Guotai Junan's research report states that overall, recent crude oil prices have remained volatile, while European natural gas prices may be strong in the short term due to geopolitical factors. Varieties with stable operating cash flow may become the direction for market allocation in the near term. Previously, the industry had lower costs and the capacity for growth, with improved demand expectations for chemical products; moreover, the previous valuation adjustments were sufficient, and mid-to-lower-tier leading white horse enterprises have significant recovery potential and long-term allocation value. It is recommended to focus on leading enterprises in the industry with cost competitive advantages relative to the oil and chemical route. On the other hand, looking at the long term, the prosperity of offshore oil and gas exploration services is expected to continue to improve in the next 2-3 years