HK Stock Market Move | Oil stocks collectively rise, supply concerns push up oil prices, the net profit of "the three barrels of oil" in 2024 is expected to exceed 350 billion yuan.

Oil stocks collectively rose, as of the time of writing, CNOOC (00883) rose 3.46% to 19.16 Hong Kong dollars; PetroChina (00857) rose 2.7% to 6.46 Hong Kong dollars; China Oilfield Services (02883) rose 2.65% to 6.58 Hong Kong dollars; Sinopec (00386) rose 0.49% to 4.12 Hong Kong dollars. On the news front, US President Trump stated on Monday that he demanded Iran to reach a nuclear agreement as soon as possible, and mentioned considering new sanctions on Russian energy exports. These remarks have sparked investor concerns about escalating geopolitical tensions in the Middle East and Eastern Europe, leading to an overnight increase in international oil prices. CITIC SEC research report indicated that considering recent US sanctions on Iran and Venezuela, as well as geopolitical disturbances and other factors, the price of Brent crude oil in 2025 is expected to rise slightly to fluctuate between $70-75 per barrel. Furthermore, the annual reports of the "Big Three Oil Companies" for 2024 have all been released. The combined net profit attributable to the parent company of the "Big Three Oil Companies" in 2024 exceeded 352.9 billion yuan, equivalent to a daily net profit of approximately 9.7 billion yuan. Among them, PetroChina led in profit, with a 2% year-on-year increase in net profit attributable to the parent company to 164.68 billion yuan, reaching a historic high; CNOOC Limited saw both revenue and net profit growth, with the most significant increase in net profit, up 11.4% year-on-year to 137.936 billion yuan; China Petroleum & Chemical Corporation, affected by the simultaneous decline in the volume and price of main products, experienced decreases in both revenue and net profit, with a 16.8% year-on-year decrease in net profit attributable to the parent company to 50.313 billion yuan.