Ge Long Hui·2026-01-09 07:04Group 1 - The core viewpoint of the report highlights that China National Offshore Oil Corporation (CNOOC) benefits from strong production growth and effective cost control, demonstrating resilience during periods of declining oil prices [1] - The company is expected to balance its oil and gas operations with new energy initiatives, contributing to the construction of a maritime power [1] - The profit forecast for CNOOC remains unchanged, with projected net profits attributable to shareholders for 2025, 2026, and 2027 estimated at 135.4 billion, 139.8 billion, and 144.3 billion yuan respectively, translating to EPS of 2.85, 2.94, and 3.04 yuan per share [1] Group 2 - The brokerage maintains a "Buy" rating for CNOOC's A-shares and initiates coverage on its H-shares with a "Buy" rating as well [1]