SGALUCO@EC2611A

Citibank Reiterates Buy Rating on Chinalco

CICC Upgrades Aluminum Corp of China Rating to Outperform

UBS Maintains Buy Rating on China Aluminum

China Aluminum Corporation Releases 2025 Annual Report and Announces Leadership Changes

Chinalco Reports Q1 2026 Revenue and Net Profit Growth

BlackRock Increases Stake in Aluminum Corp of China H Shares to 9.10%

Chinalco Issues $800 Million Offshore Bond

BlackRock Increases Stake in Chinalco H Shares

CHALCO to Release FY2026 Q1 Earnings on April 23 Pre-Market (BJT), Forecast EPS HKD 0.3553

BlackRock Increases Stake in China Aluminum Co. to 8.14%

Citi Rates CHALCO Buy with a Target Price of HKD 15.94

Morgan Stanley Raises Target Price on China Aluminum Co. to HKD 18.1

Chinalco Boosts Stake in China Aluminum Corp.

China Aluminum Announces Q1 2026 Net Profit Forecast to Increase by 50% to 58%

China Aluminum Corporation's wholly-owned subsidiary acquires 51% equity of Yun Aluminum Logistics

Goldman Sachs Upgrades Chinalco A-Share Rating to Neutral

UAE Aluminum Corporation's facilities enter emergency shutdown

Blackstone Increases Stake in Chinalco H-shares to 7.58%

Fitch Assigns China Aluminum Hong Kong Long-term Issuer Default Rating of 'BBB+'

Jefferies Adjusts Aluminum Corp of China's Target Price to 15.20 Yuan, Maintains 'Buy' Rating

QINGDAO HLDGS

QIANHAI HEALTH

GUOXIA TECH

AV CONCEPT HOLD

HAITIAN ANTENNA

DATRONIX HOLD

PRODUCTIVE TECH

BITSTRAT HLDGS

CONCORD NE

NEW CITY DEV

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Morgan Stanley's report on Aluminum Corporation of China Limitedindicates a 1Q net profit of RMB5.5 billion, a 56% YoY increase, aligning with earnings guidance. Gross margin rose to 24%, and net gearing ratio decreased to 14%. The firm anticipates elevated aluminum prices due to tight global supply, while alumina prices may fluctuate due to oversupply. The company plans to increase its dividend payout and may buy back shares. Morgan Stanley rates the stock as Overweight with a target price of HKD18.1.

AASTOCKS News

CHALCO

Guotai CSI Non-Ferrous Metal Kuangye Theme ETF

China Southern CSI SWS Non-Ferrous Metal ETF

ChinaAMC CSI Subdivision Non-ferrous Metal Sub-Industry ETF

GF CSI Rare Metals Theme ETF

Hwabao WP CSI Non-ferrous Metal ETF

Yinhua CSI Non-ferrous Metal ETF

Guotai CSI Non-ferrous Metal ETF

Penghua Guozheng Non-ferrous Metal Industry ETF

Morgan Stanley

Accendra Health

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MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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M Stanley: Aluminum Corporation of China Limited  1Q Net Profit In Line; Rated Overweight

Citi has reiterated its Buy rating on Aluminum Corporation of Chinafollowing a 56% year-on-year increase in net profit to RMB5.527 billion for Q1 2026, with a significant 207% quarter-on-quarter surge. The target price is set at HKD15.94, based on a projected 2.81x price-to-book ratio for 2026. Citi anticipates positive guidance from management during upcoming investor meetings and believes the market has underestimated the impact of aluminum supply disruptions due to the Iran conflict. Aluminum Corporation of China is considered Citi's top pick in the sector.

Citigroup

CITIGROUP INC 6.250 NON CUM SER II PFD WI

Citi Reiterates Buy on Aluminum Corporation of China  After 1Q Net Profit +56%, Remains Sector Top Pick

UBS reported that Chinalcoachieved a net profit of RMB5.527 billion in 1Q26, a 56% YoY increase, nearing the upper limit of its profit guidance. This profit represents 22% of the full-year earnings forecast. The aluminum industry's average gross margin rose significantly, and production costs declined. UBS maintains a Buy rating on Chinalco with a target price of HKD17.5, expecting a positive market reaction to the results.

UBS Group AG

UBS: Chinalco  1Q26 Net Profit Near Upper End of Profit Guidance, Maintains Buy Rating

CICC has upgraded Aluminum Corporation of Chinato Outperform, maintaining a target price of HKD15.37. The company reported a 4.9% YoY revenue increase and a 56.2% YoY net profit rise. Despite short-term challenges in the alumina segment due to production cuts, the firm is expected to benefit from rising aluminum prices and its overseas expansion. CICC's earnings forecasts for this year and next remain unchanged.

CICC

CICC Upgrades Aluminum Corporation of China  to Outperform, Maintains TP at HKD15.37

The daily MACD indicator of CHALCO showed a clear death cross signal yesterday, putting pressure on the stock price. Trading volume remains persistently low, exacerbating market concerns about the overall weakness of the aluminum industry sector. This reflects the further manifestation of the effects of slowing global demand growth, leading to cautious capital inflows into the sector. Under the current situation, CHALCO's stock price is maintaining narrow fluctuations and hovering near short-term support levels. The bearish arrangement of the moving average system indicates a trend of short-term pressure. Although the market predicts that policy benefits may reverse sentiment, there are currently no clear signals. Investors need to pay special attention to the inflow of new funds and the potential impacts of real-time policy updates. In a consolidation state, changes in trading volume during the day are particularly critical. Overall, the sensitive changes in market sentiment will determine the short-term direction, making risk management and observation the core of investment strategy

Technical Forecast

CHALCO (2600.HK) indicator death cross, industry facing demand pressure

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Analysts from Mercuria, Goldman, and JPMorgan are raising alarms about a significant supply shock in the global aluminum market, primarily due to disruptions in the Gulf region. Mercuria's Nick Snowdon described it as the largest supply shock in base metals since 2000, with aluminum prices hitting a four-year high. The Gulf region, accounting for 9% of global supply, faces a potential 2 million-ton deficit by year-end, exacerbated by the US-Iran conflict. Analysts warn that the US and Europe, reliant on Middle Eastern aluminum, are particularly vulnerable to this crisis.

ZeroHedge

NANSHAN ALUMINIUM

CHINAHONGQIAO

Alcoa

Century Aluminum

Kaiser Aluminum

Mercuria, Goldman, JPMorgan See Major Aluminum Market Shock

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MIXUE GROUP(02097) rose 5.6%, with a trading turnover 385.2 Million HKD, and a year-to-date fell 24.5%. MUYUAN(02714) rose 5.44%, with a trading turnover 155.3 Million HKD, and a year-to-date rose 9.3%. SIGENERGY(06656) fell 9.37%, with a trading turnover 587.7 Million HKD, and a year-to-date rose 67%. KNOWLEDGE ATLAS(02513) fell 2.56%, with a trading turnover 1.0 Billion HKD, and a year-to-date rose 717.6%.

Top Gainers & Losers

MIXUE GROUP

MUYUAN

CATL

CHERY AUTO

GIGADEVICE

SIGENERGY

KNOWLEDGE ATLAS

BIREN TECH

EASTROC

Top 5 HK Stock Gainers/Losers (>100B) (4.21)

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KNOWLEDGE ATLAS(02513) rose 9.43%, with a trading turnover 2.0 Billion HKD, and a year-to-date rose 739.1%. COSCO SHIP ENGY(01138) rose 6.99%, with a trading turnover 605.9 Million HKD, and a year-to-date rose 100.9%. CHALCO(02600) fell 4.58%, with a trading turnover 375.3 Million HKD, and a year-to-date rose 1.1%. CHINA COAL(01898) fell 4.11%, with a trading turnover 548.7 Million HKD, and a year-to-date rose 29%.

- The Hang Seng Index increased by 0.77%, with a year-to-date gain of 2.9%.  
- The Hang Seng Technology Index rose by 0.46%, but it has a year-to-date decline of 8.2%.  
- Notable company performances include Zhihu (02513) up 9.43% with a total transaction volume of HKD 2.01 billion and a year-to-date rise of 739.1%, while China Aluminum (02600) fell by 4.58%.

COSCO SHIP ENGY

MINIMAX-W

NONGFU SPRING

HUA HONG SEMI

CHINA COAL

PETROCHINA

JD LOGISTICS

Top 5 HK Stock Gainers/Losers (>100B) (4.20)

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Aluminum prices on the London Metal Exchange are rising, nearing $3,621 a ton due to a supply shock linked to the U.S.-Iran conflict. Emirates Global Aluminum declared force majeure after attacks on its smelter, impacting 4% of global production. Analysts warn of a serious supply outage, with prices potentially reaching $4,000 a ton. The situation could affect countries reliant on Gulf aluminum shipments, allowing suppliers from China and Russia to gain market share.

RUSAL

JPMorgan Chase

Goldman Sachs

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

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JPMorgan Chase & Co.

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Aluminum Market Descends Into Supply 'Black Hole'

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Reuters

Huafon Aluminium

Mtalco

Yunnan Aluminium

ROI-Aluminium in crisis: war, tariffs and a market running on empty: Andy Home

Chinese aluminum exports are projected to surge due to supply disruptions in the Persian Gulf, which account for 9% of global output. With international prices at a premium, demand for aluminum products is expected to rise, particularly in April. March exports increased by 13% from February, reaching 485,000 tonnes. Analysts predict annual sales could exceed the record 6.7 million tonnes in 2024. Chinese firms are ready to supply overseas customers, although rising shipping costs and competition from magnesium alloys may pose challenges.

Straitstimes

China’s aluminum exports to surge as mideast disruptions persist

Morgan Stanley published a research report indicating that it has raised the target price for CHALCO from RMB 17.7 to RMB 18.1, equivalent to 3.4 times the book value per share (BVPS), and maintained an "Overweight" rating. Due to the upward revision of aluminum price forecasts, the bank has raised its earnings per share estimates for CHALCO for 2026 and 2028 by 3% and 2%, respectively, while the forecast for 2027 remains unchanged

AASTOCKS

Morgan Stanley raises CHALCO's target price to 18.1 yuan, maintains "Overweight" rating

Global oil demand is expected to contract due to supply disruptions caused by U.S. President Trump's blockade of the Strait of Hormuz. This has led to a rise in aluminum prices, with the three-month contract on the London Metal Exchange increasing by 0.7% to $3,633.50 per metric ton. Several Middle Eastern producers have declared force majeure, impacting 9% of global aluminum output. However, high prices may be reducing demand, according to ANZ Research analysts.

MorningStar

Australia and New Zealand Banking Group Limited

ANZ Group Holdings Limited

Global Oil Demand Heads for Contraction as Iran -2-

United Company RUSAL has announced that SUAL Partners International no longer holds direct voting rights over a portion of RUSAL's shares. This change, disclosed to the Moscow Exchange, indicates that SUAL Partners' governance influence has diminished, although the exact size of the former stake is unspecified. The announcement suggests a potential shift in RUSAL's shareholder structure, but no immediate operational or strategic changes have been indicated. RUSAL is a major player in the aluminium industry, with shares listed in Hong Kong and Russia.

Tip Ranks

RUSAL Discloses End of SUAL Partners’ Direct Voting Rights in Company

I think the market is too optimistic about the Iran war. The fact is 20% of the oil is missing form the system for 2 months. How is this not making an impact to the investment world? INFLATION!!!

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INTEL-T

BOEING CO 6% DEP SHS RE 1/20TH PFD MAN CNV SR A

AI is back, chips back in play. The Iran war has long been forgotten. Time to long Korean, Taiwan and China ETF!

The Iran talk must resume sooner or later. Iran have no revenue due to the blockade, while Trump cannot have high oil prices. It's a chicken and egg situation!

krisLim

NewUser_wgiykD

Current rate of return reached top 10% of users
Calculated based on  your Longbridge (Singapore) A/C

Rate Of Return

I am impressed by Elon Musk’s cost cutting, efficiency-driven approach across his companies that translate to excellent report card.I see Tesla’s strong Q1 earnings as partly supported by geopolitical factors, improved free cash flow from cost discipline and some revenue growth. However, EV delivery volumes fell short of expectations and this weakness may become more evident over the next few quarters. Subsequently, it will affect its revenue numbers and its margin.

1. Diplomatic breakthrough unlikely. Oil downsize risk is small, upsize risk moderate.2. Short term bullish but margin pressure will return. 3. Sustain for now, but pullback.

Too volatile. Stay on the sideline for now

NewUser_TFxsXA1

NVIDIA Option Return Rate

About the Iran-US issue: Trump's just throwing a lot of lies and hyperbole here and there to muddle the truth about the hole he dug for himself (and to which, he is dragging the world into). But for now, I think the markets just have to do what it has to do -- thrive and trade. A &#34;cautious optimism&#34; would be the appropriate way to describe how the market is responding to the oil and geopolitical crisis we have now.

Tesla’s Q1 definitely gives the AI/auto story more fuel, but I don’t think margin pressure is gone yet. Positive FCF and an EPS beat are strong, but the revenue miss and Musk warning that capex will surge tell me Tesla is still very much in investment mode.So yes, the long-term story looks stronger — but near term, investors may still have to deal with margin compression before all that spending starts to pay off.

Investors are prioritizing strong corporate fundamentals and AI-driven growth over short-term geopolitical noise. Think the conflict will remain contained.

the development versus market reaction seems not in sync

OneC

S63 Return Rate

Current rate of return reached top 20% of users
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dingdongbell

Current rate of return reached top 30% of users
Calculated based on  your Longbridge (Singapore) A/C

Lol. The middle east standoff is like a high school drama. One side saying one thing and the other saying another. My take is the US is trying to scare Iran into submission but at the same time does not want to seem too harsh whereas Iran just wants to defend their homeland! Whatever it is, the whole world has to stomach the repercussions. And market keeps churning up on low volume. Stay safe!

SGALUCO@EC2611A(28256.HK)

SGALUCO@EC2611A Stock Performance Chart

M Stanley: Aluminum Corporation of China Limited 1Q Net Profit In Line; Rated Overweight

Citi Reiterates Buy on Aluminum Corporation of China After 1Q Net Profit +56%, Remains Sector Top Pick

UBS: Chinalco 1Q26 Net Profit Near Upper End of Profit Guidance, Maintains Buy Rating

CICC Upgrades Aluminum Corporation of China to Outperform, Maintains TP at HKD15.37

CHALCO (2600.HK) indicator death cross, industry facing demand pressure