Group 1 - Everbright Securities maintains a "Buy" rating for Baidu Group-SW, citing short-term pressure on advertising but stabilization trends, with AI cloud growth logic remaining intact [1] - China Hongqiao's target price raised to HKD 45 by CMB International, driven by a persistent global aluminum supply-demand gap until 2026-27, leading to a 27% and 12% upward revision in profit forecasts [1] - CMB International initiates a "Buy" rating for Innovation Industry with a target price of HKD 32, highlighting significant cost advantages from renewable energy and a clear growth path through overseas aluminum projects [1] Group 2 - Huatai Securities lowers the target price for Ausnutria to HKD 2.11 while maintaining an "Add" rating, noting ongoing pressure from declining newborn population impacting domestic infant formula sales, but strong overseas performance [2] - Dongfang Securities maintains a "Buy" rating for Geely Automobile with a target price of HKD 23.37, reporting a 121% year-on-year increase in January export sales and a 99.7% growth in the Zeekr brand [3] - Dongfang Securities also maintains a "Buy" rating for Kuaishou-W with a target price of HKD 104.36, highlighting a 112% month-on-month increase in AI overseas revenue and ongoing technological advancements [3] Group 3 - CITIC Construction maintains a "Buy" rating for Laopu Gold, noting a pre-Spring Festival buying spree and strong brand expansion, with Q1 gross margin expected to approach 40% [4] - Kaiyuan Securities initiates a "Buy" rating for Leshu Comfort, emphasizing its leading market share in Africa for baby diapers and sanitary napkins, supported by localized production and distribution channels [5] - GF Securities maintains a "Buy" rating for Meituan-W, indicating a stabilization in food delivery competition and a solid market position, with profitability expected to improve by 2026 [6] - Guoyuan International Securities maintains a "Buy" rating for Q Technology with a target price of HKD 12.89, noting a 27.2% year-on-year increase in camera module prices and a growing revenue share from non-mobile sectors [7]

Company Overview - 招银国际 has initiated coverage on Innovation Industry (02788) with a "Buy" rating and a target price of HKD 32 [1] - The company is expected to be included in the Hong Kong Stock Connect in March this year, which will broaden its investor base [1] Cost Structure - Currently, the company has a cost advantage in electricity, and the commissioning of self-supplied wind and solar power sources in 2026-27 will further reduce production costs [1] Growth Prospects - Innovation Industry is expanding its electrolytic aluminum capacity through a joint venture in Saudi Arabia, and recent investment from the Saudi Public Investment Fund is expected to ensure project execution progress [1] Industry Dynamics - The electrolytic aluminum supply shortage is anticipated to provide strong support for aluminum prices [1] - A 1% increase in electrolytic aluminum prices is projected to result in a 2.5% increase in Innovation Industry's earnings in 2026 [1]

Company Overview - 招银国际 has initiated coverage on Innovation Industry (02788) with a "Buy" rating and a target price of HKD 32 [1] - The company is expected to be included in the Hong Kong Stock Connect in March this year, which will broaden its investor base [1] Cost Structure - The company currently possesses a cost advantage in electricity, and the commissioning of self-supplied wind and solar power sources in 2026-27 will further reduce production costs [1] Growth Prospects - Innovation Industry is expanding its electrolytic aluminum capacity through a joint venture in Saudi Arabia, and recent investments from the Saudi Public Investment Fund are expected to ensure project execution progress [1] Industry Dynamics - The electrolytic aluminum supply shortage is anticipated to provide strong support for aluminum prices [1] - A 1% increase in electrolytic aluminum prices is projected to result in a 2.5% increase in Innovation Industry's earnings by 2026 [1]

February 4, 2026 Dear non-registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on December 31, 2023, Chuangxin Industries Holdings Limited (the "Company") is writing to inform you that the Company has adopted the arrangement of ...

Dear registered shareholder(s), February 4, 2026 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on December 31, 2023, Chuangxin Industries Holdings Limited (the "Company") is writing to inform you that the Company has adopted the arrangement of elec ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 創新實業集團有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02788 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | | 50,000 | 本月底法定/ ...

Investment Rating - The report initiates coverage of Chuangxin Industries with a BUY rating and a target price (TP) of HK$32, representing a 28% upside from the current price of HK$25 [3][8]. Core Insights - Chuangxin Industries presents a unique growth opportunity in the aluminium sector, driven by capacity expansion in Saudi Arabia and a significant cost advantage due to low green energy costs in China [1]. - The ongoing development of wind and solar power sources is expected to further reduce electricity costs by 2026-2027, enhancing profitability [1]. - The tight supply in the aluminium market is anticipated to support higher aluminium prices, with a 1% increase in aluminium prices projected to boost Chuangxin's earnings by 2.5% in 2026 [1]. Financial Summary - Revenue is projected to grow from RMB 13,815 million in FY23A to RMB 20,091 million in FY27E, with a notable increase of 29.1% in FY26E [2]. - Adjusted net profit is expected to rise significantly from RMB 1,003.6 million in FY23A to RMB 4,819.4 million in FY27E, reflecting strong growth potential [2]. - The earnings per share (EPS) is forecasted to increase from RMB 0.67 in FY23A to RMB 2.32 in FY27E, indicating robust profitability growth [2]. Capacity Expansion - Chuangxin currently operates 788 kt of electrolytic aluminium capacity in China and is expanding with a 500 kt project in Saudi Arabia, expected to be completed by Q2 2027 [7][14][16]. - The company has a high self-sufficiency rate for electricity, with plans to achieve over 50% of its power supply from green energy by 2027, significantly reducing costs [25][34][37]. Cost Structure - The current electricity cost for Chuangxin is RMB 0.33/kWh, lower than the industry average of RMB 0.40/kWh, with expectations to reduce this further to below RMB 0.20/kWh through green energy initiatives [25][37]. - The company’s captive coal-fired power plants provide 100% electricity self-sufficiency for aluminium smelting, enhancing its cost leadership in the sector [24][25]. Market Position - Chuangxin is positioned as a significant player in the aluminium market, being the 12th largest electrolytic aluminium producer in China as of 2024 [7]. - The company has established a strong customer base, with a significant portion of its revenue derived from major clients in the non-ferrous metal processing sector [39][41].

Group 1 - Aluminum stocks rose in the afternoon, with China Aluminum (02600) increasing by 12.20% to HKD 15.14 [1][3] - Nanshan Aluminum International (02610) saw an increase of 8.11%, reaching HKD 72.65 [1][3] - China Hongqiao (01378) rose by 6.56%, trading at HKD 39.94 [1][3] - Innovation Industry (02788) experienced a 3.36% increase, priced at HKD 28.30 [1][3]

Group 1 - The aluminum sector in Hong Kong has seen a significant rise, with notable increases in stock prices for several companies [1] - China Aluminum (02600.HK) experienced a surge of 13.32%, reaching HKD 15.14 [1] - Nanshan Aluminum International (02610.HK) rose by 7.74%, trading at HKD 72.4 [1] - China Hongqiao (01378.HK) increased by 6.99%, with a price of HKD 40.1 [1] - Innovation Industry (02788.HK) saw a gain of 2.78%, priced at HKD 28.14 [1]

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。 铝业股再度走高，截至发稿，中国铝业（601600）(02600)涨13.32%，报15.14港元；南山铝业 （600219）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。 ...