Industry Overview - The lubricating oil industry in China consists of an upstream segment focused on oil extraction, refining base oils, and additive supply, a midstream segment for the production of lubricating oils, and a downstream segment serving various sectors such as engineering machinery, automotive, shipping, and rail transportation [1][3]. Key Companies - Major companies in the upstream segment include China National Petroleum Corporation (CNPC) and China Petroleum & Chemical Corporation (Sinopec), while companies like Longpan Technology and Compton are significant players in the midstream segment [3][9]. - The downstream sector includes automotive manufacturers and engineering machinery companies such as GAC Group and Weichai Power [3]. Regional Distribution - The majority of representative lubricating oil companies are located in eastern coastal regions such as Jiangsu, Zhejiang, and Guangdong, with Beijing housing the highest concentration of these companies [5][6]. Production Capacity - China National Petroleum and Sinopec have the largest production capacities in the lubricating oil sector, each exceeding 1 million tons per year [9][10]. Investment Trends - Recent investment trends in the lubricating oil industry focus on the production of high-end lubricating oils and project upgrades. Sinopec plans to invest RMB 293 billion in 2024 for various upgrading projects, while CNPC has allocated RMB 334.89 billion for similar initiatives [11][13].