Core Insights - On November 18, China Hongqiao made its first appearance on the Hong Kong Stock Connect active trading list in a month, with a trading volume of 2.42 billion HKD and a net buy of 0.83 billion HKD, despite a closing drop of 5.88% [2]. Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect reached 38.66 billion HKD, accounting for 39.31% of the day's total trading amount, with a net buying amount of 7.18 billion HKD [2]. - Alibaba-W led the trading volume with 9.28 billion HKD, followed by Tencent Holdings and Xiaomi Group-W with trading amounts of 5.85 billion HKD and 4.59 billion HKD, respectively [2]. - The most frequently listed stocks in the past month include Alibaba-W and Huahong Semiconductor, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect funds [2]. Individual Stock Performance - China Hongqiao's trading details on November 18 included a trading volume of 2.42 billion HKD and a net buy of 0.83 billion HKD, with a closing price of 21.80 HKD and a daily decline of 5.88% [2]. - Other notable stocks included: - Tencent Holdings: Trading volume of 5.85 billion HKD, net sell of 0.19 billion HKD, closing price of 623.50 HKD, and a daily drop of 2.04% [2]. - Xiaomi Group-W: Trading volume of 4.59 billion HKD, net buy of 0.85 billion HKD, closing price of 40.78 HKD, and a daily decline of 2.81% [2]. - Huahong Semiconductor: Trading volume of 3.61 billion HKD, net buy of 0.37 billion HKD, closing price of 80.25 HKD, and a daily increase of 3.48% [2].

中国宏桥（01378.HK），今年港股有色股中的超级牛股之一。年初以来，中国宏桥最大涨幅超过两倍，市值最高突破3000亿港元。 不过，最近这只牛股突然崩了。 上周四，中国宏桥创出35.1港元的历史纪录后，上周五跌近4%，昨天下跌3.6%，今日盘中最多跌近8%，最终收盘下跌5.88%，全天成交170亿港元，成交额 明显放大。从高点跌下来，中国宏桥累计最大跌幅近15%。究竟发生了什么？ 下跌的直接原因，是中国宏桥昨晚发布公告，准备配售4亿股股份，预计募资高达114.9亿港元。募集资金拟用于发展及提升国内及海外项目、偿还现有债 务、优化资本结构及补充营运资金。 更重要的是，中国宏桥计划配售股份的配售价仅为29.2港元，这比昨天的收盘价32.3港元折价了约9.6%。巨额融资，再加上配售价的较大折让，导致了中国 宏桥近期的持续回落。 实际上，类似的事情，在A股也时有发生，内地投资者不会感到太陌生。 不过需要注意的是，虽然融资实现了快速高效，但毕竟配股价还是较市价有明显折扣，而股本的扩张，对原有老股东来说，持股比例会被一定程度稀释。因 此，短期来看，此次配股对于股价而言，确实会形成利空。今天，中国宏桥成交额显著放大，也说 ...

智通财经APP讯，中国宏桥(01378)发布公告，公司控股股东中国宏桥控股有限公司(宏桥控股)已于2025 年11月18日从公开市场以每股平均价约30.5353港元购买合共750万股公司股份，相当于截至本公告日期 公司已发行股份总数约0.08%。于增持股份前，宏桥控股持有60.90亿股股份，相当于公司已发行股份总 数约63.94%。于增持股份后，宏桥控股持有60.975亿股股份，相当于公司已发行股份总数约64.02%。根 据公司获授的相关公众持股量豁免，公司须满足的公众持股量为15.04%。根据公司可以得悉的公开资 料及就董事所知，公司在增持股份后依然能够满足公众持股量的要求。 ...

格隆汇11月18日丨中国宏桥(01378.HK)公布，公司董事会获通知，公司控股股东宏桥控股已于2025年11 月18日从公开市场以每股平均价约30.5353港元购买合共750万股公司股份，相当于截至公告日期本公司 已发行股份总数约0.08%。 于增持股份前，宏桥控股持有60.90亿股股份，相当于公司已发行股份总数约63.94%。于增持股份后， 宏桥控股持有60.98亿股股份，相当于公司已发行股份总数约64.02%。 ...

中国宏桥(01378)发布公告，公司控股股东中国宏桥控股有限公司(宏桥控股)已于2025年11月18日从公开 市场以每股平均价约30.5353港元购买合共750万股公司股份，相当于截至本公告日期公司已发行股份总 数约0.08%。于增持股份前，宏桥控股持有60.90亿股股份，相当于公司已发行股份总数约63.94%。于增 持股份后，宏桥控股持有60.975亿股股份，相当于公司已发行股份总数约64.02%。根据公司获授的相关 公众持股量豁免，公司须满足的公众持股量为15.04%。根据公司可以得悉的公开资料及就董事所知， 公司在增持股份后依然能够满足公众持股量的要求。 ...

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。 中國宏橋集團有限公司 自願性公告 控股股東增持股份 本公告乃由中國宏橋集團有限公司（「本公司」，連同其子公司，「本集團」）自願作出。 本公司董事（「董事」）會（「董事會」）獲通知，本公司控股股東中國宏橋控股有限公司（「宏橋控股」）已 於二零二五年十一月十八日從公開市場以每股平均價約30.5353港元購買合共7,500,000股本公司股 份（「股份」），相當於截至本公告日期本公司已發行股份總數約0.08%（「增持股份」）。於增持股份前， 宏橋控股持有6,090,031,073股股份，相當於本公司已發行股份總數約63.94%。於增持股份後，宏橋 控股持有6,097,531,073股股份，相當於本公司已發行股份總數約64.02%。根據本公司獲授的相關公 眾持股量豁免，本公司須滿足的公眾持股量為15.04%。根據本公司可以得悉的公開資料及就董事所 知，本公司在增持股份後依然能夠滿足公眾持股量的要求。 1 增持股份 ...

Market Overview - The Hong Kong stock market continues to face pressure, with the Hang Seng Index opening down 0.8%, the National Enterprises Index down 0.72%, and the Hang Seng Tech Index down 1.25% [1] - Major stocks such as China Hongqiao, Hansoh Pharmaceutical, Li Auto, and NetEase experienced declines, with China Hongqiao dropping 7.74% [1] Company Performance - XPeng Motors reported a significant reduction in net loss for the three months ending September 30, 2025, with a loss of 381 million RMB, down 78.93% year-on-year. Revenue reached 20.381 billion RMB, a 101.76% increase, with automotive sales revenue at 18.054 billion RMB, up 105.27% [1] - The gross profit for XPeng Motors was 4.104 billion RMB, a 166.26% increase, with a quarterly gross margin of 20.1%, up 4.8 percentage points from the same period in 2024 [1] - Leap Motor reported a net profit of 150 million RMB for Q3 2025, with total net profit for the first three quarters reaching 180 million RMB. Q3 revenue was 19.45 billion RMB, a 97.3% increase from 9.86 billion RMB in Q4 2024 [2] - The gross margin for Leap Motor in Q3 2025 was 14.5%, up 0.9 percentage points from Q2 2025 [2] Debt Issuance - Yanzhou Coal Mining Company announced the successful issuance of its third phase of technology innovation bonds for 2025, raising 3 billion RMB with a term of 3+N years and an interest rate of 2.06% [2] Market Sentiment - Investor sentiment is cautious due to cooling interest rate cut expectations and a lack of surprises in earnings reports, leading to a downward trend in major indices [3] - The overall market is expected to maintain a volatile pattern in the short term, with significant support at 26,000 points and resistance at 27,000 points [3]

Core Viewpoint - The report from CMB International indicates that China Hongqiao (01378) is expected to undergo further value reassessment due to multiple positive factors, including an optimized supply-demand structure, robust terminal demand, and stable cost conditions. The firm maintains a "Buy" rating and significantly raises the target price from HKD 27 to HKD 39 [1]. Supply Side Constraints - China, as a key player in global aluminum supply, contributes approximately 60% of the world's production. Since the implementation of supply-side reforms in 2017, domestic aluminum production capacity has been capped at around 45 million tons, with ongoing tightening of supply-side controls. By September 2025, industry capacity utilization is projected to reach a ten-year peak of 99%, maintaining a high level of 98.6% in October. Additionally, new capacity in overseas markets, such as Indonesia, is progressing slower than expected, leading CMB International to forecast limited global aluminum supply growth in the next 3-6 months [2]. Resilient Terminal Demand - Strong performance in the demand side is noted, particularly in core application areas such as electric vehicles, power equipment, and electronics, which provide solid support for aluminum prices. CMB International predicts that global aluminum demand growth rates for the fiscal years 2025 and 2026 will reach 2.1% and 1.7%, respectively, while supply growth rates will only be 1.7% and 1.3%. This shift indicates a transition from a supply surplus in fiscal year 2025 to a supply shortage in fiscal year 2026, further supporting industry prosperity [3]. Upward Revision of Profit Expectations - Based on an optimistic outlook for aluminum prices, CMB International has raised its profit forecasts for China Hongqiao for the years 2025-2027 by 4%-5%. The analysis shows that a 1% increase in aluminum prices can lead to a 3% growth in company profits, while a 1% decrease in coal prices can enhance profits by 0.4%. The company is also expected to maintain a strong free cash flow, supporting a high dividend payout ratio of 60%, with an anticipated near-net cash balance sheet structure by the end of 2026. The current stock price corresponds to an attractive dividend yield of approximately 6% [4]. Valuation Potential - In terms of valuation, the expected price-to-earnings ratio for the company in 2026 is projected to be around 10 times, with CMB International remaining optimistic about its upward potential. The core logic includes two aspects: the short-term favorable supply-demand dynamics are expected to continue boosting market sentiment, and the significant improvement in the company's balance sheet, with net debt ratio projected to decrease from 24% at the end of 2024 to a near-net cash position by the end of 2026. This improvement is seen as a key driver for reducing valuation risks and supporting further valuation recovery [4].

Core Viewpoint - The report from CMB International indicates that China Hongqiao (01378) is expected to undergo further value reassessment due to multiple positive factors, including an optimized supply-demand structure, robust terminal demand, and stable cost conditions. The firm maintains a "Buy" rating and significantly raises the target price from HKD 27 to HKD 39 [1]. Supply Side Constraints - China, contributing approximately 60% of global aluminum production, has its supply constrained since the implementation of supply-side reforms in 2017, capping domestic aluminum capacity at around 45 million tons. The industry capacity utilization rate reached a ten-year peak of 99% in September 2025 and remained high at 98.6% in October. Additionally, new capacity in overseas markets, such as Indonesia, has not progressed as expected, leading to a forecast of limited global aluminum supply growth in the next 3-6 months [2]. Resilient Terminal Demand - Strong performance in key application areas such as electric vehicles, power equipment, and electronics is providing solid support for aluminum prices. CMB International predicts that global aluminum demand growth rates will reach 2.1% and 1.7% for the fiscal years 2025 and 2026, respectively, while supply growth rates are expected to be only 1.7% and 1.3%. This shift indicates a transition from a supply surplus in fiscal year 2025 to a supply shortage in fiscal year 2026, further supporting industry prosperity [3]. Upward Revision of Profit Expectations - Based on an optimistic outlook for aluminum prices, CMB International has raised its profit forecasts for China Hongqiao for 2025-2027 by 4%-5%. The analysis shows that a 1% increase in aluminum prices can lead to a 3% growth in company profits, while a 1% decrease in coal prices can enhance profits by 0.4%. The company is expected to maintain a strong free cash flow, supporting a high dividend payout ratio of 60%, and is projected to achieve a near net cash balance sheet by the end of 2026. The current stock price corresponds to an attractive dividend yield of about 6% [4]. Valuation Potential - The expected price-to-earnings ratio for the company in 2026 is approximately 10 times, with CMB International optimistic about its upward potential. The core logic includes the sustained positive short-term supply-demand dynamics boosting market sentiment and significant improvements in the company's balance sheet, with the net debt ratio expected to decrease from 24% at the end of 2024 to a near net cash position by the end of 2026. This improvement is seen as a key driver for reducing valuation risks and supporting further valuation recovery [4].

来源：金吾财讯 金吾财讯 | 中国宏桥(01378)低开7.74%，报29.8港元，盘前成交额119亿港元。 摩根士丹利称，中国宏桥可能在短期内面临来自股权配售计划的轻微下行压力，但由于铝价高企其前景 仍然乐观；维持增持评级，目标价30.6港元。 公司公告公布，于2025年11月17日（交易时段后），拟先旧后新配售至多4亿股股份，占扩大的公司已 发行股本的约4.03%。每股配售价为29.2港元，较上交易日收市价32.3港元折让约9.6%。配售事项的所 得款项总额预期将约为116.8亿港元，而配售事项的所得款项净额预期约为114.9亿港元。公司拟将配售 事项及认购事项所得款项净额用作发展及提升其国内及海外项目、偿还现有债务以优化其资本架构，以 及用作补充营运资金及一般企业用途。 ...