GLEE11th|Jpmorgan issued a report on November 4, expressing a positive view on PetroChina's management conference call, believing that the company provides strong outlook for natural gas demand and unit profitability for the fourth quarter of this year and next year, while also actively improving its dividend policy. The bank stated that the drop in oil prices in the third quarter caused a negative impact of 2 billion yuan on PetroChina's operating profit, but this was offset by savings in tax expenses, reduced exploration costs, and subsidies for unconventional natural gas growth. Jpmorgan maintains a 'shareholding' rating on PetroChina, reducing the target price from 10 Hong Kong dollars to 9 Hong Kong dollars.