SGALUCO@EC2611B

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

CHALCO released FY2026 Q1 earnings on April 23 Pre-Market (BJT), actual revenue HKD 66.32 B, actual EPS HKD 0.3661 (forecast EPS HKD 0.3553)

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

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ASIA PIONEER

CENTRALCHINA MT

TOMO HOLDINGS

WANDA HOTEL DEV

HENGDELI

CH NETCOMTECH

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HAIZHI TECH GP

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HUAQIN(03296) rose 7.76%, with a trading turnover 263.6 Million HKD, and a year-to-date rose 26.9%. CKH HOLDINGS(00001) rose 4.13%, with a trading turnover 1.0 Billion HKD, and a year-to-date rose 28.4%. SERES(09927) fell 6.97%, with a trading turnover 93.0 Million HKD, and a year-to-date fell 34.5%. OMNIVISION(00501) fell 5.48%, with a trading turnover 31.6 Million HKD, and a year-to-date fell 19.4%.

- The Hang Seng Index decreased by 0.76%, with an annual increase of 1%.  
- The Hang Seng Technology Index dropped 0.94%, reflecting a yearly decline of 10.6%.  
- Notable movers include Huajin Technology rising 7.76% and CK Hutchison increasing by 4.13%, while Seres and OmniVision saw declines of 6.97% and 5.48%, respectively.

Top Gainers&Losers

HUAQIN

CKH HOLDINGS

CATL

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CHALCO

SERES

OMNIVISION

HSBC HOLDINGS

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CTG DUTY-FREE

Top 5 HK Stock Gainers/Losers (>100B) (5.5)

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China's metals industry reported record profits in Q1, with total profits for non-ferrous metal smelting and pressing exceeding 142 billion yuan (S$26 billion), the highest since 2016. Soaring prices for aluminium and copper, alongside increased sulphuric acid prices due to the Iran war, significantly boosted earnings. This profit surge reflects broader economic reflation in China, with major producers like Aluminum Corp of China and Zijin Mining Group reporting their best earnings in a decade. However, Beijing's export restrictions on sulphuric acid may limit future gains for smelters.

Businesstimes News

ZIJIN MINING

Zijin Mining

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JIANGXI COPPER

China’s metals industry racked up huge profits in first quarter

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Citi has reaffirmed its Buy rating for Aluminum of China (ALMMF), setting a price target of HK$15.94, while the stock closed at HK$11.56. The analyst consensus indicates a Strong Buy rating with an average price target of HK$15.51, suggesting a potential upside of 34.15%. Additionally, Morgan Stanley also maintains a Buy rating with a higher price target of HK$18.10.

Tip Ranks

Citigroup

Morgan Stanley

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

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Citi Sticks to Their Buy Rating for Aluminum of China (ALMMF)

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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

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

Accendra Health

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.

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

SGALUCO@EC2611B(28952.HK)

Top 5 HK Stock Gainers/Losers (>100B) (5.5)

China’s metals industry racked up huge profits in first quarter

Citi Sticks to Their Buy Rating for Aluminum of China (ALMMF)

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