杰富瑞发布报告，表示中国宏桥(01378)将成为将成为铝价回升的主要受益者，该行重申其"买入"评 级，并将目标价从34.1港元上调至43.8港元。 杰富瑞表示，铜和铝板块的股价尚未充分反映当前大宗商品价格的强势，而锂板块的估值看起来则更为 合理。考虑到供应受限以及由能源转型、AI题材等驱动的需求，加之近期的宏观利好和地缘政治安全 因素，该行对长期前景保持积极态度，并看好铜和铝。 该行指出，中国宏桥作为全球领先的铝生产商之一，核心优势在于其极强的成本竞争力，位居中国铝生 产成本曲线的第一梯队。这种"护城河"主要由两个维度构建：1)关键原材料的完全自给：公司已经实现 了铝土矿和氧化铝的完全自给自足，极大地抵御了上游原材料价格上涨的风险，保证了利润空间的稳定 性;2)高效生产，该公司通过技术优化实现了更低的单位能耗。 此外，该公司通过股息(派息率达60%以上)、回购等方式提供了可观的股东回报。 ...

Group 1 - The industrial metals sector is expected to enter a golden window in 2026, driven by macroeconomic factors and fundamental demand, with the Federal Reserve's interest rate cuts and domestic policies boosting liquidity and demand [1] - Supply constraints are evident due to insufficient long-term capital expenditure, declining ore grades, and frequent mine production cuts, leading to sustained pressure on copper and aluminum supplies [1][5] - Demand remains resilient in traditional sectors while emerging fields like AI data centers and energy storage are experiencing explosive growth, becoming key drivers of marginal demand [1][2] Group 2 - The copper market is characterized by a structural shortage, with refined copper expected to face a shortfall of 380,000 tons in 2026, leading to an upward price trend [1][5] - The aluminum sector is in a tight balance phase, with domestic production capacity nearing its limit and new capacity additions constrained by high costs and power supply issues in regions like Indonesia [2][5] - Demand for aluminum is significantly improving, particularly in transportation and power electronics, with a projected domestic aluminum shortfall increasing from 150,000 tons in 2025 to 1,070,000 tons by 2027 [2][5] Group 3 - The financial attributes of copper are strengthened by the ongoing interest rate cuts, while its commodity attributes are constrained by supply-side tensions [5] - The demand for copper in data centers is projected to reach 268,000 tons by 2026, driven by the growth of AI and energy storage applications [1][24] - The aluminum demand in data centers is estimated at 78,000 tons globally and 20,000 tons domestically by 2026, with aluminum primarily used in structural and electrical applications [39][40] Group 4 - Investment recommendations focus on companies in the copper sector with sustainable growth, including Zijin Mining, Minmetals Resources, and China Nonferrous Mining, while also highlighting aluminum companies with strong dividend yields and profit elasticity [5][52] - The report emphasizes the importance of monitoring supply chain risks related to bauxite, as the industry remains highly dependent on external sources [5][55]

智通财经APP获悉，1月22日,阿里巴巴-W（09988）、中国海洋石油（00883）、中国人寿（02628）南 向资金净流入金额位列市场前三，分别净流入14.11 亿、5.90 亿、5.08 亿 中国移动（00941）、腾讯控股（00700）、中国宏桥（01378）南向资金净流出金额位列市场前三，分 别净流出-8.48 亿、-6.71 亿、-4.32 亿 在净流入比方面，长江基建集团（01038）、优然牧业（09858）、海天味业（03288）以56.47%、 56.41%、51.11%位列市场前三。 在净流出比方面，中教控股（00839）、中国中药（00570）、碧桂园服务（06098） 以-62.38%、-57.48%、-55.30%位列市场前三。 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 14.11 亿 | 14.34% | 164.800（+0.98%） | | 中国海洋石油(00883) | 5.90 亿 | 21.89% | 22.740（+2.52%） | | 中 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,752.51, down by 13.01 points or 0.05% as of January 26, 16:00 Eastern Time [1] - The index reached a high of 26,826.45 and a low of 26,622.25 during the trading session, with a trading volume of 35.7947 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 19,335.70, indicating a trading range of 0.76% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 132.695, up by 1.29% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 600.708, reflecting a slight increase of 0.2% from the Hong Kong market close [2] - Alibaba Group (BABA) saw a decline of 1.96%, closing at HKD 165.200 [3] - Xiaomi Group (01810) decreased by 2.81%, closing at HKD 35.220 [3] - AIA Group (01299) remained unchanged at HKD 83.050 [3] Notable Stock Movements - New World Development (00016) experienced a significant increase of 3.93%, closing at HKD 119.000 [3] - Kuaishou Technology (01024) fell by 3.26%, closing at HKD 78.600 [3] - JD.com (09618) rose by 1.05%, closing at HKD 116.000 [3] - Ctrip Group (09961) increased by 1.40%, closing at HKD 492.200 [3]

Group 1 - Hong Kong aluminum stocks collectively strengthened, with Rusal rising nearly 13% [1] - Rongyang Industrial increased by over 10% [1] - Xingfa Aluminum rose by over 5% [1] Group 2 - Innovation Industry and Nanshan Aluminum International both increased by over 2% [1] - China Aluminum also saw an increase of over 2% [1] - China Hongqiao rose nearly 2% and reached a historical high [1]

Group 1 - Aluminum stocks have risen significantly, with Rusal (00486) up 14.81% to HKD 6.9, China Aluminum (601600) (02600) up 4.55% to HKD 13.79, China Hongqiao (01378) up 2.57% to HKD 36.78, and Innovation Industry (02788) up 2.38% to HKD 27.48 [1] - Citigroup has released a report indicating that a structural bull market for aluminum is forming, driven by domestic demand recovery, which is expected to support aluminum consumption growth into early 2026 [1] - Citigroup forecasts a slight structural deficit of 61,000 tons in 2026, raising the 0-3 month aluminum price target from USD 2,950 per ton to USD 3,400 per ton [1] Group 2 - Huachuang Securities maintains a positive outlook on the electrolytic aluminum sector, predicting average profits in the industry to be around CNY 7,600 per ton this week, with expectations for sustained high profits in the future [1] - The report highlights that electrolytic aluminum companies are entering a phase of cash flow recovery and stable profitability, which enhances their ability and willingness to return capital to shareholders [1] - The low capital expenditure intensity expected in the industry suggests that the dividend-paying attributes of listed companies in the electrolytic aluminum sector are becoming more pronounced [1]

智通财经APP获悉，铝业股再度走高，截至发稿，俄铝(00486)涨14.81%，报6.9港元；中国铝业(02600) 涨4.55%，报13.79港元；中国宏桥(01378)涨2.57%，报36.78港元；创新实业(02788)涨2.38%，报27.48港 元。 消息面上，花旗近日发布报告称，铝市场的结构性牛市正在形成，国内铝需求的"前置"与复苏为2026年 初的铝消费提供增量支撑。同时，基本面从供应约束到结构性短缺，花旗预计2026年出现6.1万吨的小 幅结构性缺口， 并将铝价0-3个月目标价从2950美元/吨上调至3400美元/吨。 华创证券则表示，持续看好电解铝红利属性，预计本周电解铝行业平均利润在7600元/吨附近，预计未 来电解铝利润有望维持高位。从分红意愿看，因为这几年电解铝企业总体进入现金流持续修复和盈利稳 定性提升的阶段，并且由于行业未来资本开支强度较低，上市公司普遍具备提高回馈股东的能力和意 愿，红利资产属性逐步凸显，看好电解铝行业弹性和红利属性。 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.92%, Green Power Environmental (01330) at 69.34%, and Kaisa Group Holdings (01108) at 67.61% [1][2] - The largest increases in holding amounts over the last five trading days were seen in the following companies: Yingfu Fund (02800) with an increase of 4.041 billion, Hang Seng China Enterprises (02828) with 1.783 billion, and Alibaba - W (09988) with 1.455 billion [1][2] - The largest decreases in holding amounts over the last five trading days were recorded for China Mobile (00941) with a decrease of 2.395 billion, Innovent Biologics (01801) with 589 million, and UBTECH Robotics (09880) with 556 million [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.843 billion shares, representing 70.92% [2] - Green Power Environmental (01330) has a holding of 280 million shares, representing 69.34% [2] - Kaisa Group Holdings (01108) has a holding of 169 million shares, representing 67.61% [2] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of 4.041 billion in holding amount, with a change of 14.9907 million shares [2] - Hang Seng China Enterprises (02828) increased by 1.783 billion, with a change of 1.8975 million shares [2] - Alibaba - W (09988) increased by 1.455 billion, with a change of 0.8637 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) experienced a decrease of 2.395 billion, with a change of -3.01224 million shares [3] - Innovent Biologics (01801) saw a decrease of 589 million, with a change of -0.70319 million shares [3] - UBTECH Robotics (09880) had a decrease of 556 million, with a change of -0.38639 million shares [3]

Core Viewpoint - The AI Fund Ping An Hong Kong Stock Connect Dividend Select Mixed Fund A (021046) reported a profit of 11.96 million yuan for Q4 2025, with a net asset value growth rate of 3.5% during the period [3]. Fund Performance - As of January 22, the fund's unit net value was 1.286 yuan, with a fund size of 389 million yuan [3][17]. - The fund's performance over the past three months showed a return of -0.63%, ranking 588 out of 621 comparable funds; over the past six months, it returned -0.69%, ranking 607 out of 621; and over the past year, it achieved a return of 19.68%, ranking 525 out of 613 [4]. Investment Strategy - The fund manager indicated that in the context of declining cash yields, high-dividend assets have shown a "quasi-fixed income" characteristic, becoming a dominant investment style in Q4. In contrast, growth sectors faced increased volatility and pressure due to market sentiment and fluctuating fundamental expectations [3]. - The fund will continue to focus on stable high-dividend stocks, particularly in the financial, telecommunications, energy, and public utility sectors, which are expected to provide visibility and stable profits during the economic recovery [3]. Risk Metrics - The fund's Sharpe ratio since inception is 1.3198, indicating a favorable risk-adjusted return [9]. - The maximum drawdown since inception is 10.87%, with the largest quarterly drawdown occurring in Q2 2025 at 9.1% [12]. Portfolio Composition - The average stock position since inception is 85.49%, with a peak of 89.53% at the end of H1 2024 and a low of 71.51% at the end of Q3 2024 [15]. - The fund has a high concentration of holdings, with the top ten stocks including China National Offshore Oil, China Mobile, CITIC Bank, Bank of China, and others [20].

Market Overview - The US stock market indices showed mixed performance on Friday, with the Hang Seng Index ADR closing at 26,719.08 points, down by 30.43 points or 0.11% compared to the Hong Kong close [1]. Major Blue-Chip Stocks - HSBC Holdings closed at HKD 130.896, up by 0.69% from the Hong Kong close [2]. - Tencent Holdings closed at HKD 598.184, up by 0.54% from the Hong Kong close [2]. Stock Performance Summary - Tencent Holdings (HKD 595.000) saw a decrease of HKD 2.500, or -0.42%, with its ADR price at HKD 598.184, reflecting an increase of HKD 3.184 or 0.54% [3]. - Alibaba Group (HKD 168.500) increased by HKD 3.700, or 2.25%, with its ADR price at HKD 168.834, up by HKD 0.334 or 0.20% [3]. - HSBC Holdings (HKD 130.000) rose by HKD 0.300, or 0.23%, with its ADR price at HKD 130.896, up by HKD 0.896 or 0.69% [3]. - Xiaomi Group (HKD 36.240) increased by HKD 1.000, or 2.84%, with its ADR price at HKD 36.287, up by HKD 0.047 or 0.13% [3]. - AIA Group (HKD 83.050) rose by HKD 0.550, or 0.67%, with its ADR price at HKD 83.077, up by HKD 0.027 or 0.03% [3]. - Meituan (HKD 97.550) increased by HKD 0.550, or 0.57%, with its ADR price at HKD 97.735, up by HKD 0.185 or 0.19% [3]. - Kuaishou (HKD 81.250) rose by HKD 2.150, or 2.72%, with its ADR price at HKD 82.648, up by HKD 1.398 or 1.72% [3]. - Ctrip Group (HKD 485.400) increased by HKD 3.800, or 0.79%, with its ADR price at HKD 490.273, up by HKD 4.873 or 1.00% [3].