Ge Long Hui·2026-02-02 06:46Group 1 - The core viewpoint of the article is that China Aluminum and Rio Tinto's newly established joint venture is acquiring a 68.59% stake in Brazilian aluminum, with China Aluminum holding a 67% stake in the joint venture [1] - The total transaction value is approximately 6.39 billion yuan, with China Aluminum required to pay about 4.2 billion yuan [1] - Morgan Stanley has a positive outlook on China Aluminum's overseas growth, suggesting that if the transaction is completed, it will open up growth opportunities for overseas green aluminum production due to strict capacity controls in the Chinese market [1] Group 2 - The firm expects that under the backdrop of a tight industry fundamentals and supportive macro environment, aluminum prices will remain high, which, along with capacity growth, is likely to provide profit upside for China Aluminum [1] - Morgan Stanley has set a target price of 15.1 HKD for China Aluminum and maintains an "Overweight" rating [1]