Group 1 - Morgan Stanley estimates that after Maduro leaves Venezuela, local oil production may experience a temporary shock, potentially declining by 50% [1] - If political and operational stability is restored, production could quickly recover, with the potential to reach 1.4 million barrels per day within two years and 2.5 million barrels per day in the next decade, compared to the current production of 800,000 to 900,000 barrels per day [1] - The impact on Chinese oil companies is limited, as most Venezuelan crude oil processed is by independent or small refineries rather than major listed companies like Sinopec or PetroChina, which do not have commercial assets in Venezuela [1] Group 2 - The company is optimistic about PetroChina due to its successful decoupling from oil prices through local natural gas operations, with expected dividends of 0.26 yuan in the second half of the year [1] - Lower oil prices and interest rates may accelerate the recovery of oil-based chemical stocks, leading to an "overweight" rating for Hengli Petrochemical [1] - Due to weak short-term profit prospects, Sinopec is given a "neutral" rating, with plans to reassess after the clarity of its 14th Five-Year Plan strategy [1]