Bank of China International: It is expected that the first quarter profits of the three major oil companies will all decrease, and it is believed that oil prices have bottomed out.

Bank of China International released a research report stating that due to the average price of Brent crude oil falling by 8% year-on-year in the first quarter of this year, it is expected that the three leading companies in the Petrochina sector will all show a decrease in profit compared to the same period, with SINOPEC CORP (00386) experiencing the greatest decline. Bank of China International mentioned that the recent decline in oil prices was caused by a substantial reduction in speculative net long positions in the futures market, and believes that oil prices have bottomed out. With the H-share stock prices of the three leading companies in the oil sector offering a predicted dividend yield of 7.5% to 8.3% for 2025 at current levels, the bank considers this attractive enough. Therefore, they maintain an "overweight" rating on the oil sector, with a preference for CNOOC (00883) and PETROCHINA (00857).