Core Viewpoint - China National Petroleum Corporation (CNPC) celebrates its 75th anniversary, reflecting its significant role in the development of China's oil industry and its commitment to national energy security and innovation [4][28]. Historical Development - The foundation of China's oil industry was laid in 1949 with an initial crude oil production of 120,000 tons, which has since evolved into a major global player [5]. - Major milestones include the discovery of the first large oil field, the Daqing Oilfield, in 1959, and surpassing 10 million tons of crude oil production in 1978, positioning China among the world's leading oil producers [5][9]. Current Achievements - CNPC has established a new production pattern with domestic oil and gas output reaching 1 billion tons each for crude oil, natural gas, and overseas oil and gas rights, solidifying its position in the energy sector [9][10]. - The company has made significant advancements in deep earth exploration, achieving a breakthrough with the successful drilling of the TaKe 1 well, which reached a depth of over 10,000 meters [31][32]. Technological Innovation - CNPC has transitioned from being a technology user to an innovator, focusing on high-level technological self-reliance and integrating innovation with industrial development [14][33]. - The company has developed advanced drilling technologies and equipment, enhancing its capabilities in deep and ultra-deep oil and gas exploration [33][39]. International Expansion - CNPC has expanded its international presence, particularly in the Middle East, establishing strong partnerships and leading projects such as the West Qurna-1 oil field in Iraq [18][19]. - The company has successfully executed numerous overseas projects, contributing to its status as a key player in the global energy market [20]. Green Transition - CNPC is actively pursuing a green transformation, integrating renewable energy projects alongside traditional oil and gas operations, with a goal of achieving a balanced energy portfolio by 2035 [26][27]. - The company has made strides in developing renewable energy sources, including wind and solar power, and aims to enhance its role in the clean energy sector [21][25]. Future Goals - CNPC aims to become a world-class integrated international energy and chemical company, focusing on sustainable development and innovation in energy supply [28][40].

Core Viewpoint - China Petroleum & Chemical Corporation repurchased a total of 3.3 million A-shares on September 29 from other exchanges, costing 17.4 million RMB [1] Company Summary - The repurchase of 3.3 million A-shares indicates the company's strategy to enhance shareholder value and confidence in its stock performance [1] - The total expenditure of 17.4 million RMB reflects the company's commitment to managing its capital structure effectively [1]

Market Overview - The refining and trading sector experienced a decline of 0.19% on September 29, with Compton leading the drop [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Daqing Huake (000985) saw a significant increase of 10.00%, closing at 19.91 with a trading volume of 59,900 shares and a turnover of 117 million yuan [1] - Other notable gainers included Bohui Co. (300839) with a 4.42% increase, Baocao Co. (002476) up 2.10%, and Maohua Shihua (000637) rising by 1.95% [1] - Conversely, Compton (603798) led the declines with a drop of 3.70%, closing at 16.64, alongside Rongsheng Petrochemical (002493) down 3.24% [2] Capital Flow - The refining and trading sector saw a net outflow of 66.36 million yuan from institutional investors, while retail investors contributed a net inflow of 2.50 million yuan [2] - The main stocks with significant capital inflow included Daqing Huake with 39.99 million yuan and China Petroleum (601857) with 35.17 million yuan [3] - Notably, Baocao Co. experienced a net inflow of 20.54 million yuan from institutional investors, despite a net outflow from retail investors [3]

9月27日，中国石油大庆石化尿素散料装车改造项目经过25天试运行，实现装车模式优化。装车提速意味着农资运输周期的缩短，成本控制带来的价格优势 与稳定供应，强化了大庆石化在区域农资市场的竞争力。 随着成品油市场发生趋势性变化、化工市场"内卷"竞争加剧，如何答好拓市场、扩销量、增份额的"效益试卷"，大庆石化瞄准重点领域与核心技术，攻坚研 发、生产环节，谋划产业布局和市场供给，推动"通用产品创王牌、专用产品创高端"战略落地见效。今年前8个月，橡塑产品在东北市场配置率同比提高 5.36%，新材料和高附加值产品产量同比分别增加近3万吨、2000吨，产销协同能力持续提升。 锻造市场"硬通货" 在大庆石化聚烯烃部低压装置生产线上，拉丝料5000S已经连续生产30多年。这款荣获国家金质奖章的产品，凭借优良的成型性能与机械强度，成为远洋网 绳下游厂家指定原料，在市场中保持"质优价高"优势，是聚乙烯产品阵营中的"王牌"产品。 经过长期的生产优化与市场培育，大庆石化拉丝料5000S已实现连续稳定生产与供应，即使货源紧张时，该产品仍比同类产品的价格高数百元，客户优先选 择。"更换原料要承担设备改造的成本，而且下游企业已充分挖掘原料的 ...

Group 1 - The company announced a share buyback plan, intending to repurchase 3.2732 million A-shares at a cost of RMB 17.3625 million [1] - The buyback price is set between RMB 5.28 and RMB 5.33 per share [1]

Group 1 - The company, China Petroleum & Chemical Corporation, announced a share buyback plan for 3.2732 million A-shares at a total cost of RMB 17.3625 million [1] - The buyback price is set between RMB 5.28 and RMB 5.33 per share [1]

Core Insights - Daqing Petrochemical has implemented 41 specific measures to optimize cost management, achieving an efficiency increase of 135 million yuan by August [1] Group 1: Cost Reduction Strategies - The company adheres to the principle of "optimal cost-performance ratio" for coal types, adjusting procurement strategies based on market analysis, resulting in a reduction of over 200,000 tons of coal procurement and saving over 30 million yuan in coal costs [3] - Daqing Petrochemical has saved over 84 million yuan in procurement funds by integrating resources and optimizing procurement processes, focusing on compliance, quality, efficiency, and effectiveness [6] Group 2: Inventory Management - A comprehensive inventory management mechanism has been established, emphasizing strict control from planning to disposal, which has led to a reduction in both inventory and backlog [6] - The company promotes resource recycling and timely utilization of reported plans to avoid new inventory accumulation, enhancing management efficiency [6] Group 3: Warehouse Optimization - The company has restructured its warehouse layout to improve material flow efficiency, consolidating various storage areas based on material characteristics and usage frequency [7] - Future plans include enhancing procurement, storage management, and service quality while diversifying raw material supply sources to further reduce costs and increase efficiency [7]

1. Report Industry Investment Rating - The investment view of the synthetic rubber industry is "oscillating bearish" [2] 2. Core View of the Report - The domestic butadiene market has weakened slightly. Butadiene rubber is affected by macro - sentiment, and the market's attempt to support prices has been hindered. Under the pressure of high inventory and high production, the synthetic rubber market is viewed with a bearish attitude in the short - term. In terms of valuation, the correlation between the BR futures and NR has increased, showing stronger rubber - related attributes [2] 3. Summary According to Relevant Catalogs 3.1 Market Review - During the reporting period, the prices of high - cis butadiene rubber of Sinopec Chemical Marketing and major sales companies of PetroChina remained stable. As of September 25, 2025, the mainstream ex - factory price of high - cis butadiene rubber in China was between 11,700 - 11,800 yuan/ton. The temporary shutdown of Shandong Yihua's butadiene rubber plant due to a malfunction did not boost the supply in the short - term as the overall supply of private spot resources was sufficient, and there was an expectation of concentrated restart of maintenance plants at the end of September. The increase in external supply of butadiene led to a decline in the transaction center, and the cost side also lacked driving force. Although the mainstream supply price of butadiene rubber was lowered at the end of the previous period, the price centers of arbitrage resources and private resources in the first and middle of the week were still significantly lower than the spot cost of the two - oil resources. Some industry players were still waiting for a further decline in the mainstream supply price. In the middle and late weeks, the supply of low - priced arbitrage resources decreased, and the price gap between high - end and low - end spot narrowed slightly. As the pre - holiday stocking was coming to an end, downstream buyers continued to purchase on dips [3] 3.2 Supply and Demand Analysis 3.2.1 Supply - **Butadiene**: Last week, the domestic butadiene production was 103,000 tons (-1.91%), and the capacity utilization rate was 66.3%. Devices such as Nanjing Chengzhi, Sierbang, Yanshan Petrochemical, Dongming Petrochemical, Jilin Petrochemical Phase I, Fushun Petrochemical, and Fujian Refining & Petrochemical's No.1 unit remained shut down, and production continued to decline [2] - **Butadiene Rubber**: The butadiene rubber plants of Shandong Weite, Taiyo - Yuubu, and Haopu New Materials continued maintenance. Shandong Yihua's plant was shut down temporarily due to a malfunction. The production and capacity utilization rate of high - cis butadiene rubber decreased [2] 3.2.2 Demand - **Semi - steel Tires**: During the period, the market trading was dull. In some regions, the sales of all - season tires were weak, the social inventory was sufficient and the consumption was slow, so agents were not active in purchasing. For the snow - tire market, product promotion meetings of various brands were held one after another, and the channel inventory was relatively sufficient. Future attention should be paid to the terminal demand [2] - **All - steel Tires**: During the period, the market trading was average, mainly for regular sales, and the transaction price was stable. There was no obvious pre - holiday stocking, and the inventory was mainly consumed during the period. It is expected that the market stocking volume will increase significantly in the next period [2] 3.3 Inventory Analysis - **Butadiene**: Last week, the butadiene port inventory was 277,500 tons, a week - on - week increase of 20.13%. Some devices continued to operate at reduced capacity, the refinery inventory decreased, and the suppliers sold more goods before the holiday, so the inventory remained at a relatively low level. The port inventory increased significantly due to the arrival of ocean - going vessels during the week, but there was no obvious short - term inventory pressure [2] - **Butadiene Rubber**: The inventory of high - cis butadiene rubber enterprises + traders was 32,300 tons, a week - on - week decrease of 4.21%. The inventory of sample production enterprises increased slightly, while the inventory of sample trading enterprises decreased [2] 3.4 Price and Spread Analysis - **Price**: The prices of high - cis butadiene rubber of major enterprises remained stable during the period, but most prices showed a week - on - week downward trend. For example, the ex - factory price of Sinopec's North China Qilu, North China Yanshan, East China Yangzi, and South China Maoming decreased by 200 yuan/ton week - on - week [7][8] - **Spread/Price Ratio**: The RU - BR spread was 4,040 yuan/ton (-1.22%); the NR - BR spread was 1,005 yuan/ton (+17.54%); the BR - SC price ratio was - 0.12% [2] 3.5 Profit Analysis - The production profit of butadiene through oxidative dehydrogenation of butene was 186 yuan/ton, and the production profit through C4 extraction was 1,861.1 yuan/ton. The production profit of butadiene rubber was - 225 yuan/ton, and the gross profit rate was - 1.89% [2] 3.6 Geopolitical and Macroeconomic Factors - On September 25 local time, US President Trump announced on his social media platform that a 25% tariff would be imposed on all imported heavy - duty trucks starting from October 1. The crude oil market is in a range - bound game due to geopolitical factors, sanctions, and the expected oversupply in the fundamentals caused by OPEC+ production increases. The US non - farm payroll data for August was lower than market expectations, and the Federal Reserve cut interest rates by 25bp as expected, with two more interest rate cuts expected within the year, with a total cut of 50bp or more. Geopolitical situations in Russia - Ukraine, US - Venezuela, and the Middle East are frequently disturbed in the short - term and show a tense trend [2] 3.7 Trading Strategy - **Single - side Trading**: Oscillating upward - **Arbitrage**: Pay attention to the strategy of going long on BR and short on NR/RU. Key risks to monitor include downstream demand, cost changes, device maintenance, and geopolitical factors [2]

9月23日，特朗普在联合国大会上发表演讲。其演讲持续了57分钟，远超联合国大会规定的15分钟时间，创下历任美国总统在联大发言时间的新纪录。 发言中除了批评联合国、北约及气候变化政策外，还指责中国和印度通过购买俄罗斯石油，资助了俄方将乌克兰危机持续下去。 佩斯科夫还表示，俄罗斯成功将其能源资源出口转向其他市场。他称："俄罗斯相当成功地将自己的能源出口转向了其它方向，……。对我们来说，欧洲市 场已不再是溢价市场，东方市场正在成为溢价市场。" 俄中的长期能源合同表明，特朗普、欧洲、泽连斯基，对中俄的能源合作威胁，根本不起任何作用。特别是中国，根本不吃他们那一套。 有人老是说起中俄历史上的恩恩怨怨，历史上沙俄对中国犯下的罪行当然不能忘怀。但国际斗争是讲现实的，中国现在是世界上第一大石油进口国。去年进 口了5.5亿吨。90%以上是通过马六甲海峡海上运输到中国的。美国要求中国不要从俄罗斯进口石油，可谁能保证一旦有大事的时候，美国不会封锁马六甲 海峡？我们听美国的，毁掉与俄罗斯的能源合作关系，可美国随时能掐住中国的能源战略通道，我们能当那样的傻子吗？ 两边下注，既买中东的石油，又买俄罗斯的石油，是中国能源安全唯一正确的选择 ...

能源保供"顶梁柱"作用更加凸显。中国石油持续加大油气勘探开发力度，国内油气产量当量持续增长， 形成国内原油、国内天然气、海外油气权益产量当量"三个1亿吨"油气供应新格局。广东石化、塔里木 和长庆乙烷制乙烯等一批标志性炼化项目建成投产，乙烯产能历史性突破1000万吨/年，"炼化生精 材"产业结构初步构建。覆盖全国的近2万座加油站，日夜不息地为经济社会运转和民生需求提供着可靠 保障。 绿色低碳转型迈出坚实步伐。中国石油将新能源业务纳入主营业务发展，明确提出"清洁替代、战略接 替、绿色转型"三步走战略，加速从传统的油气生产商向"油气热电氢"综合性能源公司转型。2024年， 中国石油新能源开发利用能力占公司国内能源供应比例已达7%。 科技创新"国家队"实力彰显。面向国家重大战略需求，中国石油加快建设国家战略科技力量和能源与化 工高地、人才高地，深地油气勘探技术进入世界领先行列，在页岩油气革命、超深钻探、高端化工新材 料等领域取得一系列突破性进展。 社会责任"践行者"本色不改。无论是在抢险救灾一线，还是在脱贫攻坚、乡村振兴的主战场，抑或是北 京冬奥会、成都世运会等国际盛事的服务保障中，中国石油始终挺身在前，助力地方经济 ...