> 数据图表一起讨论下全球石油服务周期的潜在平稳期
2025-6-1全球石油服务周期的潜在平稳期在石油和天然气价格上涨、资本支出增加的时期，我们预测 25 财年全球石油资本支出将同比下降 11%，26 财年基本持平。我们认为，随着各公司对支出采取更加谨慎的态度，全球石油服务周期可能会进入平稳期。重点关注防御性较强的公司，如 ADNOC Drilling（优于大市）。数据来源：Bloomberg, HTI Estimates. Chart shows Global Oils upstream capex. “Global Oils” contains the 15 largest integrated international oil firms, China capex includes CNOOC, Sinopec and PetroChina数据来源：Bloomberg, HTI Research. Chart shows global oil service sector and COSL P/B over time and BrentFor full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com4lbb/$SU15013011090705030106.55.54.53.5B/P2.51.50.570-naJ80-naJ90-naJ01-naJ11-naJ21-naJ31-naJ41-naJ51-naJ61-naJ71-naJ81-naJ91-naJ02-naJ12-naJ22-naJ32-naJ42-naJOil PriceChina Oilfield Services (RHS)Global Oilfield Services (RHS) 
