该发明主要聚焦环硫醚化合物在钻井液中的应用，采用了一种创新的活性硫化体系，能够在较低的温度 条件下和更短的时间内完成植物油的硫化，有效提升了润滑剂的热稳定性和极压润滑性。与传统技术相 比，这种新方法不仅大幅减少了硫化过程中产生的恶臭气味，还避免了植物油高温交联的问题，使得硫 化植物油的可流动性更强、润滑能力更出色。 中化新网讯 近日，中石化胜利石油工程公司钻井液技术服务中心研发的"一种环硫醚化合物、含有其的 植物油组合物、其制造方法及其应用"获得俄罗斯专利授权。 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - As of August 29, 2025, the construction industry has experienced a decline in scale and performance, with overall revenue down by 5.57% year-on-year, totaling 39,639.92 billion yuan, while net profit decreased by 5.18% to 938.27 billion yuan [21][22]. - The industry's profitability remains relatively stable despite the decline in revenue, attributed to prior adequate impairment provisions [6][19]. - The second quarter of 2025 showed a slight improvement in profitability, with net profit margin increasing due to reduced expense ratios and impairment loss rates [6][19]. Summary by Sections Industry Overview - The construction industry faced a decline in revenue and performance in the first half of 2025, with a more significant drop in revenue compared to net profit [19][21]. - The overall industry is constrained by sluggish demand, but companies have managed to maintain stable profitability due to prior impairment provisions [6][19]. Profitability - The overall gross margin for the industry decreased to 10.09%, while the net profit margin slightly increased to 2.37% [28][30]. - The expense ratio saw a minor increase, with the financial expense ratio rising to 0.91% [28][30]. Cash Flow - The net cash outflow from operations decreased to 4,872.31 billion yuan, a reduction of 144.56 billion yuan year-on-year, indicating improved cash flow management [37]. - The collection ratio increased to 95.29%, while the payment ratio rose to 107.01% [37]. Subsector Performance - The construction sector's performance varied significantly across subsectors, with most experiencing revenue declines [48]. - The oil engineering subsector showed a notable profit increase of 13.38%, while the international engineering subsector faced a profit decline of 24.15% [52][53]. - The gross margin improved in seven subsectors, with the international engineering subsector achieving a gross margin of 15.14% [55][56].

Group 1 - The Central Commission for Discipline Inspection and the National Supervisory Commission reported on September 1 that Zhang Hongshan, the former Party Secretary and Executive Director of Sinopec's Shengli Oil Engineering Company, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the discipline inspection and supervision team stationed at Sinopec [1]

Group 1 - The core viewpoint of the article highlights the performance and growth potential of various companies in different sectors, emphasizing their financial results and strategic initiatives [5][7][8]. Group 2 - 中油工程 (China Oil Engineering) reported a total revenue of 36.3 billion yuan for H1 2025, a year-on-year increase of 12.2%, but a net profit of 470 million yuan, down 10.9% year-on-year. The company is expected to benefit from the "Belt and Road" initiative and the petrochemical industry's international cooperation [5]. - 许继电气 (XJ Electric) experienced a revenue decline of 5.68% to 6.447 billion yuan in H1 2025, while net profit increased by 0.96% to 634 million yuan. The company is expanding its international market presence amid ongoing ultra-high voltage construction in China [5]. - 同飞股份 (Tongfei Co., Ltd.) is poised for growth due to increasing demand for liquid cooling technology in data centers, driven by the rise of AI and green development [5]. - 东华测试 (Donghua Testing) achieved a revenue of 283 million yuan in H1 2025, a 2.44% increase, with a net profit of 76 million yuan, up 2.80%. The company is focusing on the humanoid robot sector [7]. - 中微公司 (Zhongwei Company) expects H1 2025 revenue to be approximately 4.961 billion yuan, a year-on-year increase of about 43.88%, with net profit projected between 680 million and 730 million yuan, reflecting a growth of 31.61% to 41.28% [7]. - 天融信 (Tianrongxin) reported a revenue of 826 million yuan in H1 2025, down 5.38%, but net loss narrowed to 65 million yuan from 206 million yuan in the previous year. The company showed improvement in Q2 with a revenue of 491 million yuan, up 8.72% [7]. - 泡泡玛特 (Pop Mart) achieved a revenue of 13.88 billion yuan in H1 2025, a significant increase of 204.4%, with a gross profit of 9.76 billion yuan and a gross margin of 70.3%, up 6.3 percentage points. The adjusted net profit reached 4.71 billion yuan, a 362.8% increase [8].

Group 1 - The core point of the article is that China National Petroleum Engineering (SH 600339) held its ninth fifth board meeting on August 21, 2025, to review various proposals, including amendments [2] - The company's revenue composition for the year 2024 is as follows: surface engineering for oil and gas fields accounts for 36.59%, refining and chemical engineering accounts for 30.27%, pipeline and storage engineering accounts for 25.69%, environmental engineering and project management account for 6.52%, and other businesses account for 0.93% [2]

Core Viewpoint - The company is implementing a comprehensive approach to enhance its operational effectiveness and address identified issues through a structured learning and education initiative, aligning with central government directives [1][2][3] Group 1: Problem Identification and Analysis - The company has established a rigorous mechanism for problem identification, utilizing various methods such as discussions and feedback to uncover five key areas of concern and eight specific issues related to its industrial layout [1] - A total of 81 issues have been identified through a thorough review process led by the company's party committee, ensuring comprehensive coverage and accountability [1][2] Group 2: Rectification Measures - The company is executing a "Three Strong Rectification" action plan, focusing on immediate and long-term solutions to the identified problems, with all immediate measures already completed and significant progress made on long-term initiatives [2] - Specific measures include 13 immediate corrective actions and 6 long-term strategies aimed at enhancing technical capabilities and employee skills [2] Group 3: Monitoring and Effectiveness - A multi-layered supervision system has been established to oversee compliance and rectify issues related to improper expenditures and conduct, fostering a culture of accountability [2] - The company has reported a 3.7% year-on-year increase in revenue, with over 17,500 well completions achieved in the first half of the year, indicating successful implementation of its strategic initiatives [3]

Core Viewpoint - The recent approval of the foundation design for the Sinopec oil engineering pilot platform marks a significant step towards establishing a world-class testing facility for oil engineering technologies [1] Group 1: Project Overview - The pilot platform is a key project for Sinopec and Shandong Province, aimed at creating a comprehensive testing facility for new technologies in oil engineering [1] - Once completed, the platform will be the first fully functional oil engineering testing verification platform in China, capable of evaluating reliability, adaptability, and maturity under full-scale and full-condition testing [1] Group 2: Design and Innovation - The design team focused on pilot testing needs, integrating innovative, open, smart, green concepts into the project [1] - The construction goal is to create a world-class oil engineering pilot platform characterized by completeness, distinctiveness, openness, intelligence, and low carbon emissions [1] - The design incorporates modern technological park concepts with traditional Chinese courtyard design, ensuring high-quality engineering design progress [1] Group 3: Operational Efficiency - The design emphasizes experimental processes, optimizing spatial layout and flow design, and enhancing ventilation, lighting, and temperature control systems [1] - Strict adherence to noise control standards has been implemented to ensure safety and significantly improve operational efficiency [1]

Core Viewpoint - The development of a multifunctional long-lasting polymer treatment agent by the Zhongyuan Petroleum Engineering Company has shown significant advancements in drilling fluid performance under extreme conditions, providing strong technical support for the efficient development of deep wells, ultra-deep wells, and shale gas horizontal wells [1][3]. Group 1: Technological Advancements - The new polymer treatment agent can maintain stable fluidity at high temperatures of 220°C, demonstrating excellent performance in high temperature, high salinity, and high density conditions [1][3]. - The introduction of the "suspended group" concept in molecular design allows the treatment agent to adapt to varying conditions, ensuring both fluidity during drilling and stability when stationary [2][3]. Group 2: Efficiency and Cost-Effectiveness - The new treatment agent consolidates multiple functions, reducing the number of required treatment agents from over ten to just two or three, leading to a reduction in total usage by over 30% [3][4]. - The cost of the new agent is comparable to common drilling fluid polymer stabilizers, while its performance surpasses that of traditional materials, achieving the goal of "low cost and multifunctionality" [3][4]. Group 3: Environmental Considerations - The production process utilizes "inverse micro-suspension polymerization" technology, which minimizes waste and pollution, resulting in a product that dissolves faster than traditional powders [4]. - The treatment agent has been tested in nearly 300 wells, with experimental results exceeding design indicators, indicating its practical applicability [4].

Core Viewpoint - China Petroleum Engineering (600339.SH) announced that its wholly-owned subsidiary, China Petroleum Pipeline Bureau Engineering Co., Ltd., has received a project award letter from Iraq's Basra Oil Company for the Basra seawater pipeline project, with a contract value of $2.524 billion (approximately 18.032 billion RMB) and a contract duration of 54 months [1] Group 1 - The awarded project involves the construction of seawater treatment facilities, main pipelines from the treatment facilities to various junction stations, branch pipelines from junction stations to oil field distribution stations, and associated ground facilities [1] - The project contract period consists of 42 months for design, procurement, construction, and trial operation, followed by 12 months for operation maintenance and training [1]

Core Viewpoint - The demand for high-quality engineering talent in China is rapidly increasing due to the development of advanced manufacturing and strategic emerging industries, with the "Excellent Engineer" program being a key initiative to cultivate such talent [1][2][6]. Group 1: Employment and Education Reform - The first cohort of graduates from the Excellent Engineer program achieved a high-quality employment rate, with 71% remaining in their field [2]. - The program aims to innovate the training mechanism for engineers, moving beyond traditional education models to establish new standards in global engineering education [2][5]. - The initiative is part of a broader strategy to align educational outcomes with national strategic needs, emphasizing the importance of practical experience in engineering education [6][15]. Group 2: Collaboration Between Academia and Industry - A total of 40 National Excellent Engineer Colleges have been established in collaboration with top universities and leading enterprises, including Tsinghua University and China Aerospace Science and Industry Corporation [3]. - The program emphasizes a dual mentorship model where students receive guidance from both academic and industry mentors, ensuring that their research aligns with real-world applications [9][10]. - Companies like China Electronics Technology Group and China National Petroleum Corporation are actively involved in the training process, providing students with access to cutting-edge projects and research opportunities [12][14]. Group 3: Future Directions and Standards - The Ministry of Education plans to expand the Excellent Engineer training model to all engineering master's and doctoral programs by 2030, aiming for over half of these institutions to establish their own Excellent Engineer Colleges [16][18]. - A new certification standard for the Excellent Engineer program is set to be released, which will focus on integrating education and industry needs, thereby enhancing the quality of talent development [17][18]. - The initiative seeks to fill a gap in international engineering education standards, particularly for master's and doctoral levels, positioning China as a leader in this area [17][18].