General Provisions - The company is established to protect the legal rights of the company, shareholders, and creditors, and to regulate its organization and behavior according to relevant laws and regulations [1][3] - The articles of association and its attachments are legally binding documents that govern the rights and obligations between the company and its shareholders, as well as among shareholders [1][3] Company Structure - The company is a joint-stock company established in accordance with the Company Law and other relevant regulations, with its founding approved by the National Economic and Trade Commission [3] - The registered name of the company is China Petroleum & Chemical Corporation, abbreviated as Sinopec [5][3] - The company is a permanent entity, and its capital is divided into equal shares, with shareholders' rights and responsibilities limited to their subscribed shares [3][5] Business Objectives and Scope - The company's business objectives include developing the enterprise, returning profits to shareholders, contributing to society, and benefiting employees [6] - The business scope includes production, storage, transportation, and sales of petroleum and chemical products, as well as various energy-related services [7] Shares and Capital - The company issues ordinary shares, which include domestic and foreign shares, and can increase capital through various methods, including issuing new shares to existing shareholders [8][11] - The registered capital of the company is RMB 121,281,555,698 [24] Shareholder Rights and Obligations - Shareholders have the right to receive dividends, participate in shareholder meetings, supervise company operations, and request the company to buy back their shares under certain conditions [30][31] - Shareholders are obligated to comply with the articles of association and not to abuse their rights to harm the interests of the company or other shareholders [31][32] Shareholder Meetings - The shareholder meeting is the company's decision-making body, responsible for approving major company decisions, including business strategies, capital increases, and financial reports [57][60] - The company must establish rules for shareholder meetings, which include procedures for convening meetings, voting, and decision-making [33][36]

Core Viewpoint - The article discusses the impact of technological advancements in the oil and gas industry, particularly focusing on the shale gas revolution in the United States and its implications for Chinese companies in the sector [3]. Group 1: Industry Overview - The oil and petrochemical industry has traditionally been seen as reliant on natural resource endowments, particularly oil fields [3]. - The 21st century has witnessed significant technological progress, notably in horizontal drilling and hydraulic fracturing, which have enabled the extraction of previously inaccessible shale gas and oil [3]. - Since 2011, the U.S. has seen a dramatic increase in crude oil and natural gas production, achieving the status of the world's leading producer and gaining energy independence [3]. Group 2: Opportunities for Chinese Companies - The article raises the question of whether Chinese companies have benefited from the U.S. shale gas revolution, indicating that there are indeed opportunities for them to share in the gains [3].

| 燃料油早报 | | --- | 研究中心能化团队 2025/05/28 | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/05/21 | 409.58 | 447.99 | -0.02 | 589.31 | -141.32 | 16.50 | 38.41 | | 2025/05/22 | 403.67 | 444.44 | -0.04 | 583.79 | -139.35 | 16.30 | 40.77 | | 2025/05/23 | 405.64 | 449.27 | -0.44 | 588.32 | -139.05 | 16.50 | 43.63 | | 2025/ ...

Core Viewpoint - The recent price increase of butadiene in China is driven by a combination of supply-demand dynamics, downstream demand recovery, policy benefits, and improved international trade conditions, indicating a systemic restructuring of the butadiene market [1][2]. Supply Dynamics - Sinopec raised the ex-factory price of butadiene to 11,100 yuan per ton, an increase of 800 yuan from the previous trading day, with prices in Shandong and East China reaching new highs in nearly five years [1]. - The current market shows a significant supply-demand imbalance, with a notable supply shortage due to maintenance of several production facilities, resulting in a monthly supply reduction of 50,000 tons [2]. - The unexpected shutdown rate of domestic butadiene facilities reached 12.7% in the first five months of this year, an increase of 4.3 percentage points compared to 2024, contributing to supply chain tightening [2]. Demand Dynamics - The downstream market for butadiene exhibits a dual trend, with traditional sectors like styrene-butadiene rubber and ABS resin facing production cuts due to cost pressures, while high-end applications see surging demand [3]. - In the automotive sector, the demand for hydrogenated nitrile butadiene rubber (HNBR) is increasing due to lightweight requirements, with specialized materials priced at 38,000 yuan, a premium of 120% over general materials [3]. - The aerospace materials sector is also experiencing over 30% growth in the application of specialty butadiene copolymers for seals and hoses [3]. Market Outlook - Analysts suggest that the primary driver of butadiene price increases in the short term is supply contraction, while the medium-term focus should be on the sustainability of downstream ABS capacity expansion [3]. - The rapid development of electric vehicles and smart home appliances is expected to continue boosting demand for ABS resin, further supporting the butadiene market [3].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The market remains weak due to the loose supply - demand situation. The price of liquefied petroleum gas shows different trends in various regions, with the overall supply being abundant and demand being sluggish. The unilateral strategy is to expect a weak oscillation, and the PG price is at a relatively low level with limited downside space [1][2]. 3. Summary by Section Market Analysis - **Regional Prices on May 27**: Shandong market: 4450 - 4540 yuan/ton; Northeast market: 4100 - 4250 yuan/ton; North China market: 4500 - 4670 yuan/ton; East China market: 4400 - 4650 yuan/ton; Yangtze River market: 4650 - 4980 yuan/ton; Northwest market: 4400 - 4500 yuan/ton; South China market: 4750 - 4900 yuan/ton [1]. - **China's East and South China Import Prices in Late June 2025**: In East China, propane is 609 dollars/ton (up 3 dollars/ton), equivalent to 4819 yuan/ton (up 27 yuan/ton); butane is 561 dollars/ton (up 3 dollars/ton), equivalent to 4439 yuan/ton (up 26 yuan/ton). In South China, propane is 612 dollars/ton (up 3 dollars/ton), equivalent to 4843 yuan/ton (up 27 yuan/ton); butane is 564 dollars/ton (up 3 dollars/ton), equivalent to 4463 yuan/ton (up 27 yuan/ton) [1]. - **Market Conditions**: Spot prices in East and Northwest China increased, while those in other regions remained stable. The overall atmosphere was mild, with downstream purchasing based on rigid demand and sellers' inventories in good condition. Overseas supply remained abundant, and domestic refinery supply was expected to increase after the end of spring maintenance. The combustion demand entered the off - season, and the improvement of chemical demand was weak due to profit issues. Port inventories were high due to previous concentrated imports and needed to be gradually digested by the market [1]. Strategy - **Unilateral**: The market is expected to oscillate weakly, and since the PG price is at a relatively low level, the downside space is limited. There are no strategies for inter - period, inter - variety, spot - futures, or options trading [2].

原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 石油沥青日报 | 2025-05-28 现货流通趋紧，市场短期压力有限 市场分析 1、5月27日沥青期货下午盘收盘行情：主力BU2507合约下午收盘价3516元/吨，较昨日结算价上涨1元/吨，涨幅 0.03%；持仓129546手，环比下降15935手，成交290517手，环比上涨35110手。 2、卓创资讯重交沥青现货结算价：东北，3750—4086元/吨；山东，3450—3800元/吨；华南，3410—3450元/吨； 华东，3500—3590元/吨。 昨日东北、华北以及山东市场价格均出现上涨，华南地区沥青现货价格小幅下跌，其余地区沥青现货价格以持稳 为主，盘面维持震荡运行，下方存在支撑，但上行驱动不足。具体来看，目前市场供应增量有限，部分炼厂停产 沥青或转产渣油，整体开工率或再度下滑，库存处于低位区间，近期累库幅度低于季节性。但另一方面，消费端 改善幅度仍不足，尤其降雨天气增加将限制项目施工及终端需求，并制约市场的上行空间。 策略 单边：震荡 跨期：逢低多BU2507-2509价差（正套） 跨品种：无 期现：无 期权：无 ...

2025年1-3月汽油产量分析： 单独看2025年3月份，广西壮族自治区规模以上工业企业汽油产量达到了35.0万吨，与2024年同期的数 据相比，3月份的产量下降了10.9%，增速较2024年同期低11.7个百分点，增速较同期全国低4.8个百分 点，约占同期全国规模以上企业汽油产量1322万吨的比重为2.6%。 摘要：【图】2025年3月广西壮族自治区汽油产量统计分析 据国家统计局数据，在2025年的前3个月，广西壮族自治区规模以上工业企业汽油产量累计达到了91.3 万吨，与2024年同期的数据相比，下降了26.5%，增速较2024年同期低36.8个百分点，增速较同期全国 低21.4个百分点，约占同期全国规模以上企业汽油产量3905.3万吨的比重为2.3%。 图表：广西壮族自治区汽油产量分月（累计值）统计 2025年3月汽油产量分析： 石油化工行业最新动态 石油未来发展趋势预测 化工现状及发展前景 日化发展前景趋势分析 润滑油的现状和发展趋势 汽油行业现状与发展趋势 柴油市场现状及前景分析 橡胶市场调研与发展前景 塑料发展现状及前景预测 化妆品市场调研及发展趋势清洁护肤行业监测及发展趋势 图表：广西壮族自治区 ...

Core Viewpoint - The chemical industry is expected to experience a recovery in demand and a gradual elimination of outdated production capacity, leading to a potential upward trend in the industry cycle [1][3][6]. Group 1: Supply Side Dynamics - The capital expenditure of chemical listed companies is projected to decline starting in 2024, resulting in a decrease in fixed asset investment growth for chemical raw materials and products [3]. - The rapid expansion of chemical production capacity is anticipated to conclude by the second half of 2025 [3]. - The exit of outdated production capacity in Europe, driven by high energy costs and frequent uncontrollable events, is expected to alleviate global supply-demand imbalances for various chemical products [3]. - China's ongoing "energy conservation and carbon reduction" initiatives are likely to accelerate the elimination and transformation of high-energy-consuming outdated production capacity [3]. Group 2: Demand Side Factors - Favorable policies in China are expected to boost domestic demand for chemical products, with recent initiatives like the trade-in policy for consumer goods driving sales in the automotive and home appliance sectors [4]. - The Chinese government plans to enhance support for large-scale equipment upgrades and expand the variety and scale of trade-in policies by 2025, which is likely to further stimulate domestic chemical product demand [4]. - The impact of U.S. tariffs on direct exports of chemical products from China is considered limited, as the proportion of exports to the U.S. is relatively low compared to domestic production [5]. Group 3: Industry Cycle and Performance - In Q1 2025, the chemical industry showed mixed performance, with the petroleum and basic chemical sectors reporting revenues of 1,015.1 billion and 607 billion respectively, reflecting year-on-year changes of -7.1% and 6.4% [6]. - The net profit attributable to shareholders for the petroleum and basic chemical sectors was 17 billion and 37.1 billion respectively, with year-on-year changes of -23.5% and 4.7% [6]. - The gross profit margins for these sectors were at historical low levels, indicating a challenging environment [6]. - Analysts suggest that the recovery in oil prices and the ongoing domestic stimulus policies are likely to stabilize demand and improve the supply-demand balance, signaling a potential turning point for the chemical industry cycle by 2025 [6].

摘要：【图】2025年1-3月海南省石脑油产量数据分析 2025年3月石脑油产量统计： 石脑油产量：26.1 万吨 同比增长：73.6% 增速较上一年同期变化：低276.3个百分点 据统计，2025年3月海南省规模以上工业企业石脑油产量与上年同期相比增长了73.6%，达26.1万吨，增 速较上一年同期低276.3个百分点，增速放缓，增速较同期全国高74.2个百分点，约占同期全国规模以上 企业石脑油产量674.4万吨的比重为3.9%。 详见下图： 图1：海南省石脑油产量分月（当月值）统计图 石脑油产量：76.1 万吨 同比增长：46.0% 增速较上一年同期变化：低179.5个百分点 据统计，2025年1－3月，海南省规模以上工业企业石脑油产量与上年同期相比增长了46.0%，达76.1万 吨，增速较上一年同期低179.5个百分点，增速放缓，增速较同期全国高46.7个百分点，约占同期全国规 模以上企业石脑油产量1988.5万吨的比重为3.8%。详见下图： 图2：海南省石脑油产量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 2025年1 ...

Group 1 - In the first three months of 2025, Shandong Province's petroleum coke production reached 243.8 million tons, a decrease of 16.6% compared to the same period in 2024, with a growth rate 19.6 percentage points lower than in 2024 and 12.0 percentage points lower than the national average [1] - The total petroleum coke production in the same period for the entire country was 806.3 million tons, with Shandong accounting for 30.2% of this total [1] Group 2 - In March 2025, Shandong Province's petroleum coke production was 75.5 million tons, down 20.5% from March 2024, with a growth rate 23.5 percentage points lower than in 2024 and 17.6 percentage points lower than the national average [2] - The national petroleum coke production for March 2025 was 274.1 million tons, with Shandong's contribution being 27.5% [2]