Investment Rating - The report maintains an "Outperform" rating for China Hongqiao [6][5][16] Core Views - The company's mid-year performance for 2025 shows a significant increase in net profit by 35% year-on-year, driven by higher sales prices and increased sales volume of aluminum alloy and alumina products [6][5] - The acquisition of the remaining 25% stake in Yunnan Hongtai is expected to enhance the company's equity capacity by 484,000 tons, which could substantially increase net profit [6][5] - A new share buyback plan of at least HKD 3 billion reflects the company's confidence in its future performance [6][5] Financial Data and Profit Forecast - Revenue for 2023 is projected at RMB 133.624 billion, with a growth rate of 1%, and is expected to reach RMB 160.760 billion by 2025, reflecting a 2.9% increase [5][7] - Net profit attributable to shareholders is forecasted to grow from RMB 11.461 billion in 2023 to RMB 24.533 billion in 2025, representing a 9.7% increase [5][7] - Earnings per share are expected to rise from RMB 1.21 in 2023 to RMB 2.55 in 2025 [5][7] - The company's return on equity is projected to remain strong, with rates of 20.8% in 2025 [5][7]

摩根大通发表研报指，中国宏桥目前的股息收益率为8%，由于其ROE高于同业，且利润创下历史新 高，相信公司能够维持溢价。摩通认为，中国宏桥的股价仍有进一步上升空间，特别是公司宣布新一轮 股份回购不低于30亿港元，并基于产能上限临近，对下半年的铝价和利润持建设性看法。该行将公司目 标价由17港元上调至26.5港元，评级为"增持"。 ...

美银最新研报指出，中国电解铝价格长期底部将稳固在2万元/吨上方，而龙头企业中国宏桥(01378)凭借 多重优势，获得该行重申"买入"评级，目标价从20港元上调至26港元，并将其列为2025下半年首选标 的。 需求端，电网投资与汽车轻量化(新能源车用铝量提升)将推动2025下半年至2026年需求增长2-3%，完全 抵消地产与光伏领域疲软。供给端，尽管全球规划产能达750万吨，但印尼等地的电力瓶颈可能延缓投 产进度。此外，再生铝难以弥补2025-26年的结构性缺口，而几内亚铝土矿政策动荡(采矿许可证撤销事 件)进一步强化资源约束，氧化铝成本支撑显著。这种供需紧平衡状态将持续支撑铝价高位运行，美银 预测2025年铝价将达2.05万元/吨。 美银指出，中国凭借低电价与煤炭成本优势，2025-26年成本差距或进一步扩大，这使得宏桥等一体化 生产商的利润稳定性显著提升。预计2025-26年中国铝企吨利润将维持在3000-4000元，远超历史均值 (1000-2000元)，行业周期性明显弱化，为估值重估奠定基础。 供需紧平衡支撑高铝价 ...

Core Viewpoint - Industrial Securities maintains a "Buy" rating for China Hongqiao (01378), highlighting strong downstream demand for aluminum, particularly in new energy and ultra-high voltage applications, despite a slight decline in alumina prices [1][2] Group 1: Aluminum Market Dynamics - Domestic electrolytic aluminum supply is nearing capacity limits, while demand remains robust, driven by solar energy installations and aluminum exports, leading to a resilient demand for electrolytic aluminum [1] - The average selling price of electrolytic aluminum in H1 2025 was 17,853 RMB per ton, reflecting a quarter-on-quarter increase of 146 RMB and a year-on-year increase of 474 RMB [1] - Electrolytic aluminum sales volume increased by 2.4% year-on-year to 2.91 million tons, while aluminum products and aluminum alloy processing products sales rose by 2.5% year-on-year to 3.3 million tons [1] Group 2: Alumina Market Insights - Alumina prices have declined from the high levels seen in H2 2024, with the external sales price per ton in H1 2025 decreasing by 664 RMB to 3,243 RMB, but still showing a year-on-year increase of 301 RMB [2] - External sales volume of alumina increased by 860,000 tons year-on-year to 6.37 million tons, with gross profit per ton rising by 185 RMB to 933 RMB [2] Group 3: Financial Performance and Capital Expenditure - China Hongqiao's net profit attributable to shareholders for H1 2025 was 12.4 billion RMB, an increase of 3.2 billion RMB year-on-year, but a decrease of 900 million RMB quarter-on-quarter [1] - The company maintained high capital expenditures of 9.89 billion RMB in H1 2025, focusing on capacity relocation in Yunnan, solar projects in Yunnan, and lightweight projects in Shandong [2] - The company has increased interest-bearing liabilities to 75.5 billion RMB, up 4.7 billion RMB quarter-on-quarter, while managing to reduce financing costs [2] Group 4: Shareholder Returns - China Hongqiao has canceled its interim dividend but is expected to maintain a full-year dividend payout ratio of 63% for 2025, similar to 2024 [2] - The company has announced a share buyback plan of no less than 3 billion HKD, having already repurchased approximately 2.6 billion HKD worth of shares, representing 2% of the total shares outstanding as of the end of 2024 [2]

Group 1 - The core viewpoint of the report is that China's electrolytic aluminum prices are expected to stabilize above 20,000 yuan/ton in the long term, with China Hongqiao (01378) being favored due to multiple advantages, leading to a "buy" rating and a target price increase from 20 HKD to 26 HKD [1] - The report highlights that China's low electricity prices and coal cost advantages will likely widen the cost gap further in 2025-26, enhancing profit stability for integrated producers like Hongqiao [1] - It is projected that the profit per ton for Chinese aluminum companies will remain between 3,000-4,000 yuan in 2025-26, significantly above the historical average of 1,000-2,000 yuan, indicating a weakening of industry cyclicality and laying the groundwork for valuation reassessment [1] Group 2 - Demand for aluminum is expected to grow by 2-3% from the second half of 2025 to 2026, driven by investments in power grids and the increased use of aluminum in lightweight vehicles, which will offset weaknesses in the real estate and photovoltaic sectors [2] - On the supply side, despite a global planned capacity of 7.5 million tons, power bottlenecks in regions like Indonesia may delay production progress [2] - The structural supply gap in 2025-26 cannot be compensated by recycled aluminum, and political instability in Guinea regarding bauxite mining licenses further tightens resource constraints, significantly supporting alumina costs [2]

Group 1 - The core viewpoint is that China Hongqiao (01378) is rated as a "buy" by Industrial Securities, with strong demand for aluminum driven by sectors like new energy and ultra-high voltage applications, despite a slight decline in alumina prices [1] - Domestic electrolytic aluminum supply is nearing capacity limits, while downstream demand remains robust, particularly in the photovoltaic and aluminum export sectors, supporting resilient demand for electrolytic aluminum [1] - The average selling price of electrolytic aluminum in H1 2025 was 17,853 RMB per ton, showing a quarter-on-quarter increase of 146 RMB and a year-on-year increase of 474 RMB, with sales volume up 2.4% year-on-year to 2.91 million tons [1] Group 2 - In terms of alumina, prices have declined but profitability has improved, with external sales prices for alumina in H1 2025 decreasing by 664 RMB to 3,243 RMB per ton, while sales volume increased by 860,000 tons year-on-year to 6.37 million tons [2] - The company has maintained strict cost control, with total expenses in H1 2025 amounting to 3.96 billion RMB, a decrease of 420 million RMB year-on-year, while interest-bearing debt increased by 4.7 billion RMB to 75.5 billion RMB [2] - China Hongqiao has announced a share buyback plan of no less than 3 billion HKD, having already repurchased approximately 2.6 billion HKD worth of shares, representing 2% of the total shares outstanding as of the end of 2024 [2]

Group 1: Insurance Asset Management - The development trend of China's insurance asset management is anchored by insurance capital and supported by third-party services, focusing on enhancing equity research capabilities and alternative investments in high-dividend and national strategic areas [5][7] - The insurance asset management industry in China has gone through three stages: initial establishment in 2003, policy relaxation from 2012 to 2017, and accelerated market-oriented reforms since 2018, leading to increased competitiveness [5][6] - The current state of the industry shows continuous scale expansion but a decline in concentration, with insurance capital accounting for 74% of funding sources and a preference for fixed-income assets [6][7] Group 2: Midea Group - Midea Group is positioned as a leading player in the home appliance industry, with flexible mechanisms and a focus on global expansion and supply chain efficiency, which are expected to enhance its competitive edge [9][10] - The company has a strong dividend policy, with a current dividend yield of 4.8%, and is projected to achieve net profits of 43.9 billion, 47.6 billion, and 51.8 billion yuan from 2025 to 2027, corresponding to PE ratios of 13, 12, and 11 [9][10] - Midea's strategic focus on B-end business and continuous investment in core components and integrated solutions is expected to contribute to long-term growth [10] Group 3: Sifen Technology - Sifen Technology's industrial purification business is rapidly growing, with a projected revenue of 384.2 million, 464.7 million, and 558.3 million yuan from 2025 to 2027, reflecting a year-on-year growth of 21.8%, 21.0%, and 20.1% [12][13] - The company achieved a revenue of 183 million yuan in the first half of 2025, with a net profit of 54 million yuan, indicating a year-on-year growth of 19.8% and 40.9% respectively [12][13] - The growth in the GLP-1 related products segment is particularly notable, with a revenue increase of 177.5% [12][13] Group 4: Huafeng Aluminum - Huafeng Aluminum's performance in the first half of 2025 showed resilience despite industry challenges, with revenue of 5.964 billion yuan, a year-on-year increase of 20.87% [15][16] - The company is awaiting the launch of its Chongqing Phase II project, which is expected to alleviate bottlenecks in hot-rolled production and drive future growth [16][17] - Adjustments to the company's EPS forecasts for 2025-2027 are made to 1.29, 1.50, and 1.88 yuan, with corresponding PE ratios of 14, 12, and 10, maintaining a "buy" rating [16][17] Group 5: Tongcheng Travel - Tongcheng Travel reported a revenue of 9.05 billion yuan in the first half of 2025, reflecting an 11.5% year-on-year increase, with adjusted EBITDA growing by 35.2% [19][20] - The core online travel platform business is experiencing rapid growth, with significant contributions from hotel management services [19][20] - The company aims to enhance its international market presence and strengthen its hotel management business as a second growth curve [20]

8月19日港股公司回购一览 证券时报·数据宝统计显示，8月19日有6家香港上市公司进行了股份回购，合计回购525.31万股，回购金 额6.67亿港元。 以金额进行统计，8月19日回购金额最多的是腾讯控股，回购金额为5.50亿港元；其次是中国宏桥，回 购金额为9328.65万港元；回购金额居前的还有恒生银行、康宁医院等。回购数量上看，8月19日回购股 数最多的是中国宏桥，当日回购量为398.15万股；其次是腾讯控股、恒生银行等，回购数量分别为93.20 万股、20.00万股。 （文章来源：证券时报网） 值得关注的是，本次回购5.50亿港元的腾讯控股，年内则进行多次回购，合计回购金额为411.44亿港 元。（数据宝） 腾讯控股回购数量93.20万股，回购金额5.50亿港元，回购最高价为596.500港元，最低价为583.000港 元，年内累计回购金额411.44亿港元；中国宏桥回购数量398.15万股，回购金额9328.65万港元，回购最 高价为23.460港元，最低价为23.380港元，年内累计回购金额29.39亿港元；恒生银行回购数量20.00万 股，回购金额2238.48万港元，回购最高价为112.600港 ...

Group 1 - The companies involved in the share buyback on August 19, 2025, include Tencent Holdings, China Hongqiao, Hang Seng Bank, Concord Medical, Yuan Zheng Technology, and Qianhai Equity Investment [1] - Tencent Holdings had the largest buyback amount, repurchasing 932,000 shares for a total of 550 million [1] - The cumulative buyback amounts for the year show Tencent Holdings at 39.33 million shares, representing 0.428% of its total share capital [1] Group 2 - China Hongqiao repurchased 3.98 million shares for a total of 93.29 million, with a cumulative buyback of 4.93 million shares, accounting for 0.530% of its total share capital [1] - Hang Seng Bank bought back 200,000 shares for 22.38 million, with a cumulative total of 2.60 million shares, which is 0.138% of its total share capital [1] - Concord Medical repurchased 116,300 shares for 1.16 million, with a cumulative buyback of 216,200 shares, representing 0.299% of its total share capital [1] - Yuan Zheng Technology bought back 8,500 shares for 99,700, with a cumulative total of 217,750 shares, accounting for 1.348% of its total share capital [1] - Qianhai Equity Investment repurchased 14,800 shares for 19,300, with a cumulative total of 70,720 shares, representing 0.236% of its total share capital [1]

Group 1 - On August 19, a total of 6 Hong Kong stocks were repurchased by companies, with 3 stocks having repurchase amounts exceeding 10 million HKD [1] - Tencent Holdings, China Hongqiao, and Hang Seng Bank had the largest repurchase amounts, totaling 550 million HKD, 93.2865 million HKD, and 22.3848 million HKD respectively [1] - As of August 19, 218 Hong Kong stocks have been repurchased this year, with 43 stocks having a cumulative repurchase amount exceeding 100 million HKD [1] Group 2 - Tencent Holdings, HSBC Holdings, and AIA Group had the largest cumulative repurchase amounts this year, totaling 41.144 billion HKD, 22.781 billion HKD, and 17.693 billion HKD respectively [1]