Core Viewpoint - The A-share market experienced a narrow fluctuation on October 30, 2023, with the steel sector showing significant gains, while several previously popular stocks faced adjustments [1][4][11]. Market Performance - The A-share market saw the Shanghai Composite Index fluctuating above 4000 points, with the North China 50 Index rising over 2% during the session, following a previous trading day where it surged by 8.41%, marking one of its best performances of the year [4]. - The steel sector was a highlight, with companies like Anyang Iron & Steel reaching the daily limit, and others such as Fangda Special Steel and New Steel Co. also showing strong gains [5]. Sector Analysis - The coal sector led the market with a rise exceeding 1.4%, driven by increasing prices of coking coal and coke, with coking coal futures rising over 3% and coke futures increasing by more than 2% [7]. - Other sectors such as electrical equipment, non-ferrous metals, transportation, and home appliances also showed notable gains [8]. - In contrast, sectors like telecommunications, comprehensive services, electronics, and building materials faced declines [9]. Conceptual Trends - Lithium mining concepts were among the top gainers, with the sector rising over 2%. Notable stocks included XWANDA, which surged by over 14%, and Dazhong Mining, which hit the daily limit [9][10]. - Other conceptual sectors like quantum technology, nickel metals, and remote work also performed well in the market [10].

Group 1 - The Hang Seng Index rose by 0.54%, gaining 141 points to close at 26,487 points, while the Hang Seng Tech Index increased by 0.31%. The morning trading volume in Hong Kong stocks reached HKD 178.7 billion [1] - Newly listed stock Dipu Technology (01384) surged by 36%, while Baima Tea (06890) rose over 8%, and Haixi New Drug (02637) increased by 7.59% [2] - The demand for energy storage driven by AI is expected to increase significantly, with CITIC Securities forecasting that total lithium battery demand will exceed 2,700 GWh next year, a year-on-year growth rate of over 30%. Energy storage battery demand is projected to exceed 900 GWh, leading to potential shortages in various lithium sectors [2] Group 2 - Ganfeng Lithium (01772) rose over 12%, and Tianqi Lithium (09696) increased by over 8% due to the strong performance of lithium mining stocks [2] - The energy storage sector saw significant gains, with Zhongchu Innovation (03931) rising over 12%, CATL (03750) increasing by 2.59%, and Shuangdeng Co. (06969) gaining over 7% [2] - Ruipu Lanjun (00666) increased by over 8% after the company launched several strategic new products covering energy storage, commercial vehicles, and passenger cars [3] Group 3 - Aneng Logistics (09956) surged by 22% following a privatization proposal from a major shareholder's consortium, with a premium rate exceeding 48% [4] - China Duty Free Group (01880) rose by 3% as the entire Hainan island is set to close in December, which is expected to boost the overall development of Hainan's tourism retail market [5] - China Hongqiao (01378) increased by nearly 7% due to recent production cuts in overseas electrolytic aluminum, which may further widen the supply-demand gap in the electrolytic aluminum market [6] Group 4 - Anjii Food (02648) rose over 8% with a 11.8% year-on-year growth in net profit attributable to shareholders in the third quarter, supported by a collaborative development across all channels [7] - The engineering machinery sector saw significant gains, with September exports continuing to grow year-on-year, and leading companies like Sany Heavy Industry (06031) rising by 9%, Senson International (02155) increasing by 8.02%, and China National Heavy Duty Truck Group (03808) gaining 3.7% [7] Group 5 - WuXi AppTec (02359) fell over 4% as the actual controller's shareholders plan to reduce their holdings by no more than 2% of the company's A-shares [8]

Group 1 - China Hongqiao (01378.HK) has seen a nearly 7% increase in its stock price, currently up 5.71% at HKD 29.24 [1] - The trading volume for China Hongqiao reached HKD 477 million [1]

Core Viewpoint - China Hongqiao (01378) has seen a significant stock price increase, attributed to recent production cuts in overseas electrolytic aluminum facilities, indicating a tightening supply-demand balance in the industry [1] Company Summary - China Hongqiao's stock rose nearly 7%, currently trading at HKD 29.24 with a transaction volume of HKD 477 million [1] - The company is recognized as a leading player in the electrolytic aluminum sector, benefiting from improved profitability and a trend towards stable dividends [1] Industry Summary - Recent production cuts at overseas electrolytic aluminum plants, including Century Aluminum's Grundartangi facility and the potential maintenance shutdown of Mozambique's Mozal plant, are expected to impact global supply for over six months [1] - According to Huatai Securities, the global electrolytic aluminum supply-demand gap may widen to 800,000 tons by 2026, with LME aluminum prices projected to exceed USD 3,200 per ton next year [1] - Tianfeng Securities notes that the tightening supply-demand dynamics are leading to significant improvements in profit margins for electrolytic aluminum producers, with a clear trend towards increased dividends across the industry [1]

Core Viewpoint - China Hongqiao (01378) has seen a significant stock price increase, attributed to recent production cuts in the overseas electrolytic aluminum sector, indicating a tightening supply-demand balance in the industry [1] Group 1: Company Performance - China Hongqiao's stock rose nearly 7%, currently trading at 29.24 HKD with a trading volume of 477 million HKD [1] - The company is implementing stable dividend policies, reflecting a shift towards becoming a high-quality, scarce asset in the market [1] Group 2: Industry Trends - Recent production cuts at overseas electrolytic aluminum plants, including Century Aluminum's Grundartangi plant, are expected to last over six months, contributing to a tighter supply [1] - Global electrolytic aluminum supply-demand gap is projected to widen to 800,000 tons by 2026, with LME aluminum prices expected to rise above 3,200 USD/ton next year [1] - The profitability of the electrolytic aluminum industry is improving significantly, with expectations for sustained high profits due to ongoing supply constraints [1]

Core Viewpoint - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) has shown significant growth in both share volume and fund size in 2024, indicating strong investor interest and performance [1][2]. Fund Overview - The fund was established on August 14, 2024, with an annual management fee of 0.50% and a custody fee of 0.08% [1]. - As of October 24, 2024, the fund's share volume reached 243 million, with a total size of 334 million yuan [1]. - Year-to-date, the fund's share volume has increased by 114.89%, and its size has grown by 158.55% compared to December 31, 2024 [1]. Liquidity Analysis - Over the last 20 trading days, the ETF has accumulated a total trading volume of 807 million yuan, averaging 40.34 million yuan per day [1]. - Since the beginning of the year, the total trading volume has reached 7.729 billion yuan, with an average daily trading volume of 39.43 million yuan over 196 trading days [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong managing the fund since August 29, 2024, achieving a return of 40.59%, while Wang has managed it since August 13, 2025, with a return of 0.07% [2]. Top Holdings - The ETF's top holdings include: - Orient Overseas International: 9.65% [3] - China COSCO Shipping: 7.14% [3] - Yancoal Australia: 5.43% [3] - Yanzhou Coal Mining: 4.73% [3] - Seaspan Corporation: 4.36% [3] - China Hongqiao Group: 3.10% [3] - Sinopec: 3.08% [3] - CNOOC: 3.03% [3] - Minsheng Bank: 3.01% [3] - China Everbright Bank: 3.01% [3]

Group 1 - China Hongqiao (01378) saw its stock price rise over 4%, reaching a new historical high of 28.96 HKD, with a trading volume of 566 million HKD [1] - Huatai Securities forecasts a global primary aluminum supply-demand gap of -59.1 million tons in 2025 and -84.3 million tons in 2026, predicting that LME aluminum prices may exceed 3200 USD/ton by 2026 [1] - Tianfeng Securities indicates that the tightening supply-demand dynamics are significantly improving the profitability of the electrolytic aluminum industry, with leading companies like China Hongqiao beginning to implement stable dividends [1] Group 2 - The electrolytic aluminum sector is transitioning from a traditional cyclical industry to a high-quality, scarce asset with price elasticity and dividend support [1] - The overall trend in the electrolytic aluminum industry is towards increased dividends this year, reflecting improved profitability amid supply constraints [1]

Core Viewpoint - China Hongqiao (01378) has seen its stock price rise over 4%, reaching a new historical high of 28.96 HKD, driven by positive market sentiment and forecasts regarding aluminum supply and demand dynamics [1] Industry Summary - According to Huatai Securities, the global primary aluminum supply-demand gap is projected to be -59.1 million tons in 2025 and -84.3 million tons in 2026, indicating a tightening market. It is expected that the LME aluminum price may exceed 3200 USD/ton by 2026 [1] - The domestic supply constraints are expected to exacerbate the supply-demand imbalance, leading to a significant narrowing of the price difference between domestic and international aluminum prices, with domestic prices likely to perform more strongly [1] Company Summary - Tianfeng Securities notes that the tightening supply-demand landscape is significantly improving the profitability of the electrolytic aluminum industry, with high profits expected to continue. This improvement in profitability is also reflected in the performance of electrolytic aluminum companies [1] - With the limitation on domestic supply, the peak of capital expenditure for electrolytic aluminum companies has passed. Leading companies like China Hongqiao are gradually implementing stable dividend policies, and there is a noticeable trend of increasing dividends across the electrolytic aluminum sector this year [1] - The current electrolytic aluminum stocks are transitioning from traditional cyclical commodities to high-quality, scarce assets characterized by price elasticity and dividend support [1]

Industry Rating - The industry rating for the electrolytic aluminum sector is maintained at "Outperform" [1] Core Viewpoints - The electrolytic aluminum sector is characterized by a perfect blend of resilience and dividend value, indicating a revaluation process is underway [1][3] - The sector's average dividend yield is projected to be 6.0% by the end of 2024, ranking it first among major high-dividend industries, with China Hongqiao's yield reaching 13.7% [2][19] - The report emphasizes the transition of the electrolytic aluminum stocks from being viewed as highly cyclical assets to becoming quality scarce assets with both price elasticity and dividend support [9][19] Summary by Sections 1. Current Dividend Yield of the Electrolytic Aluminum Sector - As of the end of 2024, the weighted average dividend yield for the electrolytic aluminum sector is estimated at 6.0%, leading among high-dividend industries [2][19] - China Hongqiao's dividend yield is notably high at 13.7%, significantly above other industry leaders [20][21] - The overall trend indicates a clear increase in dividend levels across the sector, with many companies raising their dividend guidance for 2025 [24] 2. Sources of Dividend Value Beyond Resilience - The sector's profitability is expected to remain high due to a tightening supply-demand balance, with domestic production capacity nearing its ceiling [6][28] - The report highlights that the capital expenditure peak has passed, leading to improved asset structure and quality within the sector [45][52] - The transition from a focus on scale expansion to quality enhancement is evident, with a clear path for converting high profits into cash flow and shareholder returns [6][39] 3. Will the Valuation of the Electrolytic Aluminum Sector Increase? - Historical comparisons with coal and China Hongqiao suggest that the market is willing to assign higher valuations to dividend-paying assets, recognizing their asset quality and stable cash flows [4] - The price-to-earnings (PE) ratios for leading companies in high-dividend sectors have shown significant improvement since 2023, indicating potential for further valuation increases [4][19] - The overall trend in the sector shows a marked increase in dividend payout ratios, with several companies indicating higher future dividends [24] 4. Stock Selection in the Electrolytic Aluminum Sector - The report recommends focusing on high-dividend companies such as China Hongqiao and Zhongfu Industrial, as well as those with increasing dividend potential like China Aluminum and Shenhuo [5] - The sector is viewed as a combination of offensive aluminum price exposure and defensive dividend asset characteristics, suggesting a favorable investment outlook [5][9]

Group 1 - The company announced the cancellation of 300,000 repurchased shares on October 23, 2025 [1]