日前，2025秋季联合国可持续发展目标（UN-SDGs）可持续影响力奖颁奖典礼在韩国济州岛新花世界会议中心圆满举行，现场云集全球上市企业管理 层，共同见证并嘉许可持续发展领域的卓越实践者。中国宏桥集团有限公司（股份代号：1378.HK，以下简称 "中国宏桥"）凭借在可持续发展领域的可量 化贡献与突出实践，连续第二年荣膺 "卓越奖"。 本次联合国可持续发展目标可持续影响力奖由联合国全球领导力与ESG项目（UN Global Leadership & ESG Programme）和社会影响力投资基金会（Social Impact Investment Foundation）联合发起。颁奖典礼与亚太经合组织（APEC）数字贸易与商业创新论坛同期举办，汇聚了20余家企业代表、上市公司及非 政府组织代表，共同探讨可持续发展路径与实践成果。奖项评估框架严格对标经合组织（OECD）可持续影响评估（SIA）及联合国开发计划署 （UNDP）SDG影响标准，从环境、社会、治理（ESG）三大维度对企业进行全面、客观的综合考量，旨在表彰对可持续发展作出切实且具影响力贡献的 企业。 日前，2025秋季联合国可持续发展目标（UN-SDG ...

Market Overview - The Hang Seng Index (HSI) closed at 25,577.23, down by 51.65 points or 0.20% from the previous close [1] - The index reached a high of 25,757.83 and a low of 25,577.23 during the trading session, with a trading volume of 35.27 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 117.167, up by 0.83% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 600.386, down by 0.43% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 603.000, down by HKD 13.000 or 2.11% [3] - Alibaba Group (09988) latest price is HKD 148.600, down by HKD 5.500 or 3.57% [3] - HSBC Holdings (00005) latest price is HKD 116.200, down by HKD 1.100 or 0.94% [3] - AIA Group (01299) latest price is HKD 80.650, up by HKD 1.650 or 2.09% [3] - BYD Company (01211) latest price is HKD 96.000, down by HKD 2.500 or 2.54% [3] - Baidu Group (09888) latest price is HKD 118.700, down by HKD 7.300 or 5.79% [3] - JD.com (09618) latest price is HKD 113.500, down by HKD 2.100 or 1.82% [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [3][6]. Core Views - The report highlights that the Federal Reserve's interest rate cut and balance sheet expansion are favorable for precious metals, with expectations of further rate cuts in 2026 [1][35]. - For industrial metals, the report notes that copper inventories are increasing in the U.S., while non-U.S. regions face supply tightness, which could lead to a short squeeze [2]. - The aluminum market is supported by positive macroeconomic policies and low inventory levels, leading to a strong price floor [2]. - Nickel prices are expected to remain low due to seasonal demand weakness [2]. - Lithium prices are experiencing fluctuations due to supply disruptions, while cobalt supply is set to increase with the resumption of exports from the Democratic Republic of Congo [2]. Summary by Sections Precious Metals - The Federal Reserve's recent actions are expected to boost liquidity and support precious metal prices [1][35]. - The market anticipates two rate cuts in 2026, which could influence precious metal investments positively [1][35]. Industrial Metals - **Copper**: U.S. copper inventories are rising, while low inventories in non-U.S. regions raise concerns about supply [2]. - **Aluminum**: The aluminum market is experiencing a strong price support due to positive economic data and low inventory levels [2]. - **Nickel**: Nickel prices are projected to remain low as demand enters a seasonal downturn [2]. Energy Metals - **Lithium**: Prices are fluctuating due to supply disruptions, with recent increases in lithium carbonate prices [2]. - **Cobalt**: The resumption of cobalt exports from the Democratic Republic of Congo is expected to stabilize supply and maintain high price levels [2]. Key Companies to Watch - The report suggests monitoring companies such as Shandong Gold, Zijin Mining, and others for potential investment opportunities [1][2][6].

行业周报 | 有色金属 2026 经济开局定调+美联储降息扩表，看好有色景气上行 证券研究报告 2025 年 12 月 14 日 有色金属行业周报（2025.12.8 -2025.12.14） 核心结论 本周核心关注一：政治局会议定调明年经济工作，实施更加积极有为的宏观 政策 2026 年经济工作的政策基调已经明确，会议指出，做好明年经济 工作，要实施更加积极有为的宏观政策，增强政策前瞻性针对性协 同性，持续扩大内需、优化供给，做优增量、盘活存量，因地制宜 发展新质生产力，纵深推进全国统一大市场建设，持续防范化解重 点领域风险，着力稳就业、稳企业、稳市场、稳预期，推动经济实 现质的有效提升和量的合理增长，保持社会和谐稳定，实现"十五 五"良好开局。2026 年是"十五五"开局之年，政策取向将直接 影响未来五年经济发展的节奏与质量。政策基调将更为积极，重点 解决经济运行中的结构性矛盾，通过更加精准有效的政策组合拳， 激发经济增长新动能。 本周核心关注二：美联储继续降息，同时重启扩表 12 月 11 日凌晨，美联储宣布将联邦基金利率目标区间下调 0.25 个百分点至 3.5%-3.75%，符合市场预期。其中声明新 ...

Core Viewpoint - The company has successfully completed a share placement to meet domestic and international project needs and debt repayment, which is expected to optimize its asset structure and quality in the future [1] Group 1: Share Placement and Fund Allocation - The company announced the completion of a share placement and subscription agreement, issuing a total of 400 million shares at a subscription price of HKD 29.20 per share, with expected net proceeds of approximately HKD 11.49 billion [1] - Of the proceeds, 60% (approximately HKD 6.894 billion) will be used for the development and enhancement of domestic and international projects, with significant capital expenditures planned for the next three months [1] - 30% (approximately HKD 3.447 billion) will be allocated for repaying existing debts to optimize the company's capital structure, with total debts due before June 30, 2026, amounting to approximately HKD 54 billion [1] - The remaining 10% (approximately HKD 1.149 billion) will be used for working capital and general corporate purposes, including coal procurement and other raw materials [1] Group 2: Future Development and Shareholder Confidence - The controlling shareholder, Hongqiao Holdings, has increased its stake in the company, purchasing 7.5 million shares at an average price of approximately HKD 30.54 per share, raising its ownership from 63.94% to 64.02% [2] - Following the share placement, Hongqiao Holdings' stake decreased to 59.82%, but after the subscription, it increased to 61.44%, indicating strong confidence in the company's future development [2] Group 3: Financial Performance and Market Outlook - China Hongqiao's subsidiary, Shandong Hongqiao, reported a 6% year-on-year increase in revenue for the first three quarters, totaling RMB 116.93 billion, with a 23% increase in net profit to RMB 19.37 billion [3] - The third quarter saw revenue of RMB 38.7 billion, a 2% year-on-year increase, and a net profit of RMB 6.9 billion, an 18% year-on-year increase, driven by improved profitability in the electrolytic aluminum sector [3] - The average aluminum price in China has risen to RMB 21,407 per ton since Q4 2025, supported by tight global supply and increasing demand, which is expected to benefit the company [3][4] Group 4: New Project Contributions - The company’s West Simandou iron ore project has officially commenced production, with an expected output of 30 million tons in the first year and reaching full capacity in the second year, which is anticipated to enhance the company's performance [4]

Investment Rating - The report maintains a "Recommended" rating for China Hongqiao (01378.HK) with a target price of HKD 34.3, indicating a potential upside from the current price of HKD 31.36 [1]. Core Views - China Hongqiao is positioned as a high-dividend stock in the electrolytic aluminum sector, showcasing both growth potential and industry leadership [1]. - The company has achieved record-high performance in its recent financial results, with a significant increase in net profit and revenue, driven by enhanced profitability in the electrolytic aluminum sector [4][5]. - The company is optimistic about its future prospects, as evidenced by the controlling shareholder's recent share purchases, reflecting confidence in the company's growth trajectory [4]. Company Overview - Total shares outstanding: 992,438.02 million - Total market capitalization: HKD 3,112.29 billion - Debt-to-asset ratio: 49.08% - Net asset value per share: HKD 11.92 - 12-month price range: HKD 34.90 (high) / HKD 10.96 (low) [1]. Financial Performance - For the first three quarters of 2025, the company reported revenue of HKD 1169.3 billion, a year-on-year increase of 6%, and a net profit of HKD 193.7 billion, up 23% year-on-year [4]. - The third quarter alone saw revenue of HKD 387 billion, with a net profit of HKD 69 billion, reflecting an 18% increase year-on-year [4]. - The company expects to achieve net profits of HKD 248.03 billion, HKD 258.1 billion, and HKD 279.6 billion for the years 2025, 2026, and 2027, respectively, indicating a growth trajectory of 10.9%, 4.1%, and 8.3% [5]. Market Dynamics - The report highlights a favorable outlook for aluminum prices, with expectations of a balanced supply-demand scenario globally, which is likely to support price increases [4]. - The average aluminum price in China has risen to HKD 21,407 per ton, a 3.4% increase from the previous quarter [4]. - The company is set to benefit from the commissioning of the Simandou iron ore project, which is expected to enhance its earnings further [4]. Valuation Metrics - The report adjusts the aluminum price assumptions for 2025-2027 to HKD 20,600, HKD 21,000, and HKD 21,300 per ton, respectively, while lowering the alumina price assumptions [5]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are HKD 2.25, HKD 2.50, and HKD 2.60, respectively [5].

Core Viewpoint - China Hongqiao (01378) saw a significant increase in stock price, opening over 3% higher and reaching a price of 32.4 HKD with a trading volume of 12.41 million HKD, following the announcement of a major asset acquisition by its subsidiary, Hong Chuang Holdings [1] Group 1: Company Developments - Hong Chuang Holdings (002379) received approval from the Shenzhen Stock Exchange's M&A Review Committee for its plan to issue shares to acquire assets, specifically 100% equity of Hong Tuo Industrial from Wei Qiao Aluminum, Jia Hui Investment, and Dongfang Asset Management, with a transaction value of 63.5 billion RMB [1] - This transaction represents a strategic move for China Hongqiao to bring its core aluminum assets back to the A-share market, which is expected to enhance internal asset integration and improve the company's overall competitiveness through capital market leverage [1]

Group 1: Precious Metals - The report emphasizes the long-term allocation value of precious metals, particularly gold, supported by central bank purchases and a weakening dollar credit system [10][11][44] - Gold demand is expected to remain strong due to central bank purchases, with a total of 219.85 tons purchased in Q3 2025, marking a historical high [18][20] - Silver is projected to experience strong price momentum due to persistent supply-demand gaps and low domestic inventory levels [28][39] Group 2: Copper - The copper mining sector is expected to maintain low growth rates, with a projected supply shortage in 2026 due to ongoing mining and smelting conflicts [12][45] - Global copper production is anticipated to increase by approximately 10,000 tons, 70,000 tons, and 84,000 tons from 2025 to 2027, while smelting capacity is expected to rise by 217,000 tons, 100,000 tons, and 20,000 tons respectively [12][47] - The report suggests focusing on leading companies in the copper sector, such as Zijin Mining and Jiangxi Copper, as supply tightens [2][12] Group 3: Aluminum - The aluminum market is expected to maintain a tight balance, with domestic production growth rates projected at 2.2%, 1.4%, and 0.4% from 2025 to 2027 [3][13] - Demand for aluminum remains resilient, driven by investments in new energy and power grids, with a projected domestic demand growth of 2.6%, 1.0%, and 3.6% over the same period [3][13] - The report highlights the importance of high dividend stocks in the aluminum sector, recommending companies like China Hongqiao and Tianshan Aluminum [3][13] Group 4: Cobalt - The cobalt supply chain is being reshaped by policies in the Democratic Republic of Congo, leading to a significant reduction in global supply, with projections of only 96,600 tons contributed annually from 2026 to 2027 [4][14] - Demand for cobalt is expected to grow, particularly in high-end electric vehicles and solid-state batteries, with a projected global shortage of 32,000 tons and 31,000 tons in 2026 and 2027 respectively [4][14] - Companies benefiting from cobalt price elasticity, such as Huayou Cobalt and Luoyang Molybdenum, are recommended for investment [4][14]

Market Overview - Hong Kong stocks opened positively with the Hang Seng Index up by 0.9%, the National Enterprises Index up by 0.88%, and the Hang Seng Technology Index up by 1.02% [1] - The market sentiment remains cautious, with expectations that the index will continue to fluctuate between 25,200 and 26,200 points [3] Company Updates - Zijin Mining (02899) saw a rise of 3.51%, while China Hongqiao (01378) increased by 3.32%, JD Health (06618) by 3.2%, Sands China (01928) by 2.36%, and NetEase (09999) by 1.91% [1] - Conversely, Henderson Land Development (00012) fell by 1.03%, Li Ning (02331) by 0.75%, and Hansoh Pharmaceutical (03692) by 0.65% [1] Bond Issuance - Zhaojin Mining (01818) opened high at 1.97% and announced the issuance of technology innovation convertible bonds amounting to 800 million RMB, which is 53.3% of the planned issuance of up to 1.5 billion RMB. The bonds have a two-year term and a coupon rate of 2.2% [1] Shareholder Activity - Leap Motor (09863) opened up by 1.63% as the Chairman and CEO Zhu Jiangming, along with shareholder Fu Liqian, purchased a total of 2.1506 million H shares at an average price of approximately 50.51 RMB, totaling over 100 million RMB. This increases their combined holdings to 23.75% of the total issued shares [2] - Red Star Macalline (01528) opened down by 0.84% after shareholders Taobao Holdings and New Retail Fund reduced their holdings by 30.616 million H shares, representing 0.7% of the current total share capital [2]

金吾财讯 | 中国宏桥(01378)股价高位运行，截至发稿，涨3.44%，报32.44港元，成交额4.08亿港元。 汇丰研究发布月度大宗商品研究报告，指出需求强劲与供应紧张令基本金属价格保持强势，考虑到市场 供需平衡紧绌，价格可能存在进一步上行风险。在中国材料板块中，该行最看好铝；在当前宏观背景 下，亦看好黄金；同时对建筑材料长期前景持正面看法。汇丰研究指，展望明年铝业基本面趋向坚实， 加上中国的产能上限限制国内供应增长，海外新增供应依然温和，预料分别按年增长0.5%及3%，相应 将2026及2027年铝价预测上调，上海期货交易所铝价预测料达每吨22,000元及23,000元人民币。该行目 前在中国材料板块中偏好铝业股，预计低库存及4,500万吨产能上限将为铝价提供良好支持。 金吾财讯 | 中国宏桥(01378)股价高位运行，截至发稿，涨3.44%，报32.44港元，成交额4.08亿港元。 汇丰研究发布月度大宗商品研究报告，指出需求强劲与供应紧张令基本金属价格保持强势，考虑到市场 供需平衡紧绌，价格可能存在进一步上行风险。在中国材料板块中，该行最看好铝；在当前宏观背景 下，亦看好黄金；同时对建筑材料长期前景持 ...