Core Viewpoint - The recent performance of oil stocks, particularly Sinopec, PetroChina, and CNOOC, reflects resilience amid declining oil prices, with expectations for long-term growth despite potential price fluctuations [1] Group 1: Company Performance - Sinopec (00386) increased by 3.6%, trading at HKD 4.6 [1] - PetroChina (00857) rose by 2.71%, reaching HKD 9.08 [1] - CNOOC (00883) saw a 2.29% increase, priced at HKD 22.3 [1] - CNOOC Services (601808) (02883) gained 1.02%, trading at HKD 7.91 [1] Group 2: Market Outlook - According to Everbright Securities, the "three oil giants" demonstrate performance resilience during periods of falling oil prices [1] - The outlook for 2026 includes sustained high capital expenditures, enhanced natural gas market development, and accelerated transformation of midstream and downstream refining businesses [1] - Ping An Securities notes that geopolitical tensions and economic uncertainties provide short-term support for oil prices, but long-term price trends will be influenced by fundamental factors [1] Group 3: Price Dynamics - The ongoing conflict between Russia and Ukraine, along with strained US relations, contributes to short-term oil price support [1] - However, there are concerns about a potential oversupply in the market as OPEC+ continues to increase production, which may lead to a downward adjustment in oil price levels post-peak season [1]

智通财经APP获悉，石油股午后涨幅扩大，截至发稿，中海油(00883)涨3.68%，报21.96港元；中石油 (00857)涨2.94%，报8.76港元；中石化(00386)涨2.1%，报4.38港元。 光大证券指出，面对新一轮油价波动周期，"三桶油"深化增储上产，加强成本管控，以自身发展的确定 性应对外部环境的不确定性，在油价下行期的业绩韧性凸显。"三桶油"将继续加强增储上产，中国石 油、中国石化、中国海油25年油气当量产量计划分别增长1.6%、1.5%、5.9%；加快中下游炼化业务转 型，炼油板块推进低成本"油转化"、高价值"油转特"，销售板块积极向"油气氢电服"综合能源服务商转 型，化工业务稳步提升高附加值产品比例。"三桶油"有望实现穿越油价周期的长期成长，长期投资价值 凸显。 消息面上，11月2日，OPEC+主产八国宣布12月将进一步增产13.7万桶/日，同时由于季节性因素暂停 2026年1至3月的增产。此外，美国对俄两大石油生产商实施制裁后。民生证券指出，由于OPEC+于26 年一季度暂停增产超市场预期，叠加美国对俄罗斯的制裁影响，当前市场悲观情绪好转，但对需求较 弱、供应过剩的情绪仍在，预计油价短 ...