cumulatively produced over 80 billion cubic meters of gas, providing green and clean energy to over 200 million residents across 70 cities in 6 provinces and 2 municipalities along the Yangtze River Economic Belt [2] - The Fuling shale gas field is China's first large-scale shale gas field to enter commercial development, achieving significant exploration breakthroughs by the end of 2012 and commencing commercial production in March 2014 [2] - The field reached an annual production capacity of 10 billion cubic meters in 2017, becoming the first shale gas field in China to achieve this milestone, demonstrating the "Fuling speed" in shale gas development [2] - By 2024, the cumulative proven reserves of the gas field are expected to exceed 1 trillion cubic meters, solidifying the resource foundation for sustained high production [2] Technology and Development - China's shale gas reservoirs are more complex and deeper compared to those in North America, making extraction more challenging [3] - Sinopec has developed a unique "dual enrichment" theory for southern marine shale gas and has innovated a core technology system comprising six key technologies for shale gas geological evaluation, horizontal well drilling, and efficient fracturing [3] - The company has leveraged its full industry chain advantages to independently develop equipment such as electric drilling rigs and fracturing units, achieving complete localization of key equipment, which supports the high-quality development of China's shale gas industry [3]

来源：中国银行 12月24日，中国银行董事长葛海蛟与中国石油化工集团有限公司（以下简称"中国石化"）董事长侯启军 在京举行工作会谈。中国银行副行长杨军、中国石化总会计师蔡勇参加活动。 葛海蛟表示，党的二十届四中全会和中央经济工作会议围绕"加快建设新型能源体系"作出部署要求，为 新时代新征程建设能源强国指明了前进方向。中国石化是保障国家能源安全的"排头兵"，也是中国银行 的重要合作伙伴。长期以来，双方在重大项目、授信、存款、跨境结算等领域落地了多个"第一""最 大""首单"，合作成果显著。面向"十五五"，中国银行将坚决落实党中央决策部署，继续发挥全球化优 势、综合化特色，统筹境内外、商投行资源，与中国石化在各领域加强供需对接、深化互动合作、共拓 业务布局，为推动能源行业转型升级、建设能源强国注入更加澎湃的金融动能。 侯启军感谢中国银行长期以来对中国石化业务发展的大力支持。他表示，中国石化正深入贯彻落实习近 平总书记系列重要指示批示精神，积极谋划"十五五"发展蓝图，加强战略转型发展。中国银行是全球 化、综合化程度最高的国有大型商业银行，中国石化与中国银行长期保持着密切、稳定、广泛的合作关 系。希望双方不断加强战略 ...

Group 1 - The refining and trading sector saw a slight increase of 0.08% on December 24, with Daqing Huake leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] - Daqing Huake's stock price rose by 9.99% to 21.68, with a trading volume of 112,000 shares [1] Group 2 - The main funds in the refining and trading sector had a net inflow of 63.79 million yuan, while retail investors experienced a net outflow of 32.84 million yuan [2] - The trading volume for the refining and trading sector was significant, with Daqing Huake and Runbei Hangke both showing strong performance [2] - The stock of Hengyi Petrochemical increased by 9.24% to 9.34, with a trading volume of 813,400 shares [1] Group 3 - Hengyi Petrochemical had a net inflow of 77.40 million yuan from main funds, while retail investors showed a significant outflow of 76.74 million yuan [3] - Runbei Hangke also saw a net inflow of 49.92 million yuan from main funds, with a notable outflow from retail investors [3] - China Petroleum had a smaller net inflow of 4.41 million yuan from main funds, indicating mixed investor sentiment [3]

Core Insights - The Fuling shale gas field has cumulatively produced over 80 billion cubic meters of gas as of December 23, contributing to clean energy supply for over 200 million residents across more than 70 cities along the Yangtze River Economic Belt [1] Group 1 - The Fuling shale gas field has been operational for over a decade, providing a continuous supply of clean energy [1] - The gas production from the Fuling shale gas field plays a significant role in supporting the energy needs of a large population in the region [1]

新华财经北京12月24日电（记者 安娜） 记者24日从中国石化新闻办获悉，截至2025年12月23日，涪陵 页岩气田累计产气超800亿立方米，十余年来源源不断为长江经济带沿线6省2市70多个城市、2亿多居民 送去绿色清洁能源，最高日产气量达2580万立方米，目前日均产气量稳定在2350万立方米，可满足约 4700万户家庭日常用气需求，有效助力长江经济带高质量发展。 为清洁能源发展贡献科技力量。我国页岩气藏与北美相比，地质条件更复杂、埋藏更深，开采难度大。 中国石化从零起步，探索形成南方海相页岩气"二元富集"理论，创新形成了页岩气地质综合评价、水平 井组优快钻井、长水平井高效压裂等六大核心技术体系，构建起具有中国特色的页岩气立体开发模式。 同时，充分发挥全产业链优势，自主研发网电钻机、全电压裂机组等装备工具，关键设备全部实现国产 化，有力支撑引领我国页岩气产业高质量发展。 编辑：吴郑思 涪陵页岩气田是我国首个投入商业开发的大型页岩气田，于2012年底实现重大勘探突破，2014年3月投 入商业开发，2017年如期建成100亿立方米年产能，成为我国首个百亿方页岩气田，创造了我国页岩气 开发的"涪陵速度"。2024年 ...

Core Viewpoint - The recent discovery of a billion-ton oil field in the Bohai Sea by China National Offshore Oil Corporation (CNOOC) strengthens China's offshore oil and gas resource reserves, while the oil market is experiencing fluctuations due to inventory changes and geopolitical factors [1][2]. Group 1: Market Performance - The National Petroleum and Natural Gas Index (399439) rose by 0.19% as of December 24, 2025, with notable increases in constituent stocks such as Jiufeng Energy (10.00%), Shengli Oilfield (4.76%), and Hongtian Co. (3.96%) [1]. - The Oil and Gas ETF (159697) increased by 0.26%, marking its third consecutive rise, with the latest price reported at 1.15 yuan [1]. Group 2: Industry Developments - CNOOC announced the discovery of the Qinhuangdao 29-6 oil field, marking the seventh billion-ton oil field found in the Bohai oil field since 2019, reinforcing China's offshore oil production capabilities [1]. - According to Huatai Securities, U.S. crude oil inventories showed an upward trend from October to November, but shifted to a downward trend in December, influenced by new sanctions on Venezuela that may disrupt oil supply channels [1]. Group 3: Future Outlook - The upcoming OPEC+ meeting on December 21 will discuss oil production plans for the next year, which could impact market expectations regarding oil supply [1]. - The short-term outlook for crude oil prices is expected to have some upward momentum due to the recent inventory changes and geopolitical developments [1].

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is enhancing the market value of its listed companies through a series of initiatives, including a recent investor communication event and a special action plan for market value enhancement [1][6]. Group 1: Market Value Increase - During the "14th Five-Year Plan" period, the total market value of Sinopec's listed companies increased by 220 billion yuan [2]. - The steady rise in market value is attributed to the company's robust profitability, optimized shareholder return mechanisms, and proactive market value management measures [2]. - Sinopec's core listed platform, Sinopec Limited, has a clear return policy that instills confidence in the market, with a planned annual cash dividend ratio of no less than 65% of the net profit attributable to shareholders from 2024 to 2026 [2]. Group 2: Dividend Policies - The high dividend culture is reflected across other listed platforms, with Sinopec Engineering maintaining a dividend payout ratio of 65% for four consecutive years and Shanghai Petrochemical planning a dividend ratio of 66.67% for 2024 [3]. - Sichuan Meifeng plans to implement a "annual + interim" dividend strategy starting in 2024, with a commitment to a cash dividend ratio of no less than 60% of the net profit attributable to shareholders [3]. - The stable and predictable dividend policies are supported by strong operational performance, with Sinopec Oilfield Services reporting a 71 million yuan increase in new contract value year-on-year [3]. Group 3: Transformation and Upgrading Plans - Sinopec is focusing on becoming the leading hydrogen energy company and is committed to technological breakthroughs and deep industry transformations [4]. - Sinopec Machinery aims to maintain its leading position in oil and gas equipment while also developing hydrogen energy equipment [4]. - Shanghai Petrochemical is initiating comprehensive technical upgrades and focusing on innovative business areas such as elastomers and carbon fiber [4]. Group 4: Mergers and Acquisitions - Mergers and acquisitions are seen as key strategies for resource integration, with Sinopec Oilfield Services planning to issue corporate bonds by 2026 to strengthen its technology chain [5]. - Sinopec Guande is actively seeking quality storage asset acquisition opportunities to consolidate its market position [5]. Group 5: Special Action Plan for Market Value Enhancement - Sinopec has launched a special action plan aimed at enhancing investment value and increasing shareholder returns [6]. - The plan includes improving governance efficiency, enhancing the return system, and optimizing capital layout to release the value of various segments [6]. - The initiative involves nine listed companies under Sinopec, focusing on long-term management mechanisms and capital operations [6].

下一步，海关将持续开展多形式对企政策宣讲，探索实施更多便利化通关措施，释放政策红利，推动海 南特色和优势产业发展壮大，助力海南自贸港高质量发展。 （文章来源：新华网） 海口海关23日发布消息称，日前，中国石化海南炼油化工有限公司的55.25吨聚丙烯，采用"分批出岛、 集中申报"模式，从洋浦港"二线口岸"顺利出岛。这是海南自由贸易港第一批采用"分出集报"模式通关 的货物。 "分出集报"是海南自贸港封关运作后针对"二线"实施的一种海关监管创新模式，主要适用于高级认证企 业及"白名单"信用等级企业，货物涵盖海南自贸港"零关税"货物及其加工制成品、享受加工增值免关税 政策的保税货物、自境外进入海南自贸港时放宽贸易管理措施货物及其加工制成品。该模式允许企业根 据需要先分批办理货物出岛手续，再在规定期限内完成集中报关，尤其适合生产型企业小批量、多频次 的出岛需求，有利于提升物流效率。 ...

数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 采购方：中国石化上海石油化工股份有限公司 供应商：环球阀门集团有限公司 中标金额： 地区：上海市 发布日期：2025-12-21 证券之星消息，根据天眼查APP-财产线索数据整理，中国石化上海石油化工股份有限公司12月21日发 布《中国石化上海石油化工股份有限公司储运部配套250#系列加工高酸原油适应性改造项目电动阀招标 结果公告》，详情如下： 标题：中国石化上海石油化工股份有限公司储运部配套250#系列加工高酸原油适应性改造项目电动阀招 标结果公告 通过天眼查大数据分析，中国石化上海石油化工股份有限公司共对外投资了21家企业，参与招投标项目 26841次；财产线索方面有商标信息65条，专利信息1346条，著作权信息9条；此外企业还拥有行政许可 12790个。 ...

Group 1 - The core theme of the forum is "Integrated Innovation and Transformative Development," focusing on the release of the "Energy Outlook 2060" series report [1] - The oil and chemical industry in China is experiencing stable economic operations but faces pressures for transformation and upgrading [1] - Recommendations include promoting integrated development, strengthening innovation-driven growth, and enhancing the stability of industrial and supply chains [1] Group 2 - The global economic environment is complex, with varying energy transition paths among countries, but electrification is emerging as a common solution [2] - China's primary energy consumption is expected to peak around 2035 at approximately 7 billion tons of standard coal, with carbon emissions related to energy activities entering a plateau phase [2] - The role of fossil fuels is shifting, with coal and oil demand expected to peak in an orderly manner, while natural gas remains in a growth phase [2] Group 3 - During the 14th Five-Year Plan, China's primary energy consumption is projected to grow from 617 million tons of standard coal in 2025 to 686 million tons in 2030, with non-fossil energy accounting for 85% of the increase [3] - The chemical industry is expected to see a slowdown in product consumption, with planned capacities of approximately 26 million tons/year for ethylene and 10 million tons/year for PX [3] - Future industries such as low-altitude economy, humanoid robots, and intelligent driving are expected to significantly increase the demand for new materials, with new energy storage installations projected to double by 2030 [3]