证券研究报告 石化行业周报：OPEC+11月增产幅度较温和 行业投资评级：强大于市|维持 中邮证券研究所石化团队 分析师:张津圣 SAC 登记编号:S1340524040005 1 1 发布时间：2025-10-09 投资要点 请参阅附注免责声明 2 ◼ 焦点：OPEC+11月开始每天增产13.7万桶原油，增产幅度相对温和。本周石化继续调整。持续关注反 内卷进展，石化行业中老旧装置淘汰退出和更新改造的进展。 ◼ 回顾：本周申万一级行业指数表现中，石油石化指数表现较差，较上周下跌0.38%。而中信三级行业指 数表现来看，本周工程服务在石油石化中表现最佳，涨幅0.88%。 ◼ 原油：原油跌，美原油库存增加，汽油库存增加 ◼ 聚酯：涤纶长丝价格跌、价差涨。江浙织机涤纶长丝库存天数跌，织机开工率涨 ◼ 烯烃：样本聚烯烃现货价格平稳，库存稳 ◼ 标的： ➢ 上游：地缘若未来再次给出原油溢价，则利好上游标的。 ➢ 炼化：若需求好转，优供给、淘汰落后产能有所进展，则利好中游炼化。 ◼ 风险提示：油价剧烈波动、地缘风险、欧美通胀反复、欧美经济波动、行业政策变化、项目投产进度变 化、需求变化、其他等。 本周石化表现较差，较上周 ...

证券日报网讯 中国海诚（002116）9月30日在互动平台回答投资者提问时表示，公司数字化转型的目标 是以智慧工程整体方案为蓝图，构建数智驱动的创新能力，拓展工程边界，通过智慧管理、智慧营造、 智能制造等多方面研发和成果落地，扩大传统业务优势，开拓新领域，建设一流工程科技公司。算力方 面公司已经引入国产训推一体机用于公司内部知识平台搭建和问答推理。 ...

智通财经APP讯，柏诚股份(601133.SH)发布公告，公司于近日收到某客户的中标通知书，确认公司为该 客户某洁净相关项目的中标单位，中标金额：3.25亿元(含税)。该项目属于公司日常经营行为，项目的 顺利实施有助于公司市场影响力的提升。项目收入根据履约进度逐步确认，项目履行会对公司收入产生 积极影响。 ...

近日，江苏利柏特股份有限公司与建行上海松江支行签署合同，为全资子公司上海利柏特工程技术有限 公司提供不超4亿元的连带责任保证担保，无反担保。公司此前已通过相关议案，同意为子公司新增总 额不超32亿担保，对利柏特工程新增担保额度20亿。截至公告日，公司及控股子公司对外担保总额33 亿，占最近一期经审计净资产的179.62%，无逾期担保情况。此次担保是为满足子公司业务需求，被担 保方资信良好，风险可控。 ...

Company Overview - Kuafu Chasing the Sun (Guangzhou) Lighting Technology Co., Ltd. has recently been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Zhao Yueping [1] Business Scope - The company is engaged in a wide range of activities including manufacturing and sales of lighting fixtures, semiconductor lighting components, and electronic equipment [1] - It also provides services related to technology development, consulting, and project management, as well as various types of agricultural planting [1] - The company is involved in the research and development of energy-efficient technologies for the power industry and offers services in construction and engineering [1]

Core Viewpoint - Shanghai Zhuoran Engineering Technology Co., Ltd. (hereinafter referred to as "the Company") is currently involved in a lawsuit initiated by Jiangsu Zhuoran Enterprise Service Co., Ltd., a wholly-owned subsidiary, against Jiangsu Jingjiang Port Group Co., Ltd. regarding a rental contract dispute, with the total amount in question being approximately 43.24 million yuan [1][2][3]. Group 1: Lawsuit Overview - The lawsuit has been accepted by the court but has not yet gone to trial [1][2]. - Jiangsu Zhuoran is the defendant in this case, with the plaintiff being Jiangsu Jingjiang Port Group [2]. - The total amount claimed by the plaintiff includes overdue rent, penalty fees, and usage fees, amounting to 43.24 million yuan [1][3]. Group 2: Details of the Dispute - The rental agreement was signed on January 1, 2020, with a term running until December 31, 2024, at an annual rent of 33.91 million yuan [4]. - The plaintiff claims that the defendant has not paid the rent for the year 2024, totaling 23.91 million yuan, and has incurred penalties for late payment [3][4]. - The defendant also owes usage fees for the period from January 1, 2025, to July 18, 2025, amounting to 18.49 million yuan [3][4]. Group 3: Company's Response and Impact - The Company has engaged a professional legal team to respond to the lawsuit and plans to file a counterclaim against Jiangsu Jingjiang Port Group for overpaid rent [5]. - The Company anticipates that the lawsuit will not have a significant impact on its daily operations, although the outcome remains uncertain [6]. - The Company will continue to fulfill its information disclosure obligations as the case progresses [6].

Group 1 - The core point of the article highlights that Baili Technology has achieved a transaction volume of 1.002 billion yuan, marking the highest level since June 30, 2016 [2] - The latest stock price of Baili Technology has increased by 7.31%, with a turnover rate of 27.08% [2] - The previous trading day's total transaction volume for the stock was 521 million yuan [2] Group 2 - Baili Engineering Technology Co., Ltd. was established on November 11, 1992, with a registered capital of 4.90298992 billion yuan [2]

Group 1 - A new company named Chengde Beirui Electromechanical Equipment Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Zeng Xianfeng [1] - The company's business scope includes manufacturing of power distribution switch control equipment, power electronic components, and various electrical equipment sales [1] Group 2 - The company is also involved in technical services, development, consulting, and technology transfer [1] - It has licenses for construction engineering design, interior decoration, and scrapping of vehicles and electric vehicles [1] - The company is permitted to engage in various retail activities including household appliances and hardware products [1]

Core Viewpoint - Legence, an engineering and maintenance service provider, went public on NASDAQ with an initial offering price of $28 per share, raising a total of $728 million by issuing 26 million shares. The stock opened at $27, a 3.6% drop from the offering price, but closed at $30.5, an increase of 8.93% from the offering price, giving the company a market capitalization of $3.1 billion [2][4]. Company Overview - Legence has over 100 years of history, focusing on the design and installation of heating, ventilation, and air conditioning systems, as well as enhancing building energy efficiency and sustainability [8]. - The company has identified data centers as a growing area, particularly with the shift from air cooling to direct liquid cooling systems for AI data centers [6]. Financial Performance - For the first half of 2025, Legence reported revenues of $1.1 billion, an 11% increase from $990 million in the same period last year. Operating profit was $47.88 million, up from $37.83 million year-over-year, while the net loss was $23 million compared to a net loss of $8.77 million in the previous year [10][12]. - The adjusted EBITDA for the first half of 2025 was $123.02 million, with an adjusted EBITDA margin of 11.1%, compared to $108.88 million and an 11% margin in the same period last year [12]. Ownership and Acquisition - Blackstone Group is the major shareholder of Legence, having acquired the company in 2020. Under Blackstone's leadership, Legence has made several acquisitions of smaller competitors, including A.O. Reed, OCI Associates, and P2S. Post-IPO, Blackstone is expected to hold approximately 74% of the voting rights in Legence [13].

Group 1 - Legence (LGN.US) is set to go public on NASDAQ at a price of $28 per share, raising a total of $728 million, with a market valuation of $2.9 billion [1] - The company operates in high-growth sectors such as technology, life sciences, healthcare, and education, serving over 60% of the companies in the NASDAQ 100 index [1] - Legence has a history of over 100 years, focusing on HVAC system design and installation, as well as energy efficiency and sustainability solutions [1] Group 2 - For the 12 months ending June 30, 2025, Legence reported revenue of $2.2 billion, with a backlog of uncompleted orders and awarded contracts totaling $2.8 billion [2] - Following its acquisition by Blackstone in 2020, Legence transformed from a regional HVAC contractor to a national energy services platform through strategic acquisitions, doubling its valuation [2] - The IPO coincides with favorable U.S. building energy efficiency policies and AI infrastructure investments, positioning Legence as a rare asset to benefit from the $100 billion North American building decarbonization and data center expansion market [2] - The company's ability to maintain a compound annual growth rate of over 15% in the next three years will depend on its acquisition integration capabilities and the actual realization of data center orders [2]