Investment Rating - The report indicates a positive outlook for the oil and petrochemical sector, with the sector outperforming the Shanghai Composite Index by +8.40% this week [10]. Core Insights - Geopolitical factors remain the primary driver in the current oil market, with significant attention on the potential for conflict between the US and Iran. The market is pricing in a geopolitical risk premium of approximately $8-10 per barrel related to Iran [15][17]. - The report anticipates that if the situation with Iran does not escalate into a full-blown conflict, oil prices may revert to supply-demand fundamentals, potentially leading to a price decline [15][17]. - The report highlights that the recent cold wave and reduced production in Kazakhstan have slowed the accumulation of global inventories, with expectations of a return to a higher accumulation rate in the coming weeks [17][18]. Summary by Sections Market Review - The oil and petrochemical sector has shown a weekly increase of +7.95%, with specific indices such as the oil and gas resources index rising by +7.79% and the oil and gas extraction services index by +7.96% [10][11]. Oil Sector - As of January 29, WTI crude oil was priced at $65.42, up by $6.06, while Brent crude was at $72.57, up by $6.60. The EIA reported a decrease in commercial crude oil inventories by 2.295 million barrels [16][17]. - The report notes that US crude oil production stands at 13.696 million barrels per day, with a decrease in net imports by 61.8% [16]. Refining Sector - The average operating rate of domestic refineries was reported at 80.02%, with a slight increase of 1.24 percentage points from the previous week. The average refining margin for major refineries was 659.83 yuan per ton, down by 101.65 yuan per ton [16]. Polyester Sector - The PX-Naphtha spread has increased to approximately $340 per ton, with PTA processing fees at 374.32 yuan per ton. The report indicates a decline in profitability for polyester products, with average profit levels for various types of polyester showing negative margins [16]. Olefins Sector - The average price for ethylene in the domestic market was reported at 5769 yuan per ton, a slight decrease of 0.33%. The propylene market saw an increase in average transaction prices to 6400 yuan per ton, up by 3.64% [16].

Investment Rating - The report indicates a positive outlook for the oil and petrochemical sector, with the sector outperforming the Shanghai Composite Index by +8.40% this week [10]. Core Insights - The oil market is experiencing a rapid increase in prices due to geopolitical risks, particularly concerning Iran's potential actions in the Strait of Hormuz, with a risk premium estimated at $8-10 per barrel [15][16]. - The overall supply remains in excess, with previous supportive factors like cold weather and reduced production in Kazakhstan starting to stabilize [15]. - The report highlights a mixed performance across various segments of the petrochemical industry, with oil and gas resources showing a +7.79% increase, while the polyester index decreased by -1.82% [10]. Summary by Sections Market Review - The petrochemical sector has outperformed the Shanghai Composite Index, with various indices showing significant weekly changes, including the oil and gas extraction service index at +7.96% and the refining and chemical index at +6.75% [10][11]. Oil Market - As of January 29, WTI crude oil closed at $65.42, up $6.06 from the previous week, while Brent crude closed at $72.57, up $6.60 [16]. - The EIA reported a decrease in commercial crude oil inventories by 2.295 million barrels, with a notable drop in gasoline inventories as well [16]. Refining Sector - The average operating rate of domestic refineries increased to 80.02%, with a slight rise in gasoline demand due to seasonal travel [16]. - The average refining margin for major refineries was reported at 659.83 yuan per ton, down 101.65 yuan from the previous period [16]. Polyester Sector - The PX-Naphtha spread has risen to approximately $340 per ton, with PTA processing fees reported at 374.32 yuan per ton [15]. - The report notes a decline in profitability for various polyester products, with average profit levels for POY150D at -21.03 yuan per ton [15]. Olefins Market - The average price for ethylene in the domestic market was reported at 5769 yuan per ton, a slight decrease of 0.33% from the previous week [15]. - Propylene prices in Shandong increased by 225 yuan per ton, reflecting a 3.64% rise [15].

Core Viewpoint - The oil service engineering sector experienced a decline of 3.38% on January 30, with Keli Co., Ltd. leading the losses. The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1]. Group 1: Market Performance - The oil service engineering sector saw significant individual stock movements, with notable declines in Keli Co., Ltd. by 14.39% and Qianeng Hengxin by 12.83% [2]. - The trading volume for Keli Co., Ltd. was 138,000 shares, with a transaction value of 773 million yuan [2]. - The overall sector had a net outflow of 1 billion yuan from major funds, while retail investors contributed a net inflow of 656 million yuan [2][3]. Group 2: Individual Stock Analysis - Keli Co., Ltd. closed at 51.80 yuan, experiencing a drop of 14.39% with a trading volume of 138,000 shares [2]. - Qianeng Hengxin closed at 31.33 yuan, down 12.83%, with a trading volume of 457,200 shares [2]. - The stock of Huibo Yin fell by 6.14%, closing at 4.13 yuan, with a trading volume of 143,670 shares [2]. Group 3: Fund Flow Analysis - Major funds showed a net outflow from several stocks, including Keli Co., Ltd. with a net outflow of 75.27 million yuan [3]. - Retail investors showed a positive net inflow in stocks like Huibo Yin, with a net inflow of 58.99 million yuan [3]. - The stock of Haiyou Development had a net inflow of 18.4 million yuan from retail investors, despite a major fund outflow [3].

Macro and Strategy - The fixed income investment strategy for February 2026 focuses on convertible bonds, suggesting a "Top Ten Convertible Bonds" portfolio, with an emphasis on growth sectors and defensive allocations in power and banking [7] - The report highlights that the small-cap growth style outperformed the large-cap value in January, with significant increases in resource sectors, while the market's valuation levels indicate potential for upward movement [7] - The report anticipates a continuation of the "spring excitement" market trend, with the Shanghai Composite Index expected to break through 4200 points, driven by increased retail investment as high-interest savings mature [7] Industry and Company Mechanical Industry - SpaceX aims for complete reuse of its Starship rockets in 2026, which could reduce space access costs by 99%, while Tesla plans to sell humanoid robots to the public by the end of 2027 [11][12] - The report emphasizes the long-term investment opportunities in commercial aerospace and humanoid robotics, particularly focusing on supply chain companies involved in rocket manufacturing and AI infrastructure [12][13] Energy Sector - China National Offshore Oil Corporation (CNOOC) expects capital expenditures of approximately RMB 8.44 billion for 2026, focusing on equipment investment and technology upgrades, with a positive outlook on its operational performance [24] - The report predicts that international oil prices will stabilize and rise slightly, with CNOOC's business structure continuously optimizing, leading to improved profit margins [24] Battery Materials - Xiamen Tungsten Co., Ltd. anticipates a 42% increase in net profit for 2025, driven by strong sales of lithium cobalt oxide and ongoing advancements in solid-state battery materials [25][26] - The company is expanding its production capacity for high-performance battery materials and is actively developing new materials for electric vehicles and energy storage [27] Insurance Sector - Ping An Insurance is focusing on enhancing its liability business and value transformation, which is expected to improve its valuation amid easing real estate risks [28][29] - The report maintains profit forecasts for Ping An from 2025 to 2027, with expected earnings per share of RMB 7.72, 8.57, and 9.26, respectively, indicating a positive outlook for the company's valuation recovery [29] Sportswear Industry - The sportswear market is experiencing a bifurcation, with high-end brands driving growth in apparel while footwear prices are under pressure, leading to a decline in sales for many brands [18][19] - The report highlights that domestic brands are facing significant price competition, with performance varying widely across different product categories [20][21]

Market Overview - The Federal Reserve maintained the federal funds rate target range at 3.5%-3.75%, aligning with market expectations[9] - The Hang Seng Index closed at 27,827, down 2.58% for the day but up 8.57% year-to-date[3] - The S&P 500 index closed at 6,978, with a slight decrease of 0.01% for the day and a year-to-date increase of 1.94%[3] Stock Performance - Gold prices surged, with spot gold exceeding $5,280 per ounce, marking a monthly increase of over 22%[9] - Semiconductor stocks saw significant gains, with the Philadelphia Semiconductor Index rising by 2.34%[9] - Major tech stocks showed mixed results, with Intel up 11.04% and Microsoft down 6% post-earnings report[9] Sector Highlights - Oil stocks continued to rise, with Shanghai Petrochemical gaining over 5% due to geopolitical tensions driving oil prices up by 3%[9] - New consumer concept stocks performed well, with a snack retail chain soaring 69% on its debut[9] - Airline stocks faced pressure, with China Southern Airlines down 6.83% due to rising operational costs[9] Economic Indicators - The U.S. dollar index fell to 95.51, the lowest since February 2022, contributing to the rise in gold prices[9] - The Japanese yen strengthened, impacting export-related stocks negatively, with Toyota down 3.24%[13] - The Bank of Japan raised its policy rate to 0.75%, the highest in 30 years, indicating a cautious approach to future rate hikes[13]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][20]. Core Insights - The company is expected to have a capital expenditure of approximately RMB 8.44 billion by 2026, focusing on equipment investment, technology upgrades, R&D, and base construction, indicating a positive development trajectory [2][18]. - The company is a domestic leader in the oil service industry, with an optimized business structure and an expected gradual increase in gross profit margin. The projected net profits for 2025-2027 are RMB 4.098 billion, RMB 4.274 billion, and RMB 4.560 billion, respectively, with earnings per share of RMB 0.86, RMB 0.90, and RMB 0.96 [3][20]. Summary by Relevant Sections Company Overview - The company has made significant progress since the "14th Five-Year Plan" and is well-positioned for future growth [2]. Market Conditions - The Brent crude oil price is expected to fluctuate between USD 55-65 per barrel by 2026, influenced by geopolitical tensions and the high costs of new wells in the U.S. shale oil sector [3][8]. - The marine oil and gas sector is identified as a key area for development, with capital expenditures expected to remain high [9][17]. Financial Projections - The company anticipates a drilling ship utilization rate exceeding 90% and an overall equipment utilization rate reaching historical highs by 2025. Key operational metrics are expected to continue improving in 2026 [19][20]. - The projected revenue growth rates for 2025-2027 are 2%, 12%, and 12%, respectively, with net profit growth rates of 4%, 31%, and 4% [24].

证券之星消息，1月29日油服工程板块较上一交易日上涨7.69%，科力股份领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。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7416.32万元，游资资金净流入2.28亿元，散户资 金净流出3.02亿元。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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600968 海油发展 | | 1.31亿 | 10.08% | -2249.86万 | -1.73% | -1.08 Z | -8.34% | | 600339 中油工程 | | 1.14 Z | 10.36% | -2758.69万 | -2.50% | -8690.59万 | -7.86% | | 920088 科力股份 | | 1.06亿 | 11.75% | 1652.53万 | 1.84% | 1 ...

中海油服（601808.SH） 国际油价稳中上行，公司发展全面向好 | 公司研究·公司快评  | |  | 石油石化·油服工程 | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 杨林 | 010-88005379 | yanglin6@guosen.com.cn | 执证编码：S0980520120002 | | 证券分析师： | 董丙旭 | 0755-81982570 | dongbingxu@guosen.com.cn | 执证编码：S0980524090002 | 事项： 公司于 1 月 28 日召开 2026 年战略指引发布会：公司预计 2026 年资本性开支约为人民币 84.4 亿元，主要 用于装备投资及更新改造、技术设备更新改造、技术研发投入和基地建设等。并且公司回顾了"十四五" 以来公司取得的积极进展，并对未来发展做出规划，公司发展全面向好。 证券研究报告 | 2026年01月29日 国信化工观点： 1）考虑到美国页岩油较高的新井成本，预计 2026 年布油中枢在 55-65 美元/桶附近窄幅波动。在地缘冲 突影响下 ...

Market Overview - A-shares experienced a narrow range of consolidation with resource stocks showing a broad-based increase, as of January 28, the Shanghai Composite Index rose by 0.49% to 4160.01 points, while the Shenzhen Component Index increased by 0.09% [1] - The total trading volume in A-shares reached 1.93 trillion yuan [1] Economic Indicators - The People's Bank of China conducted a 7-day reverse repurchase operation of 377.5 billion yuan at a fixed rate of 1.4%, with a net injection of 14 billion yuan for the day [2] Energy Sector Insights - The National Energy Administration reported that by the end of 2025, the cumulative installed power generation capacity in China is expected to reach 3.89 billion kilowatts, a year-on-year increase of 16.1%. Solar power capacity is projected to reach 1.2 billion kilowatts, up 35.4%, while wind power capacity is expected to reach 640 million kilowatts, up 22.9% [3] - The State-owned Assets Supervision and Administration Commission emphasized the importance of central enterprises in strategic security and public service, promoting professional integration and innovation [3] Commodity Market Performance - International gold prices surpassed $5,200 per ounce, leading to a surge in the gold and non-ferrous metal sectors, with several companies, including China Gold and Sichuan Gold, hitting their daily price limits [3] - International oil prices reached a new high, with the oil and gas sector performing strongly, particularly China National Offshore Oil Corporation, which saw a price increase of over 7% [3] Sector Performance - The oil sector led with an average increase of 5.18%, followed by non-ferrous metals at 4.54% and coal at 2.52%. In contrast, the healthcare sector saw a decline of 2.02% [4] Company Insights - **Sinopec Oilfield Service**: Benefiting from the "increasing reserves and production" policy, the company is expected to maintain high capital expenditure from its parent company, providing support for workload and profitability [8] - **Zhongman Petroleum**: The company is expected to continue good performance due to rapid growth in oil and gas production [8] - **China National Offshore Oil Corporation**: The company shows resilience in performance during oil price downturns, with a focus on both oil and gas and renewable energy businesses [8] - **CNOOC Oilfield Services**: As a leader in offshore oil and gas equipment, the company is expected to enjoy valuation premiums due to steady growth in oilfield technology and ongoing expansion in deep-sea technology [8]

在地缘政治紧张与美国寒潮天气共同冲击下，国际油价强劲反弹，收盘价更是刷新了3个月来的新高。 同时，港A两地石油股继续走高。港股市场中，中国海洋石油、中海油田服务涨超5%，中国石油股份、上海石油化 工股份涨超4%，中国石油化工股份涨超3%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 00883 | 中国海洋石油 | 24.820 | +1.300 | 5.53% | | 02883 | 中海油田服务 | 9.060 | +0.470 | 5.47% | | 00346 | 延长石油国际 | 0.415 | +0.020 | 5.06% | | 00857 | 中国石油股份 | 9.240 | +0.430 | 4.88% | | 00338 | 上海石油化工股份 | 1.560 | +0.070 | 4.70% | | 00386 | 中国石油化工股份 | 5.450 | +0.190 | 3.61% | | 00135 | 昆仑能源 | 8.000 | +0.050 | C ( C ( 3 ) | A股市场中，通源石油2 ...