Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [6]. Core Insights - The company is positioned as a key player in national energy security and is actively embracing transformation towards green energy under the "dual carbon" goals [1][3]. - The company has a robust integrated business model across the entire oil and gas value chain, which helps it navigate through cyclical fluctuations [2]. - Future growth is expected to be driven by green transformation and industrial upgrades, focusing on optimizing refining structures and expanding into renewable energy sectors [3]. Summary by Sections Company Overview - The company has a 25-year history since its H-share listing, showcasing its evolution and core role in China's energy strategy [1][18]. - It is the largest oil and gas producer and refiner in China, with a significant oil reserve system and a nationwide network [1][23]. Integrated Business Model - Upstream: The company focuses on "increasing reserves and production," with shale oil production exceeding 1 million tons and proven shale gas reserves over 1 trillion cubic meters [2]. - Midstream: It has built a leading refining and intelligent refining base, with a network of over 30,000 gas stations and 28,000 convenience stores [2]. - Downstream: The company is implementing strategies to optimize refining structures and is exploring new energy businesses such as hydrogen and solar power [2][3]. Future Growth Engines - The company is enhancing its refining structure to increase the proportion of chemical products and high-end specialty oils, while also expanding into hydrogen and renewable energy [3]. - It is accelerating digital transformation and developing new business models in energy services [3]. Governance and Reforms - The company is advancing state-owned enterprise reforms to enhance governance efficiency and market-oriented management mechanisms [3]. - Its ESG performance is improving, attracting long-term capital [3]. Profit Forecast and Valuation - The company forecasts net profits of 401 billion, 462 billion, and 514 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.33, 0.38, and 0.43 yuan per share [3][5].

摘要：【图】2025年9月江苏省煤油产量数据分析 图表：江苏省煤油产量分月（当月值）统计 2025年1-9月煤油产量分析： 据国家统计局数据，在2025年的前9个月，江苏省规模以上工业企业煤油产量累计达到了354.9万吨，与 2024年同期的数据相比，增长了11.1%，增速较2024年同期低6.1个百分点，增速放缓，增速较同期全国 高7.1个百分点，约占同期全国规模以上企业煤油产量4462.5万吨的比重为8.0%。 图表：江苏省煤油产量分月（累计值）统计 2025年9月煤油产量分析： 单独看2025年9月份，江苏省规模以上工业企业煤油产量达到了38.7万吨，与2024年同期的数据相比，9 月份的产量增长了10.9%，增速较2024年同期高5.1个百分点，继续保持增长，增速较同期全国高2.5个 百分点，约占同期全国规模以上企业煤油产量531万吨的比重为7.3%。 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 石油行业现状与发展趋势 化工市场现状及前景分析 日化市场调研与发展前景润滑油发展现状及前景预测汽油市 ...

摘要：【图】2025年1-8月上海市汽油产量数据分析 2025年8月汽油产量统计： 汽油产量：47.3 万吨 同比增长：-1.4% 增速较上一年同期变化：高4.0个百分点 据统计，2025年1－8月，上海市规模以上工业企业汽油产量与上年同期相比下降了10.8%，达336.2万 吨，增速较上一年同期低14.7个百分点，增速较同期全国低5.1个百分点，约占同期全国规模以上企业汽 油产量10283.6万吨的比重为3.3%。详见下图： 图2：上海市汽油产量分月（累计值）统计图 图1：上海市汽油产量分月（当月值）统计图 据统计，2025年8月上海市规模以上工业企业汽油产量与上年同期相比下降了1.4%，达47.3万吨，增速 较上一年同期高4.0个百分点，增速较同期全国高0.3个百分点，约占同期全国规模以上企业汽油产量 1347.7万吨的比重为3.5%。 详见下图： 2025年1-8月汽油产量统计： 汽油产量：336.2 万吨 同比增长：-10.8% 增速较上一年同期变化：低14.7个百分点 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 ...

Core Insights - Zhejiang Special Equipment Research Institute successfully completed inspection tasks for five core units at China National Petroleum Corporation's Yunnan Petrochemical enterprise, highlighting its role in ensuring energy security in Southwest China [1] Group 1: Project Overview - The inspection project involved five core units, including hydrogenation and coking facilities, which are critical for the stable operation of energy infrastructure [1] - The project was initiated in June 2025, with pre-inspection preparations to maximize efficiency and ensure timely production recovery [1] Group 2: Inspection Details - Over 30 inspection personnel worked continuously for more than a month, with the longest shift lasting 52 days [1] - The team identified multiple safety hazards in 92 pieces of equipment, demonstrating high precision and efficiency in their work [1] Group 3: Response and Rectification - The local departments of Yunnan Petrochemical took the issues and recommendations from Zhejiang Special Equipment Research Institute seriously, implementing repair suggestions to enhance safety during the overhaul [1]

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has applied for a patent titled "A Hydrogenation Process and Coupling System for C5 Residual Oil," with publication number CN121271590A, and the application date is July 2024 [1] - The patent describes a hydrogenation process that includes mixing C5 residual oil with high-temperature gas, undergoing hydrogenation reactions under liquid phase conditions, and ultimately producing ethylene feedstock [1] - The process aims to enhance the removal of olefins from C5 residual oil, increase processing capacity, simplify the overall process, and reduce investment costs [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 made investments in 267 enterprises and participated in 5,000 bidding projects, holding 45 trademark records and 5,000 patent records [2] - Sinopec (Dalian) Petrochemical Research Institute, founded in 2022, focuses on research and development, with a registered capital of approximately 338.46 million RMB and has participated in 2,826 bidding projects [2]

单独看2025年9月份，黑龙江省规模以上工业企业柴油产量达到了44.1万吨，与2024年同期的数据相 比，9月份的产量增长了13.7%，增速较2024年同期高6.0个百分点，继续保持增长，增速较同期全国高 10.6个百分点，约占同期全国规模以上企业柴油产量1741.8万吨的比重为2.5%。 摘要：【图】2025年1-9月黑龙江省柴油产量数据分析 2025年1-9月柴油产量分析： 据国家统计局数据，在2025年的前9个月，黑龙江省规模以上工业企业柴油产量累计达到了374.7万吨， 与2024年同期的数据相比，增长了7.3%，增速较2024年同期低13.5个百分点，增速放缓，增速较同期全 国高9.8个百分点，约占同期全国规模以上企业柴油产量14691万吨的比重为2.6%。 图表：黑龙江省柴油产量分月（累计值）统计 2025年9月柴油产量分析： 图表：黑龙江省柴油产量分月（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 石油发展现状及前景预测 化工市场调研及发展趋势 日化行业监测及发展趋势 润滑油未 ...

港股通数据统计周报 2025.12.29-2026.01.04 港股通前十大净买入/卖出公司 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 目录 2 l 港股通前十大净买入/卖出公司 l 港股通净买入/卖出行业分布 l 港股通前十大活跃个股 l 港股通与南下资金介绍 3 港股通本周前十大净买入公司（2025.12.29-2026.01.04） | 序号 | 证券代码 | 证券简称 | 行业 | 港股通持股变动数 | 净买入金额（亿元） | | --- | --- | --- | --- | --- | --- | | 1 | 1288.HK | 农业银行 | 金融 | 181815021 | 10.51 | | 2 | 1398.HK | 工商银行 | 金融 | 103355393 | 6.50 | | 3 | 0386.HK | 中国石油化工股份 | 能源 | 74759971 | 3.49 | | 4 | 1117.HK | 现代牧业 | 日常消 ...

1. Report Industry Investment Rating - The unilateral strategy is cautiously bullish, suggesting buying the main contract of BU on dips without over - chasing the rise; for the inter - period strategy, it is recommended to buy the spread of BU2303/2306 on dips (positive spread trading); there are no suggestions for inter - variety, spot - futures, and options strategies [2] 2. Core View - On January 6, the closing price of the main BU2603 contract of asphalt futures in the afternoon session was 3,156 yuan/ton, down 7 yuan/ton or 0.22% from the previous settlement price. The position was 209,414 lots, up 6,685 lots from the previous day, and the trading volume was 224,437 lots, down 25,877 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were 3,306 - 3,500 yuan/ton in the Northeast, 3,020 - 3,190 yuan/ton in Shandong, 3,100 - 3,150 yuan/ton in South China, and 3,100 - 3,200 yuan/ton in East China. The spot prices of asphalt in North China, East China, and Sichuan - Chongqing regions continued to rise, while that in South China slightly declined, and those in other regions remained basically stable [1] - Although the spot circulation in South China increased slightly due to the implementation of new contracts from Jingbo Hainan, the overall spot circulation in some areas was still tight, and the price - holding mentality in local markets was strong, so the average domestic asphalt price continued to rise [1] - Due to the uncertain situation in South America, there is still an expectation of tightened crude oil supply from Venezuela. Although refineries can find alternative heavy - quality raw materials from the Middle East, Canada, and South America in the future, the cost increase is inevitable, providing short - term support to the market [1] 3. Summary by Relevant Catalogs Market Analysis - Futures market: The closing price of the main BU2603 contract of asphalt futures on January 6 was 3,156 yuan/ton, with a decline of 0.22% from the previous settlement price. The position increased, and the trading volume decreased [1] - Spot market: The spot settlement prices of heavy - traffic asphalt varied by region. The prices in some regions rose, some declined slightly, and some remained stable. The overall average domestic asphalt price continued to rise due to tight supply in some areas [1] - Cost side: Uncertainties in the South American situation lead to an expectation of tightened Venezuelan crude oil supply. Although there are alternative raw materials, cost increase is likely, providing short - term market support [1] Strategy - Unilateral: Cautiously bullish, buy the main contract of BU on dips, avoid over - chasing the rise [2] - Inter - period: Buy the spread of BU2303/2306 on dips (positive spread trading) [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2]

2025年9月燃料油产量分析： 摘要：【图】2025年9月河南省燃料油产量数据 2025年1-9月燃料油产量分析： 据国家统计局数据，在2025年的前9个月，河南省规模以上工业企业燃料油产量累计达到了40.8万吨， 与2024年同期的数据相比，下降了13.6%，增速较2024年同期低7.1个百分点，增速较同期全国低10.6个 百分点，约占同期全国规模以上企业燃料油产量3197.7万吨的比重为1.3%。 图表：河南省燃料油产量分月（累计值）统计 图表：河南省燃料油产量分月（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 单独看2025年9月份，河南省规模以上工业企业燃料油产量达到了5.0万吨，与2024年同期的数据相比， 9月份的产量下降了10.2%，增速较2024年同期低110.3个百分点，增速较同期全国低8.3个百分点，约占 同期全国规模以上企业燃料油产量359.4万吨的比重为1.4%。 石油化工行业最新动态 石油行业现状与发展趋势 化工市场现状及前景分析 日化市场调研与发展前景润滑油发展现状及前景预测汽油市场调 ...

Group 1 - In the first eight months of 2025, the petroleum coke production in Shaanxi Province reached 76,000 tons, representing a 9.9% increase compared to the same period in 2024, which is 14.5 percentage points higher than the national growth rate [1] - The total petroleum coke production in China during the same period was 20.831 million tons, with Shaanxi Province accounting for 0.4% of this total [1] Group 2 - In August 2025, the petroleum coke production in Shaanxi Province was 7,000 tons, showing a decrease of 22.0% compared to August 2024, which is 16.2 percentage points lower than the national growth rate [2] - The national petroleum coke production in August 2025 was 2.549 million tons, with Shaanxi Province contributing 0.3% of this total [2]