The Zhitong Finance App learned that UBS released a research report stating that it will raise the target price of CNPC shares (00857) from HK$12.8 to HK$13.3, maintaining a “buy” rating. Considering the company's performance and operating prospects for the first nine months, the bank raised its 2026 profit forecast by 5% and remains optimistic about the company's operating trends. It is expected that the upstream business will continue to benefit from high oil prices.

CNPC's revenue for the first nine months increased 7% year on year, and net profit increased 22% year over year to 155.8 billion yuan. Net profit for the third quarter fell 7% quarterly to RMB 51.8 billion, in line with the forecast. In terms of oil prices, UBS expects the average price of Brent crude oil to be 91.57 US dollars and 80 US dollars per barrel in 2026 and 2027, respectively. It believes that high oil prices will continue to support the company's upstream business performance.

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