中国宏桥(01378)发布公告，于2025年9月11日斥资246.36万港元回购股份10.05万股，每股回购价格为 24.2-24.8港元。 ...

Investment Rating - The report assigns a "Buy" rating to the company [4][7]. Core Views - The company is a leading player in the green aluminum sector, with steadily improving profitability driven by production growth and rising aluminum prices [1][24]. - The company has a comprehensive supply chain layout and is strategically located near key raw material production areas, enhancing its competitive edge [2][51]. - The company's debt-to-asset ratio has significantly decreased, and it has been increasing its dividend payout ratio over the years, reflecting a commitment to shareholder returns [3][48]. Summary by Sections 1. Green Aluminum Integration Leader with Steady Profitability Improvement - The company is recognized as a domestic leader in green aluminum, with a business model encompassing bauxite mining, alumina production, green aluminum, and aluminum processing [1][13]. - As of June 2025, the company has established a production capacity of 1.4 million tons of alumina, 3.08 million tons of green aluminum, and 0.8 million tons of anode carbon [1][16]. - In the first half of 2025, the company achieved an aluminum production volume of 1.6132 million tons, a year-on-year increase of 15.59%, with revenue reaching 29.078 billion yuan, up 17.98% [1][24]. 2. Gradual Increase in Capacity Utilization, Highlighting Long-term Value of Green Aluminum - The company has a self-sufficiency rate of approximately 19.30% for bauxite and 24.71% for alumina, benefiting from proximity to rich bauxite resources in Guangxi [2][51]. - The capacity utilization rate is expected to reach 96.34% in 2024, the highest since 2021, with a forecast of maintaining high levels in 2025 [2][63]. - The company benefits from low electricity costs due to abundant hydropower resources in Yunnan, with a significant portion of its electricity generated from renewable sources [2][68]. 3. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 57.6 billion yuan, 58.9 billion yuan, and 60.2 billion yuan from 2025 to 2027, with year-on-year growth rates of 5.8%, 2.3%, and 2.2% respectively [4][93]. - The forecasted net profits for the same period are 6.5 billion yuan, 7.41 billion yuan, and 8.29 billion yuan, with growth rates of 47.4%, 14.0%, and 11.9% respectively [4][93]. - The earnings per share (EPS) are expected to be 1.87 yuan, 2.14 yuan, and 2.39 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 9.91, 8.69, and 7.77 [4][93].

Group 1 - The company Hongchuang Holdings (002379) responded to investor inquiries on September 11, indicating that as of August 29, 2025, the number of shareholders is 19,557 [1]

Group 1 - Zhongfu Industrial Co., Ltd. experienced a stock price increase of 5.14%, reaching 5.32 CNY per share, with a trading volume of 3.32 billion CNY and a turnover rate of 1.59%, resulting in a total market capitalization of 21.322 billion CNY [1] - The company, established on January 28, 1997, and listed on June 26, 2002, is primarily engaged in coal mining, thermal power generation, electrolytic aluminum, and deep processing of aluminum products [1] - The revenue composition of Zhongfu Industrial is as follows: aluminum processing 62.62%, electrolytic aluminum 31.55%, coal 2.60%, electricity 2.38%, other (supplementary) 0.44%, steam 0.33%, and trade 0.08% [1] Group 2 - Huashang Fund has one fund heavily invested in Zhongfu Industrial, specifically the Huashang New Quantitative Mixed A (000609), which held 855,300 shares in the second quarter, accounting for 2.05% of the fund's net value, ranking as the tenth largest holding [2] - The Huashang New Quantitative Mixed A fund has a total scale of 180 million CNY and has achieved a year-to-date return of 32.59%, ranking 1855 out of 8175 in its category [2] - The fund's one-year return is 44.13%, ranking 3365 out of 7982, and since its inception, it has generated a return of 236.77% [2] Group 3 - The fund manager of Huashang New Quantitative Mixed A is Deng Mo, who has been in the position for 10 years and 6 days, with the fund's total asset size at 2.044 billion CNY [3] - During Deng Mo's tenure, the best fund return was 127.85%, while the worst return was -41.84% [3]

新能源及有色金属日报 | 2025-09-11 宏观因素持续主导铝价走势 重要数据 铝现货方面：SMM数据，华东A00铝价20750元/吨，较上一交易日变化-20元/吨，华东铝现货升贴水-30元/吨， 较上一交易日变化-20元/吨；中原A00铝价20630元/吨，现货升贴水较上一交易日变化-20元/吨至-150元/吨； 佛山A00铝价录20710元/吨，较上一交易日变化-20元/吨，铝现货升贴水较上一交易日变化-15元/吨至-65元/吨。 铝期货方面：2025-09-10日沪铝主力合约开于20750元/吨，收于20790元/吨，较上一交易日变化40元/吨，最 高价达20825元/吨，最低价达到20735元/吨。全天交易日成交93249手，全天交易日持仓196440手。 库存方面，截止2025-09-10，SMM统计国内电解铝锭社会库存63.1万吨，较上一期变化0.5吨，仓单库存64937 吨，较上一交易日变化478吨，LME铝库存485275吨，较上一交易日变化0吨。 氧化铝现货价格：2025-09-10SMM氧化铝山西价格录得3030元/吨，山东价格录得3010元/吨，河南价格录得 3070元/吨，广西价格 ...

自去年9月"并购六条"出台后，上市公司并购重组成为监管大力鼓励的方向，这背后原因在于合乎产业逻辑的资本运作有助于提高上市公司质量。 智通财经注意到，宏创控股（002379.SZ）拟以约635亿元对价收购铝产业链龙头中国宏桥（01378）核心资产山东宏拓实业有限公司（以下简称"标的公 司"或"宏拓实业"）100%股权的事项，迎来一系列新进展。9月3日晚间，宏创控股就其发行股份购买标的公司100%股权暨关联交易的核心问题，向深圳证券 交易所及市场各方给出了全面解答。与此同时，宏创控股还披露了该交易报告书的修订稿。 收购事宜正有序推进，另就相关影响而言，考虑到宏拓实业体量远大于宏创控股，重组完成后宏创控股将喜迎优质资产"赋能"。届时，宏创控股总资产及收 入规模将突破千亿元，从而一举跻身全球铝业头部公司，成为集氧化铝、电解铝及铝深加工品生产与销售于一体的"链主型龙头企业"。 而对于二级市场投资者来说，重组前后宏创控股的每股收益将从-0.06元大幅跃升至1.39元，宏创控股的长期投资逻辑将华丽升级，未来广大中小股东也将从 中分享到A股铝业新巨头不断成长带来的红利。 重组后全年盈利近200亿 近年来，在原材料价格高企，以 ...

而对于二级市场投资者来说，重组前后宏创控股的每股收益将从-0.06元大幅跃升至1.39元，宏创控股的长期投资逻辑将华丽升级，未来广大中小股东也将从 中分享到A股铝业新巨头不断成长带来的红利。 重组后全年盈利近200亿 自去年9月"并购六条"出台后，上市公司并购重组成为监管大力鼓励的方向，这背后原因在于合乎产业逻辑的资本运作有助于提高上市公司质量。 智通财经注意到，宏创控股（002379.SZ）拟以约635亿元对价收购铝产业链龙头中国宏桥（01378）核心资产山东宏拓实业有限公司（以下简称"标的公 司"或"宏拓实业"）100%股权的事项，迎来一系列新进展。9月3日晚间，宏创控股就其发行股份购买标的公司100%股权暨关联交易的核心问题，向深圳证券 交易所及市场各方给出了全面解答。与此同时，宏创控股还披露了该交易报告书的修订稿。 收购事宜正有序推进，另就相关影响而言，考虑到宏拓实业体量远大于宏创控股，重组完成后宏创控股将喜迎优质资产"赋能"。届时，宏创控股总资产及收 入规模将突破千亿元，从而一举跻身全球铝业头部公司，成为集氧化铝、电解铝及铝深加工品生产与销售于一体的"链主型龙头企业"。 近年来，在原材料价格高企，以 ...

晨报 铝锭 成材：重心下移 偏弱运行 铝锭：海外降息预期升温 旺季开工率回温 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 以伊冲突 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 个别钢厂预计 1 月 20 日后停产放假，停产期间日度影响产量 1.62 万吨左 证监许可【2011】1452 号 逻辑:昨日铝价偏强震 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - China's PPI year - on - year decline narrowed to 2.9% in August, and the decline in PPI year - on - year has narrowed for the first time since March, indicating that the previous production - limiting measures of upstream state - owned enterprises are taking effect, but the foundation for PPI recovery is not solid [7][8]. - For the pig sector, there is a pattern of weak reality and strong expectations. The short - term weakness is difficult to change, and the idea of large reverse arbitrage is maintained [10]. - For the soybean meal sector, it is in a rebound and oscillation state. The price is waiting for the guidance of trade negotiations, and the market is trading time for space [11]. 3. Summary by Relevant Catalogs 3.1 Commodity Research 3.1.1 Precious Metals - Gold: The non - farm payrolls are revised downwards. The trend intensity is 1 [14][18]. - Silver: The gold - silver ratio is rising. The trend intensity is 1 [14][18]. 3.1.2 Base Metals - Copper: The US dollar is under pressure, and the price rises. The trend intensity is 1 [14][22]. - Zinc: It is in range - bound oscillation. The trend intensity is 0 [14][25]. - Lead: The inventory decreases, which supports the price. The trend intensity is 0 [14][28]. - Tin: It is in range - bound oscillation. The trend intensity is 0 [14][31]. - Aluminum: It runs strongly. The trend intensity is 0 [14][34]. - Alumina: It is supported by cost. The trend intensity is 0 [14][34]. - Cast aluminum alloy: It follows electrolytic aluminum. The trend intensity is 0 [14][34]. - Nickel: It runs in a narrow - range oscillation. The trend intensity is 0 [14][38]. - Stainless steel: There is a game between reality and expectation, and the steel price may oscillate. The trend intensity is 0 [14][38]. 3.1.3 Energy Metals - Lithium carbonate: It oscillates weakly, and attention should be paid to the actual progress of resumption of production. The trend intensity is - 1 [14][44]. 3.1.4 Industrial Metals - Industrial silicon: The Inner Mongolia meeting increases news - based disturbances. The trend intensity is 0 [14][47]. - Polysilicon: Attention should be paid to the fermentation of market sentiment. The trend intensity is 1 [14][47]. 3.1.5 Ferrous Metals - Iron ore: It oscillates in a wide range. The trend intensity is 0 [14][50]. - Rebar: It oscillates in a wide range. The trend intensity is 0 [14][52]. - Hot - rolled coil: It oscillates in a wide range. The trend intensity is 0 [14][53]. - Ferrosilicon: Market sentiment disturbs, and it oscillates in a wide range. The trend intensity is 0 [14][56]. - Silicomanganese: Market sentiment disturbs, and it oscillates in a wide range. The trend intensity is 0 [14][56]. - Coke: Expectations are repeated, and it oscillates in a wide range. The trend intensity is 0 [14][60]. - Coking coal: Expectations are repeated, and it oscillates in a wide range. The trend intensity is 0 [14][61]. 3.1.6 Forest Products - Logs: It oscillates repeatedly. The trend intensity is not provided [14][63]. 3.1.7 Chemicals - p - Xylene: It rebounds in the short term, and the monthly spread is in a positive arbitrage. No trend intensity provided [14]. - PTA: The monthly spread is in a positive arbitrage. No trend intensity provided [14]. - MEG: It rebounds in the short term. No trend intensity provided [14]. - Rubber: It oscillates in a wide range. No trend intensity provided [14]. - Synthetic rubber: It oscillates within the fundamental valuation range. No trend intensity provided [14]. - Asphalt: Refineries resume production stably, and the shipment in the north slows down. No trend intensity provided [14]. - LLDPE: It has a medium - term oscillating market. No trend intensity provided [14]. - PP: It oscillates in the short term, and there is still pressure in the medium - term trend. No trend intensity provided [14]. - Caustic soda: It is not advisable to chase short. No trend intensity provided [14]. - Pulp: It oscillates strongly. No trend intensity provided [14]. - Glass: The price of the original sheet is stable. No trend intensity provided [14]. - Methanol: It oscillates. No trend intensity provided [14]. - Urea: It oscillates weakly. No trend intensity provided [14]. - Styrene: It is strong in the short term and weak in the medium term. No trend intensity provided [14]. - Soda ash: There is little change in the spot market. No trend intensity provided [14]. 3.1.8 Energy - LPG: Geopolitical conflicts intensify, and the potential supply risk increases. No trend intensity provided [14][16]. - Propylene: The supply device fluctuates, and the spot trading price rises. No trend intensity provided [14][16]. - PVC: It oscillates at a low level. No trend intensity provided [14][16]. - Fuel oil: It oscillates narrowly at night, showing a short - term adjustment trend. No trend intensity provided [14][16]. - Low - sulfur fuel oil: The weakness continues, and the price spread between high - and low - sulfur in the overseas spot market narrows again. No trend intensity provided [14][16]. 3.1.9 Agricultural Products - Short - fiber: It rebounds in the short term. No trend intensity provided [14][16]. - Bottle chips: It rebounds in the short term. No trend intensity provided [14][16]. - Offset printing paper: It oscillates at a low level. No trend intensity provided [14][16]. - Pure benzene: It is strong in the short term and weakly oscillates. No trend intensity provided [14][16]. - Palm oil: The fundamental driving force is insufficient, and it corrects in the short term. No trend intensity provided [14][16]. - Soybean oil: The US soybean oil policy is uncertain, and there are limited themes for soybean oil. No trend intensity provided [14][16]. - Soybean meal: The US soybeans closed down overnight, and the Dalian soybean meal may oscillate. No trend intensity provided [14][16]. - Soybean: It rebounds after over - decline. No trend intensity provided [14][16]. - Corn: It oscillates. No trend intensity provided [14][16]. - Sugar: Attention should be paid to Brazil's exports. No trend intensity provided [14][16]. - Cotton: Attention should be paid to the situation of new cotton listing. No trend intensity provided [14][16]. - Eggs: It oscillates in the short term. No trend intensity provided [14][16]. - Pigs: The spot is weak, and the policy is strong. No trend intensity provided [14][16]. - Peanuts: Attention should be paid to the listing of new peanuts. No trend intensity provided [14][16].

Group 1 - The company China Hongqiao (01378) announced a share buyback plan [1] - The company will spend HKD 23.736 million to repurchase 980,000 shares [1]