HTSC research reports point out that PetroChina (601857.SH) Q3 net profit exceeded our forward-looking expectations (40.5 billion yuan), due to the henry hub natural gas sector's cost reduction and volume increase. Considering the continuous enhancement of the company's overseas resource acquisition capabilities, the "shareholding" rating is maintained. The company continues to increase its market share in the domestic market, strategically expanding into overseas high-end markets, with operating profit of branches in the first three quarters dropping by 4.38 billion yuan to 12.9 billion yuan year-on-year. Domestic henry hub natural gas demand grew rapidly in the first three quarters, with the company continuously optimizing the structure of its imported gas resource pool. Cost reduction and volume increase drove the operating profit of the sector up by 5.79 billion yuan to 25.27 billion yuan year-on-year. In addition, the company won the bid for the Suriname oil & gas block, entering the high-quality marine oil & gas resources in South America.