Group 1 - HSBC expects aluminum prices to be well-supported in the coming months due to China's capacity cap policy and resilient demand from renewable energy and ongoing economic stimulus [1] - China Hongqiao's strong fundamentals and attractive dividend yield (approximately 10%) are highlighted, with a "buy" rating maintained and a target price set at HKD 17.10 [1] - The company is confident in maintaining strong earnings performance into Q1 2025, supported by a production cap of 45 million tons and moderate single-digit demand growth [1] Group 2 - The company plans to inject its key aluminum and alumina assets into its A-share listed subsidiary [2] - A USD 300 million convertible bond issuance was completed, with USD 200 million used to replace high-interest bonds and USD 100 million for stock buybacks to reduce equity dilution [2] - The company has invested USD 400 million in the Simandou iron ore project and committed to a total investment of USD 1.8 billion over the coming years [2]
汇丰：基本面稳健+股息收益率有吸引力 维持中国宏桥(01378)“买入”评级及目标价17.10港元