超级大动作！两大央企重组

Group 1 - The core viewpoint of the article is the restructuring between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (CAOG), which has been approved by the State-owned Assets Supervision and Administration Commission of the State Council [2][3]. - CAOG is recognized as Asia's largest integrated aviation fuel service provider, involved in procurement, transportation, storage, testing, sales, and refueling of aviation fuel, while Sinopec is the world's largest refining company and China's top aviation fuel producer [3][4]. - The restructuring aims to create a "giant" in the aviation fuel sector, focusing on achieving full-chain integration from refining to wing, which is expected to reshape the competitive landscape of the domestic aviation fuel market [5]. Group 2 - In the first half of 2025, CAOG's subsidiary, China Aviation Oil (Singapore) Corporation, reported revenues of $8.56 billion, a growth of 13.6%, and a net profit of $50.04 million, an increase of 18.4% [4]. - The aviation fuel consumption in China is projected to approach 1 million barrels per day in 2025, with an annual market size of approximately $30 billion, making it one of the largest civil aviation markets globally [5]. - CAOG holds about 40% market share in the channel and terminal service segment, covering most major airports in China, while state-owned enterprises like Sinopec and China National Petroleum Corporation dominate approximately 81% of the aviation fuel production market [5].