CTPETCH@EP2701A

BOCI Raises PetroChina Target Price to HKD12.85 and Maintains Buy Rating

BOC International Raises Profit Forecast for CNOOC 2026-2028

HSBC Research Maintains Buy Rating and Upgrades Target Price for PetroChina H Shares

China Everbright Securities Publishes Report Analyzing PetroChina's Q1 2026 Earnings at New High

China Authorizes State-owned Refiners to Export 5 Million Tons of Fuel to Alleviate Supply Issues

CLSA Reports: PetroChina's First Quarter Performance Robust, Stronger Q2 Growth Expected

China National Petroleum Corporation Holds Meeting to Emphasize Supply Security and External Challenges

China National Petroleum Corporation Q1 2026 Net Profit Grows Amid Revenue Decline

PetroChina released FY2026 Q1 earnings on April 29 During-Market (BJT), actual revenue HKD 834.87 B (forecast HKD 889.34 B), actual EPS HKD 0.2993 (forecast HKD 0.3061)

State-owned oil firms seek to resume fuel exports

CNPC LNG receiving station cumulative output exceeds 100 billion cubic meters

China National Petroleum Reports Record-Breaking 2025 Annual Report

PETROCHINA to Release FY2026 Q1 Earnings on April 29 During-Market (BJT), Forecast Revenue HKD 892.33 B, EPS HKD 0.306

DBS Upgrades CNPC Earnings Forecast and Maintains Buy Rating

First Shanghai Securities and DBS Maintain Buy Rating for PetroChina

Kela 2-5 Well in Tarim Oilfield of PetroChina Exceeds 100 Billion Cubic Meters of Natural Gas Production

China National Petroleum Corporation 增持中国石油股票

HTI Publishes Forecast and Valuation Report on PetroChina's Future Performance

China National Petroleum Supplies UAE Crude Oil to Singapore Refinery to Compensate for Shortage Caused by Iran War

Morningstar Raises Fair Value Forecast for China National Petroleum Corporation

MS GROUP HLDGS

REACH NEW HLDGS

HINSANG GROUP

NEW GONOW RV

XL2CSOPSMSN-U

XL2CSOPSMSN

YAN TAT GROUP

FUTONG TECH

NU ENVIRO

SMART-CORE

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Haitong International's report on PETROCHINAindicates steady profit growth in Q1, with a net profit of RMB48.333 billion, up 1.9% YoY. Revenue was RMB736.383 billion, down 2.2% YoY. The broker forecasts net profits for 2026-2028 at RMB201.62 billion, RMB186.99 billion, and RMB200.11 billion, respectively, with a target price of HKD13.6 and an Outperform rating. The average realized crude oil price was USD64.08 per barrel, down 8.5% YoY.

AASTOCKS News

PETROCHINA

PetroCN HK SDR 1to2

Haitong International: PETROCHINA  1Q Results Show Steady Profit Growth, TP HKD13.6

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ILUVATAR COREX(09903) rose 20.22%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 287.3%. MINIMAX-W(00100) rose 12.62%, with a trading turnover 1.4 Billion HKD, and a year-to-date rose 386.7%. AKESO(09926) fell 5.89%, with a trading turnover 924.7 Million HKD, and a year-to-date rose 13.1%. GALAXY ENT(00027) fell 2.83%, with a trading turnover 688.9 Million HKD, and a year-to-date fell 15.9%.

Top Gainers&Losers

ILUVATAR COREX

MINIMAX-W

YOFC

WEICHAI POWER

KNOWLEDGE ATLAS

AKESO

GALAXY ENT

SIGENERGY

CNOOC

Top 5 HK Stock Gainers/Losers (>100B) (5.4)

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BOCI has raised its target price for PETROCHINAto HKD12.85 and maintained a Buy rating. The company reported a 2% YoY increase in net profit to RMB48.3 billion in Q1 2026, with downstream segments showing profit growth, although upstream earnings declined due to lower oil prices. BOCI expects profit growth in Q2 2026, driven by increased upstream earnings, and has adjusted its earnings forecasts for 2026-2028 upwards by 4% to 6%.

Sinopec Corp.

BOCI Raises PETROCHINA  TP to HKD12.85, Lifts Earnings Forecasts

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HSBC Research has raised the target price for PETROCHINA H-shares from HKD11.7 to HKD13.8, maintaining a Buy rating. The report highlights PETROCHINA's resilient 1Q26 earnings, with a 1.9% YoY net profit increase, driven by natural gas sales despite lower oil prices. HSBC expects oil to become the main earnings driver for the rest of the year and anticipates stronger earnings and cash flow to enhance dividend prospects.

SINOPEC CORP

HSBC HOLDINGS

HSBC 5xShortSG241213

HSBC Holdings Plc

HSBC

HSBC Research Lifts PETROCHINA  TP to HKD13.8; 1Q26 Earnings Show Resilience

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High oil prices have a very direct impact on these companies' financial results, but tread with caution.

Chevron

BP PLC-Spons

Exxon Mobil

ConocoPhillips

BP p.l.c.

CHINA OILFIELD

Shell

TotalEnergies SE

COSL

Occidental Petroleum

Us Brent Oil

Guotai CSI Oil & Gas Industry ETF

BP p.l.c. ADRhedged

ChinaAMC CSI Petrochemical Industry ETF

China Universal CSI Oil & Gas Resources ETF

Invesco Great Wall CNI Oil&Gas ETF

VG Energy

ISHRS S&P Glb Engy

Shell plc ADRhedged

Yinhua CSI Oil & Gas Resources ETF

VanEck Oil Refiners ETF

Bosera CSI Oil & Gas Resources Index ETF

E Fund CSI Petrochemical Industry ETF

SPDR Energy Select

Direxion Daily Energy Bull 2X

United States Oil Fund LP

iShares US Oil Equip & Svcs

iShares US Oil & Gas Expl & Prod

VanEck Oil Services ETF

SPDR O&G Ex & Prd

Pro Ultr Bloomberg Crude Oil

SPDR O&G Equip

The Strait of Hormuz is choking the world's oil supply. These stocks could win.

Beijing is lifting its restrictions on refined fuel exports, allowing state refiners like Sinopec and China National Petroleum to resume shipments. This decision follows a period of halted exports due to the U.S.-Iran conflict and indicates that domestic fuel inventories are stable. The government has approved a one-time quota of 500,000 tons for export next month, aimed at alleviating the fuel crisis in Asia, particularly for countries like Vietnam and Laos. This move comes amid warnings from international financial institutions about the energy supply situation in the region.

ZeroHedge

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

China Reopens Fuel Export Spigot, Offering Relief To Asian Buyers

China has authorized state-owned refiners to export 500,000 tonnes of fuels, including petrol, diesel, and jet fuel, to select customers, easing a previous ban. This one-off quota aims to alleviate supply issues for Asia's emerging economies amid ongoing conflicts in the Persian Gulf. Shipments are expected to reach countries like Vietnam and Laos. As domestic fuel stockpiles rise, state oil firms are seeking government permits to resume exports. The National Development and Reform Commission has not commented on the matter.

Businesstimes News

China allows state refiners to export some fuels to Asian buyers

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At market close, the HSI fell 335 points (1.3%) to 25,776, while the HSTI dropped 38 points (0.8%) to 4,871. Major stocks like Xiaomi and Alibaba saw declines of over 3%. However, PetroChina, Weichai Power, and Everg Services reached new highs. Market turnover increased to $291.55 billion, with notable short selling activity across various stocks. Overall, the market experienced significant fluctuations with both declines and gains among constituents.

Weichai Power

XIAOMI-W

BABA-W

HSI Down 335 pts; HSTI Down 38 pts; XIAOMI Down over 3%; BABA Down over 3%; PETROCHINA, WEICHAI POWER, EVERG SERVICES, REPT BATTERO Hit New Highs; Market Turnover Rises

UBS reported that PetroChinarecorded a 1Q26 revenue of RMB736.4 billion, down 2.2% YoY, with a net profit increase of 1.9% YoY to RMB48.3 billion, meeting expectations. The rating is 'Buy' with a target price of HKD14.2. For 2Q26, oil earnings growth is expected to remain resilient, while the refining segment faces challenges due to rising costs. The natural gas sales segment is anticipated to maintain steady growth despite higher imported gas costs.

UBS Group AG

UBS: PETROCHINA  1Q26 Net Profit In Line; Earnings Growth Seen Resilient

Morgan Stanley reported that PetroChina's 1Q26 earnings fell short of expectations, with an EPS of RMB0.26, 4% below forecasts due to a 14% shortfall in realized oil prices. This was attributed to a pricing time lag, but earnings from natural gas, refining, chemicals, and marketing exceeded expectations. The broker maintains an Overweight rating on PetroChina with a target price of HKD13.25, expecting normalization in oil prices in 2Q26.

Morgan Stanley

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MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

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M Stanley: PETROCHINA  Oil Price Lag Drags on Reported Earnings, Rated Overweight

CTPETCH@EP2701A(28207.HK)

Haitong International: PETROCHINA 1Q Results Show Steady Profit Growth, TP HKD13.6

Top 5 HK Stock Gainers/Losers (>100B) (5.4)

BOCI Raises PETROCHINA TP to HKD12.85, Lifts Earnings Forecasts

HSBC Research Lifts PETROCHINA TP to HKD13.8; 1Q26 Earnings Show Resilience

The Strait of Hormuz is choking the world's oil supply. These stocks could win.

China Reopens Fuel Export Spigot, Offering Relief To Asian Buyers

China allows state refiners to export some fuels to Asian buyers

HSI Down 335 pts; HSTI Down 38 pts; XIAOMI Down over 3%; BABA Down over 3%; PETROCHINA, WEICHAI POWER, EVERG SERVICES, REPT BATTERO Hit New Highs; Market Turnover Rises

UBS: PETROCHINA 1Q26 Net Profit In Line; Earnings Growth Seen Resilient

M Stanley: PETROCHINA Oil Price Lag Drags on Reported Earnings, Rated Overweight