中国宏桥：Raising earnings and TP on higher aluminiumprice-20260204

4 Feb 2026 CMB International Global Markets | Equity Research | Company Update China Hongqiao (1378 HK) China Hongqiao (1378 HK) - Raising earnings and TP on higher aluminium price We maintain our positive stance on Hongqiao as our latest sector analysis suggest that the global aluminium deficit will continue in 2026-27 (see our sector note published today). We revise up our aluminium ASP forecast by 12%/7% in 2026E/27E, while revising down our bauxite price forecast by 16%/18% due to sufficient supply. Acc ...