WebelieveinvestorsshouldstayinvestedinSinopecgivenassetrestructuringandrefiningmarginimprovements.ThepositiveimpactoftheimplementationofnewrefinedproductandgaspricingisevidentinSinopec’sresults.Althoughthemarketanticipatesfurtherimprovement,webelieveassetrestructuringmayleadtore-ratingandwemaintainourAddratingonthestock.WestayOverweightonthesector,withSinopecasourtoppicks.Findingthecrum...

ChinacementASPdownforthefourthconsecutiveweekinpeakseasonFortheweekended9May,cementASPinChinafurtherdeclined,by0.14%w-wtoCNY353/t(grade42.5product),accordingtoDigitalCement(DC).TheYTDcementASPfallinChinahasaccumulatedto5.5%(CNY21/t);weattributethismainlytocementdemandbeinglowerthanmarketexpectation,especiallyduringthecurrentpeakseason.EastChinaandSouthChinahavebeent...