CITIC Securities: Raises CNOOC's target price to HK$33, and raises profit forecast.

JPMorgan Chase released a research report stating that CNOOC's net profit for the fourth quarter of 2025 is projected to be 20 billion yuan, lower than the bank's and market's expectations of 26 billion yuan and 29 billion yuan, mainly due to higher impairment charges than expected, and slightly increased comprehensive costs due to the commissioning of new projects. After factoring in oil price forecasts, the bank raised its earnings per share forecast for CNOOC for the years 2026 to 2028 by 9% to 11%, and increased the target price from 31 Hong Kong dollars to 33 Hong Kong dollars; based on CNOOC's exposure to the pure upstream business, the bank maintains a "hold" rating. In addition, PetroChina remains the bank's top pick.