Core Viewpoint - The recent meeting of the Central Financial Committee emphasizes the deepening of the construction of a unified national market, with a focus on the basic requirements of "Five Unifications and One Opening" [1][2]. Group 1: Five Unifications and One Opening - The basic requirements of "Five Unifications and One Opening" include unifying market basic systems, infrastructure, government behavior standards, market supervision and law enforcement, and resource markets, while continuously expanding domestic and international openness [2][5]. - The shift from "Five Unifications and One Breaking" to "Five Unifications and One Opening" reflects a strategic upgrade, indicating a transition from breaking down barriers to enabling openness and collaboration [3][4]. Group 2: Focus Areas and Implementation - The meeting highlights the need to focus on key challenges such as regulating low-price disorderly competition among enterprises, enhancing product quality, and promoting the orderly exit of outdated production capacity [6][11]. - The establishment of foundational systems for the unified national market is underway, including the introduction of the "Fair Competition Review Regulations" to ensure equal participation in market competition [4][5]. Group 3: International Trade and Market Integration - The emphasis on expanding domestic and international openness is crucial for the construction of a unified national market, with a focus on integrating domestic and foreign trade to facilitate the flow of goods and resources [8][9]. - The meeting stresses the importance of promoting high-level openness and the integration of domestic and international markets as a pathway to enhance economic resilience [8][10].

Investment Rating - The report maintains an "Overweight" rating for the oil and gas sector and the basic chemicals sector [6]. Core Viewpoints - The energy structure transition is accelerating, and China's oil demand is entering a "platform period" with a projected stable demand of 760-770 million tons from 2025 to 2027, reflecting a year-on-year growth rate of 0.5%-0.6% [14][16]. - The growth engine is shifting from "fuel-driven" to "material-driven," with the total oil demand expected to reach 800-820 million tons by 2027, growing at a rate of 0.9%-1.3% [14][34]. - The electrification in the transportation sector is significantly impacting fuel consumption, with gasoline and diesel demand expected to peak in 2024 and enter a downward trend [15][23]. - The chemical raw materials sector is becoming a new engine for oil demand growth, supported by domestic demand recovery and export-driven growth [15][16]. Summary by Sections Energy Structure Transition - China's oil demand is projected to stabilize at 760-770 million tons from 2025 to 2027, with a year-on-year growth rate of 0.5%-0.6% [14][34]. - The shift in growth drivers from fuel to materials is evident, with chemical raw materials expected to contribute significantly to oil demand [14][16]. Transportation Sector Impact - The electrification of vehicles is leading to a direct impact on fuel consumption, with gasoline and diesel demand expected to peak in 2024 [15][23]. - The demand for aviation fuel is expected to grow moderately due to the recovery in air travel and fleet expansion [15][16]. Chemical Raw Materials Demand - The chemical raw materials sector is expected to drive oil demand growth, with increasing domestic demand and high-end product import substitution [15][16]. - The self-sufficiency rate of olefins is improving, while the demand for aromatics is expected to grow rapidly due to structural supply-demand gaps [15][16]. Refining Industry Outlook - The refining industry is expected to benefit from the optimization of supply structures and the gradual elimination of outdated capacities [16]. - Major refining companies like Sinopec and Hengli Petrochemical are expected to gain from these trends, with long-term investment opportunities emerging as oil prices stabilize [16][34].

Core Insights - The Haifa refinery, operated by Bazan Group, has partially resumed production following a missile attack by Iran two weeks ago [1] - Full operational capacity is expected to be restored by October of this year [1] - The missile attack resulted in damage to pipelines and power lines, and led to the death of three employees [1]

以色列的炼油厂预计将于2025年10月全面恢复运营。 ...

在此前伊朗导弹袭击导致炼油产停止运营后，以色列海法的部分炼油活动已恢复。 ...

伊朗国家媒体：伊朗塔布里兹炼油厂上升的烟雾是由氮气罐爆炸引起的。初步调查显示，事故未造成人 员伤亡。塔布里兹炼油厂正常运行。 ...

金十数据6月27日讯，俄罗斯6月成品油出口降至8个月来最低水平，原因是供应波罗的海港口的炼油厂 延长检修周期，同时俄罗斯为应对即将到来的农忙季和假日消费高峰，优先保障国内供应稳定。分析公 司Vortexa数据显示，6月前20天，精炼燃料海运运输量总计为每天200万桶，创去年10月以来最低，同 比环比均下滑8%。波罗的海港口货运量较5月下降幅度最大，超过15%。"今年早些时候的无人机袭击 可能会延长装置的检修期，"Vortexa市场分析师Mick Strautmann表示。 俄罗斯成品油出口降至八个月来最低 ...

Group 1 - The PetroPars company, a subsidiary of the National Iranian Oil Company, announced that the damaged facilities at the Pars refinery in southern Iran have been repaired and the refinery has resumed operations [1] - The Pars refinery was affected by an Israeli airstrike on June 14, which caused explosions and fires at two refineries in Bushehr province, including the 14th phase project facilities of the Pars refinery [1]

Core Viewpoint - The Vietnamese Ministry of Trade has stated that the country's oil refineries have not been affected by the escalating tensions in the Middle East [1] Group 1 - The Vietnamese oil refining sector remains stable despite geopolitical tensions [1]

EIA数据显示，美国炼油厂利用率在最近一周上升至2024年7月以来的最高水平。 ...