Market Overview - The oil service engineering sector experienced a decline of 1.83% on October 24, with Junyou Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Notable stock movements included: - Renji Co., Ltd. (002629) rose by 3.03% to a closing price of 61.6, with a trading volume of 293,600 shares and a turnover of 269 million yuan [1] - Junyou Co., Ltd. (002207) fell by 7.51% to a closing price of 8.38, with a trading volume of 607,500 shares and a turnover of 522 million yuan [2] - Other significant declines included Beiken Energy (002828) down 5.88% and Tongxin Petroleum (300164) down 4.72% [2] Capital Flow - The oil service engineering sector saw a net outflow of 185 million yuan from institutional investors, while retail investors contributed a net inflow of 209 million yuan [2][3] - Specific stock capital flows included: - Haiyou Development (600968) had a net inflow of 17.91 million yuan from institutional investors, but a net outflow of 15.76 million yuan from retail investors [3] - Zhongyou Engineering (600339) experienced a net inflow of 14.47 million yuan from institutional investors, with a net outflow of 3.09 million yuan from retail investors [3]

Core Insights - Pension funds have increased their presence in the secondary market, appearing in the top ten circulating shareholders of 23 stocks by the end of Q3, with 15 new entries and 4 increased holdings [1][2] - The total shareholding amount of pension funds in these stocks is 174 million shares, with a total market value of 6.035 billion yuan [1] - The most significant holdings are in Haiyou Development and Blue Sky Technology, with pension funds holding 65.3843 million shares and 20.7810 million shares respectively [1][2] Summary by Category Shareholding Details - Pension funds are the fourth and ninth largest shareholders in Haiyou Development, holding a combined total of 65.3843 million shares [1] - Blue Sky Technology has the highest shareholding ratio among pension fund holdings, with a 6.78% stake [1][2] - Other notable holdings include Guoyao Shares and Chunfeng Power, with shareholding ratios of 3.67% and 5.21% respectively [1][2] Performance and Trends - Among the stocks held by pension funds, 16 companies reported net profit growth in their Q3 reports, with the highest growth seen in Zhidema, which achieved a net profit of 13.4486 million yuan, a year-on-year increase of 253.49% [2] - The longest-held stock by pension funds is Blue Sky Technology, which has appeared in the top ten shareholders for 14 consecutive reporting periods [2] Sector Distribution - The stocks held by pension funds are primarily distributed across the main board (9 stocks), the Sci-Tech Innovation Board (3 stocks), and the Growth Enterprise Market (11 stocks) [2] - The holdings are concentrated in the machinery equipment and automotive sectors, with 3 stocks each in these industries [2]

Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of the third quarter, appearing in the top ten shareholders of 71 stocks, with 18 new entries and 20 increases in holdings [1][2] - The total number of shares held by the Social Security Fund is 1.094 billion, with a total market value of 26.808 billion yuan [1] - The fund's major holdings are concentrated in the mechanical equipment, pharmaceutical, and basic chemical industries, with 10, 7, and 7 stocks respectively [2] Group 1: Stock Holdings - The Social Security Fund has maintained its holdings in 13 stocks, reduced its holdings in 20 stocks, and increased its holdings in 20 stocks [1] - The stock with the highest holding ratio is Iwu Biological, accounting for 5.39% of its circulating shares, followed by Beiding Co., with 4.60% [1][2] - The largest number of shares held by the Social Security Fund is in Poly Development, with 124 million shares, followed by China Jushi and CNOOC Development with 85.52 million and 55.16 million shares respectively [1][2] Group 2: Performance Metrics - Among the stocks held by the Social Security Fund, 51 companies reported year-on-year net profit growth, with the highest increase seen in Xin Qiang Lian at 1939.50% [2] - The average decline of the Social Security Fund's heavy stocks since October is 0.41%, underperforming the Shanghai Composite Index [2] - The best-performing stock is Xin Qiang Lian, with a cumulative increase of 22.33%, while the largest decline is seen in Xingwang Ruijie, with a drop of 14.40% [2]

Group 1 - The core viewpoint of the article highlights the increasing presence of pension funds in the secondary market, with a total of 13 stocks appearing in the top ten circulating shareholders list by the end of the third quarter, including 8 new entries and 2 increased holdings [1] - By the end of the third quarter, pension funds held a total of 122 million shares across these stocks, with a combined market value of 4.192 billion yuan [1] - The stock with the highest pension fund holdings is Haiyou Development (600968), with a total of 65.3843 million shares held by two pension fund combinations, ranking as the fourth and ninth largest circulating shareholders [1] Group 2 - The pension fund's holdings are primarily concentrated in the automotive and electronics sectors, with 3 and 2 stocks respectively [2] - Among the stocks held by pension funds, 10 companies reported net profit growth in their third-quarter reports, with Dingtong Technology achieving the highest growth rate of 125.39%, reaching a net profit of 176.572 million yuan [2] - The longest-held stock by pension funds is Chuanfeng Power (603129), which has appeared in the top ten circulating shareholders list for 14 consecutive reporting periods, maintaining a holding of 7.9514 million shares [2]

Banking Sector - The banking sector has shown weak absolute and relative performance since Q3 2025, but its attributes of high dividends and low valuations are becoming more prominent [2] - The resilience of the banking fundamentals is strong, with listed banks expected to have slightly better performance growth in Q3 2025 compared to H1 2025, providing a stable foundation for the year [2] - There are six positive factors supporting the current valuation of bank stocks, indicating a potential reallocation opportunity in the banking sector [2] Real Estate Sector - From January to September 2025, the transaction volume of residential land in 100 cities decreased by 6.2% year-on-year, with a total area of 1.54 billion square meters [3] - The average transaction price of land increased by 17.1% year-on-year to 6,847 yuan per square meter, with first-tier cities seeing an average price of 41,137 yuan per square meter, up 42.0% year-on-year [3] - The overall premium rate for the top 30 cities is 11.1%, an increase of 5.9 percentage points year-on-year, indicating a deepening regional differentiation in the real estate market [3] - Investment recommendations focus on companies like China Merchants Shekou, China Jinmao, China Merchants Jiyu, and China Resources Mixc Life [3] Oil and Gas Sector - The company reported a steady growth in net profit attributable to shareholders, achieving a total revenue of 33.95 billion yuan in the first three quarters of 2025, a year-on-year increase of 0.8% [4] - The net profit attributable to shareholders for Q3 2025 was 1.02 billion yuan, down 4.5% year-on-year and 17.2% quarter-on-quarter [4] - Forecasts for net profit attributable to shareholders for 2025-2027 are 4.262 billion, 4.698 billion, and 5.215 billion yuan respectively, maintaining a "buy" rating for the company [4] Electronics Sector - The company exceeded profit expectations in Q3 2025, with revenue meeting expectations and cash flow, accounts receivable, and gross margin data indicating a significant improvement in operational quality [5] - The net profit forecasts for 2025-2027 have been raised to 14.031 billion, 16.132 billion, and 18.831 billion yuan, reflecting an upward adjustment of 2%, 2%, and 0.1% respectively [5] - The current market capitalization corresponds to a price-to-earnings ratio of 21X, 19X, and 16X for 2025-2027, maintaining a "buy" rating [5] Internet Media Sector - The company is actively promoting cooperation with Douyin, which is expected to boost advertising gross revenue and overall performance [6] - The SaaS business has stabilized after adjustments, and the company is restructuring its client base in the advertising business by reducing low-margin operations [6] - Revenue forecasts for 2025 remain unchanged, while 2026-2027 revenue forecasts have been slightly revised up to 1.79 billion and 2.00 billion yuan, representing increases of 3% and 6% respectively [6]

Core Viewpoint - The company reported a slight increase in total revenue and net profit for the first three quarters of 2025, but faced a decline in Q3 performance due to seasonal fluctuations and external factors [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 33.95 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 2.85 billion yuan, up 6.1% year-on-year [4]. - In Q3 2025, the company recorded total revenue of 11.35 billion yuan, down 5.7% year-on-year and 9.4% quarter-on-quarter, with a net profit of 1.02 billion yuan, a decrease of 4.5% year-on-year and 17.2% quarter-on-quarter [4][5]. Operational Insights - The company maintained a steady growth in the oilfield service industry, benefiting from policies aimed at increasing reserves and production, despite the international oil price decline [5]. - The company focused on improving operational quality, with a return on equity (ROE) of 20.5% for the first three quarters, a slight decrease of 0.7 percentage points year-on-year, and a cost-to-profit margin of 9.6%, an increase of 0.6 percentage points year-on-year [5]. Cost Management and Transformation - The company implemented cost control measures, achieving a gross profit margin of 16.16%, an increase of 1.55 percentage points year-on-year [6]. - The company is accelerating the transformation of traditional industries towards high-end, intelligent, and green development, launching ten digital management modules and establishing smart factories [6]. Strategic Initiatives - The parent company, China National Offshore Oil Corporation (CNOOC), is actively pursuing a seven-year action plan for oil and gas reserve increases, with production growth targets of 5.9%, 2.6%, and 3.8% for 2025 to 2027 [7]. - The company is enhancing its core capabilities in energy technology services, with significant growth in self-developed equipment and a shift towards value-driven operations [7].

Core Viewpoint - The company, CNOOC Energy Development Co., Ltd., is set to hold a performance briefing for the third quarter of 2025, focusing on its operational results and financial metrics [1][3]. Group 1: Meeting Details - The performance briefing is scheduled for October 31, 2025, from 15:00 to 16:00 [2][4]. - The meeting will be conducted via online text interaction on the platform provided by P5W [2][4]. - Investors can submit questions via email to the company's investor relations before the deadline of October 28, 2025, at 17:00 [5]. Group 2: Participation and Communication - The company aims to engage with investors by addressing commonly raised questions during the briefing, within the limits of information disclosure [3][5]. - Key personnel expected to attend include the General Manager, Independent Directors, Chief Financial Officer, and the Board Secretary, although adjustments may occur due to special circumstances [4][5]. - After the briefing, investors can access the meeting's details and main content through the P5W platform [6].

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 33.947 billion yuan, a year-on-year increase of 0.81%, and a net profit attributable to shareholders of 2.853 billion yuan, a year-on-year increase of 6.11% [1] - For Q3 alone, the company reported a revenue of 11.350 billion yuan, a year-on-year decrease of 5.75%, and a net profit attributable to shareholders of 1.023 billion yuan, a year-on-year decrease of 4.51% [1] - The company's non-recurring net profit for the first three quarters was 2.860 billion yuan, a year-on-year increase of 14.54%, while for Q3, it was 1.027 billion yuan, a year-on-year increase of 5.52% [1] Technological Advancements - The company launched its first self-developed ultra-wide intelligent injection and production tool in September 2025, which is expected to enhance oilfield recovery rates [1] - This tool allows for precise control of layered water injection and oil extraction, with an adjustable flow rate of 1 to 3000 cubic meters, and a 120% increase in flow capacity [1] International Expansion - In August 2025, the company established its first overseas well control emergency support base in Uganda, enhancing safety and emergency response capabilities in oilfields [2] - The base includes a 630 square meter standardized multifunctional workshop and 48 sets of equipment across six categories, promoting the application of domestic well control technology and equipment in international markets [2] Impact of External Factors - The company incurred operating expenses of 167 million yuan in the first three quarters of 2025 due to typhoon-related asset damage, with Q3 expenses amounting to 52 million yuan [3] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025, 2026, and 2027 at 4.126 billion, 4.659 billion, and 5.232 billion yuan respectively, with corresponding EPS of 0.41, 0.46, and 0.51 yuan [4] - The projected PE ratios are 9.9, 8.8, and 7.8 for the respective years, with a "buy" rating maintained [4]

Market Overview - The Shanghai Composite Index fell by 0.07% on October 22, with nine sectors experiencing gains, led by the oil and petrochemical sector, which rose by 1.58% [2] - The sectors with the largest declines were non-ferrous metals and electric power equipment, down by 1.36% and 1.29% respectively [2] Capital Flow - The main capital outflow from the two markets totaled 44.231 billion yuan, with only four sectors seeing net inflows [2] - The oil and petrochemical sector had the highest net inflow of 558 million yuan, followed by the home appliance sector with a net inflow of 479 million yuan [2] Oil and Petrochemical Sector Performance - The oil and petrochemical sector increased by 1.58%, with a total net inflow of 558 million yuan, and 36 out of 47 stocks in this sector rose today [3] - Five stocks in this sector hit the daily limit up, while nine stocks declined [3] - The top three stocks with the highest net inflows were China National Offshore Oil Corporation (CNOOC) with 272 million yuan, Sinopec Oilfield Service with 143 million yuan, and Beiken Energy with 110 million yuan [3] Individual Stock Highlights - CNOOC's stock rose by 3.51% with a turnover rate of 2.98% and a net capital flow of approximately 271.95 million yuan [4] - Sinopec Oilfield Service saw a significant increase of 10.00% with a turnover rate of 4.41% and a net capital flow of approximately 142.58 million yuan [4] - Beiken Energy also rose by 10.01% with a high turnover rate of 32.56% and a net capital flow of approximately 109.85 million yuan [4]

中海油能源发展股份有限公司 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。 重要内容提示： 一、说明会类型 证券代码：600968 证券简称：海油发展 公告编号：2025-027 公司本次业绩说明会借助网络文字互动的方式与投资者进行交流。公司将针 对 2025 年第三季度经营成果及财务指标的具体情况与投资者展开互动交流和沟 通，并在信息披露允许的范围内就投资者普遍关心的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 10 月 31 日（周五）15:00-16:00 关于召开2025年第三季度业绩说明会的公告 总经理、独立董事、财务总监、董事会秘书（如有特殊情况，参会人员可能 进行调整）。 四、投资者参加方式 为积极响应中国证券监督管理委员会、上海证券交易所做好中小投资者保护 工作的要求，公司现就 2025 年第三季度业绩说明会向投资者征集相关问题，广 泛听取投资者的意见和建议。 （一）投资者可于 2025 年 10 月 28 日（周二）17:00 前将需要了解的情况和 有 关 问 题 预 先 通 ...