Bank of America Securities released a research report stating that maintaining the “buy” rating of CNPC shares (00857.HK), 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.