Group 1 - The Shanghai Composite Index decreased by 0.37%, while the China Securities Hong Kong 100 Materials Index reported at 707.05 points [1] - The China Securities Hong Kong 100 Materials Index has increased by 7.79% in the past month, 30.49% in the past three months, and 56.21% year-to-date [1] - The index is classified according to the China Securities industry classification standard, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The China Securities Hong Kong 100 Materials Index has a 100% allocation in the Hong Kong Stock Exchange [1] - Within the index's holdings, gold accounts for 68.40% and aluminum accounts for 31.60% [1] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made under special circumstances [2] - Adjustments occur when the parent index changes samples or when significant events affect the industry classification of sample companies [2]

Core Viewpoint - The China Securities Hong Kong 300 Materials Index has shown significant growth, with a year-to-date increase of 45.40% and a recent one-month increase of 6.23% [1] Group 1: Index Performance - The China Securities Hong Kong 300 Materials Index reported a value of 2376.75 points, with a decline of 0.37% on the last trading day [1] - The index has experienced a three-month increase of 26.52% [1] Group 2: Index Composition - The top ten holdings in the China Securities Hong Kong 300 Materials Index include Zijin Mining (26.25%), China Hongqiao (12.13%), and Luoyang Molybdenum (7.36%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% representation [1] Group 3: Industry Breakdown - The industry composition of the index shows that non-ferrous metals account for 79.26%, non-metallic materials for 14.63%, chemicals for 4.42%, and paper and packaging for 1.70% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

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7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: 中國宏橋集團有限公司 呈交日期: 2025年8月1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) | 01378 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.01 | USD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 20,000,000,000 | USD | | 0.01 | USD | | 200,000,000 | 本月底法定/ ...

Group 1 - The core viewpoint of the report is that despite concerns about aluminum demand in the second half of the year, strong capacity utilization in China, limited new supply, and low inventory will support robust aluminum prices [1] - Citigroup has raised the target price for China Hongqiao from HKD 21 to HKD 25.2, maintaining a "Buy" rating [1] - The report has also increased earnings forecasts for 2025 to 2027, reflecting higher alumina prices and lower cost projections [1]

Group 1 - Citi maintains a "Buy" rating for China Hongqiao (01378) and raises the target price from HKD 21.0 to HKD 25.2, continuing to list it as a preferred stock in the aluminum industry [1] - Concerns among investors regarding aluminum demand in the second half of 2025 are noted, attributed to a slowdown in the solar industry and the arrival of the off-season [1] - Despite a recent decline in actual aluminum consumption, aluminum prices remain strong due to limited new supply, with China's aluminum capacity utilization rate at a high of 98.5% as of June 2025 and low aluminum inventory levels [1] Group 2 - China Hongqiao is expected to benefit from higher aluminum profits, with an attractive dividend yield of 8.1% based on 2025 performance expectations as of July 29 [1] - The aluminum industry is viewed as a top sector by Citi, with supply constraints in China likely to keep aluminum profits elevated for an extended period [1] - Strong earnings and substantial dividends are anticipated to lead to a revaluation of China Hongqiao's stock [1]

Group 1 - Citigroup maintains a "Buy" rating for China Hongqiao (01378) and raises the target price from HKD 21.0 to HKD 25.2, continuing to list it as a preferred stock in the aluminum industry [1] - Concerns among investors regarding aluminum demand in the second half of 2025 are noted, attributed to a slowdown in the solar industry and the arrival of the off-season [1] - Despite a recent decline in actual aluminum consumption, aluminum prices remain strong due to limited new supply, with China's aluminum capacity utilization rate at a high of 98.5% as of June 2025 and low aluminum inventory levels [1] Group 2 - China Hongqiao is expected to benefit from higher aluminum profits, with an attractive dividend yield of 8.1% based on 2025 performance expectations [1] - The aluminum industry is viewed as a top sector by Citigroup, with supply constraints in China expected to keep aluminum profits elevated for an extended period [1] - Strong earnings and substantial dividends are anticipated to lead to a revaluation of China Hongqiao's stock [1]

花旗预测中国宏桥将继续迎来估值重估，将目标价由21港元上调至25.2港元，评级"买入"，并将其2025 至2027年盈利预测分别上调6%、7%及7%至238亿、267亿及284亿元，以反映更高的氧化铝价格及更低 的成本预测。 花旗发表研究报告指，虽然投资者对下半年铝需求感到担心，但相信中国铝产能利用率已处于高位、新 增供应有限以及铝库存处于低水平，将支持铝价保持强劲，认为中国宏桥将受惠于铝价高企，看好其强 劲的盈利前景及具吸引力的股息回报，继续列其为行业首选股。 ...

文 | 陈明一 近期，韩国股民的海外投资偏好引发市场关注。 据中国基金报，来自韩国证券存托结算院（KSD）旗下SEIBro的数据显示，以成交额计，今年以来截至 7月17日，中国位列韩国股民最喜爱的海外市场第二名，仅次于美国。 值得关注的是，截至7月18日，过去一个月，韩国股民净买入金额排名前10的港股，中国宏桥集团 （HK:01378）以187.83万美元入围。 2024年，中国宏桥集团实现销售收入1561.7亿元、毛利421.6亿元。尤其中国宏桥去年净利大增95%，连 续两年股息率超过10%，过去5年股价上涨超过6倍，间接打破了外界对铝行业"重资产、低利润"的刻板 印象。 如果以时间为线，自去年以来，中国宏桥集团在世界产业资本的舞台上可谓异常活跃：2024年10月，中 国宏桥集团首次参与"香港ESG报告大奖"，斩获"优秀新力军奖"和"卓越碳中和嘉许奖"；2025年2月， 入选《2024胡润中国500强》；7月，集团董事会主席兼行政总裁张波登上"2025福布斯中国最佳CEO榜 单"，成为铝行业的唯一上榜者。 事实上，ESG相关奖项的获得，也印证了中国宏桥集团近年来坚持绿色转型战略的正确。 以水电铝为例，中国宏 ...

摩根士丹利发表研报，重申中国宏桥(01378)"增持"评级，并将其列为行业首选股，同时将目标价从 18.50港元大幅上调34%至24.80港元。报告指出，中国宏桥凭借强劲的铝价支撑、优于同行的成本竞争 力、一体化产业链以及几内亚铁矿项目带来的增量收益，有望获得进一步的估值重估。 摩根士丹利全球大宗商品团队预计，年底前铝价存在上行空间。随着中国需求增长，铝市场供需平衡将 转向短缺。中国政府实施的产能上限政策限制了供应增长，加之美国进口增加、美元走弱以及低库存背 景，共同为铝价提供有力支撑。这将提升冶炼厂的利润率，从而为中国宏桥带来稳健的收益。 另外，成本优势与一体化供应链保障了中国宏桥收益的稳定性。该行指出，电力成本占铝生产总成本的 34%左右，因此降低电价有助于提升中国宏桥的收益。截至2025年中期，其约46%的电力消耗来自自备 电厂，受益于今年以来热煤价格20%的跌幅，自备电厂电价(不含增值税)在2025年一季度降至0.35-0.36 元/千瓦时，远低于山东同期约0.46元/千瓦时的电网电价。此外，中国宏桥正逐步将产能转移至云南， 利用当地廉价水电，雨季电价降至0.34元/千瓦时，较旱季的0.44元/千瓦时 ...

Core Viewpoint - MSCI upgraded China Hongqiao's ESG rating from B to BB, highlighting the company's continuous progress and excellence in ESG management [1][2] Group 1: ESG Rating and Recognition - China Hongqiao has become one of the highest-rated aluminum companies in China according to MSCI ESG ratings, reflecting its successful green and high-quality development [2] - The MSCI ESG rating system evaluates companies based on 27 key issues across environmental, social, and governance dimensions, influencing global investment decisions [1] Group 2: Commitment to ESG Practices - Since 2016, China Hongqiao has consistently published ESG reports, increasing from 40 pages to over 160 pages, showcasing its achievements in ESG [2] - The company has made significant investments in green transformation, innovation, governance, and social responsibility [2] Group 3: Green Development Initiatives - China Hongqiao is leading the industry in energy structure transformation, with over 20% of its aluminum alloy production by 2024 coming from Yunnan, significantly reducing carbon emissions [2] - The company has achieved a 95% reduction in energy consumption and over 85% reduction in carbon emission intensity in its recycled aluminum production [2] Group 4: Carbon Neutrality Goals - China Hongqiao aims to peak carbon emissions by 2025 and achieve net-zero emissions by 2055, with a 12% reduction in carbon emission intensity in 2024 [3] Group 5: Innovation in Aluminum Products - In 2024, China Hongqiao launched several high-performance aluminum alloy materials, reducing component weight by 20% to 40% and carbon emissions by over 10% [4] - The company is focusing on technological innovation to meet the lightweight demands of the new energy vehicle sector [3]