智通财经APP讯，中石化炼化工程(02386)公布，董事会已于近日收到中国证监会就公司实施 H股全流通 出具的备案通知书。根据备案通知书，公司已就H股全流通(内容有关中国石油集团所持的219,980,000 股内资股转换为219,980,000股H股)向中国证监会完成备案。备案通知书的有效期为12个月。公司将向 香港联交所申请批准该等H股于香港联交所主板上市及买卖。 ...

格隆汇1月27日丨中石化炼化工程(02386.HK)宣布，董事会已于近日收到中国证监会就公司实施H股全 流通出具的备案通知书。根据备案通知书，公司已就H股全流通(内容有关中国石油集团所持的 219,980,000股内资股转换为219,980,000股H股)向中国证监会完成备案。备案通知书的有效期为12个 月。公司将向香港联交所申请批准该等H股于香港联交所主板上市及买卖。 ...

该基金属于偏股混合型基金。截至1月22日，单位净值为1.168元。基金经理是王喆和杜超，目前共同管理的2只基金近一年均为正收益。其中，截至1月22 日，国联匠心优选混合A近一年复权单位净值增长率最高，达40.67%；国联高股息混合A最低，为11.3%。 基金管理人在四季报中表示，股票市场方面，四季度呈现明显的震荡特征，结构性行情较为活跃，中小市值与成长板块波动加大。以科技创新和新质生产力 为代表的方向，在政策预期与产业进展的阶段性催化下反复表现，但行情持续性更加依赖盈利与现金流的验证。我们在交运、银行、电力及公用事业等高股 息行业进行重点配置。 截至1月22日，国联高股息混合A近三个月复权单位净值增长率为0.53%，位于同类可比基金578/621；近半年复权单位净值增长率为2.29%，位于同类可比基 金587/621；近一年复权单位净值增长率为11.30%，位于同类可比基金592/613；近三年复权单位净值增长率为2.83%，位于同类可比基金384/535。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 AI基金国联高股 ...

Group 1 - The core point of the news is that southbound funds have reduced their holdings in Sinopec Engineering (02386.HK) by 294,000 shares on January 9, 2026, marking a trend of net reductions over the past trading days [1] - Over the last five trading days, southbound funds have reduced their holdings for four days, with a total net reduction of 3,479,000 shares [1] - In the last twenty trading days, there were ten days of net increases in holdings, totaling 393,800 shares [1] Group 2 - As of now, southbound funds hold 386 million shares of Sinopec Engineering, which accounts for 27.03% of the company's total issued ordinary shares [1] - The trading data shows a fluctuation in total holdings, with a decrease of 294,000 shares on January 9, 2026, representing a change of -0.08% [2] - The company operates in four segments: design, consulting and technology licensing; engineering contracting; construction services; and equipment manufacturing [2]

Group 1 - FMR LLC reduced its stake in Sinopec Engineering (02386) by 3.922 million shares at a price of HKD 7.5696 per share, totaling approximately HKD 29.688 million [1] - After the reduction, FMR LLC's remaining shareholding is approximately 114 million shares, representing a holding percentage of 7.99% [1]

Group 1 - FMR LLC reduced its stake in Sinopec Engineering (02386) by 3.922 million shares at a price of HKD 7.5696 per share, totaling approximately HKD 29.688 million [1] - After the reduction, FMR LLC's remaining shareholding is approximately 114 million shares, representing a holding percentage of 7.99% [1]

Group 1 - The company announced the acquisition of 100% equity of East China Pipeline Design Institute from a subsidiary of Sinopec, with a transaction price of 191 million yuan [1] - This acquisition will enhance the company's qualifications in the pipeline transportation sector and strengthen its competitiveness in the industry [1] - East China Pipeline Design Institute, established in 1993, specializes in the storage and transportation of petroleum and chemical products, with a projected net profit of 10.48 million yuan for 2024 and a net asset value of 168 million yuan as of August 31, 2025 [1] Group 2 - The company has accelerated its domestic and international market expansion, achieving a new contract amount of 91.3 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 24.4% [2] - The domestic new contract amount reached 54.5 billion yuan, with a year-on-year increase of 16.3%, while overseas contracts amounted to 36.9 billion yuan, growing by 38.6% [2] - The company is expected to benefit from the growing capital expenditure in the petrochemical industry and the active market in the Middle East, enhancing its order acquisition prospects [2] Group 3 - The acquisition of East China Pipeline Design Institute is expected to expand the company's business qualifications in pipeline transportation, further enhancing overall competitiveness [3] - The company maintains its profit forecast, expecting net profits of 2.595 billion, 2.760 billion, and 2.902 billion yuan for 2025-2027, with corresponding EPS of 0.59, 0.63, and 0.66 yuan per share [3] - The company is backed by Sinopec's resource advantages and is continuously expanding its domestic and international markets, indicating potential for sustained growth [3]

Core Viewpoint - The company is expanding its pipeline and storage business capabilities through the acquisition of a 100% stake in the East China Pipeline Design Institute for a transaction price of 191 million yuan, enhancing its competitiveness in the sector [4][5]. Group 1: Acquisition Details - The company’s wholly-owned subsidiary, Nanjing Engineering Company, signed a share transfer agreement with a subsidiary of Sinopec to acquire the East China Pipeline Design Institute [4]. - The East China Pipeline Design Institute, established in 1993, specializes in the storage and transportation of petroleum and chemical products, with a projected net profit of 10.48 million yuan for 2024 and a net asset value of 168 million yuan as of August 31, 2025 [5]. Group 2: Strategic Benefits - This acquisition will strengthen the company's integrated EPC service capabilities across the entire business chain, from design to procurement and construction [5]. - The transaction will enhance the company’s qualifications and execution capabilities in long-distance pipelines and storage facilities, facilitating entry into emerging markets such as hydrogen pipelines and aviation fuel pipelines [5]. - The acquisition is expected to provide significant leverage for the company to expand its engineering services in the Middle East, thereby enhancing its international market competitiveness [5]. Group 3: Market Growth Potential - The company has accelerated its domestic and international market expansion, achieving a new contract amount of 91.3 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 24.4% [6]. - The domestic new contract amount reached 54.5 billion yuan, up 16.3% year-on-year, while overseas contracts totaled 36.9 billion yuan, reflecting a 38.6% increase [6]. - As of September 2025, the company’s uncompleted contract amount stood at 215.5 billion yuan, marking a 24.8% year-on-year growth, indicating a robust pipeline for future revenue [6].

Group 1 - The core viewpoint of the report is that Sinopec Engineering (02386) is acquiring the East China Pipeline Design Institute, which will enhance the company's qualifications in the pipeline transportation sector and strengthen its overall competitiveness [1][2]. - The acquisition price for the East China Pipeline Design Institute is set at 191 million yuan [2]. - The East China Pipeline Design Institute, established in 1993, specializes in the storage and transportation of petroleum and chemical products, and has a net profit of 10.48 million yuan for 2024, with a net asset value of 168 million yuan as of August 31, 2025 [3]. Group 2 - The acquisition will consolidate the company's capabilities in providing integrated EPC services across the entire business chain, from design to procurement and construction [3]. - The transaction will enhance the company's qualifications and execution capabilities in long-distance pipelines and storage facilities, facilitating entry into emerging markets such as hydrogen pipelines and aviation fuel pipelines [3]. - The company has seen a rapid increase in new contracts, with a total of 91.3 billion yuan signed in the first three quarters of 2025, representing a year-on-year growth of 24.4%, including 54.5 billion yuan domestically and 36.9 billion yuan overseas [4].

风险提示：炼化行业景气度波动风险，项目进度不及预期，海外市场风险。 华东管道设计院于1993年成立，主营业务包括石油及化工产品储运、管道输送、油气库等。2024年华东 管道设计院税后净利润为1048万元，截至2025年8月31日的净资产为1.68亿元。华东管道设计院拥有专 业甲级资质1项：石油天然气(海洋石油)行业管道输送专业。本次交易将进一步巩固公司从设计到采 购、施工的全业务链、一体化EPC服务能力。此外，通过本次交易，公司将增加并不断丰富长输管道及 储运设施EPC资质和工程执行能力，为拓展氢能管道、航煤管道、化工品长输管道等新兴市场创造条 件;本次交易还将为公司开拓中东地区储运工程建设市场增添重要筹码，进一步扩大工程服务范围，做 强做优做大境外业务，增强国际市场竞争能力。 国内外新签合同快速增长，公司加强市场开拓有望充分受益 公司加快国内外市场拓展，新签合同额快速增长，2025年前三季度，公司新签合同额为913亿元，同比 增长24.4%，其中，国内新签合同545亿元，同比增长16.3%，海外新签合同369亿元，同比增长38.6%。 截至2025年9月，公司未完成合同额为2155亿元，同比增长24.8%。 ...