On December 11, Glorious Investment stated that oil prices have declined since July this year due to concerns about oversupply next year. Although the oil group and partner countries (OPEC+) did not see a positive reaction in oil prices after their meeting, OPEC+ has made efforts to avoid a significant oversupply in the first three quarters of next year. The bank also mentioned that Trump's return to the presidency of the USA brings uncertainty to the oil market, especially regarding his stance on Iran. The bank has lowered its oil price forecasts for next year and the following year by 8% and 12%, respectively, and has adjusted its forecast for the exchange rate of the dollar against the yuan from 7.05 to 7.3, resulting in a decrease in earnings forecasts for the three major Chinese Petroleum companies for the next year and the following year by 4% to 19% and 10% to 19%, respectively. The bank believes that the 'three major oil companies' are currently not highly valued, as their stock prices, which have performed weakly in the second half of this year, correspond only to a forecast PE of 5.7 to 9.3 times for next year, with a projected dividend yield of 6.5 to 7.8 cents. Oil companies can also provide protection against the depreciation of the yuan against the dollar, therefore reiterating a 'Shareholding' rating for Chinese Petroleum stocks, with CNOOC as the top choice.