Core Viewpoint - The stock of Innovation Industry (02788) has seen a significant increase of 7.35%, reaching HKD 23.94, with a trading volume of HKD 93.95 million, driven by rising aluminum prices and strategic investments in the aluminum industry [1] Group 1: Aluminum Price Trends - On January 5, domestic electrolytic aluminum prices reached RMB 23,300 per ton, marking the highest level since March 2022 [1] - According to Everbright Securities, the copper-aluminum price ratio is expected to reach 4.49 by December 29, 2025, the highest since 2003, indicating a potential acceleration in aluminum replacing copper in certain sectors [1] - There are disruptions in overseas electrolytic aluminum supply, with limited short-term expansion of new production capacity [1] Group 2: Company Investments and Strategy - In March 2025, Innovation Industry plans to jointly invest in the Red Sea aluminum industry chain project in Saudi Arabia with Innovation Group and Innovation New Materials, holding a 33.6% stake in the project [1] - Guolian Minsheng Securities notes that Innovation Industry's integrated layout of energy-alumina-electrolytic aluminum, with production capacity located in Inner Mongolia where energy costs are advantageous, is expected to lower electrolytic aluminum costs further with the integration of green electricity [1] - The company's expansion of electrolytic aluminum production capacity overseas in Saudi Arabia positions it as a rare player in the industry with incremental electrolytic aluminum capacity [1]

Core Viewpoint - Innovation Industry (02788) experienced a significant increase of over 7%, closing at HKD 23.94, with a trading volume of HKD 93.95 million [1] Group 1: Market Conditions - On January 5, domestic electrolytic aluminum prices reached RMB 23,300 per ton, marking the highest level since March 2022 [1] - Everbright Securities reported that the copper-aluminum price ratio is expected to reach 4.49 by December 29, 2025, the highest since 2003, indicating a potential acceleration in aluminum replacing copper in certain sectors [1] - There are disruptions in overseas electrolytic aluminum supply, with limited short-term expansion of new production capacity [1] Group 2: Company Developments - In March 2025, Innovation Industry plans to jointly invest in the Saudi Red Sea aluminum industry chain project with Innovation Group and Innovation New Materials (600361), holding a 33.6% stake in the project [1] - Guolian Minsheng Securities noted that Innovation Industry's integrated layout of energy-alumina-electrolytic aluminum benefits from advantageous energy costs in Inner Mongolia, with potential for further cost reductions as green electricity is integrated into the grid [1] - The company's expansion into overseas electrolytic aluminum production in Saudi Arabia positions it as a rare entity with increasing electrolytic aluminum capacity in the industry [1]

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: 2025年12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1月7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 | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50, ...

Group 1 - The core viewpoint of the news highlights a significant rise in aluminum stocks in Hong Kong, driven by strong demand from construction and renewable energy sectors, alongside supply constraints due to rising electricity prices in Europe [1] - Aluminum futures increased by 17% last year, marking the largest gain since 2021, with prices surpassing $3000 per ton for the first time in over three years due to tightening supply and long-term demand expectations [1] - China International Capital Corporation (CICC) predicts that aluminum may perform tighter than copper by 2026, suggesting that the financial attributes benefiting from liquidity may have already been priced in by the market [1] Group 2 - The stock performance of key aluminum companies includes Nanshan Aluminum International rising by 13% to a new high, Innovation Industry increasing by 4.9%, and China Hongqiao up by 2% [2] - The latest prices and percentage changes for selected aluminum stocks are as follows: Nanshan Aluminum International at 58.500 (+7.54%), Innovation Industry at 23.980 (+4.90%), China Aluminum at 13.530 (+1.96%), and China Hongqiao at 35.840 (+1.64%) [2]

Group 1 - The core viewpoint of the articles highlights a significant rise in aluminum stocks in the Hong Kong market, driven by strong demand and supply constraints, with aluminum prices surpassing $3000 per ton for the first time in over three years [1][2] - Nanshan Aluminum International saw a substantial increase of 13% in early trading, while Innovation Industry and China Hongqiao also experienced notable gains of 4.9% and 2% respectively, reaching historical highs [1] - The European energy price surge has led to production limitations, contributing to a global inventory drawdown, while demand from the construction and renewable energy sectors remains robust [1] Group 2 - Aluminum futures rose by 17% last year, marking the largest increase since 2021, indicating a tightening supply outlook and strong long-term demand expectations [1] - According to CICC, aluminum may perform tighter than copper by 2026, with favorable liquidity conditions already priced into the market [1] - Morgan Stanley predicts that aluminum and copper will benefit from supply challenges and increasing demand, with aluminum prices expected to reach new highs [1]

Group 1 - The core point of the article is that Innovation Industry (02788.HK) experienced a significant intraday increase of over 11%, reaching a new high of 23.4 HKD per share [1] - As of the time of reporting, the stock is up by 5.3%, trading at 21.84 HKD, with a transaction volume of 88.4076 million HKD [1]

Core Viewpoint - Innovation Industry (02788) has seen a significant stock price increase, reaching a new high of 23.4 HKD, driven by favorable market conditions in the aluminum sector [1] Group 1: Company Performance - Innovation Industry's stock rose over 11% during trading, with a current price of 21.84 HKD and a trading volume of 88.41 million HKD [1] - The company is expanding its electrolytic aluminum production capacity in Saudi Arabia, positioning itself as a rare player in the industry with potential growth in electrolytic aluminum output [1] Group 2: Industry Insights - LME aluminum prices have surpassed 3000 USD, marking the highest level since 2022, indicating strong market demand [1] - According to Shenwan Hongyuan, domestic electrolytic aluminum capacity is expected to peak by 2026, while global production growth may fall short of market expectations due to supply chain disruptions [1] - Guolian Minsheng Securities highlights the integrated layout of Innovation Industry in energy, alumina, and electrolytic aluminum, with production located in Inner Mongolia, where energy costs are advantageous [1]

Core Viewpoint - Innovation Industry (02788) has seen a significant stock price increase, reaching a new high, driven by favorable market conditions in the aluminum sector [1] Group 1: Stock Performance - Innovation Industry's stock rose over 11% during trading, peaking at 23.4 HKD, marking a new listing high [1] - As of the latest update, the stock is up 5.3%, trading at 21.84 HKD with a transaction volume of 88.41 million HKD [1] Group 2: Market Conditions - LME aluminum prices have surpassed 3000 USD, reaching the highest level since 2022 [1] - According to Shenwan Hongyuan, domestic electrolytic aluminum capacity is expected to peak by 2026, while global production growth may fall short of market expectations due to supply chain disruptions [1] Group 3: Company Strategy - Guolian Minsheng Securities highlights Innovation Industry's integrated layout in energy, alumina, and electrolytic aluminum, with production concentrated in Inner Mongolia where energy costs are advantageous [1] - The company is expanding its electrolytic aluminum capacity overseas in Saudi Arabia, positioning itself as a rare player in the industry with potential growth in electrolytic aluminum production [1]

Group 1 - The report highlights that industrial metal prices have shown a significant upward trend, particularly for copper and tin, which are constrained by supply issues. Prices have gradually increased throughout the year, with copper reaching a historical high [14][15][39]. - The overall performance of the non-ferrous metal sector has been impressive, with a year-to-date weighted average increase of 100.46% as of December 11, 2025, outperforming major indices like the Shanghai Composite and CSI 300 [26][33]. - The macroeconomic environment is expected to remain favorable for industrial metals in 2026, with continued liquidity support from the U.S. Federal Reserve's interest rate cuts and domestic policies aimed at boosting demand [39][10]. Group 2 - The report identifies AI and energy storage as significant drivers of marginal demand growth for copper and aluminum, with substantial capital expenditures from major cloud service providers expected to continue [45][58]. - For copper, the demand from AI data centers is projected to add approximately 26.8 thousand tons to total copper demand in 2026, driven by increased infrastructure investments [58][59]. - In the aluminum sector, while demand growth is anticipated, it is expected to be more limited compared to copper, with projected aluminum demand from data centers reaching around 78 thousand tons globally by 2026 [64][66]. Group 3 - The supply side for copper remains constrained due to ongoing production cuts and delays in new mining projects, which are expected to exacerbate structural shortages in the market [42][43]. - The aluminum market is facing a rigid supply ceiling domestically, with limited growth in production capacity and risks of shutdowns due to high electricity costs [43][44]. - The report recommends several companies with strong growth potential in the copper sector, including Shengtun Mining, Zangge Mining, and Zijin Mining, as well as companies in the aluminum sector like China Aluminum and China Hongqiao [11][39].

Core Points - The stabilization period for the global offering of Innovation Industry (02788.HK) has ended on December 19, 2025, as per the Securities and Futures (Stabilizing Prices) Rules [1] - The stabilization agent, China International Capital Corporation Hong Kong Securities Limited, has taken actions during the stabilization period, including the borrowing of 75,000,000 shares to cover the overallotment [1] - The overall coordinator exercised the overallotment option on December 2, 2025, involving 75,000,000 shares at a price of HKD 10.99 per share [1] Summary by Sections - **Stabilization Period**: The stabilization period for the global offering has concluded, marking a significant milestone for the company [1] - **Overallotment Details**: A total of 75,000,000 shares were borrowed by the stabilization agent to facilitate the overallotment, representing approximately 15% of the initially available shares for subscription [1] - **Exercise of Overallotment Option**: The overall coordinator fully exercised the overallotment option on December 2, 2025, at a price of HKD 10.99 per share, which is the offering price excluding various fees [1] - **Market Activity**: During the stabilization period, the stabilization agent did not engage in any buying or selling of shares in the market [2]