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Direct impact of changes | Petroleum stocks are generally on the rise, OPEC+ production cuts are expected to support oil prices, and Saudi Aramco will raise the price of crude oil in Asia
The Zhitong Finance App learned that petroleum stocks generally rose. As of press release, CNOOC (02883) rose 3.01% to HK$8.56; CNPC (00857) rose 2.35% to HK$7.41; Sinopec (00386) rose 1.87% to HK$4.9; and CNOOC (00883) rose 1.41% to HK$20.1. According to the news, oil prices fell sharply on Tuesday, and US API inventories continued to exceed expectations, marginally weakening oil prices. Xingzheng Futures believes that the current oil price has returned to a reasonable range after the geographical premium has gradually declined, and production reduction policies are still being maintained in OPEC+
The US restarts the reserve replenishment program, and is Biden ready to deal with soaring oil prices at any time?
Biden restarts the SPR supplement plan when oil prices fall. If oil prices rise before the election, Biden may release SPR again.
Could OPEC+ “open the door” to increase production? Russia's words make the oil market uneasy!
Russian Deputy Prime Minister Novak said that the possibility of increasing oil production under the OPEC+ agreement is being analyzed.
Market Chatter: Sinopec Negotiating With Pembina for LNG Offtake, Equity Purchase Deals
China Petroleum & Chemical Corp. (HKG:0386, SHA:600028) is negotiating with Canada's Pembina Pipeline for a liquefied natural gas offtake agreement and equity purchase in the Cedar LNG project, Reuters reported, citing two unnamed sources.
Express News | Sinopec and Total sign strategic cooperation framework agreement
Express News | CITIC Construction Investment: CNPC achieved a “good start” in Q1 and maintained a “buy” rating
Israel persists in its actions! How will “Operation Rafah” affect oil prices?
Analysts say everything depends on how the Houthis and other countries react to the Rafah incident.
Changes in Hong Kong stocks 丨 International oil prices rebounded, and “three barrels of oil” bucked the trend
Glonghui, May 7 | International oil prices rebounded, driving the Hong Kong stock market's “three barrels of oil” against the trend. Among them, CNPC shares rose 1.82%, Sinopec rose 1.26%, and CNOOC rose 0.91%. Oil closed up 0.81% to $83.63, and today rose 0.3% to $83.58; U.S. oil closed up 0.74% to $78.69 overnight, and rose 0.36% to $78.76 today.
Major Bank Ratings | UBS: Giving Sinopec a “buy” rating and a target price of HK$6.6
Glonghui, May 7 | According to UBS, Sinopec's net profit for the first quarter fell 10% year-on-year to 18.7 billion yuan, but increased 3.4 times quarterly, in line with the forecast. According to the bank, Sinopec's sharp rise in net profit on a quarterly basis can be attributed to rising oil prices in the first quarter, which favoured exploration and extraction operations and promoted inventory appreciation in the refining sector; petrochemical product portfolio adjustments, reducing relatively low gross margin olefins, maintaining 100% utilization of aromatic hydrocarbon production capacity and increasing the high-value-added product portfolio; the marketing sector was also boosted by gasoline during the Chinese New Year holiday; the liquefied natural gas sector was also subject to taxation due to falling overseas natural gas prices; and the fourth quarter of last year's results were also taxed
Express News | Li Yanhong led a team to visit CNPC to discuss the intelligence of the oil and gas industry
Changes in Hong Kong stocks | Dongfang Overseas International (00316) rose nearly 4%, leading the way, shipping stock Maersk expects Q2 capacity to decrease by 20%, and the US Eastern Airlines freight index surged 31%
Shipping stocks continued their recent gains. As of press release, Orient Overseas International (00316) rose 3.87% to HK$120.7; Haifeng International (01308) rose 1.7% to HK$19.12; COSCO Marine Control (01919) rose 1.54% to HK$10.58; and Pacific Shipping (02343) rose 0.36% to HK$2.78.
CRRC's (SHSE:601766) Solid Earnings Have Been Accounted For Conservatively
CRRC Corporation Limited's (SHSE:601766) solid earnings announcement recently didn't do much to the stock price. We did some digging, and we think that investors are missing some encouraging factors
Why China Railway Construction Heavy Industry's (SHSE:688425) Shaky Earnings Are Just The Beginning Of Its Problems
China Railway Construction Heavy Industry Corporation Limited's (SHSE:688425) recent weak earnings report didn't cause a big stock movement. Our analysis suggests that along with soft profit numbers,
Express News | CICC maintained COSCO Marine Control's “outperforming the industry” rating, and the target price increased to HK$11.5.
CICC: Maintaining the COSCO Maritime Holdings (01919) “Outperform the Industry” rating, the target price was raised to HK$11.5
CICC raised COSCO Marine Holdings (01919)'s profit forecast by 49% to RMB 22.1 billion this year, and by 15.7% to RMB 15.3 billion in 2025.
CICC: Maintaining CRRC (01766)'s “outperforming the industry” rating and raising the target price to HK$5.11
CICC raised CRRC's 2024 earnings estimate per share by 15% to 44 cents.
Does Saudi Arabia have an “iron heart” to support oil prices? Raising the official price in June, sales in Asia increased more than expected
① Saudi Aramco's statement on Sunday showed that Saudi Arabia raised the official selling price (OSP) of Arabian light crude oil in June; ② the price increase for Asia was raised for the third month in a row; ③ industry insiders pointed out that Saudi Arabia's current price increase highlights that Saudi Arabia is still trying to keep the crude oil market tight at a time when the risk of conflict in the Middle East subsides.
Changes in Hong Kong stocks | High-speed rail infrastructure stocks showed strong performance, and several high-speed rail lines announced price increases, and railway fixed asset investment is expected to gradually pick up
High-speed rail infrastructure stocks showed strong performance. As of press release, Guangzhou-Shenzhen Railway Shares (00525) rose 11.48% to HK$2.33; China Express (03969) rose 7.07% to HK$3.18; China Communications Construction (01800) rose 4.46% to HK$4.45; China Railway (00390) rose 3.11% to HK$3.98; and China Railway Construction (01186) rose 2.75% to HK$5.23.
Damo: Raise the target price of Era Electric (03898) to HK$33, which is more popular than CRRC (01766)
Damo expects CRRC and Times Electric to account for 18% and 16% of locomotive revenue, respectively, by 2026.
Big Bank Rating | Damo: Lowering Sinopec's Target Price to HK$5, Lowering Profit Forecast for FY2024-26
Glonghui, May 6 | Morgan Stanley published a research report stating that considering Sinopec's performance in the first quarter of fiscal year 2024, it was decided to reduce its net profit forecast for the 2024-2026 fiscal year by 4%, 7%, and 6%, respectively. It is mainly based on the bank's reduction in profit before interest and tax (EBIT) from Sinopec's exploration and production business to take into account the year-on-year decline in natural gas prices; and reducing EBIT in the refining sector to reflect the impact of high crude oil prices. It is anticipated that Sinopec's downstream business will continue to weaken, but at the same time, it is believed that related businesses have been digested by the market. Moreover, downstream capital expenditure has peaked, and the company is in the medium term or