Xin Lang Cai Jing·2026-01-09 08:13Group 1 - The core viewpoint of the article is that the restructuring between Sinopec Group and China Aviation Oil Group has been approved by the State Council, indicating a renewed focus on state-owned enterprise restructuring as a key theme in the 14th Five-Year Plan [1] - Morgan Stanley believes that this transaction will not have a direct impact on Sinopec's profitability or cash flow, and the potential integration of listed company operations remains uncertain [1] - The completion timeline and structure of the transaction are still uncertain, making it difficult to analyze potential synergies or impacts on listed companies, such as whether China Aviation Oil will remain independent or merge with Sinopec [1] Group 2 - Most media articles suggest that this move will enhance Sinopec's efforts in sustainable aviation fuel (SAF), which Morgan Stanley views as a slight positive [1] - Considering the overall situation, Sinopec is expected to face challenges in the short term, leading Morgan Stanley to maintain a "neutral" rating and a target price of HKD 4 [1]