601857.SS

Global Energy Security Index — Middle East Tension Beneficiaries (3Y Hold, Ex-Defence)

China's dominant integrated oil & gas producer ($2.1tn cap) — the key beneficiary of energy-security-driven diversification of Chinese crude sourcing away from the Gulf. Cheap at 12x P/E with a 4.5% yield and +51% 3Y return; weighted mid-pack on scale but capped below Western majors for lower growth (13.5%).