从中证沪港深互联互通中小综合能源指数持仓样本的行业来看，煤炭占比37.69%、焦炭占比19.45%、 油气开采占比12.76%、燃油炼制占比12.13%、油田服务占比8.87%、油气流通及其他占比5.85%、天然 气加工占比3.25%。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五 的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。当中证沪港深500指数、中证沪港深互联互通中小综合指数和中证沪港深互联互通综合指数样本发 生变动时，将进行相应调整。 据了解，中证沪港深行业指数系列将中证沪港深 500、中证沪港深互联互通中小综合以及中证沪港深互 联互通综合指数样本按行业分类标准分别分为 11 个行业，再以各行业全部证券作为样本编制指数，以 反映中证沪港深指数系列中不同行业公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0 ...

Summary of Key Points Core Viewpoint - In the recent five trading days (July 21 to July 25), significant shareholder activities were observed, with 13 companies experiencing share increases totaling 341 million shares and an aggregate investment of 1.471 billion yuan, while 127 companies saw a total reduction of 7.589 billion yuan in shares [1]. Group 1: Shareholder Activities - A total of 13 companies had significant shareholder increases, with the highest increase from Everbright Bank, which saw 264 million shares added, amounting to 1.118 billion yuan [1]. - Ansteel Corporation followed with an increase of 31.93 million shares and an investment of 76.82 million yuan [1]. - The third highest increase was for Jerry Holdings, with a total increase of 5.85 million yuan [1]. Group 2: Sector Distribution - The majority of shareholder increases were concentrated in the main board, with a total increase of 1.471 billion yuan [1]. - Key industries with significant shareholder increases included basic chemicals and machinery equipment, each contributing three companies to the list [1]. Group 3: Market Performance - The average increase for stocks with shareholder increases over the past five days was 3.65%, outperforming the Shanghai Composite Index during the same period [1]. - Notable gainers included Kailong Co., with a rise of 14.81%, Liugong, with an increase of 9.85%, and Dongpeng Holdings, which rose by 7.38% [1]. - Conversely, Shanghai Bank and Everbright Bank experienced declines of 5.71% and 3.29%, respectively [1]. Group 4: Fund Flow and Performance Forecast - In terms of fund flow, stocks with shareholder increases saw significant net outflows, particularly from Liugong and Shanghai Bank, with outflows of 380 million yuan and 168 million yuan, respectively [2]. - Among the stocks with significant shareholder increases, five companies released half-year performance forecasts, with three expecting profit increases. An Tong Holdings projected a net profit of 515 million yuan, reflecting a year-on-year increase of 234.42% [2].

Investment Rating - The report recommends investing in companies with high demand visibility in the Middle East, specifically highlighting **Jereh Group** and **Neway Valve** as key targets for investment due to their strong market positions and growth potential [2]. Core Insights - The political and economic ties between China and the Middle East are strengthening, creating new opportunities for cooperation in natural gas development, with the Middle East holding 35% of the world's proven natural gas reserves as of 2023 [2][9]. - Middle Eastern countries are accelerating their natural gas development to optimize energy supply structures and maintain their dominant positions in the global fossil fuel market, with significant capital expenditures expected to drive equipment demand [2]. - Companies like **Jereh Group** and **Neway Valve** are making technological breakthroughs and gaining market penetration in the Middle East, with Jereh expected to achieve approximately 1.5 billion CNY in orders by 2024 [2]. Summary by Sections 1. China & Middle East Political and Economic Relations - The Belt and Road Initiative has deepened cooperation between China and OPEC countries, with China becoming the largest importer of OPEC oil, accounting for 24.3% of total OPEC exports in 2023 [9][12]. - The Middle East's natural gas reserves are substantial, with proven reserves accounting for 35.4% of global totals, indicating significant development potential [13][14]. 2. Acceleration of Natural Gas Layout in Middle East Countries - Countries like Saudi Arabia, UAE, Kuwait, Qatar, and Iran are actively enhancing their natural gas production capabilities to meet domestic and export demands, with Saudi Arabia planning to increase its natural gas output by approximately 60% by 2030 [2][30]. - The UAE aims for natural gas self-sufficiency by 2030 while also expanding LNG exports to solidify its position as a reliable global energy supplier [2][73]. 3. Breakthroughs in Equipment Technology & Customer Certification - Jereh Group has achieved significant technological advancements and certifications, positioning itself well in the Middle Eastern market, with a market share of about 10% expected by 2024 [2]. - Neway Valve's orders from the Middle East and Africa are projected to grow from 11% in 2022 to 25% by 2024, indicating a strong growth trajectory in this region [2].

Core Viewpoint - Despite recent fluctuations in international oil prices, the overall trend remains at a medium to high level, encouraging continued investment from oil extraction companies [1] Group 1: Oil and Gas Industry Investment - The oil service industry is benefiting from the sustained investment enthusiasm in upstream oil and gas due to strong crude oil prices [1] - Major oil-producing countries are increasing resource development efforts, with OPEC and non-OPEC countries planning to raise production by 548,000 barrels per day starting August [2] - Global upstream capital expenditure is expected to recover and exceed $582.4 billion by 2025, reflecting a 5% year-on-year growth [2] Group 2: Oil Service Companies' Opportunities - Oil service companies are experiencing increased demand for equipment and services, particularly in overseas markets, driven by positive investment expectations in upstream oil and gas [3] - Jerry Engineering received a contract worth approximately $8.5 billion from Algeria's national oil company for a gas booster station project [3] - China National Petroleum Engineering signed a contract worth $1.6 billion with TotalEnergies for a gas processing plant project in Iraq [3] Group 3: New Contracts and Market Expansion - Bomaike successfully entered the Suriname market with a contract valued between 750 million to 1 billion yuan for the construction of an FPSO upper module [4]

烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）于近日收到国信证券股份有 限公司（以下简称"国信证券"）出具的《国信证券股份有限公司关于指定烟台杰瑞石油服 务集团股份有限公司非公开发行股票持续督导保荐代表人的函》。 公司于 2022 年 7 月非公开发行 A 股股票并在深圳证券交易所主板上市，国信证券担任 公司非公开发行 A 股股票的保荐人，指定保荐代表人刘雅昕先生、栾小飞先生负责持续督导 工作。根据中国证监会《证券发行上市保荐业务管理办法》等相关规定，国信证券需履行公 司非公开发行 A 股股票上市后的持续督导工作，持续督导期至 2023 年 12 月 31 日。目前持 续督导期已届满，但由于公司募集资金尚有未尽事项，根据相关规定，保荐机构对此未尽事 项继续履行持续督导义务。 证券代码：002353 证券简称：杰瑞股份 公告编号：2025-057 烟台杰瑞石油服务集团股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 因原指定的保荐代表人栾小飞先生工作变动，为保证持续督导工作的有序进行，国信证 券决定由保荐代表人 ...

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、基于对公司价值的认可和对公司未来持续稳定发展的信心，为提升投资者信心，支 持公司持续、健康、稳定发展，稳定及提升公司价值，烟台杰瑞石油服务集团股份有限公司 （以下简称"公司"）控股股东、董事孙伟杰先生、王坤晓先生、刘贞峰先生（三人为一致 行动人）计划自 2025 年 4 月 9 日起 6 个月内，使用自筹资金通过深圳证券交易所交易系统 以集中竞价方式增持公司股票，增持金额合计不低于 5,000 万元（人民币，下同）且不超过 7,000 万元。具体情况详见公司披露于巨潮资讯网的 2025-007 号《关于控股股东增持股份 计划的公告》（以下简称"增持计划公告"）。 烟台杰瑞石油服务集团股份有限公司 关于控股股东增持股份计划实施完毕暨增持结果的公告 公司控股股东保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 2、截至本公告披露日，上述增持主体通过深圳证券交易所交易系统以集中竞价方式累 计增持公司股票合计 1,645,900 股，成交金额合计 6,000.32 万元（不含交易费用），本次 增持股份 ...

Core Viewpoint - The latest holdings of Zhu Shaoxing's fund, FuGuo TianHui Selected Growth Mixed Fund, show significant changes in stock positions and reflect the current market conditions and investment strategies [1][2][3][4]. Group 1: Fund Performance and Holdings - As of the end of Q2 2025, Zhu Shaoxing's stock position is at 94.05%, with the top ten holdings accounting for 34.98% of the fund's net value [2]. - The top ten holdings include Guizhou Moutai, Ningbo Bank, Spring Power, Midea Group, Ruifeng New Materials, CATL, Jerry Holdings, Binjiang Group, Guangdong Hongda, and Blue Sky Technology [2]. - New entries in the top ten holdings for Q2 include Jerry Holdings, Guangdong Hongda, and Blue Sky Technology, while positions in Ningbo Bank, Spring Power, Midea Group, CATL, and Binjiang Group were reduced [2]. Group 2: Market Analysis - In Q2, the CSI 300 Index rose by 1.25%, and the ChiNext Index increased by 2.34%, following a period of significant market volatility due to escalating trade tensions [3]. - The market experienced a recovery after a sharp decline caused by trade conflicts, with expectations of a negotiated resolution to the trade issues [3]. - The current A-share market is viewed as attractive in terms of long-term valuation, with equity assets positioned well in terms of risk-reward [4]. Group 3: Investment Strategy - The fund aims to focus on high-quality stocks with strong corporate governance and management, believing these companies are more likely to create value for investors in the future [4]. - The investment strategy emphasizes patience in collecting shares of companies with significant growth potential, rather than attempting to predict short-term market trends [4]. - The fund's performance is linked to sharing the capital market gains derived from the growth of the underlying companies [4].

Summary of Jerry Holdings Conference Call Company Overview - **Company**: Jerry Holdings - **Industry**: Oil and Gas Equipment and Engineering Key Points Project Acquisition - Jerry Holdings secured a natural gas booster EPC project in Algeria worth 6.1 billion RMB, expected to sign a formal contract in August 2025 with a 36-month execution period [2][3][4] - The project consists of 75% design and procurement and 25% construction, with over 70% of core equipment produced in-house [2][3] Financial Projections - Expected gross margin over 20% and net margin over 10% from the Algeria project, contributing over 6 billion RMB in revenue and several hundred million RMB in profit over the next three years [2][4] - Projected net profits for 2025, 2026, and 2027 are 3 billion, 3.4 billion, and 4 billion RMB respectively, with year-on-year growth rates of 15%, 13%, and 17% [3][6] International Business Growth - International revenue is projected to account for 45% of total revenue by 2024, with overseas orders growing at a compound annual growth rate (CAGR) of approximately 50% [2][5][9] - The company has established a strong presence in the Middle East, North America, Central Asia, and North Africa, with the fastest growth in the Middle East and Central Asia [2][5][9] Natural Gas Sector Expansion - Natural gas-related business is rapidly growing, expected to make up about 40% of overseas orders in 2024, with an average annual growth rate exceeding 80% in recent years [2][10] - The company has built a natural gas industrial park to triple production capacity, supporting future equipment production [5][10] Market Positioning - Jerry Holdings has a significant market share in specific products, such as completion equipment in Kuwait, where it reaches 60%-70% [2][11] - The company is strategically addressing tariff risks in North America through local production and capacity layout [3][12] Future Growth Potential - The company’s performance is expected to remain strong against a backdrop of high oil prices, with ongoing expansion in North Africa, the Middle East, and other regions [7][17] - The North American market, while currently only 10% of total revenue, is seen as strategically important, particularly for electric fracturing equipment [12][16] Competitive Advantages - Jerry Holdings' execution capabilities have been recognized through the Algeria project win, enhancing its position in the North African and Middle Eastern integrated oil and gas field development market [8][17] - The Dubai factory, set to be operational by the end of the year, will enhance global competitiveness and address potential tariff issues [13][17] Revenue Streams - The power generation business, while currently small, is expected to grow significantly, with projected revenues reaching 10 billion RMB in the next three to five years [15][16] - The aftermarket for fracturing equipment is anticipated to become a significant growth area starting in 2025 [15][16] Valuation and Investment Opportunity - The company is currently undervalued with a PE ratio of approximately 12-13 times, indicating strong investment potential given the expected growth rates [6][17][18]

Investment Rating - The report maintains an "Overweight" rating for the machinery industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The machinery industry is expected to see a moderate recovery in demand in the second half of 2025, driven by equipment upgrades and technological empowerment [4]. - Key companies in the machinery sector are projected to experience varied growth rates in Q2 2025, with notable performances from companies like SANY Heavy Industry (25% growth) and PCB manufacturer Ding Tai Gao Ke (66% growth) [4][5]. - The report highlights three main trends in the robotics sector: the advancement of humanoid robots, the entry of global giants into the robotics field, and the practical application of various robot forms in specific scenarios [4]. - In the rail transit equipment sector, significant investment is expected to continue, with a projected fixed asset investment nearing 900 billion yuan for the year, supported by strong passenger demand [4]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and a favorable environment for new machine sales [4]. - The laser segment is experiencing rapid growth, particularly in general laser applications, driven by technological advancements and increased overseas exports [4]. Summary by Sections Robotics and Components - The humanoid robot industry is progressing towards commercialization, with significant contributions expected from companies like Greentech Harmonic and Wolong Electric Drive [4]. Rail Transit Equipment - In the first half of 2025, China's railway fixed asset investment reached 355.9 billion yuan, a year-on-year increase of 5.5%, with expectations for continued high growth [4]. Engineering Machinery - The engineering machinery sector has seen improved profitability and is positioned for a new sales cycle as construction activity resumes [4]. Laser Technology - General laser demand is rapidly increasing due to high-power technology iterations and new applications in consumer electronics and photovoltaics [4].

Macro Strategy - The impact of real estate on China's economy has significantly weakened, with a projected GDP contribution from the real estate sector of approximately 13 trillion yuan in 2024, accounting for 9.6% of total GDP, down from 16.9% in 2016 [8][9] - Despite negative growth in real estate investment and sales, there is an expectation of stabilization in the market, driven by policies such as special bonds for purchasing existing properties [8][9] Fixed Income - The expected listing price range for the China General Nuclear Power Corporation's convertible bond is between 126.83 and 140.94 yuan, with a subscription rate of 0.0140% [10][11] - The bond has a total issuance scale of 4.9 billion yuan, with a credit rating of AAA and a yield to maturity of 1.66% [10][11] Industry Analysis Jerry Holdings - Jerry Holdings has secured a contract for a natural gas booster station project in Algeria worth approximately 8.5 billion USD, enhancing its presence in the North African oil and gas market [12][14] - The company maintains a profit forecast of 3.03 billion yuan for 2025, with a price-to-earnings ratio of 12, 10, and 9 for 2025-2027 [12][14] Ascentage Pharma - Ascentage Pharma's APG-2575 has received conditional approval in China, marking it as the first domestic Bcl-2 inhibitor, with revenue forecasts of 519 million, 3.215 billion, and 2.095 billion yuan for 2025-2027 [15][16] - The drug is expected to provide a new treatment option for patients with chronic lymphocytic leukemia/small lymphocytic lymphoma [15][16] Chongqing Department Store - The company reported a 9% year-on-year increase in net profit for H1 2025, despite a 10.45% decline in revenue, primarily due to a shift towards new energy vehicles [5][16] - The profit forecast for 2025-2027 is maintained at 1.41 billion, 1.50 billion, and 1.58 billion yuan, with a price-to-earnings ratio of 9, 8, and 8 [5][16] Huace Testing - Huace Testing anticipates a year-on-year net profit growth of 8% to 10% for Q2 2025, driven by traditional business innovations and expansion into new markets [17][18] - The profit forecast for 2025-2027 is set at 1.06 billion, 1.17 billion, and 1.31 billion yuan, with a price-to-earnings ratio of 20, 18, and 16 [17][18] Changjiang Power - The company aims to achieve a power generation target of 300 billion kilowatt-hours in 2025, with profit forecasts of 35.028 billion, 36.715 billion, and 37.087 billion yuan for 2025-2027 [19][20] - The current price-to-earnings ratio is 20.9, 19.9, and 19.7, with a projected dividend yield of 3.35% [19][20]