Summary of Key Points from Conference Call Records Industry Overview - **Manufacturing Sector**: China is undergoing a new round of supply-side reforms, focusing on eliminating inefficient capacity in emerging industries like automotive and electronics, with total manufacturing debt growth expected to slow to 2%-3% [1][3] - **High-Quality Nutritional Chemical Industry**: The industry has significant growth potential due to rising health product demand and high technical barriers, with New Hope Liuhe being a leading player [5][16] - **Aluminum Industry**: China Hongqiao is one of the largest aluminum producers globally, benefiting from high electrolytic aluminum prices and cost advantages [1][22] Company-Specific Insights SF Express (顺丰) - **Rating Upgrade**: SF Express has been upgraded to "overweight" due to its leading position in the high-end express market, operational efficiency improvements, and technological innovations, with expected profit growth of 11%-12% in Q2 [1][4][10] - **Investment Timing**: Current market conditions present a good buying opportunity, with projected free cash flow yields of 6.5%-8% from 2025 to 2027 [13] - **Risks**: The company faces macroeconomic risks that could impact its international and express business revenues, particularly if economic growth slows in 2025 [14][15] New Hope Liuhe (新和成) - **Market Position**: New Hope Liuhe holds approximately 15% of the global methionine market and 30% of the vitamin E market, with a positive outlook on its growth potential [16][19] - **Capacity Growth**: Expected capacity growth in the next three to four years is below 5%, aligning with global demand growth, indicating minimal supply pressure [17] - **Financial Health**: The company has a strong financial position, with a projected net cash status and positive free cash flow even during industry downturns [19] China Hongqiao (中国宏桥) - **Competitive Advantages**: The company benefits from high electrolytic aluminum prices, cost advantages from integrated operations, and a high dividend policy, with a one-year expected P/E ratio close to 7 times [1][22][23] - **Future Projects**: Participation in the Simandou iron ore project is expected to contribute significantly to profits, with an estimated 1.3 million tons of iron ore contributing approximately 1.7 billion in profits by 2027 [23] Financial Policies and Market Dynamics - **New Financial Policies**: Recent policies aim to control overcapacity and credit risks, including regulations on accounts payable management and rational investment by local governments [2][3] - **Investment Trends**: Approximately 74% of industrial sectors have slowed investment growth, but demand remains stable, with financial policies supporting a gradual recovery [7][8] Additional Considerations - **Express Delivery Pricing**: Recent price increases in the express delivery sector, particularly in Guangdong, need to be monitored for sustainability and impact on midstream profits [9][12] - **Market Sentiment**: The overall market sentiment and fundamental changes in the express delivery industry will be influenced by pricing strategies and demand fluctuations [12]

Core Viewpoint - The China Hong Kong 300 Resource Index has shown significant growth, with a 5.70% increase over the past month, 21.06% over the past three months, and 17.37% year-to-date [1]. Group 1: Index Performance - The China Hong Kong 300 Resource Index is currently at 2861.49 points [1]. - The index reflects the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [1]. Group 2: Index Holdings - The top ten weighted companies in the index are: China National Offshore Oil (27.99%), PetroChina (13.08%), Zijin Mining (11.11%), China Shenhua (10.1%), Sinopec (8.64%), China Hongqiao (5.0%), China Coal Energy (3.47%), Luoyang Molybdenum (3.12%), Zhaojin Mining (3.06%), and Yanzhou Coal Mining (2.55%) [1]. - The index is fully comprised of companies listed on the Hong Kong Stock Exchange, with a 100% market share [1]. Group 3: Sector Composition - The sector composition of the index includes: Oil and Gas (50.07%), Coal (16.61%), Precious Metals (16.13%), Industrial Metals (15.73%), Rare Metals (0.89%), and Other Non-ferrous Metals and Alloys (0.56%) [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2].

Core Viewpoint - The company has established a complete aluminum product industry chain, making it one of the world's leading aluminum manufacturers, with a focus on vertical integration and sustainability [1][4]. Group 1: Industry Chain and Production Capacity - The company has built a complete closed-loop industry chain from bauxite mining to aluminum deep processing, including recycling and automotive components [1]. - The current electrolytic aluminum production capacity is 6.459 million tons, ranking second in China, while alumina production capacity is 21 million tons [1][2]. - The company is implementing a "north aluminum south move" strategy to adapt to green trends, with plans to relocate production capacity from Shandong to Yunnan, targeting 3.451 million tons in Shandong and 3.008 million tons in Yunnan by 2027 [2]. Group 2: Cost Management and Supply Chain - The company has a self-sufficient power generation rate of approximately 50% due to its self-built thermal power plants, which helps in cost management [2]. - The alumina required for production is primarily sourced from self-production in Shandong and external procurement in Yunnan, with bauxite imported from Guinea and stable supply channels established in Australia and Indonesia [2][3]. Group 3: Financial Performance and Future Outlook - The company’s alumina production capacity is 21 million tons, with significant contributions from both domestic and overseas projects, leading to a projected revenue increase of 34.7% and gross profit growth of 142.2% in 2024 [3]. - The company aims to enhance its risk resilience and performance stability through vertical integration and proactive overseas resource acquisition [4]. - Expected net profits for the company from 2025 to 2027 are projected to be 22.64 billion, 24.21 billion, and 25.39 billion yuan, respectively, with a corresponding EPS of 2.44, 2.61, and 2.73 yuan [4].

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.86%, Green Power Environmental (01330) at 70.22%, and China Shenhua (01088) at 67.10% [1] - The largest increases in holding amounts over the last five trading days were seen in the following companies: Yingfu Fund (02800) with +5.886 billion, Hang Seng China Enterprises (02828) with +4.157 billion, and Li Auto-W (02015) with +2.947 billion [2] - The largest decreases in holding amounts over the last five trading days were recorded for Kangfang Biopharmaceutical (09926) with -0.774 billion, HSBC Holdings (00005) with -0.523 billion, and China Hongqiao (01378) with -0.506 billion [3] Group 1: Top Holding Ratios - China Telecom (00728) holds 10.39 billion shares, representing 74.86% of its total [1] - Green Power Environmental (01330) holds 0.284 billion shares, representing 70.22% of its total [1] - China Shenhua (01088) holds 2.266 billion shares, representing 67.10% of its total [1] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of +5.886 billion in holding amount, with a change of +23.21079 million shares [2] - Hang Seng China Enterprises (02828) increased by +4.157 billion, with a change of +4.54198 million shares [2] - Li Auto-W (02015) increased by +2.947 billion, with a change of +2.86721 million shares [2] Group 3: Recent Decreases in Holdings - Kangfang Biopharmaceutical (09926) experienced a decrease of -0.774 billion, with a change of -0.47511 million shares [3] - HSBC Holdings (00005) saw a decrease of -0.523 billion, with a change of -0.54260 million shares [3] - China Hongqiao (01378) decreased by -0.506 billion, with a change of -2.37590 million shares [3]

金融界8月5日消息，上证指数高开高走，中证香港300上游指数 (H300上游，H30100)报2759.82点。 数据统计显示，中证香港300上游指数近一个月上涨5.69%，近三个月上涨20.98%，年至今上涨 17.15%。 据了解，中证香港300主题指数系列从中证香港300指数样本中根据中证行业分类选取符合相应主题的证 券作为指数样本，反映了在香港交易所上市各主题证券的整体表现。该指数以2004年12月31日为基日， 以1000.0点为基点。 从指数持仓来看，中证香港300上游指数十大权重分别为：中国海洋石油（27.7%）、中国石油股份 （12.94%）、紫金矿业（10.99%）、中国神华（9.99%）、中国石油化工股份（8.55%）、中国宏桥 （4.95%）、中煤能源（3.43%）、洛阳钼业（3.09%）、招金矿业（3.03%）、兖矿能源（2.52%）。 从中证香港300上游指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300上游指数持仓样本的行业来看，石油与天然气占比49.54%、煤炭占比16.44%、贵金属占 比15.96%、工业金属占比15.57%、油气开采与油田服务占比1 ...

Group 1 - The core viewpoint of the news is the significant performance of the China Securities Hong Kong 100 Raw Materials Index, which has shown substantial growth over various time frames [1] - The China Securities Hong Kong 100 Raw Materials Index reported a 6.02% increase over the past month, a 30.50% increase over the past three months, and a 60.16% increase year-to-date [1] - The index is classified according to the China Securities industry classification standards, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The index is fully composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - Within the holdings of the index, gold constitutes 68.96% and aluminum constitutes 31.04% [1] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Group 1 - The company, China Hongqiao (01378.HK), announced that it will hold a board meeting on August 15, 2025, to consider and approve the publication of its unaudited interim results for the six months ending June 30, 2025 [1]

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之內容概不負責，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份內容而產生或因依賴該等內容 而引致之任何損失承擔任何責任。 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） 董事會會議舉行日期 中國宏橋集團有限公司（「本公司」，連同其附屬公司，統稱為「本集團」）董事會（「董事會」）謹此宣佈， 本公司將於二零二五年八月十五日（星期五）假座香港中環皇后大道中2號長江集團中心51樓5105室舉 行董事會會議，藉以（其中包括）考慮及批准刊發本集團截至二零二五年六月三十日止六個月的未經 審核中期業績。 承董事會命 中國宏橋集團有限公司 主席 張波 香港 二零二五年八月五日 於本公告日期，董事會包括十二名董事，即執行董事張波先生、鄭淑良女士、張瑞蓮女士及王雨婷 女士，非執行董事楊叢森先生、張敬雷先生、涂一鍇先生（張浩先生為其替任董事）及孫冬冬女士， 以及獨立非執行董事文献軍先生、韓本文先生、董新義先生及傅郁林女士。 ...

Core Viewpoint - The company has established a complete aluminum product industry chain and is one of the world's leading aluminum manufacturers, with a focus on vertical integration and sustainability [2][3]. Group 1: Industry Chain and Capacity - The company has built a complete closed-loop industry chain from bauxite mining to aluminum deep processing, including recycling and automotive components [2]. - The company currently has an electrolytic aluminum production capacity of 6.459 million tons, ranking second in China, and an alumina production capacity of 21 million tons [2][3]. - The company is implementing a "north aluminum south move" strategy to align with green trends, with plans to relocate electrolytic aluminum capacity from Shandong to Yunnan, expecting capacities of 3.451 million tons and 3.008 million tons respectively by 2027 [3]. Group 2: Cost and Supply Chain Management - The company has a self-sufficient power supply rate of approximately 50% due to its self-built thermal power plants, which helps in cost savings [3]. - The alumina required for production in Shandong is mainly self-produced, while the Yunnan region sources alumina externally [3]. - The company has established stable supply channels for bauxite from Guinea, Australia, and Indonesia, ensuring a steady supply of raw materials [3][4]. Group 3: Financial Performance and Dividends - The company is expected to achieve net profits of 22.64 billion, 24.21 billion, and 25.39 billion yuan from 2025 to 2027, with corresponding EPS of 2.44, 2.61, and 2.73 yuan [5]. - The company has a high dividend yield, projected at 6.7%, 10%, and 13.6% for 2022 to 2024, indicating a strong commitment to returning value to shareholders [5]. Group 4: Technological Advancements and Sustainability - The company has advanced aluminum deep processing technology and is actively developing recycled aluminum and circular economy projects [7]. - The company completed a 20,000-ton waste aluminum recycling project in 2023, aiming to become a competitive player in the green aluminum packaging industry [7].

国联民生证券主要观点如下： 供给约束逻辑支撑铝价上行，氧化铝或将受益于"反内卷" 国内电解铝产能接近天花板，未来新增产能或有限;电网、新能源汽车等支撑需求端韧性，电解铝供需 缺口有望逐渐显现，驱动铝价中枢上移。氧化铝短期来看，供给过剩背景下，价格或围绕成本线波 动;Q3几内亚进入雨季，铝土矿发运量或将下降，支撑其价格趋稳，氧化铝价格亦有望维持震荡。2025 年7月29日，中国有色金属工业协会表示"将从严控制氧化铝新增产能"。中长期来看，"反内卷"政策持 续加码，氧化铝新增产能投产节奏或有望放缓，从而改善产能过剩格局。 铝产业链一体化龙头，2025H1净利润同比高增 国联民生证券发布研报称，预计中国宏桥(01378)2025-2027年归母净利润分别为227.59/261.69/289.69亿 元，分别同比增长1.73%/14.98%/10.70%，EPS分别为2.40/2.76/3.05元/股，维持"买入"评级。中长期来 看，"反内卷"政策持续加码，氧化铝新增产能投产节奏或有望放缓，从而改善产能过剩格局。公司发布 正面盈利预告，2025H1预计实现归母净利润约123.59亿元，同比增长35%左右。 根据公司发 ...