Current Strategy Viewpoints - The capital market experienced fluctuations in early February but rebounded later in the month, primarily due to reduced trading activity before the Spring Festival and short-term policy guidance [1] - The market is expected to enter a phase of economic data and policy verification, with a seasonal increase in trading activity post-Spring Festival, laying a foundation for future market performance [1] - Upcoming economic and corporate profit data, along with the National People's Congress in March, will be crucial for setting the annual policy tone and economic targets, which are significant for the capital market [1] Sector Focus - Short-term focus on safe-haven assets and resource products due to tensions in the Middle East, including precious metals and oil sectors [2] - Long-term focus on growth and cyclical sectors, with particular attention to small-cap stocks that typically perform well in spring [2] - Key sectors to watch include humanoid robots, computing, and AI, benefiting from sustained industry enthusiasm and increased risk appetite among investors [2] Macro Overview - The upcoming National People's Congress will set the tone for the annual economy, with GDP growth targets expected to be set between 4.5% and 5% [8] - Fiscal policy is anticipated to include a deficit rate of 4.0% and new special bonds totaling 5 trillion yuan, indicating a significant increase in fiscal deficit compared to last year [8] Financial Engineering - The A-share market has seen a rise in industry crowding, particularly in media and resource sectors, with the media sector showing a crowding degree of 98.25% [12][14] - The resource sector continues to perform well, with price fluctuations leading to a decrease in crowding indicators, suggesting a potential for continued upward movement [13] Electronic Communication Industry - The upcoming GTC conference is expected to showcase new chip developments from NVIDIA, reinforcing AI as a core investment theme [24] - The demand for storage products is projected to rise significantly, driven by strong AI customer needs and price increases in the DRAM market [25] Computer Industry - The rapid iteration of domestic AI large models is expected to drive significant growth in computing power investments, with a focus on world model technology advancements [28] - The demand for AI-driven applications is anticipated to increase, leading to a surge in computing needs and infrastructure investments [29] New Energy Industry - Focus on hydrogen and ammonia projects, with government support for integrated energy bases expected to drive growth in this sector [32] - The electric power equipment sector is poised for growth due to ongoing global energy demands and potential easing of import restrictions in India [32] High-end Manufacturing Industry - The humanoid robot sector is entering a phase of mass production, with significant advancements showcased during the Spring Festival [35] - The North American AI supply chain remains robust, with ongoing demand for advanced equipment and materials expected to drive growth [36]

2月27日消息，天眼查数据显示，中海油田服务股份有限公司发布中海油服-固井及EPS设备维修和拆装 服务中标候选人公示，发布时间为2026年2月27日。 ...

油服设备行业深度报告 投资要点： 2026 年 2 月 27 日 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 机械设备（申万）指数走势 资料来源：iFind，东莞证券研究所 相关报告 机械设备行业 标配 （维持） 供需共振紧抓放量机遇，油服设备将迎新周期 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 ◼ 多因素托底，支撑油价修复。全球经济温和复苏为原油需求提供坚实支撑， 美元流动性边际宽松利好油价估值修复。全球主要产油国主动控量导致供给 弹性受限，推动市场处于紧平衡格局，叠加地缘局势等因素影响共同托底油 价，有望中期维持偏强运行趋势。 ◼ 需求温和复苏，去库格局确立。全球原油需求呈温和复苏、结构分化态势， 2025-2026年需求增速稳步增长，印度为全球边际增量核心，中国稳健增长形 成支撑，欧美凭借高基数提供存量托底，区域需求特征明确且韧性凸显。库 存端完成关键格局切换，2025年原油市场因供给 ...

证券之星消息，根据天眼查APP-财产线索数据整理，中海油田服务股份有限公司2月26日发布《中海油 服-海洋石油623船后甲板生产适应性改造和2025年12月航修中标候选人公示》，详情如下： 标题：中海油服-海洋石油623船后甲板生产适应性改造和2025年12月航修中标候选人公示 通过天眼查大数据分析，中海油田服务股份有限公司共对外投资了11家企业，参与招投标项目26474 次；财产线索方面有商标信息346条，专利信息2688条，著作权信息465条；此外企业还拥有行政许可 199个。 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 采购方：中海油田服务股份有限公司 供应商：湛江黔祥机电技术服务有限公司 中标金额：5188014.66 地区：天津市 发布日期：2026-02-26 ...

国信证券近日发布石油石化行业政策点评：全球海洋油气勘探支出持续增加，带动海洋油气储量及产量 快速上升。根据睿咨得能源统计，油气勘探支出方面，2020年由于疫情影响，海上油气绿地项目投资急 速萎缩，随着疫后恢复，海上油气绿地项目投资额快速增加，2022年突破1000亿美元，今明两年有望继 续维持在1000亿美元以上高位，体现了海洋油气的高景气度。 3）投资建议：政策直接减免海洋勘探开发核心设备进口关税，降低设备采购及海上油气勘探开发综合 成本，有效提升项目内部收益率，同时有助于推动深海油气田的开发。建议关注【中国海油 （600938）】、【中海油服（601808）】、【海油发展（600968）】；进口天然气增值税返还机制有助 于平滑进口成本波动，特别是在气价高企时，降低管道天然气及LNG的进口成本压力，建议关注【中 国石油（601857）】、【中国海油】。 4）风险提示：地缘冲突造成的原油价格异常波动；美国关税政策全球贸易及经济的影响；极端天气对 原油开发的影响。 评论： 海洋油气是我国未来开发重点，税收政策有助于我国深海油气项目开发 全球海洋油气勘探支出持续增加，带动海洋油气储量及产量快速上升。根据睿咨得能源 ...

Group 1: Amer Sports Performance - Amer Sports reported a 27% year-on-year revenue growth for FY2025, reaching $6.566 billion, with an adjusted net profit of $545 million, up from $236 million in 2024 [7][8] - The fourth quarter of 2025 saw a revenue increase of 28% year-on-year to $2.101 billion, with an adjusted net profit of $176 million, compared to $90 million in Q4 2024 [8] - The management guidance for 2026 indicates a revenue growth of 16-18% at constant exchange rates, with an operating profit margin of 13.1-13.3% [8] Group 2: Silver Economy and Sports Industry - The aging population in China is creating significant opportunities in the silver economy, particularly in the sports industry and products catering to older adults [9][10] - The sports apparel market is projected to reach ¥437.7 billion by 2025, with outdoor trail running shoes expected to grow over 150% [9] - The demand for professional running shoes priced above ¥200 is anticipated to maintain double-digit growth, driven by increased health awareness among the elderly [9] Group 3: Lithium Industry Insights - The lithium market is experiencing tightening supply and low inventory levels, with global lithium demand expected to reach approximately 200,000 tons LCE in 2026 [12][14] - Domestic lithium supply is not yet at large-scale production levels, and there are potential disruptions in supply due to regulatory changes and production delays [13] - The anticipated demand from both power and energy storage batteries is expected to drive lithium prices upward, with projections suggesting prices may exceed ¥200,000 per ton in the near term [14] Group 4: Chemical Industry Policy Impact - Recent tax incentives for marine oil and gas exploration are aimed at reducing import costs for essential equipment, thereby enhancing domestic oil and gas supply capabilities [15][16] - The policy is expected to improve the internal rate of return for marine exploration projects and support the development of deep-sea oil fields [16] Group 5: Matrix Holdings Performance - Matrix Holdings is positioned as a leading high-end interior design company, with a significant recovery in profitability expected as the real estate market stabilizes [19][20] - The company anticipates a substantial increase in net profit for 2025, projected to be between ¥58 million and ¥80 million, reflecting a year-on-year growth of 72%-137% [19] - The introduction of an "AI + Design" platform is expected to enhance operational efficiency and profitability in the design process [20] Group 6: Anfu Technology's Strategic Shift - Anfu Technology has transitioned from retail to becoming a leader in the small battery sector through its acquisition of Nanfu Battery, which has shown consistent revenue growth [21][22] - The company plans to acquire the remaining shares of Nanfu Battery to enhance profitability further [22] - Anfu is also investing in high-tech sectors, including AI and semiconductor manufacturing, to diversify its business model [21][22]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [3][26]. Core Insights - The report highlights the support of tax incentives for marine oil and gas development and natural gas import utilization, aiming to enhance domestic oil and gas supply capabilities and ensure national energy security [4][5]. - The report emphasizes the increasing importance of imported natural gas in China's energy supply, with a focus on stabilizing costs through tax refunds on eligible imports [5][14]. - The marine oil and gas sector is identified as a strategic focus for future development, with significant investments expected to continue in the coming years [6][9]. Summary by Sections Industry Policy Commentary - The Ministry of Finance, Customs, and the State Taxation Administration issued a notification on tax incentives for energy resource exploration and development during the 14th Five-Year Plan period, including exemptions on import duties for essential equipment used in marine oil and gas exploration [4]. - The policy aims to reduce the import costs of marine oil and gas exploration equipment, thereby enhancing project internal rates of return and promoting deep-sea oil and gas field development [5][22]. Market Trends - Global marine oil and gas exploration spending has been on the rise, with investments exceeding $100 billion in 2022 and expected to remain high in the coming years [6]. - China's marine oil and gas exploration and production expenditures are projected to continue increasing, with CNOOC's capital expenditure for 2024 estimated at 132.7 billion yuan, reflecting a growth trend [9]. Investment Recommendations - The report suggests focusing on companies such as CNOOC, CNOOC Services, and CNOOC Development due to the favorable tax policies that will lower equipment procurement costs and enhance project profitability [5][22]. - It also recommends monitoring China National Petroleum Corporation (CNPC) and CNOOC in light of the tax refund mechanism for imported natural gas, which is expected to mitigate cost fluctuations, especially during high gas price periods [5][22].

Market Performance - The A-share market opened positively on the first trading day of the Year of the Horse, with all three major indices closing higher. The Shanghai Composite Index closed at 4117.41 points, up 0.87%, the Shenzhen Component Index at 14291.57, up 1.36%, and the ChiNext Index at 3308.26, up 0.99% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 22,182 billion yuan, an increase of 2,192 billion yuan compared to the previous trading day, with over 4,000 stocks rising [1] Sector Performance - The oil and gas extraction and services, precious metals, cultivated diamonds, and coal mining sectors saw significant gains, while the film and television, AI applications, and computing power leasing sectors experienced declines [3] - In the oil and gas sector, Keli Co. led with a 26.03% increase, while Tongyuan Petroleum and Qianeng Hengxin hit the daily limit. Other stocks like Zhongman Petroleum and CNOOC also saw substantial gains [3] - The precious metals sector was led by Xiaocheng Technology with a 15.19% increase, and several stocks in this sector reached the daily limit [3] Geopolitical Influence - The rise in the oil and precious metals sectors is attributed to geopolitical risks, particularly the U.S. military buildup in the Middle East and President Trump's consideration of limited military action against Iran [3] Market Outlook - According to Industrial Securities, the A-share market is expected to enter a high-probability window post-holiday, supported by macroeconomic catalysts and the resolution of U.S. tariff issues [4] - Citic Securities noted that the rise of AI coding capabilities is leading to exponential growth in global code volume, with A-shares likely to be less affected by AI disruptions compared to U.S. and Hong Kong stocks, suggesting a continuation of the spring market rally [4] Investment Trends - Qianhai Kaiyuan Fund's chief economist Yang Delong indicated that as household savings shift towards capital markets, both A-shares and Hong Kong stocks are expected to maintain a slow bull market trend. An estimated 50 trillion yuan in fixed deposits will mature by 2026, potentially driving investors towards equity assets [5] - The issuance of new funds has shown a significant recovery this year, supporting the capital market's strength in 2026 [5]

当前，滨海高新区已聚集海光信息、曙光信息、金海通、三六零、中海油服等一批优质上市公司，同时 拥有全市占比近30%的科技型上市企业。此外，自华苑片区纳入天开园以来，累计培育出天开科创上市 潜力企业25家，占全市55%。 多年来，滨海高新区聚焦新能源、高端装备、信创、生物医药等重点产业链，建立拟上市企业梯度培育 库，依托政策扶持、专业赋能、资本对接等多元举措，精准推动优质科技企业借力资本市场发展壮大。 通过持续加大培育力度、完善科技金融服务体系，滨海高新区正加速推动一批又一批创新型企业登陆资 本市场，以资本市场"活水"润泽实体经济，助推战略性新兴产业高质量发展。 2025年，滨海高新区企业上市综合服务平台正式设立，围绕已上市企业高质量发展与拟上市企业精准培 育指导两大主线，构建分梯度培育机制，常态化开展走访调研、政策宣讲、资源对接、问题协调等一站 式综合资本市场服务，全力支持企业登陆资本市场。目前，该平台已建立起高效成熟的上市后备企业挖 掘机制，不间断挖掘符合条件的优质成长型企业进入培育库，形成"动态跟踪+梯次培育+梯次申报"的 良性发展态势。 中国发展网讯 易武 记者朱波报道 2月10日，随着上海证券交易所一记 ...

对于国际油价后市走势，业内机构预计其不会单边上涨，而是受地缘局势影响波动会加大。对投资者而 言，短期油价如因地缘问题继续上行，建议关注拥有油气资源的上游企业以及长期受益于行业高景气度 的海上油气服务工程板块；若地缘风险溢价回落，中下游化工龙头企业的长期配置价值则值得关注。 油气股表现亮眼 2月24日，A股三大股指集体上涨，从行业板块表现看，油气概念板块掀起涨停潮。 数据显示，截至收盘，31个申万一级行业板块中有24个上涨，其中石油石化板块以5.53%的涨幅高居第 一，油气开采、天然气等概念板块在全部市场概念板块中涨幅居前。从个股情况看，当天通源石油 （300164）、潜能恒信（300191）双双实现20%涨停，中油工程（600339）、蓝焰控股（000968）、中 曼石油（603619）、准油股份（002207）、中海油服（601808）、贝肯能源（002828）等十余只标的集 体涨停。 部分标的股价刷新历史新高。以万亿市值行业巨头——中国海油（600938）为例，公司A股股价在2月 24日盘中一度创出37.26元/股的历史新高，截至收盘涨幅收窄至8.23%，报37.22元/股，其今年以来累计 涨幅已超过23 ...