Core Viewpoint - China Hongqiao (01378) reported a 1.2% year-on-year increase in net profit attributable to shareholders for 2025, reaching approximately 22.636 billion yuan, with a proposed final dividend of 0.165 HKD per share [1] Financial Performance - Revenue increased by approximately 4.0% year-on-year to about 162.354 billion yuan [1] - Gross profit decreased by approximately 1.6% year-on-year to about 41.505 billion yuan [1] - Basic earnings per share were 2.3842 yuan [1] Sales and Pricing - Sales volume of aluminum alloy products remained stable at approximately 5.824 million tons, with an average selling price rising by about 3.8% to approximately 18,216 yuan per ton (excluding VAT) [1] - Sales volume of alumina products increased by approximately 22.7% year-on-year to about 13.397 million tons, while the average selling price decreased by approximately 15.2% to about 2,899 yuan per ton (excluding VAT) [1] - Sales volume of deep-processed aluminum products was approximately 716,000 tons, with an average selling price increasing by about 3.1% to approximately 20,874 yuan per ton (excluding VAT) [1] Technological Advancements - The company is actively utilizing digital intelligence technology to upgrade production and management systems, focusing on "smart transformation" and "digital transformation" [2] - The company aims to enhance industrial efficiency and improve the complete industrial chain from bauxite mining to aluminum recycling [2] - Breakthroughs have been made in the construction of smart alumina factories and future electrolytic aluminum factories, creating a new paradigm of "AI + electrolytic aluminum" intelligent production [2]

Core Viewpoint - China Hongqiao (01378.HK) reported a 4.0% year-on-year increase in revenue for the fiscal year 2025, reaching approximately RMB 162.35 billion, while annual profit decreased by 1.6% to approximately RMB 24.15 billion [1] Financial Performance - Revenue increased by approximately 4.0% year-on-year to about RMB 162.35 billion [1] - Annual profit decreased by approximately 1.6% year-on-year to about RMB 24.15 billion [1] - Net profit attributable to shareholders increased by approximately 1.2% year-on-year to about RMB 22.64 billion [1] - Basic earnings per share increased by approximately 1.0% year-on-year, recorded at about RMB 2.3842 [1] Dividend Proposal - The company proposed a final dividend of HKD 0.165 per share [1]

Macro Commentary - The Federal Reserve's March meeting signaled a hawkish stance, mentioning geopolitical risks in the Middle East and adjusting economic and inflation forecasts, while maintaining the same rate of interest rate cuts for the year [2] - Market expectations for rate cuts decreased from 26 basis points to 11 basis points post-meeting, but there is a belief that the market may have over-interpreted the Fed's signals [2] - The overall consensus within the Fed appears to be strengthening, with future oil prices potentially influencing monetary policy depending on inflation expectations [2] Global Market Performance - Major global indices showed declines, with the Hang Seng Index down 2.02% and the S&P 500 down 0.27% [3][5] - The performance of various sectors varied, with energy stocks gaining while materials and consumer discretionary sectors faced declines [5] - The Japanese market saw significant drops, with the Nikkei 225 down 3.4%, influenced by the Fed's hawkish signals and high oil prices [5] Industry Commentary Pharmaceutical Industry - The performance of overseas CXO and life sciences upstream companies is expected to improve in 2025, with 8 out of 9 companies showing better revenue and net profit growth compared to 2023-24 [7] - Strong commercial demand continues, with early-stage research showing signs of recovery, particularly benefiting C(D)MO segments [8] - However, there is caution regarding 2026 performance guidance, reflecting high base effects and uncertainties in demand recovery [9] Company Analysis - Alibaba (BABA US) reported a revenue of 284.8 billion RMB for Q3 FY26, a 1.7% year-on-year increase, but fell short of market expectations [11] - BOSS Zhipin (BZ US) showed a 14% revenue growth in Q4 2025, with a non-GAAP net profit increase of 25%, indicating resilience in recruitment demand [11] - Multi-point Smart (2586 HK) achieved a 20% revenue growth in FY25, driven by AI initiatives, with a significant increase in adjusted net profit [11] Horizon Robotics (9660 HK) - Horizon Robotics reported a 51% year-on-year revenue growth in 2H25, supported by high R&D investments [12] - The company anticipates significant sales growth in its HSD solutions, projecting a rise from 22,000 units in 2025 to 400,000 units in 2026 [13] - Management expects a compound annual growth rate of 60% in revenue over the next few years, with a forecasted adjusted net profit of 2.5 billion RMB by 2028 [14]

Report Summary 1) Reported Industry Investment Rating - Not provided in the content 2) Core Viewpoints of the Report - The price of finished products is expected to fluctuate and consolidate, with the focus on macro policies and downstream demand [4] - Aluminum prices are expected to be under short - term pressure adjustment, and attention should be paid to macro - sentiment, including macro - expected changes, geopolitical crisis development, mine - end resumption, and consumption release [5] 3) Summarized by Relevant Catalogs Finished Products - Yunnan and Guizhou short - process construction steel enterprises will stop production from mid - January and resume around the 11th - 16th day of the first lunar month, affecting a total output of 74.1 million tons during the shutdown [3][4] - Six short - process steel mills in Anhui: one stopped on January 5, most will stop around mid - January, and a few after January 20, with a daily output impact of about 1.62 million tons during the shutdown [4] - From December 30, 2024, to January 5, 2025, the transaction area of new commercial housing in 10 key cities was 2.234 billion square meters, a 40.3% week - on - week decrease and a 43.2% year - on - year increase [4] - The price of finished products continued to decline, reaching a new low. In the context of weak supply and demand and pessimistic market sentiment, the price focus is moving down, and winter storage has little price support [4] Aluminum Ingot - Newly invested electrolytic aluminum projects in China, Indonesia, and Angola are ramping up production, but geopolitical conflicts in the Middle East make the supply unstable, with a decrease in daily output expected [4] - Qatar Aluminum maintains a 60% operating rate, reducing 260,000 tons of production capacity; Bahrain Aluminum cuts 19% of its operating capacity, i.e., 310,000 tons; Mozambique Aluminum stopped production on March 15, involving 580,000 tons of capacity, with a total reduction of 1.15 million tons [4] - The weekly operating rate of domestic aluminum downstream processing leading enterprises increased by 1 percentage point to 62.9%, with the peak season emerging and demand being released. The photovoltaic materials are in the final stage of "rush - to - export", and new orders in the automotive and power sectors have increased significantly [4] - On Thursday this week, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 1.339 million tons, a 45,000 - ton increase from last Thursday. The ingot - casting volume in March is expected to remain high, and the inventory accumulation trend will continue, with the post - holiday peak expected to reach 1.35 - 1.4 million tons [4] - Geopolitical conflicts in the Middle East increase price volatility. LME inventory decline supports LME aluminum, but it lacks upward momentum. Domestic high - inventory and weak reality suppress upward momentum, and the internal and external drivers are different [5]

1. Report Industry Investment Rating - Unilateral: Aluminum: Cautiously bullish; Alumina: Cautiously bullish; Aluminum alloy: Cautiously bullish. Arbitrage: Neutral [9] 2. Core View of the Report - Powell's speech triggered market sentiment fluctuations, causing a rapid decline in aluminum prices. However, there is no need to worry about entering an interest - rate hike cycle. The price correction released the risk of the previous continuous rise and is beneficial for price transmission. Overseas, there are actual production cuts, and the situation is still favorable for aluminum prices. In China, the decline in the futures price has stimulated downstream purchasing enthusiasm, and an inflection point in aluminum ingot inventory is expected. In the long run, the price correction provides a good opportunity for buying hedging. For alumina, policy adjustments and oil - price fluctuations support the cost, and the center of alumina price may rise slightly [6][8] 3. Summary by Relevant Catalogs Aluminum Spot - On March 19, 2026, the price of East China A00 aluminum was 24,490 yuan/ton, a change of - 20 yuan/ton from the previous trading day, and the spot premium was - 190 yuan/ton, a change of 10 yuan/ton from the previous trading day. The price of Central China A00 aluminum was 24,410 yuan/ton, and the spot premium changed by 30 yuan/ton to - 270 yuan/ton. The price of Foshan A00 aluminum was 24,490 yuan/ton, a change of - 30 yuan/ton from the previous trading day, and the spot premium was - 185 yuan/ton, unchanged from the previous trading day [1] Aluminum Futures - On March 19, 2026, the main contract of Shanghai aluminum opened at 24,800 yuan/ton, closed at 24,180 yuan/ton, a change of - 655 yuan/ton from the previous trading day, with a maximum price of 24,880 yuan/ton and a minimum price of 24,080 yuan/ton. The trading volume for the whole trading day was 460,368 lots, and the position was 292,404 lots [2] Inventory - As of March 19, 2026, the domestic social inventory of electrolytic aluminum ingots was 1.339 million tons, a change of 13,000 tons from the previous period. The warehouse receipt inventory was 393,226 tons, a change of 1,020 tons from the previous trading day. The LME aluminum inventory was 432,725 tons, a change of - 3,900 tons from the previous trading day [2] Alumina Spot Price - On March 19, 2026, the SMM alumina price in Shanxi was 2,735 yuan/ton, in Shandong was 2,700 yuan/ton, in Henan was 2,755 yuan/ton, in Guangxi was 2,740 yuan/ton, in Guizhou was 2,780 yuan/ton, and the FOB price of Australian alumina was 298 US dollars/ton [2] Alumina Futures - On March 19, 2026, the main contract of alumina opened at 3,085 yuan/ton, closed at 3,027 yuan/ton, a change of - 38 yuan/ton from the previous trading day's closing price, a change rate of - 1.24%, with a maximum price of 3,136 yuan/ton and a minimum price of 3,016 yuan/ton. The trading volume for the whole trading day was 980,719 lots, and the position was 268,233 lots [2] Aluminum Alloy Price - On March 19, 2026, the purchase price of Baotai civil - use raw aluminum was 18,000 yuan/ton, and the purchase price of mechanical raw aluminum was 18,400 yuan/ton, a change of - 400 yuan/ton from the previous day. The Baotai quotation for ADC12 was 24,400 yuan/ton, a change of - 300 yuan/ton from the previous day [3] Aluminum Alloy Inventory - The social inventory of aluminum alloy was 53,800 tons, and the in - factory inventory was 81,500 tons [4] Aluminum Alloy Cost and Profit - The theoretical total cost was 23,604 yuan/ton, and the theoretical profit was 896 yuan/ton [5] Market Analysis - **Electrolytic Aluminum**: Powell's speech caused price fluctuations. Overseas, there are production cuts and supply concerns, and the overseas situation is favorable for aluminum prices. In China, the decline in the futures price stimulates downstream purchasing, and an inflection point in inventory is expected. In the long run, the price correction provides a buying opportunity [6] - **Alumina**: Guinea will cut bauxite exports in April. Policy adjustments and oil - price fluctuations support the cost. In China, the supply is still in surplus, but the cost increase and policy changes may slightly raise the price center [7][8]

Group 1 - The core point of the article is that CITIC Securities reduced its stake in China Aluminum (02600) by selling 12 million shares at a price of HKD 12.1805 per share, totaling approximately HKD 146 million [1] - After the reduction, CITIC Securities holds approximately 264 million shares, representing a holding percentage of 6.70% [1]

1. Report Industry Investment Rating - Unilateral: Aluminum: Cautiously bullish; Alumina: Cautiously bullish; Aluminum alloy: Cautiously bullish. Arbitrage: Neutral [8] 2. Core View of the Report - In the long - term, without considering recession trading, the Middle East production cuts lead to a medium - term reduction in additional supply, and the overseas power shortage causes a continuous upward trend in electricity prices, so there is still room for aluminum prices to rise. The policy adjustment and oil price fluctuations strongly support alumina from the cost side [6][7] 3. Summary by Related Catalogs 3.1 Important Data 3.1.1 Aluminum Spot - East China A00 aluminum price is 24,510 yuan/ton, a change of - 390 yuan/ton from the previous trading day, and the spot premium is - 200 yuan/ton, a change of 10 yuan/ton from the previous trading day. Central China A00 aluminum price is 24,410 yuan/ton, and the spot premium changes by 40 yuan/ton to - 300 yuan/ton from the previous trading day. Foshan A00 aluminum price is 24,520 yuan/ton, a change of - 390 yuan/ton from the previous trading day, and the aluminum spot premium changes by 15 yuan/ton to - 185 yuan/ton from the previous trading day [1] 3.1.2 Aluminum Futures - On March 18, 2026, the main contract of Shanghai aluminum opened at 25,060 yuan/ton, closed at 24,800 yuan/ton, a change of - 245 yuan/ton from the previous trading day, with a maximum price of 25,110 yuan/ton and a minimum price of 24,650 yuan/ton. The trading volume for the whole trading day is 287,273 lots, and the position is 307,325 lots [2] 3.1.3 Inventory - As of March 18, 2026, the domestic social inventory of electrolytic aluminum ingots is 1.326 million tons, a change of 32,000 tons from the previous period. The warrant inventory is 392,206 tons, a change of 850 tons from the previous trading day. The LME aluminum inventory is 436,625 tons, a change of - 3,700 tons from the previous trading day [2] 3.1.4 Alumina Spot Price - On March 18, 2026, the SMM alumina price in Shanxi is 2,715 yuan/ton, in Shandong is 2,680 yuan/ton, in Henan is 2,735 yuan/ton, in Guangxi is 2,730 yuan/ton, in Guizhou is 2,770 yuan/ton, and the FOB price of Australian alumina is 298 US dollars/ton [2] 3.1.5 Alumina Futures - On March 18, 2026, the main contract of alumina opened at 3,081 yuan/ton, closed at 3,048 yuan/ton, a change of 20 yuan/ton (0.66%) from the previous trading day's closing price, with a maximum price of 3,117 yuan/ton and a minimum price of 3,006 yuan/ton. The trading volume for the whole trading day is 1,015,496 lots, and the position is 273,934 lots [2] 3.1.6 Aluminum Alloy Price - On March 18, 2026, the purchase price of Baotai civil raw aluminum is 18,400 yuan/ton, and the purchase price of mechanical raw aluminum is 18,800 yuan/ton, both with a price change of - 200 yuan/ton compared to the previous day. The Baotai quotation of ADC12 is 24,500 yuan/ton, with a price change of - 100 yuan/ton compared to the previous day [3] 3.1.7 Aluminum Alloy Inventory - The social inventory of aluminum alloy is 58,000 tons, and the in - factory inventory is 74,600 tons [4] 3.1.8 Aluminum Alloy Cost and Profit - The theoretical total cost is 23,980 yuan/ton, and the theoretical profit is 720 yuan/ton [5] 3.2 Market Analysis 3.2.1 Electrolytic Aluminum - Overseas supply is decreasing. Mozambique's electrolytic aluminum plant has entered the shutdown stage as expected, Qatar's electrolytic aluminum plant has suspended further production cuts after a 40% reduction, and Bahrain Aluminum has cut production by 30%. The Middle East event continues, and the Hormuz Strait is still blocked, causing concerns about local raw material and energy supply. Overseas inventories are continuously declining, and the LME premium is at a high level, which is still bullish for aluminum prices. In China, the recovery of downstream consumption needs to be concerned. Currently, the social inventory is still increasing, while the aluminum rod inventory shows signs of de - stocking due to consumption recovery [6] 3.2.2 Alumina - In the spot market, 2,100 tons of delivery goods in Henan are traded at an ex - factory price of 3,050 yuan/ton, and Xinjiang electrolytic aluminum plants purchase 20,000 tons of alumina at a factory - arrival price of 3,030 yuan/ton and 3,130 yuan/ton respectively. Guinea will cut bauxite export volume in April to boost prices. Policy adjustments and oil price fluctuations strongly support alumina from the cost side. The blockade of the Hormuz Strait continues, and the risk of oil price driving up freight rates persists. In China, an alumina plant in Guangxi has been ignited, the oversupply situation continues, the social and warrant inventories of alumina are still increasing, the warrant contradiction accumulates continuously, and the spot flow pressure is not large [7]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report suggests that due to the continuous high freight rates, the change in bauxite export policies, and the adjustment of the supply - demand balance, the alumina price is expected to remain volatile in the short term. In the medium - term, the supply - demand logic will gradually relax. It is recommended to maintain a short - term long position with a regular or light - position low - buying strategy, while closely observing the implementation details of Guinea's policies and changes in new production capacity [4]. 3. Summary by Related Catalogs Latest Dynamics and Reasons - The aluminum market showed relative strength, with the price breaking through the 3,100 yuan/ton mark [2]. Fundamental Situation - **Bauxite**: As of September 18, the freight from Guinea to China has risen to $30.5, a $6 increase compared to August. The price of spot orders has increased by $6 per ton. Guinea's operating mines have a total agreed production capacity of about 3 billion tons per year, and the actual bauxite export volume in 2026 was about 1.8 billion tons, accounting for about 60% of the agreed production and sales. Guinea is implementing a "quota system" for bauxite in April, which may aim to maintain mining profits and accelerate the construction of local alumina plants. There is an expectation of a marginal tightening of bauxite shipments, but the specific impact magnitude depends on further detailed rules [3]. - **Supply**: According to Aladdin data, due to production cuts by large domestic alumina plants, the operating production and sales of alumina have dropped to 93.9 million tons, while the operating capacity of electrolytic aluminum is 4.946 million tons. The balance coefficient between the two is 2.09, and the surplus has narrowed. However, there are still expectations of new production and sales in the supply side at home and abroad from a medium - term perspective [3]. - **Demand**: Recently, there have been production disruptions in electrolytic aluminum plants in the Middle East, leading to a weakening of the overseas demand for alumina. Currently, the alumina import window has opened, which may increase the marginal pressure on supply [3]. Summary and Strategy - In the short term, the alumina price is expected to remain volatile. In the medium - term, the supply - demand logic will gradually relax. It is recommended to maintain a regular or light - position low - buying short - term long position. The implementation details of Guinea's policies and changes in new production capacity need to be further observed [4].

1. Report Industry Investment Rating - The report provides a possibility judgment on various varieties, with a "cautiously bullish" outlook for stock indices (IH, IF, IC, IM), crude oil, methanol, rubber, coking coal, coke, manganese silicon, ferrosilicon, gold, silver, aluminum, lithium carbonate, cotton, and corn, and a "cautiously bearish" outlook for螺纹, hot-rolled coils, iron ore, and apples [5]. 2. Core Viewpoints - The Federal Reserve kept interest rates unchanged, raised inflation expectations, and still expects one interest rate cut this year. The situation in the Middle East is tense, which has an impact on the prices of various assets. The prices of U.S. stocks, U.S. bonds, gold, and digital currencies have fallen, while the prices of oil and gas and the U.S. dollar have risen [1]. - For precious metals, in the short term, the Fed's hawkish signal and rising inflation pressure suppress prices, but in the long term, factors such as geopolitical risks, anti - inflation needs, de - dollarization, and central bank gold purchases support the upward trend [2][18]. - For stock indices, in the short term, geopolitical risks affect market sentiment, and there are signs of weakness. In the long term, the trend will return to the domestic fundamentals and policies. The market will shift from "expectation - driven" to "profit - driven" [3][12]. - For other varieties, the report analyzes the supply and demand, market environment, and price trends of each variety, such as the impact of supply and demand on the prices of rubber, polyolefins, glass, and soda ash, and the impact of production and policy on the prices of agricultural products [15][16][24]. 3. Summary by Relevant Catalogs 3.1.当日主要新闻关注 3.1.1 International News - Iran launched the "True Promise - 4" 63rd round of operations, attacking U.S. - related oil and energy facilities in the region as a retaliatory measure for the earlier attack on its energy infrastructure [6]. 3.1.2 Domestic News - The China Securities Regulatory Commission held a meeting on comprehensively strengthening Party discipline and anti - corruption work in 2026, emphasizing the need to deepen the special governance of corruption in key areas and crack down on those who disrupt the capital market order and harm the interests of small and medium - sized investors [7]. 3.1.3 Industry News - NVIDIA announced a cooperation with Qnity Electronics to jointly develop advanced materials for semiconductors and advanced packaging technologies for artificial intelligence and high - performance computing [9]. 3.2.外盘每日收益情况 - The report shows the daily income of various external market varieties on March 17 and 18, 2026, including the S&P 500, FTSE China A50 futures, ICE Brent crude oil, London gold, London silver, LME aluminum, LME copper, LME zinc, LME nickel, ICE No. 11 sugar, ICE No. 2 cotton, CBOT soybeans, CBOT soybean meal, CBOT soybean oil, CBOT wheat, and CBOT corn, along with their price changes and percentage changes [10]. 3.3.主要品种早盘评论 3.3.1 Financial - **Stock Indices**: Affected by the Fed's interest rate decision and geopolitical factors, the U.S. stock market declined. The stock index rebounded after hitting the bottom. The communication sector led the rise, and the petrochemical sector led the decline. The market turnover was 2.06 trillion yuan. The performance - driven market will gradually replace the expectation - driven market, and stocks without performance support may be weak. In the short term, it is recommended to wait and see [12][13]. - **Treasury Bonds**: Treasury bonds continued to rise. The central bank's open - market reverse repurchase had a net withdrawal of 6 billion yuan. The Fed's stance and the tense situation in the Middle East increased inflation expectations. Although the short - term Treasury bond futures prices are supported, the long - term Treasury bond futures prices will be under pressure [14]. 3.3.2 Energy and Chemical - **Rubber**: The natural rubber is in the low - production season. Although the supply pressure is expected to increase due to the early opening of the domestic Yunnan production area, the current output is still small. The demand for all - steel tires is stable, and the rubber price is expected to be weak in the short term [15]. - **Polyolefins**: Polyolefins fluctuated widely on Wednesday and rose sharply at night. The situation in the Middle East has an impact on oil prices and the chemical market. The future trend depends on the actual start - up of devices and the support of demand [16]. - **Glass and Soda Ash**: The glass and soda ash futures prices declined. The inventory of glass production enterprises decreased last week, and the inventory of soda ash production enterprises also decreased. In the future, the digestion of glass inventory and the supply - demand pattern of soda ash need to be concerned [17]. 3.3.3 Metals - **Precious Metals**: Precious metals fluctuated downward in the short term due to the Fed's hawkish signal and rising inflation pressure. In the long term, the price center will continue to rise due to multiple factors [18][19]. - **Copper**: The copper price decreased at night. The supply of concentrates is tight, and the smelting profit is at the break - even point. The copper price may fluctuate in the short term, and factors such as the U.S. dollar, smelting output, and downstream demand need to be concerned [20]. - **Zinc**: The zinc price decreased at night. The supply of zinc concentrates is temporarily tight, and the smelting output continues to increase. The zinc price may follow the overall trend of non - ferrous metals, and factors such as the U.S. dollar, smelting output, and downstream demand need to be concerned [21]. - **Aluminum**: The Shanghai aluminum price remained flat at night. Due to the blockade of the Strait of Hormuz, some aluminum plants are looking for alternative import and export routes, and two aluminum plants have announced production cuts. The aluminum price has support at the bottom [22]. 3.3.4 Black - **Coking Coal and Coke**: The main contracts of coking coal and coke fluctuated at night. The supply pressure of coking coal is increasing, but with the end of environmental protection restrictions and the resumption of production, the iron water output is expected to increase, and the market should not be overly pessimistic [23]. 3.3.5 Agricultural Products - **Protein Meal**: The soybean meal price fluctuated and rose at night. Although the South American soybean harvest is in progress, some institutions have lowered their production forecasts for Brazilian soybeans. The U.S. biofuel policy may boost soybean demand, but the domestic supply is still abundant in the medium term, which suppresses the price [24]. - **Oils and Fats**: The price of oils and fats fluctuated strongly at night. The palm oil production in Southeast Asia will increase, but the geopolitical conflict may limit palm oil exports, and the U.S. biofuel policy will boost soybean oil demand. The price will fluctuate greatly in the short term [26]. - **Pigs**: The pig market is in a weak consolidation pattern. The supply exceeds the demand, and the terminal demand is weak, so the pig price lacks upward support and is expected to fluctuate narrowly in the short term [27]. - **Sugar**: The Zhengzhou sugar price rose overnight. The situation in Iran may affect the ethanol - to - sugar price ratio, and the sugar production ratio in the 26/27 season may decline. The domestic sugar price is boosted by the external market, and the impact of the macro environment needs to be concerned [28]. - **Cotton**: The Zhengzhou cotton price fluctuated overnight. The issuance of additional cotton import quotas may put short - term pressure on the cotton price, but in the long term, the supply is expected to be tight, and the overall trend remains unchanged [29]. 3.3.6 Shipping Index - **Container Shipping to Europe**: The EC index decreased by 1.71%. The shipping price of the European line has gradually returned to the supply - demand pricing, and the sentiment is still affected by geopolitical changes. The actual cargo volume is expected to increase in April, and the price increase by shipping companies needs to be concerned [30].

Group 1 - CITIC Securities Asset Management Company reduced its stake in China Aluminum (02600) by 19.73 million shares at a price of HKD 12.9254 per share, totaling approximately HKD 255 million [1][4] - After the reduction, the latest number of shares held by CITIC Securities is approximately 347 million, representing a holding percentage of 8.79% [1][4]