On January 6th, Gelonghui reported that Guotou Securities' Research Reports indicated that China National Offshore Oil Corporation (600938.SH), as the largest offshore Oil & Gas producer and operator in China, has laid out Oil & Gas Assets globally, demonstrating a diversified asset structure and global operation management capabilities. With its strong financial performance and good cost control, it occupies an important position in the Industry. Looking ahead, the company will continue to benefit from the realization of its growth potential due to its inherent Oil & Gas resource endowments and ongoing capital investments, while high dividends reflect long-term investment value. This is the first coverage, giving the company a 10.4x PE for 2025, corresponding to a 6-month Target Price of 33.90 yuan and an investment rating of "Buy-A".