---
title: "《大行》大摩升中國宏橋目標價至 26.4 元  維持「增持」評級"
description: "摩根士丹利將中國宏橋目標價上調至 26.4 元，維持「增持」評級。因鋁價假設調整及聯營公司盈利貢獻改善，預計 2025 年下半年趨勢將持續。2025 至 2027 年每股盈利預測上調 6%。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/253907505.md"
published_at: "2025-08-21T03:04:51.000Z"
---

# 《大行》大摩升中國宏橋目標價至 26.4 元  維持「增持」評級

> 摩根士丹利將中國宏橋目標價上調至 26.4 元，維持「增持」評級。因鋁價假設調整及聯營公司盈利貢獻改善，預計 2025 年下半年趨勢將持續。2025 至 2027 年每股盈利預測上調 6%。

摩根士丹利研究報告指出，對中國宏橋 (01378.HK) 風險回報進行了更新，監於 9 月和 10 月進入消費旺季的更好價格展望，該行上調了鋁價假設；將鋁價按市值調整為每噸平均 3,287 元人民幣，導致氧化鋁板塊的盈利貢獻改善。大摩又提高了聯營公司的盈利貢獻，反映出幾內亞鋁土礦合資企業以及電廠的更好盈利，並預計這一趨勢將在 2025 年下半年持續。

大摩表示， 由於近期大部分舊批次可轉換債券已轉換為股權股份，遂下調了 2025 年下半年的公允價值變動估計。新批次可轉換債券的行使價格較高，這將意味着公允價值變動對盈利的影響較小。因此，大摩對宏橋 2025 至 2027 年的每股盈利預測分別上調 6%，目標價上調 6%，從 24.8 港元升至 26.4 港元，維持「增持」評級。

### Related Stocks

- [01378.HK - 中國宏橋](https://longbridge.com/zh-HK/quote/01378.HK.md)

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