Group 1 - China Hongqiao Group Limited is a large enterprise listed on the Hong Kong Stock Exchange, primarily engaged in the aluminum industry with extensive involvement across various segments of the aluminum supply chain [2] - The company has significant capabilities in bauxite mining, alumina production, and electrolytic aluminum smelting, establishing a strong presence in the industry [2] - China Hongqiao is recognized as one of the major suppliers of aluminum products globally, with a notable reputation in the market [2] Group 2 - The company has been actively repurchasing its shares, with a total of 21.9 million shares repurchased this year, accounting for 2.27% of its total share capital [1] - On August 22, the company repurchased 13.027 million shares at an average price of 24.16 HKD per share, totaling approximately 315 million HKD [1] - Share buybacks are often interpreted as a positive signal from management regarding the company's valuation, indicating that the stock may be undervalued in the market [1]

格隆汇8月22日丨中国宏桥(01378.HK)发布公告，2025年8月22日耗资3.15亿港元回购1302.7万股，回购 价格每股24.16港元。 中国宏桥(01378.HK)8月22日耗资3.15亿港元回购1302.7万股 中国宏桥(01378.HK)8月22日耗资3516.03万 港元回购146.95万股 相关事件 ...

中国宏桥(01378)公布，2025年8月22日耗资约3.15亿港元回购1302.7万股股份。 ...

智通财经APP讯，中国宏桥(01378)公布，2025年8月22日耗资约3.15亿港元回购1302.7万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國宏橋集團有限公司 呈交日期： 2025年8月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01378 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括 ...

中国宏桥（01378） 证券研究报告 业绩延续高增，大额股份回购彰显发展信心 业绩：2025H1 公司实现营业收入 810.39 亿元，同比+10.1%；实现毛利 208.05 亿元， 同比+16.9%；实现归母净利润 123.61 亿元，同比+35.0%。在计提大额转债公允价 值变动损益的基础上（-25.6 亿元），业绩仍较超预期，主要系铝产品量价齐升。 铝产品量价齐升，一体化布局成本控制显著 1）铝合金：25H1 铝合金产品贡献营收/毛利分别为 518.8/130.9 亿元，同比 +5.2%/+7.8%；销量 290.6 万 吨，同 比+2.4%；吨 售价/吨 成本/吨毛 利分别为 17852/13347/4505 元，同比+2.7%/+1.9%/+5.3%。电解铝价格上涨带来吨售价提升， 成本端动力煤/预焙阳极单吨价格 676/4884 元，同比-22.7%/+20.8%，动力煤下降带 来电力成本下行，但预焙阳极价格较去年同期大幅上升，综合成本控制显著，吨毛 利持续提升。 2）氧化铝：25H1 氧化铝贡献营收/毛利分别为 206.5/59.5 亿元，同比+27.5%/+44.3%； 销量 636.8 万 ...

8月21日，公司以每股23.28-23.7港元回购331.8万股,回购金额7840万港元。 8月22日，中国宏桥(01378)盘中上涨2.07%，截至14:14，报24.6元/股，成交8.41亿元。 中国宏桥集团有限公司是一家涵盖热电、采矿、氧化铝、液态铝合金、铝合金锭、铝合金铸轧产品、铝 母线、高精铝板带箔、新材料的全产业链产铝特大型企业。截至2023年，其总资产达到2003.2亿元，是 全球领先的铝产品制造商之一。 截至2025年中报，中国宏桥营业总收入810.39亿元、净利润123.61亿元。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - The number of indices a listed company is included in, along with the market recognition of these indices, serves as an important reference for evaluating the investment value of the company [1] Group 1: Market Context - Since August, the bullish atmosphere in the Chinese capital market has intensified, with major A and H-share indices reaching new highs, indicating a potential acceleration in index performance [1] - High-quality stocks that are included in multiple indices and index-linked funds are particularly noteworthy, as they are likely to attract more buying interest from external investors during a bull market [1] Group 2: Company Profile - China Hongqiao - China Hongqiao (01378) is highlighted as a representative company with significant potential, having been included in a total of 216 indices, with 16 of these indices linked to fund products, amounting to a total fund size of approximately 42.6 billion yuan [1] - The average market value of China Hongqiao shares held by each index fund is about 946 million yuan [1] Group 3: Investment Value Recognition - China Hongqiao has a substantial weight in several actively managed index funds, reflecting its recognized investment value among professional investors [2] - In the CSI Hong Kong 100 Equal Weight Index, China Hongqiao accounts for approximately 1.41% of the fund, making it the second-largest holding by market value [2] - The company has been newly included in 24 indices this year, with the latest inclusion being in the Hang Seng Hong Kong Stock Connect Resource Series Index on August 11 [2] Group 4: Dividend and Share Buyback Strategy - China Hongqiao has been enhancing its shareholder return mechanism by increasing its dividend payout ratio and implementing share buybacks, with dividends projected to rise from 0.51 HKD per share in 2022 to 1.61 HKD in 2024 [3] - The company has spent 2.61 billion HKD to repurchase approximately 18.7 million shares in the first half of the year, with plans to initiate a new buyback program of at least 3 billion HKD [3] Group 5: Financial Performance - The latest financial report shows that China Hongqiao's revenue and net profit attributable to shareholders reached 81.039 billion yuan and 12.361 billion yuan, respectively, representing year-on-year increases of 10.1% and 35% [3][4] - The company is also expanding its production capacity through strategic acquisitions and international projects, which are expected to enhance its competitive advantage and profitability [4] Group 6: Future Outlook - With the increasing number of indices including China Hongqiao, the number of index funds holding the company is expected to grow, enhancing its attractiveness to external investors [4] - Given its strong growth potential and high dividend characteristics, the company's stock price is anticipated to maintain robust support, with expectations for continued upward momentum in a bullish market environment [4]

对于上市公司而言，获纳入指数的数量多寡，以及这类指数的市场认可度高低，是评判上市公司投资价值的重要参考坐标。一般而言，某上市公司获纳入指 数越多、且将其纳入的指数市场认可度越高，则该上市公司的投资价值也就越大。 进入8月以来，中国资本市场牛市氛围渐浓，A、H股主要指数争先恐后创出阶段新高，指数行情似已一触即发。笔者认为，这种情况下，被尽可能多的指数 及挂钩指数基金"相中"的优质个股，便尤其值得重点关注。毕竟，一旦指数行情进入加速发酵期，相对应的权重股势必会吸引到更多买盘尤其是场外投资者 的注意力，因此这类标的在牛市中的爆发力也会更胜一筹。 智通财经认为，这类指数不约而同"相中"宏桥，底层逻辑自然在于近年来中国宏桥加快建立、完善股东回报机制，逐年提升派息比例，同时还不忘以长效回 购等举措多维度提升股东回报。数据显示，2022-2024年，中国宏桥每股派息金额分别为51港仙、63港仙、161港仙，分红力度一年大过一年。而在回购方 面，今年上半年宏桥已斥资26.1亿港元累计回购约1.87亿股。另据公司最新公告披露的新一轮回购指引，接下来宏桥将启用不低于30亿港元加码回购股份。 | | 中国宏桥获纳入指数及对应指数基 ...

Group 1 - The core viewpoint of the report is that China Hongqiao's performance in the first half of 2025 exceeded expectations, with a positive outlook on aluminum prices, leading to a maintained "buy" rating and an increased target price from HKD 22 to HKD 29 [1] - In the first half of 2025, China Hongqiao's revenue rose to RMB 81 billion, a year-on-year increase of 10.1%, driven by higher average selling prices (ASP) of alumina and aluminum products, as well as increased sales volume [1] - The company's gross margin improved by 1.5 percentage points to 25.7%, and net attributable profit grew by 35% to RMB 12.36 billion, with a net profit margin increase of 3 percentage points to 17% [1] Group 2 - The financial health of China Hongqiao is improving, with a significant increase in interest coverage ratio to 17.6 times due to optimized debt structure and improved interest rates, alongside plans to continuously reduce debt levels [1] - Although no interim dividend was declared for the first half of 2025, management expects the annual dividend payout ratio to remain stable at 63% for the fiscal year 2024 [1] - Based on the expected earnings per share of HKD 2.60 for the fiscal year 2025 and a 63% potential dividend payout ratio, the implied dividend yield is projected to be 7%, which is attractive for investors [1] Group 3 - Looking ahead, DBS Bank anticipates that strong aluminum prices will continue, highlighting China Hongqiao's competitive advantages [2] - The management of China Hongqiao expects the average selling price of electrolytic aluminum to be between RMB 20,600 and RMB 21,300 per ton, and the average selling price of alumina to be between RMB 3,200 and RMB 3,300 per ton, indicating a sustained strong outlook for aluminum prices [2] - Global aluminum demand is projected to grow by 3.1% in 2025, outpacing a supply growth of 1.8% [2]