According to a report published by UBS, since 2022, CNPC, CNOOC and Sinopec have each increased 1.54 times, 2.14 times, and 58%. After the sharp rise, investors' views on the three major oil stocks were divided, but the bank reiterated its “buy” rating for the three major Chinese oil stocks and raised the target price. CNPC's target price was raised from HK$7.9 to HK$9.8, CNOOC's target price was raised from HK$15.8 to HK$26, and Sinopec's target price was raised from HK$6.3 to HK$6.6.

The bank remains optimistic about this year's oil price forecast. It believes that the oil market will be further tightened, the average price forecast for this year's crude oil will be raised to 83 US dollars per barrel, and the 2025/long-term average price forecast for crude oil will remain unchanged at 80/US $75 per barrel. Furthermore, the bank believes that compared to overseas peers, especially American Petroleum, the H-share valuations of the three major Chinese oil stocks are still attractive. The bank continues to be optimistic about the three major Chinese oil stocks, but it favors Hong Kong stocks over A-shares, with priority given to Sinopec, CNOOC, and CNPC.