香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不會因本通告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 該合同履行預計對本公司2025年度的資產總額、淨資產和淨利潤等不構成重大影 響。由於該合同履行期較長，該合同實施後將對本公司未來3-4年的營業收入和 利潤總額產生一定積極影響。該合同履行過程中如遇到市場、經濟等不可預計或 不可抗力等因素，有可能影響該合同正常履行，提醒廣大投資者注意投資風險。 1 中石化石油工程技術服務股份有限公司 （在中華人民共和國註冊成立之股份有限公司） (股份代號：1033) 新簽海外合同公告 本公司董事會及全體董事保證本公告內容不存在任何虛假記載、誤導性陳述或 者重大遺漏，並對其內容的真實性、準確性和完整性承擔法律責任。 近日，中石化石油工程技術服務股份有限公司(「本公司」)的全資附屬公司中國 石化集團國際石油工程有限公司與道達爾能源拉塔維項目公司就伊拉克拉塔維 油區二期井場及井間管線項目（「NWP項目」）正式簽署設計、採購、供應、 施工、試運交鑰匙固定總價合同(「該合同」),該 ...

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their A-shares and H-shares, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] AH Premium Rate Rankings - The top three companies with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Andeli Juice (02218): 227.40% - Hongye Futures (03678): 225.67% [1] - The bottom three companies with the lowest AH premium rates are: - Ningde Times (03750): -12.07% - Heng Rui Medicine (01276): -3.97% - Zijin Mining (02899): 4.14% [1] Deviation Value Rankings - The top three companies with the highest deviation values are: - Northeast Electric (00042): 74.37% - Changfei Optical Fiber (06869): 24.77% - Zhaoyan New Drug (06127): 22.94% [1] - The bottom three companies with the lowest deviation values are: - Longpan Technology (02465): -25.07% - Qin Port Shares (03369): -19.33% - COSCO Shipping Energy (01138): -15.04% [1] Detailed AH Stock Premium and Deviation Data - The report provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating significant variations in market perception and valuation between A-shares and H-shares [1][2]

Core Viewpoint - Morgan Stanley reports that certain stocks in China's oil service and oil engineering sector have outperformed the industry average and Brent crude oil price increases over the past six months, driven by record new order volumes, stable backlog, strong delivery capabilities, and positive outlooks for capital expenditures from Chinese oil companies and new orders in overseas markets [1] Group 1: Company Recommendations - Sinopec Engineering (02386) is identified as the top pick in the industry, expected to achieve steady revenue and profit growth due to strong order growth momentum, with a projected dividend yield of 6% to 7%. The target price is raised from HKD 7.1 to HKD 8.4, maintaining an "Overweight" rating [1] - CNOOC Services (02883) is expected to see a 20% year-on-year profit growth in FY2025 due to improved capacity utilization and order terms, with the H-share target price adjusted down from HKD 11 to HKD 10.4, also rated "Overweight" [1] - Sinopec Oilfield Services (600871) (01033) and Offshore Oil Engineering (600583) (600583.SH) maintain "Overweight" ratings, with Sinopec Oilfield Services noted for effective cost control and improved shareholder returns. The target price for Sinopec Oilfield Services H-shares is raised from HKD 0.92 to HKD 1, while Offshore Oil Engineering's target price is increased from RMB 6.4 to RMB 7.1 [1]

Core Insights - The article highlights the current AH premium rates of various stocks, with Northeast Electric (00042) leading at 815.25% and Ningde Times (03750) at the bottom with -12.98% [1][2][3] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) at 815.25% - Hongye Futures (03678) at 234.51% - Sinopec Oilfield Service (01033) at 222.78% [1][2] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750) at -12.98% - Heng Rui Pharmaceutical (01276) at -5.18% - Zijin Mining (02899) at 3.36% [1][3] Deviation Value Rankings - The stocks with the highest deviation values are: - Changfei Fiber Optic Cable (06869) at 29.36% - Northeast Electric (00042) at 28.81% - Zhaoyan New Drug (06127) at 26.44% [1][4] - The stocks with the lowest deviation values are: - Longyuan Power (00916) at -29.23% - Longpan Technology (02465) at -23.15% - Fosun Pharmaceutical (02196) at -22.01% [1][5]

以9月15日收盘价计算，中石化油服目前市盈率（TTM）约22.03倍，市净率（TTM）约1.49倍，市销率（TTM）约0.17倍。 市净率(LF)历史分位(%) (100 90 87a87 80 80x24 71x65 74:39 70 68x85 6764 60 56.87 50 40 30 20 10 0 2019-12-37 1 1-12-37 : 2-12-37 J-12-37 制图数据来自恒生聚源数据库 公司经营范围包括施工总承包、专业承包、劳务分包；建设工程项目管理；为陆上和海洋石油和天然气的开采提供服务；工程和技术研究与试验发展；建筑 工程准备；销售机械设备、五金交电、计算机、软件及辅助设备；机械设备租赁；能源矿产地质勘查、固体矿产地质勘查：地质勘查技术服务；石油、天然 气和矿产能源项目的投资：组织具有制造经营项目的企业制造金属结构、金属工具、金属压力容器、通用仪器仪表、专用仪器仪表、化学试剂、化学助剂、 专项化学用品(包括油田化学品)和矿山、冶金、建筑专用设备；组织具有对外承包工程许可的企业承包境外石油工程、天然气工程、化工工程、桥梁工程、 公路工程、房屋建筑工程、水利水电工程、市政公用工程、 ...

( 股票代號 A 股：600871； H 股：1033) 2025 半年度報告 半年度報告 重要提示 一、本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整 性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 2025年半年度報告已經本公司第十一屆董事會第九次會議審議通過。本公司共有6位董事親自出席了 本次董事會會議，董事長吳柏志先生因公請假，委託董事張建闊先生出席會議並行使權利。 三、本公司按照中國企業會計準則及按照國際財務報告會計準則編製的2025年半年度財務報告均未經審 計；但本公司按國際財務報告會計準則編製的2025年半年度財務報告已經香港立信德豪會計師事務所 有限公司審閱。 四、本公司董事長吳柏志先生、總經理張建闊先生、總會計師程中義先生、財務資產部經理張雪平女士聲 明：保證半年度報告中財務報告的真實、準確、完整。 五、根據《公司章程》，董事會決議不派發截至2025年12月31日止年度之半年度現金股利，亦不進行資本 公積金轉增股本。 六、本公司有關未來發展戰略和經營計劃的前瞻性陳述並不構成本公司對投資者的實質承諾，請投資者注 意投資風險。 ...

Core Viewpoint - Sinopec Oilfield Service Corporation (石化油服) has secured significant contracts, indicating strong growth in both domestic and international markets, with a focus on technological innovation and research investment [1][4][11]. Group 1: Contract Wins and Financial Performance - On September 12, 2025, Sinopec Oilfield Service announced that its subsidiary won a contract worth 858 million yuan for a natural gas pipeline project, which represents approximately 1.06% of the company's projected revenue for 2024 [1][4]. - In the first half of 2025, the company signed new contracts totaling 63.67 billion yuan, marking a 3.2% year-on-year increase, with overseas contracts contributing 19.62 billion yuan, a 71.8% increase compared to the previous year [2][7]. - The company has shown consistent revenue and profit growth since 2021, with net profit increasing from 180 million yuan in 2021 to 632 million yuan in 2024, and further rising to 492 million yuan in the first half of 2025 [3][13]. Group 2: Research and Development - Sinopec Oilfield Service has invested over 20 billion yuan annually in research and development for the past two years, with total R&D investment exceeding 92 billion yuan from 2020 to 2024 [2][11]. - The company has applied for 540 patents in the first half of 2025, including 341 invention patents, showcasing its commitment to technological advancement [12]. - The company has developed key technologies, such as the "Idrilling" system, which has improved drilling efficiency, reducing average drilling time by 12.7% and increasing drilling speed by 19.4% [12][13]. Group 3: Market Expansion - Sinopec Oilfield Service operates in over 20 provinces in China and provides services in 29 countries and regions internationally, highlighting its extensive market reach [2][11]. - The revenue from overseas markets is becoming increasingly significant, accounting for 25.04% of total revenue in the first half of 2025, up from 20.12% in 2023 [9][10].

Core Viewpoint - The oil and gas industry has achieved significant exploration breakthroughs, with domestic oil and gas reserves expected to increase, benefiting oil service companies as the country deepens its reserve and production strategies [4]. Group 1: Exploration and Production Breakthroughs - The Ministry of Natural Resources announced major breakthroughs in energy mineral exploration, discovering 10 large oil fields and 19 large gas fields during the "14th Five-Year Plan" period [4]. - New oil and gas reserves have significantly increased, supporting stable oil production of 200 million tons and natural gas production exceeding 240 billion cubic meters [4]. - From 2019 to 2024, China's crude oil production is expected to grow at a CAGR of 2.2%, while natural gas production is projected to grow at a CAGR of 7.3% [4]. Group 2: Capital Expenditure Trends - Global upstream capital expenditure is projected to decline slightly to around $600 billion in 2025, a year-on-year decrease of 4%, with deepwater investments expected to drop by 6% [5]. - As of July 2025, the average day rate for jack-up rigs is $109,700, a 5.9% increase year-on-year, while semi-submersible rigs average $279,600, up 11.5% year-on-year, both at their highest levels since 2022 [5]. Group 3: Oil Service Companies' Performance - In the first half of 2025, major oil service companies benefited from the ongoing domestic "reserve and production increase" strategy and the gradual release of overseas business performance [6]. - CNOOC's oil service subsidiary reported a 23.3% year-on-year increase in net profit, while other companies like CNOOC Engineering and CNOOC Development saw net profit increases of 13.1% and a 27% rise in gross profit, respectively [6]. - The gross profit margins for CNOOC's oil service companies improved year-on-year, indicating a continuous enhancement in operational quality [6]. Group 4: International Competitiveness - In the first half of 2025, the gross profit margins of international oil service giants Schlumberger, Halliburton, and Baker Hughes decreased compared to their 2024 annual levels, while CNOOC's subsidiaries showed improvements [8]. - The annualized ROE for CNOOC's oil service companies remained resilient, with slight increases compared to 2024, indicating a potential enhancement in international competitiveness [8].

Core Viewpoint - The company, Sinopec Oilfield Service Corporation, announced that its wholly-owned subsidiary has won a construction contract for the Ning Shao natural gas pipeline project, valued at 858 million yuan, which represents approximately 1.06% of the company's projected revenue for 2024 under Chinese accounting standards [1] Group 1 - The project involves the construction of a pipeline approximately 120 kilometers long [1] - The project is expected to positively impact the energy structure optimization in Zhejiang Province and stimulate economic development in the surrounding areas [1] - The project aims to accelerate the formation of a national natural gas network, showcasing the company's expertise in oil engineering construction and project management capabilities [1] Group 2 - The contract has not yet been formally signed, indicating that there is still uncertainty regarding the project [1]

证券简称：石化油服 证券代码：600871 编号：临2025-031 中石化石油工程技术服务股份有限公司 工程中标公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 2 目前相关方尚未正式签署合同，该项目仍存在不确定性，敬请 1 投资者注意投资风险。 特此公告。 中石化石油工程技术服务股份有限公司董事会 2025 年 9 月 12 日 近日，中石化石油工程技术服务股份有限公司("本公司")全 资子公司中石化石油工程建设有限公司中标国家石油天然气管网集 团有限公司（"国家管网集团"）甬绍干线天然气管道西段工程施 工总承包项目（"该项目"）,中标金额为人民币8.58亿元，约占本 公司中国会计准则下2024年营业收入的1.06%。 该项目管道施工长度约120公里，项目建设对浙江省调整优化能 源结构，拉动沿线地区经济发展，加快形成全国天然气"一张网" 具有积极推动作用，彰显本公司在石油工程建设领域的专业技术水 平和施工管理能力。 本公司已于2025年3月18日、2025年6月6日召开第十一届董事会 第七次会议及2024年年度股东会 ...