Dongguan Securities·2026-02-27 08:04Investment 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].