Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China National Aviation Fuel Group Corporation (CNAF) aims to enhance the integration of the aviation fuel industry chain, reduce supply costs, and promote a green and low-carbon transition in aviation energy supply [1][3]. Group 1: Industry Integration and Innovation - The merger will leverage Sinopec's oil product research and development capabilities alongside CNAF's market supply advantages, facilitating the integration of innovation within the aviation fuel industry chain [3]. - Currently, there is a disconnect between the research, production, sales, and application sectors in China's aviation fuel industry, which the restructuring aims to address [1]. Group 2: Green and Low-Carbon Transition - The restructuring is expected to support the high-quality development of sustainable aviation fuel, contributing to the aviation industry's green and low-carbon transition [3][5]. - Sustainable aviation fuel technology is recognized as a key pathway for reducing carbon emissions in the aviation sector, which faces significant challenges in emission reductions [3]. Group 3: Sustainable Aviation Fuel Development - Sinopec is the first company in Asia to develop and commercialize bio-jet fuel production technology, and the restructuring will accelerate the research, usage, and iteration of sustainable aviation fuel technologies [5]. - The global sustainable aviation fuel consumption is projected to reach 6 million tons by 2025 and 18 million tons by 2030, highlighting the growing demand for such fuels [7].

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实施重组，是全球第一大炼油公司与亚洲最大航油服务商的一次历史性握手。 1月8日，经国务院批准，中国石油化工集团有限公司（以下简称"中国石化"）与中国航空油料集团有限公司（以下简称"中航油"）实施重组。 业内人士认为，这并非简单的企业合并，而是全球第一大炼油公司与亚洲最大航油服务商的一次历史性握手。两者的结合，将直接贯通从原油炼化到机场 加注的航空燃料全产业链，在保障国家能源安全动脉的同时，锁定航空业绿色转型的未来钥匙。 中国石化与中航油，就像产业链上的"超级生产者"与"核心主动脉"。中国石化作为全球炼油产能的领跑者，也是国内航煤生产的头号供应商，2023年其航 煤产量超过2600万吨。而中航油则是国内航空油料采购、储运、加注的绝对主导者，业务覆盖全国各大机场，是连接炼厂与飞机的桥梁。 但长期以来，我国航空燃料产业面临着"生产归生产、销售归销售"的格局，与国际大型一体化能源公司相比，整体竞争力有待提升。此外，国资委也一直 要求央企聚焦主责主业，实现业务资源整合协同。 中国石化与中航油的整合，正是这一政策导向的具体体现。过去，这两大巨头是紧密的上下游客户关系。此次 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The global economy is facing various uncertainties and changes, with different trends in different sectors. The U.S. economy shows signs of a slowdown in growth momentum, while China's economy is expected to continue to recover, with consumption as the main driving force. The bond market is affected by policy and economic factors, and long - term bond yields may show a "first down then up" trend. The commodity market also has different performances in different varieties, such as the recovery of the lithium - battery industry and the rise of the black - series commodities [27]. 3. Summary by Directory Macro Data Overview - In Q3 2025, the U.S. real GDP had a quarterly - on - quarterly annualized rate of 4.3%, exceeding market expectations. The main reasons were the better - than - expected performance of household consumption and net exports. However, the resilience of business investment showed signs of weakening. Considering the impact of the government shutdown on Q4 GDP and the slowdown of the overall economic growth momentum, Q4 real GDP growth is expected to decline compared to Q3 [27]. - In China, in November 2025, indicators such as CPI, PPI, and social financing scale showed different trends. For example, CPI increased year - on - year, while PPI decreased year - on - year. The growth rate of fixed - asset investment decreased, and the growth rate of social consumption showed a certain degree of stability [1]. Commodity Investment Reference Comprehensive - China's export control of dual - use items to Japan aims to stop Japan's "remilitarization" and nuclear - possession attempts, and civilian trade will not be affected [2]. - On January 8, 2026, 39 domestic commodity varieties had positive basis, and 30 had negative basis. Among them, spot prices of nickel, tin, and cotton had the largest premiums over futures, while butadiene rubber, apples, and strong wheat had the largest discounts [2]. - Guangzhou Futures Exchange imposed a 3 - month trading restriction on 10 clients suspected of violating regulations in lithium carbonate futures trading [2]. - Zhengzhou Commodity Exchange adjusted the trading margin and daily price limit of the thermal coal 2701 contract and set a trading limit for non - futures company members and clients [3]. - In December 2025, the national futures market volume and turnover increased significantly year - on - year. The annual cumulative volume and turnover also showed growth [3]. - CME Group raised the performance margin of precious metals and lowered that of most natural gas contracts [3]. - The European natural gas and power trading market is about to reform, and ICE plans to extend the trading hours of relevant contracts to 22 hours a day [4]. Metals - After two years of adjustment, the lithium - battery industry is entering a new development stage, with a cyclical recovery covering the entire chain from lithium mines to materials to batteries [5]. - Gold investment remains popular. Industrial and Commercial Bank of China will raise the risk access level of personal gold accumulation business from January 12. Gold has become the world's largest reserve asset for the first time in 30 years, surpassing U.S. Treasury bonds [5]. - In 2025, global gold ETFs had a record - high annual capital inflow, with North America leading the way. The total asset management scale and holdings of gold ETFs more than doubled [5]. - As of January 7, 2026, the inventory of zinc, nickel, and tin in the London Metal Exchange increased, while that of lead, copper, and aluminum decreased [6]. - The position of the world's largest silver ETF, iShares Silver Trust, increased, and the silver inventory in the London vault also increased in December 2025 [7]. Coal, Coke, Steel, and Minerals - At the beginning of 2026, the black - series commodities in the commodity market rose, with the prices of coking coal and coke futures rising significantly. The spot market procurement sentiment also increased [8]. - Indonesia may approve a coal production quota of about 600 million tons in 2026 and adjust its nickel quota according to industry demand. The domestic nickel ore demand of Indonesian smelters is expected to increase [8]. - The U.S. government is considering investing in Amaroq's key mineral mining project in Greenland [8]. Energy and Chemicals - China National Petroleum Corporation and China National Aviation Fuel Group will be restructured, aiming to reduce costs and promote high - quality development of the industrial chain [9]. - The market regulatory authority has interviewed the China Photovoltaic Industry Association and six polysilicon leading enterprises to prevent monopoly behavior [9]. - The U.S. is strengthening sanctions against Russia, and China's normal economic and trade energy cooperation with Russia should not be interfered with [9]. - The U.S. has different policies towards Venezuela, including supervision, partial sanctions lifting, and aiming to increase Venezuela's oil production [10][11]. - As of January 2, 2025, the U.S. weekly natural gas inventory decreased more than expected [11]. Agricultural Products - Due to the decline in export sales reported by the U.S. Department of Agriculture, the trends of grain futures were different. Corn and soybean net exports decreased, while wheat exports increased [12]. - Brazil is expected to export 2.4 million tons of soybeans in January 2026, higher than the same period last year [12]. - The market is bearish on the future price of Japanese rice, with the 3 - month expected index reaching the lowest level since September 2021 [12]. Financial News Compilation Open Market - On January 8, 2026, the central bank conducted 9.9 billion yuan of 7 - day reverse repurchase operations, with a net investment of 9.9 billion yuan [13]. Important News - The Political Bureau Standing Committee of the CPC Central Committee emphasized the need to achieve a good start in 2026 and strengthen Party building [14]. - The Ministry of Commerce will assess and investigate Meta's acquisition of the artificial intelligence platform Manus and explained the export control of dual - use items to Japan [14]. - The deputy minister of the Ministry of Finance welcomed the London Stock Exchange Group to deepen cooperation with China [14]. - In December 2025, China's consumer market grew steadily, and high - value product exports continued to accelerate. During the New Year's Day holiday in 2026, consumer spending increased significantly [15]. - In the first quarter of 2026, local governments plan to issue more than 2 trillion yuan of local bonds, mainly for new infrastructure and other projects to boost investment and the economy [16]. - The market regulatory authority has interviewed the China Photovoltaic Industry Association and six polysilicon leading enterprises to prevent monopoly behavior [17]. - The four - department joint meeting pointed out the need to regulate the power and energy - storage battery industry to prevent over - capacity [17]. - In 2025, the trading volume and net financing of debt financing instruments supported by the Dealer Association exceeded 60% of the corporate credit bond market, and the outstanding scale increased by 10% year - on - year [17]. - In 2025, 23 insurance companies issued bonds worth 104.2 billion yuan, mainly due to capital replenishment needs and lower borrowing costs [17]. - JD Group is considering issuing dim - sum bonds with a potential scale of about 10 billion yuan [18]. - Yu Liang resigned from Vanke after 35 years [18]. - Gold has become the world's largest reserve asset, surpassing U.S. Treasury bonds [18]. - The U.S. Congress passed three government appropriation bills, moving forward to avoid a government shutdown [19]. - The U.S. Treasury Secretary and Fed officials have different views on interest - rate trends, with expectations of interest - rate cuts in 2026 [19]. - Many bond - related events occurred, including the resumption of trading of some bonds, debt defaults, and credit - rating adjustments [20]. Bond Market Summary - The inter - bank bond market in China has improved, with bond yields generally falling, and bond futures rising. The capital market is relatively loose [21]. - The exchange - traded bond market had different performances for different bonds, with Vanke bonds generally rising [22]. - The convertible bond market also had different trends, with some bonds rising and some falling [22]. - Most money - market interest rates rose, and different bond - issuing institutions had different bid - winning yields and multiples [23][24]. - European and U.S. bond yields showed different trends, with some rising and some falling [25]. Foreign Exchange Market - The on - shore RMB against the U.S. dollar rose, while the central parity rate of the RMB against the U.S. dollar depreciated slightly. The U.S. dollar index rose, and most non - U.S. currencies fell [26]. Research Report Highlights - CITIC Securities expects the U.S. real GDP growth in Q4 2025 to decline compared to Q3, and in China, consumption will continue to recover moderately, and long - term bond yields may show a "first down then up" trend [27]. - Yangtze River Fixed Income believes that the bond market is constrained by the "impossible triangle," and the bond market may have a phased repair opportunity after the supply pressure of ultra - long bonds is digested, possibly in the second half of Q1 2026 [27]. Stock Market News - The A - share market had a narrow - range consolidation, with the Shanghai Composite Index slightly falling but still having 15 consecutive positive lines. The Shenzhen Component Index and the ChiNext Index fell, while the Wind All - A Index rose. The trading volume was 2.83 trillion yuan. Some themes such as commercial space, brain - computer interface, and nuclear fusion were active, while the large - finance and non - ferrous metals sectors were weak [30]. - The Hong Kong stock market declined, with the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index all falling. The "world's first large - model stock" Zhipu rose more than 13% on its first - listing day. Southbound funds had a net selling of 4.9 billion Hong Kong dollars, while Xiaomi Group received a net purchase [30]. - As of January 7, 2026, the margin trading balance in the A - share market exceeded 2.6 trillion yuan for the first time, reaching a record high [31].

Group 1 - The core viewpoint of the news is that the restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (China Aviation Oil) is a strategic move aimed at optimizing state-owned assets and enhancing core competitiveness in the energy sector, which will significantly reshape the domestic aviation fuel market and the entire energy supply chain [1][4][5] - The restructuring aligns with recent trends in state-owned enterprise (SOE) reforms, focusing on core responsibilities and enhancing competitiveness through integration, which is expected to lead to a more efficient allocation of resources [3][6] - China Aviation Oil, as the only supplier of civil aviation fuel in China, controls over 98% of the market for aviation fuel at civil airports, and the integration with Sinopec is anticipated to create synergies that enhance market control and risk resistance [3][4] Group 2 - The restructuring is seen as a signal for future SOE reforms, emphasizing professional integration and resource optimization to achieve greater competitiveness in key sectors [5][6] - The trend of SOE restructuring is shifting from merely addressing overcapacity and reducing competition to focusing on upgrading emerging industries and enhancing supply chain resilience [7] - The integration is expected to facilitate a seamless connection between Sinopec's refining capabilities and China Aviation Oil's distribution network, thereby stabilizing fuel supply for the aviation industry [3][6]

Market Overview - On January 8, the Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index decreased by 0.51%, and the ChiNext Index dropped by 0.82%. The total trading volume in the Shanghai and Shenzhen markets was 2.8 trillion yuan, a decrease of 53.8 billion yuan compared to the previous trading day, marking the fourth consecutive day of trading volume exceeding 2.5 trillion yuan. Over 3,700 stocks rose, with 111 stocks hitting the daily limit. Key sectors showing strength included commercial aerospace, brain-computer interface, controllable nuclear fusion, and AI applications, while large financials, rare earth permanent magnets, and non-ferrous metals saw significant declines [1][2]. International Market - In the U.S. stock market on January 8, the Dow Jones Industrial Average rose by 270.03 points to close at 49,266.11, a gain of 0.55%. The S&P 500 increased by 0.53 points to 6,921.46, a rise of 0.01%, while the Nasdaq Composite fell by 104.26 points to 23,480.02, a decline of 0.44%. In Europe, the FTSE 100 closed at 10,044.69, down 3.52 points (0.04%), while the CAC 40 rose by 9.55 points (0.12%) to 8,243.47, and the DAX increased by 5.20 points (0.02%) to 25,127.46 [2]. Oil Market - International oil prices rose on January 8, with light crude oil futures for February delivery increasing by $1.77 to $57.76 per barrel, a rise of 3.16%. Brent crude oil for March delivery rose by $2.03 to $61.99 per barrel, a gain of 3.39% [3]. Corporate Developments - The Ministry of Commerce of China responded to the review of Meta's acquisition of the AI platform Manus, stating that enterprises must comply with Chinese laws and regulations when engaging in foreign investment and technology cooperation [4]. - China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Holding Company announced a restructuring, which is expected to enhance the competitiveness of China's aviation fuel industry and support the green transformation of the aviation sector [5]. - Guangzhou's new plan aims to accelerate the development of strategic industries, including low-altitude economy and aerospace, with a focus on reusable rocket technology [6]. - Zhiyuan Technology is set to launch a new generation of foundational model GLM-5, with expectations of significant growth in the large language model market in the coming years [7]. - OpenAI introduced ChatGPT Health, targeting the rapidly growing AI healthcare market, which is projected to reach approximately $505.59 billion by 2033 [8]. Regulatory Actions - The State Administration for Market Regulation of China has conducted talks with six leading photovoltaic companies regarding anti-monopoly risks, emphasizing the need for compliance with regulations on production capacity and pricing [9]. - The Ministry of Industry and Information Technology has warned against irrational competition in the lithium battery industry, gathering major players to discuss regulatory measures [10][11]. Investment Insights - Xiangcai Securities suggests that long-term industrial upgrades in China may create a favorable policy environment for market stability, particularly benefiting sectors like insurance, agriculture, aerospace, and technology [12]. - Galaxy Securities highlights the investment opportunities in the "AI + manufacturing" sector, focusing on the entire value chain from upstream to downstream applications [12].

| 脂点资讯 SOURCE POINT | ○○ ■点资讯 SOURCE POINT | | --- | --- | | 可安期货 | | | VANCANIFILIAL | | | 燃料油早报 | | --- | | 研究中心能化团队 2026/01/09 | | --- | | 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 | | 2025/12/31 | 328.49 | 371.99 | -9.55 | 601.64 | -229.65 | 21.80 | 43.50 | | 2026/01/05 | 328.36 | 377.83 | -9.43 | 600.70 | -222.87 ...

变造资料等,我司均不承担任何责任。 华东基差(镇江库) 山乐县差 (+80) 2022 2021 2023 2024 2020 2025 华南基差(佛山库) 山东基差 安南县 700 700 600 600 500 500 400 400 300 300 200 200 100 100 10/1 11/1 9/1 -100 -200 -300 -300 研究中心能化团队 2026/1/9 周度变化 80 100 120 16 -1 31 110 73282 39668 2990 #N/A 110 190 210 230 #N/A 2026 2020 2022 2023 2024 2025 2026 2021 2020 ·2021 -2022 2023 ·2024 2025 ·2026 BU03-06 BU02-03 200 100 80 1 20 60 100 40 50 20 0 -20 -50 -40 -100 -60 -150 -80 -200 -100 2020 2024 2020 2021 2022 2023 2025 2026 2021 2023 2025 2026 2022 2024 BU主力合 ...

Group 1: Lithium Battery Industry - Longpan Technology has announced plans to build a new production base for high-pressure lithium iron phosphate with an annual capacity of 240,000 tons, with a total investment not exceeding 2 billion yuan, due to existing capacity being insufficient to meet customer demand [1] - Multiple companies, including Fulin Precision, Dongfang Zirconium, Zhongkuang Resources, and Xinzhoubang, have announced lithium battery project investments, continuing the expansion trend seen since 2025 [1] - Industry experts predict that the investment boom in the lithium battery sector will continue into 2026, driven by improving supply-demand dynamics [1] Group 2: Fund Sales and Regulations - The public fund industry is at a critical transformation point as the scale continues to reach new heights, with recent regulations aimed at reducing fund subscription and sales service fees to enhance investor experience [2] - The new regulations are designed to guide the fund industry back to long-term investment and strengthen investor satisfaction [2] Group 3: State-Owned Enterprise Restructuring - The restructuring of China Petroleum & Chemical Corporation and China Aviation Oil Group has been approved, aiming to reduce aviation fuel supply costs and enhance competitiveness in the aviation fuel industry [3] - This merger aligns with the trend of state-owned enterprise reform focused on optimizing capital layout and avoiding homogeneous competition [3] Group 4: H-Share Listings - Several A-share companies, including 聚辰股份 and 鹏辉能源, have announced plans for H-share listings, indicating a trend of companies seeking to capitalize on favorable policies and financing needs [4] - This "batch southward" movement is expected to reshape the Hong Kong stock market structure and enhance the global resource allocation capabilities of leading Chinese enterprises [4] Group 5: Commercial Aerospace - Several companies, dubbed "China's version of SpaceX," are vying to become the first commercial rocket stock, with valuations exceeding 10 billion yuan [6] - The commercial space race is intensifying, with significant capital influx and project competition, indicating a shrinking investment window [6] Group 6: Margin Trading in A-Shares - As the A-share market becomes more active, the margin trading balance has reached a historical high of 2.6047 trillion yuan, marking a significant increase [7] - The trading volume of margin transactions has also surged, with a notable increase in daily trading amounts [7] Group 7: Advanced Manufacturing in Guangzhou - Guangzhou's government has released a plan to accelerate the construction of an advanced manufacturing city, aiming for significant progress by 2030 [8] - The plan includes optimizing industrial structure and enhancing quality and efficiency, with a focus on creating world-class manufacturing clusters [8] Group 8: AI and Semiconductor Market - Beijing Zhiyu Huazhang Technology has become the first Hong Kong-listed company focused on original general models, with a market capitalization of 57.9 billion HKD [10] - The demand for AI computing power is driving a surge in storage chip prices, with significant increases noted in server memory costs due to structural supply-demand imbalances [10]

1月8日，经国务院批准，中国石化集团公司与中国航油集团公司实施重组。 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、油品和基础设施保障能力强、声誉好、 网络完善，具有明显的比较优势。我国航空燃料生产、销售、加注等业务分属不同企业，整体竞争能力与国际大型航空燃料服务商相比有待提升。两家企 业重组后，实现优势互补，有助于航空燃料产业进一步做强做优做大，提高竞争力。 中国石化和中国航油"强强联手"，还有利于促进可持续航空燃料产业高质量发展。 航空业碳排放是交通领域减排最困难的领域，可持续航空燃料（SAF）是公认的主要减排路线。中国石化是我国最早拥有SAF生产能力的企业，填补了国 产SAF在国产机型上的应用空白。中国航油在SAF推广应用和生态构建等环节占据重要地位。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。 来源：人民日报客户端，记者：李心萍 业内人士分析，中国石化和中国航油"强强联手"，有利于提升航煤产业链韧性，保障航空业能源安全。 根据标 ...

Group 1 - The article highlights that gold has become the largest reserve asset globally, surpassing the value of U.S. Treasury securities held overseas, with a value of $3.93 trillion compared to $3.88 trillion for U.S. debt [1] - The macroeconomic environment is supportive of precious metals, with easing inflation pressures and expectations of interest rate cuts from the Federal Reserve, which are expected to sustain the long-term upward trend of gold prices [2][19] - The supply of silver remains tight, with industrial demand, particularly from the photovoltaic sector, driving investment interest, while platinum demand is also expected to rise due to its use in hybrid vehicles and hydrogen energy [2][19] Group 2 - Lithium carbonate contracts continue to reach new highs, with strong terminal demand and a weekly production increase of 259 tons to 22,420 tons, despite anticipated declines in the production of ternary materials and lithium iron phosphate in January 2026 [3][23] - The social inventory of lithium carbonate has decreased by 168 tons to 109,605 tons, indicating a potential for upward price movement despite short-term price fluctuations [3][24] - The rubber market is experiencing price stability due to supply constraints and steady tire production, with expectations of a strong performance in rubber prices [4][16] Group 3 - The restructuring of China National Petroleum Corporation and China Aviation Oil Group is approved by the State Council, indicating a trend towards strategic and professional consolidation among state-owned enterprises [8] - The U.S. government is intervening in the financial market by purchasing $200 billion in mortgage-backed securities to lower mortgage rates, which is seen as a form of quantitative easing [6]