CLSA released a research report stating that SINOPEC CORP (00386) delivered another lackluster performance in the third quarter of 2025, with downstream operations remaining weak and showing no signs of improvement. Management adopted a cautious tone during the earnings call, even hinting at potential higher impairment losses year-on-year as the year-end approaches. The firm lowered its target price for SINOPEC's H-shares and A-shares from HK$4.5 and RMB6.3 to HK$4.4 and RMB6, respectively, while maintaining an "Outperform" rating. Among China's three major oil companies, CLSA favors PetroChina (00857) as its top pick, followed by CNOOC (00883), with SINOPEC ranking third.