Policy helps push "double-male" performance to rebound

At the beginning of this year, the fuel tax reform, the state to improve the oil consumption tax in the form of fuel tax reform, the direct impact on the refining enterprises less.　　However, as a result of excise tax from the factory, the company needs to advance for consumers, therefore, the oil from the factory to sell the length of time will have a certain impact on the company's capital costs. The May 8 National Development and Reform Commission issued the "Oil price management measures (trial)" On Sinopec and PetroChina is a substantial positive. The most important content of the management method is: Crude oil price is the base of refined oil pricing, when the international market crude oil 22 consecutive working days moving average price changes more than 4%, can adjust the domestic refined oil price, after the oil price changes with the international crude oil price adjustment will become a normal.　　After the implementation of the management measures, Sinopec and PetroChina will adjust the price of oil products according to the fluctuation of international oil price periodically, and the refinery enterprises will gain stable income, which is beneficial to Sinopec, PetroChina and Sinopec in particular. The rebound in oil prices and management measures will help push Sinopec and PetroChina to rebound. PetroChina's best profit margin is 75 USD ~85 USD/barrel, while Sinopec's best profit margin is 55 USD ~65 USD/barrel. At present, oil price is very advantageous to Sinopec, and also faced with the expectation of oil price increase with international oil prices, the proposal concerns Sinopec. At the same time, if the oil price continues to rise, the PetroChina also constitutes a direct positive, PetroChina also faces greater investment opportunities.