中国宏桥（01378）早盘涨超6%，高见35.56港元，创上市新高。截至发稿，股价上涨6.32%，现报35.32 港元，成交额10.33亿港元。 新年伊始伦铝突破3000美元大关，创下2022年以来的最高记录；沪铝主力合约也突破2.4万元/吨关口。 中信建投证券指出，莫桑比克Mozal铝厂将于2026年3月15日转入无限期停产的消息再度令市场担心电 解铝供应的稳定性。该行认为，随着海外主要经济体PMI的回暖推升用铝需求，预计2026年全球电解铝 需求增加150~187万吨，即2%~2.5%。供需处于紧平衡状态，且建立在供应受电力威胁的基础之上，电 解铝价格易涨难跌，利润在高位继续扩张。 新年伊始伦铝突破3000美元大关，创下2022年以来的最高记录；沪铝主力合约也突破2.4万元/吨关口。 中信建投证券指出，莫桑比克Mozal铝厂将于2026年3月15日转入无限期停产的消息再度令市场担心电 解铝供应的稳定性。该行认为，随着海外主要经济体PMI的回暖推升用铝需求，预计2026年全球电解铝 需求增加150~187万吨，即2%~2.5%。供需处于紧平衡状态，且建立在供应受电力威胁的基础之上，电 解铝价格易涨难跌，利润 ...

消息面上，新年伊始伦铝突破3000美元大关，创下2022年以来的最高记录；沪铝主力合约也突破2.4万 元/吨关口。中信建投（601066）证券指出，莫桑比克Mozal铝厂将于2026年3月15日转入无限期停产的 消息再度令市场担心电解铝供应的稳定性。该行认为，随着海外主要经济体PMI的回暖推升用铝需求， 预计2026年全球电解铝需求增加150~187万吨，即2%~2.5%。供需处于紧平衡状态，且建立在供应受电 力威胁的基础之上，电解铝价格易涨难跌，利润在高位继续扩张。 华创证券研报指出，四季度以来受全球供给因电力问题收紧及储能需求爆发预期持续，预计未来2年全 球铝供需紧平衡，当前看LME+国内铝库存总计维持120-130万吨左右，安全库存将持续维持低位，对 铝价形成向上支撑。此外考虑当前美国铝高升水接近70%，若缺电逻辑演化造成美减产，铝上涨弹性或 更强，铝成本下行电解铝利润有望维持高位，看好铝红利+弹性。而中国宏桥电解铝产能位于全球前 列，且高分红+回购持续推进，红利资产属性逐步凸显，有望核心受益。 中国宏桥(01378)涨超6%，高见35.56港元创上市新高。截至发稿，涨6.86%，报35.5港元，成交额 ...

智通财经APP获悉，中国宏桥(01378)涨超6%，高见35.56港元创上市新高。截至发稿，涨6.86%，报35.5 港元，成交额8.11亿港元。 华创证券研报指出，四季度以来受全球供给因电力问题收紧及储能需求爆发预期持续，预计未来2年全 球铝供需紧平衡，当前看LME+国内铝库存总计维持120-130万吨左右，安全库存将持续维持低位，对 铝价形成向上支撑。此外考虑当前美国铝高升水接近70%，若缺电逻辑演化造成美减产，铝上涨弹性或 更强，铝成本下行电解铝利润有望维持高位，看好铝红利+弹性。而中国宏桥电解铝产能位于全球前 列，且高分红+回购持续推进，红利资产属性逐步凸显，有望核心受益。 消息面上，新年伊始伦铝突破3000美元大关，创下2022年以来的最高记录；沪铝主力合约也突破2.4万 元/吨关口。中信建投证券指出，莫桑比克Mozal铝厂将于2026年3月15日转入无限期停产的消息再度令 市场担心电解铝供应的稳定性。该行认为，随着海外主要经济体PMI的回暖推升用铝需求，预计2026年 全球电解铝需求增加150~187万吨，即2%~2.5%。供需处于紧平衡状态，且建立在供应受电力威胁的基 础之上，电解铝价格易涨难跌 ...

Group 1 - The core viewpoint of the articles highlights a significant rise in Hong Kong's non-ferrous metal stocks, driven by geopolitical tensions and supply constraints in the metals market [1][2] - Major companies such as China Daye Nonferrous Metals saw a nearly 7% increase, while Luoyang Molybdenum and Zhaojin Mining also experienced notable gains of 5.6% and over 4% respectively [2] - The recent military action by the U.S. against Venezuela has heightened market risk aversion, leading to a surge in gold prices, which reached $4,450 per ounce, and silver prices, which rose to $77 per ounce [1] Group 2 - The copper market is facing supply challenges due to worker strikes at mining sites, exacerbating an already tight supply situation, which has pushed London copper prices to a record high of over $13,090 per ton [1] - CITIC Securities' latest report indicates that the resource bull market is continuing due to renewed geopolitical conflicts, which are driving both risk-averse investments and central bank allocations towards gold [1] - Basic metals such as copper, aluminum, and nickel are experiencing supply contradictions, supporting price increases in these commodities [1]

Core Insights - The Hong Kong stock market's refinancing activities in 2025 were exceptionally active, with a total of approximately HKD 325.32 billion raised through various methods, significantly surpassing the previous year [1] - Placement became the primary method for refinancing, with 345 companies initiating 463 placements, raising HKD 289.62 billion, slightly exceeding the HKD 285.69 billion raised through IPOs [1] - Leading companies like BYD and Xiaomi spearheaded large-scale refinancing efforts, focusing on industry integration and technological development [2] Group 1: Refinancing Trends - In 2025, the refinancing market in Hong Kong saw significant participation from industry leaders, with BYD raising HKD 43.51 billion and Xiaomi raising HKD 42.6 billion [2] - Other notable companies included NIO and Horizon Robotics, which collectively raised over HKD 11 billion, focusing on core technology breakthroughs and operational stability [2] - The refinancing activities reflect a trend of companies engaging in multiple rounds of financing, with firms like SenseTime and China Ruoyi completing several placements throughout the year [4] Group 2: Mechanisms and Strategies - The "old before new" placement system in Hong Kong allows companies to quickly raise funds by transferring existing shares before issuing new ones, significantly shortening the financing cycle [5] - This method typically offers discounts of 5% to 12% compared to market prices, effectively attracting institutional investors [5] - New companies listed in 2025, such as Boreton and Jiangsu Hongxin, quickly initiated refinancing to leverage their post-IPO stock price advantages [6] Group 3: Strategic Focus - The funds raised through refinancing are often directed towards capacity expansion and R&D, particularly in high-growth sectors like technology and renewable energy [3] - Companies like GCL-Poly announced specific uses for their raised funds, including structural adjustments in polysilicon production and enhancing R&D capabilities [2] - The trend of "going global" is also evident, with many Hong Kong-listed companies pursuing international expansion strategies while ensuring compliance with local regulations [7]

每经AI快讯，铝业股涨幅居前。截至发稿，中国铝业(02600.HK)涨5.3%，报13.32港元；南山铝业国际 (02610.HK)涨2.9%，报51.1港元；中国宏桥(01378.HK)涨2.82%，报34.98港元。 ...

铝业股涨幅居前，截至发稿，中国铝业（601600）(02600)涨5.3%，报13.32港元；南山铝业（600219） 国际(02610)涨2.9%，报51.1港元；中国宏桥(01378)涨2.82%，报34.98港元。 华闻期货认为，2025年1-11月份我国氧化铝累计产量为8190万吨，累计同比+7.44%，上半年成本压力下 氧化铝企业一度出现集中减产现象，但随着成本下移及利润修复，下半年国内氧化铝行业运行产能重回 高位。从新增产能来看，2026年国内外仍有大量氧化铝产能待释放，预计国内新增产能约1500万吨，主 要在广西、河北两省，海外新增产能约750万吨，主要集中在印度。 消息面上，海外供应减少扰动担忧持续推升铝价，上周五外盘铝价再创新高，LME三月期铝价涨0.8% 至3021美元/吨。新湖期货表示，短期市场仍受宏观情绪波动影响，投机氛围较浓，铝价或高位震荡。 国金证券指出，展望2026年，预计成本下降红利将延续，中国产能天花板将至+电力制约带来供应端紧 约束，低库存+需求多元有望超预期，看好电解铝高盈利继续扩张。 ...

华闻期货认为 ，2025年1-11月份我国氧化铝累计产量为8190万吨，累计同比+7.44%，上半年成本压力 下氧化铝企业一度出现集中减产现象，但随着成本下移及利润修复，下半年国内氧化铝行业运行产能重 回高位。从新增产能来看，2026年国内外仍有大量氧化铝产能待释放，预计国内新增产能约1500万吨， 主要在广西、河北两省，海外新增产能约750万吨，主要集中在印度。 智通财经APP获悉，铝业股涨幅居前，截至发稿，中国铝业(02600)涨5.3%，报13.32港元；南山铝业国 际(02610)涨2.9%，报51.1港元；中国宏桥(01378)涨2.82%，报34.98港元。 消息面上，海外供应减少扰动担忧持续推升铝价，上周五外盘铝价再创新高，LME三月期铝价涨0.8% 至3021美元/吨。新湖期货表示，短期市场仍受宏观情绪波动影响，投机氛围较浓，铝价或高位震荡。 国金证券指出，展望2026年，预计成本下降红利将延续，中国产能天花板将至+电力制约带来供应端紧 约束，低库存+需求多元有望超预期，看好电解铝高盈利继续扩张。 ...

Group 1 - Baidu Group-SW (09888) proposes to spin off Kunlun Chip for independent listing on the Hong Kong Stock Exchange main board [1] - Dali Group Holdings (01921) subsidiary Dali International Industrial Company has obtained a temporary industrial license issued by MIMR [1] - Guofu Hydrogen Energy (02582) has completed the delivery of a total of 424 sets of vehicle-mounted high-pressure hydrogen supply systems to its customers [1] Group 2 - CSPC Pharmaceutical Group (01093) has received clinical trial approval in China for its inhalation powder of Nintedanib [1] - Fantasia Holdings (01777) has entered into a restructuring agreement with Splendid Fortune to sell 409 million shares of Color Life for USD 4.5284 million [1] - China Hongqiao (01378) has made Hongtuo Industrial a wholly-owned subsidiary of Hongchuang Holdings [1] Group 3 - Brainstorm Cell Therapeutics-B (06681) subsidiary has officially signed a cooperation agreement with Beijing Jianguo Medical for a cognitive digital therapy project [1] - Longpan Technology (02465) plans to invest in a lithium iron phosphate production base with an annual capacity of 240,000 tons, with a total investment not exceeding 2 billion yuan [1] - Zhongzheng International (00943) intends to acquire a digital solution company in the beauty industry for HKD 62.5 million, with resumption of trading on January 5 [1] - Kelun-Biotech (06990) has received approval from the National Medical Products Administration for the clinical trial application of its ITGB6 ADC SKB105 new drug [1]

（原标题：中国宏桥(01378)：宏拓实业成为宏创控股全资子公司） 智通财经APP讯，中国宏桥(01378)发布公告，关宏创控股拟向宏拓实业现有股东(包括魏桥铝电)发行新 股以购买其持有的目标股份及与本次交易相关的交易文件。宏创控股于2025年12月31日收到中国证券监 督管理委员会出具的《关于同意山东宏创铝业控股股份有限公司发行股份购买资产注册的批复》(证监 许可〔2025〕2970号)。批复文件的主要内容为同意宏创控股向魏桥铝电等九家交易对手方发行股份购 买相关资产的注册申请。 在收到前述批复后，于同日，宏拓实业100%股权已全部过户登记至宏创控股名下，本次交易标的资产 过户事宜已完成，宏拓实业成为宏创控股全资子公司。 宏创控股将根据上述批复文件和相关法律法规的要求及宏创控股股东会的授权，在规定期限内办理本次 交易其他事宜，包括但不限于宏创控股新增股份相关登记上市手续。 fund ...