中国铝业：铝价上涨带来利好，维持首选标的评级

Action | 07 Jan 2026 10:23:57 ET │ 15 pages Aluminum Corporation of China (2600.HK) Benefit from Hiking Aluminum Price, Maintain as Top Pick CITI'S TAKE We update our Chalco model to factor in updated aluminum and alumina price forecast. We revise our 2025E/26E/27E net profit forecast by +2%/+4%/+7% to Rmb14.0/19.1/21.9bn and revise TP for H-share to HK$15.94 (from HK$12.41). We expect Chalco to benefit from higher for longer aluminum price and aluminum margin. Maintain as Top Pick. We will host a 2026 busi ...