石化央企迅速行动认真落实会议精神 12月10日至11日中央经济工作会议在北京举行，习近平总书记出席会议并发表重要讲话。连日来，石油 和化工行业认真学习领会会议精神，切实把思想和行动统一到党中央对形势的科学判断和对经济工作的 决策部署上来，以实际行动和工作成效落实好会议精神。 中国石油：提出五点要求 12月12日，中国石油集团党组召开会议，传达学习贯彻中央经济工作会议精神、中央政治局会议精神和 习近平总书记在党外人士座谈会上的重要讲话精神，党组书记、董事长戴厚良主持并提出工作要求。要 深入学习贯彻习近平总书记重要讲话精神和中央经济工作会议精神，坚持稳中求进工作总基调，自觉把 公司发展放到党和国家工作全局中谋划，加快建设世界一流企业。要切实把思想和行动统一到党中央对 经济工作的部署上来，深入领会党中央对经济形势的科学判断，优化完善公司发展策略。要坚决贯彻明 年经济工作部署，落实能源强国建设规划纲要，扎实编制集团公司"十五五"规划。要统筹发展和安全， 加强法治企业建设，系统谋划"十五五"依法合规治企专项规划。要狠抓执行落实，坚决完成全年目标任 务，实现"十四五"圆满收官；精心抓好明年一季度工作落实，确保"十五五"良 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 公司持续推进国企改革深化行动，通过"对标世界一流管理提升行动"优化治理效能，同步深化市场化经营机制 改革，全面推行经理层任期制与契约化管理，激发组织活力，为"提质增效"提供制度保障。在此背景下，公司 ESG表现持续提升，制定清晰的"双碳"实施路径，ESG评级位居同业前列，吸引长期资金积极配置。 风险分析： 上游资本开支增速不及预期、原油和天然气价格大幅波动。 发布日期： 2025-12-14 报告摘要 世界级石化龙头砥砺奋进，股份公司上市25周年再启航 中国石油化工集团有限公司是中国最大的成品油和石化产品供应商，世界第一大炼油公司、第二大化工公司， 加油站总数位居世界第二。公司主要包括四大业务板块，分别为油气和新能源板块、炼油和销售板块 ...

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 15 December 2025 Section I must be completed by a listed issuer where there has been a change in its issued shares or treasury shares which is discloseable pursuant to rule 13.25A of the Rules Governing the Listing of Securities on The Sto ...

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12月15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 | H 股份類別 | | 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 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（ ...

Core Viewpoint - The Shandong Provincial Market Supervision Administration announced the results of the 2025 provincial quality supervision sampling of liquefied petroleum gas (LPG) products, indicating that all 50 batches tested were compliant with quality standards [3]. Group 1: Quality Inspection Results - A total of 50 batches of LPG products were sampled in the second batch of the 2025 provincial quality supervision [3]. - The inspection was conducted based on standards such as GB 11174-201 and SH/T 0553-1993, covering parameters like odor, density, vapor pressure, composition, residue, copper corrosion, total sulfur content, hydrogen sulfide, and free water [3]. - No non-compliant items were found during the inspection [3]. Group 2: Companies Involved - Companies such as Binzhou Dayou New Energy Development Co., Ltd. and Dongming Hengchang Chemical Co., Ltd. were among those whose products were tested and found compliant [4][5]. - The inspection included various companies producing both propane and butane mixtures, all of which passed the quality checks [4][5]. Group 3: Non-compliance and Production Status - Several companies were noted for not participating in the sampling due to reasons such as temporary shutdowns or not producing the sampled products [6][7]. - Companies like Shandong Hualu Hengsheng Chemical Co., Ltd. and Shandong Huayu Energy Technology Co., Ltd. were reported as temporarily shut down or having production licenses canceled [7].

Group 1 - The Shandong Provincial Market Supervision Administration conducted a quality supervision inspection of 72 batches of diesel fuel products for vehicles in 2025, with 33 batches from the production stage and 39 from the sales stage [3][4] - The inspection evaluated various parameters including density, total pollutant content, ash content, fatty acid methyl ester content, cetane number, flash point, acidity, cloud point, distillation range, kinematic viscosity, cold filter plugging point, copper strip corrosion, oxidation stability, 10% residue carbon, polycyclic aromatic hydrocarbons content, lubricity, corrected wear scar diameter, sulfur content, cetane index, and water content [3] - Three batches of products from three sellers, including Dongying Liyou Petrochemical Co., Taian Shankou Petroleum Standard Tank Station, and Tengzhou Yangzhuang Town Agricultural Machinery Gas Station, were found non-compliant with standards, specifically regarding cetane number, flash point, and lubricity [3][4] Group 2 - The Shandong Provincial Market Supervision Administration has instructed relevant market supervision departments to handle the non-compliance results according to the Product Quality Law of the People's Republic of China and related regulations [4] - The inspection results included a summary table of non-compliant products, detailing the names of the products, enterprises, and specific non-compliance items [5][6] - A total of 72 batches were inspected, with specific details on compliant and non-compliant products provided in the summary tables [5][6][7]

Core Insights - The "Five Advances" health care service plan has been implemented at the headquarters of China Petroleum & Chemical Corporation (Sinopec), providing various health services to employees during the first snowfall of winter in Beijing [1][3]. Group 1: Health Services Offered - The "Five Advances" plan includes health lifestyle experiences, health screenings, and health consultations tailored to the health needs of Sinopec employees [1]. - A special "Famous Doctor Health Consultation" session was organized, featuring specialists from Peking Union Medical College Hospital who provided one-on-one health advice to employees [2]. Group 2: Future Initiatives - The "Five Advances" plan will continue to collaborate with central authorities, local governments, large enterprises, and authoritative social organizations to promote health services [2]. - The initiative aims to enhance public health awareness and improve the overall health and happiness of the community by engaging in various educational activities across different sectors [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No clear core viewpoints are presented in the given content. 3. Summary by Directory 3.1 Crude Oil Market Trend Review - Reviews the historical trends of crude oil from 1983 - 2025 and the trend in 2025 [4][5] - Analyzes the trading volume and open interest of domestic crude oil futures [4] 3.2 Macroeconomic Analysis No detailed content is provided, but it includes IMF's global economic growth forecast, relationships between global and major - country manufacturing PMI, CPI, PPI, and oil prices [5] 3.3 Crude Oil Supply Analysis - Global crude oil supply is expected to maintain growth in 2026 [4] - OPEC+ suspended production increases in Q1 2026 but may continue to release production capacity later [4] - US crude oil output will slow down further [4] - Global geopolitical turmoil continues to affect crude oil supply [4] 3.4 Crude Oil Demand Analysis - The growth rate of global oil demand is expected to decline [4] - The increase in US oil demand is limited [4] - European oil demand is expected to remain sluggish [4] - China's oil consumption has increased significantly [4] 3.5 Supply - Demand Balance Sheet Forecast - Presents EIA/OPEC/IEA's crude oil supply - demand balance data from 2021 - 2026, including total supply, total demand, and supply - demand differences [62] 3.6 Crude Oil Options Analysis - Analyzes the trading volume and open interest of crude oil options [4] - Analyzes crude oil options strategies [4] 3.7 Technical and Seasonal Analysis - Conducts technical analysis [4] - Conducts seasonal analysis [4] 3.8 Outlook for the Future No detailed content is provided. 3.9 Statistics of Related Stock Prices and Price Changes - Lists the stock abbreviations, codes, latest prices, and year - to - date price changes of multiple crude - oil - related stocks [79]

1. Report Industry Investment Rating - The investment view on synthetic rubber is bullish [2]. 2. Core View of the Report - The demand for domestic and overseas tires is decent, and the low - price synthetic rubber triggers a substitution effect. The current spread between synthetic rubber and natural rubber has reached a historical low, and there is limited room for the unilateral price of synthetic rubber and the spread between rubber types to continue falling. The BR on the futures market is in a low - valuation range [2]. 3. Summary by Relevant Catalogs 3.1 Market Review - As of December 11, 2025, the ex - factory price of Sinopec's BR9000 was 10,600 yuan/ton, and that of PetroChina's BR9000 was between 10,600 - 10,700 yuan/ton. During the reporting period, the production and capacity utilization rate of high - cis butadiene rubber in China decreased slightly due to the maintenance of plants. The rising spot price of butadiene provided some bottom support for the price of butadiene rubber. Affected by external news such as the conflict between Thailand and Cambodia and the US interest rate cut in the natural rubber market, the low - price offer of the butadiene market gradually increased. However, the spot market had sufficient supply and high theoretical production profit, so downstream buyers resisted high - price offers, and middlemen faced pressure in selling [4]. 3.2 Factors Affecting Butadiene Rubber 3.2.1 Supply - Last week, the domestic butadiene production was [unspecified] tons with a capacity utilization rate of [unspecified]%, and the high - cis butadiene rubber production was [unspecified] tons with a capacity utilization rate of [unspecified]%. In the butadiene segment, plants of Nanjing Chengzhi, Sierbang, Yanshan Petrochemical, and Guangzhou Petrochemical remained shut down, and some plants of Shanghai Petrochemical, Maoming Petrochemical, and Sinochem Quanzhou Petrochemical carried out maintenance, leading to a decline in production. In the butadiene rubber segment, Yulong Petrochemical restarted production, and the supply of high - cis butadiene rubber in China remained sufficient [2]. 3.2.2 Demand - In the semi - steel tire market, trading was dull, and prices were weak. Some enterprises offered discounts to boost purchases, but the effect was limited as demand was flat, and agents mainly digested existing inventories and postponed replenishment. In the all - steel tire market, the market was cold, and it was the off - season. The trading volume further weakened, with the southern region performing better than the northern region. Sales in many southern regions decreased by about 15%, and some areas in the northwest and northeast saw a sharp decline. Agents had sufficient inventories and low purchasing enthusiasm [2]. 3.2.3 Inventory - Last week, the butadiene port inventory was 411,000 tons, a 13.11% week - on - week decrease; the inventory of high - cis butadiene rubber enterprises and traders was 323,300 tons, a 0.34% week - on - week decrease. The enterprise inventory of butadiene decreased by 8.22% week - on - week, and the port inventory decreased by 12.65% week - on - week. For butadiene rubber, due to continuous price - pressing by downstream buyers, the production enterprise inventory increased, while the trading enterprise inventory decreased slightly [2]. 3.2.4 Basis - The basis of butadiene rubber in North China was - 670 yuan/ton, in East China was - 520 yuan/ton, and in South China was - 470 yuan/ton [2]. 3.2.5 Spread/Price Ratio - The RU - BR spread was 4,510 yuan/ton (a 3.11% decrease), the NR - BR spread was 1,610 yuan/ton (a 1.53% decrease), and the BR - SC price ratio was 0.77% [2]. 3.2.6 Profit - The production gross profit of butadiene through oxidative dehydrogenation was - 1,764 yuan/ton, and that through C4 extraction was 202.23 yuan/ton. The production gross profit of butadiene rubber was 787 yuan/ton, with a gross profit margin of 8.02% [2]. 3.2.7 Geopolitical and Macroeconomic Factors - The IEA raised the global oil demand growth forecast for 2026 and narrowed the supply surplus forecast slightly. OPEC+ slightly increased crude oil production in November and maintained the global oil demand growth forecast for 2025 and 2026. The Central Economic Work Conference emphasized the continuation of a moderately loose monetary policy, efforts to stabilize the real estate market, and the implementation of a special consumption - boosting action. The Fed cut interest rates in December, and the expectation of further rate cuts increased. The conflict between Thailand and Cambodia reignited, and the impact of weather disturbances declined [2]. 3.3 Trading Strategies - Unilateral trading: No specific strategy. Arbitrage: Pay attention to going long on BR and short on NR/RU. Key risks to monitor include downstream demand, cost changes, plant maintenance, and geopolitical situations [2]. 3.4 Price Data - The report provides detailed price data of synthetic rubber, natural rubber, and related products, including ex - factory prices, market prices, and their daily and weekly changes [6][7]. 3.5 Plant Maintenance Data - The report lists the maintenance data of butadiene and high - cis butadiene rubber plants in China in 2025, including the production enterprises, maintenance capacities, shutdown times, and startup times [9]. 3.6 Market Seasonal Charts - The report presents multiple seasonal charts, such as the BR spread and basis seasonal charts, butadiene price seasonal charts (domestic and international), production and inventory seasonal charts of butadiene, butadiene rubber, and styrene - butadiene rubber, as well as production, start - up, and inventory seasonal charts of downstream products like tires and conveyor belts [10][26][31]

12月15日消息，从中国石化获悉，中国石化12月11日至12日在广东湛江举办上市25周年投资者反向路演 活动。在交流环节，中国石化董事会秘书、副总裁黄文生回顾了公司上市25年来取得的发展成果，对未 来发展方向进行了展望。来自经济技术研究院和北京化工研究院的高级专家分别介绍石化行业展望和技 术发展趋势，茂名石化和中科炼化主要负责人介绍企业发展特色和未来发展目标。 来自新华资产、嘉实基金、Aberdeen公司、美国银行、摩根士丹利、中金公司、长江证券等境内外近70 名投资者、分析师参与交流，并现场参观茂名石化和中科炼化。 中国石化方面表示，今年是中国石化上市25周年，也是公司市值管理制度制定并实施的第一年。组织反 向路演旨在促进资本市场对公司全方位的了解，增进市场认同，积极听取投资者的有益建议，进一步提 高上市公司质量。（刘丽丽） 责任编辑：江钰涵 12月15日消息，从中国石化获悉，中国石化12月11日至12日在广东湛江举办上市25周年投资者反向路演 活动。在交流环节，中国石化董事会秘书、副总裁黄文生回顾了公司上市25年来取得的发展成果，对未 来发展方向进行了展望。来自经济技术研究院和北京化工研究院的高级专家分别 ...