The Zhitong Finance App learned that BOC International released a research report stating that it raised the target price of CNPC (00857) H shares from HK$11.3 to HK$11.49, reaffirming the “buy” rating. The bank raised the company's 2026-2028 profit forecast by 1% to 3%, believing that the third-quarter profit was in line with expectations, and that the upstream, refining and chemical, and natural gas sales businesses all showed positive signs.

CNPC's third-quarter profit fell 7% quarterly to RMB 51.8 billion, in line with the bank's forecast of RMB 52.3 billion. Bank of China International pointed out that due to the significant rise in oil prices, the company's fourth-quarter profit is expected to increase 17% quarterly without any impairment.

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