每经AI快讯，11月18日，中国宏桥公告，配售现有股份及根据一般授权先旧后新认购新股份，每股配 售股份价格29.20港元。 ...

Core Viewpoint - China Hongqiao (01378.HK) has announced a placement and subscription agreement with its controlling shareholder, Hongqiao Holdings, and placement agents, including UBS Group, CMB International, and CITIC Securities International, to issue up to 400 million shares at a price of HKD 29.20 per share, representing approximately 4.20% of the existing issued share capital as of the announcement date [1][2] Group 1 - The placement agents have conditionally agreed to place the shares to independent subscribers based on a best-efforts basis [1] - Hongqiao Holdings has conditionally agreed to subscribe for the same number of shares as those placed under the agreement [1] - The completion of the subscription is subject to conditions, including the approval of the Hong Kong Stock Exchange for the listing and trading of the subscription shares [2] Group 2 - The estimated net proceeds from the subscription, assuming the full placement of 400 million shares, will be approximately HKD 11.49 billion [2] - The company intends to use the net proceeds for the development and enhancement of domestic and overseas projects, repayment of existing debts to optimize its capital structure, and for general corporate purposes [2]

中国宏桥(01378)发布公告，于2025年11月17日，宏桥控股(公司的控股股东)、本公司与配售代理订立配 售及认购协议。根据配售及认购协议，配售代理有条件同意按尽力基准以配售价向独立承配人配售宏桥 控股持有的配售股份，且宏桥控股有条件同意认购而本公司有条件同意按认购价(与配售价相同)向宏桥 控股配发及发行认购股份，惟须依据配售及认购协议所载条款及受其中所载条件规限。 假设根据认购事项由本公司配发及发行及由宏桥控股认购4亿股股份，本公司自认购事项收取的所得款 项净额将约为114.9亿港元。本公司拟将所得款项净额用作发展及提升其国内及海外项目、偿还现有债 务以优化其资本架构，以及用作补充营运资金及一般企业用途。 每股配售股份29.20港元较股份于2025年11月17日(即配售及认购协议日期)在联交所所报收市价每股 32.30港元折让约9.60%。 ...

Core Viewpoint - China Hongqiao (01378) announced a placement and subscription agreement with its controlling shareholder, Hongqiao Holdings, on November 17, 2025, to issue shares at a discount to the market price [1] Group 1: Placement and Subscription Agreement - The placement agent conditionally agreed to place shares held by Hongqiao Holdings to independent subscribers at a price of HKD 29.20 per share, which represents a discount of approximately 9.60% compared to the closing price of HKD 32.30 on the same date [1] - Hongqiao Holdings conditionally agreed to subscribe for shares at the same price, and the company will issue these subscription shares under the terms of the agreement [1] Group 2: Financial Implications - Assuming the subscription involves the issuance of 400 million shares, the net proceeds from the subscription are expected to be approximately HKD 11.49 billion [1] - The company plans to use the net proceeds for the development and enhancement of domestic and overseas projects, repayment of existing debts to optimize its capital structure, and for general corporate purposes [1]

本公告不得在美國境內分發 China Hongqiao Group Limited 中國宏橋集團有限公司 （根據開曼群島法例成立的有限公司） （股份代號：1378） 配售現有股份及 根據一般授權先舊後新認購新股份 聯席全球協調人及配售代理 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，概不就因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 本公告僅作參考之用，並非在美國或未根據任何其他司法管轄區的證券法辦理登記或未獲批准而於 上述地區進行有關邀請、要約、收購、招攬或出售即屬違法的任何其他司法管轄區要約出售或收購 或招攬要約購買任何證券的邀請。本公告或其任何內容亦不構成任何合約或承諾之基礎。本公告或 其任何副本不可攜入美國或於美國分發。本公告所述的證券不會及將不會根據據一九三三年美國證 券法（經修訂）（「證券法」）登記或於美國任何州或其他司法權區的任何證券監管機構登記，並且除根據 證券法及適用州或地方證券法登記規定的豁免或在毋須遵守證券法登記規定的交易中外，不得在美 國發售或出售。於美國公開發售任何證券將 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,202.97, down by 181.31 points or 0.69% on November 17 [1] - The index's trading volume was 57.9075 million, with a daily average price of 26,284.82 [1] - The 52-week high for the index was 27,275.90, while the low was 18,856.77 [1] Major Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 110.738, down 1.21% from the Hong Kong close [2] - Tencent Holdings closed at HKD 629.180, down 1.15% from the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) saw a decrease of HKD 4.500, or 0.70%, with an ADR price of HKD 629.180, which is HKD 7.320 lower than its Hong Kong stock price [3] - HSBC Holdings (00005) dropped by HKD 0.800, or 0.71%, with an ADR price of HKD 110.738, which is HKD 1.362 lower than its Hong Kong stock price [3] - Other notable declines included AIA Group (01299) down by 1.28% and China Construction Bank (00939) down by 1.32% [3]

瑞银发布研究报告指出，中国宏桥(01378)作为行业龙头，在供应受限、价格向好的环境下有望持续受 益。基于更高的铝价预测，瑞银将宏桥的2026年预测净利润上调11%，2027年预测净利润上调16%。该 行重申中国宏桥(01378)"买入"评级，并将目标价从28港元上调至38.6港元。 基于供需偏紧的核心判断，瑞银上调了今明两年铝价预期：2026年中国铝价预测上调5%至22000元/ 吨，2027年上调7%至23000元/吨；伦敦金属交易所铝价预测也被上调约15%，主要得益于铜价上涨催生 的铝替代需求增长。 供应端受限成关键逻辑，供需缺口持续扩大 瑞银全球金属与矿业团队测算，2026至2027年全球原铝需求年增速将维持4%，而供应端增速仅 1%-2%，市场或陷入短缺格局，进而带动显性库存回落，为铝价提供强劲支撑。 具体来看，国内铝业产能受政策严格管控，上限锁定在4520万吨/年，当前产能利用率已超98%，接近 政策红线。新增产能方面，2026年仅有天山铝业（002532）20万吨/年扩建项目及扎鲁特旗35万吨/年新 建项目计划投产，2027年则无新增产能规划。海外市场方面，主要供应增量集中于印度尼西亚，但受部 ...

智通财经APP获悉，瑞银发布研究报告指出，中国宏桥(01378)作为行业龙头，在供应受限、价格向好的 环境下有望持续受益。基于更高的铝价预测，瑞银将宏桥的2026年预测净利润上调11%，2027年预测净 利润上调16%。该行重申中国宏桥(01378)"买入"评级，并将目标价从28港元上调至38.6港元。 基于供需偏紧的核心判断，瑞银上调了今明两年铝价预期：2026年中国铝价预测上调5%至22000元/ 吨，2027年上调7%至23000元/吨；伦敦金属交易所铝价预测也被上调约15%，主要得益于铜价上涨催生 的铝替代需求增长。 具体来看，国内铝业产能受政策严格管控，上限锁定在4520万吨/年，当前产能利用率已超98%，接近 政策红线。新增产能方面，2026年仅有天山铝业20万吨/年扩建项目及扎鲁特旗35万吨/年新建项目计划 投产，2027年则无新增产能规划。海外市场方面，主要供应增量集中于印度尼西亚，但受部分项目可能 减产的影响，2026-2027年全球原铝供应年增长率预计仅为1%-2%。同期全球铝需求将预期保持4%的年 增长率，全球铝市供需缺口有望进一步扩大。 铝价预测同步上调，铜价上涨促使铝替代需求 供应端 ...

Core Viewpoint - Foreign capital continues to show optimism towards Chinese assets, with several major financial institutions raising target prices for key Chinese companies, indicating a positive outlook for the Chinese stock market [1][7]. Group 1: Target Price Adjustments - Citigroup raised the target price for Tencent Holdings from 735 HKD to 751 HKD per share, maintaining a "Buy" rating [3]. - Morgan Stanley increased the target price for Bilibili's US stock from 23 USD to 25 USD, while Citigroup raised it to 27 USD, and Lyon raised it to 29.1 USD [4]. - Morgan Stanley significantly raised the target price for XPeng Motors' Hong Kong stock to 195 HKD, and UBS raised the target price for China Hongqiao to 38.60 HKD [1][5]. Group 2: Company Performance Insights - Tencent's third-quarter revenue grew by 15% year-on-year to 192.9 billion CNY, with a Non-IFRS net profit of 70.6 billion CNY, up 18% year-on-year [3]. - Bilibili's third-quarter advertising revenue and adjusted operating profit exceeded expectations, prompting analysts to raise profit forecasts for 2025 and 2026 [4]. - XPeng Motors is expected to see growth driven by its recent AI initiatives, including Robotaxi and humanoid robots, although significant revenue contributions are not anticipated until late 2026 [5]. Group 3: Positive Sentiment Towards Chinese Market - UBS stated that the valuation and capital flow conditions of the Chinese stock market are favorable, maintaining an "overweight" rating on Chinese stocks [8]. - Global asset management executives expressed increasing confidence in the long-term investment value of the Chinese market, citing improvements in macroeconomic conditions and policy environments [9]. - The consensus among foreign investment executives is that investing in China represents investing in the future, with a focus on the opportunities presented by China's 14th Five-Year Plan [9].

Core Viewpoint - The London Metal Exchange (LME) has implemented an emergency ban on non-dollar denominated metal options, which has significant implications for the global metal trading landscape and the rise of the Renminbi (RMB) as a settlement currency [2][4]. Group 1: Impact of LME's Ban - The LME's ban is seen as a targeted move by the U.S. to curb the penetration of the RMB in strategic metal settlements, reflecting a shift in the global metal industry dynamics [4][6]. - The ban has forced companies like Volkswagen and China Aluminum to incur additional costs, with aluminum contracts increasing by €200 per ton due to the need to convert to dollars [7]. - French company Total Energy faced a $30 million loss due to currency fluctuations when forced to switch to dollar settlements for rare earths previously agreed in RMB [9]. Group 2: Shift in Trading Dynamics - The LME's internal data shows that the trading volume of RMB-denominated metal options has increased from 0.3% in 2020 to 8.7% in 2024, indicating a growing acceptance of RMB in the metal trading sector [11]. - The LME's pricing power is perceived to be weakening, as evidenced by the increasing push from Chinese companies to engage in cross-border arbitrage with the Shanghai Metal Exchange [11][13]. - China's dominance in the metal industry is underscored by its significant share in global consumption and production, with 54% of refined copper and 70% of rare earth oxide production [13][15]. Group 3: RMB's Growing Influence - The RMB's role in international transactions is bolstered by China's position as both the largest buyer and seller of key metals, enhancing its bargaining power for RMB settlements [17]. - The shift to RMB settlements is exemplified by the automotive sector, where European companies have increased their RMB transactions from 5% to 22% in 2023 due to supply chain stability concerns [19]. - China's strategic agreements with countries like Chile for copper procurement are increasingly favoring RMB settlements, with a 30% increase in annual procurement volume under RMB terms [24][26]. Group 4: Future Outlook - The LME's ban has inadvertently accelerated the adoption of RMB in global metal transactions, with a reported 23% drop in metal options trading volume at the LME following the ban [32]. - The RMB's share in global metal settlements is projected to rise from 7% to 15% by the end of 2024, while the dollar's share is expected to decrease from 82% to 72% [34]. - The ongoing evolution of the global metal pricing structure is moving towards a dual system of "dollar + RMB," indicating a significant shift in the monetary landscape [34][36].