The Zhitong Finance App learned that Bank of America Securities released a research report saying that maintaining the “buy” rating of CNPC shares (00857), the target price is HK$9, based on oil price and gas growth supporting stable profits, an attractive valuation of 0.8 times market account ratio, a high dividend of 7%, and the potential surprise of a capital management action plan. The company plans to achieve new energy production accounting for 7% of the company's total energy production this year, and continues to strive to reduce traditional business costs. The current cost of oil and gas is 51 US dollars per barrel and 80 cents per cubic meter.

The report quoted management as saying that the profit of the natural gas business improved markedly in the fourth quarter of last year, including revenue of 2.4 billion yuan from increased gas sales, 3 billion yuan of revenue from imported natural gas costs, 7 billion yuan of revenue from the increase in average gas prices during the winter heating season, and profit from liquidation of financial derivatives. The company continues to have confidence in natural gas sales momentum. Based on a 5% increase in self-produced natural gas to meet local demand, Russia's gas supply is expected to grow by 8 billion cubic meters this year and next, the deepening reform of local gas prices, and a 5% to 8% increase in domestic gas demand.