智通财经网·2025-08-04 07:13Group 1 - The core viewpoint of the report indicates that Citibank has lowered the target price for China Petroleum & Chemical Corporation (Sinopec) from HKD 4.6 to HKD 4.5, and for Sinopec's A-shares from RMB 6.5 to RMB 6.3 [1] - Citibank maintains an "outperform" rating for both Sinopec's H-shares and A-shares, but highlights a preference order for the "Big Three" oil companies, ranking China Petroleum (00857) and CNOOC (00883) higher than Sinopec [1] - The report notes that Sinopec issued a profit warning for the first half of 2025, indicating weak profitability in Q2 2025, reflecting ongoing challenges in the domestic oil downstream (refining and chemicals) industry [1] Group 2 - The market seems to expect that Sinopec and other Chinese refining companies will benefit from China's anti-involution policies, but Citibank believes the upside potential may be overestimated [1] - The financial forecasts for Sinopec for the fiscal years 2025 to 2027 have been revised down by 4% to 5% to account for the weak performance expected in Q2 2025 [1]