Core Insights - The article highlights the current AH premium rates of various stocks, with Northeast Electric (00042) leading at 864.29% [1] - The article also identifies the stocks with the lowest AH premium rates, with China Merchants Bank (03968) showing a slight negative premium of -0.54% [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Hongye Futures (03678): 261.08% - Sinopec Oilfield Service (01033): 253.16% [1] - The bottom three stocks with the lowest AH premium rates are: - China Merchants Bank (03968): -0.54% - Heng Rui Medicine (01276): 4.02% - Midea Group (00300): 6.04% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Junsheng Electronics (00699): 85.91% - Silis (09927): 43.66% - Northeast Electric (00042): 30.58% [1] - The stocks with the lowest deviation values are: - China Life (02628): -14.16% - CNOOC Services (02883): -12.32% - Ganfeng Lithium (01772): -11.28% [1]

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry for Q3 2025 [3] Core Insights - Q3 2025 saw a slight recovery in oil prices, with Brent crude averaging $68.2 per barrel, a 2.1% increase quarter-on-quarter but a 19.8% decrease year-on-year [6][22] - The upstream oil and gas sector experienced improved performance due to rising oil prices, while the downstream refining sector faced challenges from weak terminal demand [34][21] - The report highlights potential investment opportunities in high-quality companies within the polyester sector and large refining enterprises [6][34] Summary by Sections Upstream Oil and Gas Sector - In Q3 2025, the oil and gas extraction and service industry achieved total revenue of CNY 15,797.5 billion, a 4.0% decrease year-on-year but a 3.5% increase quarter-on-quarter [21] - The net profit for the sector was CNY 930.5 billion, down 6.1% year-on-year but up 6.2% quarter-on-quarter, with a gross margin of 20.9% [21][23] - The report notes that the recovery in oil prices contributed to improved performance in upstream extraction and sales [21] Downstream Refining and Chemical Sector - The refining and chemical industry reported total revenue of CNY 16,702.0 billion in Q3 2025, a 5.3% decrease year-on-year but a 3.8% increase quarter-on-quarter [34] - The net profit for this sector was CNY 596.9 billion, reflecting a 5.4% increase year-on-year and a 14.8% increase quarter-on-quarter, with a gross margin of 17.8% [34][36] - The report indicates that while oil prices rose, the downstream refining product margins decreased, particularly in the polyester sector due to seasonal demand fluctuations [35][34] Price Trends and Margins - The report details various price trends, including the average price of Brent crude at $68.2 per barrel and the average price differences for key petrochemical products [16][18] - Specific price differences such as the ethylene-ethylene price difference at $605 per ton and the propylene-propane price difference at CNY 1,464 per ton were noted, with some margins expanding while others contracted [15][18] - The report emphasizes the concentration of profits in the polyester industry, with the PTA segment under pressure [15][34] Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wan Kai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical [6][34] - It also suggests that the oil price is expected to maintain a mid-to-high level with limited downside potential, recommending companies with high dividend yields like China National Petroleum and China National Offshore Oil [6][34]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中海油田服務股份有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02883 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,811,124,000 | | 0 | | 1,811,124,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,811,124,000 | | 0 | | 1,811,124,000 | 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | ...

Summary of the Conference Call for CNOOC Services Industry Overview - The conference call primarily discusses the performance and outlook of the offshore oil services industry, particularly focusing on CNOOC Services. Key Points and Arguments Financial Performance - For the first three quarters of 2025, the company reported a revenue of RMB 34.854 billion, representing a year-on-year increase of 3.5% [3] - The net profit attributable to shareholders reached RMB 3.209 billion, with a year-on-year growth of 31.3% [3] Segment Performance - **Drilling Segment**: - Achieved significant improvements in operational efficiency through lean management and resource optimization, with calendar day utilization increasing by over double digits year-on-year [2][3] - Revenue saw a substantial increase, indicating enhanced market competitiveness [2] - **Technology Segment**: - Expanded its technical system towards demand and application ends, with a year-on-year increase in operational volume across major business lines [2][3] - **Vessel Segment**: - Consolidated domestic market share with a total of 9,427 additional operating days year-on-year, showing a revenue growth rate close to 10% [2][3] - **Tungsten Carbon Segment**: - Focused on high-return businesses and optimized capacity layout, achieving year-on-year growth in both revenue and profit [2][3] Market Conditions - The domestic drilling platform workload is fully utilized with no idle capacity, and a stable supply-demand balance is expected to continue in the coming years, providing a solid market demand and profit outlook [2][9] - In the overseas market, the day rate for semi-submersible platforms in the North Sea exceeds USD 300,000 per day, with contracts extending to 2030, contributing significantly to revenue and profit [2][10] Debt Management - The company effectively reduced interest expenses by repaying maturing USD debts, which lowers financial risk and creates favorable conditions for future profit growth [2][16] Future Contracts and Pricing - The framework agreement for the next three years is still in progress and is expected to be approved in December, focusing on work processes and service content rather than specific workload and pricing [4] - The pricing is anticipated to remain relatively stable in 2026 compared to 2025 [4] New Contracts and Market Trends - New contracts for drilling platforms are primarily concentrated in the Asia-Pacific region, with no particularly satisfactory long-cycle, high-yield contracts signed this year [8] - The oilfield technology service segment saw an increase in new orders, especially in the Middle East, Iraq, and North America, with a notable rise in contract volume despite smaller amounts [14][15] Technological Advancements - The company is advancing in smart and digital applications, including intelligent drilling platforms and smart oilfield construction, enhancing operational efficiency and effectiveness [17] Taxation Issues - The company is actively engaging with local tax authorities in Mexico to mitigate tax risks and improve internal management to lower overseas tax liabilities [18] Additional Important Information - The company’s "15th Five-Year Plan" aims for leapfrog development with clear annual targets to continuously explore potential and achieve higher operational goals [12] - The oilfield technology service segment's overall revenue and profit remained stable with slight declines due to changes in business calculation models [13]

Core Viewpoint - FIL Limited increased its stake in CNOOC Services (02883.HK) by acquiring 1.836 million shares at an average price of HKD 7.1862 per share, raising its ownership from 4.91% to 5.01% [1] Group 1 - FIL Limited's total investment in the recent acquisition amounted to approximately HKD 13.19 million [1] - Following the purchase, FIL Limited's total shareholding reached 90.704 million shares [1]

Core Viewpoint - FIL Limited has increased its stake in CNOOC Services (02883.HK) by acquiring 1.836 million shares at an average price of HKD 7.1862 per share, raising its ownership from 4.91% to 5.01% [1][2]. Summary by Relevant Sections - **Share Acquisition Details** - FIL Limited purchased 1.836 million shares of CNOOC Services at a total cost of approximately HKD 13.19 million [1]. - The average purchase price per share was HKD 7.1862 [2]. - **Ownership Changes** - Following the acquisition, FIL Limited's total shareholding increased to 90.704 million shares [1]. - The ownership percentage rose from 4.91% to 5.01% [1].

Core Viewpoint - COSL's earnings increased by 16% QoQ to RMB1.25 billion in 3Q25, driven by margin improvement and a lower effective tax rate [1]. Financial Performance - COSL's turnover decreased by 8% QoQ in 3Q25, but gross profit rose by 3% QoQ, with gross margin improving from 17.3% in 2Q25 to 19.4% in 3Q25 due to a change in revenue mix [1]. - The effective tax rate fell from 21.0% in 2Q25 to 17.7% in 3Q25, and there was no asset impairment in 3Q25 compared to RMB86 million in 2Q25 [1]. - The company's net profit grew 16% QoQ to RMB1.25 billion [1]. Operational Insights - The operating days of COSL's rigs decreased by 3% QoQ in 3Q25 due to scheduled maintenance, but increased by 16% YoY, as operations in offshore China were significantly impacted by typhoons in 3Q24 [2]. - Revenue from the well services segment declined slightly in 9M25 due to weak industry demand [2]. Future Outlook - Expectations for 4Q25 indicate a potential 17% QoQ drop in earnings, attributed to higher expenses anticipated from project completions [3]. - The decline in effective tax rate is a significant factor in the increased earnings forecasts for 2025-27, with the effective tax rate at 18.7% in 9M25 compared to 27.7% in 9M24 [4]. Valuation Adjustments - The target price for COSL's H shares has been raised from HK$9.05 to HK$9.70, reflecting an increase in target valuation from 0.85x to 0.9x 2025E P/B due to improved ROE [5]. - The target price for A shares has also been increased from RMB18.61 to RMB19.21, based on the narrowing A-H premium from 124% to 117% since late August [5].

Core Insights - The company reported a revenue of 34.85 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 3.5%, and a net profit attributable to shareholders of 3.21 billion yuan, up 31.3% year-on-year [1] - In Q3 2025, the company achieved a revenue of 11.53 billion yuan, with a year-on-year increase of 3.6%, and a net profit of 1.25 billion yuan, reflecting a significant growth of 46.1% [1] - The company's profitability continues to improve, with a comprehensive gross margin of 18.2% for the first three quarters, an increase of 1.0 percentage points year-on-year, and a net profit margin of 9.7%, up 1.9 percentage points [1] Revenue and Profitability - The drilling segment saw a significant increase in platform utilization, with a total of 14,784 operational days, a year-on-year increase of 12.3% [2] - The utilization rate of drilling platforms reached 90.3%, up 11.6 percentage points year-on-year, with self-elevating platforms at 92.6% and semi-submersible platforms at 82.7% [2] - The oil technology segment is driven by technology, focusing on building an integrated engineering service system, with major business lines maintaining growth in operational volume [2] Market Position and Strategy - The company maintains a high market share domestically, focusing on enhancing equipment resource reserves and flexibility in allocation, while innovating the "ship+" service system to meet diverse customer needs [3] - The geophysical exploration segment is optimizing its industrial layout, concentrating on high-return businesses, with a significant increase in underwater operational volume by 131.3% [3] - The company forecasts net profits attributable to shareholders of 4.0 billion, 4.39 billion, and 4.76 billion yuan for 2025-2027, with a compound annual growth rate of 15% [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 34.854 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3.5%. The net profit attributable to shareholders was 3.209 billion yuan, up 31.3% year-on-year, with a basic earnings per share of 0.67 yuan, also reflecting a 31.4% increase year-on-year [1][2] - In Q3 2025, the company achieved a revenue of 11.533 billion yuan, a year-on-year increase of 3.6% but a quarter-on-quarter decrease of 7.9%. The net profit attributable to shareholders was 1.246 billion yuan, up 46.1% year-on-year and 15.7% quarter-on-quarter [2] - The increase in profit and margins in Q3 is attributed to improved operational efficiency and a decrease in the tax rate, which fell by 9.04 percentage points to 18.66% [3] Financial Performance Summary - For the years 2025 to 2027, the projected net profit attributable to shareholders is 41.88 billion yuan, 45.11 billion yuan, and 48.70 billion yuan, with year-on-year growth rates of 33.5%, 7.7%, and 8.0% respectively. The diluted EPS for the same years is expected to be 0.88 yuan, 0.95 yuan, and 1.02 yuan [5] - The company's revenue is forecasted to grow from 54.112 billion yuan in 2025 to 60.306 billion yuan in 2027, with corresponding growth rates of 12.0%, 5.8%, and 5.3% [4] - The gross margin is expected to improve from 17.0% in 2025 to 17.3% in 2027, while the return on equity (ROE) is projected to remain stable around 9.0% to 9.1% during the same period [4]

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained at this level [7]. Core Views - The company reported a revenue of 34.854 billion RMB for the first three quarters of 2025, a year-on-year increase of 3.54%. The net profit attributable to shareholders was 3.209 billion RMB, up 31.28% year-on-year, driven by improved rental rates and daily rates for drilling platforms [1]. - The gross margin for Q3 2025 was 19.53%, an increase of 1.46 percentage points year-on-year, attributed to higher utilization rates of large equipment and efficient operations of high daily rate projects [2]. - The drilling platform business is experiencing a recovery, with cumulative operating days reaching 14,784, a year-on-year increase of 12.3%, indicating strong operational efficiency [3]. - The company is focusing on high-return projects in its geophysical exploration segment, optimizing capacity to enhance overall business quality and profitability [4]. - Profit forecasts for 2025-2027 project net profits of 4.172 billion, 4.928 billion, and 5.642 billion RMB respectively, with corresponding EPS of 0.87, 1.03, and 1.18 RMB [5]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 11.533 billion RMB, a year-on-year increase of 3.60%, and a net profit of 1.246 billion RMB, up 46.13% year-on-year [1]. - The overall expense ratio decreased to 6.67%, down 0.61 percentage points year-on-year, reflecting improved cost control [2]. Drilling Platform Operations - The drilling platform's calendar day utilization rate reached 90.3%, a year-on-year increase of 11.6%, indicating strong demand in the offshore oil and gas sector [3]. Ship Operations and Geophysical Exploration - The company operates over 200 vessels, with a total operating time of 62,589 days, a year-on-year increase of 17.7% [4]. - The geophysical exploration segment has seen a strategic focus on high-return projects, with a significant increase in underwater operations [4]. Profitability and Valuation - The company is expected to maintain a valuation premium due to its leading position in the offshore oil and gas equipment industry, with target prices set at 16.05 RMB for A shares and 8.16 HKD for H shares [5].