Huan Qiu Wang·2026-01-08 10:26Group 1 - The core viewpoint of the article is the announcement of a restructuring between Sinopec and China Aviation Oil, which combines the "super refinery" and "supply system" of aviation fuel, aiming for a full-chain collaboration rather than a simple addition [1][2]. Group 2 - The restructuring is driven by the strong recovery of the aviation industry, with global aviation fuel demand expected to reach 389 million tons by 2025, a year-on-year increase of 3.9%. Domestic aviation fuel demand is projected to exceed 40 million tons, indicating significant growth potential [2]. - Sinopec's sustainable aviation fuel (SAF) has completed test flights on domestic large aircraft C919 and ARJ21, with the potential to reduce carbon emissions by over 50% compared to traditional aviation fuel. China Aviation Oil serves 585 global airline customers, positioning itself as a leader in the promotion and application of SAF [3]. - The merger is expected to enhance the reliability and uniformity of fuel services for flights globally, benefiting the industry. With aviation fuel typically accounting for one-third of airline operating costs, the reduction of intermediary costs post-restructuring could alleviate profit pressures on airlines and improve service quality [4].