金吾财讯 | 中国宏桥(01378)股价高位运行，截至发稿，涨3.44%，报32.44港元，成交额4.08亿港元。 汇丰研究发布月度大宗商品研究报告，指出需求强劲与供应紧张令基本金属价格保持强势，考虑到市场 供需平衡紧绌，价格可能存在进一步上行风险。在中国材料板块中，该行最看好铝；在当前宏观背景 下，亦看好黄金；同时对建筑材料长期前景持正面看法。汇丰研究指，展望明年铝业基本面趋向坚实， 加上中国的产能上限限制国内供应增长，海外新增供应依然温和，预料分别按年增长0.5%及3%，相应 将2026及2027年铝价预测上调，上海期货交易所铝价预测料达每吨22,000元及23,000元人民币。该行目 前在中国材料板块中偏好铝业股，预计低库存及4,500万吨产能上限将为铝价提供良好支持。 金吾财讯 | 中国宏桥(01378)股价高位运行，截至发稿，涨3.44%，报32.44港元，成交额4.08亿港元。 汇丰研究发布月度大宗商品研究报告，指出需求强劲与供应紧张令基本金属价格保持强势，考虑到市场 供需平衡紧绌，价格可能存在进一步上行风险。在中国材料板块中，该行最看好铝；在当前宏观背景 下，亦看好黄金；同时对建筑材料长期前景持 ...

每经AI快讯，中国宏桥(01378.HK)高开逾3%，截至发稿，涨3.32%，报32.4港元，成交额1240.92万港 元。 ...

China Hongqiao Group Limited 中國宏橋集團有限公司 （根據開曼群島法例註冊成立的有限公司） （股份代號：1378） 自願公告 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。 本公告乃中國宏橋集團有限公司（「本公司」）自願作出。茲提述本公司日期為二零二四年十二月 二十三日、二零二五年一月六日及二零二五年五月二十二日的公告，內容有關宏創控股擬向宏拓實 業現有股東（包括魏橋鋁電）發行新股以購買其持有的目標股份及與本次交易相關的交易文件。除非 文義另有所指，否則本公司日期為二零二五年五月二十二日的公告所界定詞彙與本公告所用者具有 相同涵義。 董事會欣然宣佈，深圳證券交易所併購重組審核委員會於2025年12月10日召開的2025年第14次並購 重組審核委員會審議會議上，審核通過了本次交易事項。 股東與潛在投資者敬悉注意，本次交易須待有關先決條件獲達成及╱或（倘適用）豁免後（包括中國證 券監督管理委員會同意註冊後方可實施），方可作實。因 ...

库存方面，截至12月4日，铝坯加铝锭(Aluminum Ingot)总库存为87.8万公吨，按周下降1%，同比上升 3%。库存水平较2021年同期低，但较2022至24同期高。期内消耗量按周下降，但水平仍高于2022至 2024年同期。 在物料行业中，该行较偏好铝，其后依次为铜、电池、黄金、电池材料、煤炭、水泥及钢铁。股份方 面，该行首选中国宏桥(01378)、中国铝业（601600）(02600,601600.SH)、紫金矿业（601899） (02899,601899.SH)和宁德时代（300750）(300750.SZ)，目标价分别为36港元、12.41港元/14.77元人民 币、39港元/35.5元人民币，及571元人民币。 花旗发布研报称，行业数据显示，今年11月27日至12月3日期间，中国铝总产量为85.6万公吨，按周持 平，同比上升3%，当中铝坯(Aluminum Billet)产量为36.2万公吨，按周持平，同比上升7%。 ...

库存方面，截至12月4日，铝坯加铝锭(Aluminum Ingot)总库存为87.8万公吨，按周下降1%，同比上升 3%。库存水平较2021年同期低，但较2022至24同期高。期内消耗量按周下降，但水平仍高于2022至 2024年同期。 在物料行业中，该行较偏好铝，其后依次为铜、电池、黄金、电池材料、煤炭、水泥及钢铁。股份方 面，该行首选中国宏桥(01378) 、中国铝业(02600,601600.SH)、紫金矿业(02899,601899.SH)和宁德时代 (300750.SZ)，目标价分别为36港元、12.41港元/14.77元人民币、39港元/35.5元人民币，及571元人民 币。 智通财经APP获悉，花旗发布研报称，行业数据显示，今年11月27日至12月3日期间，中国铝总产量为 85.6万公吨，按周持平，同比上升3%，当中铝坯(Aluminum Billet)产量为36.2万公吨，按周持平，同比 上升7%。 ...

中国宏桥(1378.HK)盘初一度涨超4%，报34.32港元。消息面上，富时罗素(FTSE Russell)公布2025年12 月富时中国指数系列(FTSE China Index Series)季度审核结果，所有变动将于12月22日起生效。其中，中 国宏桥获纳入富时中国50指数(FTSE China 50 Index)。 ...

Core Viewpoint - HSBC's report indicates that China Hongqiao (01378) is expected to achieve further profit growth by Q4 2025 due to higher aluminum prices and strict cost control, maintaining a "Buy" rating and raising the target price to HKD 37.4 [1] Group 1: Industry Outlook - After a year of controlled raw material costs in 2024, the aluminum sector is projected to enter 2025 with a structurally tighter balance, driven by a decline in alumina and bauxite prices alongside sustained downstream demand [1] - Domestic aluminum production is expected to remain capped below 45 million tons, with inventory levels still low [1] - For 2026, aluminum prices are forecasted to increase by 6% year-on-year, with potential for further upside as the market tightens and cost risks remain manageable [1] Group 2: Company Performance - HSBC remains optimistic about Hongqiao's long-term profit trajectory, supported by strong aluminum fundamentals, global low inventory, resilient grid-related spending, and stable electric vehicle (EV) demand [1] - The estimated compound annual growth rate (CAGR) for Hongqiao's earnings from 2024 to 2027 is projected at 18% [1] - Hongqiao's valuation is considered more attractive compared to peers, with a dividend yield of approximately 7% [1] - The recently concluded placement is expected to effectively reduce the company's leverage [1]

Core Viewpoint - HSBC's report indicates that China Hongqiao (01378) is expected to achieve further profit growth by Q4 2025 due to higher aluminum prices and strict cost control, maintaining a "Buy" rating and raising the target price to HKD 37.4 [1] Industry Summary - After a year of controlled raw material costs in 2024, the aluminum sector is anticipated to enter 2025 with a structurally tighter balance, driven by a decline in alumina and bauxite prices alongside sustained downstream demand [1] - Domestic aluminum production is expected to remain capped below 45 million tons, with inventory levels still low [1] - For 2026, aluminum prices are projected to increase by 6% year-on-year, with potential for further upside as the market tightens and cost risks remain manageable [1] Company Summary - HSBC remains optimistic about Hongqiao's long-term profit trajectory, supported by strong aluminum fundamentals, global low inventory, resilient grid-related spending, and stable electric vehicle (EV) demand [1] - The estimated compound annual growth rate (CAGR) for Hongqiao's earnings from 2024 to 2027 is 18% [1] - Hongqiao's valuation is considered more attractive compared to peers, with a dividend yield of approximately 7% [1] - The recently concluded placement is expected to effectively reduce the company's leverage [1]

Core Viewpoint - Guotai Junan Securities International maintains a "Buy" rating for China Hongqiao (01378) and raises the target price to HKD 40.9, reflecting an upward adjustment in earnings forecasts for 2025 to 2027 by 10.2%, 11.3%, and 12.6% to RMB 25.003 billion, RMB 25.378 billion, and RMB 25.946 billion respectively, driven by improved industry valuations and favorable aluminum market conditions [1] Financial Performance - In the first three quarters of 2025, China Hongqiao reported a net profit growth of 23.1%, primarily due to rising electrolytic aluminum prices and decreasing electricity costs [1] - The company's revenue reached RMB 116.9 billion, a year-on-year increase of 6.2%, with a gross margin expansion to 25.2%, up 1.0 percentage points year-on-year [1] - The average aluminum price in the third quarter was approximately RMB 20,700 per ton, up from about RMB 20,200 per ton in mid-2025 [1] - The company is expected to increase its production capacity in Yunnan Province to 2.16 million tons by the end of 2025, significantly up from approximately 1.74 million tons in mid-2025 [1] Shareholder Returns - China Hongqiao has demonstrated management confidence through active share buybacks, having repurchased 1.87 million shares for HKD 2.6 billion in the first half of 2025, and announced a new buyback plan of at least HKD 3 billion [2] - The company has maintained a dividend payout ratio above 45% over the past three years, with ratios of 46.8%, 47.0%, and 63.4%, reflecting a strong commitment to shareholder returns [2]

Core Viewpoint - Guotai Junan Securities International maintains a "Buy" rating for China Hongqiao (01378) and raises the target price to HKD 40.9, reflecting improved profitability and favorable market conditions in the aluminum sector [1] Financial Performance - In the first three quarters of 2025, China Hongqiao reported a net profit increase of 23.1%, driven by rising electrolytic aluminum prices and decreasing electricity costs [1] - Revenue for the same period reached RMB 116.9 billion, marking a 6.2% year-on-year growth, with gross margin expanding to 25.2%, an increase of 1.0 percentage points [1] - The average aluminum price in the third quarter was approximately RMB 20,700 per ton, up from about RMB 20,200 per ton in mid-2025 [1] Production Capacity and Cost Management - The company is shifting more production capacity to Yunnan province, benefiting from lower electricity costs during the non-water period [1] - Management expects production capacity in Yunnan to increase to 2.16 million tons by the end of the fourth quarter of 2025, a significant rise from approximately 1.74 million tons in mid-2025 [1] Shareholder Returns and Management Confidence - China Hongqiao has initiated a new share buyback plan of no less than HKD 3 billion, following a previous buyback of HKD 2.6 billion for 18.7 million shares in the first half of 2025 [2] - The company has maintained a dividend payout ratio above 45% over the past three years, with ratios of 46.8%, 47.0%, and 63.4%, reflecting management's confidence in future growth and commitment to shareholder value [2]