Xin Lang Cai Jing·2025-08-27 06:23Core Viewpoint - The report from Credit Lyonnais indicates that China National Petroleum Corporation (CNPC) demonstrated stronger-than-expected resilience in its Q2 performance, with a decline in profits that surpassed that of Sinopec [1] Group 1: Company Performance - CNPC's Q2 earnings decline was less severe compared to Sinopec, highlighting a significant performance differentiation between the two companies [1] - The dividend payout ratio for CNPC increased by 6 percentage points year-on-year to 48%, outperforming Sinopec, which is expected to be well-received by the market [1] Group 2: Market Outlook - Credit Lyonnais anticipates that the sales differentiation trend between CNPC and Sinopec may further widen in the coming quarters [1] - The target price for CNPC's H-shares has been raised from HKD 8 to HKD 8.6, and the A-shares target price has been increased from CNY 11.2 to CNY 11.9, maintaining a "outperform" rating [1] Group 3: Industry Preference - The industry preference order established by Credit Lyonnais ranks CNPC first, followed by China National Offshore Oil Corporation (CNOOC) and Sinopec [1]