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<Research>M Stanley Expects Spikes in CN Fuel Export Quotas Next Yr to Achieve 'Anti-involution', Boost Refining Margins
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China's fuel export quotas are expected to be finalized within the next two months, according to Morgan Stanley's research report. Due to the continuous decline in domestic fuel demand, Morgan Stanley believes that quotas for 2026 should be elevated greatly, a move considered as a strong "anti-involutionary" measure to help combat deflation and align domestic refining margins with robust global levels. If this scenario occurs, Morgan Stanley anticipates that SINOPEC CORP (00386.HK) will see a marked improvement in its 2026 earnings and achieve the highest dividend yield among the three major Chinese oil companies. The broker has reiterated an Overweight rating on the company. Meanwhile, PETROCHINA (00857.HK) may see wholesale natural gas prices adjusted downward in March when the 2026/27 seasonal prices are finalized, as its import gas costs are expected to plunge significantly. AAStocks Financial News |
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