港股市场今日止跌。盘面上，大型科技股走势分化；商业航天概念股拉升，亚太卫星大涨后回落；航空股受市场"乌龙"消息影响走低；石油股受国际油价 回升和企业重组消息而提振。 此外，港交所推出六只新的股票期权类别。另有三只新股今日在港交所上市。 港股震荡收涨 科技股走势分化 【导读】大型科技股走势分化，亚太卫星盘中涨超20%后回落 1月9日，港股三大指数震荡小幅收涨。截至收盘，恒生指数上涨0.32%，报收于26231.79点；恒生国企指数和恒生科技指数分别上涨0.1%、0.15%。 周线方面，本周（1月5日至1月9日），恒生指数累计下跌0.41%，恒生科技指数累计下跌0.86%，恒生国企指数累计下跌1.31%。 今日，恒生科技指数小幅收涨0.15%，成份股走势分化。哔哩哔哩、阿里巴巴、京东集团分别上涨3.14%、2.72%、2.6%；腾讯控股、网易、百度、美团分 别下跌0.81%、1.28%、2.07%、2.48%。其中，腾讯控股和阿里巴巴今日成交额均超过百亿港元。 | 名称 | 现价 : | 涨跌幅 | | | --- | --- | --- | --- | | 腾讯控股 | 611.000 | -0.81% | 1 ...

Market Overview - The A-share market experienced narrow fluctuations, with the Shanghai Composite Index closing down 0.07% at 4082.98 points, the Shenzhen Component Index down 0.51%, and the ChiNext Index down 0.82% [1][7] - The total trading volume in the Shanghai and Shenzhen markets was 2.80 trillion yuan [1][7] - In terms of industry performance, sectors such as military, media, and construction decoration led the gains, while non-bank financials, non-ferrous metals, and telecommunications lagged [1][7] - Concept sectors saw increases in domestic aircraft carriers, military information technology, and terahertz technology, while cobalt, nickel, and rare earth permanent magnets declined [1][7] Important News - China Petroleum & Chemical Corporation and China Aviation Oil announced a restructuring, approved by the State Council, aimed at leveraging advantages in refining integration and aviation fuel supply systems to reduce costs and promote high-quality development of the industry chain [2][8] - Guangzhou has introduced a plan to accelerate the cultivation of five strategic leading industries: artificial intelligence, semiconductors and integrated circuits, new energy and new energy storage, low-altitude economy and aerospace, and biomanufacturing [2][8]

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Holding Company marks the first major state-owned enterprise (SOE) restructuring in 2026, signaling the beginning of deeper reforms in China's state-owned economy [1] Group 1: Restructuring Details - The merger aims to enhance the integration of aviation fuel production and sales, allowing Sinopec to streamline its operations and improve inventory management, thereby reducing costs and increasing efficiency [2] - The restructuring is expected to strengthen the competitive position of SOEs in the global market, particularly in response to complex international environments [1][2] Group 2: Market Potential - With the rapid development of new energy sources, demand for aviation kerosene is projected to grow, with estimates suggesting a need of approximately 50 million tons by 2030, reflecting an average annual growth rate of about 4% during the 14th Five-Year Plan [2] - China has the potential for significant growth in air travel frequency, currently at 0.6 trips per person per year, compared to developed countries, indicating a robust future demand for aviation fuel [2] Group 3: Sustainable Aviation Fuel (SAF) - The restructuring will facilitate the entire supply chain for sustainable aviation fuel (SAF), positioning the companies to capitalize on the global shift towards low-carbon solutions [3] - Sinopec is recognized as the first Asian company to develop and commercialize bio-jet fuel production technology, while China Aviation Oil plays a crucial role in the promotion and application of SAF [3]

摘要：【图】2025年1-9月吉林省原油加工量数据分析 2025年1-9月原油加工量分析： 据国家统计局数据，在2025年的前9个月，吉林省规模以上工业企业原油加工量累计达到了748.5万吨， 与2024年同期的数据相比，增长了21.9%，增速较2024年同期高36.5个百分点，增速较同期全国高18.2 个百分点，约占同期全国规模以上企业原油加工量55081.5万吨的比重为1.4%。 图表：吉林省原油加工量分月（累计值）统计 2025年9月原油加工量分析： 单独看2025年9月份，吉林省规模以上工业企业原油加工量达到了87.8万吨，与2024年同期的数据相 比，9月份的原油加工量增长了3405.7%，增速较2024年同期高3502.5个百分点，增速较同期全国高 3398.9个百分点，约占同期全国规模以上企业原油加工量6268.7万吨的比重为1.4%。 图表：吉林省原油加工量分月（当月值）统计 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。 产业调研网为您提供更多 石油化工行业最新动态 石油行业监测及发展趋势 化工未来发展趋势预测 日化现状及发展前景 润 ...

Group 1 - The core point of the news is the successful restructuring of China Aviation Oil Group Co., Ltd. (CAO) and China Petroleum & Chemical Corporation (Sinopec), which was approved by the State-owned Assets Supervision and Administration Commission (SASAC) [1][3] - The restructuring was anticipated as early as October 2025, when CAO's subsidiary announced it was in talks with another company, later confirmed to be Sinopec [1][2] - Sinopec is the largest refining company globally and the largest supplier of refined oil and petrochemical products in China, with total assets of 2.74 trillion yuan and total revenue of 3.14 trillion yuan in 2024 [1][2] Group 2 - CAO, which was originally part of the People's Liberation Army Air Force, has evolved into a major player in the aviation fuel market, providing services to 258 transport airports and 454 general airports in China [2] - In 2024, China's aviation fuel consumption is expected to grow by 13% year-on-year to 39.28 million tons, making it the second-largest aviation fuel consumer globally [2][3] - The restructuring aligns with SASAC's push for the professional integration of state-owned enterprises to optimize the state-owned economy and build world-class enterprises [3] Group 3 - The merger enhances the competitive edge of the aviation fuel sector by integrating production and sales, addressing core pain points in the supply chain [4] - The restructuring is expected to improve the supply security of aviation fuel by leveraging Sinopec's upstream resources and refining capabilities, reducing reliance on international markets [3][4] - The aviation fuel market is projected to continue growing, with annual growth rates expected to be around 5% and 4% during the 14th and 15th Five-Year Plans, respectively [3] Group 4 - The restructuring may lead to increased competition for other oil suppliers and local private refineries, as CAO and Sinopec will dominate the market [4] - Sustainable Aviation Fuel (SAF) is highlighted as a key area for growth, with the potential to reduce greenhouse gas emissions by up to 80% compared to traditional fuels [5][6] - The collaboration between Sinopec and CAO is expected to accelerate the commercialization of green aviation fuel, helping the aviation industry achieve carbon reduction goals [6]

摩根大通发表报告指，国务院已批准中国石化集团与中国航空油料集团进行重组，后者持有新加坡上市 的中国航油51.3%股权。摩通认为，此交易反映国资央企重组再次成为"十五五"规划的重要主题，但对 中石化的盈利或现金流无直接影响，后续是否涉及上市公司业务整合仍有待观察。由于交易完成时间及 架构仍存在不确定性，目前难以分析潜在协同效应或对上市公司的影响——例如中国航油与联合石化是 否保持独立，若合并则归属于母公司还是上市公司。多数媒体文章指出，此举有助于提升中石化在可持 续航空燃料(SAF)方面的努力，该行认为此属小幅利好。综合考虑，中石化短期内仍面临挑战，摩通维 持对其"中性"评级及目标价4港元。 ...

摩根大通发布研报称，国务院已批准中国石化（600028）集团与中国航空油料集团进行重组，后者持有 新加坡上市的中国航油51.3%股权。小摩认为，此交易反映国资央企重组再次成为"十五五"规划的重要 主题，但对中国石油化工股份(00386)的盈利或现金流无直接影响，后续是否涉及上市公司业务整合仍 有待观察。中石化短期内仍面临挑战，小摩维持对其"中性"评级及目标价4港元。 由于交易完成时间及架构仍存在不确定性，目前难以分析潜在协同效应或对上市公司的影响——例如中 国航油与联合石化是否保持独立，若合并则归属于母公司还是上市公司。 多数媒体文章指出，此举有 助于提升中石化在可持续航空燃料(SAF)方面的努力，该行认为此属小幅利好。 ...

由于交易完成时间及架构仍存在不确定性，目前难以分析潜在协同效应或对上市公司的影响——例如中 国航油与联合石化是否保持独立，若合并则归属于母公司还是上市公司。 多数媒体文章指出，此举有 助于提升中石化在可持续航空燃料(SAF)方面的努力，该行认为此属小幅利好。 智通财经APP获悉，摩根大通发布研报称，国务院已批准中国石化集团与中国航空油料集团进行重组， 后者持有新加坡上市的中国航油51.3%股权。小摩认为，此交易反映国资央企重组再次成为"十五五"规 划的重要主题，但对中国石油化工股份(00386)的盈利或现金流无直接影响，后续是否涉及上市公司业 务整合仍有待观察。中石化短期内仍面临挑战，小摩维持对其"中性"评级及目标价4港元。 ...

华泰证券研报指出，经国务院批准，中国石化集团与中国航油宣布拟实施重组。认为若此次重组顺利实 施，两家企业将整合航油产销一体化，打通海外航油贸易，优化成品油零售体系，增强我国航空燃料产 业国际竞争力。同时，中国石化股份有限公司有望在产业链一体化下受益，但或将面临关联交易增加， 叠加炼油与化工板块有望迎来盈利低谷下的筑底反弹，公司业绩有望迎来修复，维持A/H"买入"评级， 目标价7.98元/6.26港元。 ...

Core Viewpoint - The report from Huatai Securities indicates that the restructuring between Sinopec Group and China Aviation Oil, approved by the State Council, aims to integrate aviation fuel production and sales, enhance international competitiveness, and optimize the retail system for refined oil [1] Group 1: Restructuring Impact - If the restructuring is successfully implemented, it will streamline the aviation fuel supply chain and facilitate overseas aviation fuel trade [1] - The integration is expected to strengthen the international competitiveness of China's aviation fuel industry [1] Group 2: Company Benefits and Risks - Sinopec Limited is anticipated to benefit from the integrated supply chain, although it may face increased related-party transactions [1] - The refining and chemical sectors are expected to experience a rebound after reaching a profit low, leading to a potential recovery in company performance [1] Group 3: Investment Rating - The investment rating for Sinopec Limited is maintained at "Buy" for both A-shares and H-shares, with target prices set at 7.98 yuan and 6.26 HKD respectively [1]