Group 1 - As of August 25, pension funds appeared among the top ten circulating shareholders of 12 stocks, holding a total of 121 million shares valued at 2.188 billion yuan [1] - The top three stocks by the number of shares held by pension funds are Mingtai Aluminum, Huangma Technology, and Nasda, with holdings of 45 million shares, 25 million shares, and 21 million shares respectively [1] - In terms of market value, Mingtai Aluminum, Nasda, and Huangma Technology rank highest, with values of 559 million yuan, 485 million yuan, and 318 million yuan respectively [1] Group 2 - In the second quarter, pension funds were present among the top ten circulating shareholders of 75 stocks, holding a total of 679 million shares valued at 14.592 billion yuan [1] - There are 21 stocks where pension funds hold over 10 million shares, with the highest holdings in CNOOC Development, Mingtai Aluminum, and Shun'an Environment, at 52 million shares, 45 million shares, and 36 million shares respectively [1] - The industry distribution of pension fund holdings is primarily concentrated in chemicals, electronic equipment, and pharmaceuticals, with 12, 7, and 5 stocks respectively [1]

Core Viewpoint - The stock price of CNOOC Development remained stable at 4.04 yuan as of August 22, 2025, with a trading volume of 567,600 shares and a transaction value of 228 million yuan [1] Company Overview - CNOOC Development operates in the extraction industry, focusing on offshore oil and gas resource development and related services, including marine oil engineering technology services, equipment manufacturing, and energy logistics [1] - The company is a significant subsidiary of China National Offshore Oil Corporation [1] Shareholding and Investment Trends - As of the second quarter, pension funds held 52.1022 million shares of CNOOC Development, representing a quarter-on-quarter increase of 5.68%, accounting for 0.51% of the circulating shares [1] - The Basic Pension Insurance Fund 808 Combination is the fifth-largest circulating shareholder of the company, with social security funds also appearing in the top ten circulating shareholders [1] Capital Flow - On August 22, 2025, the net inflow of main funds into CNOOC Development was 7.4383 million yuan, accounting for 0.02% of the circulating market value [1] - Over the past five days, the main funds experienced a net outflow of 124 million yuan, representing 0.3% of the circulating market value [1]

华鑫证券研报指出，海油发展2025年上半年实现归母净利润18.29亿元，同比+13.15%；Q2实现归母净 利润12.35亿元，同比+10.75%、环比+107.97%。积极布局深海科技，三大主业作业量平稳增长。公司 集中优势资源，持续深耕"能源技术服务、低碳环保与数字化、能源物流服务"三大产业。2025年上半 年，公司实现营业收入225.97亿元，同比增长4.46%，主要原因为公司核心能力建设成效和增储上产持 续推进，技术服务业务工作量、产品生产及商品销售业务销量增长拉动收入增长。公司加速推进传统产 业高端化、智能化、绿色化转型升级。公司发布生产管理、能碳管理、安全管理等十大数字化模块产 品，大力推进智能工厂建设，新增3家已进入试运行阶段。考虑到公司技术服务深入推进，多产业发展 有望驱动业绩增长，本次略上调盈利预测，维持"买入"投资评级。 ...

Group 1 - The pension funds have invested in 51 stocks, with 19 new entries and 17 increased holdings by the end of Q2, totaling 416 million shares valued at 9.57 billion yuan [1][2] - The largest holding is in CNOOC Development (600968) with 52.10 million shares, followed by Hongfa Technology (600885) with 28.22 million shares [1][2] - 27 stocks have a market value exceeding 100 million yuan, including Chuangfeng Power (603129), Blue Sky Technology (300487), and Hongfa Technology [1][2] Group 2 - The pension fund's longest-held stock is Yangnong Chemical (600486), held for 22 consecutive reporting periods, with a current holding of 5.92 million shares, up 2.51% from the previous quarter [2] - The pension fund's investments are primarily in the main board (35 stocks), with 4 in the Sci-Tech Innovation Board and 12 in the Growth Enterprise Market, focusing on basic chemicals and pharmaceutical industries [2] - Among the stocks held, 35 companies reported profit growth in the first half of the year, with the highest increase of 2063.42% in net profit reported by Rongzhi Rixin [2]

Core Viewpoint - Company is actively positioning itself in deep-sea technology and has achieved stable growth in its three main business areas, leading to a "buy" rating for the stock [1] Financial Performance - In the first half of 2025, the company reported total revenue of 22.597 billion yuan, a year-on-year increase of 4.46%, and a net profit attributable to shareholders of 1.829 billion yuan, up 13.15% year-on-year [2] - For Q2 2025, the company achieved revenue of 12.522 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.30%, with a net profit of 1.235 billion yuan, up 10.75% year-on-year and 107.97% quarter-on-quarter [2] Business Segments - The company focuses on three main industries: 1. Energy Technology Services: Revenue of 7.993 billion yuan, up 2.79% year-on-year, with significant increases in downhole tools (16.11%) and artificial lift services (3.24%) [3] 2. Low Carbon Environmental and Digitalization: Revenue of 3.870 billion yuan, up 11.17% year-on-year, with notable growth in new energy technology (32.89%) and safety emergency services (22.70%) [3] 3. Energy Logistics Services: Revenue of 11.640 billion yuan, up 5.13% year-on-year, with increases in terminal loading and unloading (6.23%) and product sales (15.61%) [3] Cost and Expenses - The financial expense ratio increased primarily due to a decrease in bank deposit interest income, while sales and management expenses showed slight changes [4] Strategic Initiatives - The company is accelerating the high-end, intelligent, and green transformation of traditional industries, launching ten digital management modules and establishing three smart factories [5] - It is also advancing new strategic industries and future industries, optimizing its product and service offerings across six major areas [5] Profit Forecast - The profit forecast for the company has been slightly adjusted upwards, with expected net profits of 4.150 billion yuan, 4.749 billion yuan, and 5.326 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 9.9, 8.6, and 7.7 times [6]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][11] Core Views - The company is actively positioning itself in deep-sea technology, with stable growth in its three main business areas [6][10] - The company achieved a total revenue of 22.597 billion yuan in the first half of 2025, representing a year-on-year increase of 4.46%, driven by core capability enhancements and ongoing resource development [5][6] - The report slightly raises the profit forecast for the company, predicting net profits of 4.150 billion, 4.749 billion, and 5.326 billion yuan for 2025, 2026, and 2027 respectively [11] Summary by Sections Financial Performance - In the first half of 2025, the company reported a net profit of 1.829 billion yuan, up 13.15% year-on-year [5] - The second quarter of 2025 saw a single-quarter revenue of 12.522 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.30% [5] Business Segments - Energy Technology Services: Revenue of 7.993 billion yuan, up 2.79% year-on-year, with significant increases in downhole tools (16.11%) and artificial lifting services (3.24%) [7] - Low Carbon Environmental and Digitalization: Revenue of 3.870 billion yuan, up 11.17% year-on-year, with notable growth in new energy technology (32.89%) and safety emergency services (22.70%) [7] - Energy Logistics Services: Revenue of 11.640 billion yuan, up 5.13% year-on-year, with increases in terminal loading and unloading (6.23%) and product sales (15.61%) [7] Strategic Initiatives - The company is accelerating the transformation and upgrading of traditional industries towards high-end, intelligent, and green technologies [10] - It has launched ten digital management modules and is advancing the construction of smart factories, with three now in trial operation [10] - The company is also focusing on developing strategic emerging industries and future industries, optimizing its product and service offerings across six major areas [10]

Group 1 - The stock price of CNOOC Development is reported at 4.04 yuan, down 0.74% from the previous trading day, with an opening price of 4.07 yuan and a trading volume of 680,481 hands, amounting to 275 million yuan [1] - CNOOC Development operates in the extraction industry, providing services such as offshore oil engineering technology, FPSO production technology, and energy logistics, covering the entire lifecycle of oil and gas field development [1] - As of the end of Q2, the basic pension insurance fund's 808 combination holds 52.1022 million shares of CNOOC Development, ranking as the fifth largest circulating shareholder, with a 5.68% increase from the previous quarter [1] Group 2 - On August 21, 2025, the net inflow of main funds was 3.5022 million yuan, while the cumulative net outflow over the past five trading days reached 171 million yuan [1]

证券之星消息，8月21日油服工程板块较上一交易日上涨1.53%，准油股份领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。油服工程板块个股涨跌见下表： 从资金流向上来看，当日油服工程板块主力资金净流入2.18亿元，游资资金净流出2526.82万元，散户资 金净流出1.93亿元。油服工程板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002207 | 准油股份 | 1.19/7 ﺔ | 28.58% | -4378.99万 | -10.50% | -7542.85万 | -18.08% | | 60361a | 中曼石油 | 4037.03万 | 7.78% | -1117.59万 | -2.15% | -2919.44万 | -5.63% | | 300191 | 潜能恒信 | 3541.26万 | 6.80% | -286.08万 | ...

Summary of Key Points Core Viewpoint - The pension funds have actively invested in the secondary market, appearing in the top ten circulating shareholders of 38 stocks by the end of the second quarter, with significant new investments and increased holdings in several companies [1][2]. Group 1: Investment Activity - By the end of Q2, pension accounts were present in the top ten circulating shareholders of 38 stocks, with a total holding of 323 million shares valued at 7.975 billion yuan [1]. - The pension fund's largest holding was in Haiyou Development (600968), with 52.1022 million shares, making it the fifth largest circulating shareholder [1]. - The pension fund increased its holdings in 13 stocks and initiated positions in 16 new stocks during the quarter [1]. Group 2: Sector and Stock Performance - The pension fund's investments are primarily concentrated in the machinery and pharmaceutical sectors, with five stocks from each sector appearing in their holdings [2]. - Among the stocks held, 28 companies reported a net profit increase in their semi-annual reports, with Rongzhi Rixin showing the highest growth at 14.2355 million yuan, a year-on-year increase of 2063.42% [2]. - The pension fund's holdings include 26 stocks from the main board, 4 from the Sci-Tech Innovation Board, and 8 from the Growth Enterprise Market [2]. Group 3: Detailed Holdings - The top holdings by the pension fund include: - Haiyou Development (600968): 52.1022 million shares, a 5.68% increase, representing 0.51% of circulating shares [2][3]. - Hongfa Shares (600885): 28.2227 million shares, a 64.93% increase, representing 1.93% of circulating shares [2][3]. - Blue Sky Technology (300487): 20.8 million shares, a 4.00% increase, representing 6.78% of circulating shares [2][3]. - Other notable holdings include Shenzhen Airport (2420.47 million shares), Guoyao Shares (1781.80 million shares), and Spring Wind Power (795.14 million shares) [2][3].

Group 1: Fixed Income Market Insights - The fixed income market has shown a "N" shaped trend this year, with a "see-saw" effect between stocks and bonds re-emerging as market dynamics shift [1][25] - The bond market's main narrative has changed, indicating that current market behavior is driven more by risk appetite and asset reallocation rather than fundamental or liquidity factors [25][26] - The "look at stocks, act on bonds" strategy may continue in the third quarter, with the 10-year government bond yield expected to stabilize in the range of 1.75%-1.80% [1][28] Group 2: Banking Sector Performance - In the first half of 2025, commercial banks reported a net profit of 1.24 trillion yuan, a year-on-year decrease of 1.20%, but with signs of marginal improvement compared to the first quarter [3] - City commercial banks showed the most significant performance improvement, with a total profit of 176.9 billion yuan, a year-on-year decrease of 1.10% but a notable increase in growth rate [3] - The outlook for the banking sector suggests that net interest margins may stabilize in the short term due to regulatory controls on deposit renewals and interbank rates [3] Group 3: Company-Specific Developments - Baiyunshan (600332) achieved a revenue of 41.835 billion yuan in the first half of 2025, a year-on-year increase of 1.93%, with a net profit of 2.516 billion yuan, down 1.31% [6] - The company is focusing on expanding its health product segment and enhancing its international market presence, with significant growth in overseas revenue [6][9] - The company has adjusted its revenue forecasts for 2025-2026 due to increased competition and insufficient demand, lowering expected revenues to 78.013 billion yuan and 81.185 billion yuan respectively [9] Group 4: Energy Sector Insights - Kunlun Energy (00135) reported a revenue of 97.543 billion yuan in the first half of 2025, a year-on-year increase of 4.97%, with a total gas sales volume growth of 10.05% [42][43] - The company's LNG processing and transportation segment performed well, achieving record profitability despite a slight decrease in revenue [43][44] - The outlook for the energy sector remains positive, with expectations for continued growth in gas sales and operational efficiency improvements [43][44] Group 5: Retail and Consumer Goods - Xiaoshangcheng (600415) reported a revenue of 7.713 billion yuan in the first half of 2025, a year-on-year increase of 13.99%, with a net profit growth of 16.78% [10] - The company is focusing on expanding its trade services and has successfully completed trials for various consumer goods, indicating strong potential for future growth [10] - The outlook for the retail sector is optimistic, with expectations for continued growth driven by new market openings and the Belt and Road Initiative [10]