Several rises in international crude oil are not good for all private companies, because it means rising raw material prices and rising production costs. Correspondingly, the price of petroleum products should increase. However, the price of commodities in an industry is stable in a short period of time, which results in a basically stable sales price. Therefore, if the original price increases, the profit margin of the company will be smaller. When crude oil prices rise for a long time, the industry will also increase product prices accordingly. This will lead to an increase in sales prices, but there will also be a certain reduction in sales volume. So rising crude oil prices are bad for any oil-related company. If the local currency appreciates, it depends on whether the raw materials of petrochemical companies are imported crude oil. This means that the same domestic currency amount can buy more foreign products, but it is very detrimental to exports. The domestic output value of the same things remains unchanged. After the local currency appreciates, the number of U.S. dollars that can be exchanged (with the U.S. dollar as the common currency) decreases, which is negative.

I don’t know what the source of Sinopec’s crude oil is. Just look at its source of raw materials and product sales direction.