That's engraved.
I notice that when people say "engraved" most refer to the "OFFICINE PANERAI" text and not together with the bridge engravings.
The movement there has a very nice engraved text as well as the bridges. On the bridges, the best example would be DSN's since the shell-like engravings are more subtle as per gen. But this one is no downer too, the blued screws seem to be of proper quality and it looks to have the correct incabloc absorber as well. All you need now is just a proper servicing of the movement from Vac or Rex since the Asian version usually comes dirty and minimally lubed if not without lube at all...
Does this look engraved?
Oh and congratulations with the purchase.... Also, if it makes you feel any better with your purchase, the engraved text is also of the correct size and position
Very well done...