消息面上，中国石化发布中期业绩，按中国企业会计准则编制的财务数据和指标，集团今年上半年实现 营收1.41万亿元，同比下跌10.6%；归母净利润为214.83亿元，同比下跌39.8%。集团上半年主营业务收 入为13,804亿元，同比降低10.7%，主要归因于石油石化产品价格以及成品油等产品销量下降。 中石化(00386)午后跌近4%，截至发稿，跌3.34%，报4.34港元，成交额7.98亿港元。 瑞银发布研报称，中石化第二季度纯利82亿元人民币，同比下跌53%，环比下跌38%。该行预计中石化 第三季度的盈利将略为改善。期内油价较上季稳定，相信原油库存对盈利的负面影响较小。此外，由于 第三季是化学品的传统旺季，化学品业务的利润或会上升。长期而言，该行相信中国的反内卷措施，加 上海外产能退出，将推高炼油的基本面。另外，公司将其全年资本开支指引下调5%。 ...

Core Viewpoint - Sinopec's stock has declined nearly 4% following the release of its mid-year financial results, reflecting a significant drop in revenue and profit compared to the previous year [1] Financial Performance - Sinopec reported a revenue of 1.41 trillion yuan for the first half of the year, a year-on-year decrease of 10.6% [1] - The net profit attributable to shareholders was 21.483 billion yuan, down 39.8% year-on-year [1] - Main business revenue for the first half was 1.3804 trillion yuan, a decline of 10.7% year-on-year, primarily due to falling prices of oil and petrochemical products as well as decreased sales volumes [1] Quarterly Insights - UBS reported that Sinopec's net profit for the second quarter was 8.2 billion yuan, representing a year-on-year decline of 53% and a quarter-on-quarter decline of 38% [1] - The firm anticipates a slight improvement in Sinopec's profitability for the third quarter, citing stable oil prices compared to the previous quarter and minimal negative impact from crude oil inventory [1] - The third quarter is traditionally a peak season for chemical products, which may lead to increased profits in that segment [1] Long-term Outlook - UBS believes that China's anti-involution measures, combined with the exit of foreign production capacity, will enhance the fundamentals of refining in the long term [1] - Sinopec has lowered its full-year capital expenditure guidance by 5% [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Last week, domestic urea's domestic demand was insufficient, dragging down the price. On Friday, the anti - involution measures continued to ferment, increasing the market's expectation of capacity reduction, which stimulated capital sentiment. Bulls entered the market, leading to a sharp rise today. However, the fundamentals have not significantly improved. With export containerization ongoing, there is a game between upward and downward support pressures, and the market is oscillating strongly [2] Group 3: Summary by Related Catalogs 1. Spot Market Dynamics - In the first half of last week, domestic demand for urea was insufficient, and the spot price decreased. In the second half, upstream factories lowered prices to attract orders, and order collection improved. Since the weekend, the urea price has been rising steadily, and some factories have restricted sales or stopped accepting orders today [4] 2. Futures Dynamics - Last week, the urea futures market first declined and then rose, with an overall increase. On Monday this week, the main contract opened with a gap up and oscillated strongly. As of July 21, the urea main September contract closed at 1,812 yuan/ton, up 51 yuan/ton from the settlement price on July 14. The weekly trading volume of the main contract last week was 17.8598 million tons, a week - on - week decrease of 674,500 tons; the open interest was 6.6731 million tons, a week - on - week increase of 103,700 tons. Affected by anti - involution measures, the futures market opened with a gap up. Last week, the futures price increase was stronger than the spot price increase, and the basis weakened [7] 3. Urea Supply - side - Last week, the weekly urea output decreased. Coal - based weekly output showed a slight increase, while gas - based weekly output decreased significantly. Next week, 4 - 5 factories are expected to resume production, and the output is expected to recover. As of July 21, the national daily urea output was 197,500 tons, with an operating rate of 84.07%. In the raw material market, coal prices generally rose, and the price of liquefied natural gas increased. The price of synthetic ammonia decreased, and the price of methanol increased [13][15][16] 4. Urea Demand - side - Last week, the compound fertilizer price increased. The raw material procurement of nitrogen fertilizer for autumn fertilizer preparation has reached 30%, but the demand for urea is limited. The operating rate of compound fertilizer and melamine increased. As of July 18, the total inventory of Chinese urea enterprises decreased, while the port inventory increased. It is expected that the port inventory will continue to rise in the second half of the year [18][20] 5. International Market - India's demand is strong, and RCF's urea import tender was settled at 1.47 million tons. It is expected to conduct another import tender in August. Other regions are cautious about following high prices, and the urea price is expected to weaken. As of July 17, the FOB prices of small and large - sized urea in different regions showed varying degrees of increase [22]