Gtja's research reports point out that oil & gas reserves and production have increased, and upstream profits continue to grow. Since 2024, geopolitical conflicts have supported high and volatile oil prices. In the first three quarters of 2023, the upstream oil & gas production of the three major oil companies maintained growth, with profits growing compared to the previous year. CNOOC and PetroChina continue to maintain their goals of increasing reserves and production, and stabilizing oil and gas. The oilfield services industry continues on the path of recovery year-on-year, with mainstream companies achieving year-on-year growth in both revenue and profits in the first three quarters. The midstream and downstream chemical sectors are still in a phase of bottoming out, watching for signs of recovery. Due to the increase in penetration of new energy sources, the peak of finished oil products, and other factors, the crack spread of finished oil products is under pressure, and the chemical sector is still in a phase of bottoming out. With the push of various stimulus policies, the chemical sector has been confirmed as the direction of economic recovery in the later cycle. With the recovery of downstream demand and the arrival of the 2025 new construction season, demand is expected to recover.