【研究报告内容摘要】
    Oil prices have been reaching new highs since mid-October.
We are still positive on the long-term outlook for oil pricesdespiteprobable volatility in price movements ahead. Onthe domestic front, theChinese government is more likely toraise natural gas prices than toincrease further refinedproduct prices. We prefer upstream heavycompanies andreaffirm our OVERWEIGHT call on the sector.