Glonghui, April 1 | UBS released a research report stating that it gave CNPC a “buy” rating, with a target price of HK$7.9. The company's net profit increased by 8.3% last year, while the dividend payout ratio fell slightly by 1.8 percentage points to 50%, slightly lower than the 2022 level. The bank expects that the company's upstream business will maintain good profitability this year, and the refining and chemical business will pick up slightly. Based on expectations that Brent crude oil will remain high, the trend of refined oil products is strong, the chemical industry is expected to bottom out, domestic gas prices may drop slightly, and the company's losses on imported natural gas are expected to continue to narrow.