风险提示：房地产走势不确定性仍存；政策力度不及预期。 "破局"通胀：反内卷与扩内需 [Table_Authors] 2025 年 6 月物价数据点评 本报告导读： 今年以来，"以旧换新"补贴政策持续支撑耐用消费品价格，带动核心 CPI 同比小幅 修复，而其中服务价格方面仍有待提振，指向了居民部门资产负债表的修复进展有 限，需要后续稳增长政策接续。 投资要点： 宏 观 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏 观 专 题 宏观研究 /[Table_Date] 2025.07.09 2025-07-13 [Table_Summary] 6 月 CPI 同比转正。食品价格拖累减弱；国际油价上涨输入带动能 源价格；核心 CPI 环比持平，核心消费品 CPI 环比表现显著好于 2023、 2024 年，"618"提前促销影响过去后，"以旧换新"政策支持的相关品 类价格仍相对偏强，而服务相关价格继续稳中偏弱。 6 月 PPI 同比跌幅继续扩张，一是受高温降雨天气影响，房地产、基 建项目施工进度有所放缓。二是"反内卷"具体政策和效果仍待观察， 尤其是对光伏、水泥、钢铁等行业实际供需格局的影响。三 ...

Group 1: Deepwater Equipment Delivery - China National Offshore Oil Corporation (CNOOC) has delivered 24 sets of 2000-meter deepwater suction anchors to Brazil, marking it as one of the largest deepwater oil and gas equipment deliveries by China [1][3] - The suction anchors weigh approximately 2674 tons, with a maximum height of 21 meters and a diameter of 8 meters, presenting significant technical challenges in precision control and deformation management due to their large size and thin wall thickness of 25 millimeters [3] Group 2: Technological Innovations - The project team achieved a quality compliance rate exceeding 99.9% through innovative construction techniques, including horizontal extension and vertical assembly, as well as advanced technologies like 3D scanning and finite element simulation [5] - The suction anchors will be installed at the Mero oil field in the Santos Basin, located in southeastern Brazil [5] Group 3: Marine Research Vessel - The first ocean-class intelligent comprehensive scientific research vessel, "Tongji," has been delivered, designed and built independently by China, featuring a 2000-ton capacity and advanced green, quiet, and intelligent technologies [6][8] - "Tongji" measures 82 meters in length and 15 meters in width, capable of accommodating 15 crew members and 30 research team members, with an operational range of 8000 nautical miles [8] Group 4: Power Grid Development - The Xinjiang 750 kV ring network project is nearing completion after 15 years of construction, with a total line length of 4197 kilometers, making it the largest 750 kV ultra-high voltage transmission ring network in China [11][17] - The project will enhance the power grid coverage to approximately 1.06 million square kilometers, nearly one-ninth of China's land area, and will facilitate the integration of renewable energy resources in the Tarim Basin [11][17]

杰瑞股份全资子公司中标阿尔及利亚8.50亿美元天然气增压站项目，股价应声大涨，彰显中国能源企业在北非市场的强劲 竞争力。 2025年7月9日晚间，杰瑞股份（002353.SZ）发布公告，其全资子公司杰瑞油气工程有限公司收到阿尔及利亚国家石油公司 （Sonatrach SPA）发出的项目授标函，成功中标Rhourde Nouss天然气增压站总承包工程（EPC）项目，授标金额总计约 8.50亿美元（约合人民币61.26亿元），包括6.291亿美元及293.58亿阿尔及利亚第纳尔。 消息公布后，杰瑞股份股价当日大幅上涨，盘中一度涨停，收盘涨幅约8%，市值突破300亿元人民币，反映市场对公司在 国际能源领域布局的强烈信心。 本文是阿中产业研究院"阿尔及利亚生意经"系列第41篇，深度介绍中阿投资、贸易和工程建设领域的产业政策、法律法 规、产业趋势、市场需求、竞争格局和潜在交易机会。 该项目位于阿尔及利亚东南部Illizi省的Rhourde Nouss气田，气源主要来自Rhourde Nouss和Gassi Touil气田。 据公告介绍，为保障天然气以稳定压力进入处理设施，Sonatrach计划在Rhourde Nous ...

Core Viewpoint - The delivery of 24 sets of 2000-meter deep-water suction anchors by China National Offshore Oil Corporation (CNOOC) to Brazil marks a significant achievement in China's deep-sea equipment manufacturing, showcasing international recognition of "Made in China" deep-sea technology [1] Group 1: Company Achievements - CNOOC has successfully constructed and delivered 24 sets of 2000-meter deep-water suction anchors, which are among the largest deep-sea oil and gas equipment exported by China [1] - The suction anchor is a critical piece of equipment for deep-water mooring, functioning like a large suction cup that firmly attaches to the seabed, ensuring efficient fixation of marine facilities [1] Group 2: Industry Impact - The delivery signifies a milestone in the acceptance of Chinese deep-sea equipment in the international mainstream market, indicating a growing competitiveness of China's manufacturing capabilities in the deep-sea energy sector [1] - The suction anchor is referred to as the "stabilizing needle" for deep-sea energy development, highlighting its importance in the industry [1]

今天分享的是：2025年"十五五"时期中国能源行业关键议题报告 报告共计：70页 "十五五"时期中国能源行业发展围绕全球能源系统重构、化石能源高效转型、新能源发展新周期三大关键议题展开。 全球能源系统正加速重构，地缘格局、投资流向与技术进步推动其向区域化、绿色化、智能化演进。中国作为最大能源消费和生产国，能源产业深度融入全 球体系，资源获取、技术变革和国际规则重塑影响着能源安全与产业升级空间。全球能源与矿产贸易从全球化高效配置转向区域化、安全优先，企业需重视 地缘平衡与本地化能力1-201-40。 化石能源虽非增量核心，但仍具不可替代性，转型关键词为"提效、降碳、重构角色"。油气企业面临盈利压力，需调整投资节奏；中国正崛起为全球化工新 材料产能重心，煤化工在煤炭"原料化"利用中价值凸显。煤炭需求达峰尚晚，亚洲需求稳增，其角色正从"主力电源"向"调节电源"转变，煤电灵活性改造和 煤化工高端化是重要方向1-1511-1731-1851-213。 新能源产业进入新周期，从高速扩张转向高质量融合发展。外部需求增量来自中东、拉美、东南亚等新兴市场；内部转向"源网荷储"一体化协同，全面进入 电力市场，电价机制和商业模式深 ...

证券研究报告·公司点评报告·专用设备 杰瑞股份（002353） 中标非洲天然气 EPC 订单，海外天然气成长 逻辑逐步兑现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,912 | 13,355 | 15,564 | 17,911 | 20,195 | | 同比（%） | 21.94 | (4.00) | 16.54 | 15.08 | 12.75 | | 归母净利润（百万元） | 2,454 | 2,627 | 3,027 | 3,492 | 3,990 | | 同比（%） | 9.33 | 7.03 | 15.23 | 15.37 | 14.25 | | EPS-最新摊薄（元/股） | 2.40 | 2.57 | 2.96 | 3.41 | 3.90 | | P/E（现价&最新摊薄） | 14.70 | 13.73 | 11.92 | 10.33 | 9.04 | [Table_Tag] [投资要点 ...

中标非洲 61 亿元天然气增压站项目，海 外拓张持续加速 杰瑞股份中标天然气增压站项目点评 | | | | [当前价格： Table_CurPrice] | 35.09 | | --- | --- | --- | --- | --- | | [table_Authors] 肖群稀(分析师) | 021-38676666 登记编号 S0880522120001 | 赵玥炜(分析师) 021-38676666 S0880525040040 | | | 本报告导读： 公司中标非洲阿尔及利亚国家石油公司 61 亿元天然气增压站总承包项目，有利于公 司在中东、非洲等重要海外区域加速拓展，对经营业绩有所提振。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 13,912 | 13,355 | 16,001 | 18,906 | 22,149 | | (+/-)% | 21.9% | -4.0% | 19.8% | 18.2% ...

美国同行埃克森美孚公司预计，油价和天然气价格的下跌将使该公司季度收益减少约 15 亿美元。埃克 森表示，预计炼油业务的利润会有一定程度的回升。 英国石油净债务在第一季度增加了约 40 亿美元，达到近 270 亿美元。预计在第二季度，这一数字将"小 幅"下降。贸易、炼油和上游产业的积极迹象可能会因各行业(具体未指明)约 5 亿至 15 亿美元的资产减 值而受到影响。 智通财经APP获悉，英国石油公司(BP.US)表示，预计其第二季度的石油产量将有所增长，其石油交易 业务也将取得良好业绩，这将为这家努力扭转多年业绩不佳局面的能源巨头带来提振。该公司周五在一 份声明中表示，截至 6 月的三个月的产量预计将高于第一季度。这比此前的预期有所上升，此前的预期 是产量将基本持平。今年头三个月产量有所下降。该公司将于 8 月 5 日公布二季度盈利情况。其发布的 声明语气比本周其主要竞争对手壳牌(SHEL.US)以及美国同行埃克森美孚(XOM.US)的最新公告更为乐 观。 对于英国石油公司而言，开展业务活动至关重要，因为该公司正试图重新回归油气业务的核心领域。然 而，这一举措是在油价受到美国总统特朗普的贸易战、欧佩克+政策的调 ...

Core Viewpoint - Jerry Holdings has won a significant project in Algeria worth approximately 6.126 billion yuan, marking an expansion of its oil and gas engineering services in North Africa, aligning with its strategic focus on the Middle East and North Africa [1][2][4]. Group 1: Project Details - The project awarded to Jerry Holdings involves the EPC realization of the Rhourde Nouss Boosting Project, located in the Illizi province of Algeria, with a total value of about 8.50 billion USD [2]. - The project aims to enhance the production efficiency and gas processing capacity of the Rhourde Nouss gas field by constructing a gas booster station and upgrading the gas collection pipeline network [2][3]. Group 2: Previous Contracts - Earlier in February, Jerry Holdings signed a contract with ADNOC Onshore for an estimated total amount of approximately 9.2 billion USD (about 65.55 billion yuan) for digital transformation projects in the Bab, Bu Hasa, and South East blocks [4][6]. - The ADNOC Onshore operates in a significant oil field area and has a strong financial standing, indicating a robust partnership for Jerry Holdings [6]. Group 3: Financial Performance - Jerry Holdings reported a substantial increase in revenue and net profit for Q1 2025, with revenues of 2.687 billion yuan and a net profit of 466 million yuan, reflecting year-on-year growth of 26.07% and 24.04% respectively [10]. - The company’s overseas business has shown significant results, with 45.20% of its revenue coming from international markets in 2024 [8]. Group 4: Strategic Expansion - To further its business in the Middle East and North Africa, Jerry Holdings has made preparations, including a recent decision to invest 12 million USD in its Middle Eastern subsidiary to establish a high-end oil and gas equipment manufacturing base in Dubai [7]. - The Middle East is identified as a key strategic market for Jerry Holdings, with a comprehensive business layout and significant revenue generation potential [7].

杨海风，中海石油(中国)有限公司天津分公司勘探部经理，第十一届黄汲清青年地质科学技术奖获得 者，自然资源部高层次科技创新人才工程(地质找矿方向)科技创新领军人才。 自2009年参加工作以来，杨海风一直致力于渤海湾盆地油气成藏机理与富集规律研究，长期奋战在海上 油气勘探第一线，带领团队累计发现30余个油气田和含油气构造区域，累计为国家探明油气储量超10亿 吨，为渤海油田建成国内第一大原油生产基地做出了重要贡献。 盆缘凹陷区苦寻油气 渤海湾盆地地质构造复杂，像一只摔碎了又被踩了几脚的"碎盘子"，油藏分布十分零散复杂。2010年， 入职仅半年的杨海风就接手了秦皇岛29-2构造的攻关任务。该区二氧化碳含量极高，即使有油气也可能 是"废气"的质疑让勘探工作阴霾重重。为了寻求新突破，杨海风根据资料按图索骥，终于发现二氧化碳 和正常的天然气被封闭在不同的"抽屉"里，可分类开采。 这一发现好比一把开启该构造谜团的"金钥匙"，推动渤海首个亿吨级隐形油田的发现。随后，杨海风将 这项成果总结为一套适合渤海盆缘凹陷的油气差异富集机理，打破了业界长期以来关于盆缘凹陷"埋藏 浅、面积小、生烃能力有限、油气勘探价值不大"的刻板印象，同时进 ...