| 能源 油气设备与服务 | | | | --- | --- | --- | | 买入评级（维持）｜目标价：HK$0.75 | | 海隆控股 (1623.HK) – 更新报告 | | 2025年 07月 08日 | | 完成全部复牌指引，治理重塑完成，估值修复值得期待 | | 恒生指数 | 23887.83 | 事件回顾 ❑ | | 恒生中小型指数 ❑ | 2743.52 | 海隆控股于 2024 年 4 月 2 日起暂停买卖，原因是在 2023 年审计过程中，前任核数师罗兵咸永 | | 恒生科技指数 | 5229.56 | 道识别出与俄罗斯附属公司相关的若干关键未决审计事项，主要涉及 2022 年 10 月至 2023 年 | | | | 12 月期间与 MTC 公司之间的交易结构。该交易包括大额采购与回购安排，反映出公司在内部 | | 关键市场数据 | | 控制、交易披露及管理层审批等方面存在程序缺口。 | | 收盘价(港元) | 0.113 | 为应对监管关注，公司成立独立调查委员会，聘请安永开展法证调查，并同步完成内部控制审 | | 52 周最高/最低(港元) 市值(亿港元) | 0.115/0.09 ...

智通财经6月24日电，港股油气设备与服务股集体下挫，山东墨龙跌超25%，中石化油服跌近15%，胜 利管道跌超7%。 ...

【 导读 】 今日，港股三大指数低开低走 ； 香港特区政府财政司司长陈茂波 在陆家嘴论坛 上表示，香港、上海强强联手为金融强国贡献更大力量 见习记者 储是 6月18日，港股三大指数低开低走。截至收盘，恒生指数 下 跌1.12%，报 收于 23710.69点 ； 恒生 科技指数 下 跌1.46%，报 收于 5214.41点； 恒生 国企指数 下 跌1.16%，报 收 于 8594.19点。盘面上，科网股 、 汽车 、 地产板块下跌，黄金、油气、医药概念股走强 。 科网、汽车、地产等 板块下跌 科网股方面，美团跌超3%，哔哩哔哩、百度集团、快手、阿里巴巴跌超2%； 汽车股普跌， 理想汽车-W下跌4.14% ； 地产股 融信中国、新城发展分别下跌6.79%、5.83% 。 消息面上，港交所权益披露信息显示，6月10日至6月13日，美团创始人王兴累计减持573.7 万股理想汽车，减持均价在109港元到118港元之间，套现金额超过6亿港元，持股比例则从 20.94%下降到20.61%。 据中指研究院数据监测，2025年5月，二手房挂牌量持续处于高位，"以价换量"现象持续主 导市场，5月百城二手住宅均价为13794元/平 ...

（原标题：和讯投顾申睿：中东大变天！下周市场站起来了？） 中东局势的这一系列重大变化，无疑给全球格局带来了深远影响，从金融市场到地缘政治，诸多层面都 受到了冲击。以色列铁穹防空体系失效，以及伊朗击落 f35 战斗机，极大地改变了地区军事力量的对比 态势。而对于人民币结算石油体系而言，这或许是一个加速推进的契机。 近年来，随着全球地缘政治形势的演变，越来越多国家对美元霸权的依赖产生了动摇。伊朗作为重要的 石油输出国，若在石油贸易中加大人民币结算的比重，极有可能带动中东地区更多国家效仿。此前沙特 宣布国际贸易可用人民币结算，已然是人民币国际化进程中的重要一步。人民币在全球贸易结算中的地 位逐步提升，2023 年国际结算业务量达到 661.33 万笔，金额高达 123.06 万亿元 ，这一数据直观地反映 出人民币国际化的发展趋势。 回归到 A 股市场，这一变化蕴含着丰富的投资机遇。从军工装备板块来看，地区冲突的升级使得各国 对军事装备的需求大幅增加。中航沈飞作为战斗机主机厂龙头，受益于航空装备现代化加速，在近期主 力资金净流入超 5 亿元，充分显示了市场对军工股的青睐。6 月 13 日，军工板块指数收于 3147. ...

| 代码 | 名称 | 最新价 | 张跃额 | 涨跌幅 ^ | | --- | --- | --- | --- | --- | | 00805 | 新吉奥房车 | 1.280 | -0.110 | -7.91% | | 09868 | 小鹏汽车-W | 72.400 | -3.950 | -5.17% | | 09866 | 蔚来-SW | 26.950 | -1.400 | -4.94% | | 02238 | 广汽集团 | 2.830 | -0.090 | -3.08% | | 02333 | 长城汽车 | 12.000 | -0.380 | -3.07% | | 02015 | 理想汽车-W | 109.800 | -3.000 | -2.66% | | 01211 | 比亚迪股份 | 131.100 | -3.300 | -2.46% | | 01585 | 雅迪控股 | 12.120 | -0.300 | -2.42% | | 00175 | 吉利汽车 | 16.340 | -0.400 | -2.39% | | 01958 | 北京汽车 | 1.970 | -0.040 | -1.99% | | ...

港股油气设备与服务板块大涨，山东墨龙飙升逾100%，中石化油服涨近30%。 | 60 17 1 | 7 富途牛牛 - 自选 | ■ × | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山东墨龙 分时 v 1天 : 1分K v | 报价 | 分析 | 资讯 · | 评论 · | | = サ | | | | | | | 00568 山东墨龙 | 7 9 0 | 4.710 + +2.410 +104.78% | | | | | | | | | | | 交易中 06/13 13:12 | 104.78% | 4.710 | | | | | | | | | | | * ½ × 9 目 ● | 快捷交易 | 98.23% | 4.559 | | | | | | | | | | 最高价 4.720 | 成交量 8.12亿 | 开盘价 2.580 | 91.68% | 4.409 | 昨收价 2.300 | 成交额 29.25亿 | 最低价 2.490 | | | | | | 4. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a robust performance in Q1 2025, achieving revenue of 2.687 billion yuan, a year-on-year increase of 26.07%. The net profit attributable to shareholders reached 466 million yuan, up 24.04% year-on-year, while the net profit excluding non-recurring items was 462 million yuan, reflecting a 28.37% increase year-on-year [2][6]. - The change in delivery structure has impacted the gross margin, but the company has effectively controlled its operating expenses. The internationalization strategy is being executed successfully, with significant breakthroughs in overseas markets. The company has a sufficient backlog of orders, and both the company and its controlling shareholders are actively increasing their holdings, indicating confidence in future performance. The domestic demand for unconventional oil and gas extraction is rising, and as a leading provider of fracturing equipment, the company is expected to benefit significantly [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 31.43%, a decrease of 0.26 percentage points quarter-on-quarter and a decline of 4.29 percentage points year-on-year. The net profit margin was 17.79%, down 1.75 percentage points quarter-on-quarter and 0.2 percentage points year-on-year. The decline in profitability is attributed to the large-scale delivery of lower-margin conventional cementing equipment. However, as higher-margin fracturing equipment is gradually delivered, profitability is expected to normalize [12]. - The company maintained a good control over its operating expenses, with an expense ratio of 10.75% in Q1 2025, a year-on-year decrease of 2.74 percentage points [12]. International Expansion - The company has made significant progress in its internationalization strategy, with core products in the oil and gas field equipment and technology services experiencing sustained demand. Key international contracts include: 1. A preliminary development contract for the Mansuriya gas field in Iraq signed in May 2024. 2. Successful delivery and application of the first set of Chinese electric fracturing equipment in North America, with new orders secured in July 2024. 3. A total engineering contract for seven gas booster stations with BAPCO in Bahrain, valued at approximately 3.16 billion USD (about 22 billion yuan). 4. Winning a digital well site transformation project with ADNOC, with a contract value of approximately 6.555 billion yuan, setting a record for the company [12]. Order Backlog and Shareholder Confidence - The company secured new orders worth 18.232 billion yuan in 2024, a year-on-year increase of 30.64%, with overseas orders growing by 65.37%. As of the end of 2024, the backlog of orders stood at 10.155 billion yuan, providing strong support for future operational performance. Additionally, the company announced a stock buyback plan of 150-250 million yuan and the controlling shareholder plans to increase holdings by 50-70 million yuan, reflecting confidence in future growth [12]. Industry Outlook - The demand for unconventional oil and gas extraction in China is expected to increase, supported by the "14th Five-Year Plan" for modern energy systems, which emphasizes the exploration and development of unconventional resources. The company, as a leading provider of fracturing equipment, is well-positioned to benefit from the anticipated growth in the oilfield services market [12].