On June 4, Guolong News reported that the stock price of PetroChina has risen by more than 50% since the beginning of the year, outperforming the market. The bank believes that this is driven by strong demand for natural gas, which accounts for 55% to 61% of its external sales and is also affected by strong sales of liquefied natural gas (LNG) tractors. In addition, Morgan Stanley pointed out that China's recent "Energy Conservation and Carbon Reduction Action Plan for 2024-2025" emphasizes the elimination of high-energy-consuming and highly polluting industries. Although the targets are consistent with previous policies, there is more potential to use clean fuels such as natural gas. The bank believes that the policy will be more bullish for China's natural gas and aluminum related industries, due to their better fundamentals, and will dampen the coal industry. It reiterated its preference for Aluminum Corporation of China and China Hongqiao, and raised PetroChina H shares' target price from HKD 8 to HKD 10, rating it as "shareholding".