Xin Lang Cai Jing·2026-01-09 07:22Core Viewpoint - The report from Huatai Securities indicates that the restructuring between Sinopec Group and China Aviation Oil, approved by the State Council, aims to integrate aviation fuel production and sales, enhance international competitiveness, and optimize the retail system for refined oil [1] Group 1: Restructuring Impact - If the restructuring is successfully implemented, it will streamline the aviation fuel supply chain and facilitate overseas aviation fuel trade [1] - The integration is expected to strengthen the international competitiveness of China's aviation fuel industry [1] Group 2: Company Benefits and Risks - Sinopec Limited is anticipated to benefit from the integrated supply chain, although it may face increased related-party transactions [1] - The refining and chemical sectors are expected to experience a rebound after reaching a profit low, leading to a potential recovery in company performance [1] Group 3: Investment Rating - The investment rating for Sinopec Limited is maintained at "Buy" for both A-shares and H-shares, with target prices set at 7.98 yuan and 6.26 HKD respectively [1]