汇丰：中国铝业-买入 -表现平稳，无意外

Aluminum Corp of China (2600 HK/601600 CH) Buy/Buy: Steady with no surprise China 1Q25 result review: Chalco reported NPAT of cRMB3.5bn in 1Q25 (+5% q-o-q and +59% y-o-y), in line with the company's profit alert. The strong 1Q25 result was attributed to better-than-expected sales volume and ASP for aluminium and alumina, improvement in operating expense, and gains in investment. Sales volumes largely held up in self-produced aluminium (-5% q-o-q) and alumina (+6% q-o-q), but revenue and gross profits slippe ...