scr888 ios 10 download:scr888,ios,download,锘,娈佃,惤,201:锘? {娈佃惤} {娈佃惤} In 2016, the company's refining business realized operating income of 855.8 billion yuan, a year-on-year decrease of 5%. Mainly due to the decline in product prices. On the whole, it is expected that the chemical

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{娈佃惤}

{娈佃惤}

In 2016, the company's refining business realized operating income of 855.8 billion yuan, a year-on-year decrease of 5%. Mainly due to the decline in product prices. On the whole, it is expected that the chemical market price will show an overall upward trend in 2017, but the rate of increase will slow down compared with 2016.

Refined oil refers to gasoline, diesel and kerosene which are produced from petroleum as raw materials and processed through atmospheric and vacuum distillation, catalytic cracking and catalytic reforming of refineries. They are mainly used as fuel for vehicles such as automobiles and airplanes. It is an important secondary energy source.

Under the continuous downward stimulation of oil prices, the oil wholesale market was weak in the first half of the year, mainly in the steady and downward direction.

Only before the final increase in the domestic price adjustment period in April, the market was stimulated by the rebound of crude oil and the short-term demand for small holiday, and the price increased significantly. The rest of the period was stable and slightly down.

Among them, the decline in gasoline was lower than that of diesel. Due to the increase in demand for the Spring Festival and the intensive small holiday in the first half of the year, the demand for the gasoline market was flat. The diesel market was affected by environmental inspections and the coastal fishing season, and demand continued to decline. China's top 500 companies announced the interim results announced today, according to the Chinese corporate accounting standards, the company achieved operating profit of RMB 39.3 billion, down year on year. The net profit attributable to shareholders of the parent company was 24.4 billion yuan, a year-on-year decrease of 5%, and the basic earnings per share was yuan.

The board of directors of the company recommended an interim dividend of RMB per share, which was flat year-on-year; the total cash dividend was 10.9 billion yuan, a year-on-year increase.

In 2016, in the face of low oil price situation, the upstream sector of the company mainly focused on discovering low-cost and high-quality reserves, and maintained exploration efforts to obtain oil exploration in areas such as Tahe, Guangxi Beibu Gulf and Inner Mongolia Yinyu Basin. New findings; new discoveries in shale gas exploration in the Yongchuan exploration area of ??the Sichuan Basin. The annual output of oil and gas equivalents was one million barrels, of which domestic crude oil production decreased by 5% year-on-year, and natural gas production increased by 9% year-on-year. As a developing country, China has decided that the future consumption of refined oil will continue to grow, but the problem of overcapacity will continue to exist.

In 2016, the output of OPEC countries is difficult to increase. Iran, Libya and other countries have become the main force of production increase. The output of non-OPEC countries will decline for the first time in 8 years, which will play a positive role in relieving the pressure of increasing global crude oil supply.

Demand for crude oil in China, the United States and the Eurozone increased slightly, and demand for Japanese crude oil fell.

Demand for crude oil in the Middle East and India will also continue to increase. As Sinopec's share placement is relatively large, both in terms of total amount and per share discount, the reaction of the Hong Kong stock market is fierce. However, analysts have different opinions on their future share price movements. From January to April 2017, the total apparent consumption of gasoline in China was 10,000 tons, down by 9% year-on-year. For the first time in many years, there was a negative growth. And news has come out that since June, Sinopec has stopped collecting gasoline from local refineries in order to consume inventory.

Consumption is less than expected, and production capacity continues to increase, which has led to an increase in domestic oil inventories. In addition, the replacement of new energy by steam and diesel has been springing up under the protection of national policies, indicating that the pattern of excess oil in China is quite severe and it is difficult to change in the short term. .

The development of shale oil has significantly reduced the dependence of US crude oil from 65% to 40%. The $50 is the 'lifeline' of US shale oil, so in the period of $50 for the oil price since the second half of the production reduction agreement last year, there was a large amount of hedging in shale oil.

The current global oil supply is relatively loose, and the global oil supply and demand balance has shrunk since the end of 2015Q2. The gap in 2016 remained at around 1 million barrels per day.

The vast majority of crude oil and a small amount of natural gas produced by the company are used in the refining and chemical business of the company. Most of the natural gas and a small part of crude oil are exported to other customers.

Company's business introduction: Operating expenses were RMB 799.5 billion, a year-on-year decrease, mainly due to the year-on-year decrease in crude oil procurement costs. The total cost of processing raw oil was 484.8 billion yuan, a year-on-year decrease. Refining gross profit was RMB/ton, up by RMB/ton, mainly due to the company's optimized product structure. At the same time, international crude oil prices are on the rise, domestic refined oil prices are set at the lower limit of price regulation, and product price and raw material cost spreads are widening.

Company Profile: Looking ahead, under the effect of the production restriction agreement, the crude oil market will transform the supply and demand pattern.

1. Exploration and development business: Taking into account the company's profitability, shareholder returns and future development needs, the Board of Directors proposes to pay a final dividend of RMB per share, plus a dividend of RMB per share for the interim period, and a full year dividend of RMB per share. Yuan, the dividend payout ratio is %, showing a continuous growth trend; the total cash dividend for the year is 30.1 billion yuan, the highest since listing.

At present, China's refined oil consumption is still in a period of overall growth, but the growth rate has slowed down, and the consumption structure has also changed with industrial transformation.

In the second half of the year, the international oil price trend has limited rebound in the context of oversupply, while the fundamentals of the domestic market are still weak in the second half of the year. The rainy weather in the south is suppressed in the third quarter, and the northern environmental protection policy continues to exert pressure to start the downstream industrial and mining industries. The rate remains low, diesel is still in a downturn; while gasoline is relatively stable in terms of demand during the summer peak season, but in the context of domestic resource surplus, the main unit is to reduce inventory prices or will become the norm in the second half.

Sinopec is a large oil company integrating upstream, middle and lower reaches, and is the largest producer and supplier of petroleum products and major petrochemical products in China. The company has a relatively complete sales network, and currently has more than 100 wholly-owned subsidiaries, holding and shareholding subsidiaries and branches, including oil and gas exploration and development, refining, chemicals, product sales, scientific research, foreign trade and other enterprises and units. Assets and major markets are concentrated in the most developed and active eastern, southern and central regions of China. In 2016, the chemical market rebounded sharply after hitting a five-year low. The chemical index rose from 618 at the beginning of the year to 833 at the end of the year.

2. Analysis of the domestic refined oil market: The refining business includes the purchase of crude oil from third parties and the exploration and development division, and the processing of crude oil into petroleum products, and the internal sales of gasoline, diesel and kerosene to marketing and distribution. The Ministry of Chemicals sells some of its chemical raw materials to the Chemicals Division. Other refined petroleum products are exported to domestic and foreign customers by the Refining Division. Sales of crude oil 36.38 million tons, a year-on-year decrease; sales of natural gas billion cubic meters, a year-on-year increase. The average realized sales price of crude oil was 1,734 yuan/ton, down by 5% year-on-year; the average realized sales price of natural gas was 1,267 yuan/million cubic meter, down by 9% year-on-year. . In 2017, it plans to produce 294 million barrels of crude oil, including 46 million barrels overseas; it plans to produce 879.9 billion cubic feet of natural gas.

However, there are still uncertainties in the crude oil market. Although the Organization of Petroleum Exporting Countries (OPEC) combined with the Russian-based non-OPEC member production at the end of 2016 effectively supported the crude oil market, it is still unclear whether OPEC and other countries will fully implement the production reduction agreement in the future. This uncertainty in the future crude oil market will create a certain negative for the chemical market in 2017.

The company's main business includes: oil and gas exploration and development, mining, sales; petroleum refining, petrochemical, chemical fiber, fertilizer and other chemical production and product sales, storage and transportation; oil and natural gas pipeline transportation.

The company was successfully listed on the exchanges in Hong Kong, New York, London and Shanghai. Among them, the company was listed in Hong Kong in October 2000: China Petrochemical Corporation []; listed on the Shanghai Stock Exchange in July 2001: Sinopec [], the actual holding of the SASAC.

However, during the first four days of the Spring Festival holiday, both the official and the three barrels of oil did not make any statement on the above merger rumors, while some research institutions reported that the possibility of merger was not significant, so yesterday鈥檚 In the Hong Kong stock exchange, Sinopec's share price fell more than 2% in intraday trading, while PetroChina fell by 5% all day, and CNOOC fell by 3%. The exploration and development sector recorded a loss of 100 million yuan, a year-on-year decrease of 100 million yuan. The sales revenue of gasoline was 309.7 billion yuan, a year-on-year decrease; the sales revenue of diesel oil was 264.6 billion yuan, a year-on-year decrease; the sales income of kerosene was 40.9 billion yuan. The year-on-year decrease was 5%; the sales revenue of chemical raw materials products was RMB 94.1 billion, a year-on-year decrease; the sales revenue of refined petroleum products other than gasoline, diesel, kerosene and chemical raw materials was RMB 141 billion, a year-on-year decrease. Core to see more logic: Although global economic growth is still weak, crude oil demand growth is slightly weak, but the implementation of the production limit agreement will reverse the pattern of excess crude oil supply.

2. The revaluation expectation of the assets brought by the sales company's split listing.

From the trend point of view, the chemical market price will once again slow down or slightly decline after the first round of rebound in the first half of 2017, and it is expected to rebound to the higher range in the third quarter. Specifically, the 2017 BPI high point of the chemical commodity index will reach 950 points in the third quarter. The main areas of the push will come from the organic chemicals sector, with the low point or around 850 points in June-August.

In 2016, the revenue from exploration and development business was 115.9 billion yuan, a year-on-year decrease, which was mainly attributable to the year-on-year decline in crude oil and natural gas prices and the reduction in crude oil sales, taking into account the company's profitability, shareholder returns and future development needs. Dividends per share, plus dividends per share in the interim, the full year dividend per share, dividend payout ratio of %, continued to rise; the total cash dividend for the year was 30.1 billion yuan, the highest since listing. The company's oil and gas equivalent output was one million barrels, a year-on-year decrease of 5%, of which crude oil production fell by 5% year-on-

In the first half of 2017, the international oil price was weak and the supporting factors were lacking.

At the beginning of the year, the trend of crude oil has been in a sideways consolidation. The optimistic expectation of OPEC production cuts and the continued increase in oil inventories and the Fed鈥檚 interest rate hike expectations continue to be sawing, and the market stalemate is difficult to break. At the beginning of March, the Fed鈥檚 interest rate hikes made the US dollar all the way higher. The EIA and API stocks unexpectedly increased and OPEC internal discord, causing the crude oil to collapse.

Since April, the announcement of the OPCE production reduction agreement has been one after another. The crude oil trend followed the market rumored news and fell first. On May 25th, the OPEC Vienna production cut-off meeting ended. Investors were disappointed that the oil-producing countries did not exceed expectations. The market oversupply worries reignited again, and oil prices fell all the way and fell below the 10-month low. Since the production restriction agreement cannot be implemented for a long time, the overall oil price in 2017 may rise first and then decline. The oil price operating range is generally shifted upwards, but the new cycle will result in limited space above the oil price. 1. The whole industry chain has strong anti-risk ability, similar to China Shenhua.

2. Refining business: In 2016, the business operation loss was 36.6 billion yuan. Industry profile: In the first quarter of this year, from the index trend, the prices of chemical products increased slightly in the first half of the year and rose sharply in the second half.

According to statistics, the apparent consumption of ethylene equivalents in China increased by 5% year-on-year, and the apparent consumption of synthetic resin, synthetic fiber and synthetic rubber increased by %, % and % respectively. The price of domestic chemical products decreased year-on-year but showed an upward trend throughout the year, which was the same as the international price trend. The sharp rise in prices of chemical products is caused by multiple factors, but from the perspective of the entire industry, the strength of the structure and the power of the cycle have become the key factors for the market to decline for five consecutive years, pushing the chemical industry into a rising period.

Market participants are concerned that if there is a difference in taxes or tax rates between the two places, it may reduce the attractiveness of the A-share market to Hong Kong investors. This kind of worry is not too much of a concern. The blue-chip stocks are not active. The investment is not mainly to chase short-term spreads. For long-term holdings, it is necessary to 鈥減eel鈥?some of the proceeds from the dividend tax, which inevitably highlights the disadvantage of the A-share investment value compared to the Hong Kong stocks. What's more, the investor structure of the Hong Kong stock market is mainly institutional, and it is more value-recognized. The stocks with high dividends are more likely to become 'fragrant' than in the A-share market.

During the reporting period, the operating expenses of the business was 152.6 billion yuan, a year-on-year decrease of 5%. Mainly due to: 1) depreciation, depletion and amortization and oil and gas asset impairment increased year-on-year; 2) sale of equity of Sichuan Gas East Pipeline Company; 3) net other expenses decreased by 20.6 billion yuan.

The operating cost of oil and gas cash is 786 yuan / ton. In the case of a drop in crude oil production, the unit cost has only increased slightly by %.

Due to the drop in crude oil and natural gas prices, Green Capital said that after the end of June, the Sinopec sales company's listing plan was fully approved in 2017. In the second half of the year, Sinopec has entered the stage of sprinting overseas listing, the fastest. At the end of this year, the overseas split listing was completed.

Sinopec sales company's share reform will not only consolidate the advantages of traditional oil and gas sales business, but also seize the market opportunities brought by the Internet economy and enhance its comprehensive service capabilities and level.

It is estimated that the apparent consumption of refined oil products in China will reach 100 million tons in 2020. The average annual growth rate during the 鈥?3th Five-Year Plan鈥?period is %, which is a significant slowdown compared with the previous growth rate.

Big V teaches you how to invest in Hong Kong stocks Since the fourth quarter of 2014, the global oil supply has begun to significantly exceed the oil demand, which is the decline from the fourth quarter of 2014.

{娈佃惤}


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