来源：魏桥创业 中国宏桥集团有限公司（股份代号：1378.HK，以下简称"中国宏桥"）于香港股票分析师协会"第十四 届上市公司年度大奖2025"中荣膺"上市公司年度大奖"。颁奖典礼日前于香港君悦酒店盛大举行，多位 香港政府官员及金融业界代表出席并主礼。此次获奖是对中国宏桥企业管治文化的认可，也彰显了中国 宏桥在推动行业创新与实现可持续发展方面的专业成果。 展望未来，中国宏桥将坚守"为国创业，为民造福"的初心，充分发挥自身规模、资源整合及市场拓展等 方面优势，携手上下游企业共建"铝业云平台"，推动产业链协同创新，引领铝业更高质量发展。 关于香港股票分析师协会 香港股票分析师协会自2002年创立至今，始终致力于为业界制定更高水平的专业标准，推广专业知识， 培训金融业人才，提升大众对金融市场的认知，从而提高香港作为金融中心的地位。协会吸纳了超过 200位专业分析师会员，是行业十大商会之一。协会理事会成员在香港特别行政区金融服务界选委会选 举中拥有投票权，因此在金融业界具有一定的代表性。 第十四届"上市公司年度大奖2025"由香港股票分析师协会联同HOY TV 举办，旨在表彰表现卓越的上市 公司。通过嘉许其优秀的企业 ...

大型蓝筹股涨跌不一，汇丰控股收报122.506港元，较香港收市升0.99%；腾讯控股收报614.085港元，较香港收市跌0.07%。 | 序号 名称 | | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% | ADR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 9 00700 | 614.500 | +0.500 | 0.08% | TCEHY | 614.085 | -0.415 | -0.07% | 7 | | 2 | 阿里巴巴-W | 09988 | 146.400 | +1.100 | 0.76% | BABA | 146.811 | +0.411 | 0.28% | 15 | | 3 | 汇丰控股 | 00005 | 121.300 | +2.000 | 1.68% | HSBC | 122.506 | +1.206 | 0.99% | 7 | | 4 | 建设银行 | 00939 | 7.540 | +0.050 ...

Core Viewpoint - The Chinese automotive market in 2025 is characterized by a stark contrast between industry consolidation and the influx of new entrants, with established companies facing bankruptcy while new players, such as Weiqiao Group, are entering the electric vehicle sector [5][10]. Industry Overview - The automotive industry is undergoing significant changes, with notable bankruptcies including Hozon Auto and GAC Fiat, indicating a harsh market environment [5]. - New entrants like Chasing Technology and Weiqiao Group are emerging, driven by government support and the need for diversification from traditional sectors [5][10]. Weiqiao Group's Background - Weiqiao Group, originally established in 1951, has diversified into various sectors including textiles and aluminum, and has been recognized as a global leader in aluminum production [7][8]. - The company has faced challenges in its core textile and aluminum businesses, prompting a strategic shift towards the electric vehicle market [10][13]. Strategic Shift to Electric Vehicles - The decline in the textile industry, with a reported 24.8% drop in profits for major textile enterprises in 2022, has pressured Weiqiao Group to seek new growth avenues [10]. - Environmental regulations have severely impacted the aluminum sector, leading to significant production cuts and financial strain [10][13]. - Weiqiao Group's entry into the electric vehicle market is seen as a response to these challenges, with government backing aimed at establishing a vehicle production base in Shandong [13][14]. Leadership and Vision - Zhang Bo, the son of the founder, has taken over leadership and is focused on expanding the automotive segment while maintaining the core textile and aluminum businesses [17][20]. - Under Zhang Bo's leadership, Weiqiao Group has made significant investments in research and development for electric vehicles, collaborating with various institutions to enhance its technological capabilities [18][20]. Automotive Brand Development - Weiqiao Group has established four automotive brands through acquisitions and strategic partnerships, including 212, Jishi, Ruisheng, and Leichi, covering a wide range of market segments from commercial to passenger vehicles [21][30]. - The company has adopted a capital and industry integration approach, differentiating itself from competitors by leveraging its existing resources and expertise in aluminum production [30]. Market Position and Future Outlook - In 2024, Weiqiao Group reported a revenue of 558.5 billion yuan, a 7.4% increase year-on-year, with net profits soaring by 112% to 32.3 billion yuan, indicating a successful pivot towards electric vehicles [20]. - The automotive sector is positioned as a new growth driver for Weiqiao Group, although it also introduces new uncertainties and challenges [20][30].

Core Viewpoint - The Chinese automotive market in 2025 is characterized by a stark contrast between industry consolidation and the influx of new entrants, with companies like Weiqiao Group making significant moves into the electric vehicle sector amid challenges in their traditional businesses [4][5]. Group 1: Industry Challenges and New Entrants - Several established automotive companies, including Hozon Auto and GAC Fiat, have declared bankruptcy, indicating a harsh industry shakeout [5]. - New players, such as Chasing Technology and Weiqiao Group, are entering the market, driven by government support and the need for diversification from struggling core businesses [5][9]. Group 2: Weiqiao Group's Background and Strategy - Weiqiao Group, originally established in 1951, has diversified into various sectors, including textiles and aluminum, and has been listed among the Fortune Global 500 for 13 consecutive years [7]. - The company faced significant challenges in its textile and aluminum businesses, with textile profits dropping by 24.8% in 2022 and a major environmental crackdown affecting aluminum production [9][10]. - Following these setbacks, Weiqiao Group shifted its focus to the electric vehicle sector, motivated by favorable government policies and the need for new growth avenues [12][19]. Group 3: Leadership and Vision - Zhang Bo, the son of the founder, took over leadership in 2018 and has been pivotal in steering the company towards the automotive industry, emphasizing the importance of aligning new ventures with the company's core competencies [16][22]. - Under Zhang Bo's leadership, Weiqiao Group has made strategic partnerships and investments in the electric vehicle space, including collaborations with research institutions and other automotive companies [17][22]. Group 4: Automotive Brand Development - Weiqiao Group has established four automotive brands: 212, Jishi, Ruisheng, and Leichi, covering a wide range of market segments from commercial to passenger vehicles [32]. - The company has adopted a strategy of acquiring existing automotive assets and brands rather than starting from scratch, which allows for quicker market entry and leveraging existing capabilities [33]. - The 212 brand has been particularly notable, with a range of models priced between 139,900 to 188,800 yuan, although it has faced challenges such as product quality issues and trademark disputes [23][32]. Group 5: Future Outlook - Weiqiao Group's automotive ventures are seen as a new hope for the company, with significant revenue growth reported in 2024, but they also introduce new uncertainties and risks [22][32].

高盛发表报告，列出亚太区股息兼增长主题的股份组合名单，组合的挑选标准是未来12个月股息率最 高、且未来两年股息增长预期较高及正面的前50只亚太区(撇除日本)的股票，当中的港股包括：建发国 际、波司登、中国宏桥、海螺创业、中国建材、中国电力、周大福、潍柴动力、三一国际、绿城中国、 建滔积层板、哈尔滨电气、中银香港及汇丰控股。 ...

智通财经APP获悉，华创证券发布研报称，中国宏桥(01378)作为全球领先铝全产业链生产商，全产业链 配套及规模优势打造盈利护城河，铝土矿、电力、氧化铝高自给率保障公司吨铝成本优势。该行预计 25-27年公司实现归母净利润248.03亿元、258.1亿元、279.6亿元，分别同比+10.9%、4.1%、8.3%。2026 年行业可比公司平均估值为11倍，考虑公司高股息属性，给予公司2026年12倍市盈率，目标价为34.3港 元，维持"推荐"评级。 华创证券主要观点如下： 中国宏桥三季度业绩或超预期 中国宏桥全资子公司山东宏桥发布三季报，公司前三季度营业收入1169.3亿元，同比+6%;净利润193.7 亿元，同比+23%其中Q3营收387亿元，同比+2%，环比+2%，净利润69亿元，同比+18%，环比+14%。 该行认为Q3业绩增长主要来自电解铝盈利能力快速提升，根据钢联，Q3电解铝行业利润4724元/吨，环 比25Q2+14%，同比24Q3+84%，氧化铝行业利润346元/吨，环比25Q2+120%，同比24Q3-68%，若计入 印尼氧化铝项目及几内亚铝土矿业务利润贡献，中国宏桥Q3业绩明显超预期。 202 ...

华创证券发布研报称，中国宏桥(01378)作为全球领先铝全产业链生产商，全产业链配套及规模优势打 造盈利护城河，铝土矿、电力、氧化铝高自给率保障公司吨铝成本优势。该行预计25-27年公司实现归 母净利润248.03亿元、258.1亿元、279.6亿元，分别同比+10.9%、4.1%、8.3%。2026年行业可比公司平 均估值为11倍，考虑公司高股息属性，给予公司2026年12倍市盈率，目标价为34.3港元，维持"推荐"评 级。 综合铝价波动和原料成本变化，该行上调25-27年铝价假设为2.06/2.1/2.13万元/吨，下调25-27年氧化铝 假设为0.32/0.275/0.275万元/吨。 华创证券主要观点如下： 公司完成配售事项，主要满足国内外项目和偿债需要，未来资产结构和质量有望进一步优化 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。 公司旗下西芒杜铁矿正式投产，未来将增厚公司业绩 2025年11月11日，几内亚西芒杜铁矿项目投产仪式举行，标志着全球大型优质铁矿石项目正式投产 ...

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].