Huaxin Securities: Maintains a "buy" rating for CNOOC, with the value of upward oil price configuration highlighting.

Hua'an Securities research report pointed out that the stepping up of production and cost compression in CNOOC has highlighted the value of allocating oil price central tendency. The company achieved operating income of 398.22 billion yuan in 2025, a year-on-year decrease of 5.30%; net profit attributable to owners of the parent company was 122.082 billion yuan, a year-on-year decrease of 11.49%. The cost of oil per barrel continued to decrease during the reporting period, with the main cost being 27.9 dollars per barrel oil equivalent, a decrease of 0.62 dollars per barrel compared to the previous year, and the cost advantage continues to be consolidated. The capital expenditure budget for 2026 remains stable, expected to be 112-122 billion yuan. The current escalation of geopolitical conflict risks has driven up global oil prices, and the company's operations are expected to benefit, with investment value highlighted under high oil prices. Maintaining a "buy" rating.