Group 1 - The State Intellectual Property Office of China has reported that Sinopec Limited and its subsidiaries have applied for a patent titled "A Carbon Solid Ceramic Proppant and Its Preparation Method and Application," with publication number CN120310550A, and the application date is January 2024 [1] - The patent describes a carbon solid ceramic proppant with a core-shell structure, where the core is made from waste FCC catalyst, silica, high iron materials, fluxing agents, and a first binder, while the shell consists of calcium compounds and a second binder, and a biodegradable membrane wraps the structure [1] Group 2 - Sinopec Limited, established in 2000 and based in Beijing, primarily engages in oil and gas extraction, with a registered capital of 12,173,968.9893 million RMB, and has invested in 263 companies and participated in 5,000 bidding projects [1] - Sinopec Petroleum Engineering Technical Service Co., Ltd., founded in 1994 and located in Beijing, focuses on civil engineering construction, with a registered capital of 1,898,434.0033 million RMB, having invested in 14 companies and participated in 136 bidding projects [2] - Sinopec Petroleum Engineering Design Co., Ltd., established in 2003 in Dongying, specializes in professional technical services, with a registered capital of 31,800 million RMB, having invested in 3 companies and participated in 4,426 bidding projects [2] - Sinopec Petroleum and Chemical Research Institute Co., Ltd., founded in 2022 in Beijing, is dedicated to research and experimental development, with a registered capital of 30,000 million RMB, having invested in 2 companies and participated in 1,458 bidding projects [2]

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has applied for a patent related to a method and device for determining the average diameter of bubbles in epoxy resin wastewater [1] - The patent application was published under CN120293065A with an application date of January 2024 [1] - The method involves calculating various parameters such as Froude number, Morton number, Reynolds number, and Weber number to determine the average diameter of bubble clusters in the reactor [1] Group 2 - Sinopec was established in 2000 and is primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [2] - The company has invested in 263 enterprises and participated in 5,000 bidding projects, holding 45 trademark records and 5,000 patent records [2] - Nanjing Anlig Company, founded in 2018, focuses on research and experimental development, with a registered capital of 9.115 million RMB [2] - Nanjing Anlig has invested in 6 enterprises and participated in 9 bidding projects, holding 89 trademark records and 585 patent records [2]

Group 1 - The core point of the article is that Sinopec has applied for a patent for a molecular sieve catalyst aimed at improving the stability and activity of catalysts used in hydrocarbon reactions, specifically for the de-olefination of aromatics [1] - The patent application was filed by Sinopec Shanghai Petrochemical Research Institute and is titled "A Molecular Sieve Catalyst and Its Preparation Method and Application," with publication number CN120286060A and an application date of January 2024 [1] - The catalyst includes Y molecular sieve and transition metal sulfate oxides, addressing issues such as catalyst coking deactivation and poor stability in existing technologies [1] Group 2 - Sinopec, established in 2000 and headquartered in Beijing, primarily engages in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [1] - The company has invested in 263 enterprises, participated in 5,000 bidding projects, and holds 5000 patent records along with 45 trademark records [1] - Sinopec Shanghai Petrochemical Research Institute, founded in 2022 in Shanghai, focuses on technology promotion and application services, with a registered capital of 498 million RMB [2] - The research institute has invested in 2 enterprises, participated in 383 bidding projects, and holds 708 patent records [2]

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has applied for a patent for a system and method to produce low-sulfur coke with high yield, published as CN120290217A, with an application date of January 2024 [1] - The patent involves a heating furnace with at least one convection chamber and one radiation chamber, a reactor, a buffer tank, and at least one coke tower, designed to mix ethylene tar and catalytic oil slurry for efficient processing [1] Group 2 - China Petroleum & Chemical Corporation was established in 2000, located in Beijing, primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [2] - Sinopec has invested in 263 companies, participated in 5,000 bidding projects, and holds 5000 patent records along with 45 trademark records [2] - Sinopec Engineering Group Co., Ltd. was founded in 2007, also based in Beijing, primarily involved in water management, with a registered capital of approximately 441.85 million RMB [2] - Sinopec Engineering has invested in 12 companies, participated in 63 bidding projects, and holds 5000 patent records along with 4 administrative licenses [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In June 2025, the year-on-year CPI rose to 0.1%, and the year-on-year PPI fell to -3.6%. Gold and oil prices affected inflation, with gold contributing to the rise of core CPI but not being the main factor, and the increase in oil prices failing to reverse the decline of PPI due to domestic production seasonality and weakening export effects [1][9]. Summary by Directory 1. Two Core Concerns about Prices Amid Gold and Oil Price Fluctuations (1) Is the Rise of Core CPI Driven by Gold Prices or the Recovery of Demand? - Core CPI can be split into services, core consumer goods (excluding gold), and gold. In the first half of 2025, core CPI rose 0.5% cumulatively month-on-month, with gold contributing 0.13%, services 0.17%, and other core consumer goods 0.2%. Gold helped boost core CPI but was not the main factor. After excluding gold, core consumer goods' month-on-month performance in Q2 was weaker than in Q1, suggesting potential new consumption stimulus policies [2][10]. (2) Why Did the Year-on-Year PPI Decline in June Despite a Sharp Increase in Oil Prices? - In June, the PPI month-on-month decline remained at -0.4%. Although the 9% increase in oil prices boosted PPI by about 0.3 percentage points, the domestic production off-season and the weakening of the "rush to export" effect offset this impact. Industries such as ferrous metal smelting and processing, non-metallic mineral products, and coal-related industries affected the PPI month-on-month decline by about 0.33 percentage points. Some export-oriented industries also saw price drops [2][15]. 2. June CPI: Food Performed Better than Seasonal Averages, and Oil and Gold Prices Supported the Month-on-Month Recovery, with the Year-on-Year Rate Rising to 0.1% (1) Food Items: Rainfall Supported Fresh Vegetables, while Pork, Eggs, and Fresh Fruits Were Drags - The month-on-month CPI food item fell to around -0.4%, better than the seasonal average, affecting the CPI to decline by about 0.09 percentage points. Pork prices dropped 1.2% due to oversupply. Fresh food prices were mixed, with freshwater fish and fresh vegetables rising, while eggs and fresh fruits fell, overall affecting the CPI to decline by about 0.07 percentage points [19]. (2) Non-Food Items: Oil, Gold, and Rent Were Supports, while Cars and Tourism Were Drags - The month-on-month CPI non-food item recovered to around 0. Energy prices rose as domestic oil prices followed overseas trends, with gasoline prices rising 0.4%. Core consumer goods were dragged down by clothing and cars, while gold was a support. Services showed little change overall, with tourism weaker than seasonal and rent rising during the graduation season [21][27][28]. 3. June PPI: The Domestic Production Off-season and Some Export Industries Led to a Year-on-Year Decline to -3.6% (1) Overall: The Month-on-Month Decline of PPI Remained around -0.4% - The month-on-month decline of PPI remained around -0.4%, mainly dragged down by production materials, and consumer goods also weakened. Production materials prices fell 0.6%, and consumer goods prices turned negative [35]. (2) By Industry: The Crude Oil Industry Chain Was the Main Support, while Raw Material Manufacturing and Some Export Industries Were Drags - In June, about two-thirds of industrial producer industries saw price declines. The crude oil industry chain was the main support, with prices in related industries rising or their decline narrowing. Drags included raw material manufacturing industries such as building materials, energy industries like coal and electricity, and export-related industries such as electronics, electrical machinery, and textiles [35][39][44].

Report Industry Investment Rating No relevant content provided. Core View of the Report - In June 2025, CPI increased by 0.1% year-on-year, and PPI decreased by 3.6% year-on-year. Gold prices and oil prices affected inflation, with gold contributing to the rise of core CPI but not being the main factor, and the increase in oil prices being offset by the off - season of domestic production and the weakening of the "rush - export" effect on PPI [6][9]. Summary According to the Table of Contents I. Two Core Concerns about Prices Amid Gold and Oil Price Fluctuations (1) Is the Recovery of Core CPI Driven by Gold Prices or the Recovery of the Demand Side? - Core CPI can be split into services, core consumer goods (excluding gold), and gold. In the first half of 2025, core CPI increased by 0.5% cumulatively month - on - month, with gold contributing 0.13%, services contributing 0.17%, and other core consumer goods contributing 0.2%. Gold boosted core CPI but was not the main factor. The core consumer goods excluding gold were weaker in Q2 than in Q1, and a new round of consumption stimulus policies may be introduced [12]. (2) Why Did PPI Decrease Year - on - Year in June Despite the Sharp Increase in Oil Prices? - In June, the month - on - month decline of PPI remained at - 0.4%. Although the 9% increase in crude oil prices pulled PPI up by about 0.3 percentage points, the off - season of domestic production and the weakening of the "rush - export" effect offset this impact. In the off - season of domestic production, industries such as ferrous metal smelting and rolling processing, non - metallic mineral products, coal - related industries, and power and heat production and supply affected PPI to decline by about 0.33 percentage points. After the weakening of the "rush - export" effect, the prices of some export - oriented industries continued to fall [16]. II. June CPI: Food Performed Better than Seasonal Trends, and Oil and Gold Prices Supported the Month - on - Month Recovery, with the Year - on - Year Increase Reaching 0.1% (1) Food Items - The month - on - month decline of the CPI food item in June fell back to around - 0.4%, better than the seasonal trend, affecting CPI to decline by about 0.09 percentage points. Pork prices decreased by 1.2% due to oversupply. Fresh food prices were better than the seasonal trend, with freshwater fish and fresh vegetables rising by 4.3% and 0.7% respectively, while eggs and fresh fruits dragged down the CPI [20]. (2) Non - food Items - The month - on - month of the CPI non - food item recovered to around 0. Oil prices rebounded, with gasoline prices rising by 0.4%. Core consumer goods were mainly dragged down by clothing and automobiles, while gold prices were the main supporting factor, affecting CPI to decline by about 0.01 percentage points. Tourism was weaker than the seasonal trend, and rent increased during the graduation season, with little change in overall service prices [21][27][30]. III. June PPI: The Off - season of Domestic Production and the Drag of Some Export Industries Led to a Year - on - Year Decline to - 3.6% (1) Overall - The month - on - month decline of PPI remained around - 0.4%, mainly dragged down by production materials, and consumer goods also weakened. Production materials prices decreased by 0.6%, and consumer goods prices turned negative [35]. (2) By Industry - In June 2025, the number of industries with falling prices among industrial producers remained around two - thirds. The main supporting factor was the crude oil industry chain. The drag factors included raw material manufacturing industries such as building materials, energy prices of coal and electricity, and export - related industries such as electronic equipment, electrical machinery, and textiles [37][41][43].

Economic Overview - In June, the Consumer Price Index (CPI) increased by 0.1% year-on-year, marking a shift from negative to positive growth, with food prices showing a reduced decline and non-food prices slightly rising [1] - The Producer Price Index (PPI) fell by 3.6% year-on-year, with a widening decline, indicating that living material prices performed better than production material prices [1] - The average CPI for the first half of the year was -0.1%, while the average PPI was -2.9%, reflecting a low overall price level in the domestic market [1] External Factors - International commodity prices have decreased, creating downward pressure on domestic prices, particularly affecting industries related to oil and gas, with oil and gas extraction prices down by 12.6% year-on-year and fuel prices down by 10.4% [1] - The rise of anti-globalization sentiments and "reciprocal tariffs" from the U.S. has led to increased trade barriers, impacting China's export industries and potentially leading to further price declines in related sectors [2] Internal Factors - The acceleration of energy structure transformation and the increase in green energy have contributed to lower energy prices, with coal mining and washing prices dropping by 21.8% year-on-year due to reduced demand for thermal power [2] - Intense market competition in certain industries, particularly in manufacturing, has led to price suppression, with many companies engaging in price wars due to product homogeneity [3] Structural Price Changes - Policies aimed at reducing "involution competition" have helped alleviate overcapacity in certain sectors, leading to a narrowing of price declines in industries such as automotive manufacturing and lithium battery production [3] - Consumption-boosting policies have positively impacted certain consumer goods sectors, resulting in price increases for items like arts and crafts, sports goods, and smart consumer products [4] - High-tech industries related to smart manufacturing and digital economy are experiencing rapid growth, with product prices showing a year-on-year increase, indicating a promising future for economic transformation [5]

Inflation Data - June CPI year-on-year growth rate is 0.1%, an improvement from the previous value of -0.1%, exceeding market expectations of 0%[3] - June PPI year-on-year growth rate recorded at -3.6%, lower than market expectations of -3.2%[7] - Core CPI, excluding food and energy, increased by 0.7% year-on-year, marking a 14-month high[5] Price Movements - Industrial consumer goods prices saw a narrowing decline from -1.0% in May to -0.5% in June, contributing less to CPI decline by approximately 0.18 percentage points[3] - Gasoline prices shifted from a 3.8% decline to a 0.4% increase in June, influenced by international oil price movements[4] - Platinum jewelry prices surged by 12.6% in June, the largest monthly increase in nearly a decade[3] Economic Outlook - The market is expected to exhibit a dual bull structure in stocks and bonds in the second half of the year, supported by improving US-China trade relations and risk-averse funds[2] - Fixed income yields, particularly the 10-year government bond rate, are projected to decline to around 1.5% amid low domestic demand stimulus probability[2] Consumer Demand - Consumer demand is in a critical recovery phase, with incremental counter-cyclical policies expected to enhance demand and gradually improve CPI levels[7] - The demand for high-quality living is increasing, leading to price recoveries in related industries[9]

Group 1: CPI Analysis - In June 2025, the CPI increased by 0.1% year-on-year, reversing from a decline of 0.1% in May, with a cumulative year-on-year decline of 0.1% for the first half of the year[1][2] - The main drivers for the CPI increase were a significant narrowing of the year-on-year decline in vegetable prices and a rise in domestic energy prices due to international crude oil price increases[2][3] - The core CPI, excluding volatile food and energy prices, showed a cumulative year-on-year increase of 0.4%, indicating a weak overall price level[3][6] Group 2: PPI Analysis - In June 2025, the PPI decreased by 3.6% year-on-year, widening from a decline of 3.3% in May, with a cumulative year-on-year decline of 2.8% for the first half of the year[1][2][8] - The PPI decline was primarily influenced by weak domestic demand and oversupply, leading to accelerated price declines in coal, steel, and cement[2][9] - The PPI's month-on-month decline remained at 0.4%, consistent with the previous month, marking four consecutive months of such a decline[8][10] Group 3: Future Outlook - The report anticipates that the CPI may return to negative territory in July, likely around -0.2%, due to external economic pressures and high base effects from the previous year[7][12] - The PPI is expected to continue its month-on-month decline in July, but the rate of decline may slightly narrow, with a year-on-year decline projected to remain around -3.6%[12]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) and its subsidiaries have recently obtained a patent for a "new type of cyclone quenching box," with the patent number CN116492936B, applied for on April 2023 [1][2] Company Summaries - **China Petroleum & Chemical Corporation (Sinopec)** - Established in 2000, located in Beijing, primarily engaged in oil and gas extraction - Registered capital of approximately 12.17 billion RMB - Has invested in 263 companies and participated in 5,000 bidding projects - Holds 45 trademark registrations and 5,000 patents, along with 40 administrative licenses [1] - **Sinopec Engineering (Group) Co., Ltd.** - Established in 2007, located in Beijing, primarily engaged in water management - Registered capital of approximately 441.85 million RMB - Has invested in 12 companies and participated in 63 bidding projects - Holds 5,000 patents and 4 administrative licenses [1] - **Sinopec Guangzhou Engineering Co., Ltd.** - Established in 1998, located in Guangzhou, primarily engaged in professional technical services - Registered capital of 30 million RMB - Has invested in 2 companies and participated in 4,093 bidding projects - Holds 4 trademark registrations, 845 patents, and 21 administrative licenses [2] - **Sinopec Hainan Refining & Chemical Co., Ltd.** - Established in 2003, located in Haikou, primarily engaged in oil, coal, and other fuel processing - Registered capital of approximately 960.62 million RMB - Has invested in 4 companies and participated in 5,000 bidding projects - Holds 24 patents and an extensive number of 16,217 administrative licenses [2]