证券日报网12月10日讯 杰瑞股份（002353）在12月9日回答调研者提问时表示，公司可以为客户提供从 可研规划、工程设计、采购、装备制造，到施工管理、开车、运维的一体化解决方案，具备丰富的油气 田地面工程技术能力和建设经验。近年来，公司成功实施了科威特国家石油公司（KOC）JPF-5项目， 获得了业主方的高度评价，提升了市场对杰瑞的认可度；公司陆续斩获的马石油天然气增压站项目、巴 林BAPCO天然气增压站项目、ADNOC数字化井场改造项目在内的多个EPC重点项目正协同高效推进， 展现了公司在油气工程领域卓越的项目管理与交付能力。近期，公司再度斩获国际知名石油公司关于文 莱岸上天然气接收终端总承包项目的授标函，这是继去年获得马石油天然气增压站项目后在东南亚市场 取得的又一重大突破。在订单遴选方面，公司会综合考量，遴选优质油气工程项目。公司秉持"有利润 的工程订单，有现金流的利润"原则，对于承接项目的利润率、现金流（预付款、阶段性付款）等项目 指标均有严格要求。同时，公司侧重于选择能够带动公司各板块协同发展的、具备战略性意义的订单。 油气工程板块业务的开展可以带动公司多板块协同发展，进一步推动公司海外战略实施 ...

杰瑞股份接待168家机构 来源：e公司 上周（11月24日—11月28日）机构调研热度继续维持高位，截至11月28日19时，共有254家上市公司披露机构投资者调研记录。 从赚钱效应来看，超八成机构调研股实现正收益，其中海欣食品周内实现3连板，涨幅达45.4%；通宇通讯周内实现2连板，涨幅为39.1%；莱斯信息、金银 河、斯菱股份涨超20%。 日 K 分时 周K 目 K 120分 同花顺F10v 诊股 一年新高 现金很少 盈利能力弱 ▼ MA MA5:6.06 MA10:5.72 MA20:5.47 MA30:5.21 MA60:4.82 7.00 6.40 5.80 5.20 4.60 4.00 周K 月 K 120分 同花顺F10v 诊股 分时 日 K 机构密集调研 负债很低 创一年新高 额外收入很多 ∨ MA MA5:20.53 MA10:19.23 MA20:19.37 MA30:19.20 MA60:18.10 24.00 23 23.00 22.00 21.00 20.00 19.00 18.00 17.00 16.00 15.75 热门调研标的方面，上周杰瑞股份、福莱新材接受百家以上机构调研；世纪 ...

Core Insights - The article highlights the continued high level of institutional research activity, with 254 listed companies disclosing investor research records as of November 28 [2] - Over 80% of the companies that were researched by institutions achieved positive returns, with notable performances from Hai Xin Food, Tongyu Communication, and others [3] Group 1: Institutional Research Highlights - Jerry Holdings received attention from 168 institutions, focusing on its gas power generation business and recent oil and gas engineering orders [7] - Fu Lai New Materials was researched by 106 institutions, showcasing its third-generation electronic skin technology that integrates flexible materials, chips, algorithms, and large models [6][11] - Popular gaming companies Century Huatong and Kaiying Network were also under institutional scrutiny, with Century Huatong receiving 96 institutional inquiries [13][14] Group 2: Company-Specific Developments - Jerry Holdings has secured over $100 million in sales orders for generator sets for North American data centers, emphasizing its competitive edge in power generation equipment [9] - Fu Lai New Materials has transitioned from a material supplier to a smart sensing solution provider, achieving breakthroughs in tactile sensing technology [12] - Century Huatong's chairman emphasized the importance of the gaming industry in driving AI development and its strategic direction towards connecting the digital world through gaming [13][14] - Kaiying Network clarified its strategic investment in Century Huatong, indicating that the financial impact of its stock holdings will not affect current profits but will enhance its market competitiveness [15]

Core Insights - Over 80% of stocks researched by institutions achieved positive returns, with Hai Xin Food gaining 45.4% and Tongyu Communication rising by 39.1% [1] - Popular stocks under research included Jereh Petroleum Equipment, which received attention from over 168 institutions, and Fule New Materials, which was researched by 106 institutions [3][4] Jereh Petroleum Equipment - Jereh Petroleum Equipment received 168 institutional visits due to numerous oil and gas engineering orders, leading to a stock price surge [5] - The company has developed a comprehensive gas power generation product system, including gas turbine generator sets and energy storage devices, catering to various applications [7] - Jereh has secured over $100 million in sales orders for generator sets for North American data centers, highlighting its competitive edge in reliability and responsiveness [7] Fule New Materials - Fule New Materials launched its third-generation electronic skin, integrating flexible materials, chips, algorithms, and large models, attracting significant institutional interest [9] - The company has transitioned from a material supplier to a smart sensing solution provider, achieving breakthroughs in tactile sensing technology [11] - Fule's electronic skin addresses the limitations of robotic touch, enhancing the interaction capabilities of humanoid robots [11] Century Huatong and Kaiying Network - Century Huatong was researched by 96 institutions, focusing on its outlook for the gaming industry and core competitiveness [12] - The company emphasizes the importance of gaming in driving technological advancements, particularly in AI [12] - Kaiying Network received attention from 87 institutions, with investors inquiring about its strategic investment in Century Huatong and its impact on financial statements [13][14] - Kaiying Network plans to retain its shares in Century Huatong for strategic collaboration, enhancing market competitiveness [14]

Core Viewpoint - The article highlights the continued high level of institutional research activity in the stock market, with a focus on companies like Jie Rui Co., Fu Lai New Materials, and gaming companies such as Century Huatong and Kaiying Network, showcasing their recent developments and investor interest [3][9][13][17][19]. Group 1: Institutional Research Activity - During the week of November 24-28, 254 listed companies disclosed institutional investor research records, with over 80% of the researched stocks achieving positive returns [3]. - Notable performers included Hai Xin Food with a 45.4% increase, Tong Yu Communications with a 39.1% increase, and several others exceeding 20% [3]. Group 2: Jie Rui Co. - Jie Rui Co. received attention from 168 institutions, focusing on its gas power generation business and recent oil and gas engineering orders [9][11]. - The company has developed a comprehensive gas power product system and secured over $100 million in sales orders for generator sets in North America [11]. - Jie Rui Co. aims to expand its power generation applications and meet diverse global energy demands [11]. Group 3: Fu Lai New Materials - Fu Lai New Materials attracted 106 institutional inquiries regarding its third-generation electronic skin, which integrates flexible materials, chips, algorithms, and large models [13][15]. - The company has transitioned from a material supplier to a provider of intelligent sensing solutions, achieving significant advancements in tactile sensing technology [15]. - Fu Lai's electronic skin addresses key challenges in robotics, enhancing the tactile capabilities necessary for effective tool manipulation [15]. Group 4: Gaming Companies - Century Huatong was researched by 96 institutions, with a focus on its outlook for the gaming industry and core competitiveness [17]. - The company emphasizes the role of gaming in advancing AI infrastructure and aims to diversify its product offerings across various gaming genres [17]. - Kaiying Network received inquiries from 87 institutions, with investors interested in its strategic investment in Century Huatong and its impact on financial reporting [19]. - Kaiying Network plans to retain its shares in Century Huatong for strategic collaboration, enhancing market competitiveness without immediate plans for sale [19].

这份三十多页的白皮书，系统阐述了胜利石油工程公司"十四五"以来绿色低碳实践、绿色低碳成效、绿 色低碳展望，也被业内视为油气工程领域首份由企业主导的绿色低碳"军令状"。 发布会上，石油工程公司领导张建阔、山东省生态环境厅领导伍其东、中国石化健康安全环保管理部领 导陈俊、胜利石油工程公司领导舒华文分别致辞。胜利石油工程公司领导葛磊宣读《绿色低碳发展白皮 书》，魏钦宣读行业绿色低碳发展倡议书。 近年来，胜利石油工程公司将绿色低碳理念融入改革发展全过程、各环节，加快油气勘探开发与新能源 融合发展，对内聚焦绿色高效用能，以建设绿色低碳示范队伍为切入点，攻关应用新能源技术，推动能 碳最优化；对外聚焦工程技术服务，发挥井筒技术优势，打造胜利工程新能源技术服务品牌，以"含绿 量"提升高质量发展"含金量"，为石油工程企业绿色低碳转型作出了胜利示范。 白皮书显示，和"十四五"初相比，胜利石油工程公司钻机电动化率由40%提升至80%，网电装备配套率 达到100%，绿电使用占比达到25%，万元产值碳排放量下降42%，万元产值综合能耗下降48%，连续5 年被评为中国石化绿色企业。 数据背后是"端牢能源饭碗"的主动选择，更是服务国家"双 ...

Core Viewpoint - 中工国际 is embarking on a "second entrepreneurship" journey, focusing on "new segmentation tracks, new market layouts, and new resource configurations" to strategically enter the oil and gas sector, aiming for high-quality development through full industry chain service capabilities [1][10]. Group 1: Strategic Decisions and Market Positioning - The decision to enter the oil and gas sector was based on a precise assessment of industry opportunities in 2020, amidst geopolitical and economic fluctuations, while global energy demand continued to grow [2]. - The oil and gas engineering sector is characterized by high specialization, large project sizes, and an increasingly optimized competitive landscape, making it a promising area for growth and value [2]. - 中工国际's flagship project in Iraq, with a contract value of approximately $1 billion, represents a significant breakthrough, achieving simultaneous planning and construction of oil and gas processing facilities [2]. Group 2: Project Execution and Achievements - 中工国际 set two industry records during the execution of the Iraq project, achieving the shortest construction period for similar projects and maintaining 18 million consecutive safe working hours [3]. - The successful execution of the Iraq project has established a solid foundation for business expansion, leading to further contracts in Iraq and other markets, contributing significantly to the company's performance growth [5]. Group 3: Competitive Advantages and Resource Integration - The rapid rise of 中工国际 in the oil and gas sector is attributed to its engineering construction capabilities and resource integration, creating a core competitive advantage that is difficult to replicate [6]. - The company implemented a "high position, low configuration" strategy for the Iraq project, assembling a specialized team of over 220 professionals, ensuring high standards of safety and quality management [6][8]. - By integrating various capabilities within the国机集团, 中工国际 has created a synergistic effect, enhancing its competitive edge in the oil and gas sector [8]. Group 4: Future Outlook and Development Strategy - As the "十四五" period concludes, 中工国际 is poised for a critical phase in its "十五五" development, focusing on high-quality and resilient growth in the oil and gas sector [9]. - The company aims to leverage its international marketing channels and engineering achievements to enhance its comprehensive competitive strength in project delivery [9][10]. - 中工国际 is expected to deepen its presence in core markets like the Middle East and Central Asia, seizing global opportunities in the oil and gas industry [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [6]. Core Insights - The company has signed contracts for two major projects in the Middle East, with a total contract value of approximately 217 billion RMB, representing 25% of the company's revenue for 2024 [2][3]. - The funding from a planned A-share issuance of 16.75 billion shares, amounting to 5.913 billion RMB, will support these projects, enhancing the company's capabilities in international markets and contributing to high-quality development [3]. - The company has shown a 9.86% year-on-year increase in new overseas contracts, which accounted for 31.58% of total new contracts signed in the first half of 2025 [4]. Summary by Sections Project Contracts - The company has secured contracts for the UAE LNG pipeline project worth 5.13 billion USD (approximately 36.88 billion RMB) and the Iraq seawater pipeline project valued at 25.24 billion USD (approximately 180.32 billion RMB) [1][2]. Financial Projections - The company forecasts net profits of 738 million RMB, 825 million RMB, and 929 million RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.13, 0.15, and 0.17 RMB per share [4][10]. Market Position - The company ranks 36th in the ENR International Contractors 250 list and 6th among the top ten global oil and gas engineering companies, reflecting its strong international brand influence [4].

Group 1 - The report highlights that the high-interest fixed deposits maturing in 2025-2026 amount to 112 trillion yuan, with 72 trillion yuan being high-interest deposits and 40 trillion yuan low-interest deposits [2][37] - The renewal rate for banks facing a large volume of maturing high-interest deposits exceeds 100%, indicating strong demand for renewal [2][37] - The report discusses the impact of maturing high-interest deposits on banks' liability management, noting a trend of "maintaining end-of-month balances rather than daily averages" [2][37] Group 2 - The report on Anhui Energy (皖能电力) indicates that the company achieved a revenue of 13.185 billion yuan in H1 2025, a decrease of 5.83% year-on-year, while net profit increased by 1.05% to 1.082 billion yuan [3][27] - The decline in coal prices has positively impacted the company's profitability, with a gross margin increase of 4.06 percentage points to 16.25% in H1 2025 [3][27] - The report projects the company's net profit for 2025-2027 to be 2.18 billion, 2.34 billion, and 2.51 billion yuan, respectively, with corresponding PE ratios of 7.55, 7.03, and 6.55 [3][27] Group 3 - The report on China Oil Engineering (中油工程) outlines a plan to raise 5.9 billion yuan through a private placement to strengthen its position in the Middle East market [4][33] - The company has secured a contract for the Iraq seawater pipeline project, which is expected to enhance its international competitiveness [4][36] - The funds raised will be used for project construction and to supplement working capital, improving the company's financial structure and risk management [4][37] Group 4 - The report on Huace Testing (华测检测) shows a revenue of 2.96 billion yuan in H1 2025, a year-on-year increase of 6.05%, with net profit rising by 7.03% to 467 million yuan [6][21] - The company is focusing on enhancing operational efficiency in its life sciences segment and expanding its international presence through strategic acquisitions [6][22] - The projected net profit for 2025-2027 is 1.03 billion, 1.16 billion, and 1.29 billion yuan, with corresponding PE ratios of 21, 19, and 17 [6][24] Group 5 - The report on Western Cement (西部水泥) indicates a significant increase in overseas sales, with revenue reaching 5.42 billion yuan in H1 2025, a 46% year-on-year growth [7][29] - The company achieved a net profit of 750 million yuan, reflecting a 93% increase, driven by overseas capacity expansion and recovery in domestic prices [7][29] - The report projects net profits for 2025-2027 to be 1.58 billion, 2.13 billion, and 2.90 billion yuan, with a target PE of 12 times [7][30]

Fundraising Plan - The company plans to raise a total of no more than 5.913 billion yuan through a specific stock issuance, with the net proceeds allocated to two major projects: the Basra seawater pipeline project in Iraq and the Abu Dhabi gas pipeline project in the UAE [1][2] - The total contract amount for the Basra seawater pipeline project is approximately 2.524 billion USD, while the Abu Dhabi gas pipeline project has a contract amount of about 513 million USD [1] Project Overview and Feasibility - The Basra seawater pipeline project involves a total pipeline length of 884 kilometers, connecting seawater treatment facilities to oil fields [2][3] - The Abu Dhabi gas pipeline project consists of two pipelines with a total length of approximately 180.5 kilometers, transporting natural gas [2][3] - These projects aim to enhance local oil and gas resource development, contributing to economic growth in Iraq and the UAE [3] Strategic Importance - The fundraising projects align with the company's strategy to expand its overseas business and enhance international competitiveness [3][4] - The company has established a robust management system and project operation model that aligns with international standards, facilitating long-term partnerships with major clients [4][5] Financial Implications - A portion of the raised funds, specifically 1.773 billion yuan, will be used to supplement the company's working capital, optimizing its capital structure and supporting future business development [5][6] - The fundraising is expected to improve the company's financial stability, reduce financial leverage, and enhance profitability [6][8] - The issuance will lead to an increase in total assets and net assets, while potentially causing a temporary decline in net asset return and earnings per share due to the time required for project implementation [8]