Core Insights - The company reported a revenue of 1.544 billion yuan for the first half of 2025, representing a year-on-year increase of 68.82% [1] - The net profit for the same period was 140 million yuan, showing a year-on-year growth of 37.33% [1] - The company announced plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

阿联酋环球铝业公司（Emirates Global Aluminium，EGA）正在认真考虑启动首次公开募股（IPO）， 这是多年来首次明显推进该计划。消息人士透露，EGA已邀请银行提交相关建议，并由罗斯柴尔德公 司担任财务顾问，预计募资金额可能达数十亿美元。目前上市地点尚未确定，这也是此次IPO的关键议 题之一。 来源：世铝网 EGA于2013年由迪拜铝业公司（Dubal）和阿布扎比铝业公司（Emal）合并而成，目前由阿布扎比的穆 巴达拉投资公司和迪拜投资公司共同持有，在两地均设有生产设施。 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 平安证券股份有限 | 兴业证券股份有限 | | 2025-08-18 | 中国铝业 | 601600 | 7.2 378 | 52.5 | 公司晋江泉安中路 | 公司晋江分公司 | | | | | | | Ver 244 ±± . . 40 | | 8月18日，中国铝业大宗交易成交52.5万股，成交额378万元，占当日总成交额的0.16%，成交价7.2元，较市场收盘价7.72元折价6.74%。 ...

格隆汇8月18日丨华峰铝业(601702.SH)公布2025年半年度报告，报告期实现营业收入59.64亿元，同比增 长20.87%；归属于上市公司股东的净利润5.7亿元，同比增长2.15%；归属于上市公司股东的扣除非经常 性损益的净利润5.4亿元，同比下降2.09%；基本每股收益0.57元。 ...

中金发布研报称，维持中国宏桥(01378)2025-2026年盈利预测244.4/251.2亿元不变，当前股价对应 2025/2026年P/E分别为8.3/8.0x，考虑到市场风险偏好带来的估值提升以及公司高股息的特性，该行上调 目标价24%至29.29港元，对应2025-2026年P/E分别10.4/10.0x，涨幅空间25%，维持"跑赢行业"评级。 中金主要观点如下： 1H25业绩符合该行预期 公司公布1H25业绩：营业收入810.39亿元，同比+10.1%;毛利208.05亿元，同比+16.9%;公司股东应占净 利润123.61亿元，同比+35.0%，1H25财务表现符合该行预期。 产品量价齐升驱动公司业绩创历史同期新高 公司铝合金销量290.6万吨，同比+2.4%，铝合金销售价格同比+2.7%至约17853元/吨(不含增值税，下 同);氧化铝销量636.8万吨，同比+15.6%，氧化铝销售价格同比+10.3%至3243元/吨。从单吨利润看，铝 合金单吨毛利4505元，同比+5.3%，氧化铝单吨毛利934元，同比+24.8%。 继续实施大额回购计划彰显公司未来发展信心 据公告，公司自2025年1月15日 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings growth and market conditions [6][7]. Core Insights - The company reported a revenue of 81.04 billion RMB for H1 2025, a year-on-year increase of 10.1%, and a net profit of 13.55 billion RMB, up 35.4% year-on-year, aligning with previous forecasts [2]. - The increase in revenue and profit is attributed to rising prices in electrolytic aluminum and alumina, alongside a robust production capacity [3]. - The company has demonstrated confidence in its future by repurchasing shares worth 2.61 billion HKD and planning to maintain a high dividend payout ratio [4]. Summary by Sections Financial Performance - In H1 2025, electrolytic aluminum revenue reached 51.88 billion RMB, a 5.2% increase year-on-year, with sales volume at 2.906 million tons, up 2.4%. The average selling price rose to 17,853 RMB/ton, a 2.7% increase [3]. - Alumina revenue was 20.66 billion RMB, a 27.5% increase, with sales volume at 6.368 million tons, up 15.6%. The average selling price increased by 10.3% to 3,243 RMB/ton [3]. - The aluminum processing segment generated 8.07 billion RMB in revenue, a 6.5% increase, with sales volume at 392,000 tons, up 3.5% [3]. Share Buyback and Dividends - The company spent 2.61 billion HKD on share repurchases in H1 2025 and plans to allocate no less than 3 billion HKD for buybacks, reflecting strong confidence in its growth prospects [4]. Future Outlook - The company has a well-integrated supply chain with a total electrolytic aluminum capacity of 6.459 million tons and alumina capacity of 21 million tons, ensuring strong raw material security [5]. - The decline in thermal coal prices is expected to enhance profit margins, with coal prices dropping to approximately 652 RMB/ton [5]. - The shift of electrolytic aluminum production capacity to Yunnan, supported by green energy, is anticipated to benefit long-term growth [5]. - The company is also diversifying by investing in iron ore projects in Guinea, which may provide additional returns [5]. Earnings Forecast - The company is projected to achieve net profits of 24.93 billion RMB, 25.89 billion RMB, and 27.24 billion RMB for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 8, 8, and 7 [6][7].

Industry Investment Rating - Not provided Core Views - The price of finished products is expected to oscillate and consolidate, and attention should be paid to macro - policies and downstream demand [4] - The price of aluminum ingots is expected to be in a short - term range oscillation, and attention should be paid to macro - sentiment and mine - end news [6] - The price of aluminum ingots is expected to operate at a high level in the near future, and then pay attention to the inventory - consumption trend [5] Summary by Related Content Finished Products - Yungui region's short - process construction steel enterprises' Spring Festival shutdown and maintenance time is mostly in mid - to late January, and the resumption time is expected to be around the 11th to 16th day of the first lunar month, with an estimated impact on the total construction steel output of 741,000 tons during the shutdown period [3] - In Anhui Province, 1 out of 6 short - process steel mills stopped production on January 5th, and most of the remaining steel mills will stop production around mid - January, with a daily output impact of about 16,200 tons during the shutdown period [4] - From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [4] - The price of finished products continued to oscillate downward yesterday, reaching a new low in the recent period. In the pattern of weak supply and demand, the market sentiment is also pessimistic, leading to a continuous downward shift of the price center of gravity [4] Aluminum - Last week, the aluminum price was operating at a high level. Macro data kept the expectation of a Fed rate cut in September unchanged, and traders were waiting for the result of the "Putin - Trump meeting". The US dollar jumped on Thursday and gave back most of the gains on Friday [3] - As of last Thursday, the total built - in production capacity of metallurgical - grade alumina in China was 110.32 million tons per year, and the total operating production capacity was 91.79 million tons per year. The weekly operating rate of alumina increased by 0.63 percentage points to 83.20% [4] - Last week, the overall operating rate of domestic aluminum downstream processing leading enterprises increased by 0.8 percentage points to 59.5%, showing a mild recovery trend. In sub - fields, the operating rates of primary aluminum alloy, aluminum plate and strip, aluminum cable, aluminum profile, and aluminum foil increased, while that of recycled aluminum decreased slightly [4] - On August 18, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 607,000 tons, an increase of 19,000 tons from last Thursday and 20,000 tons from last Monday [4]

Core Viewpoint - China Hongqiao (01378) maintains its profit forecast for 2025-2026 at 24.44 billion and 25.12 billion yuan, respectively, with current stock prices corresponding to P/E ratios of 8.3 and 8.0 times for those years. The target price is raised by 24% to HKD 29.29, reflecting a potential upside of 25% [1] Group 1 - The company's 1H25 performance met expectations, with revenue of 81.039 billion yuan, a year-on-year increase of 10.1%, and net profit attributable to shareholders of 12.361 billion yuan, up 35.0% year-on-year [2] - Product volume and price increases drove the company's performance to a historical high for the same period, with aluminum alloy sales of 2.906 million tons (up 2.4% year-on-year) and alumina sales of 6.368 million tons (up 15.6% year-on-year) [3] Group 2 - The company has implemented a significant share buyback plan, repurchasing HKD 2.6 billion worth of shares, which reflects confidence in future prospects and long-term investment value [4] - The company is enhancing its integrated green industrial chain in the aluminum sector, with a new bauxite supply base in Guinea and an alumina production capacity increase of 8% year-on-year [5] Group 3 - Four key advantages highlight the investment value of China Hongqiao: significant profit and valuation elasticity, high resource self-sufficiency, a current dividend yield of 7.8%, and a dual approach to building a green aluminum industry chain [6]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The uncertainty and consistent expectations in the macro - environment remain weak, and market sentiment is easily swayed by changes in interest - rate hike expectations. The economic downturn risk caused by tariffs may also dominate the market at any time, with the long and short sentiments expected to switch back and forth, and the macro - impact volatility remaining large. On the fundamental side, the supply is basically stable, the consumption end is at the transition point between peak and off - peak seasons, the bearish expectations for future consumption are weakening, and the accumulation of social inventory is slowing down. Overall, the market has both long and short factors, and aluminum prices are expected to continue to fluctuate [3][8] 3. Summary by Directory 3.1 Transaction Data - The price of LME Aluminum 3 - month decreased by 12.0 yuan/ton from 2615 on August 8, 2025, to 2603 on August 15, 2025. The SHFE Aluminum Continuous Three increased by 95.0 dollars/ton from 20610 to 20705 during the same period. The Shanghai - London aluminum ratio rose by 0.1 to 8.0. The LME spot premium increased by 4.1 dollars/ton to 1.79. The LME aluminum inventory increased by 8975.0 tons to 479550 tons. The SHFE aluminum warehouse - receipt inventory increased by 21592.0 tons. The spot average price rose by 104.0 yuan/ton, and the spot premium increased by 50.0 yuan/ton. The South Reserve spot average price increased by 56.0 yuan/ton, and the Shanghai - Guangdong price difference increased by 48.0 yuan/ton. The electrolytic aluminum theoretical average cost decreased by 5.8 yuan/ton, while the electrolytic aluminum weekly average profit increased by 109.8 yuan/ton [4] 3.2 Market Review - The weekly average price of the spot market was 20694 yuan/ton, up 104 yuan/ton from last week; the South Reserve spot weekly average price was 20652 yuan/ton, up 56 yuan/ton from last week. In the macro - aspect, the Sino - US trade negotiation made progress, and the market's expectation of the Fed's interest - rate cut first increased and then decreased. In China, the social financing scale and RMB loans increased in the first seven months of this year. The growth rate of industrial added value in July was 5.7%, and the service industry production index was 5.8%. The consumption and investment growth rates on the demand side declined. The year - on - year growth rate of social retail sales in July was 3.7%. The export year - on - year growth rate was 7.2%. On the consumption side, the operating rate of the domestic downstream aluminum processing industry increased by 0.8 percentage points to 59.5%. In terms of inventory, the electrolytic aluminum ingot inventory was 58.8 tons, up 2.4 tons from last Thursday, and the aluminum rod inventory was 13.85 tons, down 0.5 tons from last Thursday [5][6][7] 3.3 Market Outlook - The macro - environment has high uncertainty, and market sentiment is easily affected by interest - rate hike expectations. The economic downturn risk caused by tariffs may also dominate the market. On the fundamental side, the supply is stable, the consumption end is at the transition between peak and off - peak seasons, the bearish expectations for future consumption are weakening, and the accumulation of social inventory is slowing down. Overall, the market has both long and short factors, and aluminum prices are expected to continue to fluctuate [8] 3.4 Industry News - Century Aluminum will restart about 57,000 tons of idle capacity at its Mt. Holly smelter in South Carolina, with an investment of about 50 million dollars, aiming to increase the local aluminum production in the US by nearly 10%. The plant is expected to reach full production by June 30, 2026, with an annual primary aluminum output of about 730,000 tons. Henan Wanjji Aluminum Industry Co., Ltd. will transfer 580,000 tons of production capacity to Xinjiang, with a planned production start in December 2027. Mozambique's Mozal aluminum plant faces the risk of shutdown due to power issues, and the company is communicating to ensure power supply after March 2026 [9] 3.5 Related Charts - The report provides charts on the price trends of LME Aluminum 3 - month and SHFE Aluminum Continuous Three, the Shanghai - London aluminum ratio, LME aluminum premium, Shanghai aluminum inter - period spread, Shanghai - Guangdong price difference, spot premium seasonality, domestic and imported alumina prices, electrolytic aluminum cost - profit, electrolytic aluminum inventory seasonality, and aluminum rod inventory seasonality [10][11][14][15][16]

Core Viewpoint - China Hongqiao's performance in the first half of the year shows strong growth in revenue, gross profit, and net profit, aligning with expectations, indicating a robust operational capacity and potential for future gains in the aluminum market [1] Financial Performance - Revenue reached 81.039 billion yuan, a year-on-year increase of 10.1% [1] - Gross profit was 20.805 billion yuan, reflecting a year-on-year growth of 16.9% [1] - Net profit amounted to 12.361 billion yuan, marking a year-on-year rise of 35% [1] Competitive Advantages - The company has significant profit and valuation elasticity, with a capacity-to-market value ratio among the top in comparable electrolytic aluminum companies, positioning it to benefit from future aluminum price increases [1] - High self-sufficiency in resources, with both bauxite and alumina self-sufficiency exceeding 100%, enhancing risk resilience [1] - A high dividend yield of 7.8%, making it an attractive investment option [1] - The company is advancing a green aluminum industry chain through both primary and recycled pathways, which may lead to higher product premiums in the future [1] Earnings Forecast and Valuation - Earnings forecasts for 2025 and 2026 remain unchanged at 24.44 billion yuan and 25.12 billion yuan, respectively [1] - Current stock price corresponds to price-to-earnings ratios of 8.3 times and 8 times for 2025 and 2026 [1] - Target price has been raised by 24% to 29.29 HKD, maintaining an "outperform" rating due to market risk appetite and the company's high dividend characteristics [1]