Group 1 - The core viewpoint of the report is that China Hongqiao (01378) is expected to achieve net profits attributable to shareholders of 186.75 billion, 252.99 billion, and 271.76 billion yuan for the years 2025-2027, respectively, with a target price of 45.58 HKD based on a 16x PE for 2026 [1] - The estimated net profit for 2025 is projected to be between 170.0 billion and 200.0 billion yuan, with adjustments made to the 2024 net profit figure to 172.28 billion yuan due to a significant asset restructuring involving the acquisition of Shandong Hongtuo Industrial Co., Ltd. [2] - The production cost of electrolytic aluminum has decreased, leading to a significant expansion in enterprise profits, with the average production cost at 15,747.31 yuan/ton, a month-on-month decrease of 149.18 yuan/ton, and an industry average profit of 8,295.19 yuan/ton, reflecting a month-on-month increase of 2,266.98 yuan/ton [3] Group 2 - The electrolytic aluminum market is entering a new cycle, with historical price highs driven by a weakening dollar and geopolitical factors, leading to fluctuations in aluminum prices [4] - The overall electrolytic aluminum production capacity in China is expected to grow from 43.76 million tons to 45.15 million tons from 2021 to 2025, with a tightening of new capacity control due to the 45 million ton capacity "ceiling" and "dual carbon" goals [5]

电解铝生产成本下降，企业利润扩大明显 2026年1月电解铝市价超预期上涨，触及历史新高，而氧化铝现货价格小幅下跌，处于偏低位水平，电 解铝厂生产成本较上月下降，而铝厂盈利空间扩大明显。 截至1月30日，我国电解铝企业算数平均生产成本15747.31元/吨附近，较上月降149.18元/吨，环比降幅 0.94%，同比降幅19.26%；行业平均盈利8295.19元/吨，较上月增加2266.98元/吨，环比增幅37.61%，同 比增幅1354.91%。加权平均生产成本14804.09元/吨，较上月减少177.55元/吨，降幅1.19%。本期电解铝 产能成本在16000元/吨以下的产能规模为3572.2万吨，占比81.21%；16000-17000元/吨产能规模为815.5 万吨，占比18.54%；17000-18000元/吨产能规模为11.2万吨，占比0.25%；暂无18000-19000元/吨产能规 模、产能成本大于19000元/吨产能规模。 智通财经APP获悉，环球富盛发布研报称，预测中国宏桥(01378)2025-2027年归母净利润分别为 186.75、252.99、271.76亿元。结合可比公司估值考虑到公 ...

Group 1 - Major blue-chip stocks mostly rose, with HSBC Holdings closing at HKD 141.801, up 1.8% from the previous close [2] - Tencent Holdings closed at HKD 561.139, reflecting a 0.2% increase from the previous close [2] Group 2 - Tencent Holdings (00700) latest price is HKD 560.000, with an increase of HKD 12.500 or 2.28% [3] - Alibaba Group (09988) latest price is HKD 157.900, up HKD 2.900 or 1.87% [3] - HSBC Holdings (00005) latest price is HKD 139.300, up HKD 4.500 or 3.34% [3] - AIA Group (01299) latest price is HKD 86.350, up HKD 2.850 or 3.41% [3] - Meituan (03690) latest price is HKD 91.050, down HKD 0.350 or 0.38% [3] - China Ping An (02318) latest price is HKD 73.000, up HKD 3.400 or 4.89% [3] - Hong Kong Exchanges (00388) latest price is HKD 418.600, up HKD 11.000 or 2.70% [3] - Baidu Group (09888) latest price is HKD 142.200, up HKD 4.400 or 3.19% [3] - Kuaishou Technology (01024) latest price is HKD 69.300, down HKD 1.950 or 2.74% [3]

Group 1 - The core viewpoint of the news is the performance and characteristics of the Hong Kong Dividend ETF (工银, 159691), which has shown a slight increase in scale and a decrease in shares since the beginning of the year [1] - As of February 6, 2023, the fund's latest share count is 6.275 billion, with a total scale of 8.653 billion yuan, reflecting a 3.90% decrease in shares and a 2.58% increase in scale since December 31, 2022 [1] - The fund's management fee is 0.45% annually, and the custody fee is 0.07% annually, with its performance benchmark being the adjusted return of the China Securities Hong Kong Stock Connect High Dividend Select Index [1] Group 2 - The current fund managers are Liu Weilin and He Shun, with Liu managing since March 30, 2023, achieving a return of 39.18%, while He is set to manage from May 30, 2024, with a return of 16.38% [2] - The fund's top holdings include China National Offshore Oil Corporation (14.55%), China Shenhua Energy Company (9.65%), and China Pacific Insurance (8.90%), among others, with significant market values [2][3] - The cumulative trading amount for the fund in the last 20 trading days is 7.145 billion yuan, with an average daily trading amount of 357 million yuan [1]

Group 1 - Zhang Yiming, founder of ByteDance, tops the Forbes 2026 China Rich List with a net worth of $69.3 billion, surpassing Zhong Shanshan for the first time [2][5] - The list reflects a significant reshuffling, with many traditional industries being disrupted by the rise of internet and hard technology sectors [2][5] - The top ten includes major figures from technology, new energy, and manufacturing, indicating a shift in wealth towards hard tech [6] Group 2 - Lei Jun of Xiaomi makes a notable comeback, ranking tenth with a net worth of $30.4 billion, surpassing Jack Ma, who is now ranked eleventh with $29.6 billion [2][5] - ByteDance's investments in AI, including a $160 billion budget for AI development, are key to Zhang Yiming's wealth increase [5] - The real estate tycoons have seen a decline, with internet billionaires now making up less than 40% of the list, highlighting a trend towards AI, new energy, and high-end manufacturing [6]

Core Viewpoint - The Hang Seng Index (HSI) experienced a closing price of 26,985.57, reflecting an increase of 425.62 points or 1.60% [1]. Group 1: Market Performance - The Hang Seng Index (HSI) closed at 26,985.57, up by 425.62 points or 1.60% [1]. - The index reached a high of 26,989.63 and a low of 26,628.55 during the trading session [1]. - The trading volume was 47.8275 million shares, with an average price of 26,809.09 [1]. Group 2: Major Blue-Chip Stocks - Major blue-chip stocks mostly declined, with HSBC Holdings closing at 134.800 HKD, down 2.67% from the previous close [2]. - Tencent Holdings closed at 547.500 HKD, reflecting a decrease of 1.97% [2]. - Other notable declines included AIA Group, which fell by 5.54%, and Meituan, which decreased by 2.56% [3]. Group 3: Stock Price Movements - Tencent Holdings (00700) reported a price of 547.500 HKD, down by 11.000 HKD or 1.97% [3]. - HSBC Holdings (00005) closed at 134.800 HKD, down by 3.700 HKD or 2.67% [3]. - AIA Group (01299) saw a significant drop of 4.900 HKD, translating to a 5.54% decrease [3].

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]

Group 1 - Everbright Securities maintains a "Buy" rating for Baidu Group-SW, citing short-term pressure on advertising but stabilization trends, with AI cloud growth logic remaining intact [1] - China Hongqiao's target price raised to HKD 45 by CMB International, driven by a persistent global aluminum supply-demand gap until 2026-27, leading to a 27% and 12% upward revision in profit forecasts [1] - CMB International initiates a "Buy" rating for Innovation Industry with a target price of HKD 32, highlighting significant cost advantages from renewable energy and a clear growth path through overseas aluminum projects [1] Group 2 - Huatai Securities lowers the target price for Ausnutria to HKD 2.11 while maintaining an "Add" rating, noting ongoing pressure from declining newborn population impacting domestic infant formula sales, but strong overseas performance [2] - Dongfang Securities maintains a "Buy" rating for Geely Automobile with a target price of HKD 23.37, reporting a 121% year-on-year increase in January export sales and a 99.7% growth in the Zeekr brand [3] - Dongfang Securities also maintains a "Buy" rating for Kuaishou-W with a target price of HKD 104.36, highlighting a 112% month-on-month increase in AI overseas revenue and ongoing technological advancements [3] Group 3 - CITIC Construction maintains a "Buy" rating for Laopu Gold, noting a pre-Spring Festival buying spree and strong brand expansion, with Q1 gross margin expected to approach 40% [4] - Kaiyuan Securities initiates a "Buy" rating for Leshu Comfort, emphasizing its leading market share in Africa for baby diapers and sanitary napkins, supported by localized production and distribution channels [5] - GF Securities maintains a "Buy" rating for Meituan-W, indicating a stabilization in food delivery competition and a solid market position, with profitability expected to improve by 2026 [6] - Guoyuan International Securities maintains a "Buy" rating for Q Technology with a target price of HKD 12.89, noting a 27.2% year-on-year increase in camera module prices and a growing revenue share from non-mobile sectors [7]

Market Overview - The Hang Seng Index (HSI) closed at 26,513.11, down by 334.21 points or 1.24% [1] - The index reached a high of 26,812.73 and a low of 26,414.23 during the trading session [1] - The trading volume was 70.4034 million shares, with an average price of 26,613.48 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.704, up by 0.51% compared to the previous close [2][3] - Tencent Holdings closed at HKD 552.190, down by 1.04% compared to the previous close [2][3] - Alibaba Group (W) closed at HKD 159.500, down by 0.93% [3] - AIA Group closed at HKD 90.700, up by 1.40% [3] - Xiaomi Group (W) closed at HKD 33.960, down by 1.85% [3] - Meituan (W) closed at HKD 92.150, down by 1.13% [3] - China Ping An closed at HKD 72.050, up by 1.05% [3] ADR Performance - Tencent's ADR (TCEHY) was priced at USD 552.190, reflecting a decrease of 1.04% compared to its Hong Kong counterpart [3] - Alibaba's ADR (BABA) was priced at USD 155.411, down by 2.56% compared to its Hong Kong counterpart [3] - HSBC's ADR (HSBC) was priced at USD 139.704, up by 0.51% compared to its Hong Kong counterpart [3]

Core Viewpoint - The Hong Kong Dividend ETF (工银, 159691) experienced significant net redemptions, indicating a trend of outflow from this fund, which may reflect investor sentiment and market conditions [1][2]. Fund Performance - As of February 3, the latest scale of the Hong Kong Dividend ETF is 85.4 billion yuan, with a net outflow of 28.23 million yuan on that day, representing 0.33% of the previous day's scale [1]. - Over the past five days, the fund faced net redemptions totaling 68.26 million yuan, ranking 15th out of 212 in cross-border ETF net outflows [1]. - In the last ten days, the total net redemptions reached 202 million yuan, ranking 7th out of 212 [1]. - Over the past 20 days, the fund saw net redemptions of 332 million yuan, ranking 8th out of 212 [1]. Fund Size and Liquidity - The current share count of the Hong Kong Dividend ETF is 6.282 billion shares, with a scale of 85.4 billion yuan, showing a 3.80% decrease in shares and a 1.24% increase in scale since December 31, 2025 [2]. - The cumulative trading amount over the last 20 trading days is 6.501 billion yuan, with an average daily trading amount of 325 million yuan [2]. - Year-to-date, the cumulative trading amount is 7.151 billion yuan, with an average daily trading amount of 325 million yuan [2]. Fund Management - The current fund managers are Liu Weilin and He Shun, with Liu managing since March 30, 2023, achieving a return of 36.96%, while He is set to manage from May 30, 2024, with a return of 14.67% [2]. Top Holdings - The fund's top holdings include: - China National Offshore Oil Corporation (14.55% holding) - China Shenhua Energy (9.65% holding) - China Pacific Insurance (8.90% holding) - China Hongqiao Group (7.68% holding) - CLP Holdings (7.53% holding) - WH Group (7.36% holding) - Power Assets Holdings (6.21% holding) - Haier Smart Home (3.50% holding) - People's Insurance Company of China (3.42% holding) - CSPC Pharmaceutical Group (3.41% holding) [2].