According to Tianfeng Securities' research report, China Petroleum & Chemical Corporation (600028.SH) achieved a net income attributable to the parent company of 35.7 billion yuan in the first half of the year, with Q1/Q2 net income attributable to the parent company of 18.3/17.4 billion yuan, which is basically in line with our expectations. The company declared a dividend of 0.146 yuan per share for the first half of the year, with a mid-term dividend payout ratio of approximately 50%, consistent with the same period last year, and plans to repurchase A-shares worth 0.8-1.5 billion yuan. The bank maintains a forecast of a net income attributable to the parent company of 64.7/70.8/81.2 billion yuan for 2024/2025/2026, with P/E ratios of 13/12/10 times respectively. According to calculations, assuming a 70% dividend payout ratio, the corresponding dividend yield for A-shares is 5.5%, and for H-shares is 8%. The bank maintains a "buy" rating.