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。 来源：国资委网站、央视财经、经济参考报、公开信息 中国石化和中国航油的重组并非个例。回望"十四五"，国资央企大力推进布局优化结构调整，聚焦战略安全、产业引领、国计民生、公 共服务等，以市场化方式重组了6组10家企业，新组建、设立了中国星网、中国电气装备集团等9家中央企业。 在此前举行的中央企业负责人会议上，国务院国资委主任张玉卓表示，2026年国资央企将大力推进战略性、专业化重组整合和高质量并 购。 为什么选择重组？ 从市场角度看，航空业复苏势头强劲，2025年全球航油需求3.89亿吨，同比增长3.9%；国内航油需求超4000万吨，是少数仍有增长潜力 的油品。对中国石化来说，需要更直接的销售渠道；对中国航油来说，重组能够带来更稳定的上游资源，降低中间成本。 重组有哪些战略意义？ 中国石化的可持续航空燃料，也就是SAF产品已在国产大型客机C919和ARJ21上完成试飞，相比传统航油，绿色航油全生命周期可降低 50%以上的碳排放量。而中国航油为全球585家航空客户提供油品保障，在SAF的推广应用和生态构建等环节占据行业主导地位。这次重 组将推动 ...

Group 1 - The core viewpoint of the news is the restructuring between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group, which has been approved by the State Council [1][4] - The restructuring is expected to enhance strategic complementarity and synergy, improving the overall market competitiveness of both companies [5] - China Aviation Oil Group is the largest aviation fuel procurement and service company in Asia, providing fuel supply to 258 transport airports and 454 general airports in China [4][5] Group 2 - The restructuring will allow Sinopec to leverage China Aviation Oil Group's distribution network to expand its market share in aviation fuel and achieve integration of production and sales [5] - China Aviation Oil Group will benefit from more stable upstream resource supply, enhancing its bargaining power in the international aviation fuel market [5] - The restructuring is seen as a step towards supporting the green transition of the aviation industry, which is crucial for achieving China's carbon neutrality goals [6][7] Group 3 - Sinopec has been actively developing renewable energy technologies, with sustainable aviation fuel (SAF) being a key focus area [7] - The collaboration between Sinopec and China Aviation Oil Group is expected to create more opportunities beyond traditional aviation fuel business, potentially reshaping the competitive landscape of the traditional energy market [7]

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is expected to enhance the resilience of the aviation fuel supply chain and ensure energy security for the aviation industry in China [1][2]. Group 1: Restructuring Benefits - The merger will leverage the integrated refining and aviation fuel supply assurance systems of both companies, reducing intermediaries and lowering supply costs [1]. - The combined strengths of Sinopec and China Aviation Oil will enhance the international competitiveness of China's aviation fuel industry, which currently lags behind major integrated oil companies like Shell, BP, and ExxonMobil [1]. Group 2: Sustainable Aviation Fuel (SAF) Development - The aviation sector is one of the most challenging areas for carbon emission reduction, with sustainable aviation fuel (SAF) recognized as a key solution [2]. - Sinopec is a pioneer in SAF production in China, addressing the application gap for domestic aircraft, while China Aviation Oil plays a crucial role in promoting SAF and building the necessary ecosystem [2]. - The merger will facilitate collaboration in SAF research and development, industrialization, storage, transportation, and international trade, driving high-quality development of the SAF industry and supporting carbon reduction in aviation [2].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Report's Core View - PP is expected to have limited upside potential due to limited improvement in the supply - demand pattern and shorter downstream order cycles, despite a warm macro - atmosphere [1]. - The L - PP spread is expected to decline as there is new plastic production capacity coming online and the agricultural film peak season is ending [1]. 3. Summary by Relevant Catalogs 3.1. Market Analysis - As of the week ending January 2nd, the PP downstream operating rate decreased by 0.48 percentage points to 52.76% week - on - week, at a relatively low level in the same period over the years. The operating rate of plastic weaving, the main downstream of拉丝, dropped by 0.60 percentage points to 43.14%, and orders continued to decline slightly, slightly lower than the same period last year [1][4]. - On January 8th, new maintenance units such as Fujian United's second - line were added. The PP enterprise operating rate dropped to around 78.5%, at a low level, and the production ratio of standard product拉丝 decreased to around 22.5% [1][4]. - The inventory accumulation during the New Year's Day this year was not significant, and the current petrochemical inventory is at a neutral level in the same period in recent years [1][4]. - On the cost side, although the US military raid on Venezuela has caused geopolitical concerns, the key oil facilities in the country are intact, and its production accounts for less than 1% of the global supply. Trump said Venezuela will transfer 30 - 50 million barrels of oil to the US, and the crude oil price remains weak [1]. - There is new production capacity of 400,000 tons/year from PetroChina Guangxi Petrochemical put into operation in mid - October, and the number of maintenance units has increased recently. The downstream is at the end of the peak season, orders continue to decline, and the market lacks large - scale centralized procurement [1]. - In December, China's manufacturing PMI, non - manufacturing business activity index, and comprehensive PMI output index all rose to the expansion range. The Ministry of Finance has pre - allocated the 2026 trade - in and "two - heavy" quotas, which warms the macro - atmosphere and boosts market sentiment [1]. 3.2. Futures and Spot Market Conditions - Futures: The PP2605 contract oscillated with a reduction in positions. The lowest price was 6456 yuan/ton, the highest was 6532 yuan/ton, and it finally closed at 6484 yuan/ton, above the 20 - day moving average, with a gain of 0.31%. The open interest decreased by 8586 lots to 511,792 lots [2]. - Spot: Most PP spot prices in various regions were stable. The price of拉丝 was reported at 6020 - 6480 yuan/ton [3]. 3.3. Fundamental Tracking - Supply: On January 8th, new maintenance units were added, the PP enterprise operating rate dropped to around 78.5%, and the production ratio of standard product拉丝 decreased to around 22.5% [1][4]. - Demand: As of the week ending January 2nd, the PP downstream operating rate decreased by 0.48 percentage points to 52.76% week - on - week, at a relatively low level in the same period over the years. The operating rate of plastic weaving, the main downstream of拉丝, dropped by 0.60 percentage points to 43.14%, and orders continued to decline slightly, slightly lower than the same period last year [1][4]. - Inventory: On Thursday, the petrochemical morning inventory decreased by 35,000 tons to 575,000 tons week - on - week, the same as the same period last year. The current petrochemical inventory is at a neutral level in the same period in recent years [4]. - Raw materials: The Brent crude oil 03 contract dropped to $60/barrel, and the CFR propylene price in China increased by $5/ton to $745/ton week - on - week [4].

Group 1 - The State-owned Assets Supervision and Administration Commission of the State Council announced the restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Holding Company, approved by the State Council [1] Group 2 - Sinopec is the largest supplier of refined oil and petrochemical products in China, recognized as the world's largest refining company and the second-largest chemical company [3] - Sinopec's business scope includes oil and gas exploration, extraction, transportation, sales, refining, and petrochemical production, as well as investment management and engineering services [3] Group 3 - China Aviation Oil is the largest aviation fuel procurement and transportation service provider in Asia, serving 258 transportation airports and 454 general airports in China [3] - The company provides fuel supply guarantees for 585 global airline customers and offers wholesale, retail, storage, and distribution services for gasoline, diesel, and petrochemical products across 26 provinces, municipalities, and autonomous regions [3]

Group 1 - The core point of the article is the restructuring between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group, which has been approved by the State-owned Assets Supervision and Administration Commission of the State Council [1] - China Aviation Oil is the largest aviation fuel procurement and logistics service provider in Asia, while Sinopec is the world's largest refining company and China's largest aviation fuel producer [3] - China Aviation Oil Singapore, listed on the Singapore Exchange, plays a crucial role in the international strategy of China Aviation Oil Group, dominating the aviation fuel import market in China with nearly 100% market share [3] Group 2 - China Aviation Oil Group's subsidiary, China Aviation Oil Group Petroleum Co., primarily engages in wholesale, retail, and storage of refined oil, with a significant presence in the market, including 315 gas stations and various energy service facilities [4] - The aviation fuel consumption in China is projected to reach nearly 1 million barrels per day by 2025, with an estimated market size of approximately $30 billion, making it one of the largest civil aviation markets globally [4] - The restructuring aims to create a "giant" in the aviation fuel sector, focusing on achieving full-chain integration from refining to fueling, which could reshape the competitive landscape of the domestic aviation fuel market [5]

Group 1 - The core viewpoint of the news is that the merger between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group will enhance the resilience of the aviation fuel supply chain and ensure energy security for the aviation industry in China [1][2] - According to Standard & Poor's, China's aviation fuel consumption is projected to grow from 39.28 million tons in 2024 to 75 million tons by 2040, indicating a significant increase in demand [1] - The merger will leverage the integrated refining and aviation fuel supply assurance systems of both companies, reducing intermediaries and lowering supply costs, thereby providing strong support for energy security in the aviation sector [1] Group 2 - The collaboration between Sinopec and China Aviation Oil is expected to enhance the international competitiveness of China's aviation fuel industry, which currently faces challenges compared to major international players like Shell, BP, and ExxonMobil [1] - The merger will facilitate the development of sustainable aviation fuel (SAF), with Sinopec being one of the earliest companies in China to have SAF production capabilities, and China Aviation Oil playing a crucial role in the promotion and ecological construction of SAF [2] - By combining their strengths in technology research and development, industrialization capabilities, storage, transportation, and international trade, the two companies aim to promote the research, use, and continuous iteration of SAF, contributing to high-quality development of the aviation industry and carbon reduction efforts [2]

Core Viewpoint - The restructuring between Sinopec and China Aviation Oil aims to enhance the international competitiveness of China's aviation fuel industry, improve supply resilience, operational efficiency, and facilitate low-carbon transition [1][5]. Industry Integration and Cost Reduction - The merger will effectively integrate Sinopec's large-scale refining capabilities with China Aviation Oil's fuel reserves and terminal refueling network, creating a comprehensive "resource-refining-logistics-airport" supply chain to reduce intermediate steps and ensure energy security for China's aviation sector [6][7]. - The restructuring seeks to address the previously fragmented nature of China's aviation fuel industry, which has lagged behind integrated giants like Shell, by combining Sinopec's strengths in crude oil acquisition and refining with China Aviation Oil's distribution network [2][6]. Promotion of Sustainable Aviation Fuel Development - The merger is expected to significantly advance the sustainable aviation fuel (SAF) sector, which is critical for decarbonizing the aviation industry, recognized as one of the most challenging sectors to reduce emissions [3][8]. - Sinopec has made key breakthroughs in SAF technology and its application in domestic aircraft, while China Aviation Oil plays a crucial role in the downstream aspects of the SAF supply chain, including fuel system adaptation and commercialization [4][8]. - The integration will create a complete industrial loop from "laboratory to wing," accelerating technological iterations, cost optimization, and large-scale market application of SAF, thereby establishing a solid foundation for China's leadership in the global low-carbon aviation transition [4][8].

记者：孙杰 目前，中国石化是中国最大的成品油和石化产品供应商，世界第一大炼油公司、第二大化工公司，加油 站总数位居世界第二。 中国航空油料集团有限公司（简称"中国航油"）原隶属于中国人民解放军空军，1980年随同民航从空军 建制分立出来，1990年组建中国航油总公司，2002年在此基础上成立中国航空油料集团公司，并于2003 年成为国务院国资委直接管理的中央企业。 据了解，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，为国内258个运输机场和454个通用机场提供供油保障。 来源：北京日报客户端 今年首例央企重组来了。1月8日，国务院国资委官网发布消息，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实施重组。在央企名录里，两家央企的序号分别为第12和第88。 中国石油化工集团有限公司（简称中国石化）的前身是成立于1983年7月的中国石油化工总公司。1998 年7月，按照党中央关于实施石油石化行业战略性重组的部署，在原中国石油化工总公司基础上重组成 立中国石油化工集团公司，2018年8月，经公司制改制为中国石油化工集团有限公司。公司是上下游、 ...

Group 1 - Vanke announced that Mr. Yu Liang will submit his resignation report to the board of directors on January 8, 2026, due to retirement [1] - After resigning, Mr. Yu Liang will no longer hold any position within the company [1] Group 2 - Sinopec and China Aviation Oil have officially announced a restructuring [3] - Nearly 100 Chinese semiconductor companies have entered the A-share and Hong Kong stock markets, with 10 already having completed their IPOs [3]