Report Industry Investment Rating - Not provided Core View of the Report - The supply of asphalt raw materials is not scarce, and the "14th Five-Year Plan" demand surge is likely to be disproven. The asphalt price may rise in the short term due to the rebound of crude oil, but the medium - term price is not optimistic. The demand in North China is affected by rainfall, and some traders cut prices for promotion. The East China market focuses on digesting social inventories and prefers low - priced goods. The demand in South China is weak, and social inventories need to be reduced. Some refineries may cut prices. In Shandong and North China, the demand is flat, and the overall supply - demand is loose, with some asphalt prices likely to decline slightly [3] Summary by Related Information 1. Industry Policy - The Chinese government will conduct a comprehensive rectification of the petrochemical and refining industries, gradually eliminate small facilities, and promote the upgrading and transformation of backward production capacity. Petrochemical facilities operating for more than 20 years need technological transformation, and the government will encourage enterprises to shift to the special fine - chemical field [1][2] 2. International Oil - related Data - As of the week ending August 15, the number of active oil rigs in the United States increased by 1 to 412 [2] 3. Geopolitical Events - On August 19, Russia launched a large - scale attack on the energy infrastructure in Ukraine's Poltava Oblast, damaging the ground infrastructure of Ukraine's natural gas transportation system [2] 4. Crude Oil Import Data - In July, India's crude oil imports dropped to 435,000 barrels per day, the lowest level since September 2023. The imports from Russia decreased as some refiners slowed down purchases due to reduced discounts and domestic fuel demand declined during the monsoon season [2] 5. Geopolitical Negotiations - Trump, Zelensky and several European leaders held a multi - party meeting on the Ukraine issue. As long as the negotiations continue, the United States is unlikely to impose stricter sanctions on the crude oil buyers of a certain European country [3] 6. Asphalt Market Conditions - In North China, rainfall hindered terminal construction, and some traders cut prices, dragging down the regional transaction price. In East China, the market focused on digesting social inventories and preferred low - priced goods, with the high - end prices loosening. In South China, the demand was weak, and social inventories needed to be reduced, with some refineries considering price cuts. In Shandong and North China, the demand was flat, and the supply - demand was loose, with some asphalt prices likely to decline slightly [3] 7. Asphalt Price Data - **Spot Prices**: In the East China region, the current spot price is 3720, the previous value was 3720, with a 0 increase; in North China, the current price is 3670, the previous value was 3680, a decrease of 10; in South China, the current price is 3500, the previous value was 3520, a decrease of 20; in Northeast China, the current price is 3915, the previous value was 3912, an increase of 3; in Northwest China, the current price is 4250, the previous value was 4250, with no change; in Shandong, the current price is 3530, the previous value was 3550, a decrease of 20 [1] - **Futures Prices**: For BU2509, the current value is 3493, the previous value was 3490, with a 0.09% increase; for BU2510, the current value is 3454, the previous value was 3453, a 0.03% increase; for BU2511, the current value is 3404, the previous value was 3409, a - 0.15% decrease; for BU2512, the current value is 3354, the previous value was 3357, a - 0.09% decrease [1]

Core Insights - The VanEck Oil Services ETF (OIH) provides broad exposure to the Energy - Equipment and services segment, appealing to both retail and institutional investors due to its low costs, transparency, flexibility, and tax efficiency [1][2] Fund Overview - OIH, launched on December 20, 2011, has accumulated over $923.44 million in assets, making it one of the larger ETFs in the Energy - Equipment and services sector [3] - The ETF aims to match the performance of the MVIS U.S. Listed Oil Services 25 Index, which tracks U.S.-listed companies involved in oil services [4] Cost Structure - OIH has an annual operating expense ratio of 0.35%, positioning it as one of the least expensive options in its category, with a 12-month trailing dividend yield of 2.29% [5] Sector Exposure and Holdings - The ETF has a significant allocation in the Energy sector, approximately 94.7% of its portfolio [6] - Schlumberger Nv (SLB) constitutes about 19.22% of total assets, with Baker Hughes Co (BKR) and Halliburton Co (HAL) also among the top holdings; the top 10 holdings represent about 71.95% of total assets [7] Performance Metrics - As of August 20, 2025, OIH has experienced a loss of approximately 12.38% year-to-date and a decline of about 20.06% over the past year, with trading between $196.72 and $307.26 in the last 52 weeks [8] - The ETF has a beta of 1.20 and a standard deviation of 34.12% over the trailing three-year period, indicating a higher risk profile compared to peers [8] Alternatives - OIH holds a Zacks ETF Rank of 3 (Hold), suggesting it is a viable option for investors seeking exposure to the Energy ETFs market; other alternatives include iShares U.S. Oil Equipment & Services ETF (IEZ) and SPDR S&P Oil & Gas Equipment & Services ETF (XES) [9][10]

Core Insights - Schlumberger is experiencing significant macroeconomic uncertainty with oil prices expected to remain in the mid-to-low $60 per barrel range [1] - Despite the challenging oil market, Schlumberger may see incremental improvements due to the completion of the ChampionX acquisition [1] Company Analysis - Schlumberger's performance is closely tied to oil price fluctuations, which are projected to remain stable but low [1] - The acquisition of ChampionX is anticipated to provide a boost to Schlumberger's operations and financial performance [1] Industry Context - The oil and gas industry is currently facing a challenging environment, impacting companies like Schlumberger [1] - The overall investment ecosystem is crucial for making informed investment recommendations, rather than evaluating companies in isolation [1]

Group 1: Economic Indicators and Market Reactions - The U.S. stock market saw significant gains, with the Dow Jones up 1.75%, S&P 500 up 0.93%, and Nasdaq up 0.79% [1] - European indices also performed well, with the UK FTSE 100 up 0.47%, Germany's DAX 30 up 0.81%, and France's CAC 40 up 2.33% [1] - Investors are increasingly anticipating a rate cut from the Federal Reserve next month, influenced by recent economic data and comments from officials [3] Group 2: Federal Reserve and Interest Rate Expectations - Federal Reserve Chairman Jerome Powell is set to speak at the Jackson Hole conference, which is expected to provide critical insights into the Fed's policy direction [3] - Current market expectations indicate a 93.5% probability of a 25 basis point rate cut in September [3] - The latest Fed minutes will be closely analyzed for insights into the differing opinions among Fed officials [3] Group 3: Corporate Earnings and Financial Reports - The earnings season is nearing its end, with notable companies such as Palo Alto, Home Depot, Lowe's, Walmart, and Intuit set to report [4] - Chinese companies like Alibaba, Baidu, Xpeng Motors, and ZTO Express are also expected to disclose their earnings [4] Group 4: Commodity Market Trends - Oil prices weakened, with WTI crude down 1.69% to $62.80 per barrel and Brent crude down 1.11% to $65.85 per barrel [6] - Predictions of oversupply in the oil market are affecting sentiment, with an increase in the number of active oil drilling rigs [6] - Gold prices fell significantly, with COMEX gold futures down 3.00% to $3336.00 per ounce, influenced by geopolitical uncertainties and U.S. tariffs [6] Group 5: Inflation and Economic Outlook in the UK - Upcoming PMI data for France, Germany, and the Eurozone will provide insights into the economic impact of U.S. tariffs [7] - The UK is experiencing rising inflation, with the overall rate increasing from 2.3% to 3.6% since last October, and further increases are expected [7][8] - The labor market in the UK is showing signs of strain, particularly in the hospitality and retail sectors, with a significant rise in unemployment [7]

Market Technicals - Bulls are looking for a breakout above the 200-day and 50-day moving averages, with the 50-day at $65.70 as a key level for confirming momentum shift [1] - A close above $65.70 is necessary to attract new long positions, while failure to hold above $64.06 could lead to increased selling pressure [1] Geopolitical Factors - The upcoming Trump-Putin summit is causing market nerves, with potential ceasefire talks in Ukraine seen as bearish for crude oil prices due to the possibility of eased sanctions on Russian oil [2][3] - The situation remains fluid, with Trump threatening secondary sanctions on countries like India and China, adding to the headline risk [3] Demand Concerns - Weaker-than-expected Chinese economic data has raised concerns about oil demand, despite a nearly 9% year-over-year increase in refinery throughput in July [4] - The month-on-month slowdown in refinery throughput and higher product exports suggest that domestic fuel demand in China may be leveling off [4] Supply Outlook - Bank of America has increased its oil surplus forecast to nearly 900,000 barrels per day (bpd) through mid-2026, citing rising OPEC+ output [5] - The International Energy Agency (IEA) has also expressed concerns about a "bloated" market, indicating a bearish supply outlook [5] - The Baker Hughes oil rig count has increased by one to 412, signaling that U.S. supply is not diminishing [5] Price Forecast - With resistance at $64.06 holding firm and no bullish catalysts in sight, the outlook for crude oil is leaning towards the downside [6] - A break below $61.94 could trigger further selling, while prices need to clear $65.70 to avoid being stuck in a consolidation range with downside risks [6]

由于欧佩克增产引发油价暴跌，美国页岩油生产商正闲置钻井平台并缩减支出，这可能导致美国原油产 量大幅下降。 作为行业活动水平的晴雨表，页岩油井和天然气井的水力压裂机组数量上周降至四年低点，生产商在两 个季度内从资本支出计划中削减了约18亿美元。 本周，美国联邦能源信息署（EIA）预测，随着WTI原油价格可能跌至每桶47.77美元（较页岩油生产商 的盈亏平衡价低近20美元），美国原油产量明年将下降。 页岩油企业高管向《金融时报》表示，他们正与沙特、俄罗斯及其他欧佩克成员国陷入一场新的"价格 战"，这将危及特朗普提出的美国增产呼吁。 "政府不太明白的是，我们已经从'钻，宝贝，钻'变成了'等，宝贝，等'，"得克萨斯州敖德萨市拉蒂戈 石油公司（Latigo Petroleum）首席执行官柯克·爱德华兹（Kirk Edwards）在采访中说。 "在油价回升并稳定在75美元区间之前，我们不会再增加任何钻机。今年秋季到2026年，你会看到美国 产量开始下降。" 过去20年页岩油产量飙升，使美国成为全球最大的油气生产国。但高昂的生产成本使其易受原油价格波 动影响。 曾执掌页岩油生产商先锋自然资源公司（现并入埃克森美孚）的斯科特 ...

>> This is going to radically improve your skin. >> This has been a lifesaver. >> M&A making a comeback big deals.Union Pacific's acquisition of Norfolk Southern Baker Hughes acquisition of Chart Industries. They are fueling hopes for more momentum IPOs. By the way we talked about it here.Of course, all the time they've been performing quite well. Top names have been strong drawing strong demand. Morgan Stanley's global co-head of investment banking Eli Gross joins us now.We'll talk more about what is drivi ...

Group 1 - International oil prices experienced wide fluctuations on the 8th, with New York oil prices closing flat and Brent crude oil slightly down [1] - As of the close, the price of light crude oil futures for September delivery on the New York Mercantile Exchange was $63.88 per barrel, unchanged from the previous trading day [1] - The price of Brent crude oil futures for October delivery fell by $0.16 to $66.59 per barrel, a decrease of 0.24% [1] Group 2 - During the trading day, New York oil prices peaked at $64.58 per barrel but quickly retreated nearly $2 to a low of $62.77 [1] - Similarly, Brent crude oil dropped from an intraday high of $67.22 to a low of $65.53 [1] - However, international oil prices overall rebounded during subsequent trading hours [1] Group 3 - Analyst Neil Crosby from Sparta indicated that the stabilization of oil prices and spreads is releasing surprising bearish signals [1] - There is evidence that several Indian refineries are active in the spot crude oil market, purchasing light and medium crude oil from various regions [1] - Analysts from ANZ Bank noted that the U.S. began imposing higher tariffs on a batch of trading partners starting on the 7th, raising concerns about economic activity and oil demand [1] Group 4 - Baker Hughes reported that the number of active oil rigs in the U.S. was 411, an increase of 1 week-on-week but a decrease of 74 year-on-year [2] - In Canada, the number of active oil rigs was 122, a decrease of 2 week-on-week and a decrease of 25 year-on-year [2]

Summary of Key Points from the Conference Call Transcript Industry Overview - The focus is on the Energy Services & Equipment sector in North America, with particular attention to companies like GTLS (Chart Industries), NBR (Nabors Industries), NOV (National Oilwell Varco), and TS (Tenaris) [1][2][6]. Core Insights and Arguments - **Earnings Estimates Revision**: The 2025 and 2026 EBITDA estimates for GTLS, NBR, NOV, and TS have been lowered by 2% and 4% respectively, indicating a cautious outlook for these companies [4][19]. - **M&A Activity**: Baker Hughes (BKR) is reportedly preparing a bid to acquire GTLS, which would value GTLS at approximately $210 per share, a 22% premium over its recent closing price of $171.65. This acquisition could significantly impact GTLS's market position [5][19]. - **Market Sentiment**: The near-term outlook for GTLS and TS is constructive due to their exposure to gas and non-oil & gas sectors, while NBR is viewed cautiously due to declining activity in North America and Saudi Arabia [9][19]. - **Performance Metrics**: NOV's 2Q results showed a revenue increase of 2%, but EBITDA decreased by 4%, leading to expectations of a modestly negative market reaction. The guidance for 3Q indicates a revenue increase of 1% but a further EBITDA decline of 2% [9][13]. Additional Important Insights - **Tariff Impacts**: The potential impacts of tariffs on the companies' operations and pricing strategies are a key focus area, especially given the current geopolitical climate [9]. - **Capital Allocation**: Companies are expected to discuss their capital allocation plans, including updates on 2025 capex and shareholder returns, which are critical for investor confidence [9][13]. - **Market Conditions**: The overall market conditions for oilfield services (OFS) are soft, particularly in the US land, Saudi Arabia, Mexico, and offshore deepwater markets, which could affect pricing and activity levels [9][19]. - **Stock Ratings and Price Targets**: The current stock ratings and price targets for the companies are as follows: - GTLS: Overweight, PT $225.00 - NOV: Overweight, PT $15.00 - NBR: Overweight, PT $50.00 - TS: Underweight, PT $34.00 [10][19]. Conclusion - The Energy Services & Equipment sector is facing a mix of challenges and opportunities, with M&A activity potentially reshaping the landscape. Companies are navigating soft market conditions while focusing on strategic capital allocation and managing tariff impacts. The upcoming earnings reports will be critical in assessing the health and outlook of these firms.

Group 1 - The global oilfield services industry is undergoing a significant consolidation wave, highlighted by Baker Hughes' announcement to acquire Chart Industries for $13.6 billion in cash, marking a strategic shift towards emerging energy sectors [1][2] - The acquisition values Chart Industries at $210 per share, representing a 22% premium over its previous trading day closing price, and surpasses Chart's prior $19 billion all-stock merger agreement with a different company [2] - Post-acquisition, Baker Hughes will gain Chart's technological advantages in liquefied natural gas, hydrogen, biogas, and carbon capture, enhancing its competitive edge in industrial and energy technology markets [2] Group 2 - The oilfield services sector is experiencing a trend of mergers and acquisitions, with several major deals occurring in 2024, indicating a strategic intent among industry giants to optimize their business structures through external growth [3] - Notable transactions include Schlumberger's acquisition of 80% of Aker Carbon Capture for $382 million and a subsequent $7.8 billion all-stock acquisition of ChampionX, reinforcing its position in chemical solutions and equipment [3] - The global oilfield services market is on a steady growth trajectory, expanding from $203.8 billion in 2020 to $316.1 billion in 2024, with a compound annual growth rate of 11.6%, driven by shale gas development and increased oil recovery demands [3]