事件：11 月27 日，杰瑞股份发布公众号，宣布全资子公司杰瑞敏电能源集团与全球AI 行业巨头正式签 署发电机组销售合同，合同金额超1 亿美元，标志着公司正式进入美国数据中心燃机业务。 从基本面看，杰瑞股份基本面和产业趋势是基于全球天然气需求不断增长、中东能源转型，油价对公司 基本面影响有限。①高端装备制造： 2025H1，公司高端装备制造营收42.24 亿元/同比增长22.42%,公司持续提升市占率水平，覆盖主要国企 市场, 巩固深化民企市场，稳进深耕海外战略市场；②油服业务：2025H1 收入20.69 亿元/同比增长 88.14%，毛利率提升6.62pcts，尤其是北非油服市场实现突破，阿尔及利亚项目中标金额达61.26 亿。 投资建议：综合预计2025-2027 年公司归母净利润30.27/36.59/42.47 亿元，首次覆盖，给予"推荐"评 级。 风险提示：订单落地不及预期，技术落地不及预期，油价波动风险 深耕北美多年，燃机领域合作贝克休斯、西门子。①此前11 月13 日，公司发布公众号宣布与贝克休斯 在上海正式签NovaLT 燃气轮机全球战略合作和规模订单协议，②除近期合作之外，杰瑞在燃气轮机领 ...

Core Insights - The three major international oil service companies, Baker Hughes, Halliburton, and Schlumberger, reported significant declines in net profits for the third quarter due to oversupply in the global oil market and persistently low international oil prices. However, the CEOs of these companies provided positive evaluations of their third-quarter performance [1]. Baker Hughes - Baker Hughes reported a net profit of $609 million for Q3, a 20% decrease year-over-year from $766 million, and a 13% decrease from Q2's $701 million [2]. - The adjusted EBITDA for Q3 was $1.238 billion, showing a 2% increase both year-over-year and quarter-over-quarter [2]. - The company’s total revenue for Q3 was $7.01 billion, a slight increase of 1% from both Q2 and the same quarter last year [3]. - Baker Hughes' order intake reached $8.207 billion in Q3, marking a 23% increase year-over-year and a 17% increase from Q2 [2]. Halliburton - Halliburton's net profit for Q3 was $18 million, a staggering 97% decline from $571 million year-over-year and a decrease from $472 million in Q2 [4]. - The total revenue for Q3 was $5.6 billion, remaining relatively stable compared to Q2 but down from $5.697 billion in the same quarter last year [7]. - The company’s operating income for Q3 was $356 million, a significant drop from $871 million year-over-year [8]. Schlumberger - Schlumberger reported a net profit of $739 million for Q3, down 38% from $1.186 billion year-over-year and a 27% decrease from Q2's $1.014 billion [9]. - The total revenue for Q3 was $8.928 billion, reflecting a 4% increase from Q2 but a 3% decrease from the same quarter last year [9]. - The company’s adjusted EBITDA for Q3 was $2.061 billion, a 12% decrease year-over-year [9].

杰瑞股份 20251125 摘要 杰瑞股份油气业务占比约 50%，受全球石油公司资本开支影响，预计未 来资本开支增加将带动油服装备需求增长，老旧油气田开发推动增压设 备需求。 天然气业务收入占比约 25%，但订单占比接近 50%，北美和中东大型 项目及液化天然气发展提供增长预期，天然气被视为公司主业外增速最 快板块。 燃气轮机业务收入占比低但潜力大，北美缺电及产业链扩产推动需求， 杰瑞作为 OEM 制造商，与西门子、GE 贝克休斯等合作关系良好，预期 业务高速增长。 全球油气资本开支虽提升但低于 2012-2014 年高峰，产能持续回落， 装备和服务价格上涨，推动行业 ROE 提升，杰瑞凭借产品优势有望保持 良好财务表现。 油气勘探开发支出自 2020 年后增长，但勘探难度增加，每发现 1 亿吨 油气对应的勘探支出大幅飙升，老旧油田增产服务需求空间广阔。 国内油服公司在国际市场表现出色，以杰瑞股份为代表，来自中东的天 然气订单快速增长，受益于海外国际油服龙头公司的订单溢出效应。 预计杰瑞股份 2025-2027 年净利润分别为 29.6 亿元、38.2 亿元和 46.1 亿元，维持"推荐"评级，预计明年燃气轮 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 SPT Energy Group Inc. 華油能源集團有限公司* （於開曼群島註冊成立之有限公司） （股份代號：1251） 1 該項目的中標標誌著本集團在南美油氣資源開發領域取得重大突破，進一步完善 了本集團在海外重點區域的業務佈局，有助於提升本集團在全球油氣市場的份額 及行業影響力。本集團相信，該項目落地將為本集團的可持續發展開闢新的空 間，本集團將繼續秉持大力拓展海外潛力項目的發展策略，推進國際化戰略佈 局，深化技術整合與創新應用的運營策略，向成為具有全球競爭力的油氣綜合服 務企業穩步邁進。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 自願性公告 成功中標秘魯塔拉拉油田六區塊開發權 本公告乃由華油能源集團有限公司（「本公司」，連同其附屬公司統稱為「本集團」） 作出，旨在讓本公司股東及潛在投資者知悉本集團之最新業務發展。 本公司董事會（「董事會」）欣然宣佈，於二零二五年十一月二十二日，本公 ...

Investment Strategy - The oil and gas capital expenditure trend is declining, leading to a slowdown in supply growth. Since the signing of the Paris Agreement in 2015, global capital expenditure in the oil and gas upstream sector has significantly decreased, with a notable drop of nearly 22% from the 2014 peak to $351 billion in 2021. This trend is expected to continue as major energy companies face pressure to decarbonize and shift focus towards energy transition and renewable projects [9][25][27] - The current active drilling rig count in the US remains low, with new well costs closely aligned with current oil prices, limiting profit margins. The growth rate of US oil production is anticipated to slow down, with evidence emerging from the first half of 2025 [9][25][27] Oil Market - Brent crude oil spot price is currently at $63.54 per barrel, reflecting a week-on-week increase of 0.63%, while WTI crude oil is at $59.43 per barrel, down 0.43% [10][28] - The geopolitical situation, particularly the easing of tensions in the Russia-Ukraine conflict, is contributing to a volatile oil price environment. The expectation of a breakthrough in diplomatic negotiations has led to fluctuations in oil prices [10][28] Coal Market - The average market price for Qinhuangdao port thermal coal (Q5500) is reported at 820 RMB per ton, with a week-on-week increase of 0.35%. However, the market is experiencing a stalemate as downstream demand remains cautious towards high prices [11][12] - The total inventory at nine ports in the Bohai Rim is reported at 23.93 million tons, up 6.74% week-on-week, while southern ports report a decrease of 1.48% to 603.8 million tons [11][12] Coking Coal Market - Coking coal prices are experiencing a high-level consolidation, with the price of coking coal at the Jingtang port reported at 1,780 RMB per ton, down 4.30% week-on-week. The price of coking coal is less regulated compared to thermal coal, allowing producers to benefit from price increases [13][14] - The average daily iron output from 247 steel mills is reported at 2.3621 million tons, reflecting a slight decrease of 0.30% week-on-week, indicating a weak demand environment for steel products [13][14] Natural Gas Market - Russian LNG is entering the Chinese market at prices 20-30% lower than market rates, despite US pressure on Japan and Europe to halt imports of Russian LNG. This influx is contributing to a stable supply environment [14][15] - The average price of natural gas in the US is reported at $4.44 per million British thermal units, down 1.4% week-on-week, while European gas prices are on the rise [14][15] Oilfield Services - The oilfield services sector is expected to maintain its growth due to government policies aimed at ensuring energy security. The capital expenditure of major oil companies is projected to remain high, supporting the oilfield services industry's outlook [16][17] - The global active rig count is reported at 1,800, with a slight decrease in the Middle East and Asia-Pacific regions, while the US shows a week-on-week increase of 5 rigs [16][17]

Financial Data and Key Metrics Changes - Overall third quarter revenue was $295.3 million, down 9.8% sequentially and 12.2% year-over-year [17] - Adjusted EBITDA for Q3 2025 was $64 million, representing a margin of 21.7%, consistent with Q2 2025 levels despite lower revenues [18] - Adjusted EPS for Q3 2025 was $0.16, including adjustments totaling $2.3 million [19] - Gross debt totaled $332.9 million, and net debt was $263.3 million, with a net debt-to-adjusted EBITDA ratio of 0.93 [20] Business Line Data and Key Metrics Changes - Revenue decline was primarily due to the transition between major contracts in Saudi Arabia, partially offset by growth in Kuwait, Qatar, and Iraq [17] - Year-over-year revenue decline was attributed to contract transitions and timing of product sales, with steady growth in Kuwait, Oman, Egypt, Algeria, Iraq, and Libya [18] Market Data and Key Metrics Changes - Positive activity inflection noted in Kuwait and Saudi Arabia, with increased activities across most operational countries [5] - The company is positioned to capitalize on geopolitical relationships and energy demand growth in the Gulf region [8] Company Strategy and Development Direction - The company has secured a multi-billion dollar contract for the Jafurah project, which is a cornerstone achievement for future growth [4] - NESR's countercyclical investment strategy allows it to capitalize on global market weaknesses, positioning the company for operational readiness [5][12] - The focus is on energy addition in all forms, including oil, renewables, and natural gas, aligning with regional AI ambitions [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a $2 billion revenue run rate by the end of 2026, supported by awarded contracts [72] - The outlook for NESR remains favorable, driven by consistent execution on major contracts and strategic investments [25] - Management emphasized the importance of maintaining operational discipline and financial health amid market volatility [24] Other Important Information - The company is in the process of refinancing its debt facility, expected to enhance financial flexibility [24] - NESR is focused on delivering profitable revenue growth, enhancing execution efficiency, and maintaining disciplined debt reduction [25] Q&A Session Summary Question: Can you respond to comments about pricing competitiveness for the Jafurah contract? - Management highlighted their deep understanding of the local ecosystem and cost control measures that allow them to maintain margins [31][32] Question: What is the roadmap for development at Jafurah? - Management indicated readiness to ramp up operations with multiple crews and a target of delivering over 1,000 stages per month [35][36] Question: What is the incremental EBITDA expected from the Jafurah project? - Management confirmed that the incremental EBITDA for 2026 is approximately $100 million, based on a $2 billion run rate [38] Question: Can you provide updates on NEDA projects and water initiatives? - Management stated that several pilot projects are underway, with results expected to be shared in future calls [67][68] Question: What is the confidence level in achieving the $2 billion exit run rate for 2026? - Management expressed a 99% confidence level in achieving the $2 billion run rate, supported by signed contracts and ongoing work [72][73]

龙虎榜机构热股 今天机构龙虎榜上榜41只个股，净买入15只，净卖出26只。当日机构买入最多的个股前三位是：航天智装（1.93亿）、奥克股份（1.03亿）、华钰矿业 （9663万）。 | 上榜热股 | 实时涨跌幅♀ 买/卖家数↕ | | | --- | --- | --- | | 航天智装 | +16.57% | 4/1 | | 300455.SZ | | | | 奧克股份 | | | | 300082.SZ | +8.92% | 3/2 | | 3日 | | | | 华钰矿业 | | | | 601020.SS | +8.65% | 1/0 | 航天智装 龙虎榜显示，今日4家机构净买入1.93亿。 一、油服 胜利股份 个股龙虎榜 公司在全国从事清洁能源天然气业务推广和应用,为工业、商业、居民等领域提供天然气应用服务,在交通运输领域为使用天然气的车辆提供天然气供应,并在 天然气创新领域提供解决方案。 石化油服 个股龙虎榜 公司是中石化集团内唯一一家工程技术服务的主体，位居全球油服行业第四位 根据国泰海通研报，根据OPEC会议，12月份将如期增产13.7万桶/天，但OPEC叫停2026Q1增产计划。此外OPEC自 ...

Market Overview - Technology stocks experienced a collective pullback, with indices showing a slight V-shaped recovery [3] - The biodiesel sector saw significant gains, with stocks like Shanhigh Environmental and Jiaao Environmental hitting the daily limit [3] - Gene editing stocks surged, with companies such as Nanjing Xinbai and Jimin Health reaching their daily limits [3] - Oil service stocks also performed well, with companies like Zhun Oil and Shandong Molong hitting the daily limit [3] - The satellite internet sector saw a late-stage rally, with Shanghai Huguang and Shanghai Gangwan both experiencing sharp increases [3] Banking Sector - The banking sector showed resilience amidst the overall market decline, with major banks like Agricultural Bank of China leading the way [5] - Agricultural Bank of China saw a significant increase of 3.49%, reaching a market capitalization of over 3 trillion, solidifying its position as the second-largest bank globally [6] Satellite Internet - The satellite internet sector rebounded sharply in the late trading session, with notable gains from companies like Aerospace Zhizhuang and China Satellite [10] - The catalyst for this rally was the announcement of a new, cheaper Starlink home package by SpaceX, priced at $40 per month [10] Company-Specific Developments - Xingsen Technology experienced a rise of 6% after rumors of a partnership with Nvidia surfaced, although these claims were later disputed [12][13] - Daily Interaction saw a volatile trading session, initially declining but then surging over 10% due to speculation around a new product release related to DeepSeek [19]

Market Overview - The market experienced a slight decline with the three major indices falling slightly, while the pharmaceutical sector showed strength, particularly in cell immunotherapy stocks like Kaineng Health and Jimin Health, which hit the daily limit [1] - Oil and gas stocks remained strong, with companies like Sinopec Oilfield Services and Zhun Oil hitting the daily limit [1] - The banking sector saw a brief rise before retreating, with Agricultural Bank of China and Industrial and Commercial Bank of China reaching historical highs [1] - The consumer sector was active, with companies like Sanyuan and Zhongrui achieving consecutive gains [1] - Overall, more than 3,500 stocks in the Shanghai and Shenzhen markets declined, with a total trading volume of 1.96 trillion [1] Hot Topics Storage Sector - The storage concept continued to rise, with stocks like Haoshanghao, Kexiang, and Dagang hitting the daily limit, while Xiangnong Chip Innovation reached a new high [3] - According to reports, NOR Flash usage is expected to increase by approximately 50% as AI servers transition from HBM3E to HBM4, leading to a price increase of up to 30% in the first quarter of next year [3][5] - Haotong Securities noted that NOR Flash is the largest storage chip market after DRAM and NAND Flash, driven by demand from smartphones, IoT, TWS headsets, 5G, and automotive electronics [4] Oilfield Services - The oilfield services sector showed strength, with companies like Zhun Oil, Shandong Molong, and Sinopec Oilfield Services hitting the daily limit [5] - According to research, OPEC plans to increase production by 137,000 barrels per day in December, but actual production has not met expectations [5] - The oilfield services sector is expected to see a recovery, with significant growth potential in the Middle East market, which is valued at hundreds of billions [7] Consumer Sector - The consumer sector remained active, with companies like Zhongrui, Dongbai Group, and Sanyuan achieving consecutive gains [8] - The October CPI increased by 0.2%, and the Ministry of Finance plans to continue implementing measures to boost consumption [9] - Citic Securities highlighted that consumer performance often improves when the economic fundamentals begin to recover, with a focus on new products, technologies, channels, and markets for long-term investment [10]

Core Insights - The overall performance of the oil and chemical sector in A-shares has shown a decline in both revenue and net profit for the first three quarters of 2025, with a total revenue of 7.97 trillion yuan, down 0.59% year-on-year, and a net profit of approximately 400 billion yuan, down 6.18% year-on-year [1] Group 1: Oil and Gas Sector Performance - The oil and gas sector continues to face pressure, with total revenue from oil extraction, refining, and oil services amounting to approximately 5.65 trillion yuan, a year-on-year decrease of 6.53%, and a net profit of 282.9 billion yuan, down 8.43% [1][2] - The "Big Three" oil companies (China National Petroleum, Sinopec, and CNOOC) reported a combined revenue of about 4.6 trillion yuan, a decline of approximately 7%, and a net profit of about 258.2 billion yuan, down 12% [2] Group 2: New Energy Developments - Despite the challenges faced by traditional oil and gas operations, the new energy business is rapidly developing, with China National Petroleum reporting a cumulative power generation of 5.79 billion kWh from wind and solar projects, a year-on-year increase of 72.2% [4] - Sinopec is expanding its new energy sector, actively engaging in hydrogen, solar, wind, and geothermal energy, aiming for a diversified energy supply system [4] - CNOOC is accelerating its development of offshore wind power and advancing CCUS technology, focusing on a multi-energy supply system [4] Group 3: Refining Sector Insights - The refining sector has experienced a decline in performance, with 30 refining companies reporting a revenue of 844.89 billion yuan, down 4.97%, and a net profit of 14.93 billion yuan, down 1.69% [5] - However, there was a quarter-on-quarter increase in net profit by 28.83% [5] - The refining industry is undergoing a significant transformation towards integrated refining and chemical processes, with policies tightening on new refining capacity [5][6] Group 4: Oil Services Sector Growth - The oil services sector has shown positive performance, with 17 oil service companies achieving a revenue of 186.3 billion yuan, a year-on-year increase of 4.03%, and a net profit of 8.42 billion yuan, up 6.29% [8] - Despite falling international oil prices, the overall demand for oil services remains strong, supported by increased investment from oil and gas companies [8][9] - Major contracts have been secured by companies like CNOOC Engineering and China National Petroleum Engineering, indicating a robust outlook for the oil services sector [8][9]