Group 1 - China Hongqiao announced a placement of 400 million shares at a price of HKD 29.2 per share, representing approximately 4.03% of the enlarged share capital, with expected net fundraising of about HKD 11.49 billion [1] - Morgan Stanley believes that part of the raised funds will be used for share buybacks in the market to enhance shareholder returns and support the stock price [1] - Morgan Stanley remains optimistic about aluminum price prospects due to limited supply growth, both domestically (restricted by government production caps) and internationally (mainly constrained by power supply), alongside resilient demand, particularly from the energy storage sector [1] Group 2 - The robust industrial fundamentals are expected to support further increases in aluminum prices, which will boost Hongqiao's earnings performance in 2026 [1] - Morgan Stanley maintains an "Overweight" rating on Hongqiao with a target price of HKD 30.6 [1]
大行评级丨大摩：维持中国宏桥“增持”评级 稳健的产业基本面应能支持铝价上涨