Core Insights - The SP158 team of Sinopec has achieved a significant milestone by being awarded the "15 Years of Accident-Free Safety" honor by Kuwait Oil Company (KOC), marking a record for Sinopec in Kuwait and making SP158 the first drilling team in KOC's history to receive this accolade [1] Group 1: Safety Achievements - SP158 team has maintained a continuous safe production record of 5,485 days and completed 130 wells, ranking among the top teams out of 130 at KOC [1] - The team has been recognized for its safety management practices, which include innovative safety mechanisms and a strong safety culture [4][6] Group 2: Technical Collaboration - SP158 has become KOC's preferred partner for technical innovation, successfully completing high-risk projects such as the RA104 well and the SA-861 well, setting records for safety and efficiency [2] - The team has implemented new technologies and processes, creating a closed-loop collaboration model that emphasizes safety and technical problem-solving [2] Group 3: Talent Development - SP158 is recognized as a "drilling safety training school," having trained numerous foreign drilling engineers and developed key technical personnel for both Sinopec and KOC [3] - The team fosters a strong learning and mutual support culture, which is highly valued by KOC [3] Group 4: Management Innovations - The team has introduced a dual mechanism of "Safety Micro Groups" and overseas safety inspections, creating a comprehensive management system for daily safety oversight [4] - Employee engagement in safety reporting has increased, with over 1,200 suggestions collected, leading to the development of standardized operating procedures [4] Group 5: Cultural Cohesion - SP158 promotes a "family culture" that bridges cultural differences among its diverse workforce, enhancing trust and collaboration [6] - The team integrates safety awareness into family life, encouraging employees to share their family connections and safety commitments [5][6]

Group 1: Report Overview - The report is the second in Huatai Futures' series on the listing of pure benzene, focusing on the domestic supply pattern of pure benzene in China [3] Group 2: China's Pure Benzene Capacity Investment - China still mainly uses petroleum benzene. Before 2019, the proportion of petroleum benzene capacity in benzene capacity was around 65%. After the wave of private large refinery startups in 2019, it has now risen to 75% [11] - Petroleum benzene is the main driver of the growth in the pure benzene supply. In 2025, the growth rate of benzene capacity is expected to be 7.1%, with petroleum benzene at 8.1% and hydrogenated benzene at only 4.2% [12] - The development of China's pure benzene capacity has gone through four stages: slow growth from the 1960s to the 1980s, rapid development in the 1980s, slowdown after 2010, and rapid expansion since 2019 [14][15] - In 2025, there is still pressure on pure benzene capacity investment. The growth rate of new petroleum benzene capacity is 8.1%, slightly higher than 6.6% in 2024. Attention should be paid to the startup rhythm of Yulong in the third quarter [16] - China's petroleum benzene production mainly comes from catalytic reforming, ethylene cracking, and toluene disproportionation. The proportion of catalytic reforming capacity has decreased to 44%, while toluene disproportionation has reached around 22%, and ethylene cracking has dropped to 23% [20] Group 3: China's Pure Benzene Supply Pattern - China's pure benzene supply is mainly dominated by state - owned enterprises, with private enterprises gradually playing an important role. Since 2014, the proportion of private enterprise capacity has been increasing [21] - State - owned enterprises still hold the majority of pure benzene capacity. Sinopec accounts for 25%, PetroChina 17%, and CNOOC 7%. Private refineries such as Zhejiang Petrochemical, Hengli, and Shenghong together account for nearly 24% [22][24] Group 4: Supplier Analysis by Process - For pure benzene produced by the catalytic reforming process, state - owned enterprises such as Sinopec (23%), PetroChina (18%), and CNOOC (5%) are the main suppliers, and private refineries account for 26%. The operation of reforming benzene is mainly planned, following refinery maintenance and profit [31] - For pure benzene produced by the ethylene cracking process, the proportion of state - owned enterprises is higher. Sinopec accounts for 41%, and private refineries account for 14%. The operation depends on ethylene cracking device maintenance and olefin demand [32] - For pure benzene produced by the toluene disproportionation process, the proportion of state - owned enterprises has decreased, and private refineries account for nearly 40%. The operation is flexible, depending on the profit of disproportionation and toluene demand for gasoline blending [33] Group 5: Regional Supply Pattern - China's pure benzene capacity is mainly concentrated in the East China region, accounting for 39%, followed by South China (23%) and Shandong (19%). East China is the main area for production, trade, and paper - based trading of pure benzene [38] Group 6: Hydrogenated Benzene Supply Pattern - In 2024, petroleum benzene production accounted for 71% of China's total pure benzene supply, imports 15%, and hydrogenated benzene 14% [46] - Hydrogenated benzene supply is mainly from private enterprises, and its capacity has grown slowly since 2016. Capacity is concentrated in North China and Shandong, and the industry concentration is relatively low [46][48]

Group 1 - The meeting celebrated the 104th anniversary of the Communist Party of China and emphasized the importance of high-quality development in the petroleum and chemical industries [1][4] - Awards were presented to outstanding party members, party workers, and advanced grassroots organizations, highlighting their dedication and commitment to the party's mission [1][2] - The meeting featured reports from national labor models and skilled craftsmen, encouraging participants to innovate and contribute to the industry's development [2] Group 2 - The party secretary delivered a lecture on the importance of implementing the Central Eight Regulations, discussing its impact and the need for continuous improvement in party conduct [3] - The meeting included a collective study of the national industry association's notice on rectifying violations related to improper dining practices, reinforcing the commitment to ethical conduct [4] - Over 300 participants attended the meeting, including party leaders, representatives from various organizations, and award-winning party members, indicating strong engagement within the industry [4]

Group 1 - The US stock market indices collectively rose, with the Dow Jones up 0.63%, Nasdaq up 0.47%, and S&P 500 up 0.52%, both Nasdaq and S&P 500 reaching historical closing highs [3] - In the first half of the year, the Nasdaq increased by 5.48%, the Dow Jones by 3.64%, and the S&P 500 by 5.5% [3] - Technology stocks saw collective gains, with Microsoft, Meta, and Netflix slightly rising and reaching intraday historical highs, while Apple rose by 2% [3] Group 2 - The Shenzhen Stock Exchange issued guidelines to support technology companies with "light assets and high R&D investment" for refinancing, aiming to enhance fundraising efficiency and promote technological innovation [4] - The Ministry of Finance, State Administration of Taxation, and Ministry of Commerce announced a tax credit policy for foreign investors reinvesting distributed profits in China from January 1, 2025, to December 31, 2028 [4] Group 3 - Suzhou Bank announced that Guofazhong Group has become its controlling shareholder, with plans to increase its stake by at least 400 million yuan over the next six months [6] - Changcheng Military Industry reported significant stock price volatility, indicating a "hot market sentiment" and potential irrational speculation, warning of high trading risks [7] Group 4 - Sinopec's chairman Ma Yongsheng resigned due to age reasons, and he will ensure a smooth transition before leaving the company [8] Group 5 - Guotai Junan Securities noted that the Chinese stock market's valuation logic is driven by domestic industrial innovation and a systematic reduction in market discount rates, suggesting that there is still room for short-term growth after the recent index rise [9] - The focus for investment should shift towards structural performance, particularly in new technology trends and new consumption sectors, as well as financial and high-dividend sectors [9]

股票代码：600028 股票简称：中国石化 公告编号：2025-24 中国石油化工股份有限公司 关于董事长离任的公告 中国石化董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国石油化工股份有限公司（简称"中国石化"或"公司"）董事会于 2025 年 6 月 30 日收到马永生先生的辞职报告。 本届董事会董事任期至 2027 年 6 月，因年龄原因，马永生先生辞去公司董 事长、非执行董事，董事会战略委员会主任委员、可持续发展委员会主任委员及 提名委员会委员职务。马永生先生将按照公司相关管理制度做好交接工作，离任 后将不在中国石化及其子公司任职，亦不存在未履行完毕的公开承诺。 马永生先生的离任不会导致公司董事会成员低于法定人数。马永生先生确认 其与中国石化董事会无不同意见，亦无任何有关其离任须提请中国石化股东注意 的事宜。 任职期间，马永生先生勤勉尽责，在提升公司治理水平，推进公司深化改革、 科技创新、强化市值管理和实现高质量发展等方面发挥了重要作用，董事会对他 的辛勤工作及做出的突出贡献表示衷心感谢！ 承董事会命 副总裁、董事会秘书 ...

Core Viewpoint - The resignation of Ma Yongsheng as Chairman of Sinopec is due to age reasons, with no disagreements with the board or issues requiring shareholder attention [1] Group 1 - Ma Yongsheng has resigned from multiple positions including Chairman, non-executive director, and committee roles due to age [1] - The board has appointed Vice Chairman Zhao Dong to act as Chairman until a new Chairman is elected [1]

智通财经6月30日电，香港交易所信息显示，贝莱德在中国石油化工股份的持股比例于06月24日从 7.04%降至6.85%，平均股价为4.0584港元。 ...

Core Viewpoint - China Petrochemical Corporation (Sinopec) has successfully developed a proprietary fluidized bed hydrogen peroxide production technology, breaking through foreign technological barriers and supporting the upgrade of China's hydrogen peroxide production technology [1][2] Group 1: Technology Development - The fluidized bed hydrogen peroxide production technology has been licensed to foreign companies and is represented by the largest engineering company in Europe for technology licensing in Europe and the United States [1] - The new technology integrates multiple innovations, including three types of catalysts, three process enhancements, and two new reactions, significantly improving production efficiency and enabling large-scale production [1] Group 2: Market Position - In 2022, China accounted for over 50% of the global hydrogen peroxide market share, with an annual production capacity of 24 million tons [1] - The production process primarily relied on outdated fixed bed technology, which had a production efficiency less than one-fourth that of the foreign fluidized bed technology, highlighting the need for technological breakthroughs [1] Group 3: Industrial Application - Hunan Petrochemical, utilizing Sinopec's proprietary fluidized bed hydrogen peroxide production technology, established the first domestic industrial production facility with a capacity of 72,000 tons per year in 2018, achieving operational stability and surpassing domestic technical standards [2] - The hydrogen peroxide produced is a crucial raw material for the newly constructed caprolactam facility, with two large-scale hydrogen peroxide production units being built as part of the project [2] Group 4: Performance Metrics - In 2024, Hunan Petrochemical's two hydrogen peroxide production units are expected to produce a total of 585,000 tons, with performance metrics meeting design specifications [2] - From January to May of the current year, the units produced 345,000 tons of hydrogen peroxide, with comprehensive energy consumption decreasing by 2.43 kg of standard oil per ton compared to the previous year [2]

Core Viewpoint - The company is committed to enhancing energy security and achieving high-quality development in the oil and gas industry, aligning with national strategies for energy strength and sustainability [1][2]. Group 1: Resource Foundation - The company prioritizes energy security as its core value and aims for high-quality development in the oil and gas sector, achieving a cumulative increase of 264 million tons in proven reserves and 666 million tons in controlled reserves from 2021 to 2023 [2]. - The company has produced 70.26 million tons of crude oil and 2.29 billion cubic meters of natural gas during the same period, with renewable energy capacity reaching 1.2 billion kilowatt-hours, accounting for over 23% of oil and gas production [2]. - The establishment of a national-level demonstration area for shale oil and the exploration of deep and ultra-deep layers have led to significant resource discoveries, with estimated resource volumes of 10.5 billion tons and 2.8 billion tons respectively [2][3]. Group 2: Technological Innovation - The company emphasizes technological innovation as a core engine for energy security, achieving breakthroughs in key theories and technologies, resulting in an annual increase of over 3 million tons of oil through technological advancements [4]. - Significant progress has been made in shale oil exploration and development, with the establishment of a national key laboratory and the development of new theories and technologies that have converted 90% of previously immobile resources into movable resources [4][5]. - The company has also made strides in chemical flooding techniques, improving recovery rates by 13.7% and covering geological reserves of 12 million tons [4]. Group 3: Green Development - The company integrates green development into its operations, focusing on clean fossil energy, large-scale clean energy, and low-carbon production processes, aiming to create a national-level demonstration area for green and low-carbon development [6][7]. - The establishment of a comprehensive energy service system and the implementation of 184 renewable energy projects have positioned the company as a leader in energy supply, with solar power capacity reaching 445 megawatts [7]. - The company has built the first million-ton CCUS demonstration project in the country, injecting over 1.9 million tons of carbon dioxide, contributing to regional CCUS industry development [7][8].

1. Report Industry Investment Rating There is no information provided about the industry investment rating in the given content. 2. Core Viewpoints of the Report - The cease - fire of the Israel - Iran conflict led to a significant decline in international oil prices [1] - The report provides a comprehensive analysis of the weekly data of the US crude oil and refined oil markets, including prices, inventories, production, demand, and import - export volumes [2] - It also presents the performance of the petroleum and petrochemical sector and related listed companies, along with their valuations [21][24] 3. Summary According to Relevant Catalogs 3.1 Crude Oil Weekly Data Briefing - The data sources include Bloomberg, WIND, EIA, TSA, Baker Hughes, and the Dongwu Securities Research Institute [8][9] 3.2 This Week's Petroleum and Petrochemical Sector Market Review 3.2.1 Petroleum and Petrochemical Sector Performance - Information on the sector's performance includes the sector's sub - industry price changes and the trend of the sector's sub - industries and the CSI 300 index [17] - Data sources are WIND and the Dongwu Securities Research Institute [15][20] 3.2.2 Performance of Listed Companies in the Sector - The report shows the price changes of major companies in the upstream sector in different time periods (last week, last month, last three months, last year, and since the beginning of 2025) [22] - A valuation table for listed companies is provided, including share prices, total market values, net profits attributable to the parent company, PE, and PB ratios from 2024 to 2027 [24] 3.3 Crude Oil Sector Data Tracking 3.3.1 Crude Oil Price - Analyzes the prices and price differences of Brent, WTI, Urals, ESPO crude oils, and the relationships between crude oil prices and the US dollar index, copper prices [29][39][43] - Data sources are WIND and the Dongwu Securities Research Institute [30][32][34] 3.3.2 Crude Oil Inventory - Examines the correlation between US commercial crude oil inventory and oil prices, and the relationship between the weekly destocking rate of US commercial crude oil and the price change of Brent crude oil [45][46] - Presents data on US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory [48][49][53] - Data sources are WIND and the Dongwu Securities Research Institute [45][48][49] 3.3.3 Crude Oil Supply - Analyzes US crude oil production, the number of active crude oil rigs, and the number of active fracturing fleets, as well as their relationships with oil prices [57][58] - Data sources are WIND and the Dongwu Securities Research Institute [57][59] 3.3.4 Crude Oil Demand - Analyzes US refinery crude oil processing volume, refinery operating rate, and Shandong refinery operating rate [62][64] - Data sources are WIND and the Dongwu Securities Research Institute [63][64] 3.3.5 Crude Oil Import and Export - Analyzes US crude oil import volume, export volume, net import volume, and the import - export volume of crude oil and petroleum products [67][70] - Data sources are WIND and the Dongwu Securities Research Institute [68][69][70] 3.4 Refined Oil Sector Data Tracking 3.4.1 Refined Oil Price - Analyzes the prices and price differences between crude oil and domestic/US/European/Singapore gasoline, diesel, and jet fuel, as well as the wholesale - retail price differences of domestic gasoline and diesel [75][84][90] - Data sources are WIND and the Dongwu Securities Research Institute [75][77][82] 3.4.2 Refined Oil Inventory - Presents data on US gasoline, diesel, aviation kerosene inventories, and Singapore gasoline and diesel inventories [102][105][111] - Data sources are WIND and the Dongwu Securities Research Institute [102][106][112] 3.4.3 Refined Oil Supply - Analyzes US gasoline, diesel, and aviation kerosene production [117][118][120] - Data sources are WIND and the Dongwu Securities Research Institute [119][120] 3.4.4 Refined Oil Demand - Analyzes US gasoline, diesel, aviation kerosene consumption, and the number of airport security checks for passengers [122][125][129] - Data sources are WIND and the Dongwu Securities Research Institute [123][126][130] 3.4.5 Refined Oil Import and Export - Analyzes the import - export situation and net export volume of US gasoline, diesel, and aviation kerosene [132][135][136] - Data sources are WIND and the Dongwu Securities Research Institute [133][136][137] 3.5 Oil Service Sector Data Tracking - Analyzes the average daily rates of self - elevating and semi - submersible drilling platforms in the industry [146][147][149] - Data sources are WIND and the Dongwu Securities Research Institute [146][148][150]