Core Viewpoint - The merger between Sinopec and China Aviation Oil marks a significant move in the energy sector, aiming to create a new giant in "green aviation fuel" while enhancing supply security and low-carbon competitiveness in the aviation industry [1][4]. Group 1: Merger Details - The merger was approved by the State Council on January 8, 2026, positioning Sinopec as the world's largest refining company and China Aviation Oil as Asia's largest aviation fuel service provider [1][2]. - China Aviation Oil has been involved in discussions regarding a merger since October 2025, with Sinopec identified as the potential acquirer of all its assets and operations [2][3]. - The merger is expected to streamline operations by reducing intermediaries and lowering supply costs, creating a strategic complementarity between the two companies [3][4]. Group 2: Market Context - The global aviation industry is experiencing a strong recovery, with aviation fuel demand projected to reach 389 million tons in 2025, a 3.9% increase year-on-year [2]. - By 2040, China's aviation fuel consumption is forecasted to grow from 3,928 million tons in 2024 to 7,500 million tons, highlighting the increasing demand for aviation fuel [3][4]. - The merger aims to enhance the competitiveness of China's aviation fuel sector, which currently faces challenges compared to integrated international oil companies like Shell and ExxonMobil [4][5]. Group 3: Green Transition - The merger is seen as a strategic move to strengthen the sustainable aviation fuel (SAF) industry, which is crucial for reducing carbon emissions in the aviation sector [5][6]. - Sinopec is recognized as a pioneer in SAF production in China, with its products already tested on domestic aircraft, offering a potential for over 50% reduction in carbon emissions compared to traditional aviation fuel [5][6]. - The collaboration between Sinopec and China Aviation Oil is expected to enhance R&D, industrialization, and international trade in SAF, promoting its adoption and continuous improvement [5][6].

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (China Aviation Oil) is expected to enhance the competitiveness of China's aviation fuel industry and promote a green and low-carbon transition in the aviation sector [2][4]. Group 1: Company Overview - Sinopec is the world's largest refining company and China's largest aviation fuel producer, covering the entire energy industry chain including oil and gas exploration, refining, and equipment manufacturing [4]. - China Aviation Oil is Asia's largest integrated aviation fuel supply chain company, involved in procurement, transportation, storage, testing, sales, and refueling services [4]. Group 2: Strategic Implications - The merger is anticipated to lower aviation fuel supply costs and create a synergistic effect between refining and aviation fuel sectors, avoiding homogeneous competition [4][5]. - The restructuring aligns with the national strategy to optimize state-owned enterprises and enhance their core competitiveness, potentially leading to further professional integration across various sectors [5][6]. Group 3: Environmental Considerations - The partnership is expected to accelerate the commercialization of sustainable aviation fuel (SAF), aiding the aviation industry in achieving carbon reduction goals [5]. - The focus on low-carbon development in the civil aviation sector is increasingly important in response to global climate change, with SAF being a key measure for carbon emission reduction [4][5]. Group 4: Future Outlook - Future central enterprise restructuring will prioritize enhancing core competitive capabilities rather than merely increasing asset size, focusing on resilience and security in supply chains [6]. - The integration will likely delve into specific critical segments of the industry and high-end niche markets, fostering an open and collaborative industrial ecosystem [6].

Core Insights - The report highlights the performance of major stock indices across different markets, indicating mixed results with some indices showing gains while others experienced declines [6][11]. - The report discusses significant developments in international and domestic news that may impact various industries, including economic forecasts and corporate actions [10][12][13]. International Market Overview - European markets showed slight gains with Germany's DAX30 up 0.02% at 25127.46 points and France's CAC40 up 0.12% at 8243.47 points, while the UK’s FTSE 100 fell 0.04% to 10044.69 points [11]. - In the US market, the Dow Jones increased by 0.55% to 49266.11 points, and the S&P 500 rose by 0.01% to 6921.46 points, whereas the Nasdaq dropped by 0.44% to 23480.02 points [11]. - The Asia-Pacific market saw the Hang Seng Index decline by 1.17% to 26149.31 points, and the Nikkei 225 fell by 1.63% to 51117.26 points, while the Korean Composite Index slightly increased by 0.03% to 4522.37 points [11]. Domestic News - The Ministry of Commerce is reviewing Meta's acquisition of Manus for $2 billion, emphasizing compliance with Chinese laws and regulations for foreign investments [12]. - The Ministry of Industry and Information Technology warned against irrational competition in the lithium battery industry, highlighting the need for regulatory measures to ensure sustainable development [13]. - Guangzhou's government plans to advance reusable rocket technology, aiming to establish a significant presence in the commercial aerospace sector by 2035 [14]. - The first domestic offshore recovery and reuse rocket production base has commenced construction in Hangzhou, marking a significant advancement in high-end manufacturing within the commercial aerospace field [15]. Important Company Developments - Chinese concept stocks saw a general increase, with the Nasdaq China Golden Dragon Index rising by 1.09% and notable gains in companies like Century Internet and WanGuo Data [16]. - Nvidia has requested overseas customers to pay in full for its H200 AI chips, with orders exceeding 2 million units, indicating strong demand [16]. - Apple announced that JPMorgan Chase will replace Goldman Sachs as the issuer of its credit card, which is expected to bring over $20 billion in credit card balances to the bank [16]. - OpenAI established an employee equity incentive pool equivalent to 10% of its total equity, valued at approximately $50 billion based on a $500 billion company valuation [16]. - China Petroleum and Chemical Corporation (Sinopec) is undergoing a restructuring with China National Aviation Fuel Group, aimed at enhancing the resilience of the aviation fuel supply chain [16].

Core Viewpoint - The merger between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (China Aviation Oil) marks a significant strategic move in the energy sector, aiming to create a new giant in "green aviation fuel" while enhancing fuel supply security for the aviation industry and increasing low-carbon competitiveness in international markets [1][5][7]. Group 1: Merger Details - The merger was approved by the State Council and is seen as a collaboration between the world's largest refining company and Asia's largest aviation fuel service provider [1][3]. - China Aviation Oil is the largest integrated aviation fuel service provider in Asia, while Sinopec is the largest aviation fuel producer in China, covering various sectors including oil and gas, logistics, and aviation [3][4]. - The merger is expected to streamline operations and reduce costs by eliminating intermediaries, thus enhancing the efficiency of the entire supply chain from refining to distribution [4][6]. Group 2: Market Context - The global aviation industry is experiencing a strong recovery, with a projected demand for aviation fuel of 389 million tons in 2025, reflecting a year-on-year increase of 3.9% [3][4]. - By 2040, China's aviation fuel consumption is expected to grow from 39.28 million tons in 2024 to 75 million tons, indicating a significant increase in demand [4][6]. - The merger is a strategic response to the competitive landscape dominated by integrated oil and gas companies like Shell and ExxonMobil, which have established advantages in the aviation fuel market [6][7]. Group 3: Green Transition - The merger is positioned as a critical step towards enhancing the competitiveness of China's aviation fuel industry and promoting green transformation [5][7]. - Sustainable aviation fuel (SAF) is recognized as a key pathway for reducing carbon emissions in the aviation sector, with global SAF consumption projected to reach 1.8 million tons by 2030 [7]. - Sinopec is noted for being one of the first companies in China to produce SAF, which can reduce carbon emissions by over 50% compared to traditional aviation fuel [7][8]. Group 4: Strategic Implications - This merger is part of a broader initiative to optimize the layout of state-owned enterprises and concentrate state capital in critical industries related to national security and economic lifelines [8]. - The restructuring aligns with the strategic goals set forth by the State-owned Assets Supervision and Administration Commission (SASAC) to enhance the core functions and competitiveness of state-owned enterprises [8].

2026 年 1 月 9 日 行业研究 两大石化集团实施战略重组，提升成品油、贸易全产业链竞争力 ——中国石化集团跟踪报告之五 石油化工 增持（维持） 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 2024 年以来，全球经济复苏承压，地缘政治风险上升，国际油价震荡下行， 市场供需矛盾突出，公司克服生产经营不利局面，实现了各业务的高质量发展。 2024 年，中国石化集团实现营业总收入 31388 亿元，同比-3.3%，实现归母净利 润 578 亿元，同比-13.0%。中国石化集团稳健的油气产量、庞大的石油储备体系 和覆盖全国的网络，共同构成了国家能源安全最可靠的防线。中国石化集团正以 积极的姿态拥抱变革，从传统能源巨头转型为绿色转型的坚 ...

证券研究报告 中国石化 (600028 CH/386 HK) 港股通 公司有望受益于重组后的一体化优势 | 华泰研究 | | 动态点评 | | --- | --- | --- | | 2026 年 | 1 月 09 日│中国内地/中国香港 | 石油化工 | 1 月 8 日，经国务院批准，中国石化集团与中国航油宣布拟实施重组。我们 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。 中国石化集团与中国航油官宣重组，有望增强我国航煤产业竞争力 1 月 8 日，经报国务院批准，中国石油化工集团有限公司与中国航空油料集 团有限公司拟实施重组。中国石化集团是全球第一大炼油公司和我国第一大 航油生产商，25 年前三季度原油加工量及航煤产量分别为 186.4/25.7 百万 吨，同比变化-2.2%/+6.5%。中国航油是亚洲最大的集航 ...

Group 1 - The core viewpoint of the article highlights the significant growth in petroleum coke production in Ningxia Hui Autonomous Region, with a production of 2.0 million tons in August 2025, representing a year-on-year increase of 20.4% and a growth rate that is 52.0 percentage points higher than the same period last year [1] - In the first eight months of 2025, the total petroleum coke production reached 21.6 million tons, showing a remarkable year-on-year growth of 126.0%, with the growth rate being 152.0 percentage points higher than the previous year [1] - The production growth in Ningxia is notably higher than the national average, with an increase of 130.6 percentage points compared to the national growth rate for the same period [1] Group 2 - The petroleum coke production in Ningxia accounted for approximately 1.0% of the national total production of 20.83 million tons during the same period [1] - The production figures indicate that Ningxia's petroleum coke output is gaining a more substantial share in the national market, reflecting the region's growing industrial capabilities [1] - The data suggests a positive trend in the petroleum coke industry within Ningxia, which may present potential investment opportunities in the sector [1]

《"人工智能+制造"专项行动实施意见》发布 工业和信息化部等八部门日前联合印发《"人工智能+制造"专项行动实施意见》，提出到2027年，中国人工智能关键核心技术实现安全可 靠供给，产业规模和赋能水平稳居世界前列，包括推出1000个高水平工业智能体，推广500个典型应用场景等。 央视网消息：通过数据看经济，透过经济看成就。新年伊始，多个领域亮点不断涌现，绘就高质量发展热力图景。 中国进出口银行最新数据显示，2025年，中国进出口银行新发放外贸领域贷款超1.2万亿元，全力支持外贸质升量稳。新发放制造业贷款 近8600亿元，重点支持了船舶与海洋工程装备、轨道交通装备、新材料、人形机器人等先进制造业。 商务部：以旧换新相关商品销售额达3.92万亿元 记者从商务部了解到，自2024年消费品以旧换新政策实施以来，相关商品销售额达3.92万亿元，惠及4.94亿人次。其中，汽车以旧换新超 1830万辆，家电以旧换新超1.92亿件，手机等数码产品购新超9100万部，牵引产业提质升级。 公安部：去年刑事案件立案数同比下降12.8% 公安部1月8日发布，2025年，全国公安机关共立刑事案件数同比下降12.8%，立案数再创本世纪以来 ...

Core Viewpoint - The restructuring between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is approved by the State Council, aiming to enhance market competitiveness and achieve strategic synergies [1][4]. Group 1: Restructuring Details - The restructuring requires further procedures and approvals but is not expected to significantly impact the normal operations of the companies involved [4]. - China Aviation Oil Group is the largest aviation fuel service provider in Asia, serving 258 transport airports and 454 general airports, and has been listed in the Fortune Global 500 for 13 times since 2011 [4]. Group 2: Strategic Benefits - The merger is anticipated to create significant strategic complementarity and synergy, enhancing the overall market competitiveness of both companies [5]. - Sinopec can leverage China Aviation Oil Group's distribution network to expand its market share in aviation fuel and integrate production and sales [5]. - China Aviation Oil Group will gain more stable upstream resource supply, improving its bargaining power in the international aviation fuel market [5]. Group 3: Green Transition - The restructuring aligns with China's "dual carbon" goals, as the civil aviation sector is a key area for achieving these targets, with approximately 99% of carbon emissions from aviation coming from fuel consumption [5]. - Sinopec is focusing on the development of sustainable aviation fuel (SAF) as a critical path for emissions reduction, having made significant advancements in this area since 2014 [5][6]. - The collaboration is expected to reshape the competitive landscape of the traditional energy market and have a profound impact on the green transition of China's aviation industry [6].

国投证券主要观点如下： 事件 智通财经APP获悉，国投证券发布研报称，中国石化(600028.SH)与中国航油两家企业重组后，将深度 结合在SAF等领域的科技研发、产业化能力、储运加注、国际贸易等优势，促进SAF研发、使用和持续 迭代，推动产业链高质量发展，助力航空业减排降碳,并或有望坚实推动我国SAF从示范飞行走向大规 模商用的进程，建议关注SAF/HVO产能建设进度领先的企业及上游UCO原材料收运处理体系成熟的企 业。 中国航油是亚洲最大的集航空油品采购、运输、储存、检测、销售、加注于一体的航空运输服务保障企 业。中国石化是全球第一大炼油公司和我国第一大航油生产商。本次重组符合近年来国企改革聚焦主责 主业、通过整合提升核心竞争力的政策方向，其目的在于优化国有资本布局，避免同质化竞争。据空天 视角，由于中国航油的业务结构较为单一，作为独立供应商时，需向中石化、中石油等多家采购航油， 再销售给各家航空公司，本质上更接近贸易型企业，业务壁垒较低，长期视角下业务被并入掌握上游石 油供应的大型央企属大概率事件。同时目前国际较大的航空燃料服务商主要为一体化石油化工公司，如 壳牌、BP、埃克森美孚、道达尔等，其规模大、 ...