1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Core Viewpoints - This week, the weekly average prices of Brent/WTI crude oil futures were $71.3/$65.9 per barrel, up $1.3/$1.1 per barrel from last week [2]. - The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.5/4.4/4.2/0.2 billion barrels, with a week - on - week increase of 15.99/15.99/0/0.88 million barrels respectively [2]. - US crude oil production was 13.7 million barrels per day, a week - on - week decrease of 30,000 barrels per day. The number of active US crude oil rigs this week was 407, a week - on - week decrease of 2. The number of active US fracturing fleets this week was 160, a week - on - week increase of 7 [2]. - US refinery crude oil processing volume was 15.66 million barrels per day, a week - on - week decrease of 420,000 barrels per day; the US refinery crude oil utilization rate was 88.6%, a week - on - week decrease of 2.4 percentage points [2]. - US crude oil imports, exports, and net imports were 6.66/4.31/2.35 million barrels per day, with a week - on - week change of +140,000/ - 280,000/+410,000 barrels per day respectively [2]. - The weekly average prices of US gasoline, diesel, and jet fuel were $84/$112/$89 per barrel, with a week - on - week change of +$2.7/+$8.6/ - $5.1 per barrel respectively; the price spreads with crude oil were $13/$41/$17 per barrel, with a week - on - week change of +$1.0/+$6.9/ - $6.9 per barrel respectively [2]. - US gasoline, diesel, and aviation kerosene inventories were 2.5/1.2/0.4 billion barrels, with a week - on - week change of - 1.01/+0.25/ - 1.44 million barrels respectively [2]. - US gasoline, diesel, and aviation kerosene production were 9.22/4.75/1.67 million barrels per day, a week - on - week decrease of 220,000/140,000/120,000 barrels per day respectively [2]. - US gasoline, diesel, and aviation kerosene consumption were 8.73/3.90/1.72 million barrels per day, with a week - on - week change of - 20,000/ - 860,000/+130,000 barrels per day respectively [2]. - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be noted include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Mechanical & Electrical Equipment Co., Ltd. (000852.SZ) [3]. 3. Summary by Directory 2. This Week's Performance of the Petroleum and Petrochemical Sector 2.1 Performance of the Petroleum and Petrochemical Sector No specific performance data is provided in the content. 2.2 Performance of Listed Companies in the Sector - The table shows the latest prices, total market values, and price changes in the past week, month, three months, and year of multiple listed companies in the petroleum and petrochemical sector, such as CNOOC Limited, PetroChina Company Limited, and Sinopec [22]. - The valuation table presents the stock prices, total market values, net profits attributable to the parent company, PE, and PB of multiple listed companies from 2024 to 2027 [24]. 3. Crude Oil Sector Data Tracking 3.1 Crude Oil Prices - Analyzes the price relationships and spreads between various crude oils, such as Brent, WTI, Russian Urals, and ESPO crude oils, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price [29][34][38]. 3.2 Crude Oil Inventory - Discusses the correlation between US commercial crude oil inventory and oil prices from 2010 to February 2026, and shows the data of US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory [40][45][52]. 3.3 Crude Oil Supply - Shows the US crude oil production, the number of crude oil rigs, and the number of fracturing fleets [58][60][61]. 3.4 Crude Oil Demand - Presents the US refinery crude oil processing volume, refinery utilization rate, and the seasonal utilization rates of Shandong and Chinese major refineries [66][68][71]. 3.5 Crude Oil Import and Export - Displays the US crude oil imports, exports, and net imports, as well as the imports, exports, and net imports of crude oil and petroleum products [75][77]. 4. Refined Oil Sector Data Tracking 4.1 Refined Oil Prices - When the international crude oil price is above $80 per barrel, the increase in domestic gasoline and diesel prices slows down, and enterprises bear the profit reduction caused by cost changes. When the international crude oil price is at $80 per barrel, the spreads between domestic gasoline/diesel and crude oil reach their phased highs [82]. - Analyzes the relationships between international crude oil prices and domestic gasoline, diesel, and aviation kerosene prices and spreads from 2017 to February 2026 [85][87][102]. 4.2 Refined Oil Inventory - Shows the inventory data of US gasoline, diesel, aviation kerosene, and Singapore gasoline and diesel [120][125][135]. 4.3 Refined Oil Supply - Presents the production data of US gasoline, diesel, and aviation kerosene [137][139]. 4.4 Refined Oil Demand - Displays the consumption data of US gasoline, diesel, and aviation kerosene, as well as the number of US airport passenger security checks [143][144][152]. 4.5 Refined Oil Import and Export - Shows the import, export, and net export data of US gasoline, diesel, and aviation kerosene [154][159][160]. 5. Oilfield Services Sector Data Tracking - Analyzes the average daily rates of self - elevating and semi - submersible drilling platforms in the industry [170][174].

Investment Rating - The report maintains a "Market Perform" rating for the oilfield services equipment industry, indicating that the industry is expected to perform in line with the market over the next six months [5][45]. Core Insights - Multiple factors are supporting the recovery of oil prices, including a moderate global economic recovery, which provides solid support for oil demand. Additionally, the marginal easing of dollar liquidity is favorable for oil price valuation recovery [5][37]. - Global oil demand is showing a moderate recovery with a clear de-stocking pattern established. The demand growth rate is expected to steadily increase from 2025 to 2026, with India being a key contributor to marginal demand growth and China providing stable support [5][38]. - The capital expenditure of oil and gas companies is expected to show cautious differentiation overseas while optimizing structure domestically. This trend will drive the demand for oilfield services equipment [5][6]. Summary by Sections 1. Oilfield Services and Equipment Market - The oilfield services industry is crucial to the global energy system, providing essential support for industrial, transportation, and livelihood needs. Despite the transition to low-carbon energy, fossil fuels remain irreplaceable in the short term [13][14]. - The oilfield services sector is characterized by high technical and capital intensity, with core technologies being critical for the survival and development of leading companies [21][22]. 2. Oil Price Support and Capital Expenditure - Oil price increases are the primary trigger for the recovery of the oilfield services equipment industry. Higher oil prices improve the profitability and cash flow of oil and gas companies, leading to increased capital expenditures [24][5]. - The report highlights that the capital expenditure of major international oil and gas companies is expected to show a steady increase, focusing on high-return core areas [42][43]. 3. Investment Recommendations - The report suggests that the combination of high oil prices and stable capital expenditure from oil and gas companies will drive demand for oilfield services equipment. It recommends focusing on companies such as Jereh (002353), Deewell (688377), and others as potential investment opportunities [45][47].

Group 1 - The company, Shihua Machinery, reported that as of February 13, 2026, the number of shareholders is 34,007 [2]

Group 1 - Sinopec Petroleum Machinery Co., Ltd. has obtained a patent for a "dual-piston booster cylinder with cooling structure," with authorization announcement number CN115750265B, applied on November 2022 [1] - Sinopec Petroleum Machinery Co., Ltd. was established in 1998 and is located in Wuhan, primarily engaged in specialized equipment manufacturing, with a registered capital of 9,556.68 million RMB [1] - The company has made investments in 15 enterprises, participated in 1,813 bidding projects, and holds 1,838 patent records, along with 25 administrative licenses [1] Group 2 - Sinopec Hydrogen Machinery (Wuhan) Co., Ltd. was established in 2024, located in Wuhan, focusing on technology promotion and application services, with a registered capital of 245.19 million RMB [1] - The company has participated in 2,275 bidding projects, holds 45 patent records, and possesses 9 administrative licenses [1]

Group 1 - The overall sentiment towards the petrochemical machinery market is neutral, with a target price of 9.00 yuan, indicating a potential upside of 14.21% from the latest price of 7.70 yuan [1] - The institution forecasts a 300% year-on-year increase in net profit for 2026, but warns of performance decline risks in 2025 [1] Group 2 - Over the past week (as of February 13, 2026), the stock price of petrochemical machinery has shown a downward trend, with a cumulative decline of 4.47% over five days [2] - On February 13, the stock dropped by 2.28%, closing at 7.70 yuan, with a net outflow of 15.28 million yuan in principal funds [2] - Financing data indicates a net outflow of 6.40 million yuan on February 12, with financing balances at a low level [2] - The oil and gas equipment service sector declined by 1.76%, underperforming the broader market [2]

Group 1 - The company, Shihua Machinery (000852), reported that as of February 10, 2026, the number of shareholders is 34,712 [1]

Oil Market Overview - Brent and WTI crude oil futures averaged $67.7 and $63.5 per barrel this week, with changes of -$0.9 and +$0.1 respectively compared to last week[2] - U.S. total crude oil inventory stands at 84 million barrels, with commercial and strategic inventories at 42 million barrels each, reflecting changes of -324, -346, and +21 thousand barrels respectively[2] - U.S. crude oil production decreased to 13.22 million barrels per day, down by 480 thousand barrels per day from the previous week[2] Oil Demand and Supply - U.S. refinery crude processing volume is 16.03 million barrels per day, down by 180 thousand barrels per day, with a utilization rate of 90.5%, a decrease of 0.4 percentage points[2] - U.S. crude oil imports increased by 56 thousand barrels per day to 620 thousand barrels, while exports decreased by 54 thousand barrels to 405 thousand barrels, resulting in a net import increase of 110 thousand barrels per day[2] - Active U.S. oil rigs increased by 1 to 412, while active fracturing fleets decreased by 3 to 148[2] Refined Products - U.S. gasoline, diesel, and jet fuel prices averaged $80, $101, and $89 per barrel respectively, with changes of +$1.3, -$9.5, and -$5.1 per barrel[2] - U.S. gasoline inventory increased by 690 thousand barrels, while diesel and jet fuel inventories decreased by 555 and 66 thousand barrels respectively[2] - U.S. gasoline consumption decreased by 60 thousand barrels per day to 815 thousand barrels, while diesel and jet fuel consumption increased by 24 and 29 thousand barrels per day respectively[2] Investment Recommendations - Recommended stocks include China National Offshore Oil Corporation, PetroChina, Sinopec, and CNOOC Services[3] - Risks include geopolitical factors affecting oil prices, significant macroeconomic downturns, and potential changes in OPEC+ supply plans[3]

Group 1 - The company, Shihua Machinery, reported that as of January 30, 2026, the number of shareholders reached 36,747 [2]

Group 1 - The core viewpoint of the news is that Sinopec Oilfield Machinery Co., Ltd. is expecting a significant decline in its net profit for the year 2025, primarily due to the downturn in international oil prices and reduced investment in oil and gas exploration [2][3] Group 2 - As of January 30, 2026, Sinopec Oilfield Machinery's stock closed at 8.1 yuan, down 1.46%, with a turnover rate of 5.16%, a trading volume of 488,000 shares, and a transaction value of 393 million yuan [1] - The company forecasts a net profit attributable to shareholders for 2025 to be between 8 million and 11 million yuan, representing a year-on-year decline of 89% to 92% [2] - The expected net profit after deducting non-recurring gains and losses is projected to be a loss of 25 million to 28 million yuan, a year-on-year decrease of 132% to 136% [2] - The decline in performance is attributed to the decrease in international oil prices, leading to a drop in both the volume and price of products and services, despite efforts in cost control [2][3]

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has applied for a patent titled "Directional Cooling Working Blade Drill Bit," with publication number CN121407849A, filed on October 2025. The invention includes a drill body and multiple cutting teeth, featuring at least one injection tooth with a hard alloy matrix and a composite layer on its top surface. The design aims for precise cooling, structural toughness, and high compatibility [1] - Sinopec was established in 2000 and is based in Beijing, primarily engaged in oil and gas extraction. The company has a registered capital of approximately 12.17 billion RMB and has invested in 269 enterprises, participated in 5,000 bidding projects, and holds 5,000 patent records [1] Group 2 - Sinopec Petroleum Machinery Co., Ltd. was founded in 1998 and is located in Wuhan, focusing on specialized equipment manufacturing. The company has a registered capital of approximately 955.67 million RMB, has invested in 15 enterprises, participated in 1,807 bidding projects, and holds 1,819 patent records [2]