摩根大通将中集安瑞科目标价由9港元上调至12港元，维持"增持"评级，基于将2025至28财年盈利预测 分别上调3%、10%、14%、16%，以及目标估值倍数由11倍提高至13.5倍。该行认为，公司持续在绿色 甲醇、焦炉煤气及船舶制造领域展现其执行力，预计这些板块将在2025至27年分别贡献32%、40%及 56%的净利润；同时，传统非清洁能源业务对2026年业绩的拖累预计将减少，收入结构改善亦令毛利率 得以提升。整体而言，以上因素将支持公司2025至28年盈利的年均复合增长率达20%。 ...

本文字数：2126，阅读时长大约4分钟 2025.12.29 作者 |第一财经 冯迪凡 由于数据中心面临最长可达七年的并网等待时间，其对现场能源的需求正在激增。 人工智能（AI）数据中心接入电网时间过长，这个问题怎么破？ 近期的一系列动态显示，数据中心开发商正转向使用飞机发动机和化石燃料发电机来为AI提供动力。 航空衍生涡轮机和柴油发电机制造商的报告称，由于数据中心在等待更大功率燃气轮机期间寻求绕过电 网，因此需求有所增加。"任何能够供电的技术都从未像现在这样具有如此巨大的市场吸引力。"清洁空 气工作组电力项目主管斯波卡斯(Kasparas Spokas)表示。 来源：新华社 来自OpenAI的电话 在现实中，由于数据中心面临最长可达七年的并网等待时间，通过在数据中心附近安装航空衍生涡轮机 和发电机等电源，开发商无须立即连接电网即可为其AI模型的训练和运行提供动力。 GE Vernova公司正在向数据中心开发商Crusoe供应航空衍生燃气轮机，预计将为OpenAI、甲骨文和软银 位于得克萨斯州的Stargate数据中心提供近1吉瓦的电力。 GE Vernova首席财务官帕克斯（Ken Parks）曾经告诉投资 ...

12月15日，记者在江苏天工钛晶新材料有限公司的项目现场看到，厂房已进入主体施工阶段。通过 打造国内先进的等离子雾化制粉生产线，一个高端钛合金粉末生产基地正在加速建设。这家由江苏天工 科技股份有限公司（下称"天工股份"）控股，于今年8月设立的新公司，正全力切入增材制造（3D打 印）的产业链上游，填补国内高端钛合金粉末领域的空白。作为钛合金新材料领域的国家级专精特 新"小巨人"企业，天工股份依托国内首创的短流程制备技术，自今年5月在北交所上市以来市值已突破 125亿元，目前居北交所市值前五。 今年以来，资本市场"镇江板块"总量增至26家，其中境内上市公司23家，数量居全省第六。值得一 提的是，今年以来镇江北交所上市企业增量位列全省第二。金融活水持续浇灌科创"沃土"，为镇江产业 强市"一号战略"注入强劲动能。镇江市委书记马明龙表示，将以更有力度的金融服务，推动资金链和创 新链无缝衔接、资金链和产业链深度融合、资金链和人才链良性互动，深入打好"扬帆计划""云帆计 划"等金融赋能"组合拳"，帮助企业更好地借力资本东风、实现扬帆远航。 "镇江速度"凸显，上市梯队蓄势勃发 继天工股份之后，长江三星能源科技股份有限公司于今 ...

Core Viewpoint - Gulf Island Fabrication Inc. (NASDAQ:GIFI) has experienced a stock price of $11.90, reflecting a slight decrease of 0.08% in the current market session, but has seen an increase of 1.27% over the past month and a significant rise of 68.84% over the past year, raising questions about its valuation despite current performance issues [1]. Group 1: Stock Performance - The current stock price of Gulf Island Fabrication Inc. is $11.90, with a minor decrease of 0.08% in the current session [1]. - Over the past month, the stock has increased by 1.27% [1]. - In the past year, the stock has appreciated by 68.84% [1]. Group 2: P/E Ratio Analysis - The P/E ratio of Gulf Island Fabrication Inc. is 21.67, which is lower than the industry average P/E ratio of 22.04 in the Energy Equipment & Services sector [6]. - A lower P/E ratio may suggest that the stock could be undervalued or that it may perform worse than its industry peers [6]. - The P/E ratio is a critical metric for investors, indicating expectations of future performance, but should be interpreted with caution as it may also reflect weak growth prospects or financial instability [9][10]. Group 3: Investment Considerations - Investors should consider the P/E ratio alongside other financial metrics, industry trends, and qualitative factors to make informed investment decisions [10]. - A comprehensive approach to analyzing a company's financial health is essential for successful investment outcomes [10].

每经记者｜岳楚鹏 每经编辑｜程鹏 ① 【三大期指普涨】截至发稿，道指期货涨0.01%、标普500指数期货涨0.06%、纳指期货涨0.05%。 ② 【美联储凌晨3点宣布最新利率决定】北京时间12月11日凌晨03:00，美联储在结束两天的政策会议后将宣布最新的利率决定，并发布货币政策声明。半 小时后，美联储主席鲍威尔将召开货币政策新闻发布会。据CME"美联储观察"，美联储本周降息25个基点的概率为87.6%，维持利率不变的概率为 12.4%。市场将密切关注鲍威尔在利率决议公布后的官方声明，以及他在新闻发布会上答问环节的措辞与语气变化，因为这关系到美联储明年的货币政策 走向。 ③ 【礼来斥资60亿美元建厂，提升减肥药产量】当地时间12月9日，礼来宣布，将投资60亿美元在美国阿拉巴马州亨茨维尔市建造一座生产工厂，以提升 其备受关注的实验性口服减肥药及其他药物的产能。礼来预计阿拉巴马州工厂将于2026年动工，2032年完工。近年来，随着美国市场需求激增，礼来及其 主要竞争对手诺和诺德都曾面临现有药物供应短缺问题，不过目前已设法缓解了这些状况。 ④ 【甲骨文财报来袭，市场关注其债务问题】甲骨文公司将在12月10日美股盘后 ...

"科创尖端、硬客前瞻"！《沪市汇·硬科硬客》是由上海证券交易所、中国经营报社和央广资本眼共同 打造的、高度融媒体的高端访谈栏目。 中经记者 孙汝祥 夏欣 北京报道 何谓供应链"再出海"，全球化2.0相比1.0究竟哪儿不一样？选择去哪儿或不去哪儿，背后有哪些考量？ 风险如何评估，如何应对？怎样才能赢得韧性供应链"持久战"？"内卷"是否会变"外卷"？…… 《沪市汇・硬科硬客》第二季第6期邀请3家科创板出海龙头，共同探讨"供应链'再出海'"话题。在全球 化1.0时代，中国制造"出海"打造了全球供应链的超级节点。而在全球化2.0时代，中国企业"再出海"将 升级为在全球范围内构建一个高效、敏捷、抗风险的价值创造网络。这不再是一个"要不要做"的选答 题，而是一道"如何做好"的必答题。 本期做客嘉宾包括中信博（688408.SH）董事长兼总经理蔡浩，福昕软件（688095.SH）董事长兼总裁 熊雨前，宣泰医药（688247.SH）创始人、董事方云。申万宏源研究所总经理、首席策略分析师王胜担 任主导嘉宾。 《沪市汇·硬科硬客》录制现场 中国企业为什么要"再出海"？ 中信博董事长兼总经理 蔡浩 "我们原来是把中国的产品卖到国外 ...

Investment Rating - The report rates the petrochemical industry as "Positive" for investment, indicating an expectation of outperforming market performance [1]. Core Insights - The report highlights that addressing climate change and safety production are key focuses for state-owned petrochemical enterprises [1]. - Most companies in the industry have performed well in ESG scores, with a 100% coverage of ESG reporting, particularly excelling in environmental and social aspects, while governance needs improvement [10][16]. - Seven companies scored above 80 points, including China National Offshore Oil Corporation (CNOOC), China Petroleum, and China Petrochemical, while two companies scored between 40-80 points [10]. Summary by Sections 1. ESG Reporting Coverage - The ESG report coverage is complete, with high scores in environmental and social aspects, but governance remains an area for improvement [10][16]. 2. Environmental Indicators - Companies show a strong commitment to environmental management, with five companies scoring over 15 points and eight scoring above 10 points. However, disclosure on oil spill risk management and circular economy indicators is lacking [16][20]. 3. Climate Change Response - The industry generally scores high in climate change response, with 100% disclosure rates for climate management and indicators. However, there is a need for better disclosure on internal supervision and financial impact assessments [26][30]. 4. Social Responsibility - Most companies score moderately high in social responsibility, focusing on rural revitalization, social contributions, innovation, safety production, and employee welfare. However, the disclosure rate for public awareness initiatives is low [43][46]. 5. Governance Structure - The governance structure is largely complete, with high scores in governance indicators. However, the disclosure of ESG information reporting and supervision mechanisms needs improvement [57][66].

Core Insights - The China International Import Expo (CIIE) serves as a significant platform for international companies, exemplified by Alfa Laval's decision to hold its executive meeting at the event, highlighting the importance of understanding the Chinese market [1][3]. Group 1: Company Strategy and Market Engagement - Alfa Laval's CEO, Eriksson, emphasized that China is the company's largest market, accounting for over 20% of sales, and the importance of experiencing China's vitality firsthand for future planning [3]. - The executive meeting focused on energy transition and China's 14th Five-Year Plan, with experts invited to share insights, indicating a strategic alignment with local developments [3][6]. - The company aims to leverage opportunities presented by China's green technology leadership, as stated by the CFO, who noted the international perspective of the 14th Five-Year Plan [5]. Group 2: Operational Efficiency and Market Dynamics - Alfa Laval's Northeast Asia VP highlighted the rapid pace of decision-making and innovation in China, driven by strong local government support [10]. - The CIIE is recognized as a unique platform for connecting various supply chain elements efficiently, allowing for quick engagement with potential partners [12]. - The company's ambitious growth target of 1.5 times revenue increase by 2030 is closely tied to the opportunities presented by the 14th Five-Year Plan [8].

Market Overview - The three major U.S. stock indices opened higher, with the Dow Jones up 0.57% at 47,997.97 points, the Nasdaq up 0.53% at 23,953.34 points, and the S&P 500 up 0.21% at 6,905.22 points [1] Semiconductor Sector - The storage chip sector saw significant gains, with Seagate Technology rising over 18%, Western Digital increasing over 13%, and Micron Technology up nearly 4% [3][4] Energy Equipment and Services Sector - The energy equipment and services sector experienced multiple stock increases, highlighted by ProPetro Holding surging over 35%, and Liberty Energy and OMS Energy both rising over 10% [5][6] - ProPetro Holding's stock reached 9.925, reflecting a 35.96% increase, while Liberty Energy's stock was at 18.900, showing a 10.85% rise [5][6]

Financial Data and Key Metrics Changes - For the third quarter of 2025, the company reported revenues of $2.18 billion, a slight decrease of less than 1% year-over-year and sequentially [3][4] - Net income was $42 million, translating to $0.11 per fully diluted share, with adjusted EBITDA totaling $258 million, representing 11.9% of sales [3][16] - Free cash flow generation remained robust at $245 million, with a 95% conversion rate during the quarter [16][17] Business Line Data and Key Metrics Changes - The energy equipment segment generated $1.25 billion in revenue, up 2% year-over-year, with EBITDA increasing by $21 million to $180 million, resulting in a 14.4% EBITDA margin [18][19] - Capital equipment sales accounted for 63% of the energy equipment segment's revenue, increasing 20% year-over-year due to strong growth in offshore production equipment [18][19] - The intervention and stimulation capital equipment revenue fell double digits year-over-year due to a steep drop in demand for pressure pumping equipment in North America [22] Market Data and Key Metrics Changes - North America represented 57% of the energy products and services segment revenue, growing 7% year-over-year, while international markets saw a 15% year-over-year decline [25] - The global rig count declined by 8%, impacting overall activity levels [25] - Demand for unconventional resources is increasing in regions like Argentina, Saudi Arabia, and the UAE, with emerging interest in countries such as Algeria and Turkey [66][70] Company Strategy and Development Direction - The company is focused on capitalizing on key secular trends, including offshore production supplanting U.S. unconventional resources and the application of technology to drive efficiencies [29][30] - The company anticipates a meaningful recovery in demand beginning as soon as late 2026, driven by natural decline rates and underinvestment in exploration [29] - The strategy includes reducing structural costs and improving margins through facility consolidations and standardizing internal processes [17][18] Management's Comments on Operating Environment and Future Outlook - Management expects market conditions to remain soft through the next few quarters, with tariffs and inflation continuing to weigh on margins [14][29] - The outlook for the second half of 2026 and beyond is more constructive, with expectations for strengthening demand across both offshore and international land markets [14][29] - The company is optimistic about the future, citing a strong backlog and the potential for significant earnings increases when market cycles align [53][54] Other Important Information - The company repurchased 6.2 million shares for $80 million and paid dividends of $28 million, bringing total capital return to shareholders year-to-date to $393 million [17] - Tariff expenses increased to approximately $20 million, with expectations of around $25 million for the fourth quarter [17] - The company is on track to deliver over $100 million in annualized cost savings by the end of 2026 [18] Q&A Session Summary Question: Can the energy equipment business continue to show decent year-over-year growth through 2026 despite a softer near-term market? - Management indicated that the backlog will help, but there are concerns about general softness and cautious spending on quick return items like aftermarket and spares [48][49] Question: What is the outlook for margins in 2026 considering the mix of capital equipment versus aftermarket? - Management expressed optimism about the capital equipment mix and the potential for improved margins, but noted that timing remains uncertain [50][52] Question: What is the outlook for orders in the fourth quarter and beyond? - Management suggested that orders might slip below 100% book-to-bill in the fourth quarter but emphasized the importance of long-term trends over individual quarters [57][58] Question: Can you elaborate on the build-out of unconventionals in regions like Argentina and Saudi Arabia? - Management highlighted ongoing unconventional prospecting in various countries and increasing demand for NOV's services in these markets [66][70]