Core Viewpoint - CMB International maintains a positive outlook on China Hongqiao, expecting a continued supply shortage in the global aluminum market from 2026 to 2027, leading to upward revisions in aluminum price forecasts by 12% and 7% respectively for those years [1] Group 1: Earnings Forecasts - The company has raised its earnings forecasts for China Hongqiao by 27% and 12% for the current and next year respectively [1] - The target price for China Hongqiao has been increased from HKD 39 to HKD 45, maintaining a "Buy" rating [1] Group 2: Profit Projections - The company anticipates that China Hongqiao's core net profit will reach CNY 26.2 billion in 2025, representing a year-on-year growth of 7% [1] - Net profit growth is expected to accelerate to 34% in 2026, driven by higher aluminum prices [1] Group 3: Profit Sensitivity - The company estimates that a 1% increase in aluminum prices will boost earnings by approximately 2.3% in 2026 [1] - A 1% decrease in coal prices is projected to enhance earnings by about 0.3% [1]