Group 1: Company Overview and Investor Relations - The company conducted investor relations activities including site visits and meetings with representatives from various financial institutions [2][3] - Key participants included representatives from institutions such as 富国基金 (Fidelity Fund), 广发证券 (Guotai Junan Securities), and 中再资产 (China Re Asset) [2] Group 2: Gas Turbine Sales and Performance - The company signed a $106 million contract for gas turbine generator sales, equivalent to approximately ¥742 million, aimed at North American data centers and industrial power supply [3] - The success in North America is attributed to product performance, business experience, delivery capability, and comprehensive service strength [3] Group 3: Supply Chain and Strategic Partnerships - The company has established long-term partnerships with major gas turbine manufacturers like Siemens and Kawasaki Heavy Industries, enhancing its global supply chain [3][4] - The focus is on building a diversified gas turbine supply system to improve supply chain resilience and provide integrated power solutions [3] Group 4: Future Business Outlook - The company aims to deepen its involvement in three key areas: data centers, industrial energy, and new power systems, through continuous technological innovation and product iteration [4] - Plans include developing integrated solutions covering power generation, distribution, and thermal management to enhance energy system safety and efficiency [4] Group 5: Oil and Gas Engineering Services - The company emphasizes selecting high-quality oil and gas engineering projects based on profitability and cash flow criteria [5] - Successful projects include collaborations with Kuwait Oil Company and various other significant EPC projects, enhancing market recognition [5] Group 6: Natural Gas Business Development - To support the growth of its natural gas equipment business, the company has established the杰瑞天然气工业园 (Jereh Natural Gas Industrial Park) and is expanding capacity through various measures [6] - The company is also focusing on talent recruitment and training to ensure efficient operations in research, design, and manufacturing [6] Group 7: Site Visit and Facility Overview - The site visit included an introduction to the geographical layout and functional planning of the industrial park, showcasing high-end equipment manufacturing and natural gas facilities [7] - Key equipment demonstrated included fracturing equipment, cementing equipment, and gas turbine generators, highlighting the company's technological capabilities [7]

Core Viewpoint - The report from Donghai Securities highlights that Jerry Holdings has secured a new order for generator sets exceeding 100 million USD, while also expanding into the small modular reactor sector, establishing a growth trajectory in its power energy business [1] Group 1: Business Expansion - The company is a leading player in the domestic oil and gas equipment sector, achieving breakthroughs in drilling, natural gas, and gas turbine generator set businesses in both domestic and international markets [1] - The global strategy of the company is gradually being implemented, with diversified business development showing synergy [1] Group 2: Order Acquisition - The natural gas segment has secured multiple large orders globally, providing strong support for the company's performance growth [1] - The gas turbine generator set business has achieved a breakthrough with orders from North American data centers [1] Group 3: Investment Rating - The report maintains a "Buy" rating for the company, indicating positive outlook based on recent developments [1]

Summary of Jerry Holdings Conference Call Company Overview - **Company**: Jerry Holdings (杰瑞股份) - **Industry**: Oil and Gas Equipment and Services Key Points Business Performance - Jerry Holdings' natural gas business benefited from the expansion wave in the Middle East, with revenue growth exceeding 100% year-on-year in the first half of the year [2][4] - New orders in the natural gas segment increased by 43% year-on-year, with a significant contract worth $900 million recently secured [2][4] - The company expects over 50% performance growth in the natural gas business, which is becoming a second growth curve for the company [2][13] Financial Highlights - For the first three quarters of 2025, the company reported revenue of 10.4 billion RMB, a 30% increase year-on-year, and a net profit of 1.808 billion RMB, up 13% year-on-year [10] - The overseas revenue accounted for 47.75% of total revenue, with a backlog of orders amounting to 12.3 billion RMB, providing momentum for future growth [10][3] - Projected revenues for 2026 and 2027 are 19.809 billion RMB and 23.799 billion RMB, respectively [3][19] Market Position and Strategy - Jerry Holdings holds a leading position in the global drilling and completion market, with a domestic market share of over 1,200 units of production capacity [4] - The company has expanded its capabilities in shale gas production services in Saudi Arabia and the UAE, with a service capacity of 700,000 hydraulic horsepower [9] - Collaborations with Siemens Energy, Baker Hughes, and Kawasaki Heavy Industries have led to the development of high-efficiency gas turbine units [2][17] Industry Trends - The global LNG industry is entering a new construction phase, with significant infrastructure investment expected to reach $128.2 billion by 2029 [10][11] - The demand for natural gas is projected to increase, particularly in data centers, where natural gas is expected to become the primary source of new supply [16] Risks and Challenges - The company faces operational risks from fluctuating oil and gas prices, increased market competition, and geopolitical uncertainties [5][20] - Despite these challenges, the company is considered undervalued compared to peers, with projected P/E ratios of 27.273, 22.80, and 19.36 for 2025, 2026, and 2027, respectively [5][19] Future Outlook - The electric power business is expected to grow significantly due to rising investments in artificial intelligence, with a projected CAGR of 31.9% from 2024 to 2029 [2][14] - The company aims to establish a revenue segment similar in scale to its drilling and completion business, targeting revenues of 5 to 6 billion RMB [18] Conclusion - Jerry Holdings is positioned for strong growth in both its natural gas and electric power segments, supported by strategic partnerships and a robust order backlog, despite facing certain market risks [2][19]

Core Viewpoint - Jerry Holdings' subsidiary, Shandong Jerry Mind Electric Energy Group, has signed a $106 million sales contract for generator sets with a North American strategic client, indicating strong recognition of Jerry's product performance and service capabilities [1] Group 1: Contract Details - The recent contract amounts to approximately 742 million RMB and will be utilized in North American data centers and industrial power supply [1] - This contract marks a continuous repurchase from the client within a month, bringing the total contract value between the two parties to 1.484 billion RMB [1] Group 2: Product Features - The high-power gas generator sets provided will serve as the core power source for data centers and industrial power systems, designed for quick transport, on-site assembly, and flexible expansion [1] - The modular design of the generator sets allows them to effectively meet challenges such as tight project timelines and limited space [1] Group 3: Strategic Focus - The company aims to deepen its focus on three key areas: data centers, industrial energy, and new power systems, enhancing its overall competitiveness [1] - In the data center sector, the company is committed to addressing power supply needs in complex application scenarios and aims to develop integrated solutions covering generation, distribution, and thermal management [1]

Core Viewpoint - The oil and gas ETF Huatai Fuhua (159309) opened down by 1.69% at 1.220 yuan, reflecting a mixed performance among its major holdings [1] Group 1: ETF Performance - The performance benchmark for the oil and gas ETF Huatai Fuhua (159309) is the CSI Oil and Gas Resource Index return rate [1] - Since its establishment on May 31, 2024, the fund has achieved a return of 24.34%, with a monthly return of 11.03% [1] Group 2: Major Holdings Performance - Major holdings include: - Jereh Group opened up by 1.04% - China National Offshore Oil Corporation (CNOOC) down by 1.46% - China Petroleum down by 0.70% - China Petrochemical down by 0.34% - China Merchants Energy down by 2.02% - Guanghui Energy unchanged at 0.00% - COSCO Shipping Energy down by 2.03% - China Merchants South Oil down by 0.89% - CNOOC Engineering down by 1.30% - Intercontinental Oil and Gas down by 1.97% [1]

Core Viewpoint - Yantai Jereh Petroleum Service Group Co., Ltd. plans to provide interest-free loans to high-end talent groups using up to RMB 20 million of its own funds to support investment in emerging business areas [2][4]. Group 1: Loan Details - The loan amount will not exceed RMB 20 million and can be reused within this limit [2][6]. - Eligible borrowers include core technical talents and industry experts, excluding related parties such as major shareholders and their relatives [3][6]. - The maximum loan amount per individual is RMB 800,000, with a maximum term of 6 years [6]. Group 2: Purpose and Approval - The loans aim to support high-end talent in investing in emerging business areas alongside the company [4][6]. - The board of directors approved this initiative during its second meeting on January 15, 2026, with unanimous support [9][10]. Group 3: Risk Management - The main risk identified is the potential inability of borrowers to repay the loans, which the company aims to mitigate through clear loan processes and agreements [7][8]. - The total approved financial assistance after this initiative will amount to RMB 28 million, representing 0.13% of the company's latest audited net assets [7].

（文章来源：证券日报） 证券日报网讯 1月15日，杰瑞股份发布公告称，公司第七届董事会第二次会议审议通过《关于为公司高 端人才群体提供借款的议案》。 ...

Investment Rating - The report recommends a positive investment outlook for the machinery equipment industry, particularly focusing on companies with high export potential and strong growth prospects in overseas markets [3][10]. Core Insights - The report identifies three major opportunities for machinery equipment exports: the Belt and Road Initiative driving demand in resource-rich countries, strong demand recovery in Europe and the US, and the shift from capacity export to technology export in high-end manufacturing [3][4][5]. - Key companies recommended for investment include SANY Heavy Industry, Zoomlion, LiuGong, and Hengli Hydraulic in the engineering machinery sector, and Jerry Holdings and Neway in the oil service sector [3][4][5][67]. Summary by Sections Belt and Road Initiative - Investment in oil, gas, and mineral resources in resource-rich countries is accelerating, driving demand for domestic equipment and expanding global market share [3]. - The engineering machinery sector is expected to benefit from rising prices of non-ferrous metals and increased capital expenditure by mining companies, leading to higher demand for high-margin excavators [3][10]. European and American Demand - The report highlights a recovery in overseas production capacity and macroeconomic recovery, focusing on high-quality targets with significant exposure to European and American markets [4]. - Key recommendations include leading Chinese hand tool exporter Juxing Technology and companies in the industrial forklift sector such as Hangcha Group and Anhui Heli [4]. High-End Manufacturing Export - The shift from capacity export to technology export is emphasized, with Chinese equipment manufacturers leveraging their advantages to enhance export ceilings [5]. - Companies involved in the production of optical module equipment, lithium battery equipment, and photovoltaic equipment are highlighted as key players, with specific recommendations for firms like Meiwai and Aotewi [5]. Engineering Machinery Export - The report anticipates a new upward cycle for overseas engineering machinery demand starting in 2025, driven by recovery in global demand and increased capital expenditure in mining and infrastructure [10][11]. - Key companies with established overseas operations and competitive advantages in mining and large infrastructure projects are expected to benefit significantly [10][11]. Oil Service Market - The Middle East is identified as a core market for oil service companies, with high certainty for growth due to stable capital expenditure and strong demand [67][69]. - Recommended companies include Jerry Holdings, which has a comprehensive international certification system and strong project execution capabilities, and Neway, which has a significant presence in the aftermarket service sector [67][69].

Group 1 - The company Jerry Holdings announced that its seventh second board meeting will be held on January 15, 2026, combining in-person and electronic communication methods [1] - The meeting will review documents including a proposal to provide loans for the company's high-end talent group [1] Group 2 - A report suggests that a "budget version" of the Tesla Model 3 may enter the Chinese market, priced under 200,000 yuan, with a range of 480 kilometers [1] - The U.S. market is experiencing significant adjustments regarding autonomous driving technology [1]

证券代码：002353 证券简称：杰瑞股份 公告编号：2026-007 烟台杰瑞石油服务集团股份有限公司 关于为公司高端人才群体提供借款的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要提示： 1、烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）拟使用不超过人民币 2,000 万元的自有资金为符合条件的公司高端人才群体提供无息借款，借款在上述额度范围内可循 环使用。 2、本事项已经公司第七届董事会第二次会议审议通过，本事项在董事会审批范围内， 无需提交股东会审议，不构成关联交易。 3、本事项的主要风险为申请借款的高端人才群体无法偿还借款。为防范风险，公司明 确了借款流程和风险防范措施，整体风险可控。 为更好地引进、吸纳和保留优秀人才，支持公司核心技术人才、行业专家等高端人才（以 下简称"高端人才群体"）在公司长期发展，与公司共同推动新兴业务领域战略规划有效落 地，公司于 2026 年 1 月 15 日召开第七届董事会第二次会议，审议通过了《关于为公司高端 人才群体提供借款的议案》，在不影响公司业务开展及资金使用的前提下，公司拟使用不超 过人民币 ...