Gelonghui, January 3 | The HTSC Research Reports pointed out that since Q4, as the Northern Hemisphere enters the seasonal off-season, the quarterly average price of Brent has declined by 10.7% quarter-on-quarter and 6.0% year-on-year to $74.01 per barrel. Amid a generally relaxed supply scenario globally, oil prices may face downward pressure in the short term. In terms of refining and chemicals, since Q4, the domestic PMI has returned above the growth line, with signs of warming in Infrastructure activities and Logistics Transportation; the price differences of diesel and certain refined products have been somewhat restored. It is believed that China Petroleum & Chemical Corporation (600028.SH) has significant upstream and downstream coordination advantages. With the recovery in demand and optimization of certain product supply patterns anticipated in 2025, profitability is expected to continue improving, maintaining a "Buy" rating.