Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index up by 0.06% closing at 26,765.52 points, while the Tech Index fell by 1.24% to 5,725.99 points, and the National Enterprises Index decreased by 0.15% to 9,147.21 points [1][2]. Sector Performance - Traditional cyclical stocks such as oil, coal, and non-ferrous metals performed strongly, indicating a shift in market focus towards value assets. In contrast, previously popular sectors like commercial aerospace and brain-computer interface technologies experienced a pullback [2][11]. Oil Sector - Oil stocks saw significant gains, with China National Offshore Oil Corporation (CNOOC) rising by 4.01%, China Petroleum & Chemical Corporation (Sinopec) increasing by 3.68%, and China Oilfield Services Limited up by 3.23%. This strength is attributed to a recent extreme cold wave in North America, which caused a 63% spike in U.S. natural gas prices from January 20 to 22, subsequently boosting prices of light hydrocarbons and supporting domestic petrochemical prices [4][5]. Coal Sector - Coal stocks also showed robust performance, with Mongolian Energy up by 5.80%, China Shenhua Energy rising by 4.42%, and China Qinfa up by 3.74%. The increase in coal prices is linked to heightened demand due to cold weather, with daily coal output from the Bohai Rim ports averaging 1.682 million tons, a week-on-week increase of 14.2 tons or 9.19% [6][7]. Non-Ferrous Metals Sector - Non-ferrous metal stocks were active, with Rusal rising by 12.31%, China Nonferrous Mining increasing by 9.87%, and Chifeng Jilong Gold Mining up by 7.44%. Citigroup's report indicates a structural bull market in aluminum, predicting a 61,000-ton structural deficit by early 2026 and raising the price target for aluminum from $2,950 to $3,400 per ton [8][9]. Gold Market - Morgan Stanley's research indicates that gold prices have surpassed their forecast of $4,750 per ounce for the second half of the year, with expectations of further increases due to geopolitical risks, central bank purchases, and ETF inflows. A bullish scenario suggests a target price of $5,700 per ounce for the second half [10]. Weakness in Tech Sectors - Commercial aerospace stocks faced collective declines, with Asia Pacific Satellite down by 11.53%, Goldwind Technology down by 7.14%, and JunDa Co. down by 6.56%. This adjustment is attributed to short-term profit-taking pressures [11]. Brain-computer interface stocks also showed weakness, with Nanjing Panda Electronics down by 6.15% and Brainstorming Technology down by 5.35%, partly due to a recent share placement announcement [13][14]. Individual Stock Movements - Zhizhuo (02513.HK) surged by 13.02% following a significant increase in subscription service users after the launch of its flagship model GLM-4.7, indicating strong market interest in its AI capabilities [15]. Lao Pu Gold (06181.HK) rose by 7.80% due to increased customer traffic during a promotional event, with expectations of substantial revenue growth during the upcoming Spring Festival [16].

Group 1 - The core viewpoint of the article highlights a significant rally in the Hong Kong aluminum sector, with major companies experiencing substantial stock price increases [1] Group 2 - Russian Aluminum (Rusal) saw a nearly 13% increase in its stock price [1] - Rongyang Industrial experienced a rise of over 10% in its stock price [1] - Xingfa Aluminum's stock price increased by more than 5% [1]

Group 1 - Hong Kong aluminum stocks collectively strengthened, with Rusal rising nearly 13% [1] - Rongyang Industrial increased by over 10% [1] - Xingfa Aluminum rose by over 5% [1] Group 2 - Innovation Industry and Nanshan Aluminum International both increased by over 2% [1] - China Aluminum also saw an increase of over 2% [1] - China Hongqiao rose nearly 2% and reached a historical high [1]

Group 1 - Aluminum stocks have risen significantly, with Rusal (00486) up 14.81% to HKD 6.9, China Aluminum (601600) (02600) up 4.55% to HKD 13.79, China Hongqiao (01378) up 2.57% to HKD 36.78, and Innovation Industry (02788) up 2.38% to HKD 27.48 [1] - Citigroup has released a report indicating that a structural bull market for aluminum is forming, driven by domestic demand recovery, which is expected to support aluminum consumption growth into early 2026 [1] - Citigroup forecasts a slight structural deficit of 61,000 tons in 2026, raising the 0-3 month aluminum price target from USD 2,950 per ton to USD 3,400 per ton [1] Group 2 - Huachuang Securities maintains a positive outlook on the electrolytic aluminum sector, predicting average profits in the industry to be around CNY 7,600 per ton this week, with expectations for sustained high profits in the future [1] - The report highlights that electrolytic aluminum companies are entering a phase of cash flow recovery and stable profitability, which enhances their ability and willingness to return capital to shareholders [1] - The low capital expenditure intensity expected in the industry suggests that the dividend-paying attributes of listed companies in the electrolytic aluminum sector are becoming more pronounced [1]

Group 1 - Aluminum stocks have risen significantly, with Rusal up 14.81% to HKD 6.9, China Aluminum up 4.55% to HKD 13.79, China Hongqiao up 2.57% to HKD 36.78, and Innovation Industry up 2.38% to HKD 27.48 [1] - Citigroup has reported that a structural bull market for aluminum is forming, driven by pre-emptive domestic demand and recovery, providing incremental support for aluminum consumption into early 2026 [1] - Citigroup forecasts a slight structural deficit of 61,000 tons in 2026, raising the 0-3 month aluminum price target from USD 2,950 per ton to USD 3,400 per ton [1] Group 2 - Huachuang Securities remains optimistic about the electrolytic aluminum sector, predicting an average profit of approximately CNY 7,600 per ton this week, with expectations for sustained high profits in the future [1] - The overall cash flow of electrolytic aluminum companies has been improving, and the ability and willingness to increase shareholder returns is becoming more pronounced due to low future capital expenditure intensity [1] - The dividend asset attributes of the electrolytic aluminum industry are gradually becoming evident, indicating strong elasticity and dividend potential [1]

Core Viewpoint - Rusal (00486) has announced the signing of new thermal energy supply contracts with contacts from En+, aimed at securing the thermal energy necessary for the company's production processes and facilities [1] Group 1: New Thermal Energy Supply Contracts - The new thermal energy supply contract with Baikalenergo JSC is the only supplier of thermal energy in the Irkutsk region, reflecting the rates set by the national pricing and energy committee [1] - The company believes that the transactions under the new thermal energy supply contracts will be beneficial due to the lack of alternative suppliers in the region [1] - In the Sayano-Har region, Limited Liability Company "Khakass Utility Systems" monopolizes the thermal energy supply, with the rates for the second and third contracts reflecting the pricing set by the national pricing committee and the federal anti-monopoly service respectively [1]

Core Viewpoint - The announcement by Rusal (00486) indicates that the group has entered into new heat energy supply contracts with contacts from En+, which are deemed beneficial due to the lack of alternative suppliers in the respective regions [1] Group 1: New Heat Energy Supply Contracts - The new heat energy supply contracts aim to secure the necessary heat energy for the group's production processes and facilities [1] - Baikalenergo JSC is the sole provider of heat energy in the Irkutsk region, and the rates for the first contract reflect the tariffs set by the national pricing and energy committee [1] - The second and third contracts involve Limited Liability Company "Khakass Utility Systems," which monopolizes heat energy supply in the Sayano-Har region, with rates reflecting the tariffs established by the national pricing and energy committee and the federal anti-monopoly service [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY （根據澤西法律註冊成立的有限公司並在俄羅斯聯邦存續的國際公司） （香港聯交所股份代號：486；莫斯科交易所證券代碼：RUAL； 聖彼得堡交易所證券代碼：RUAL） 持續關連交易 熱能供應合約 茲提述本公司日期為二零二三年十二月二十七日、二零二五年一月十日、二零 二五年一月十七日及二零二五年十二月二日有關先前披露的熱能供應合約的公 告。 本公司宣佈，本集團成員公司已與En+的聯繫人訂立合約，據此，En+的聯繫人 同意向本集團成員公司供應熱能（「新熱能供應合約」）。 新熱能供應合約 茲提述本公司日期為二零二三年十二月二十七日、二零二五年一月十日、二零二五 年一月十七日及二零二五年十二月二日有關先前披露的熱能供應合約的公告。 – 2 – | | | | | | | | 截至二零二六年 | ...

UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY (Incorporated under the laws of Jersey with limited liability and continued in the Russian Federation as an international company) (Stock Code: 486) NOTIFICATION LETTER 通知信函 Dear Non-registered holder (Note 1) , 16 January 2026 United Company RUSAL, international public joint-stock company (the "Company") – Mandatory Electronic Dissemination of Corporate Communications This notification sets out the arrangements adopted by the Company on dissemi ...

Dear Shareholder, 16 January 2026 United Company RUSAL, international public joint-stock company (the "Company") – Mandatory Electronic Dissemination of Corporate Communications This notification sets out the arrangements adopted by the Company on dissemination of its Corporate Communications and Actionable Corporate Communications, pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Companies Ordinance (Chapter 622 of the Laws of Hong K ...