Group 1 - The core viewpoint of the article is that Sinopec has applied for a patent related to the preparation of phthalic anhydride, which could significantly reduce operational costs and improve efficiency in production [1][3] - The patent application, titled "Method for Preparing Phthalic Anhydride and Method and Application for Extracorporeal Activation," was filed on January 2024 [1] - The method involves activating a catalyst in an oxygen-containing atmosphere at a pressure of at least 0.2 bar, which allows for a rapid increase in the concentration of raw materials such as ortho-xylene and/or naphthalene [1] Group 2 - Sinopec, established in 2000, is primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [1] - The company has invested in 263 enterprises and participated in 5,000 bidding projects, holding 45 trademark records and 5,000 patent records [1] - Sinopec (Beijing) Chemical Research Institute Co., Ltd., founded in 2021, focuses on the manufacturing of chemical raw materials and products, with a registered capital of 100 million RMB [2] - The research institute has invested in 4 enterprises and participated in 1,149 bidding projects, holding 16 trademark records and 1,622 patent records [2]

Industry Performance - The FTSE China A50 Index components showed a mixed performance with the liquor and oil sectors rising, while the banking and automotive sectors experienced varied movements [1][6]. - The liquor industry saw significant market capitalizations with Kweichow Moutai at 1,780.28 billion, Wuliangye at 213.86 billion, and Shanxi Xinghuacun Fen Wine at 468.01 billion [3]. - The oil sector also performed well, with China Petroleum at 1,572.15 billion and China National Offshore Oil at 237.46 billion [3]. Company Highlights - China Pacific Insurance reported a market capitalization of 1,200 billion with a trading volume of 5.62 million [3]. - North Huachuang in the semiconductor sector had a market cap of 239.77 billion, while Cambrian Technology reached 226.87 billion [3]. - Gree Electric Appliances and Haier Smart Home in the home appliance sector had market caps of 262.43 billion and 236.16 billion respectively [4]. Trading Volumes - The trading volume for Kweichow Moutai was 15.53 million, while Wuliangye had 6.50 million [3]. - In the semiconductor sector, North Huachuang had a trading volume of 7.22 million, and Cambrian Technology had 11.30 million [3]. - The trading volume for Gree Electric Appliances was 7.15 million, and Haier Smart Home was 3.24 million [4].

Group 1 - The core viewpoint of the news is that Sinopec has applied for a patent related to graphene dispersion liquid and its preparation methods, which is aimed at enhancing cement composite materials used in well cementing technology [1][3] - The patent application was filed by Sinopec and its subsidiary, Sinopec Petroleum Engineering Technology Research Institute, indicating a focus on innovation in material technology within the oil and gas sector [1][2] - The patent details a method involving the use of sulfate electrolyte to intercalate and electrochemically exfoliate graphite flakes to produce graphene dispersion liquid, which is then used to create cement composite materials [1] Group 2 - Sinopec, established in 2000, is primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB and has invested in 263 companies [1] - Sinopec Petroleum Engineering Technology Research Institute, founded in 2022, focuses on research and experimental development, with a registered capital of 300 million RMB and has invested in 3 companies [2] - Both companies have significant involvement in various projects, with Sinopec participating in 5,000 bidding projects and the research institute in 689 projects, showcasing their active role in the industry [1][2]

Group 1 - The core viewpoint of the news is that Sinopec has applied for a patent for an optimized method and device for fracturing crack parameters, which aims to improve the efficiency of oil reservoir modeling and fracturing design [1][3] Group 2 - Sinopec, established in 2000, is primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB and has invested in 263 companies [2] - Sinopec has participated in 5,000 bidding projects and holds 45 trademark records and 5,000 patent records [2] - The Sinopec Petroleum Engineering Technology Research Institute, founded in 2022, focuses on research and development, with a registered capital of 300 million RMB and has invested in 3 companies [2] - The research institute has participated in 688 bidding projects and holds 15 trademark records and 745 patent records [2]

Core Insights - The article highlights the recognition of Sinopec's innovative efforts in the energy and chemical industry, particularly in the context of ESG (Environmental, Social, and Governance) initiatives, at the "Second China-Europe Enterprise ESG Best Practices Conference" held in Stuttgart, Germany [1] Group 1: Technological Innovation - Sinopec's project titled "Breakthrough to 'Deep' and Climb to 'New' Empowering the Development Blueprint of the Energy and Chemical Industry with Technological Innovation" won the "Best Case of Technological Innovation" award [1] - The company has made significant advancements in clean energy and low-carbon production processes, leveraging its integrated industry chain innovation advantages [1] Group 2: Deep Exploration - Sinopec has successfully developed China's first shale gas field with a storage capacity of 100 billion cubic meters and production capacity of 10 billion cubic meters, making China the first country outside North America to achieve large-scale commercial development of shale gas [1] - The company has established China's first million-ton CCUS (Carbon Capture, Utilization, and Storage) project, along with the world's first 100-kilometer transportation pipeline, and initiated a 10-million-ton open CCUS project in collaboration with Shell, China Baowu, and BASF [1] Group 3: New Materials and Applications - Sinopec's carbon fiber is used in the world's longest land-based wind turbine blades, showcasing a breakthrough in traditional material performance limits [2] - The company has developed low-sulfur marine fuel oil with sulfur content significantly below international standards, contributing to the green transformation of global shipping [2] - The first commercial passenger flight using bio-aviation fuel made from agricultural and forestry waste was completed in China [2] Group 4: Digital Transformation - The world's first digital twin intelligent ethylene plant, developed by Sinopec, is set to be operational by December 2024 [2] - The company has introduced its first AI digital employee, which is currently deployed in over 40 comprehensive energy stations [2] - Sinopec is actively building an open innovation ecosystem, establishing research centers in Houston and the Middle East, and collaborating with Imperial College London on resource geophysics research [2]

Investment Ratings - PetroChina: Buy with a 12-month target price of HK$8.30/Rmb12.60, reflecting a potential upside of 21.5% [19][24] - CNOOC: Buy with a 12-month target price of HK$20.90, indicating a potential upside of 14.6% [26][29] - Sinopec: Neutral with a 12-month target price of HK$3.70/Rmb4.90, suggesting a downside of 11.7% [30][35] Core Insights - The report emphasizes a preference for free cash flow (FCF) leaders like PetroChina and CNOOC, both expected to achieve double-digit FCF yields in 2026E [2][19] - PetroChina and CNOOC are projected to achieve FCF breakeven at Brent oil prices of US$30-$40/bbl, with attractive FCF yields of approximately 11% for both companies under various oil price scenarios [21][17] - Sinopec is expected to face weak FCF due to prolonged chemical market surplus and elevated capital expenditures, leading to a Neutral rating [30][39] Summary by Sections Earnings Estimates - PetroChina's estimated net income for 2Q is projected to decline by 30% year-on-year, while Sinopec's is expected to drop by 46% [1] - CNOOC's 1H net income is estimated to decrease by 16% year-on-year [1] Valuation Comparisons - PetroChina and CNOOC are trading at discounted valuations of 3.1X-3.2X on 2026 EV/DACF compared to a global average of 5.5X [2][14] - The report highlights that both companies could maintain attractive FCF yields even at lower oil prices, with PetroChina and CNOOC achieving yields of approximately 10% and 9% respectively at US$60/bbl [2][18] Price Sensitivity Analysis - For PetroChina, total EBITDA is projected to range from Rmb351.6 million at US$50/bbl to Rmb542.5 million at US$90/bbl [20] - CNOOC's EBITDA is expected to range from Rmb176.2 million at US$50/bbl to Rmb308.0 million at US$90/bbl [28] Market Dynamics - Recent geopolitical events have supported oil prices, leading to low domestic oil product inventories and robust refining margins despite weak demand [1][2] - The report notes that deep utilization cuts among state-owned refiners have contributed to the current market conditions [2][8]

Core Insights - Sinopec (Dalian) Petrochemical Research Institute is recruiting for 11 positions in key areas such as solid-state batteries, petrochemical artificial intelligence, bio-based monomers and materials, and synthetic biology, offering attractive annual salaries ranging from 500,000 to 2,000,000 CNY and 10 million CNY in research startup funding [1]. Group 1: Recruitment Details - The recruitment focuses on experts in synthetic biology, petrochemical engineering plastics, and bio-based monomers and materials [2][3][4]. - Each position requires a PhD, candidates aged between 30-50 years, and a minimum of 10 years of relevant work experience, with flexibility for outstanding candidates [5][5][5]. Group 2: Job Responsibilities and Requirements - Responsibilities include formulating strategic plans for carbon gas bioconversion, developing strain modification and biocatalysis systems, and leading product development and market promotion [5]. - The positions also involve planning the development strategy for special engineering plastics and bio-based materials, with a focus on technology development and market promotion [5][5][5]. Group 3: Compensation and Benefits - The salary range is between 500,000 to 2,000,000 CNY per year, with additional relocation allowances of 1.2 to 5 million CNY for high-level talent [7]. - The company provides 10 million CNY in research startup funding, a well-equipped research team of 3-8 members, and various support for relocation, education, and employment for family members [7]. Group 4: Upcoming Events - The 4th Synthetic Biology and Green Bio-Manufacturing Conference (SynBioCon 2025) will be held from August 20-22, 2025, in Ningbo, Zhejiang, focusing on AI and bio-manufacturing, green chemicals, new materials, future food, agriculture, and beauty raw materials [8]. - The conference aims to explore the development trends in the bio-manufacturing industry and promote the transfer and transformation of scientific achievements [8].

Core Insights - The report predicts that Brent crude oil prices will fluctuate around $65-70 per barrel in the second half of 2025, driven by tight supply and slow demand growth, with potential short-term spikes due to geopolitical factors [4][9] - The petrochemical industry is expected to gradually recover from its bottoming out phase, returning to a normal capacity cycle constrained by credit boundaries, leading to a slow recovery in profitability in 2025 and beyond [4][10] - Investment opportunities are highlighted in high-quality growth stocks, coal chemical equipment investments, and high-dividend sectors, emphasizing a bottom-up investment approach [4][10] Oil Price Trends - Oil prices experienced a two-phase trend in 2025: a decline from $74.64 to $60.23 per barrel (down 19.31%) until May 3, followed by a recovery to $77.01 per barrel (up 27.86%) after May 3 due to seasonal demand and geopolitical tensions [7][25] - The report indicates that global oil supply remains tight, with non-OECD countries contributing to demand growth, which will limit the extent of price declines [9][27] Industry Performance - Global refining capacity is projected to grow by 440,000 barrels per day from 2022 to 2028, with China contributing significantly to this increase [27][33] - The report notes that domestic refined oil demand is nearing its peak, with a decline in consumption due to economic weakness and competition from electric vehicles [39][45] - The petrochemical sector is experiencing a weak recovery, with some chemical products showing improved profitability despite high raw material costs [8][45] Investment Themes - The report emphasizes four main investment themes: 1. Quality growth and leading companies in the industry experiencing volume and price increases [10] 2. Opportunities in high-end materials and technology import substitution [10] 3. Investments related to the upcoming coal chemical investment cycle [10] 4. High dividend yielding state-owned enterprises benefiting from economic recovery [10][11] Recommendations - Key investment targets include leading companies in ethylene production, coal chemical leaders, and high dividend stocks such as China National Offshore Oil Corporation and China Petroleum [11][10] - The report suggests focusing on companies that are positioned to benefit from the recovery in domestic demand and the transition to high-end materials [11][10]

金十图示：2025年07月07日（周一）富时中国A50指数成分股今日收盘行情一览：银行股多数飘红，酿酒、保险、半导体板块走 势分化 +0.09(+1.60%) +0.09(+1.01%) +0.06(+1.37%) 保险 中国太保 中国平安 0.000 中国人保 08 3860.75亿市值 3629.75亿市值 10276.04亿市值 8.81亿成交额 18.14亿成交额 5.90亿成交额 37.73 8.73 56.43 +0.59(+1.59%) -0.14(-0.25%) +0.07(+0.81%) 酸酒行业 贵州茅台 XD山西分 五粮液 17721.18亿市值 2104.32亿市值 4654.44亿市值 33.71亿成交额 10.30亿成交额 7.66亿成交额 119.91 1410.70 172.49 -11.52(-0.81%) +0.39(+0.23%) -0.48(-0.40%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2400.63亿市值 2264.86亿市值 3161.80亿市值 12.51亿成交额 18.10亿成交额 9.82亿成交额 332.68 541.38 136.03 ...

Group 1 - The Hebei Zhangjiakou City Wuxian Market Supervision Administration released the quality supervision sampling information for finished oil products in May 2025 [3] - The sampling results include various gas stations in Wuxian County, with products such as E92 and E95 gasoline, as well as 0 diesel [4][5] - The testing was conducted by Shandong Huaber Testing Technology Co., Ltd., and the results indicate that the products met the required standards [6][7] Group 2 - Multiple gas stations were sampled, including Wuxian Anxinda, Wuxian Baihe East, and Wuxian Beiyue, with results showing compliance for both gasoline and diesel products [4][5][6] - The sampling dates varied, with some results dated as late as May 26, 2025, indicating ongoing monitoring of fuel quality [5][6] - The report highlights the importance of maintaining fuel quality standards to ensure safety and compliance within the industry [3][4]