消息面上，因特朗普"美元溜溜球"言论及美日干预汇市预期，美元跌至四月新低，铝价升至近四年来新 高。兴业证券近期研报指出，需双线主导，铝进入紧缺周期，叠加较低的库存，支撑铝价中枢抬升。中 国电解铝企业具备全球竞争力、正将行业红利转化为股东回报。看好铝价中枢抬升，铝价每上涨10%， 将带来约30%的EPS增厚，质量与周期共振，看好电解铝板块价值重估。推荐公司中国宏桥、中国铝 业，关注创新实业、南山铝业国际。 智通财经APP获悉，铝业股再度走高，截至发稿，中国铝业(02600)涨13.32%，报15.14港元；南山铝业 国际(02610)涨7.74%，报72.4港元；中国宏桥(01378)涨6.99%，报40.1港元；创新实业(02788)涨2.78%， 报28.14港元。 ...

南山铝业（600219）国际(02610)再涨超7%，截至发稿，涨5.43%，报70.85港元，成交额1.81亿港元。 据公告，公司在印尼已建成氧化铝产能400万吨/年，是东南亚最大的氧化铝生产商。中金认为，本次公 告启动建设电解铝年产能25万吨以及规划另外50万吨，标志着公司正式开启转型电解铝一体化生产商， 公司盈利能力有望获得进一步提升。 消息面上，南山铝业近日公告称，拟通过控股子公司南山铝业国际控股有限公司间接全资子公司盛世亚 洲与盛世铝业合资，在印尼设立项目子公司PT.HEAI建设南山铝业国际控股有限公司印尼宾坦工业园年 产25万吨电解铝项目，投资金额约4.37亿美元(折合30.56亿元人民币)。项目建设范围为电解铝厂的主要 生产设施，项目建设期2年。 ...

Core Viewpoint - Nanshan Aluminum International (02610) has seen a stock price increase of over 7%, currently trading at 70.85 HKD with a transaction volume of 1.81 billion HKD, following the announcement of a new investment project in Indonesia [1] Group 1: Investment Announcement - The company plans to establish a project subsidiary, PT. HEAI, in Indonesia through its wholly-owned subsidiary, Nanshan Aluminum International Holdings Limited, in partnership with Shengshi Aluminum [1] - The investment for the project, which aims to build an electrolytic aluminum production facility with an annual capacity of 250,000 tons, is approximately 437 million USD (equivalent to 3.056 billion RMB) [1] - The construction period for the project is set at 2 years, focusing on the main production facilities of the electrolytic aluminum plant [1] Group 2: Production Capacity and Market Position - Nanshan Aluminum has already established an alumina production capacity of 4 million tons per year in Indonesia, making it the largest alumina producer in Southeast Asia [1] - According to CICC, the announcement marks the company's formal transition to an integrated electrolytic aluminum producer, with the potential for enhanced profitability through the planned annual capacity of 250,000 tons and an additional 500,000 tons in the pipeline [1]

Group 1 - China Aluminum International (02068) saw a mid-day increase of over 2.4% after announcing a joint venture to undertake a new electrolytic aluminum project with an annual capacity of 394,000 tons, with the first phase set at 294,000 tons [1] - CGN Mining (01164) rose over 8.3% following the submission of a preliminary prospectus for a trust that plans to issue up to $2 billion in transferable, non-redeemable trust shares over 25 months, with annual uranium procurement not exceeding 9 million pounds [1] - China Shengmu Organic Milk (01432) increased nearly 6% after a joint announcement regarding a potential conditional cash offer to acquire all issued shares of the company [1] Group 2 - Yijun Group Holdings (02442) surged over 18%, with a cumulative increase of nearly 500% since its resumption of trading in December, following the sale of shares by its controlling shareholder [2] - China Rare Earth Holdings (03788) rose over 10%, reaching a historical high of 5.49 HKD, after announcing the termination of its gold spin-off plan to focus on gold business [2] - Laopuqin Gold (06181) increased over 7.3% as consumer demand is expected to rise during the upcoming Spring Festival, driven by higher gold prices and anticipated price increases [2] Group 3 - Oil stocks continued to rise, with CNOOC (02883) up 4.19%, Sinopec (00386) up 2.54%, and PetroChina (00857) up 3.68%, amid escalating geopolitical tensions in Iran and Cuba [3] - Changfei Optical Fiber (06869) saw a rise of over 15.4% due to significant price increases and supply tightness in the G.652.D optical fiber market, with major manufacturers unable to meet their own orders [3] Group 4 - Nanshan Aluminum International (02610) increased over 2.6% after announcing plans to start construction on a 250,000-ton electrolytic aluminum project in 2026, with an investment of $437 million [4] - Xindong Company (02400) saw a slight increase of 0.43% as its mobile game "Xindong Town" surpassed 10 million downloads, indicating strong user growth [4] Group 5 - EquipmentShare.com (EQPT.US) debuted on the US stock market with an IPO price of $24.5, closing up 32.9% on its first day [5] - The solar energy sector saw initial gains, with JinkoSolar (JKS.US) up 9.03% and Canadian Solar (CSIQ.US) up 4.57%, following discussions at the Davos Forum [5] - Silver-related stocks experienced gains, with First Majestic Silver (AG.US) rising 5.04% as spot silver prices surpassed $100 [5] Group 6 - Lithium mining stocks mostly rose, with Sigma Lithium (SGML.US) up 17.54% after announcing additional sales of high-purity lithium powder [6] - Bank stocks declined, with Goldman Sachs (GS.US) down 3.75% amid legal issues involving President Trump and JPMorgan [6] - Redwire (RDW.US) increased by 4.51% following comments from Elon Musk about SpaceX's plans for reusable rocket technology [6] Group 7 - Semiconductor stocks showed strength, with AMD (AMD.US) up 2.35% and Nvidia (NVDA.US) up 1.53%, as Nvidia's CEO visited China to discuss future plans [7] - Ericsson (ERIC.US) rose 8.87% after reporting strong fourth-quarter earnings, with adjusted EBITA reaching 12.7 billion SEK, a 24% increase year-over-year [8] - Intel (INTC.US) fell 17.03% due to disappointing performance outlooks and manufacturing issues [8]

Group 1 - Nanshan Aluminum International (02610.HK) has seen a stock price increase of over 4%, currently up by 4.12% at HKD 68.2 [1] - The trading volume for Nanshan Aluminum International reached HKD 135 million [1]

据公告，公司在印尼已建成氧化铝产能400万吨/年，是东南亚最大的氧化铝生产商。该行认为，本次公 告启动建设电解铝年产能25万吨以及规划另外50万吨，标志着公司正式开启转型电解铝一体化生产商， 公司盈利能力有望获得进一步提升。 消息面上，近日，公司计划2026年启动年产25万吨电解铝项目建设，投资额4.37亿美元，建设周期2 年；中长期发展看，公司计划制定另外年产50万吨电解铝项目的规划工作，以进一步提升公司电解铝产 能规模；中长期战略看，公司计划逐步提升电解铝产能，以期实现与公司电解铝和氧化铝产能的匹配。 智通财经APP获悉，南山铝业国际(02610)涨超4%，截至发稿，涨4.12%，报68.2港元，成交额1.35亿港 元。 ...

Major Events - UBTECH (09880) plans to invest 300 million yuan to establish a partnership for investments in the smart robotics industry chain [1] - Tian Ge Interactive (01980) received a 1.41% discount from Sina Hong Kong for a partial tender offer to acquire 32.5 million shares, with trading resuming on January 22 [1] - Fosun Pharma (02196) received approval for the drug registration application of heavy tartrate norepinephrine injection [1] - Valiant (09887) received orphan drug designation (ODD) from the European Commission for Valiant™ for the treatment of extra-pulmonary neuroendocrine carcinoma [1] - GCL-Poly Energy (01050) secured orders for AI giant server enclosures, accelerating ASIC business production, and commenced construction of a new base in Thailand [1] - China Rare Earth Holdings (03788) plans to raise approximately 783 million HKD to support the development of the Mt Bundy gold mine project [1] - Nanshan Aluminum International (02610) plans to place 31 million shares, aiming to raise approximately 1.9868 billion HKD [1] - Qiming Medical-B (02500) reported a patent infringement lawsuit against Edwards by Cardiovalve Ltd. and MTH IP, L.P. regarding US Patent No. 385 [1] - Minmetals Resources (01208) expects total copper production of 506,900 tons in 2025, a year-on-year increase of 27% [1] - Prudential (02378) invested approximately 375 million USD to increase its stake in PAMB to 70% [1] - Nocoda Technology (00519) successfully implemented innovative smart handling robots in Hong Kong public housing estates [1] - Idali Holdings (00720) B-ON Global S.àr.l. plans to acquire 1.3 billion shares of the company, becoming the major shareholder [1] Bonds and Notes - China Shipbuilding Leasing (03877) subsidiary plans to issue 2.338 billion HKD convertible bonds [2] Buybacks/Reductions - China Communications Construction (01800) repurchased 1.06837 million HKD worth of 1.2588 million A-shares on January 22 [2] - Kuaishou-W (01024) spent approximately 29.9714 million HKD to repurchase 380,000 shares on January 22 [2] - Xiaomi Group-W (01810) repurchased shares worth 201 million HKD, acquiring 5.7138 million shares on January 22 [2] - Xiaomi Group-W (01810) plans to repurchase up to 2.5 billion HKD of Class B ordinary shares [2] - Sanhua Intelligent Control (02050) controlling shareholders, directors, and executives plan to collectively reduce their holdings by up to approximately 10.2037 million A-shares [2] Operating Performance - AsiaInfo Technologies (01675) expects to turn cash flow positive by 2025, driven by rapid growth in AI business [2] - Zhaoyi Innovation (03986) issued a profit warning, expecting a net profit of approximately 1.61 billion yuan in 2025, a year-on-year increase of about 46% [2] - MicroPort Medical (00853) issued a profit warning, expecting a net profit of no less than 20 million USD in 2025, turning profitable year-on-year [2]

Core Viewpoint - Nanshan Aluminium International Holdings is transitioning into an integrated aluminum producer by commencing construction of a new aluminum production project with an annual capacity of 250,000 tons and planning for an additional 500,000 tons in the medium to long term [1][2]. Group 1: Project Details - The new aluminum production project is set to begin construction in 2026, with a total investment of US$437 million and a construction period of two years [1]. - The firm aims to gradually increase its aluminum production capacity to align with its existing alumina production capacity of 4 million tons per year, making it the largest alumina producer in Southeast Asia [2]. Group 2: Competitive Advantages - The company benefits from a raw material cost advantage due to abundant bauxite and coal resources in Indonesia, which allows for low-cost bauxite supply and efficient transportation [3]. - The project is located in the Galang Batang Special Economic Zone, which offers up to 20 years of tax incentives, enhancing its geographical advantage [4]. - As aluminum production capacity increases, the firm is expected to create synergies between alumina and aluminum production, improving resilience to market risks [5]. Group 3: Financial Outlook - The earnings forecast for 2025 and 2026 remains unchanged, while the net profit forecast for 2027 has been raised by 15% to US$501 million due to increased product prices [6]. - The stock is currently trading at 14.7x 2025 estimated P/E, 11.1x 2026 estimated P/E, and 10.9x 2027 estimated P/E, with a target price of HK$77.76, indicating an 8% upside [6].

Company Overview - The company plans to start construction of a 250,000-ton electrolytic aluminum project in 2026 with an investment of $437 million and a construction period of 2 years [1] - In the long term, the company aims to develop a plan for an additional 500,000-ton electrolytic aluminum project to further enhance its production capacity [1] - The strategic goal is to gradually increase electrolytic aluminum capacity to match the company's existing capacities in electrolytic aluminum and alumina [1] Industry Position - The company is the leading alumina producer in Southeast Asia, with an established alumina production capacity of 4 million tons per year in Indonesia [1] - The announcement of the new electrolytic aluminum capacity marks the company's official transition to an integrated electrolytic aluminum producer, which is expected to enhance profitability [1] Competitive Advantages - Raw Material Cost Advantage: The company benefits from abundant bauxite and coal resources in Indonesia, leading to low-cost bauxite supply and short-distance transportation advantages [1] - Regional Advantage: The project is located in the Karangbata Economic Zone in Indonesia, which offers a 20-year tax incentive and proximity to the Malacca Strait, facilitating product distribution across Southeast Asia and to the Eurasian continent [1] - Upstream and Downstream Synergy: As the electrolytic aluminum capacity is gradually released, the company is expected to form an integrated supply chain from alumina to electrolytic aluminum, enhancing synergy and risk resilience [1] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged, while the net profit for 2027 has been increased by 15% to $500 million due to rising product prices [2] - The current stock price corresponds to P/E ratios of 14.7x for 2025, 11.1x for 2026, and 10.9x for 2027 [2] - The target price is maintained at HKD 77.76, corresponding to P/E ratios of 12.0x for 2026 and 11.7x for 2027, indicating an 8% upside potential from the current stock price [2]

Group 1 - The Hang Seng Index fell by 0.1%, down 26 points, closing at 26,559 points, while the Hang Seng Tech Index decreased by 0.4% [1] - Baidu Group (09888) led blue-chip stocks with a 4% increase following the official release of its Wenxin large model version 5.0 [1] - Tianzuo Zhixin (09903) surged over 14%, reaching a new high since its listing, with plans to release a roadmap for its next three generations of GPGPU products on January 26 [1] - Minshi Group (00425) rose over 10%, benefiting from the increase in European electric vehicle production and actively entering humanoid robots and liquid cooling sectors [1] - Junda Co., Ltd. (02865) increased by over 14%, planning to raise funds through a share placement for the development of space photovoltaic battery products [1] - Yingshi Intelligent (03696) rose over 5%, achieving a new peak as its AI-enabled tumor drug development capabilities received further recognition [1] Group 2 - Jiantao Group's stock (01888) rose over 2%, with Goldman Sachs optimistic about the Chinese PCB and CCL industries [2] - Pacific Shipping (02343) increased by over 7%, reaching a new high as the BDI index climbed to a two-week high [3] - China Shipbuilding Defense (00317) rose over 3%, with its 2025 performance forecast meeting market expectations, likely benefiting from the integration of shipbuilding assets [4] - CNOOC Services (02883) increased by over 4%, converting $746 million in debt to equity to enhance its oil and gas business in Norway [5] - Kingsray Biotechnology (01548) fell over 6%, following a significant drop of over 11% in its joint venture Legend Biotech's stock price [6] - Nanshan Aluminum International (02610) dropped over 8% due to a 6.4% discount on a rights issue, raising net proceeds of HKD 1.99 billion [7] - New stock Longqi Technology (09611) debuted with a price of HKD 32.5, up 4.84% on its first day of trading [8]