Group 1 - Company announced that its wholly-owned subsidiary, China Petroleum Pipeline Engineering Co., Ltd., signed an EPC contract with Iraq's Basra Oil Company for the seawater pipeline project in Basra Province, with a contract value of $2.524 billion (approximately 18.032 billion RMB) [1] - The project contract duration is 54 months, which includes 42 months for design, procurement, construction, and trial operation, followed by 12 months for operation maintenance and training [1] - The execution of this contract will not have a significant impact on the company's total assets, net assets, and net profit for the current year, but it is expected to positively influence the company's revenue and profit totals over the next 4-5 years [1]

Group 1 - Sinopec Oilfield Services (600871) announced the signing of a fixed-price contract for the design, procurement, supply, construction, and trial operation of the Iraq Ratavi oil field phase II well site and inter-well pipeline project [1] - The contract is valued at 2.553 billion RMB [1]

Group 1 - The company, PetroChina, announced that its wholly-owned subsidiary, China Petroleum Engineering & Construction Corporation, signed a fixed-price contract worth $359,118,182 with Total Energies for the NWP project in Iraq [1] - The contract involves design, procurement, supply, construction, and commissioning for the second phase of the Ratawi oil field and associated pipeline project [1] - The contract amount is approximately 2.553 billion RMB, based on the exchange rate of 1 USD = 7.1077 RMB as of September 24, 2025 [1]

Core Viewpoint - The company has signed a fixed-price contract worth $359 million with TotalEnergies for the NWP project in Iraq, which is expected to positively impact its revenue and profit over the next 3-4 years [1] Group 1: Contract Details - The contract is for design, procurement, supply, construction, and trial operation for the NWP project [1] - The contract amount is $359 million [1] Group 2: Company Background - TotalEnergies is a global energy giant headquartered in Courbevoie, France, established in 1924 [1] - The TotalEnergies Ratawi project company was specifically formed to develop the Ratawi oil field in Iraq [1] Group 3: Financial Impact - The long duration of the contract is expected to have a positive impact on the company's operating revenue and total profit over the next 3-4 years [1]

石化油服（600871）(600871.SH)公告，公司全资子公司中国石化集团国际石油工程有限公司(简称"国工 公司")与道达尔能源拉塔维项目公司就伊拉克拉塔维油区二期井场及井间管线项目(简称"NWP项目")正 式签署设计、采购、供应、施工、试运交钥匙固定总价合同，合同金额3.59亿美元。 公告显示，道达尔能源公司是一家总部位于法国巴黎库尔贝瓦的全球化能源巨头，成立于1924年。道达 尔能源拉塔维项目公司是为道达尔能源公司开发伊拉克拉塔维油田而专门成立的项目公司。由于合同履 行期较长，该合同实施后将对本公司未来3-4年的营业收入和利润总额产生一定积极影响。 ...

Group 1 - *ST Gaohong has experienced a continuous decline in stock price, with the closing price falling below 1 yuan for fifteen consecutive trading days, raising the risk of delisting due to the Shenzhen Stock Exchange regulations [1] - The stock price on September 1, 2025, was 0.98 yuan per share, marking the first instance of the stock closing below 1 yuan [1] - If the stock price remains below 1 yuan for twenty consecutive trading days, the Shenzhen Stock Exchange will terminate its listing without a delisting preparation period [1] Group 2 - Sunflower plans to acquire 100% equity of high-end semiconductor materials company Xipu Materials and 40% equity of Zhejiang Beid Pharmaceutical, with the stock set to resume trading on September 22, 2025 [2] - Xipu Materials specializes in the R&D, manufacturing, and sales of high-purity electronic gases and precursor materials used in semiconductor manufacturing [2] - Beid Pharmaceutical focuses on the R&D, manufacturing, and sales of drugs for infections, cardiovascular diseases, and digestive system issues [2] Group 3 - Guotai Environmental Protection announced that its controlling shareholder and chairman, Chen Baixiao, has had his detention lifted, allowing him to resume normal duties [3] - The company’s production and operational status is reported to be normal following this development [3] Group 4 - Xingye Technology confirmed that its production and operations are normal, with no undisclosed significant matters [4] - The stock experienced a price fluctuation with a cumulative increase of over 20% in two consecutive trading days, classified as abnormal trading behavior [4] Group 5 - Taimushi's stock price has seen a cumulative increase of over 20% in two consecutive trading days, indicating abnormal trading behavior [5] - The company is undergoing a potential change in control, which introduces uncertainty regarding the completion and outcome of this matter [5] Group 6 - Guanzhong Ecology is planning a change in control, leading to a temporary suspension of its stock and convertible bonds starting September 22, 2025 [6] - The suspension is expected to last no more than two trading days [6] Group 7 - Draka Comteq B.V. has reduced its stake in Changfei Fiber by 5% through a block trade on September 19, 2025, selling 37.595 million H shares [8] - Following this transaction, Draka Comteq B.V. no longer holds any H shares in the company [8] Group 8 - Shanxi Fenjiu's shareholder Huachuang Xinrui plans to reduce its stake by up to 1.33%, equating to a maximum of 16.2 million shares, due to fund expiration arrangements [9] - The reduction will be executed through block trades within three months after the disclosure of the plan [9] Group 9 - Xiangqiang Co. plans to reduce its stake by up to 1.06%, totaling 8,175,140 shares, due to personal funding needs [10] - The reduction will occur through centralized bidding or block trades, with prices determined by market conditions [10] Group 10 - Haitai Technology's shareholders plan to collectively reduce their stake by 2.53%, with specific plans for share sales outlined [11] - The reduction period is set from September 25 to December 24, 2025, using centralized bidding or block trading methods [11] Group 11 - Zhongyou Engineering's subsidiary has signed a $5.13 billion contract for an LNG pipeline project in the UAE, with a construction period of 36 months followed by a 12-month warranty [12] - This contract is not expected to significantly impact the company's current year performance but is anticipated to positively affect revenue and profit over the next 3-4 years [12]

Core Viewpoint - China National Petroleum Engineering Company (中油工程) has signed an EPC contract worth $513 million (approximately 3.688 billion RMB) with ADNOC Gas for the UAE LNG pipeline project, which is expected to positively impact the company's revenue and profit over the next 3-4 years [1] Group 1 - The contract is for the construction of natural gas pipelines for the Bab and Bu Hasa oil fields in Abu Dhabi [1] - The construction period is set for 36 months, followed by a 12-month warranty period [1] - The contract is not expected to have a significant impact on the company's performance for the current year [1]

格隆汇9月21日丨中油工程(600339.SH)公布，公司全资子公司中国石油管道局工程有限公司（简称"管 道局工程公司"）近日与 ADNOC Gas Operations & Marketing L.L.C.（简称"ADNOC Gas"）就阿拉伯联 合酋长国阿布扎比天然气公司巴伯油田和布哈萨油田天然气管线总包项目（简称"阿联酋 LNG 输送管线 项目"）签署EPC承包合同，合同金额5.13亿美元（以项目授标日汇率折算约36.88亿元人民币）。 ...

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].