里昂：降中国石油化工股份(00386)目标价至4.4港元 第三季业绩表现平平

Core Viewpoint - Sinopec's performance in Q3 2025 is expected to remain weak, with no signs of improvement in downstream operations, and potential increase in impairment losses compared to the same period last year [1] Company Summary - Sinopec's H-share and A-share target prices have been lowered to HKD 4.4 and RMB 6, respectively, from HKD 4.5 and RMB 6.3, while maintaining an "Outperform" rating [1] - Among China's three major oil companies, Sinopec is ranked third in preference, with PetroChina as the top choice and CNOOC as the second [1]