Market Overview - The deep earth economy sector increased by 0.94% compared to the previous trading day, with PetroChina leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Top Gainers in Deep Earth Economy Sector - PetroChina (600871) closed at 2.59, up 10.21% with a trading volume of 3.855 million shares and a transaction value of 9.69 billion [1] - Zhun Oil (002207) closed at 9.01, up 10.01% with a trading volume of 291,000 shares and a transaction value of 259 million [1] - Shandong Molong (002490) closed at 8.03, up 10.00% with a trading volume of 785,100 shares and a transaction value of 614 million [1] - Other notable gainers include ShenKong (002278) up 6.32%, Daoyuan Petroleum (300164) up 5.32%, and Huibo Yin (002554) up 5.21% [1] Market Capital Flow - The deep earth economy sector saw a net inflow of 510 million from institutional investors, while retail investors experienced a net outflow of 414 million [2][3] - Major stocks like PetroChina and Shandong Molong attracted significant institutional investment, with net inflows of 2.39 billion and 198 million respectively [3] Notable Decliners - Sifangda (300179) closed at 17.49, down 6.02% with a trading volume of 1.1413 million shares and a transaction value of 1.988 billion [2] - Huanghe Xuanfeng (600172) closed at 7.21, down 5.38% with a trading volume of 2.7125 million shares and a transaction value of 1.965 billion [2] - Other decliners include Shanhe Intelligent (002097) down 2.81% and Beifang Co. (600262) down 2.78% [2]

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Dezhou United Petroleum Technology Co., Ltd. (德石股份) as of November 11, with a slight increase in stock price and notable trading volume [1] - As of November 11, the financing balance of Dezhou United is 157 million yuan, accounting for 4.52% of its market capitalization, indicating a high level of financing activity compared to the past year [1] - The company reported a revenue of 442 million yuan for the first nine months of 2025, representing a year-on-year growth of 11.63%, and a net profit of approximately 95.72 million yuan, which is a 50.13% increase year-on-year [2] Group 2 - The company has distributed a total of 133 million yuan in dividends since its A-share listing, with 115 million yuan distributed over the past three years [3] - As of October 31, the number of shareholders increased to 23,400, a rise of 77.81%, while the average circulating shares per person decreased by 43.76% to 6,251 shares [2] - The main business revenue composition includes 42.42% from leasing and maintenance, 31.96% from drilling tools, 22.08% from equipment products, and 1.39% from engineering technical services [1]

Core Conclusions - The market is expected to refocus on investment opportunities in smart vehicles in Q4, driven by the ongoing AI trend and the advancement of L4 capabilities in autonomous vehicles like Robotaxi [2][3] - Key catalysts for smart vehicle development in Q4 include Tesla's V14 release, XPeng's 2026 Robotaxi production plan, and the introduction of new autonomous vehicles by various companies [2] - The report anticipates a significant acceleration in the entry of core players into the L4 market by 2026, marking a pivotal year for Robotaxi [2] Comparison with Last Year - Similarities with last year's Q4 include the spread of AI applications, but this year emphasizes the evolution of AI logic rather than a resonance with automotive logic [3] - The focus has shifted from hardware opportunities and consumer sales to software opportunities and breakthroughs in B2B applications [3] Investment Recommendations - The report suggests a preference for Hong Kong stocks over A-shares, with a focus on software over hardware and B2B over B2C [6] - Recommended investment combinations include XPeng Motors, Horizon Robotics, and Cao Cao Mobility [6] - Key targets from the perspective of Robotaxi include integrated models (Tesla, XPeng, Qianli Technology) and technology providers (Horizon Robotics, Baidu, Pony.ai) [6] Smart Vehicle Market Overview - The report highlights the improvement in autonomous driving capabilities among various automakers, with XPeng, Huawei, and Li Auto leading the first tier [7] - The penetration rate of smart driving in urban areas reached 23.0% in August, with XPeng's smart driving penetration hitting 76.1% [7] - The report notes a significant increase in the sales of smart vehicles, with a projected growth in the Robotaxi market from 0-30% penetration by 2030 [15] Future Outlook - The core task for automotive intelligence from 2025 to 2027 is to achieve a penetration rate of 50%-80% for new energy vehicles [15] - By 2028-2030, Robotaxi is expected to achieve large-scale commercialization, marking a significant breakthrough in the automotive industry [15] Smart Vehicle Supply Chain Tracking - The report provides a detailed analysis of the smart vehicle supply chain, including hardware components (sensors, chips) and software solutions [10] - Key companies in the hardware segment include Sunny Optical, Nvidia, and Desay SV [10] - In the software segment, notable companies include WeRide, Momenta, and Pony.ai [10] Consumer Willingness to Pay - The report discusses consumer willingness to pay for smart features, indicating a growing acceptance of smart driving technologies [13] - The analysis includes projections for the domestic market size of Robotaxi, estimating significant growth in sales and market penetration [14]

Group 1 - The core viewpoint of the article highlights that 德石股份 (301158.SZ) has established a significant presence in the North American market, primarily serving local oil service companies and oil companies [1]

New Stock Issuance - Multiple new stock issuances are scheduled for November 4, 2025, across various companies, including ST Zhongdi (000609) and Pingtan Development (000592) which reported significant abnormal fluctuations[1] - Jiangbolong (301308) and Xiangnong Xinchuan (300475) are among the companies with recent announcements prior to November 4, 2025[1] Abnormal Fluctuations - Pingtan Development (000592) reported severe abnormal fluctuations on November 4, 2025, indicating potential volatility in its stock performance[1] - Other companies such as ST Panda (600599) and ST Huapeng (603021) also reported abnormal fluctuations on the same date, suggesting a trend of instability in the market[1] Market Trends - The report highlights a growing trend of companies experiencing abnormal stock price movements, which may indicate increased market volatility and investor caution[1] - The presence of multiple companies with abnormal fluctuations could signal a broader market trend that investors should monitor closely[1]

证券代码：301158 证券简称：德石股份 公告编号：2025-056 德州联合石油科技股份有限公司 鉴于本员工持股计划锁定期于 2025 年 11 月 7 日届满，根据中国证券监督管 理委员会《关于上市公司实施员工持股计划试点的指导意见》及《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》相关规定，现将 本员工持股计划锁定期届满后的相关情况公告如下： 一、本员工持股计划持股情况和锁定期 2024 年员工持股计划于 2024 年 11 月 8 日通过非交易过户的方式完成股票购 买，合计 772,600 股，占完成购买时公司总股本的 0.51%，股份来源为公司回购股 份，锁定期为 12 个月，自公司公告最后一笔标的股票登记过户至本员工持股计划 名下之日起计算，即自 2024 年 11 月 8 日至 2025 年 11 月 7 日。本员工持股计划 持有的公司股票不存在抵押、质押、担保或偿还债务等情形。 二、本员工持股计划锁定期届满后的后续安排 （一）在锁定期届满后本员工持股计划存续期内，管理委员会根据《德州联 合石油科技股份有限公司持股人考核管理办法》的规定和持有人签署的《员工持 股计划 ...

Group 1 - The company 德石股份 announced on November 3 that it has obtained a patent certificate from the National Intellectual Property Administration for an invention titled "A Communication Wire Drill Rod" [1] - This patent acquisition indicates the company's ongoing commitment to innovation and development in the field of oil technology [1] Group 2 - The news highlights the broader context of challenges faced by the U.S. government, including a potential shutdown that could impact food security for 42 million people [1] - This situation may indirectly affect industries reliant on government contracts and funding, emphasizing the interconnectedness of economic factors [1]

北京市天元律师事务所 关于德州联合石油科技股份有限公司 2025 年第一次临时股东会的法律意见 京天股字(2025)第 667 号 致:德州联合石油科技股份有限公司 德州联合石油科技股份有限公司(以下简称"公司")2025 年第一次临时股东 会(以下简称"本次股东会")采取现场投票与网络投票相结合的方式,现场会议 于 2025 年 11 月 3 日在山东省德州市天衢新区晶华南大道 1518 号公司五楼会议 室召开。北京市天元律师事务所(以下简称"本所")接受公司聘任,指派本所律 师参加本次股东会现场会议,并根据《中华人民共和国公司法》《中华人民共和 国证券法》(以下简称"《证券法》")《上市公司股东会规则》(以下简称"《股东 会规则》")以及《德州联合石油科技股份有限公司章程》(以下简称"《公司章 程》")等有关规定,就本次股东会的召集、召开程序、出席现场会议人员的资 格、召集人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见,本所律师审查了《德州联合石油科技股份有限公司第三 届董事会第十三次会议决议公告》《德州联合石油科技股份有限公司第三届监事 会第十一次会议决议公告》《德州联合石油科技 ...

证券代码：301158 证券简称：德石股份 公告编号：2025-055 德州联合石油科技股份有限公司 2025 年第一次临时股东会决议公告 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、 误导性陈述或者重大遗漏。 特别提示： 1、本次股东会未出现否决、修改议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 2、会议召开地点：山东省德州市天衢新区晶华南大道 1518 号公司五楼会议室； 3、会议召开方式：采用现场表决与网络投票相结合的方式召开； 4、会议召集人：公司董事会； 5、会议主持人：董事王继平先生 6、本次股东会的召集和召开符合有关法律、行政法规、部门规章、规范性文件、深 圳证券交易所业务规则和公司章程等的规定。 （二）会议出席情况 1、会议召开时间 （1）现场会议时间：2025 年 11 月 3 日（星期一）下午 2：00； （2）网络投票时间：2025 年 11 月 3 日； 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 11 月 3 日的交 易时间，即 9:15-9:25、9:30—11:30 和 ...

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、 误导性陈述或者重大遗漏。 德州联合石油科技股份有限公司（以下简称"公司"）近日取得国家知识产 | 专利名称 | 专利号 | | 专利申请日 | | | 授权公告日 | | 专利 类型 | 专利权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 一种通讯用 | ZL202510820310.6 | 2025 | 年 06 | 月 | 19 日 | 2025 年 10 | 月 28 日 | 发明 | 德州联合石 油科技股份 | | 穿线钻杆 | | | | | | | | 专利 | 有限公司 | 权局颁发的发明专利证书 1 项，具体情况如下： 注：专利权自授权公告之日起生效。专利权有效性及专利权人变更等法律信息以 专利登记簿记载为准。 证券代码：301158 证券简称：德石股份 公告编号：2025-054 德州联合石油科技股份有限公司 关于取得发明专利证书的公告 本发明专利旨在提供一种有缆通讯的智能钻杆，包括钻杆及通讯线缆，用于解决 钻井过程中的随钻数据地 ...