HK Stock Market Move | Oil stocks rose in early trading, with CNOOC (00883) and PetroChina (00857) both rising more than 3% during trading.

Oil stocks rose in early trading, as of the time of writing, CNOOC (00883) rose by 3.68% to HK$21.4; PetroChina (00857) rose by 2.91% to HK$8.5; Sinopec (00386) rose by 1.31% to HK$4.65. In terms of news, the tension between Russia and Ukraine disrupted oil prices, with international crude oil futures settling up over 2% overnight. WTI crude oil futures for February rose by 2.36%, while Brent crude oil futures for February rose by 2.14%. According to reports from CCTV and other media outlets, on December 29th local time, U.S. President Trump revealed before meeting with Israeli Prime Minister Netanyahu at Mar-a-Lago in Florida that morning, he was told by Russian President Putin during a phone call earlier that day that a Ukrainian drone had attacked one of Putin's residences. EB SECURITIES pointed out that in the first three quarters of 2025, the "three oil giants" overcame difficulties such as fluctuating oil prices, narrowing refining margins, and slow recovery in demand for petrochemicals, achieving steady performance and cash flow. In the second half of 2025, the adverse impact of declining oil prices gradually weakened, and PetroChina, Sinopec, and CNOOC Limited have been gradually recognized by the market for their investment value during the period of declining oil prices, causing the stock prices of the "three oil giants" to recover. Looking ahead to 2026, the "three oil giants" will continue to maintain high capital expenditure, continuously strengthen their exploration of the natural gas market, accelerate the transformation of midstream and downstream refining business, and are expected to achieve long-term growth across oil price cycles.