东吴证券近日发布能源化工：2025年7月15日，中华人民共和国应急管理部发布《国务 院安委会办公室部署开展黑加油点"大扫除"专项整治行动》，部署从2025年6月至12月，在 全国范围内开展黑加油点"大扫除"专项整治行动，专项整治行动严厉打击非法成品油生产和 销售行为。 以下为研究报告摘要： 事件：2025年7月15日，中华人民共和国应急管理部发布《国务院安委会办公室部署开 展黑加油点"大扫除"专项整治行动》，部署从2025年6月至12月，在全国范围内开展黑加油 点"大扫除"专项整治行动，专项整治行动严厉打击非法成品油生产和销售行为。 加大成品油消费税监管力度，炼油及销售行业集中度有望进一步提高：国家加强成品油 消费税征收执法力度，继续推进成品油消费税改革。合法经营的企业将面临更公平的竞争环 境，而非法经营的企业或将被逐步清除，导致行业集中度提高。 我国半数加油站为民营加油站，销售成品油总量约为全国消费量的25%。 1）从加油站分布来看，2023年我国合计12.3万座加油站，主要分布于山东、河南、河 北、广东等区域。其中，民营加油站数量庞大，约6.4万座（占我国加油站总数的52%）； 其余5.9万座加油站由央企 ...

Investment Rating - The report maintains an "Accumulate" rating for the oil and petrochemical industry [1]. Core Insights - The report highlights the implementation of a special rectification campaign against illegal fuel sales, which is expected to enhance the concentration in the refining and sales sectors [7]. - The National Development and Reform Commission has set a target to limit the national crude oil processing capacity to 1 billion tons by the end of 2025, with over 30% of capacity exceeding energy efficiency benchmarks [2]. - The report notes that as of 2023, there are approximately 123,000 gas stations in China, with private stations accounting for 52% of the total, selling about 25% of the country's refined oil consumption [7]. Summary by Sections Industry Overview - The report discusses the ongoing reforms in the oil and petrochemical sector, including the tightening of consumption tax regulations and the push for industry standardization and scale [7]. - It mentions that the total refining capacity in China is approximately 955 million tons per year, nearing the regulatory limit [7]. Regulatory Developments - The report outlines the government's plans to enhance fiscal reforms, which include improving local tax management and increasing local financial autonomy [2]. Market Dynamics - The report indicates that the legal businesses will benefit from a fairer competitive environment due to the crackdown on illegal operations, potentially leading to increased market concentration [7]. - It emphasizes the significant role of private gas stations in the market, highlighting their contribution to overall fuel sales [7].