Core Viewpoint - Sinopec has established a new subsidiary focused on resource recycling, indicating a strategic move towards sustainable practices in the chemical industry [2][3]. Group 1: Company Developments - Sinopec has invested in China Resource Recycling Group and is involved with Changde Technology, a "little giant" in chemical resource utilization that has recently initiated an IPO [2]. - Zhejiang Hengyi Group has signed an investment agreement for a 1 million ton green circular new materials project, focusing on the recycling of waste textiles, with a potential annual recycling volume exceeding 200,000 tons, which could reduce carbon emissions by 300,000 tons [4]. - Jiangsu Sanfangxiang has announced the establishment of a wholly-owned subsidiary with an investment of 100 million RMB, focusing on polyester recycling and developing food-grade polyester chip preparation technology [6]. Group 2: Technological Insights - Hengyi Group employs chemical recycling technology to depolymerize polyester into its monomer components, utilizing their proprietary "Yitaikang" antimony-free polyester technology to minimize environmental impact [4][5]. - Various depolymerization technologies exist, with glycolysis being the most mainstream and accessible for new entrants, offering advantages such as mild reaction conditions, easy product separation, and minimal fiber damage [5]. Group 3: Regulatory Environment - The EU mandates that by 2030, recycled materials must constitute at least 30% of textile products, while China's circular economy development plan aims for a 25% recycled fiber ratio [8]. - New EU packaging regulations require that by 2030, packaging must contain 10-35% recycled materials, emphasizing the shift towards circular economy practices [8]. - The automotive industry is also adapting, with regulations requiring the inclusion of recycled fibers in vehicle interiors to meet mandated recycled content [8]. Group 4: Market Landscape - International players in polyester chemical recycling include Eastman, SK Chemicals, and CARBIOS, while domestic companies like Zhejiang Jiaren New Materials and Hubei Chengfa Technology are also making strides in this sector [9]. - The market for polyester chemical recycling is seeing a surge in startups receiving significant funding, particularly in regions such as Europe, the US, and Asia [9].

【DT新材料】 获悉， 9月23日， 中国石化 供 中国中车风电专用48K大丝束碳纤维产品在上海石化交付发运 ， 标志着中国石化自有技术大丝束碳纤维在风 电领域规模化应用取得重大突破。 48K大丝束碳纤维是目前工业级碳纤维的主流产品，相比传统小丝束碳纤维，其生产效率更高、成本更低、强度更高。今年7月，中国石化供应中国中车700吨自 有知识产权的48K大丝束碳纤维合同签订，产品用于中国中车大型风电叶片制造。 除上述突破之外 ， 9月17日，中石化旗下 上海石化生产的60K大丝束碳纤维新产品首次发布，填补了国内市场空白，产品性能达到国际领 先水平 ，在深海海上风电、建筑桥梁等领域有广阔应用前景。 与48K大丝束碳纤维相比，上海石化研发的60K大丝束碳纤维在单丝含量上提升了25%，同时力学性能也显著提升，强度提高了0.5GPa （吉帕斯卡），模量增加20GPa，可实现生产装置单线效率提升25%，并可助力提升下游复合材料拉挤等工序的生产效率。 随着国内风电产业逐步向深海进军，对于风电叶片的长度和模量有了更高要求。经测试验证，上海石化60K碳纤维丝束拉伸强度突破 4.9GPa，单股丝束可吊起1吨重物；弹性模量可达260 ...

Core Insights - The fourth (2025) Oil and Petrochemical Industry Exhibition and Yipai Industrial Products Exhibition opened on September 24 in Nanjing, showcasing over 500 leading enterprises and highlighting the latest domestic technologies in the oil and petrochemical sector [1][3] - The exhibition aims to facilitate deep communication and cooperation within the industry, promoting high-end, intelligent, and green development of oil and petrochemical equipment, which is crucial for national energy security and sustainable development [3] Group 1: Exhibition Overview - The exhibition features eight core areas: heavy equipment, energy storage, new energy, new materials, intelligence and automation, fluid control, comprehensive services, and smart logistics, covering the entire oil and petrochemical industry chain [5] - Significant products displayed include China National Petroleum Corporation's F-2800QHL ultra-deep well high-power five-cylinder drilling pump and China National Offshore Oil Corporation's first mobile thermal injection platform [5] Group 2: AI Applications - The exhibition showcases breakthroughs in AI applications, such as a molecular language pre-training model developed by Beijing Chemical Research Institute and a domestic first explosion-proof intelligent sample delivery robot by Petrochemical Yingke [7] - Huawei presented smart chemical solutions for process optimization and preventive maintenance, while Zhongkong Technology introduced the first time series large model TPT2 for high-precision simulation and cross-condition prediction [7] Group 3: Industry Discussions - The exhibition will run until September 26 and includes nearly 30 high-quality professional meetings focusing on topics like manufacturing brand internationalization, recycling, and collaborative innovation in the valve industry [8] - Co-hosted by the China Petroleum and Petrochemical Equipment Industry Association and Yipai E-commerce Co., the exhibition has successfully contributed to the innovation of oil and petrochemical technology and the cultivation of new productive forces [8]

Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation 24 September 2025 Date Submitted: 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 Hong King Limited the "Exchange") (the "Main Board Rules") or rule 17.27A of the Rules Governing the Listing of Securities o Exchange (the "GEM Rules"). ...

Core Viewpoint - The company has demonstrated significant performance growth, attributed to various strategic initiatives and market adaptations, particularly in traditional and new energy sectors [3]. Performance Growth Analysis - The company reported its highest profit in nearly a decade for 2024, with strong performance continuing into the first half of 2025. This growth is driven by several factors: - Optimization of traditional business through precise oil procurement and improved market share in gasoline and diesel, with increases of 0.46 and 0.93 percentage points respectively in the first half of 2025 [3]. - Transition to new energy and digital upgrades, including the operation of two LNG refueling stations and advancements in smart microgrid technology [3]. - Risk management strategies that led to zero risk incidents in 2024 and continued strict controls in 2025 [3]. - Integration of customer resources and innovative business models, including the establishment of a strategic customer department and the "Taishan +" strategy [3]. - Reforms and incentive mechanisms focusing on performance and efficiency in the workforce [3]. Business Planning and Development Trends - The company is focusing on non-oil business development aligned with Sinopec's "Easy Joy" brand, enhancing service models and exploring new profit growth points in automotive services and cultural tourism [4]. - The impact of rising penetration of new energy vehicles on traditional business is acknowledged, with a strategic shift towards becoming a comprehensive energy service provider [4]. - The company is responding to supply-side contraction in the petrochemical industry by leveraging its supply chain and brand advantages to stabilize traditional business, which will support its transition to new energy and non-oil sectors [4]. - Plans for high-quality development include consolidating traditional operations while accelerating the expansion of LNG refueling networks and charging stations [4]. - The company is addressing market disruptions caused by low-priced non-compliant oil through enhanced service and product quality [4]. - The implementation of the "Regulations on the Management of Refined Oil Circulation" is expected to standardize market operations, aligning with the company's compliance goals [4]. - Progress in clean energy transition includes the establishment of integrated charging and photovoltaic service systems, with 423 charging guns operational as of June 30, 2025 [4]. Share Buyback Progress - As of August 31, 2025, the company has not yet implemented its share buyback plan, with updates disclosed on September 3, 2025 [5].

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9月24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 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件 ...

Core Viewpoint - The successful launch of the Oilfield Chemical Agent Transformation Center project in Tianjin marks a significant advancement in China's oilfield chemical agent sector, providing essential support for technological innovation and development in the region [2][4]. Group 1: Project Overview - The project has an investment of over 350 million yuan and covers an area of more than 20,000 square meters, making it the most advanced and comprehensive pilot research and transformation platform in the domestic oilfield chemical agent field [2]. - It is a key component of the Sinopec Tianjin South Port high-end new materials industry cluster, which includes a scientific research platform for oilfield chemical agents, a product quality testing platform, and a small-scale research experiment area [4]. Group 2: Technological and Collaborative Aspects - The project aims to enhance Sinopec's research and pilot capabilities in oilfield chemical agents, achieving technological autonomy for key products [4]. - The collaboration between Tianjin Economic-Technological Development Area and Sinopec has been crucial, with a dedicated task force established to oversee project planning and execution [4]. Group 3: Construction and Management - Since its groundbreaking in April 2024, the project has faced challenges such as poor geological conditions and extreme weather, but has successfully implemented new technologies and strict management practices to ensure safety, quality, and progress [5]. - The project showcases the construction capabilities of Sinopec's Fourth Construction Company, emphasizing meticulous organization and adherence to design standards throughout the construction process [5].

Group 1 - The threshold for entering the 2025 China Top 500 Enterprises list has increased to 47.96 billion yuan, marking a year-on-year rise of 579 million yuan, setting a new record [2] - A total of 15 companies have entered the "trillion yuan club" in 2025, indicating the substantial scale of leading enterprises, with energy and finance remaining the most stable sectors [2][8] - The top three companies by revenue are State Grid, China Petroleum, and Sinopec, collectively surpassing 900 billion yuan in revenue [2][3] Group 2 - Among the top ten companies, four experienced a decline in revenue compared to the previous year, with fluctuations in energy prices and demand impacting performance [3] - China Petroleum and Sinopec both saw rapid revenue growth in 2022-2023, exceeding 300 billion yuan, but are projected to decline to approximately 290 billion yuan in 2024-2025 [3][6] - JD Group has entered the top ten for the first time, while China Railway Construction has dropped to 11th place, with a revenue gap of 20.14 billion yuan between them in 2024 [3][8] Group 3 - The four major banks have shown continuous revenue growth, with Industrial and Commercial Bank of China leading the financial sector with a revenue of 1.63 trillion yuan in 2025 [7] - Agricultural Bank of China surpassed China Construction Bank in 2025, becoming one of the highest-grossing state-owned banks [7] - China Ping An's revenue has fluctuated, recovering to 1.14 trillion yuan in 2025 after a decline since 2021, while China Life surpassed 1.15 trillion yuan in the same year [7] Group 4 - The number of companies in the "trillion yuan club" has significantly increased from 8 in 2021 to 15 in 2025, reflecting a more diversified membership structure [8] - Traditional sectors such as energy, infrastructure, and finance maintain their stronghold, while emerging industries and the digital economy are gradually reshaping the landscape [8]

Market Overview - The refining and trading sector increased by 0.17% on September 24, with Guangju Energy leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Guangju Energy (000096) closed at 11.57, up 3.40% with a trading volume of 101,500 shares and a turnover of 116 million yuan [1] - Baoli International (300135) closed at 4.59, up 3.38% with a trading volume of 690,400 shares and a turnover of 314 million yuan [1] - Tongkun Co. (601233) closed at 14.11, up 3.14% with a trading volume of 260,000 shares and a turnover of 362 million yuan [1] - Other notable stocks include Wanbangda (300055) up 2.50%, Guochuang Gaoxin (002377) up 2.35%, and Kangjindun (603798) up 2.15% [1] Capital Flow - The refining and trading sector saw a net inflow of 132 million yuan from institutional investors, while retail investors experienced a net outflow of 118 million yuan [2] - The main capital flow data indicates that Baoli International had a net inflow of 39.09 million yuan from institutional investors, while retail investors had a net outflow of 41.85 million yuan [3] - China Petroleum (601857) also saw a net inflow of 33.19 million yuan from institutional investors, despite a net outflow from retail investors [3]

Group 1 - The core viewpoint of the article highlights the continuous rise of A-shares, particularly in the petrochemical sector, with the CSI Petrochemical Industry Index increasing by approximately 0.8% [1] - Key stocks in the petrochemical sector include Tongcheng New Materials, which hit the daily limit, and Blue Sky Technology, which rose over 5%, along with other notable performers such as Sanmei Co., Haohua Technology, and Yaqi International [1] - CITIC Construction Investment Securities anticipates an improvement in the chemical upstream sector driven by policy support, particularly for leading companies in midstream industries closely tied to domestic demand, including polyurethane, coal chemical, petroleum chemical, and fluorochemical sectors [1] Group 2 - The Petrochemical ETF (159731) and its connected funds (017855/017856) closely track the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.65% and the petroleum and petrochemical industry for 32.3% of the index [1] - The top ten weighted stocks in the index include Wanhua Chemical, China Petroleum, Sinopec, Salt Lake Industry, China National Offshore Oil Corporation, Juhua Co., Cangge Mining, Hualu Hengsheng, Baofeng Energy, and Hengli Petrochemical, collectively accounting for 55.63% of the index [1]