IPO日报·2026-01-08 14:02Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (China Aviation Oil) marks a significant transformation in China's energy sector, creating a comprehensive energy giant that integrates the entire supply chain from crude oil refining to aviation fuel supply, impacting the aviation transport industry and national energy security strategy [2][6]. Group 1: Restructuring Details - The restructuring is officially recognized as the first major move in the 2026 state-owned enterprise (SOE) restructuring initiative, aiming to create a more integrated and competitive energy company [2][10]. - Sinopec is the world's largest refining company and the second-largest chemical company, while China Aviation Oil is the largest aviation fuel service provider in Asia, covering procurement, transportation, storage, and sales [5][6]. - The merger aims to transition China Aviation Oil from a trade-focused entity to a production and supply integrated energy company, enhancing resource allocation and reducing redundant investments [6][7]. Group 2: Market Context and Demand - The demand for aviation kerosene is expected to rise significantly, with China projected to become the world's largest aviation population by 2025, making aviation kerosene the only growth segment in the country's refined oil consumption structure [7]. - Ensuring a stable supply of aviation fuel is critical for national economic stability and public transport systems, and the restructuring is designed to create a closed-loop system that enhances supply chain stability and bargaining power [7][9]. Group 3: Competitive Landscape - Major international aviation fuel service providers, such as Shell, BP, and ExxonMobil, have significant advantages in scale, product quality, and infrastructure, highlighting the need for Chinese companies to enhance their competitive capabilities through this merger [9]. - The restructuring is part of a broader trend in the "14th Five-Year Plan," where state-owned enterprises are optimizing their structures and focusing on strategic security and public service through market-oriented mergers [10].