Sou Hu Cai Jing·2026-01-14 05:55Group 1 - The core viewpoint is that China's refined oil export has become a significant direction due to domestic refining capacity being relatively excessive, with a total export volume of 52.65 million tons in the first 11 months before 2025, where kerosene accounts for 37% [1] - Kerosene is identified as the only refined oil type with substantial growth potential, with expectations that China's aviation kerosene consumption will reach 75 million tons by 2040, representing an increase of over 100% [1] - The restructuring of Sinopec and China National Aviation Fuel will enhance the international competitiveness of China's aviation fuel industry by integrating refining and supply chain advantages, reducing costs, and promoting the application of sustainable aviation fuel (SAF) [1] Group 2 - Sinopec has a leading advantage in the research and industrialization of SAF, having established a 100,000 tons per year bio-jet fuel industrial facility [1] - The National Development and Reform Commission and the Civil Aviation Administration of China have initiated SAF application pilot projects to promote carbon reduction in the aviation industry [1] - The restructuring will integrate resources for research and development, storage, and refueling, enhancing the resilience of the industry chain and supporting energy security in the aviation sector [1] Group 3 - The oil ETF (561360) tracks the oil and gas industry index (H30198), which selects listed company securities involved in the entire oil and gas industry chain, reflecting the overall performance and market trends of related listed companies [1]