Great Wisdom on October 29th. Daiwa Securities stated in a report that CNOOC's third-quarter profit met expectations, benefiting from sales growth and the resilience of crude oil prices. CNOOC's net income in the third quarter was 36.9 billion, a 9% year-on-year increase, in line with the bank's expectations. Although the benchmark crude oil price fell by $6.6 per barrel quarterly, due to the impact of the crude oil mix, the company's realized quarterly crude oil price decline was only $3.9 per barrel, demonstrating resilience in profitability. Daiwa pointed out that CNOOC's cost control remains solid, achieving a smaller discount to the benchmark oil price. The production volume in the first three quarters has now reached 0.542 billion barrels of oil equivalent, an 8.5% year-on-year increase, reaching 76% of the annual total production target. The bank has a target price of HK$21.8 for the H shares of the stock, with a "shareholding" rating.