Zhi Tong Cai Jing·2025-12-30 02:50Core Viewpoint - Oil stocks have risen in early trading, driven by geopolitical tensions affecting oil prices, with significant increases in international crude oil futures prices [1] Group 1: Stock Performance - CNOOC (00883) increased by 3.68%, reaching HKD 21.4 [1] - PetroChina (00857) rose by 2.91%, reaching HKD 8.5 [1] - Sinopec (00386) gained 1.31%, reaching HKD 4.65 [1] Group 2: Oil Price Movements - International crude oil futures settled over 2% higher, with WTI crude oil February contract up by 2.36% and Brent crude oil February contract up by 2.14% [1] - The rise in oil prices is attributed to the ongoing tensions in the Russia-Ukraine situation, including a recent drone attack on a Russian presidential residence [1] Group 3: Industry Outlook - According to Everbright Securities, the "Big Three" oil companies are expected to maintain stable performance and cash flow despite challenges such as fluctuating oil prices and narrowing refining margins [1] - By the second half of 2025, the negative impacts of declining oil prices are expected to diminish, with the investment value of the "Big Three" being recognized by the market [1] - Looking ahead to 2026, the "Big Three" are anticipated to sustain high capital expenditures, enhance natural gas market development, and accelerate the transformation of midstream and downstream refining businesses, aiming for long-term growth through oil price cycles [1]