Grain Securities research reports on November 7th pointed out that against the background of the decline in oil prices and sector profits, PetroChina (601857.SH) achieved a net income attributable to the parent company of 43.911 billion yuan in Q3, up + 2.29% from the previous quarter, making it one of the few companies in the petroleum and petrochemical sector to achieve performance growth against the backdrop of a decline in oil prices. Looking ahead, in terms of the upstream, it is believed that crude oil demand will continue to grow steadily, and the medium- to long-term production reduction coordination within OPEC+ still has guarantees. It is expected that the central price of oil in the fourth quarter of 2024 and 2025 will still be maintained at $70 per barrel. In the midstream and downstream sectors, the company dynamically adjusts its product structure according to market demand, maintains the high load running of aromatics and other efficient chemical equipment, increases the development efforts of new products, and increases production and sales of efficient chemical products and chemical new materials. According to the company's official website and semi-annual report, the Blue Ocean New Materials project started at the end of September, and projects such as the Jilin Petrochemical Company's refinery and chemical transformation and upgrading project, and the Guangxi Petrochemical Company's refining and chemical integration transformation and upgrading project are continuing to progress, with the profit capability of the refining and chemical business expected to further improve. First coverage, rated as a "buy".