以 "四三"工程锚定油气装备自立自强 践行《关于推进能源装备高质量发展的指导意见》 在全球能源转型加速与国际产业竞争加剧的双重背景下，国家能源局、工业和信息化部、国务院国资委、市场监管总局等 四部门联合印发了《关于推进能源装备高质量发展的 指导 意见》（以下简称 《指导意见》 ）， 以 " 补 短板、拉长板、 锻新板 " 为基本路径，明确了能源装备 " 高端化、智能化、绿色化 " 发展 方向，并赋能了创新生态。中国石油立足 油气 新能源 装备产业实际，以 "三大补强、三大转 型、三大改革、三大提升 " 的 " 四三 " 工程为实践抓手，将 《指导意见》 转化为具体行动，为 2030 年实现 " 能源关键装备产业链供应链自主可控 " 目标筑牢根基。 一、 "三大补强"：筑牢科技自立自强根基，破解创新瓶颈 （一）研发组织补强：激活协同创新生态 紧扣《指导意见》 " 构建企业为主体、产学研协同的创新体系 " 要求，中国石油打造 " 全国重点实验室 + 国家产业技术 工程化中心 + 国家制造业创新中心 " 递次衔接的创新平台体系。依托新型举国体制优势，将国家级研发平台建设等创新投 入在经营业绩考核中视同利润加回，充分 ...

Group 1 - The company, Aerospace Intelligence, confirmed that its smart cockpit products, including ambient lights, electric air outlets, and sliding sub-instruments, have achieved mass sales [1] - The company's oil and gas equipment business and high-performance functional materials business involve product exports, while the automotive parts business currently has no direct exports [1] - In the future, the company plans to seize relevant opportunities based on its own development and market conditions [1]

Core Viewpoint - The company has restructured its operations to focus on three main business segments: automotive interior and exterior parts design and manufacturing, oil and gas equipment and engineering, and high-performance materials research and application [1] Group 1: Automotive Business - The automotive parts segment is performing well due to continuous growth in automobile sales, benefiting from the company's scale advantages, customer resources, technological accumulation, and cost control capabilities [1] - The revenue contribution from the automotive parts segment has increased, providing a solid foundation for the company's development [1] Group 2: Future Growth Areas - The company plans to concentrate resources on accelerating the development of oil and gas equipment and high-performance functional materials, actively cultivating new growth points [1] Group 3: Corporate Background - The company's controlling shareholder is Aerospace Seventh Academy, which is part of the Aerospace Science and Technology Group, inheriting the excellent genes of the aerospace industry [1] - The company is committed to promoting the application of aerospace technology in civilian industries while widely applying intelligent technology to upgrade and transform existing main businesses, driving automation and unmanned production [1]

证券日报网讯航天智造（300446）9月30日在互动平台回答投资者提问时表示，在主业发展方面，公司 将继续加强技术创新，提高产品附加值，实施降本增效，提升公司经营质量。汽车内外饰件领域聚焦新 能源汽车智能化、网联化趋势，实现汽车内外饰、智慧座舱等方面的创新和迭代；油气装备领域聚焦国 家能源安全战略，加快军品业务开发，不断巩固行业领先地位，促进融合发展；新材料领域聚焦国产化 替代和转型升级，打造细分领域的隐形冠军。 ...

Financial Performance - The company achieved a revenue of 4.163 billion yuan in the first half of 2025, representing a year-on-year growth of 8.65% [2] - The net profit attributable to shareholders reached 390 million yuan, with a year-on-year increase of 1.2% [2] - In the automotive parts sector, sales revenue grew by 9.88% in the first half of 2025 [3] - The automotive industry saw a cumulative sales volume of 18.384 million passenger vehicles, a year-on-year increase of 13.8%, while new energy vehicle sales reached 9.62 million, up 36.7% [2] Oil and Gas Equipment Business - The company maintains a leading position in key technologies such as shale gas cluster perforation, achieving a sales revenue of 221 million yuan in the first half of 2025 [3] - The domestic market share for shale gas perforation equipment exceeds 80%, supported by over 30 years of collaboration with major state-owned oil companies [3] - The company has developed a comprehensive range of perforation and completion products, integrating technology from special energy, precision machinery, and intelligent control [3][4] Military Products - Military product revenue for the first half of 2025 was 6.7338 million yuan, reflecting a year-on-year growth of 6.96% [5] - The company aims to build a world-class aerospace intelligent equipment manufacturing enterprise as part of its "1334" development strategy [5] Market and Value Management - The company plans to focus on core business areas, enhancing market development, technological innovation, and integrated development to improve operational quality [5] - It aims to increase cash dividends in line with regulatory requirements and company policies, enhancing shareholder returns [5] - The company is considering implementing an employee stock ownership plan to align interests between employees and the company [6] Future Opportunities - The company anticipates new growth opportunities in the oil and gas equipment sector due to further exploration and development of unconventional oil and gas resources, supported by favorable policies [4]

航天智造（300446.SZ）9月30日在投资者互动平台表示，目前公司智慧座舱产品氛围灯、电动出风口、 滑动副仪表等，已实现批量销售。公司油气装备业务及高性能功能材料业务涉及产品出口，汽车零件业 务暂无直接出口，未来，公司会根据自身发展与市场情况，把握相关机会。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司业务订单如何？在业务出海向国际拓展这 块有没有布局？ （文章来源：每日经济新闻） ...

Investment Rating - The report assigns a price-to-earnings (P/E) ratio of 11.74 times for the upcoming issuance of shares [1]. Core Viewpoints - Changjiang Energy Technology (920158.BJ) is recognized as a leading player in the electric dehydration equipment market, holding the largest market share domestically. The company focuses on the design, research and development, manufacturing, and service of specialized equipment for the energy and chemical industries [1][12]. - The company has shown a compound annual growth rate (CAGR) of 20% in revenue over the past two years, with a CAGR of 10% in net profit attributable to the parent company [3]. - The demand for electric dehydration equipment is rapidly increasing due to the implementation of integrated refining policies and equipment replacement policies, which are expected to shorten the replacement cycle of such equipment [2][38]. Summary by Sections Company Overview - Changjiang Energy Technology is a national-level specialized and innovative "little giant" enterprise, primarily engaged in electric dehydration equipment, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment [1][12]. - The company has achieved significant recognition in the industry, with a strong reputation and stable high-quality customer resources, including major clients like Sinopec and CNOOC [20]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 2.19 billion, 3.48 billion, and 3.14 billion RMB respectively, with net profits of 40.68 million, 40.85 million, and 49.16 million RMB [1][12]. - In the first half of 2025, the company reported a revenue of 1.3 billion RMB, a year-on-year decrease of 6.23%, while net profit increased by 4.02% to 18.24 million RMB [1]. Market Demand - The market for petroleum refining and petrochemical equipment in China has grown from 484.9 billion RMB in 2018 to 715.1 billion RMB in 2023, with a compound annual growth rate of approximately 8.08% [2]. - The electric dehydration equipment market is expected to reach a domestic scale of 10 billion RMB over the next five years, with a global market size projected to be around 3.5 billion RMB [38]. Competitive Position - The company holds a leading position in the electric dehydration equipment market, with a market share ranking first in China from 2021 to 2023 [16][18]. - Key competitors include international firms such as Schlumberger Limited and Forum Energy Technologies, as well as domestic companies like Luoyang Zhengyuan Petrochemical Co., Ltd. and Jiangsu Jinmen Energy Equipment Co., Ltd. [24][25]. Research and Development - The company has obtained 17 invention patents and 44 utility model patents, with several technological achievements recognized as internationally advanced or leading [1][13]. - The company emphasizes technological innovation and has established several research and development platforms, including a key enterprise research institution in Jiangsu Province [13].

Summary of Jerry Corporation's Conference Call Company Overview - **Company**: Jerry Corporation - **Industry**: Oil and Gas Equipment Key Points Financial Performance - In the first half of 2025, Jerry Corporation achieved a revenue growth rate of **39%**, with a non-recurring net profit growth of **34%** [2][4] - Operating cash flow net amount increased nearly **200%** year-on-year to **3.1 billion** [2][4] - The company’s revenue from overseas business is projected to rise from **28%** in 2021 to **45%** in 2024 [2][4] Order Growth - New orders in 2024 increased by **30%** year-on-year, with overseas orders showing significant growth, now accounting for over half of total orders [2][4][5] - The overall order growth rate for Jerry Corporation is expected to maintain above **30%** in the first eight months of 2025 [4][5] Market Expansion - The Middle East is identified as the most significant market for Jerry Corporation, with over **30%** of overseas orders coming from this region [8][9] - The company has been expanding into North Africa, recently securing a **6 billion** RMB EPC project in Algeria [7][8] Product Structure Optimization - The optimization of product structure has led to nearly **50%** of revenue coming from natural gas-related businesses, reducing the impact of oil price fluctuations [2][6] - Natural gas-related orders have a compound annual growth rate exceeding **80%**, primarily driven by demand in the Middle East and Asia-Pacific [6][9] Competitive Position - Jerry Corporation is recognized as a leading player in the oil and gas equipment sector, with a strong presence in both domestic and international markets [3][13] - The company has established a fully localized production capability in North America, with significant growth expected in electric fracturing and gas turbine power generation businesses [10][13] Future Outlook - The company anticipates a performance growth rate of **15-20%** from 2025 to 2027, supported by a strong order delivery schedule [4][11] - The correlation between the company’s performance and oil prices is expected to decrease, enhancing its investment value [11][12] Strategic Advantages - Jerry Corporation has a competitive edge due to its resource integration, management capabilities, and shorter delivery cycles compared to competitors [9][13] - The company’s strong reputation and influence in the Middle East, particularly after successful project deliveries, position it well for future growth [9][10] Additional Insights - The company’s focus on EPC (Engineering, Procurement, and Construction) models has strengthened its performance stability and order growth capacity [3][4] - The ongoing global energy transition and geopolitical factors are expected to further boost demand for natural gas, benefiting Jerry Corporation [8][9]

Summary of Jerry Holdings Conference Call Company Overview - **Company**: Jerry Holdings - **Industry**: Natural Gas Development and Equipment Manufacturing Key Points and Arguments Industry Trends and Company Performance - Global natural gas development trends have significantly driven Jerry Holdings' natural gas business revenue, achieving a growth rate of **113%** in the first half of the year, benefiting from energy transition and energy security demands, particularly in the Middle East and North Africa [2][4] - The company has enhanced its global market share in compressor units and secured multiple important EPC projects, including contracts with Bahrain National Oil Company, leading to a gross margin exceeding **30%** on EPC orders [2][7] Strategic Initiatives - Jerry Holdings employs a "Equipment + Engineering + Investment" model to deepen its international market presence, with approximately **60%** of its current EPC orders coming from the Middle East, while also expanding into North America and the Asia-Pacific region [2][8] - The company is actively building overseas production capacity, including a manufacturing park in the Middle East and expansion in Yantai, to meet future overseas orders [2][9] Technological Advancements - The company has implemented an industrial equipment export strategy through technological accumulation and capacity distribution, breaking international monopolies with its self-developed **7,000**-type electric drive pressure equipment [2][10] - Jerry Holdings has achieved significant breakthroughs in gas turbine and generator set businesses, entering the market through a leasing model with gross margins of **50% to 60%** [5][11] Market Position and Financial Outlook - The company is positioned as a leader in the global fracturing equipment market, with a comprehensive service system covering drilling and completion equipment, oil and gas engineering, and technical services [3][12] - In the first half of 2025, the company signed new orders worth approximately **10 billion** yuan, a year-on-year increase of nearly **40%**, with expectations for total orders to exceed **23 billion** yuan for the year [5][12] Future Projections - The core driver of Jerry Holdings has shifted from oil capital expenditure to gas capital expenditure, influenced by energy strategy adjustments and increased demand for data center construction [13][14] - The company's market valuation is projected to reach **55 billion** yuan or more next year, with current market value around **48 billion** yuan, indicating a potential increase in valuation multiples as orders continue to exceed expectations [15][16] Risk Management and Competitive Advantage - Jerry Holdings has a low exposure to production and demand risks, enhancing its competitive advantage in the global market [16] Additional Important Insights - The company’s strategic focus on the Middle East and North Africa is crucial for its growth, with significant contributions from projects like the Mansuriya gas field in Iraq [6][8] - The company’s ability to localize assembly and inventory in North America provides a competitive edge in cost control and delivery timelines [10]

Group 1: Company Overview and Strategy - The company aims to become a world-class aerospace intelligent equipment manufacturing enterprise, guided by the "1334" development strategy, which emphasizes professional, integrated, and digital development principles [3][8]. - In the first half of 2025, the company achieved a revenue of 4.163 billion CNY, representing an 8.65% year-on-year increase, and a net profit of 451 million CNY, up 4.54% [6][7]. Group 2: Business Segments and Performance - The military business generated revenue of 673.38 million CNY in the first half of 2025, primarily supporting aerospace applications [4]. - The oil and gas equipment segment reported sales of 221 million CNY, reflecting a 0.38% increase compared to the previous year [4]. - The automotive interior and exterior parts sector is focusing on the intelligent and connected development of new energy vehicles, collaborating with major automotive manufacturers [6][7]. Group 3: Market Position and Challenges - Despite a favorable macroeconomic environment and increasing sales in the new energy vehicle sector, the company's stock price has not aligned with market trends, indicating potential investor concerns regarding its fundamentals [5][6]. - The company is committed to enhancing its investment value and improving investor returns through technological innovation and cost reduction strategies [6]. Group 4: Future Outlook and Development Plans - The company is closely monitoring the low-altitude economy sector and plans to leverage its core technologies in composite materials and structural components to participate in this emerging market [4][7]. - The company intends to strengthen its core business while exploring opportunities for asset injection from the aerospace sector to achieve its goal of becoming a company with a market value exceeding 100 billion CNY [8].