Core Insights - The transformation of traditional gas stations into comprehensive energy stations is crucial for the energy sector amid the rise of electric vehicles and the "dual carbon" goals in China [1][2] Group 1: Strategic Initiatives - China Petroleum Beijing Branch is implementing an integrated strategy of "oil, gas, hydrogen, electricity, and services" to enhance its hydrogen and charging businesses [1][2] - The company has achieved full coverage of charging networks in Beijing within two years, addressing the issue of long waiting times for charging [1][2] - Future plans include exploring battery swapping and wireless charging to support the construction of a "charging-friendly capital" [1][2] Group 2: Infrastructure Development - As of August 2025, Beijing Petroleum operates 114 charging stations, including 29 supercharging stations, with a total of 2,771 charging terminals [2] - The company is actively constructing hydrogen refueling stations, with the first oil-hydrogen integrated energy station in southern Beijing serving various vehicle types [2][3] - The average queuing time for charging has significantly decreased, achieving the goal of efficient service for electric vehicle owners [3][4] Group 3: Technological Advancements - The charging stations utilize Huawei's liquid-cooled ultra-fast charging technology, achieving a maximum charging power of 600 kW [4] - The company is enhancing charging equipment to improve charging time and safety, ensuring compatibility with various electric vehicle brands [4][5] - Future plans include upgrading existing stations and establishing new ones with 480 kW supercharging terminals as standard [5] Group 4: New Energy Ecosystem - The demand for charging services is expected to surge with the increasing number of electric vehicles in Beijing [4][5] - Beijing Petroleum aims to achieve comprehensive network coverage and high service standards in line with the city's development plans [5] - The company is collaborating with leading firms to develop integrated solar-storage-charging battery swap stations, promoting efficient use of clean energy [5]

Market Overview - The refining and trading sector experienced a decline of 0.85% on October 13, with Tongkun Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable gainers in the refining and trading sector included: - Runbei Hangke: Closed at 33.30, up 3.10% with a trading volume of 38,500 lots [1] - Baomo Co., Ltd.: Closed at 6.10, up 1.67% with a trading volume of 531,800 lots [1] - Wanbangda: Closed at 6.57, up 1.23% with a trading volume of 345,700 lots [1] - Major decliners included: - Tongkun Co., Ltd.: Closed at 14.08, down 5.82% with a trading volume of 472,700 lots [2] - ST Shenhua: Closed at 3.60, down 5.01% with a trading volume of 3,756 lots [2] - Donghua Energy: Closed at 8.25, down 3.17% with a trading volume of 204,500 lots [2] Capital Flow - The refining and trading sector saw a net inflow of 168 million yuan from institutional investors, while retail investors contributed a net inflow of 66.34 million yuan [2] - However, speculative funds experienced a net outflow of 234 million yuan [2] Individual Stock Capital Flow - China Petroleum: Main net inflow of 1.47 billion yuan, with a net outflow from speculative funds of 1.25 billion yuan [3] - China Petrochemical: Main net inflow of 95.17 million yuan, with a net outflow from speculative funds of 68.34 million yuan [3] - Tongkun Co., Ltd.: Main net inflow of 23.57 million yuan, with a net outflow from speculative funds of 21.57 million yuan [3]

Core Insights - The latest U.S. sanctions on a major Chinese crude oil terminal have led Sinopec to divert a supertanker and reduce crude processing rates at some refineries [1][2][4] Group 1: Impact of U.S. Sanctions - The U.S. imposed sanctions on the Rizhao Shihua Crude Oil Terminal, which is partially owned by Sinopec, for receiving Iranian oil on sanctioned vessels [4] - Following the sanctions, Sinopec instructed several subsidiary refineries to cut their operation rates to 80% for the remainder of October [2] - Sinopec's crude oil processing is expected to decrease by approximately 3.36% in October, translating to about 5.16 million barrels per day [2] Group 2: Changes in Shipping and Logistics - A supertanker, the New Vista, originally scheduled to discharge at Rizhao, has changed its destination to Ningbo and Zhoushan ports [3] - The New Vista, chartered by Sinopec's trading arm Unipec, has a capacity of 2 million barrels and is currently carrying Abu Dhabi's Upper Zakum crude grade [3] Group 3: Significance of the Rizhao Terminal - The Rizhao terminal accounts for one-fifth of Sinopec's crude oil imports, highlighting its importance in the company's supply chain [5]

EE305 v 1.3.0 Page 1 of 17 v 1.3.0 FF305 | | | B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6) | | □ Not applicable | | | | --- | --- | --- | --- | --- | --- | --- | | 1). | Shares repurchased for cancellation but not yet cancelled | 5,410,000 | 0.02 % | HKD | 4 09 | + | | | Date of changes 22 September 2025 | | | | | | | 2). | Shares repurchased for cancellation but not yet cancelled | 5,506,000 | 0.02 % | HKD | 4.08 | | | | 23 Septemb ...

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Views - The Israeli government's approval of the Gaza ceasefire agreement has led to a continued decline in oil prices, with WTI crude futures dropping by 4.15% and Brent crude by 3.53% during the specified period [6]. - Geopolitical tensions remain, particularly with the U.S. halting diplomatic engagement with Venezuela and potential military escalations, which could disrupt Venezuelan oil supplies [6]. - OPEC+ plans a cautious production increase of 137,000 barrels per day in November 2025, but Russia advocates for maintaining current production levels to avoid downward pressure on oil prices [6]. - The EIA has raised its short-term price forecasts for WTI to $65 per barrel and Brent to $68.64 per barrel, while also slightly increasing U.S. oil production expectations to 13.53 million barrels per day [6]. - The report highlights a tightening supply in the fluorochemical sector, with prices for popular refrigerants like R32 and R134a remaining stable at high levels due to production constraints and increasing demand from the air conditioning and automotive sectors [6]. Summary by Sections Oil and Petrochemicals - The report discusses the impact of geopolitical events on oil prices, noting a significant drop in both WTI and Brent crude prices following the ceasefire agreement [6]. - It tracks OPEC+ production strategies and U.S. oil production forecasts, indicating a cautious approach to increasing supply amidst fluctuating demand [6][7]. Fluorochemicals - The fluorochemical market is experiencing a tight supply for popular refrigerants, with stable high prices due to production limitations and recovering demand in the domestic market [6]. - The report notes a projected increase in production for household air conditioners and automotive refrigerants, driven by government incentives [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, particularly on companies with resilient earnings such as China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, it recommends companies leading in third-generation refrigerant production and upstream fluorite resources [7]. - The semiconductor materials sector is also highlighted, with a positive outlook due to inventory reduction trends and domestic substitution [7].

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10月13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 | 股份類別 H | | 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 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 佔有關事件前的現有已發 已發行股份（ ...

Core Viewpoint - Ningbo Xinghai Terminal Co., Ltd. has undergone a significant change in its shareholder structure, with Sinopec becoming a new shareholder holding 34% of the company [1] Company Summary - Ningbo Xinghai Terminal Co., Ltd. was established in August 2022 and has a registered capital of 168 million yuan [1] - The company is involved in port operations, ship port services, and non-residential real estate leasing [1] Shareholder Changes - Sinopec (stock code: 600028) has acquired a 34% stake in Ningbo Xinghai Terminal Co., Ltd. [1] - The company has also experienced changes in its key personnel [1]

Core Viewpoint - The petrochemical industry in China is experiencing a decline in profitability due to overcapacity and insufficient demand growth, leading to a competitive environment characterized by "involution" [1] Industry Summary - During the "14th Five-Year Plan" period, the production capacity of basic petrochemical products is expanding rapidly, but the growth in terminal demand is lagging behind, resulting in significant "revenue without profit" characteristics in the industry [1] - The current period is seen as a strategic window for restructuring the global petrochemical industry chain, with expectations for the "15th Five-Year Plan" period to focus on high-quality transformation and upgrading through self-discipline, policy guidance, and enhancing industry chains [1] ETF and Market Data - The petrochemical ETF (159731) is closely tracking the China Petrochemical Industry Index, which has seen a decline of approximately 1.9% recently [1] - The basic chemical industry accounts for 61.93% and the oil and petrochemical industry accounts for 30.84% of the Shenwan first-level industry distribution [1] - The top ten weighted stocks in the index include Wanhua Chemical, China Petroleum, and Sinopec, collectively accounting for 55.12% of the index [1]

Core Viewpoint - Sinopec's Jingmen Petrochemical has successfully delivered its first batch of 4,400 tons of marine fuel oil through the Jingjing pipeline, marking a significant step in establishing a new supply channel for fuel oil and laying a solid foundation for the construction of a "green marine fuel corridor" in the Yangtze River Basin [1] Group 1: Market Context - The domestic shipping fuel oil market is facing increasingly fierce competition, prompting Jingmen Petrochemical to optimize its product structure and gradually reduce the production of low-value furnace fuel oil while focusing on expanding the high-value marine fuel oil market [1] - Hubei Petroleum urgently needs to expand its fuel oil supply channels to lower operational costs [1] Group 2: Strategic Collaboration - Since May, with the coordination of the Central China Sales Company, Jingmen Petrochemical and Hubei Petroleum have successfully established a fuel oil transportation channel through the Jingjing pipeline and initiated a strategic partnership with Yangtze Fuel Company to launch the "green marine fuel corridor" project [1] - The collaboration integrates the strengths of all parties involved: the Central China Sales Company coordinates overall operations, Jingmen Petrochemical ensures the supply of high-quality fuel oil, Hubei Petroleum provides pipeline facilities in the Jingzhou area, and Yangtze Fuel Company leverages its established sales network [1] Group 3: Operational Efficiency - The four companies have established an integrated operational mechanism covering pipeline transportation planning, vessel scheduling, oil quality testing, and environmental monitoring, achieving seamless connectivity in the entire process of marine fuel oil pipeline transportation and enhancing resource allocation efficiency [1]

Core Insights - A supertanker, the New Vista, changed its destination from Rizhao to Ningbo and Zhoushan after U.S. sanctions were imposed on the Rizhao oil terminal [1][3] - The New Vista, chartered by Unipec, is carrying 2 million barrels of Abu Dhabi's Upper Zakum oil [2] - The Rizhao Shihua Crude Oil Terminal, partially owned by a Sinopec logistics unit, was sanctioned for receiving Iranian oil on sanctioned vessels [3][4] - Sinopec relies on the Rizhao terminal for one-fifth of its crude oil imports [4]