民生证券给予中国海油“推荐”评级，2025年三季报点评：业绩稳健，持续上产

Group 1 - Minsheng Securities issued a report on October 31, giving China National Offshore Oil Corporation (CNOOC) a "recommended" rating [1] - The report highlights that exchange rate losses impacted period expenses, leading to a quarter-on-quarter profit decline in Q3 2025 [1] - Oil and gas production showed steady year-on-year growth, indicating operational stability [1] - Oil prices have rebounded quarter-on-quarter, and cost control measures are reported to be effective [1] - The company has continued to focus on increasing reserves and production, with four new projects launched in Q3 [1]