作者 | 木盒 编辑 | 小白 近期，中东地缘局势持续紧张，美国与以色列针对伊朗的相关行动引发全球能源市场关注。摩根大通预 测，如果当前美以与伊朗的军事冲突持续超过三周,布伦特原油的价格可能会飙升至每桶120美元。 作为石油产业链上游的核心支撑环节，油服行业直接受益于油价波动与油气勘探开发投资的增加。 而石化油服（600871.SH)/中石化油服（1033.HK）凭借全产业链服务能力、全球化市场布局及技术创新优 势，正迎来多重发展机遇，在保障能源安全与开拓市场空间中展现出强劲韧性。 2026年3月2日-3月3日，A股石化油服连续两个涨停，市值735.5亿元；港股中石化油服（1033.HK）两天 上涨累计52%，也需警惕急涨后可能的回调，市值288亿港币，AH溢价率高达65%。 全链优势是关键。 地缘冲突推升行业景气度 石油作为全球核心能源，其价格与供应稳定性高度依赖中东地缘局势。此次中东紧张局势升级，直接推 高了市场对油价波动的预期，而油价的合理高位运行通常会刺激油公司加大上游勘探开发投资力度。 从行业逻辑来看，油公司资本开支的增加将直接传导至油服行业，带动物探、钻井、测录井等工程技术 服务需求的增长。 石化 ...

Core Viewpoint - Sinopec Oilfield Service Corporation (石化油服) reported a stable performance in the first half of 2025, with slight growth in revenue and profit, while the outlook for the oil service industry remains positive due to ongoing demand for oil and gas [1][2]. Company Summary - In the first half of 2025, the company achieved operating revenue of 37.05 billion yuan, a year-on-year increase of 0.6% [1]. - The net profit attributable to shareholders was 4.92 billion yuan, reflecting a year-on-year growth of 9% [1]. - The total new contract value signed in the first half was 63.67 billion yuan, up 3.2% year-on-year [1]. - New contracts from Sinopec Group amounted to 34.37 billion yuan, increasing by 3.0% [1]. - New contracts from domestic external markets were 9.68 billion yuan, showing a significant decline of 42.7% [1]. - New contracts from overseas markets reached 19.62 billion yuan, marking a substantial increase of 71.8% [1]. - The company operates five major business segments: geophysics, drilling engineering, logging, downhole special operations, and engineering construction, covering the entire oil and gas industry chain from exploration to production [1]. Industry Summary - The oil service industry is expected to maintain a high level of prosperity in the second half of 2025 [2]. - Global economic recovery and stable growth in China's economy will support continued demand for oil and gas [2]. - Oil and gas are recognized as strategic energy resources, emphasizing the importance of strategic reserves and emergency support [2]. - Domestic oil companies are expected to continue implementing energy security strategies, maintaining stable capital expenditure for oil and gas exploration and development [2]. - The oil service market is projected to grow steadily due to increased efforts by oil companies to enhance oil and gas reserves and production [2].

Company Overview - Sinopec Oilfield Service Corporation (SSC) is a major integrated oil and gas engineering and technical service company controlled by China Petroleum & Chemical Corporation, with over 60 years of operational experience [2] - The company was formed through the integration and restructuring of various oilfield enterprises under China Petroleum in 2012, and it is listed on both Shanghai and Hong Kong stock exchanges [2] - SSC operates five main business segments: geophysical services, drilling engineering, logging, downhole special operations, and engineering construction, covering the entire oil and gas industry chain from exploration to abandonment [2] Financial Performance - As of March 31, 2025, SSC reported total revenue of 17.85 billion yuan, a year-on-year decrease of 3.69%, while net profit attributable to shareholders was 218 million yuan, an increase of 23.04% [1] - The company's gross margin stood at 8.11%, with a debt-to-asset ratio of 88.37% [1] Market Position and Valuation - SSC's price-to-earnings (P/E) ratio is 21.33, ranking 22nd in the oil and gas industry, which has an average P/E ratio of -2.81 and a median of 4.06 [1] - Other companies in the industry have significantly lower P/E ratios, such as Zhujiang Steel Pipe at 0.91 and CGII Holdings at 4.06 [1] Recent Stock Performance - As of June 18, the stock price of SSC was 0.86 HKD per share, reflecting a 7.5% increase with a trading volume of 901 million shares and a turnover of 776 million HKD [1] - Over the past month, SSC's stock has increased by 26.98%, and year-to-date, it has risen by 23.08%, outperforming the Hang Seng Index by 19.54% [1]