Core Insights - The report emphasizes a positive outlook for the mechanical industry in 2026, driven by structural transformation and a rebound in external demand [3][4] - The report introduces a "risk排雷" manual to proactively identify potential market misjudgments and challenges within various sectors [3][4] Industry Overview - The mechanical industry is expected to experience a cyclical reversal, with growth in engineering machinery, industrial gases, shipbuilding, photovoltaic equipment, and lithium battery equipment [6][8] - Key assumptions include continued government support for emerging technology industries and a stable macroeconomic recovery [11][16] Engineering Machinery - The engineering machinery sector is witnessing a cyclical upturn, with increased overseas market share and a gradual domestic renewal cycle [17] - Key growth drivers include global market expansion, improved domestic demand due to favorable macro policies, and a stabilizing domestic infrastructure and real estate market [17] Shipbuilding - The shipbuilding industry is on an upward trend, with demand supported by a variety of vessel types and improving profitability for shipyards [19] - The sector is expected to benefit from supply constraints driving up ship prices and a focus on high-end, large-scale, dual-fuel vessels [20] Export Chain - The export chain is optimistic about demand recovery, particularly in the U.S. market, with a focus on strategic exports and emerging markets [22] - Key assumptions include a favorable trade environment and ongoing industrial shifts towards resource-rich countries [22] Industrial Gases - The industrial gases sector is viewed positively, with expectations of volume and price increases leading to improved valuations [27] - The report highlights the importance of leading companies in the sector and recommends focusing on those with operational highlights in niche markets [30] Lithium Battery Equipment - The lithium battery equipment sector is expected to emerge from a downturn, with solid-state battery technology creating significant market opportunities [51] - The report anticipates a substantial increase in market size, projecting a growth from 2.06 billion in 2025 to 33.62 billion by 2030 [51] Wind Power Equipment - The wind power industry is projected to maintain high growth, particularly in offshore wind projects, with significant investments expected [63] - The report recommends focusing on leading manufacturers and components that support the offshore wind market [64] Testing and Inspection - The testing and inspection sector is expected to see upward momentum, driven by increasing demand and a trend towards consolidation among leading firms [71] - The report emphasizes the importance of focusing on emerging fields and the long-term growth potential of comprehensive testing companies [71] Rail Transit Equipment - The rail transit equipment sector is expected to benefit from steady investment in fixed assets and high demand for passenger and freight transport [75] - The report highlights the potential for continued growth in the high-speed train sector and recommends key players in the industry [76] Oil Service Equipment - The oil service equipment sector is anticipated to thrive due to sustained demand driven by oil prices and energy security concerns [79] - The report suggests focusing on companies with strong technical barriers and those benefiting from domestic and international market opportunities [80]

Core Insights - The report highlights the significant demand for deep-sea resource exploration in China, driven by the need to secure energy and mineral supply amidst declining domestic resources and high foreign dependency [3]. Group 1: Industry Overview - The deep-sea technology sector encompasses three main application scenarios: production operations (including resource exploration, mining, and infrastructure), public services (such as environmental monitoring and national defense), and deep-sea consumption (like tourism) [1]. - Major listed companies in the industry include China Shipbuilding (600150.SH), China Ship Defense (600685.SH), Zhenhua Heavy Industries (600320.SH), CNOOC Services (601808.SH), China Marine Defense (600764.SH), Hailanxin (300065.SZ), and Zhongtian Technology (600522.SH) [1]. Group 2: Resource Dependency and Production - China's crude oil foreign dependency reached 73% in 2023, while natural gas dependency was at 41.9%. Over 10 mineral types have a foreign dependency exceeding 50%, indicating a critical need for domestic production through deep-sea exploration [3]. - The production of marine crude oil in China is projected to exceed 60% of total production by 2024, with output increasing from 51.62 million tons in 2016 to 65.5 million tons in 2024, reflecting a compound annual growth rate (CAGR) of 3% [4]. - Marine natural gas production is expected to grow from 12.9 billion cubic meters in 2016 to 26.2 billion cubic meters by 2024, achieving a CAGR of 9.3% [7]. Group 3: Emerging Consumption Scenarios - Underwater tourism, characterized by non-diving experiences using submersibles and semi-submersibles, is emerging as a new consumption scenario within the marine tourism industry. This sector is enhanced by underwater photography and virtual reality technologies [8]. - The development of marine tourism is supported by initiatives in Hainan Free Trade Port, where coral reef protection areas are exploring sustainable development models that integrate marine museums and educational programs [8].

Trading Information Summary - On December 31, 2025, CNOOC Services (601808) closed at 14.04 yuan, with a slight increase of 0.07% and a turnover rate of 0.26% [1] - The total trading volume was 77,100 shares, with a total transaction value of 108 million yuan [1] - On the same day, the main funds experienced a net outflow of 8.5382 million yuan, accounting for 7.89% of the total transaction value [2] - Retail investors saw a net inflow of 2.3752 million yuan, representing 2.2% of the total transaction value [1] Company Announcement Summary - On December 29, 2025, CNOOC Services entered into a new financial product agreement with the Bank of China, Yanjiao Branch, using 1 billion yuan of its own funds to purchase two structured deposit products [1] - This follows previous agreements made on December 17 and December 25, 2025, with the Bank of China, Tianjin Ocean Branch, and Yanjiao Branch, totaling 2 billion yuan in financial products [1] - The combined transactions require disclosure but are exempt from shareholder approval, aimed at enhancing returns on idle funds [1]

Group 1 - The "Three Oil Giants" refer to China National Petroleum Corporation (CNPC), Sinopec Limited, and China National Offshore Oil Corporation (CNOOC), which are the main state-owned enterprises in China's oil exploration, extraction, refining, and supply sectors [1] - A total of 35 personnel changes occurred across 9 listed companies controlled by Sinopec, CNPC, and CNOOC, with 6 companies experiencing changes at the chairman, general manager, and vice chairman levels [3] - Sinopec saw significant personnel changes, including the resignation of Chairman Ma Yongsheng and the appointment of Liu Qiang as General Manager and Vice Chairman [4][5] Group 2 - CNPC experienced personnel adjustments with 14 changes across 3 listed companies, including the resignation of Vice Chairman Hou Qijun and President Huang Yongzhang, with Ren Lixin appointed as the new President [13][14] - CNOOC had 4 personnel changes, including the resignation of Chairman Wang Dongjin and the appointment of Zhang Chuanjiang as the new Chairman [20][21] - The personnel changes reflect a broader trend of leadership transitions within major state-owned enterprises in China's oil and gas sector [3][19]

Core Viewpoint - The oil service engineering sector experienced a decline of 0.43% on December 31, with Junyou Co., Ltd. leading the losses. The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.58 [1]. Group 1: Market Performance - The closing price of Junyou Co., Ltd. was 7.40, reflecting a decrease of 3.77% with a trading volume of 171,200 shares and a transaction value of 12.7 million [2]. - The oil service engineering sector saw a net outflow of 83 million yuan from main funds, while retail investors contributed a net inflow of 63.74 million yuan [2]. Group 2: Individual Stock Performance - Qianeng Hengxin closed at 18.48, with an increase of 1.48% and a trading volume of 38,900 shares, resulting in a transaction value of 71.43 million [1]. - The stock of Zhongman Petroleum closed at 23.05, down by 1.91%, with a trading volume of 84,600 shares and a transaction value of 195 million [2]. - The stock of Huibo Yin closed at 3.19, down by 1.54%, with a trading volume of 247,500 shares and a transaction value of 7.88 million [2]. Group 3: Fund Flow Analysis - The main funds showed a net outflow of 751,820 yuan from Junyou Co., Ltd., while retail investors had a net inflow of 1,015,780 yuan [3]. - The main funds experienced a net outflow of 812,200 yuan from Keli Co., Ltd., with retail investors showing a net outflow of 167,080 yuan [3]. - The stock of Zhongyou Engineering had a net outflow of 95,510 yuan from main funds, while retail investors had a net inflow of 4,810 yuan [3].

Group 1 - The core stock price of CNOOC Services (601808) closed at 14.03 yuan on December 30, 2025, with an increase of 0.72% and a trading volume of 10.21 million shares, resulting in a total transaction amount of 143 million yuan [1] - On December 30, 2025, the main funds experienced a net outflow of 10.33 million yuan, accounting for 7.21% of the total transaction amount, while retail investors saw a net inflow of 5.56 million yuan, representing 3.88% of the total transaction amount [2] Group 2 - CNOOC Services announced the purchase of structured deposit products using its own funds amounting to 1 billion yuan, which constitutes a transaction that requires disclosure [1][2] - The company had previously entered into agreements to purchase a total of 2 billion yuan in structured deposit products with Bank of China, which were disclosed in accordance with Hong Kong listing rules [1]

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公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 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。 2883 公告 須予披露的交易 購買理財產品 於2025年12月29日，本公司與中國銀行燕郊分行訂立中國銀行最新理財協議。根據中 國銀行最新理財協議，本公司同意以自有資金合計人民幣10億元購買兩筆理財產品。 於2025年12月17日，本公司曾與中國銀行天津海洋支行訂立中國銀行此前理財協議， 以自有資金合計人民幣10億元購買兩筆理財產品。 於2025年12月25日，本公司曾與中國銀行燕郊分行訂立中國銀行此前理財協議，以自 有資金合計人民幣10億元購買兩筆理財產品。 前述中國銀行最新理財協議及中國銀行此前理財協議由本公司與中國銀行燕郊分行、 中國銀行天津海洋支行分別訂立。根據香港上市規則第14.22條，該等交易應當合併計 算，經合併計算的中國銀行此前理財協議的適用百分比率（定義見香港上市規則第 14.07條）未達5%，但經合併計算的中國銀行最新理財協議及中國銀行此前理財協議的 適用百分比率有一項或以上超過5 ...

于2025年12月17日，公司曾与中国银行天津海洋支行订立中国银行此前理财协议，以自有资金合计人民 币10亿元购买两笔理财产品。 智通财经APP讯，中海油田服务(02883)公布，于2025年12月29日，公司与中国银行燕郊分行订立中国银 行最新理财协议。根据中国银行最新理财协议，公司同意以自有资金合计人民币10亿元购买两笔理财产 品。 于2025年12月25日，公司曾与中国银行燕郊分行订立中国银行此前理财协议，以自有资金合计人民币10 亿元购买两笔理财产品。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) Services has recently purchased a total of 3 billion RMB in bank wealth management products, indicating a strategic move to manage its financial assets effectively [1] Group 1: Recent Transactions - On December 29, 2025, the company entered into a new wealth management agreement with the Bank of China Yanjiao Branch, agreeing to invest 1 billion RMB in two wealth management products [1] - On December 17, 2025, the company had previously signed a wealth management agreement with the Bank of China Tianjin Ocean Branch, also committing 1 billion RMB to two wealth management products [1] - On December 25, 2025, the company again partnered with the Bank of China Yanjiao Branch under a prior agreement, investing another 1 billion RMB in two wealth management products [1]

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公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 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。 2883 公告 須予披露的交易 購買理財產品 於2025年12月29日，本公司與中國銀行燕郊分行訂立中國銀行最新理財協議。根據中 國銀行最新理財協議，本公司同意以自有資金合計人民幣10億元購買兩筆理財產品。 於2025年12月17日，本公司曾與中國銀行天津海洋支行訂立中國銀行此前理財協議， 以自有資金合計人民幣10億元購買兩筆理財產品。 於2025年12月25日，本公司曾與中國銀行燕郊分行訂立中國銀行此前理財協議，以自 有資金合計人民幣10億元購買兩筆理財產品。 前述中國銀行最新理財協議及中國銀行此前理財協議由本公司與中國銀行燕郊分行、 中國銀行天津海洋支行分別訂立。根據香港上市規則第14.22條，該等交易應當合併計 算，經合併計算的中國銀行此前理財協議的適用百分比率（定義見香港上市規則第 14.07條）未達5%，但經合併計算的中國銀行最新理財協議及中國銀行此前理財協議的 適用百分比率有一項或以上超過5 ...