Core Viewpoint - The company has secured a significant contract in Iraq, enhancing its position in the overseas market and demonstrating its capabilities in project management and execution [4][5]. Group 1: Contract Details - The company’s subsidiary, China Petroleum Pipeline Bureau Engineering Co., Ltd., received a contract from Iraq's Basra Oil Company for a seawater pipeline project, valued at $2.524 billion [4]. - The project involves constructing seawater treatment facilities, main pipelines, and associated ground facilities, with a contract duration of 54 months [5]. Group 2: Growth in New Contracts - In 2024, the company achieved a record new contract amount of 125.076 billion yuan, a year-on-year increase of 14.39%, with domestic contracts at 88 billion yuan and overseas contracts at 37.1 billion yuan [6]. - The company has expanded its cooperation with major international and national oil companies, resulting in a significant increase in high-end market contracts, which reached 32.983 billion yuan, up 46.21% year-on-year [7]. Group 3: Market Outlook - The domestic market is expected to benefit from China's long-term oil and gas production plans, while the overseas market remains robust due to increased capital expenditures from oil-producing countries in the Middle East [8]. - The company is well-positioned to capitalize on the "Belt and Road" initiative, with promising prospects for securing orders in the Middle East [8].

分组1 - Luzhou Laojiao announced a cash dividend of 45.92 RMB per 10 shares for the fiscal year 2024, totaling approximately 6.759 billion RMB [1] - *ST Huike's control change may terminate as the parties involved have sent a notice to withdraw from the share transfer agreement [2] - Raise Technology plans to acquire 49% of Sichuan Maikelong Vacuum New Materials Co., Ltd. for 231 million RMB, making it a subsidiary [3] 分组2 - Baotai received clinical trial approval for its innovative drug BAT5906, targeting retinal conditions [4] - Huate Dain's subsidiary signed an exclusive distribution agreement for melatonin granules in mainland China, with the product expected to be approved by July 2025 [5] - Jinghe Integration is planning to issue H-shares and list on the Hong Kong Stock Exchange [6] 分组3 - Huatian Technology intends to establish a new subsidiary for advanced packaging with a total investment of 2 billion RMB [7] - Wehua New Materials is in preliminary discussions to acquire controlling interest in Jiangsu Heyutai Chemical Co., Ltd. [8] - Zhongyou Engineering's subsidiary received a project award in Iraq worth approximately 18.032 billion RMB [9] 分组4 - Chipone expects to achieve a revenue of 584 million RMB in Q2 2025, a 49.90% increase quarter-on-quarter [10] - Chang'an Automobile reported a 14.34% year-on-year increase in July sales [10] - Cangge Mining's net profit increased by 38.8% year-on-year in the first half of the year [10]

Group 1 - China Petroleum Engineering Co., Ltd. has experienced a decline for five consecutive trading days, with a cumulative drop of -2.94% [1] - Southern Fund's Southern CSI 500 ETF is among the top ten shareholders of China Petroleum Engineering and has reduced its holdings in the first quarter of this year [1] - The Southern CSI 500 ETF has achieved a year-to-date return of 6.25%, ranking 1400 out of 3424 in its category [1][2] Group 2 - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who holds a master's degree in Mathematical Finance from the University of Southern California and a master's in Computer Science from the University of California [3][4] - Luo Wenjie has extensive experience in quantitative analysis and has held various managerial positions within Southern Fund since joining in September 2008 [3][4] - Southern Fund Management Co., Ltd. was established in March 1998 and has four major shareholders, with Huatai Securities holding 45% [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has secured an EPC order for a natural gas booster station project in Algeria, valued at approximately 8.5 billion USD, which is expected to enhance production efficiency and gas processing capacity in the region [2][3] - The project marks a significant expansion of the company's oil and gas engineering services in North Africa, strengthening its market position in the integrated development of oil and gas fields [3] - The company's influence in the Middle East and Africa is anticipated to grow, leveraging its manufacturing advantages in natural gas compression equipment and gas turbine generator sets [3] - The company is entering a harvest period in the Middle East market, with several large EPC contracts signed, indicating strong trust from international oil companies in its capabilities [4] Financial Summary - The company's total revenue is projected to grow from 13,912 million RMB in 2023 to 20,195 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 12.75% [1] - Net profit attributable to shareholders is expected to increase from 2,454 million RMB in 2023 to 3,990 million RMB in 2027, reflecting a CAGR of about 14.25% [1] - The earnings per share (EPS) is forecasted to rise from 2.40 RMB in 2023 to 3.90 RMB in 2027, indicating a strong growth trajectory [1] - The current price-to-earnings (P/E) ratio is projected to decrease from 14.70 in 2023 to 9.04 by 2027, suggesting an attractive valuation over time [1]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 43.59 CNY [6][12]. Core Insights - The company has won a 6.126 billion CNY natural gas booster station project from Algeria's national oil company, which is expected to enhance its operational performance and accelerate overseas expansion in key regions such as the Middle East and Africa [2][12]. - The project signifies a strategic expansion in North Africa, reinforcing the company's brand influence in the integrated development and construction services market for onshore oil and gas fields [12]. - The report anticipates a shift in the company's core business drivers from oil capital expenditure to gas capital expenditure, with significant contributions expected from important markets in the Middle East and Africa [12]. Financial Summary - Total revenue is projected to grow from 13,912 million CNY in 2023 to 22,149 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 17.2% [4][13]. - Net profit attributable to the parent company is expected to increase from 2,454 million CNY in 2023 to 4,290 million CNY in 2027, with a CAGR of about 19.3% [4][13]. - Earnings per share (EPS) is forecasted to rise from 2.40 CNY in 2023 to 4.19 CNY in 2027 [4][12]. Market Data - The company's market capitalization is approximately 35,927 million CNY, with a current share price of 35.09 CNY [7]. - The stock has traded within a range of 25.50 CNY to 41.65 CNY over the past 52 weeks [7]. - The price-to-earnings (P/E) ratio is projected to decrease from 14.64 in 2023 to 8.38 by 2027, indicating potential undervaluation [4][12].

Core Viewpoint - Jerry Holdings has won a significant project in Algeria worth approximately 6.126 billion yuan, marking an expansion of its oil and gas engineering services in North Africa, aligning with its strategic focus on the Middle East and North Africa [1][2][4]. Group 1: Project Details - The project awarded to Jerry Holdings involves the EPC realization of the Rhourde Nouss Boosting Project, located in the Illizi province of Algeria, with a total value of about 8.50 billion USD [2]. - The project aims to enhance the production efficiency and gas processing capacity of the Rhourde Nouss gas field by constructing a gas booster station and upgrading the gas collection pipeline network [2][3]. Group 2: Previous Contracts - Earlier in February, Jerry Holdings signed a contract with ADNOC Onshore for an estimated total amount of approximately 9.2 billion USD (about 65.55 billion yuan) for digital transformation projects in the Bab, Bu Hasa, and South East blocks [4][6]. - The ADNOC Onshore operates in a significant oil field area and has a strong financial standing, indicating a robust partnership for Jerry Holdings [6]. Group 3: Financial Performance - Jerry Holdings reported a substantial increase in revenue and net profit for Q1 2025, with revenues of 2.687 billion yuan and a net profit of 466 million yuan, reflecting year-on-year growth of 26.07% and 24.04% respectively [10]. - The company’s overseas business has shown significant results, with 45.20% of its revenue coming from international markets in 2024 [8]. Group 4: Strategic Expansion - To further its business in the Middle East and North Africa, Jerry Holdings has made preparations, including a recent decision to invest 12 million USD in its Middle Eastern subsidiary to establish a high-end oil and gas equipment manufacturing base in Dubai [7]. - The Middle East is identified as a key strategic market for Jerry Holdings, with a comprehensive business layout and significant revenue generation potential [7].

Core Viewpoint - Jereh Corporation has secured a significant overseas project order worth approximately $850 million, marking a strategic expansion in the North African oil and gas engineering services market [2][3][4]. Group 1: Project Details - The order was awarded to Jereh Oil & Gas Engineering Corporation, a wholly-owned subsidiary, by Sonatrach SPA for the EPC Realization of The Rhourde Nouss Boosting Project [3]. - The total contract value includes $629.1 million and 29.358 billion Algerian Dinars, equating to about $850 million or 6.126 billion RMB [3]. Group 2: Financial Performance - Jereh Corporation's net profit attributable to shareholders has shown steady growth, with a year-on-year increase of 24.04% in Q1 2025 [2][4]. - In 2024, the company achieved a total revenue of 13.35 billion RMB, maintaining over 10 billion RMB in revenue for three consecutive years [8]. - The net profit for 2024 reached a historical high of 2.627 billion RMB, continuing a three-year growth trend [8]. Group 3: Global Strategy and Market Position - The project win aligns with Jereh's strategic focus on expanding its presence in the Middle East and North Africa [4]. - The company operates in over 70 countries, with the Middle East being its largest overseas market [5]. - In 2024, nearly half of the new orders were from overseas, reflecting a 65.37% year-on-year growth [5]. Group 4: Research and Development - Jereh's R&D expenses exceeded 500 million RMB in both 2023 and 2024, with a 28.79% increase in Q1 2025 [6]. - The company holds a total of 1,914 effective patents, including 503 invention patents [5][6]. Group 5: Financial Health and Stock Buyback - As of March 2025, Jereh's debt-to-asset ratio stood at 39.48%, with cash reserves of 6.817 billion RMB [9]. - The company announced a stock buyback plan of up to 250 million RMB, with 953,800 shares repurchased by June 30, 2025 [9].

Group 1 - Jereh Corporation's wholly-owned subsidiary, Jereh Oil & Gas Engineering Corporation, has received a project award letter from Sonatrach SPA, amounting to approximately 850 million USD, equivalent to about 6.126 billion RMB [1][2] - The project, located in the Illizi Province of Algeria, aims to construct a gas boosting station to enhance production efficiency and processing capacity at the Rhourde Nouss gas field [2][3] - The project also includes upgrades and renovations of the gas collection pipeline network for both the Rhourde Nouss and Gassi Touil gas fields, indicating a comprehensive approach to improving gas handling [2] Group 2 - Sonatrach, established in 1963, is the largest oil company in Africa and Algeria's largest state-owned enterprise, with a strong financial position and credit rating [3] - The project win signifies Jereh Corporation's expansion in the North African oil and gas engineering services market, aligning with its strategic focus on the Middle East and North Africa [3][4] - In 2024, Jereh Corporation reported a significant increase in overseas market orders and revenues, with overseas revenue accounting for 45.2% of total revenue [4]

Group 1: Core Views on Pig Cycle - The stability of pig prices since the beginning of the year indicates a near balance between supply and demand, influenced by the number of breeding sows, with a 7% year-on-year decline in breeding sows correlating with stable pig prices [1] - The pig cycle consists of efficiency and breeding cycles, where the efficiency cycle reflects production efficiency affected by winter diseases, and the breeding cycle shows a strong correlation between the number of breeding sows and price changes [1][2] - The current phase is characterized by a downward trend in pig prices and capacity reduction, with attention needed on price declines, industry losses, and potential policy impacts [2] Group 2: Investment Outlook in Pig Sector - The pig sector is currently in a capacity reduction phase, which historically corresponds to strong stock performance [3] - Major stocks in the sector are at relatively low valuations, and factors such as price declines, disease situations, and policy changes could act as catalysts for stock price increases [3] - Selection of individual stocks should consider funding, cost, and growth balance, with a focus on companies with cost advantages likely to see long-term valuation increases [3]

Core Viewpoint - China Petroleum Engineering Corporation (CPE) has signed an EPSCC contract worth $1.601 billion (approximately 11.538 billion RMB) with TotalEnergies for the gas processing plant project at the Atawi oil field in Iraq, which is expected to positively impact the company's revenue and profit over the next 4-5 years [1]. Group 1: Contract Details - The contract for the Atawi gas processing plant has a planned completion period of 39 months [1]. - This contract is the highest value among three Middle Eastern orders won by CPE this year, with two of the other contracts also involving TotalEnergies [4][5]. Group 2: Financial Performance - In 2024, CPE achieved a new contract amount of 125.076 billion RMB, a year-on-year increase of 14.39%, marking a historical high [7]. - The company reported total revenue of 85.917 billion RMB in 2024, a year-on-year growth of 6.94%, while the net profit attributable to shareholders was 635 million RMB, a decrease of 14.80% [9][10]. - In the first quarter of 2025, CPE secured new contracts worth 29.522 billion RMB, reflecting a year-on-year growth of 6.38% [7].