Group 1: Aluminum Price Trends - The average domestic aluminum price in China reached 21,407 yuan/ton in Q4 2025, a 3.4% increase from Q3, contributing to an annual average price of 20,646 yuan/ton, up 1.0% compared to the first three quarters of 2025 [1] - On January 5, 2026, the domestic electrolytic aluminum price hit 23,300 yuan/ton, the highest level since March 2022 [1] - Institutions predict a tight balance in global aluminum supply and demand over the next two years due to supply constraints from power issues and surging energy storage demand [1] Group 2: Industry Growth Plans - The Shandong Provincial Department of Industry and Information Technology issued a plan aiming for a 5% year-on-year growth in the added value of the non-ferrous metal industry by 2026, with aluminum industry revenue exceeding 660 billion yuan and over 35% of electrolytic aluminum capacity meeting benchmark energy efficiency standards [1] - Huatai Securities anticipates that the profit center for electrolytic aluminum will further increase in the first half of 2026, despite recent price surges leading to cautious purchasing behavior in the downstream industry [1][2] Group 3: Company-Specific Developments - China Hongqiao (01378) is a leading global aluminum producer with a strong profit moat due to its integrated supply chain, expecting net profits of 24.803 billion yuan, 25.81 billion yuan, and 27.96 billion yuan from 2025 to 2027, representing year-on-year growth of 10.9%, 4.1%, and 8.3% respectively [3] - Innovation Industry (02788) is expanding its electrolytic aluminum capacity in Saudi Arabia, with a focus on energy-efficient production, which is expected to lower costs further as green electricity is integrated [3] - Nanshan Aluminum International (02610) is developing a 1 million ton/year electrolytic aluminum project in Indonesia, with the first phase planned for 250,000 tons/year, backed by an existing alumina plant in the same industrial park [4] - China Aluminum (02600) holds approximately 2.7 billion tons of bauxite resources, with potential for revaluation under the "China Special Valuation" system, and is positioned to benefit from rising aluminum prices due to its integrated supply chain [4]

Group 1 - Morgan Stanley's preference order for the materials sector in 2026 is copper/gold > aluminum > lithium > coal > steel [1] - The MSCI China Materials Index is expected to outperform the MSCI China Index this year due to supply disruptions or tight supply and further M&A activities [1] - Zijin Mining (02899) remains Morgan Stanley's top pick for the year, with continued optimism for Luoyang Molybdenum (03993), China Aluminum (02600), and China Hongqiao (01378) [1] Group 2 - Jiangxi Copper (00358) has been upgraded to neutral based on a positive outlook for copper [1] - Chinese policies are still the main driver of commodity prices, but the execution and intensity of anti-involution policies are expected to be milder than anticipated starting from Q4 2025 [1] - Steel profit margins are expected to remain low without significant production cuts, leading to a downgrade of Baoshan Iron & Steel (600019.SH) to neutral and Ansteel (00347) to underweight [1]

Group 1 - Morgan Stanley's report indicates a preference order for the materials sector in 2026: Copper/Gold > Aluminum > Lithium > Coal > Steel [1] - The MSCI China Materials Index is expected to outperform the MSCI China Index this year due to supply disruptions or tight supply and further M&A activities [1] - Zijin Mining (601899)(02899) remains Morgan Stanley's top pick for the year, with continued optimism for Luoyang Molybdenum (603993)(03993), China Aluminum (601600)(02600), and China Hongqiao (01378) [1] Group 2 - Based on a positive outlook for copper, Jiangxi Copper (600362)(00358) rating is upgraded to Neutral [1] - Chinese policies are seen as the main driver of commodity prices, but the execution and intensity of anti-involution policies post-Q4 2025 are expected to be milder than anticipated [1] - The effort to reduce excess capacity in the steel sector is a long-term endeavor, and without significant production cuts, steel profit margins are expected to remain low [1] Group 3 - Baosteel (600019)(600019.SH) rating is downgraded to Neutral, while Ansteel (000898)(00347) is downgraded to Underweight [1]

Group 1 - The core point of the article is that China Hongqiao (01378) announced that Hongchuang Holdings plans to issue new shares to existing shareholders of Hongtuo Industrial, including Weiqiao Aluminum, to acquire target shares and related transaction documents [1] - Hongchuang Holdings will issue a total of 11.895 billion new shares, which are set to be listed on the Shenzhen Stock Exchange on January 13, 2026, marking the completion of this transaction [1]

Group 1 - The core point of the article is that China Hongqiao (01378) announced that Hongchuang Holdings plans to issue new shares to existing shareholders of Hongtuo Industrial, including Weiqiao Aluminum, to acquire target shares and related transaction documents [1] - Hongchuang Holdings will issue a total of 11.895 billion new shares, which are set to be listed on the Shenzhen Stock Exchange on January 13, 2026, marking the completion of this transaction [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之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因依賴該等內容 而引致之任何損失承擔任何責任。 China Hongqiao Group Limited 中國宏橋集團有限公司 （根據開曼群島法例註冊成立的有限公司） （股份代號：1378） 自願公告 本公告乃中國宏橋集團有限公司（「本公司」）自願作出。茲提述本公司日期為二零二四年十二月 二十三日、二零二五年一月六日、二零二五年五月二十二日、二零二五年六月九日、二零二五年 十二月十日及二零二六年一月四日的公告，內容有關宏創控股擬向宏拓實業現有股東（包括魏橋鋁 電）發行新股以購買其持有的目標股份及與本次交易相關的交易文件。除非文義另有所指，否則本公 司日期為二零二五年五月二十二日的公告所界定詞彙與本公告所用者具有相同涵義。 董事會欣然宣佈，宏創控股將發行的11,894,744,449股新股將於二零二六年一月十三日在深圳證券交 易所上市，屆時本次交易將完成。 本公司股東及潛在投資者在買賣本公司證券時務請審慎行事。 承董事會命 中國宏橋集團有限公司 主席 張 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,310.99, up by 161.68 points or 0.62% as of January 8, 16:00 Eastern Time [1] - The index reached a high of 26,311.38 and a low of 25,998.12 during the trading session, with a trading volume of 50.328 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 125.439, up by 0.92% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 615.197, down by 0.13% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings: Latest price HKD 616.000, down by HKD 8.500 or 1.36%, with an ADR price of 615.197, reflecting a decrease of 0.13% [3] - Alibaba Group: Latest price HKD 142.600, down by HKD 3.300 or 2.26%, with an ADR price of 150.458, reflecting an increase of 5.51% [3] - HSBC Holdings: Latest price HKD 124.300, down by HKD 2.900 or 2.28%, with an ADR price of 125.439, reflecting an increase of 0.92% [3] - Other notable movements include Meituan-W down by 3.35% and JD.com down by 2.02% [3]

Group 1 - The top three stocks with net inflows are Yingfu Fund (02800) with 6.826 billion, Hang Seng China Enterprises (02828) with 2.151 billion, and Kuaishou-W (01024) with 1.553 billion [1] - The top three stocks with net outflows are Tencent Holdings (00700) with -0.920 billion, China Mobile (00941) with -0.365 billion, and China Hongqiao (01378) with -0.257 billion [1] - In terms of net inflow ratio, Jiangsu Ninghu Expressway (00177) leads with 68.66%, followed by COSCO Shipping Ports (01199) with 62.64%, and Beijing Enterprises Water Group (00371) with 62.27% [1] Group 2 - The top ten stocks by net inflow include Xiaomi Group-W (01810) with 1.020 billion and Southern Hang Seng Technology (03033) with 0.944 billion [2] - The top ten stocks by net outflow also include China People's Insurance Group (01339) with -0.255 billion and GCL-Poly Energy (03800) with -0.213 billion [2] - The net outflow ratio for China National Building Material (03323) is -48.46%, followed by Gao Xin Retail (06808) at -48.27% and Swire Properties (01972) at -47.79% [3]

Group 1 - The copper-aluminum price ratio reached 4.49 on December 29, 2025, marking a new high since 2003, with potential acceleration in aluminum replacing copper in certain sectors [2][3] - In the wire and cable industry, aluminum poses a significant substitution threat to copper due to its price advantage and favorable physical properties [2] - New standards related to aluminum heat exchangers are being developed, indicating a shift towards aluminum in HVAC applications [2] Group 2 - There are disruptions in overseas electrolytic aluminum supply, with limited short-term capacity expansion due to issues like power supply agreements and infrastructure constraints [3] - A production line in Iceland faced a temporary shutdown, reducing its capacity significantly, and another facility in Mozambique is expected to enter maintenance due to unresolved power supply agreements [3] - The aluminum consumption structure is shifting, with increased demand from transportation and power sectors, and new growth points emerging from data centers and energy storage [4] Group 3 - Domestic and international policy expectations are solidifying the bottom for alumina prices, with the Chinese government emphasizing management and optimization in resource-intensive industries [5] - China's reliance on imported bauxite is increasing, with Guinea being the largest supplier, and potential market interventions could impact alumina pricing [5] - The forecast for domestic aluminum consumption in 2026 is 57.37 million tons, reflecting a growth rate of over 1.7% year-on-year [4] Group 4 - Companies to watch include Zhongfu Industrial, Yun Aluminum, and Shenhuo, which are expected to benefit from expanding aluminum profits [6] - China Aluminum and Nanshan Aluminum are highlighted for their potential rebound in alumina prices and high dividend expectations [6]

Group 1 - Aluminum stocks continued to rise in the morning session, with Nanshan Aluminum International (02610) up by 12.87%, trading at HKD 61.40 [1][2] - China Hongqiao (01378) increased by 3.91%, reaching HKD 36.64 [1][2] - China Aluminum (02600) saw a rise of 3.09%, priced at HKD 13.68 [1][2]