Core Viewpoint - The report from CICC suggests focusing on three stock selection criteria in the electrolytic aluminum industry: companies with high capacity-to-market value ratio and significant earnings elasticity with rising aluminum prices, those with overseas expansion capabilities and strong growth potential, and prioritizing companies with high alumina self-sufficiency rates amid current low alumina prices [1] Group 1: Stock Recommendations - CICC maintains a "outperform industry" rating for China Hongqiao (01378), raising the target price from 29.29 HKD to 42.79 HKD [1] - Recommended stocks include: China Hongqiao, Nanshan Aluminum (600219) International H-share (02610/target price 77.76 HKD), Nanshan Aluminum A-share (600219.SH/target price 7.25 RMB), China Aluminum (601600) (02600/target price 17.04 HKD), Tianshan Aluminum (002532) (002532.SZ/target price 22.67 RMB), and Huatong Cable (605196), all rated "outperform industry" [1] Group 2: Industry Trends - Chinese aluminum companies are accelerating their overseas expansion due to domestic bauxite shortages and production capacity limits since 2017, with early movers gaining competitive advantages in resource-rich regions [2] - Companies like China Hongqiao are targeting low-cost regions, particularly in Indonesia, for alumina sourcing, while Guinea's bauxite mining is expected to produce around 170 million tons by 2025, with China Hongqiao projected to be the largest producer at 71 million tons [2] Group 3: Price and Cost Dynamics - The aluminum price increase benefits all electrolytic aluminum companies, with those having a high capacity-to-market value ratio showing greater potential for price appreciation [3] - Companies with alumina self-sufficiency above 100% can benefit from rising alumina prices, as it becomes an internalized cost, leading to increased sales profits [3] - Companies with high self-generated electricity ratios, like China Hongqiao and Nanshan Aluminum, are positioned to benefit from falling coal prices, while those with lower ratios face greater cost sensitivity [4] Group 4: Future Outlook - The outlook for aluminum prices is positive, driven by a growing supply-demand gap and supportive global fiscal and monetary policies, with potential for significant profit expansion as costs remain low [5] - China Hongqiao, Yun Aluminum (000807), and Zhongfu Industrial (600595) are identified as companies with relatively high valuation elasticity, expected to rank among the top performers in 2025 with projected price increases of 177%, 134%, and 171% respectively [5]

Group 1 - Nanshan Aluminum International's stock fell over 5%, specifically by 5.37%, trading at 65.2 HKD with a transaction volume of 2.039 billion HKD [1] - The company announced a placement of 31 million shares, representing approximately 5% of the enlarged share capital, at a price of 64.5 HKD per share, which is a discount of about 6.39% compared to the closing price of 68.9 HKD on January 21 [1] - If the subscription is fully placed, the total amount expected from the subscription is approximately 1.9995 billion HKD, with a net amount of about 1.9868 billion HKD, of which around 90% will be used for potential electrolytic aluminum and related raw materials and auxiliary businesses, while 10% will be allocated for general working capital [1]

Core Viewpoint - Nanshan Aluminium International (02610) has announced a placement and subscription agreement involving the sale of 31 million shares at a price of HKD 64.50 per share, representing a discount of approximately 6.39% from the closing price on January 21 [1] Group 1: Share Placement Details - The seller, Nanshan Aluminium Investment Holding Limited, has appointed a placement agent to facilitate the sale of shares [1] - The total number of shares being sold represents about 5.26% of the total issued shares as of the announcement date [1] - If the subscription is fully placed, the enlarged total number of issued shares will be approximately 5.00% [1] Group 2: Financial Implications - The expected gross proceeds from the subscription are approximately HKD 1.9995 billion, with net proceeds estimated at HKD 1.9868 billion [1] - The net proceeds will be allocated as follows: 90% for potential electrolytic aluminum and related raw materials and auxiliary businesses, and 10% for general working capital [1]

Group 1 - Nanshan Aluminium International (02610.HK) announced a placement and subscription agreement involving the sale of 31 million shares at a price of HKD 64.50 per share, which represents a discount of approximately 6.39% compared to the last closing price of HKD 68.90 [1] - The total expected gross proceeds from the subscription are approximately HKD 1.9995 billion, with net proceeds estimated at HKD 1.9868 billion [1] - The net proceeds from the subscription will be allocated as follows: 90% for potential electrolytic aluminum and related raw materials and auxiliary businesses, and 10% for general working capital [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，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 本公告不會直接或間接於或向美國派發。本公告並不構成或組成於美國境內購買或認購證券 的任何要約或招攬的一部分。本公告所述的本公司股份並無亦不會根據《1933年美國證券法》 （經修訂）（「證券法」）登記，且不得於美國境內提呈發售或出售，除非已根據證券法的登記規 定登記或獲豁免遵守該登記規定。本公司股份將不會於美國公開發售。 Nanshan Aluminium International Holdings Limited 南山鋁業國際控股有限公司 配售事項及認購事項 於2026年1月22日（交易時段前），本公司、賣方及配售代理訂立配售及認購協 議，據此，(a)賣方同意委任配售代理為配售代理，而配售代理同意竭力促使 買方按配售價（即每股64.50港元）購買出售股份（即31,000,000股股份）；及(b)賣 方已有條件同意認購，而本公司已有條件同 ...

Core Viewpoint - The company maintains its profit forecast for 2025/2026 and raises the 2027 net profit estimate by 15% to $500 million due to rising product prices, with a target price of HKD 77.76, indicating an 8% upside potential from the current stock price [1] Group 1: Company Current Status - 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 [2] - The company aims to develop a plan for an additional 500,000-ton electrolytic aluminum project to further enhance its production capacity [2] Group 2: Transition to Integrated Production - The company has established a capacity of 4 million tons per year for alumina in Indonesia, making it the largest alumina producer in Southeast Asia, marking its transition to an integrated electrolytic aluminum producer [3] Group 3: Advantages Supporting Industry Chain Expansion - The company benefits from raw material cost advantages due to abundant bauxite and coal resources in Indonesia, along with the expansion of a 70,000-ton deep-water port to enhance logistics efficiency [4] - The project is located in the Karang Batang Economic Zone in Indonesia, which enjoys a 20-year tax incentive and proximity to the Malacca Strait, facilitating product distribution across Southeast Asia and to the Eurasian continent [4] - The company is expected to form an integrated industry chain from alumina to electrolytic aluminum, enhancing synergy and risk resilience as its electrolytic aluminum capacity gradually comes online [4]

Market Overview - The Hong Kong stock market experienced fluctuations today, with all three major indices closing lower. The Hang Seng Index fell by 0.29% or 76.39 points to 26,487.51 points, with a total turnover of HKD 2,377.66 million. The Hang Seng China Enterprises Index decreased by 0.43% to 9,094.76 points, and the Hang Seng Tech Index dropped by 1.16% to 5,683.44 points [1] Blue Chip Performance - Pop Mart (09992) led the blue-chip stocks, rising by 9.07% to HKD 197.2, contributing 19.52 points to the Hang Seng Index. The company announced a share buyback of 1.4 million shares for HKD 2.51 million at prices between HKD 177.7 and HKD 181.2. Morgan Stanley noted that this buyback could attract more investors [2] - Other notable blue-chip performances included China Life (601628) (02628) up 4.31% to HKD 33.4, contributing 16.6 points, and China Resources Land (01109) up 3.71% to HKD 29.64, contributing 5.52 points. Conversely, WuXi AppTec (603259) (02359) fell by 4.13% to HKD 113.7, detracting 3.73 points, and SMIC (00981) dropped by 3.25% to HKD 74.5, detracting 18.11 points [2] Sector Highlights - The technology sector showed mixed results, with Baidu rising by 0.95% while Tencent fell over 1%. Gold stocks rebounded, with spot gold surpassing USD 4,700 for the first time, and consumer stocks gained traction due to favorable consumption policies. Notably, Pop Mart's buyback led to a price increase of over 10% [3] - Gold stocks saw a recovery, with Zijin Mining International (02259) up 5.47% to HKD 179.4, Chifeng Jilong Gold Mining (600988) (06693) up 3.6% to HKD 33.94, Shandong Gold Mining (600547) (01787) up 2.73% to HKD 43.7, and China National Gold International (600916) (02099) up 2.04% to HKD 195 [3] Real Estate Sector - The National Bureau of Statistics reported a 0.3% month-on-month decline in new residential sales prices in first-tier cities for December 2025, with the decline narrowing by 0.1 percentage points from the previous month. Shenwan Hongyuan believes that the real estate sector has undergone deep adjustments, and recent central government directives to stabilize the market may lead to positive policy changes [5] - The real estate sector showed positive performance, with China Overseas Land & Investment (00081) up 4.93% to HKD 2.13, and China Resources Land (01109) up 3.71% to HKD 29.64 [4][5] Insurance Sector - The insurance sector performed well, with China Pacific Insurance (00966) up 4.39% to HKD 23.8, China Life (02628) up 4.31% to HKD 33.4, and New China Life Insurance (601336) (01336) up 2.72% to HKD 62.35. Reports indicated that major insurance companies saw significant growth in premium income through bancassurance channels [4][5] Aviation Sector - The aviation sector continued its upward trend, with China Southern Airlines (600029) (01055) up 4.57% to HKD 6.18, China National Aviation (601111) (00753) up 3.91% to HKD 7.45, and Cathay Pacific (00293) up 1.63% to HKD 12.49. Analysts expect strong demand during the upcoming Spring Festival travel season, with improved ticket pricing and revenue management driving profitability [6] Notable Stock Movements - Youjia Innovation (02431) saw a significant increase of 7.21% to HKD 15.77 after signing a memorandum of understanding with India's Sterling Tools Ltd. to focus on the automotive market [7] - Nanshan Aluminum International (02610) reached a new high, rising 6.04% to HKD 71.95, as the company plans to initiate a 250,000-ton electrolytic aluminum project with an estimated investment of USD 436.6 million [8] - GigaDevice Semiconductor (603986) (03986) continued to rise by 5.52% to HKD 306, benefiting from a tight supply of memory chips [9] - Shanghai Petrochemical (600688) (00338) issued a profit warning, expecting a net loss of approximately RMB 1.289 billion to RMB 1.576 billion for the year ending December 31, 2025 [10]

（文章来源：每日经济新闻） 每经AI快讯，南山铝业国际(02610.HK)涨超5%，截至发稿涨5.08%，报71.5港元，成交额1277.18万港 元。 ...

消息面上，1月19日，南山铝业国际发布公告，为进一步提升集团的竞争力，驱动持续增长，并构建产 业链上下游业务的协同效应，集团拟开展电解铝及相关原材料及配套业务。 集团计划于2026年启动年产25万吨电解铝项目的筹备工作，初步预计在两年的建设期间投资金额约为 4.366亿美元，建设周期为两年。这一项目拟将选址于集团氧化铝厂所位处的印尼民丹岛上的卡朗巴塘 经济特区，并须获得相关地方当局的环境及╱或建设许可。 智通财经APP获悉，南山铝业国际(02610)涨超5%，截至发稿，涨5.08%，报71.5港元，成交额1277.18万 港元。 展望中长期发展，集团还计划制定额外年产50万吨电解铝项目的规划工作，以进一步扩大集团的电解铝 产能规模，扩展电解铝相关业务。 ...

Group 1: Major Developments - 康耐特光学 (02276) and 歌尔光学 plan to establish a joint venture to expand the application market for customized lenses in AI/AR/VR/MR glasses [1] - 圣贝拉 (02508) and 云迹科技 signed a strategic cooperation framework agreement to explore the deep integration and application of artificial intelligence and robotics in high-demand home care scenarios [1] - KKCG Maritime intends to initiate a voluntary conditional partial public acquisition offer to acquire 15.4% of 法拉帝 (09638) shares [1] - 远大医药 (00512) announced that the new drug application for the innovative radiolabeled drug TLX591-CDx has been accepted by the China National Medical Products Administration [1] - 艾美疫苗 (06660) received approval to conduct clinical trials for a 20-valent pneumococcal polysaccharide conjugate vaccine [1] - 中国东方航空股份 (00670) sold the 凯迪克大厦 in Shanghai and related assets to 东航置业 for approximately 134 million yuan [1] - 佑驾创新 (02431) signed a memorandum of understanding with India's leading automotive parts manufacturer STL [1] - 南山铝业国际 (02610) plans to develop electrolytic aluminum and related raw materials and supporting businesses [1] Group 2: Financial Performance - 顺丰控股 (06936) reported a total revenue of 27.339 billion yuan from its express logistics, supply chain, and international businesses in December, representing a year-on-year increase of 3.41% [2] - 美丽田园医疗健康 (02373) issued a profit warning, expecting adjusted net profit for 2025 to be no less than 380 million yuan, a year-on-year increase of at least 40% [2] - 中国太平 (00966) issued a profit warning, anticipating a year-on-year increase of approximately 215% to 225% in shareholder profit for the 2025 fiscal year [2] - 吉宏股份 (02603) issued a profit warning, expecting a net profit attributable to shareholders of approximately 273 million to 291 million yuan for 2025, a year-on-year increase of 50% to 60% [2] - 兖煤澳大利亚 (03668) reported a fourth-quarter coal sales volume of 10.8 million tons, a year-on-year increase of 4% [2] - 兖矿能源 (01171) reported a fourth-quarter commodity coal production of 46.51 million tons, a year-on-year increase of 4.4% [2] - 深圳控股 (00604) projected a total contract sales amount of approximately 13.311 billion yuan for 2025, a year-on-year decrease of 21.55% [2] - 上海石油化工股份 (00338) issued a profit warning, expecting a net loss attributable to shareholders of approximately 1.289 billion to 1.576 billion yuan for 2025, indicating a shift from profit to loss [2] - 上海石油化工股份 (00338) reported gasoline sales revenue of 24.656 billion yuan for 2025 [2]