Core Viewpoint - The central government and state-owned enterprises (SOEs) are intensifying efforts in the fourth quarter to achieve annual targets, focusing on quality improvement, efficiency enhancement, and fostering new growth drivers, with significant investments expected to support economic growth [1][3]. Investment and Economic Performance - In the fourth quarter, SOEs are expected to increase investment, with State Grid projected to exceed 650 billion yuan in fixed asset investments for the year, with one-third of this occurring in the fourth quarter [1][9]. - From January to August, SOEs reported total operating revenue of 53.96 trillion yuan, a year-on-year increase of 0.2%, marking the first positive growth rate of the year, which supports profit improvement [3]. Reform and Structural Adjustments - The third special meeting on the deepening reform of SOEs emphasized key tasks such as structural adjustments, overcoming technological innovation bottlenecks, and strengthening corporate governance [5]. - Four core goals for high-quality reform completion were identified: achieving quality standards, ensuring reform results translate into improved core competitiveness and operational performance, addressing deep-rooted issues, and establishing long-term mechanisms [5]. Digital Transformation and New Industries - SOEs are advancing digital transformation and new industry layouts to enhance long-term competitiveness, with companies like China Energy Engineering and Harbin Electric focusing on AI and digital production to extend value chains [10].

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has established a new subsidiary, Sinopec Recycling Technology Co., Ltd., focusing on recycling and circular economy initiatives [1] - The registered capital of Sinopec Recycling Technology is 200 million yuan, fully owned by Sinopec's subsidiary [1] - Sinopec has previously engaged in circular economy efforts, including its 20% stake in China Resources Recycling Group, which focuses on waste plastic recycling [1] Group 2 - Sinopec initiated the Plastic Circular Economy Green Action Alliance in 2021, collaborating with 23 organizations to enhance recycling efficiency and develop chemical recycling technologies [2] - The company has achieved industrial production of biodegradable plastics, including PBST, PBAT, and PBSA [2] - Major petrochemical companies are increasingly investing in circular economy initiatives, with examples including Shanghai Leju Technology Co., Ltd. receiving investments from Sinopec and other industry players [2][3] Group 3 - Leju Technology, founded in 2018, focuses on recycling, circular logistics, and smart equipment, creating a closed-loop ecosystem for plastic waste [3] - The business model of Leju Technology aligns with petrochemical companies' needs for sustainable packaging solutions, especially in meeting carbon emission standards for exports [3] - The shift towards circular economy practices is seen as essential for petrochemical companies to meet ESG goals and customer demands [3][4] Group 4 - The promotion of waste recycling and circular utilization by petrochemical companies reduces reliance on crude oil and aligns with low-carbon development goals [4] - Establishing a closed-loop system enhances resource utilization efficiency and extends the industry chain [4] - Continuous technological advancements and supportive national policies are expected to drive sustainable development in the circular economy [4]

Market Overview - The refining and trading sector experienced a decline of 0.4% on October 15, with Yueyang Xingchang leading the drop [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Notable gainers in the refining and trading sector included: - Bohui Co., Ltd. (300839) with a closing price of 13.53, up 5.46% [1] - Unified Co., Ltd. (600506) with a closing price of 20.20, up 3.06% [1] - Tongkun Co., Ltd. (601233) with a closing price of 13.62, up 1.41% [1] - Major decliners included: - Maoyang Xingchang (000819) with a closing price of 19.19, down 5.19% [2] - Baomo Co., Ltd. (002476) with a closing price of 6.10, down 1.61% [2] - China Petroleum (601857) with a closing price of 8.29, down 0.48% [2] Capital Flow - The refining and trading sector saw a net inflow of 14.88 million yuan from institutional investors, while retail investors experienced a net outflow of 106 million yuan [2] - Key stocks with significant capital flow included: - China Petroleum (601857) with a net outflow of 26.10 million yuan from institutional investors [3] - Unified Co., Ltd. (600506) with a net inflow of 21.04 million yuan from institutional investors [3] - Tongkun Co., Ltd. (601233) with a net inflow of 20.04 million yuan from institutional investors [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （ 股份代號： 00386） 關於召開董事會的通知 中國石油化工股份有限公司（「中國石化」）謹此公佈，中國石化將於2025年10月29 日（星期三）召開董事會，藉以審議並（如認為適當）批准包括中國石化2025年第三 季度業績等事宜。 承董事會命 中國石油化工股份有限公司 黃文生 副總裁、董事會秘書 中國北京 2025年10月15日 於本公告日期，本公司的董事為：侯啟軍 * 、趙東 # 、鐘韌 * 、李永林 # 、呂亮功 # 、牛栓文 # 、萬濤 # 、蔡勇 * 、徐林 + 、張麗英 + 、廖子彬 + 及張希良 + 。 # 執行董事 * 非執行董事 + 獨立非執行董事 ...

Investment Rating - The report maintains a positive outlook on the polyester sector, suggesting a recovery in profitability as supply and demand improve, and recommends focusing on leading companies in the sector [4][6][9]. Core Insights - The report highlights a slight increase in oil prices in Q3 2025, with Brent crude averaging $68.2 per barrel, a 2.1% increase quarter-on-quarter but a 13.4% decrease year-on-year [4][5]. - The performance of key companies in the oil and petrochemical sector is projected to show stability or slight growth, with specific profit forecasts for major players such as China National Petroleum Corporation and CNOOC [4][6][8]. - The report emphasizes the potential for improved profitability in refining companies due to lower operational costs and favorable market conditions, particularly for leading firms like Hengli Petrochemical and Rongsheng Petrochemical [4][6][9]. Summary by Sections Oil Price Trends - Brent crude oil prices showed a quarter-on-quarter increase of 2.1% and a year-on-year decrease of 13.4%, with Q3 2025 prices averaging $68.2 per barrel [4][5]. - Gasoline and diesel prices experienced a net decrease of 75 yuan per ton over the quarter, with adjustments made in July, August, and September [4]. Price Differentials - The report notes that the price differentials for various petrochemical products have shown mixed trends, with some margins expanding while others contracted [6][7]. - The ethylene-to-naphtha differential was reported at $238 per ton, reflecting a 7.5% decrease quarter-on-quarter but a 23.7% increase year-on-year [6]. Company Performance Forecasts - Key companies are expected to report varying profit results for Q3 2025, with China National Petroleum Corporation projected to achieve a net profit of 38 billion yuan, a year-on-year decrease of 13% but a quarter-on-quarter increase of 2% [4][8]. - CNOOC is forecasted to report a net profit of 34 billion yuan, down 8% year-on-year but up 3% quarter-on-quarter [4][8]. Investment Recommendations - The report recommends focusing on leading polyester companies such as Tongkun Co. and Wankai New Materials, as well as refining companies like Hengli Petrochemical and Rongsheng Petrochemical, due to their favorable market positions [4][6][9]. - It also suggests that the oil exploration and production sector remains robust, with continued high capital expenditures expected for offshore oil service companies [4][9].

Core Points - The company has launched a new initiative to facilitate vehicle scrapping at its service stations in Hangzhou, significantly reducing the time and effort required for car owners [1][2] - This initiative is part of the company's commitment to green development and enhancing customer convenience, aligning with the needs of the local community [2] Group 1 - The company has established "vehicle scrapping convenience handover points" at 102 service stations in Hangzhou, addressing the common pain points of car owners regarding the scrapping process [1] - The new service allows car owners to complete the scrapping process without visiting the vehicle management office or dismantling companies, thus saving time and ensuring information security [1] - The process includes assistance with vehicle information verification, document collection, towing, scrapping procedures, and issuance of cancellation certificates, making it a comprehensive service [1] Group 2 - The initiative reflects the company's focus on "people's needs" and its responsibility towards "convenience for the public" and "green development" [2] - The company plans to continuously optimize service details based on feedback from car owners to provide more convenient and standardized vehicle scrapping solutions [2]

Core Insights - The U.S. Treasury has imposed sanctions on the Rizhao Shihua Crude Oil Terminal in China, impacting the handling of Iranian crude oil [2][3] - Three very large crude carriers (VLCCs) have diverted from their original destination to other ports in China due to these sanctions [1][2] - The sanctions are part of a broader strategy to disrupt Iran's energy export capabilities, with China being a significant buyer of sanctioned Iranian crude [2][3] Group 1: Sanctions and Impact - The latest sanctions target over 100 individuals, tankers, and an independent refiner, specifically affecting the Rizhao Shihua Crude Oil Terminal [2] - Sinopec, which owns 50% of the terminal, is likely to face disruptions in its crude oil imports, as the terminal is crucial to its operations [3] - The terminal accounts for approximately 20% of Sinopec's imported crude, indicating a significant potential impact on the company's supply chain [3] Group 2: Oil Import Trends - China reported a 3.9% increase in total oil imports for September, averaging about 11.5 million barrels per day, although this reflects a 4.55% decline from August [4] - The effect of the sanctions on overall Chinese oil imports remains uncertain, as importers may adapt by transferring oil from larger vessels to smaller ones for delivery to other Sinopec refineries [4]

Investment Rating - The report maintains a "Positive" outlook for the oil and petrochemical industry [3][6]. Core Insights - In Q3 2025, crude oil prices increased slightly on a quarter-over-quarter basis, while downstream sectors are still awaiting recovery [6]. - The average Brent crude oil price for July, August, and September 2025 was $69.6, $67.3, and $67.6 per barrel, respectively, with a Q3 average of $68.2 per barrel, reflecting a 2.1% increase quarter-over-quarter but a 13.4% decrease year-over-year [6][7]. - The report forecasts performance for key industry companies, indicating stable growth in upstream oil and gas exploration and development, with slight recovery in midstream refining profits [6]. Summary by Sections Price Trends - Q3 2025 saw a cumulative adjustment of gasoline and diesel prices, with a total decrease of 75 yuan per ton for both [6]. - The price differences for various petrochemical products showed mixed trends, with some margins expanding while others contracted [6][8]. Company Performance Forecasts - Key company forecasts for Q3 2025 include: - China National Petroleum Corporation (CNPC): Expected net profit of 38 billion yuan (YoY -13%, QoQ +2%) [6]. - China National Offshore Oil Corporation (CNOOC): Expected net profit of 34 billion yuan (YoY -8%, QoQ +3%) [6]. - Sinopec: Expected net profit of 8.5 billion yuan (YoY -1%, QoQ +3%) [6]. - CNOOC Services: Expected net profit of 1.2 billion yuan (YoY +41%, QoQ +11%) [6]. - Offshore Oil Engineering: Expected net profit of 600 million yuan (YoY +9%, QoQ +8%) [6]. Investment Recommendations - The report suggests a positive outlook for polyester companies like Tongkun Co. and Wankai New Materials due to expected recovery in polyester market conditions [6]. - It recommends focusing on quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, given the favorable competitive landscape [6]. - The report also highlights the resilience of upstream exploration and development, recommending offshore service companies like CNOOC Services and Offshore Oil Engineering for potential performance improvement [6].

EE305 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: 14 October 2025 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is discloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of Ho ...

Market Overview - The refining and trading sector increased by 0.63% on October 14, with Wanbangda leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Wanbangda (300055) closed at 6.99, up 6.39% with a trading volume of 558,000 shares and a turnover of 391 million yuan [1] - Other notable performers included Junzhu Xinchang (000819) with a 3.27% increase, Baocao Co. (002476) up 1.64%, and China Petroleum (601857) up 1.22% [1] - Conversely, stocks like Tongjing Co. (601233) and Kangputon (603798) saw declines of 4.62% and 4.23% respectively [2] Capital Flow - The refining and trading sector experienced a net outflow of 12.53 million yuan from institutional investors and 77.05 million yuan from speculative funds, while retail investors saw a net inflow of 89.58 million yuan [2] - Specific stocks such as Guanghui Energy (600256) had a net inflow of 53.47 million yuan from institutional investors, while Junzhu Xinchang (000819) saw a net outflow of 29.98 million yuan from speculative funds [3]