Core Viewpoint - The company has signed a significant contract with PTTEP for an offshore engineering project, indicating a stable revenue stream for the upcoming years [1] Group 1: Contract Details - The contract signed with PTTEP is for the Bundled Phases 4 EPCI project, which includes the construction of wellhead platforms and subsea pipelines [1] - The estimated contract value is approximately $800 million [1] - The project will be executed under a long-term agreement, with the owner confirming the workload for offshore delivery from 2027 to 2029 [1] Group 2: Project Timeline and Impact - This project marks the second offshore engineering contract the company has undertaken for PTTEP [1] - The construction period for the project is set from 2025 to 2029, providing a stable overseas business volume during the 14th Five-Year Plan period [1]

格隆汇10月24日｜海油工程公告，公司于近日与泰国PTTEP公司正式签署BundledPhases 4 EPCI总包项 目井口平台及海管新建工作包合同，该项目按照长协模式执行，业主通过订单逐年确认2027—2029年海 上交付的井口平台及海管工作量，由公司承担设计、采购、建造、海上运输安装及调试总承包工作，预 计合同金额约为8亿美元。泰国PTTEP公司是泰国国有能源公司，主要从事泰国国内和国际石油勘探和 生产活动。至2024年年底，该公司在泰国的油气产量占泰国总产量的69%。该项目是公司为泰国PTTEP 公司执行的第二个海洋工程总包项目，项目建设周期从2025年持续到2029年。 ...

Core Viewpoint - The oil and gas ETF (159697) opened with a gain of 1.33%, indicating positive market sentiment towards the sector [1] Group 1: ETF Performance - The oil and gas ETF (159697) opened at 1.140 yuan [1] - Since its establishment on April 17, 2023, the ETF has achieved a return of 11.84% [1] - The ETF's performance over the past month has been a return of 6.81% [1] Group 2: Major Holdings - Major stocks within the ETF include: - China National Petroleum Corporation (down 0.22%) - China Petroleum & Chemical Corporation (up 0.36%) - China National Offshore Oil Corporation (down 0.07%) - Guanghui Energy (unchanged) - Jereh Oilfield Services (down 2.47%) - China Merchants Energy Shipping Company (up 2.97%) - XinAo Group (down 0.16%) - COSCO Shipping Energy Transportation (up 1.54%) - Offshore Oil Engineering Company (down 0.36%) - China Merchants Jinling Shipyard (up 0.31%) [1]

Core Insights - International oil prices continue to rise, with WTI crude oil increasing by 5.03% to $61.440 per barrel and Brent crude oil rising by 4.91% to $65.661 per barrel, driven by sanctions imposed by the US and Europe on Russia's largest oil companies [1] - The sanctions are expected to significantly tighten global crude oil supply, impacting market dynamics [1] - The upcoming winter is anticipated to be extremely cold due to strengthening conditions for a "double La Niña," which may boost natural gas demand [1] Oil and Gas Market Dynamics - The natural gas apparent consumption from January to August 2025 showed a slight year-on-year decline of 0.1%, an improvement from a 3.4% decline in the first two months of the year [1] - The "Three Barrels of Oil" companies in China reported a 3.2% year-on-year increase in natural gas sales in the first half of 2025, outpacing domestic natural gas demand growth [1] - The marketization reform of natural gas pricing in China is expected to enhance the profitability of the "Three Barrels of Oil" companies as the regulated portion of their sales continues to decrease [1] Stock Performance - As of October 23, 2025, the National Petroleum and Natural Gas Index (399439) rose by 0.92%, with significant gains in constituent stocks such as PetroChina (3.15% increase) and Sinopec [2] - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 64.68% of the index, indicating a concentrated market structure [2]

Core Viewpoint - The oil service engineering sector experienced a decline of 1.21% on October 23, with Junyou Co. leading the drop. The Shanghai Composite Index rose by 0.22%, while the Shenzhen Component Index also increased by 0.22% [1]. Group 1: Market Performance - The closing price of Junyou Co. was 9.06, reflecting a decrease of 8.11% with a trading volume of 751,700 shares and a transaction value of 686 million [2]. - The oil service engineering sector saw a net outflow of 595 million from major funds, while retail investors contributed a net inflow of 513 million [2][3]. - The overall performance of individual stocks in the oil service engineering sector varied, with notable declines in stocks like Junyou Co. and Tongyuan Petroleum [1][2]. Group 2: Individual Stock Analysis - Renji Co. had a closing price of 8.92, with an increase of 2.76% and a transaction value of 264 million [1]. - The stock of Huibo Yin fell by 6.98%, closing at 3.60, with a trading volume of 1,916,200 shares [2]. - The stock of Qianeng Hengxin decreased by 5.37%, closing at 21.15, with a transaction value of 418 million [2][3]. Group 3: Fund Flow Analysis - Major funds showed a significant outflow from stocks like Huibo Yin and Tongyuan Petroleum, indicating a shift in investor sentiment [3]. - Retail investors demonstrated a positive net inflow in several stocks, suggesting potential interest from smaller investors despite the overall sector decline [3].

Core Viewpoint - The A-share market experienced slight fluctuations with active performances in the oil and real estate sectors, indicating potential investment opportunities in these areas [1] Group 1: Oil and Gas Sector - The oil and petrochemical industry chain showed strong performance, with oil service engineering leading the gains, and the sector index opened significantly higher, reaching a nearly 3% increase, marking a new high for the year [1] - Major contracts were secured in the oil service engineering field, including a $4 billion project signed by CNOOC Engineering and multiple large contracts by a subsidiary of China National Petroleum Corporation [1] - Significant advancements in oil extraction technology were reported, with the successful drilling of the "super project" Shendi Chuan 1 well exceeding 10,000 meters and the completion of the Tarim Oilfield's 502-H3 well at 8,380 meters [1] Group 2: Real Estate Sector - Real estate stocks rose against the market trend, with the sector index initially increasing by nearly 2%, indicating a potential recovery in the housing market [1] - The third quarter saw policy stimuli in the housing market, with a narrowing year-on-year decline in residential sales prices across 70 cities in September, suggesting a stabilization trend [1] - Real estate companies are actively seeking cross-industry rescue strategies, such as Yingxin Development's plan to acquire equity in Changxing Semiconductor and Zhuhai Mian Group's intention to transfer Gree real estate equity [1] - Analysts predict that proactive fiscal and loose monetary policies will accelerate stockpiling and urban village renovations, aiding in the stabilization of the housing market [1]

Market Overview - A-shares experienced slight fluctuations with the Shanghai Composite Index testing the 3900-point support level, while the Shenzhen Component Index consolidated around 13000 points, and the Sci-Tech Innovation 50 index fluctuated around 1400 points, with stable market turnover [1] Oil and Gas Industry - The oil and petrochemical industry chain saw a strong performance, with oil service engineering leading the gains, and the sector index opened significantly higher, reaching a nearly 3% increase, marking a new high for the year [2] - The successful drilling of the "super project" deep well in Sichuan, which surpassed the 10,000-meter mark, set a new record for deep well exploration in the Sichuan oil and gas field [4] - The Tarim Oilfield's successful drilling of the 502-H3 well at a depth of 8380 meters marks a significant advancement in deep oil and gas extraction, with the completion of 223 ultra-deep wells during the 14th Five-Year Plan period [5] - China Oilfield Services announced a contract with Qatar Energy for a project worth approximately $4 billion (about 28.5 billion RMB), expected to positively impact the company's operating performance [5] - China National Petroleum Corporation's subsidiary signed a contract for a seawater pipeline project in Iraq worth $2.524 billion (approximately 18.03 billion RMB) [5] Real Estate Sector - Real estate stocks rose against the market trend, with the sector index initially surging nearly 2%, and several companies, including Yingxin Development and Zhuhai Mian Group, hitting the daily limit [6] - The real estate market showed signs of stabilization, with a narrowing decline in housing prices reported by the National Bureau of Statistics for September [8] - Yingxin Development announced plans to acquire a controlling stake in Changxing Semiconductor, indicating a strategic shift towards technology and enhancing competitiveness [8] - Zhuhai Mian Group plans to transfer its 100% stake in Zhuhai Gree Real Estate Co., Ltd., accelerating its focus on the duty-free business and consumer sectors [9]

Core Viewpoint - CNOOC Engineering has signed a contract with Qatar Energy for the BH general contracting project, with a contract value of approximately 4 billion USD, marking a significant breakthrough in the Middle East strategy [1] Group 1 - The contract is set to take effect in October 2025 and is expected to be completed by June 2031, covering management, design, procurement, construction, transportation, installation, and commissioning [1] - The contract is anticipated to have a positive impact on the company's future performance [1]

证券代码：600583 证券简称：海油工程 编号：临 2025-032 海洋石油工程股份有限公司 关于中标项目签订合同的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 证券代码：600583 证券简称：海油工程 编号：临 2025-032 特别提示： 1、本次签署的合同系日常经营性合同，公司与交易对方不存在 关联关系，所涉及的交易不构成关联交易，根据《上海证券交易所股 票上市规则》（以下简称"《股票上市规则》"）之规定，公司本次 签署日常交易相关合同无需经公司董事会、股东会审议。 2、合同标的：BH-EPIC1 和 BH-EPIC2。 3、合同生效条件：合同自 2025 年 10 月生效，预计完成日期为 2031 年 6 月，期间将有多个中间里程碑，具体完成日期在合同中约 定。 4、对上市公司当期业绩的影响：该合同的签订对公司的经营业 绩产生积极影响。 5、特别风险提示：合同条款中已对合同金额、生效条件、支付 方式、违约责任等内容做出了明确约定，合同各方具有履约能力， 但 在合同履行过程中，如遇政策、市场、环境等 ...

Core Insights - The company has officially signed a contract with Qatar Energy for the BH EPC project, which includes management, detailed design, procurement, construction, transportation, installation, and commissioning [1] - The contract value is approximately $4 billion, with an expected completion date of June 2031 [1] - This contract signing is expected to have a positive impact on the company's future performance and marks a significant breakthrough in the implementation of its Middle East strategy [1]