Core Viewpoint - The ongoing conflict between the U.S. and Iran is expected to impact aluminum supply chains, particularly affecting Iran's production and the stability of production in six Middle Eastern countries, which could lead to upward pressure on aluminum prices [1][1]. Company Summary - China Hongqiao's stock rose by 8.01% to HKD 38.3, with a trading volume of HKD 1.444 billion [1]. - As of March 2025, China Hongqiao has an electrolytic aluminum production capacity of 6.459 million tons, maintaining stable production and sales while reducing costs [1]. - The company is anticipated to benefit from rising aluminum prices in 2026, which is expected to enhance its core profit elasticity [1]. Industry Summary - The conflict is projected to threaten the input of raw materials and output of finished products for approximately 700,000 tons of electrolytic aluminum in the Middle East, including nearly 80,000 tons from Iran [1]. - The global electrolytic aluminum inventory stands at 1.62 million tons, indicating a weak capacity to withstand supply shocks, which could drive aluminum prices higher due to the U.S.-Iran conflict [1]. - According to GF Securities, the improvement in electrolytic aluminum demand, coupled with strong supply constraints, will highlight the upward elasticity of aluminum prices [1].
港股异动 | 中国宏桥(01378)午后涨超8% 美伊冲突将对铝价构成上行驱动