股票代码：600028 股票简称：中国石化 公告编号：2025-14 中国石油化工股份有限公司关于召开2024年年度股东会、2025年第一次A股类别股东会和2025年第一次 H股类别股东会的通知 中国石化董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内 容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 股东会召开日期：2025年5月28日 召开的日期、时间：2025年5月28日 9点00分将依次召开股东年会、A股类别股东会和H股类别股东会。 ● 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、召开会议的基本情况 （一）股东会类型和届次 2024年年度股东会（简称"股东年会"）、2025年第一次A股类别股东会（简称"A股类别股东会"）和 2025年第一次H股类别股东会（简称"H股类别股东会"，与股东年会、A股类别股东会合称为"股东 会"）。 （二）股东会召集人 中国石油化工股份有限公司（简称"公司"或"中国石化"）董事会。 （三）投票方式 本次股东年会和A股类别股东会采用现场投票和网络投票相结合的表决方式，H股类别股东会采用现场 投票的表决方式 ...

Investment Rating - The report maintains a "Buy" rating for several companies including China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, and others [9]. Core Viewpoints - The report highlights significant price increases in sulfur and urea, suggesting continued attention on the crude oil, titanium dioxide, and tire sectors [1][6]. - The impact of U.S. tariff policies has led to a rapid decline in crude oil prices, with WTI and Brent crude prices dropping by 10.63% and 10.93% respectively [6][22]. - The chemical sector is experiencing mixed performance, with some sub-sectors like tires and upstream mining showing strong results, while others are under pressure due to capacity expansions and weak demand [7][21]. Summary by Sections Chemical Industry Investment Suggestions - The report discusses the influence of U.S. tariffs on crude oil prices and recommends focusing on undervalued, high-dividend companies like Sinopec and CNOOC [6][22]. - It notes that the chemical product prices are rebounding as downstream demand improves, with significant increases in sulfur (9.17%) and urea (7.53%) [19][21]. - The report emphasizes the importance of identifying leading companies in sub-sectors that are likely to see valuation recovery, such as Wanhua Chemical and Longbai Group [8][21]. Price Movements - The report details the price movements of various chemical products, highlighting both increases and decreases in prices across different categories [19][21]. - It notes that while some products like sulfur and urea have seen price increases, others like methyl isocyanate and domestic naphtha have experienced declines [5][19]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating expected EPS growth and PE ratios for 2023 to 2025, with a consistent "Buy" rating across the board [9]. - Companies highlighted include Senqcia, Sinopec, and Yanguang Chemical, all of which are expected to show positive earnings growth in the coming years [9].

Group 1 - The core viewpoint of the news indicates that Huajin Co., Ltd. experienced a significant decline in stock price, closing at 4.54 yuan, down 9.92%, with a latest price-to-book ratio of 0.59 and a total market capitalization of 7.261 billion yuan [1] - The company reported a net outflow of 34.3794 million yuan in principal funds on April 7, but overall, there was a net inflow of 41.2283 million yuan over the past five days [1] - Huajin Co., Ltd. specializes in the production and sales of petrochemicals and chemical fertilizers, with key products including diesel, polypropylene resin, polyethylene resin, ABS resin, chemical fertilizers, mixed aromatics, C9, fuel oil, asphalt, and lubricants [1] Group 2 - The latest financial results for the third quarter of 2024 show that the company achieved an operating revenue of 24.5 billion yuan, a year-on-year decrease of 25.69%, and a net loss of approximately 1.889 billion yuan, a year-on-year decline of 381.94%, with a sales gross margin of 9.13% [1] - In comparison to industry averages, Huajin Co., Ltd. has a negative trailing PE ratio of -5.09 and a static PE ratio of 103.29, while the industry average PE ratios are 10.98 and 11.15 respectively [2] - The company's market capitalization of 7.261 billion yuan is significantly lower than the industry median of 52.50 billion yuan, indicating a potential undervaluation relative to peers [2]

Core Insights - The ethylene production in Xinjiang Uygur Autonomous Region for December 2024 reached 180,000 tons, reflecting a year-on-year growth of 1.0%, but the growth rate decreased by 2.6 percentage points compared to the same period last year [1] - For the entire year of 2024, the ethylene production totaled 1,865,000 tons, showing a decline of 7.1% year-on-year, with the growth rate down by 8.7 percentage points compared to the previous year [1] Monthly Production Analysis - December 2024 ethylene production was 180,000 tons, accounting for 5.8% of the national total of 3,118,137.1 tons [1] - The growth rate in December 2024 was 2.8 percentage points lower than the national average [1] Annual Production Overview - The total ethylene production for January to December 2024 was 1,865,000 tons, which is 5.3% of the national total of 34,933,741.1 tons [1] - The annual decline of 7.1% in production is significantly lower than the national decline of 7.8% [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is entering a strategic partnership with Contemporary Amperex Technology Co., Limited (CATL) to develop a nationwide battery swapping network, marking a significant collaboration between traditional energy and new energy sectors [1][5]. Group 1: Strategic Partnership - Sinopec and CATL signed a framework agreement to deepen their long-term strategic cooperation, aiming to build at least 500 battery swapping stations this year and a total of 10,000 in the future [1][5]. - This partnership represents a milestone in the transportation energy sector, symbolizing a significant integration of traditional and new energy [1][5]. Group 2: Sinopec's Energy Transition - Sinopec is transitioning towards becoming a comprehensive energy service provider, focusing on "oil, gas, hydrogen, electricity, and services" [2][3]. - The company has established 30,000 comprehensive energy stations and nearly 100,000 charging terminals, serving over 20 million customers daily [2][3]. Group 3: Battery Swapping Model - The battery swapping model is strategically valuable for Sinopec, positioned as a "new infrastructure" for energy transition [3][4]. - Sinopec aims to become a leading charging operator and direct sales platform, with over 4,000 battery swapping stations built in 2024 alone [3][4]. Group 4: Economic Indicators - Investment and operational cost comparisons between gas stations and battery swapping stations indicate varying profitability and recovery periods, with battery swapping stations showing a quicker return on investment [4]. - The internal rate of return (IRR) for battery swapping stations is projected to be between 10%-15%, benefiting from policy subsidies [4]. Group 5: Industry Outlook - The battery swapping industry is expected to exceed 200 billion yuan by 2025, with a global market size of 200 billion USD by 2030 [7][8]. - The integration of light storage and charging systems is anticipated to become mainstream, supported by strong policy backing and local pilot projects [8].

Core Viewpoint - CATL is significantly expanding its battery swapping ecosystem through a strategic partnership with Sinopec, aiming to build a nationwide battery swapping network with a target of at least 500 stations this year and a long-term goal of 10,000 stations [1][2]. Group 1: Partnership and Strategic Goals - The collaboration between CATL and Sinopec highlights the importance of battery swapping in their strategic development, indicating the potential of a new infrastructure model that integrates oil and electricity [1]. - Sinopec will leverage its extensive gas station resources and energy infrastructure capabilities, while CATL will utilize its battery technology and battery swapping system development capabilities to promote the construction and operation of battery swapping stations [1][5]. - CATL has revised its battery swapping station target from 500 to 1,000 by 2025, with a long-term goal of 10,000 stations by 2027, and aims to ultimately establish 30,000 to 40,000 stations [2]. Group 2: Market Dynamics and Challenges - The battery swapping model faces challenges such as high asset costs, construction expenses, long return periods, and a lack of unified standards, which have hindered its commercial viability [2]. - The investment for a single battery swapping station ranges from 2 million to 5 million yuan, presenting significant financial challenges for CATL's ambitious target of 10,000 stations [2]. Group 3: Technological Integration and Future Outlook - CATL's battery swapping stations could serve as energy storage units, capable of absorbing fluctuations from renewable energy sources like solar and wind, thus reducing grid load [4]. - The partnership with Sinopec is expected to address the issues of standardization and scalability in the battery swapping network, which have previously limited industry growth [4][6]. - The integration of traditional fuel stations with battery swapping technology offers a pathway for efficient business expansion, allowing CATL to activate idle resources at Sinopec's gas stations and provide a scalable implementation scenario for battery swapping [5][6].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The so - called "Golden March and Silver April" may not reappear in the PTA market. PTA prices are expected to be range - bound in April due to high inventory and weakening demand, although the processing margin is expected to recover [8][17][42] 3. Summary by Directory 3.1 Market Review - In March, the average PTA futures price declined. Crude oil and PX prices dropped month - on - month. The regional risk premium of crude oil disappeared, and PX followed the decline of crude oil. Despite PTA device maintenance, high inventory restricted price recovery. Although downstream demand rebounded, overall sales were not strong, resulting in limited demand support. As a result, PTA fluctuated weakly [11] 3.2 Fundamental Situation and Core Driving Force Analysis 3.2.1 PX Supply - Demand Contradiction Eases - In March, the PX - naphtha spread was around $180 - 205 per ton, and the PX price was around $850 - 901 per ton. At the beginning of the month, affected by macro factors, international oil prices were weak, PX maintenance was postponed, and PTA maintenance plans were implemented, leading to a stronger PX supply - demand contradiction and a weak PX price. Later, the macro environment changed, oil prices rose, PX cost support strengthened, and the market sentiment improved, causing PX to enter a consolidation phase. - In April, due to increased macro uncertainties and the potential OPEC+ production increase plan, the market bearish sentiment intensifies, and crude oil is expected to decline weakly, with weak cost support. The domestic PX supply - demand contradiction is expected to ease. With the arrival of the peak oil product consumption season, PX will still be boosted. It is expected that the absolute price of PX will be relatively warm in April, and the relative price will be slightly repaired [12][14][17] 3.2.2 PTA Maintenance Alleviates Supply Pressure - In March, PTA maintenance and the willingness to maintain increased, the operating rate declined slightly, but polyester procurement was poor, and the overall fundamental improvement was limited. The social inventory decreased from 5.481 million tons at the end of February to 5.377 million tons at the end of March. The processing margin was maintained at 200 - 350 yuan per ton, remaining at a low level. - In April, the PTA load has declined. According to the announced maintenance plans, there are still some devices planned for maintenance in April. It is unlikely that new PTA devices will be put into operation in the second quarter, so the PTA supply pressure is limited. Downstream, new polyester devices are being continuously put into operation. In the second quarter, the demand for polyester bottle chips increases due to the peak season of soft drinks, which is beneficial to PTA demand. However, products such as filament are under maintenance, resulting in a neutral PTA supply - demand situation [16][17] 3.2.3 Production Cut Expectations Weaken Consumption Support - As of the end of March, the inventory days of FDY, POY, DTY, and polyester staple fiber were 31.16 days, 27.74 days, 31.88 days, and 14.24 days respectively. Compared with the end of February, the inventory days increased by 0.85 days, 4.08 days, decreased by 1.6 days, and decreased by 1 day respectively. Although the downstream weaving load continued to recover, the actual order volume was limited, and the purchasing willingness was poor due to macro risks, so the inventory pressure continued. - As of the end of March, the prices of polyester bottle chips, DTY, POY, and FDY were 6,050 yuan per ton, 8,200 yuan per ton, 6,900 yuan per ton, and 7,150 yuan per ton respectively, showing a slight decline compared with the end of February. The prices of polyester bottle chips, DTY, POY, and FDY decreased by 190 yuan per ton, 200 yuan per ton, 275 yuan per ton, and 350 yuan per ton respectively. The polyester cash flow remained low, and the price volatility of polyester products decreased, mainly following the raw materials. - Currently, the physical inventory of mainstream staple fiber factories has exceeded 20 days, and there is a large amount of staple fiber social inventory. The inventory of polyester filament has reached around one - month level. The inventory accumulation is a characteristic of the entire industrial chain, and many enterprises choose to jointly cut production to support prices and profits. The weak profit of polyester bottle chips also makes the market wait - and - see sentiment strong. The weakening load of polyester products weakens the support for PTA consumption improvement, and the expected continuous destocking in April may not continue. The support of polyester for PTA has probably reached its peak and is difficult to improve [27][40] 3.3 Future Outlook - Similar to the previous analysis, in April, crude oil is expected to decline weakly, the domestic PX supply - demand contradiction is expected to ease, and PX prices are expected to be relatively warm. PTA has a spring - maintenance expectation, and the destocking expectation is strong. However, due to the expected production cut of downstream polyester, the demand support for PTA is limited. The PTA supply - demand pattern is expected to improve slightly, but the terminal textile orders are insufficient, especially the foreign trade orders are poor, making the support of PTA consumption for the market questionable. PTA processing margin is expected to recover, and the price will be range - bound due to high inventory and weakening demand [41][42]

宁德时代换电业务总经理杨峻表示："汽车行业全面电动化的趋势越发明朗，市场正在呼吁更完善的能 源补给网络。本次和中国石化合作，我们希望实现'换电如加油'。这就是换电行业共同的使命和愿 景。" 经济观察报 记者 郑晨烨 2025年4月2日，经济观察报记者从宁德时代（300750）处获悉，中国石化 （600028）（600028.SH）与宁德时代（300750.SZ）在北京签署了产业与资本合作框架协议，双方将深 化战略合作，共同推进全国换电网络的建设。 根据协议，双方计划在今年内建设至少500座换电站，长期目标是扩展至10000座。此外，双方计划 以"产业合作+资本合作"的方式，共同构建全国换电网络生态和标准建设，统一管理运营换电资产。 此前，宁德时代与中国石化在综合能源站建设运营、储能业务、能源产品和新材料、科技创新等方面已 建立良好合作关系，下一步将充分发挥各自优势，进一步就换电领域拓展合作空间。 中国石化董事长马永生表示："公司将充分发挥自身在能源供应、网络布局和客户服务等方面的优势， 与宁德时代共同探索技术创新、模式创新，携手打造全国性综合能源基础设施。" 值得注意的是，早在2024年3月，中国石化就曾与宁 ...

Core Viewpoint - CATL and Sinopec have signed a cooperation framework agreement to build a nationwide battery swapping network, aiming to achieve the goal of "battery swapping like refueling" [1][6]. Group 1: Partnership Details - The agreement includes the construction of at least 500 battery swapping stations this year, with a long-term goal of expanding to 10,000 stations [2]. - The collaboration will involve CATL's subsidiaries and Sinopec's sales company, focusing on creating an integrated service network that supports carbon neutrality goals [3]. Group 2: Strategic Goals - CATL aims to establish 1,000 battery swapping stations by 2025, with a mid-term target of 10,000 and a long-term goal of 30,000 stations nationwide [3]. - The partnership is seen as a significant step in building a systematic battery swapping ecosystem, leveraging Sinopec's extensive gas station network and CATL's battery technology [4]. Group 3: Industry Context - Sinopec has built 30,000 comprehensive energy stations and over 10,000 fast charging stations, serving approximately 20 million customers daily [4]. - The collaboration is part of a broader strategy to explore opportunities in battery swapping, zero-carbon initiatives, microgrids, and battery materials [4]. Group 4: Market Position - As of April 2, Sinopec's A-share stock price was 5.75 CNY per share, with a total market capitalization of 650.9 billion CNY [5]. - CATL's stock price was 249.14 CNY per share, with a total market capitalization of 1.1 trillion CNY [7].

Core Viewpoint - CATL is expanding its battery swapping network in collaboration with Sinopec, aiming to build at least 500 battery swapping stations this year, with a long-term goal of 10,000 stations nationwide [1][3]. Group 1: Partnership and Collaboration - CATL and Sinopec signed a cooperation framework agreement to jointly construct a nationwide battery swapping ecosystem [1]. - The partnership includes both passenger and commercial vehicle battery swapping stations, utilizing existing Sinopec gas station sites for construction [1][3]. - The collaboration will also focus on "industry cooperation + capital cooperation" to establish national battery swapping standards and manage battery swapping assets [3]. Group 2: Expansion Plans - CATL plans to build 1,000 battery swapping stations this year, covering over 30 cities, with construction already underway in cities like Chongqing, Fuzhou, and Chengdu [4]. - The long-term goal is to establish 30,000 battery swapping stations by 2030, with the current plan not including commercial vehicle battery swapping stations [4]. Group 3: Strategic Alliances - Prior to the partnership with Sinopec, CATL collaborated with NIO to create the world's largest passenger vehicle battery swapping service network [4][5]. - NIO currently operates over 3,200 battery swapping stations, holding approximately two-thirds of the market share in China [5]. - CATL has also formed partnerships with various automakers, including Changan, GAC, and others, to launch ten battery swapping models by the end of 2024, primarily targeting operational and taxi markets [5]. Group 4: Investment and Joint Ventures - CATL is pursuing a strategic investment of up to 2.5 billion yuan in NIO Energy, which operates NIO's battery swapping stations and charging network [5]. - A joint venture with Didi has been established to provide battery swapping services for new energy vehicles, with plans for rapid deployment of battery swapping stations [5].