本报（chinatimes.net.cn）记者何一华 李未来 北京报道 对于近期多家中国油服企业在中东等地区连续中标大单的情况，捷诚能源首席分析师闫建涛9月26日接 受《华夏时报》记者采访时表示，中东是传统油气产区，新项目多，对油服需求大。在国家"一带一 路"大背景下，中国油气公司在该地区上游投资活跃，耕耘多年，提供上下游一体化解决方案的经验丰 富，使得油服公司竞争力不断提高。 海外拓展成效显著 今年以来，国际油价整体呈下跌态势，油服设备板块却频频传来好消息。 日前，中油工程（600339.SH）发布公告称，拿到中东客户25.24亿美元订单，换算成人民币约为180.32 亿元。而在此前中油工程也拿到了中东客户价值16.01亿美元合同，约为115.38亿元人民币。8月29日， 海油工程（600583.SH）也中标了价值约40亿美元的中东项目。 9月25日晚间，中油工程发布公告称，公司全资子公司中国石油管道局工程有限公司与伊拉克巴士拉石 油公司就伊拉克巴士拉省海水输送管道总包项目签署EPC（工程总承包）承包合同，合同金额达25.24 亿美元，以项目授标日汇率折算约180.32亿元人民币。 根据公告，该项目合同期为 ...

Company Overview - CNOOC Engineering Co., Ltd. is located in Tianjin, China, and was established on April 20, 2000, with its listing date on February 5, 2002 [1] - The company provides design, land manufacturing, offshore installation, commissioning, and maintenance services for the development of offshore oil and gas resources [1] Financial Performance - For the first half of 2025, the company achieved operating revenue of 11.318 billion yuan, a year-on-year decrease of 15.72%, and a net profit attributable to shareholders of 1.098 billion yuan, down 8.21% year-on-year [2] - CNOOC Engineering has cumulatively distributed cash dividends of 7.178 billion yuan since its A-share listing, with 1.981 billion yuan distributed in the last three years [3] Stock Performance - As of September 24, the stock price increased by 2.10% to 5.35 yuan per share, with a total market capitalization of 23.654 billion yuan [1] - Year-to-date, the stock price has risen by 1.54%, with a 0.00% change over the last five trading days, a decline of 3.78% over the last 20 days, and a decrease of 5.14% over the last 60 days [1] Shareholder Information - As of August 16, the number of shareholders was 93,700, with an average of 47,210 circulating shares per person, both figures remaining unchanged from the previous period [2] - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 116 million shares, a decrease of 26.7742 million shares from the previous period [3]

Investment Rating - The report maintains a positive outlook on the polyester sector, recommending high-quality companies such as Tongkun Co. and Wankai New Materials, while also suggesting attention to major refining companies like Hengli Petrochemical and Rongsheng Petrochemical [3][33][49]. Core Insights - The report highlights a decline in oil prices in Q2 2025, with Brent crude averaging $66.7 per barrel, down 11.0% quarter-on-quarter and 21.5% year-on-year, impacting upstream oil and gas exploration and production [3][5][18]. - The downstream refining and chemical sector experienced a revenue drop of 10.4% year-on-year in Q2 2025, with net profits down 26.1% [33][35]. - The report notes a tightening supply-demand balance in the polyester sector, with expectations for improved profitability in the upcoming months as the industry enters a seasonal peak [3][51]. Summary by Sections Upstream Oil and Gas Sector - In Q2 2025, the oil and gas exploration and production sector reported revenues of 1,526.15 billion yuan, a decrease of 10.2% year-on-year, and net profits of 87.58 billion yuan, down 21.8% [17][19]. - The average gross margin for the sector was 20.1%, reflecting a decline due to falling oil prices [17][19]. Downstream Refining and Chemical Sector - The refining and chemical sector achieved revenues of 1,608.3 billion yuan in Q2 2025, a year-on-year decrease of 10.4%, with net profits also down 26.1% [33][35]. - The average gross margin for this sector was 16.9%, impacted by inventory losses due to declining oil prices and weak downstream demand [33][35]. Price Trends and Margins - The report indicates that the price spread for major petrochemical products showed mixed results, with some margins improving while others contracted [12][34]. - The PTA-PX price spread was reported at 219 yuan per ton, down 21% quarter-on-quarter, indicating pressure on the PTA segment [12][34]. Recommendations - The report suggests focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, due to expected improvements in demand and profitability [3][51]. - It also recommends monitoring major refining companies like Hengli Petrochemical and Rongsheng Petrochemical, which may benefit from cost improvements and competitive advantages [3][49].

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry [2] Core Insights - In Q2 2025, crude oil prices experienced a decline, leading to a decrease in upstream oil and gas extraction and midstream refining profitability, while downstream polyester profitability showed signs of recovery [4][5] - The overall revenue for the oil and gas extraction and oilfield services sector in Q2 2025 was 1,526.15 billion, a year-on-year decrease of 10.2% and a quarter-on-quarter decrease of 7.1% [19][21] - The report highlights a tightening supply-demand situation in the downstream polyester sector, with expectations for improved market conditions [4] Summary by Sections Oil and Gas Prices - Brent crude oil average prices for April, May, and June 2025 were 66.5, 64.0, and 69.8 USD/barrel, respectively, with a Q2 average of 66.7 USD/barrel, reflecting an 11.0% decrease quarter-on-quarter and an 8.3% decrease year-on-year [4][20] - The report notes that gasoline and diesel prices were adjusted three times upwards and two times downwards, with total reductions of 155 CNY/ton and 150 CNY/ton, respectively [20] Upstream Oil and Gas Sector - The oil and gas extraction and oilfield services sector reported a total revenue of 1,526.15 billion in Q2 2025, with a net profit of 87.58 billion, marking a year-on-year decline of 21.8% [19][21] - The gross margin for the sector was 20.1%, down 0.7 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, primarily due to falling crude oil prices [19][21] Downstream Refining and Chemical Sector - The refining and chemical industry achieved a total revenue of 1,608.3 billion in Q2 2025, with a net profit of 52 billion, reflecting a year-on-year decline of 26.1% [35][37] - The gross margin for the refining sector was 16.9%, down 0.3 percentage points year-on-year and 0.5 percentage points quarter-on-quarter, attributed to inventory losses from falling oil prices and weak downstream demand [35][37] Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical [4] - It also suggests that the overall oil price is expected to maintain a mid-to-high level with a "U" shaped trend, recommending companies with high dividend yields like China National Petroleum and China National Offshore Oil [4]

近日，胜利石油工程公司管具技术服务中心顺利完成固定式危废间视频监控和在线称重系统与山东 省"无废山东"智慧管理平台的全面联网，标志着危险废物"五即"管理模式(即产生、即包装、即称重、 即打码、即入库)正式落地运行，实现从危废产生到处置的全过程智能化管控。 标准化库房为"五即"管理提供了物理载体和硬件保障，"五即"管理模式则赋予了库房智能化、规范化的 运行内涵。这种软硬件结合的创新实践，确保危险废物在产生后立即进入标准化处置流程，大幅减少了 中间环节滞留时间，显著提升了管理效能和本质安全水平。 该体系的建成投用，是管具技术服务中心深入落实安全生产工作部署的生动实践，"人防+技防"的双重 防控体系，不仅实现了危废从产生到处置的全过程闭环管理，更彰显了标准化建设与先进管理模式相互 促进、协同增效的良好效果。(大众新闻记者顾松通讯员杨冬玲) 为推进"五即"管理需求为导向的危废间标准化建设，该中心通过对定制化加工中心油管厂南侧库房实施 全面改造，完善防渗、通风、消防等基础设施，为"即入库"提供安全存储保障。科学规划的分区隔断工 程，为"即包装"和分类存放提供物理条件。规范设置的标识系统，为"即打码"和流程追溯提供可视化 ...

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 Viewpoint - The development of a multifunctional offshore engineering vessel by China is a significant advancement for the country's offshore engineering industry, providing essential equipment support for various marine operations [1][3]. Group 1: Project Overview - The multifunctional offshore engineering vessel has completed segmental construction in Jiangsu and is now in the total assembly integration phase [1]. - The total investment for the vessel's construction is approximately 500 million RMB [3]. - The vessel is designed with a length of 126 meters, a width of 28 meters, and a deck area of about 2000 square meters, equipped with a 400-ton nearshore crane and advanced power systems [3]. Group 2: Technical Features - The vessel integrates multiple functions including marine engineering development, construction, maintenance, repair, and emergency response, making it an indispensable asset in offshore engineering [3]. - It can carry a 3000-ton cable reel, underwater robots (ROVs), saturation diving equipment, and underwater trenching machines, showcasing its comprehensive operational capabilities [3][4]. - The project employs modular construction techniques, dividing the main hull into three sections and 93 prefabricated segments for efficient assembly [3][4]. Group 3: Innovation and Precision - The project utilizes digital twin technology for 3D modeling and simulation, enhancing the precision of assembly and installation processes [4]. - The vessel's assembly achieved a 100% success rate for the first positioning of the bow section, with dimensional tolerances under 4 millimeters, indicating advanced precision control [4]. - The company has established a specialized fleet of 19 vessels, including notable ships like the "Ocean Oil 201" and "Blue Whale 7500," leading in marine structure installation and underwater operations in Asia [5].

中化新网讯 日前，从海洋石油工程股份有限公司（以下简称海油工程（600583））传来消息，随着卡 塔尔ISND5-2项目最后一条10英寸海管铺设完成，我国自主研发的海洋工程冷金属过渡（CMT）全自动 焊设备完成首次应用。 据海油工程安装分公司海管作业中心经理李斌介绍，公司依托天津海洋装备产业（人才）联盟，成立了 CMT全自动焊设备专项工作组，联合国内知名高校和厂家进行研发，成功攻克20余项关键技术难题， 开展数百次模拟焊接试验，持续优化系统焊接参数、机械适配性和环境适应性。项目自主开发无衬垫焊 接工艺，有效解决裂纹、变形和氢致开裂等问题，显著提升焊缝耐腐蚀性与结构可靠性，为极端服役环 境下的长寿命海管建设提供了保障。 本次铺设的海管为强酸抗硫腐蚀管道，总长度约13千米，CMT全自动焊设备累计运行1200余小时，完 成超1000道焊口焊接，焊缝总长度约1000米，整体焊接一次合格率超97%，各项关键指标均达到设计水 平，全面验证了国产焊接装备在复杂工况下的可靠性与稳定性。 此前，由于技术壁垒、实验数据缺乏等因素，国产CMT全自动焊设备在海洋工程领域多局限于实验室 和车间验证环节，面临核心工艺参数库积累不足、稳定 ...

Market Overview - On September 17, the oil service engineering sector rose by 0.63% compared to the previous trading day, with Renji Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Key stocks in the oil service engineering sector showed varied performance, with Renji Co., Ltd. closing at 7.58, up 4.12%, and Tongyuan Petroleum at 5.93, up 1.72% [1] - Other notable performers included Zhongyou Engineering at 3.57, up 1.13%, and Haiyou Development at 3.93, up 0.77% [1] Trading Volume and Value - Renji Co., Ltd. had a trading volume of 334,400 shares, with a transaction value of 253 million yuan [1] - Tongyuan Petroleum recorded a trading volume of 1,498,200 shares, with a transaction value of 901 million yuan [1] Capital Flow Analysis - The oil service engineering sector experienced a net outflow of 32.45 million yuan from institutional investors, while retail investors saw a net inflow of 49.81 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Renji Co., Ltd. saw a net inflow of 15.37 million yuan from institutional investors, while it experienced a net outflow of 12.80 million yuan from speculative funds [3] - Other stocks like Beiken Energy and Haiyou Engineering also had significant net inflows from retail investors, indicating strong retail interest [3]

Core Insights - A total of 111 stocks in the Shanghai and Shenzhen markets have received net buying from major funds for five consecutive days or more as of September 16 [1] - The stock with the longest consecutive net buying days is Haotaitai, which has seen net buying for 14 consecutive trading days [1] - Other notable stocks with significant net buying days include Tianpu Co., CNOOC Engineering, Jianfeng Group, Jiankangyuan, Xingrong Environment, Shandong Publishing, Pudong Construction, and Hunan Haili [1]