External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Chuangxin’s net profit in 1H26 surged 1.7x YoY to RMB2.3bn, which is in line with the profit alert announced in Jul 2026 (RMB2.2-2.4bn).</li><li>Key takeaways from analyst meeting include: (1) Wind and solar installed capacity of 1.75GW is expected to be completed by Oct 2026; (2) Saudi aluminium capacity construction is on good track and the project is expected to commence operation in 2Q27; (3) Coal mining capex is expected to be RMB4bn which will be spent in 2027-29.</li><li>We maintain our positive stance on Chuangxin given its strong capacity growth (Saudi project) and substantial cost reduction potential in China, despite the rebound of gearing ratio due to the acquisition of coal mining business and on-going capex needed. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chuangxin’s net profit in 1H26 surged 1.7x YoY to RMB2.3bn, which is in line with the profit alert announced in Jul 2026 (RMB2.2-2.4bn).Key takeaways from analyst meeting include: (1) Wind and solar installed capacity of 1.75GW is expected to be completed by Oct 2026; (2) Saudi aluminium capacity construction is on good track and the project is expected to commence operation in 2Q27; (3) Coal mining capex is expected to be RMB4bn which will be spent in 2027-29.We maintain our positive stance on Chuangxin given its strong capacity growth (Saudi project) and substantial cost reduction potential in China, despite the rebound of gearing ratio due to the acquisition of coal mining business and on-going capex needed. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chuangxin Industries (2788 HK) - 1H26 Profit Growth of 1.7x YoY in Line with Pre-Announced Alert

<ul><li>We believe Chuangxin offers unique growth story in the aluminium sector.</li><li>On the cost side, the on-going commencement of wind &amp; solar captive power source will further push the cost down in 2026E-27E, from the already low cost of electricity at present.</li><li>On the growth side, Chuangxin’s aluminium capacity construction in Saudi Arabia, with the new round of investment from Public Investment Fund (PIF, the sovereign wealth fund of Saudi Arabia), offers confidence in project execution. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe Chuangxin offers unique growth story in the aluminium sector.On the cost side, the on-going commencement of wind &amp; solar captive power source will further push the cost down in 2026E-27E, from the already low cost of electricity at present.On the growth side, Chuangxin’s aluminium capacity construction in Saudi Arabia, with the new round of investment from Public Investment Fund (PIF, the sovereign wealth fund of Saudi Arabia), offers confidence in project execution. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chuangxin Industries (2788 HK) - Capacity Growth in Saudi Arabia...

Thematic (Sector/Industry)

<ul><li>Based on our updated industry model, we estimate global aluminium supply deficit will widen to 2% of global demand in 2026E (versus our previous estimate of 1.1%), even after factoring in softer aluminium demand amid slower global GDP growth resulting from the Iran war.</li><li>The key reason for the deficit is the significant production disruptions at smelters in the Middle East.</li><li>We expect a full resumption in the Middle East could take up to 18 months, even assuming the end of war from now. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Based on our updated industry model, we estimate global aluminium supply deficit will widen to 2% of global demand in 2026E (versus our previous estimate of 1.1%), even after factoring in softer aluminium demand amid slower global GDP growth resulting from the Iran war.The key reason for the deficit is the significant production disruptions at smelters in the Middle East.We expect a full resumption in the Middle East could take up to 18 months, even assuming the end of war from now. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Materials - Aluminium: A prolonged supply deficit even assuming the end of Iran war

Hong Kong

Chuangxin Industries is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain. Its business is centered on the upstream segments of the aluminum industry chain i.e. alumina refining and aluminum smelting.

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Chuangxin Industries (CXI HK)

Chuangxin Industries (2788 HK) - 1H26 Profit Growth of 1.7x YoY in Line with Pre-Announced Alert

Chuangxin’s net profit in 1H26 surged 1.7x YoY to RMB2.3bn, which is in line with the profit alert announced in Jul 2026 (RMB2.2-2.4bn).

CMB International

Chuangxin Industries (2788 HK) - Capacity Growth in Saudi Arabia...

On the cost side, the on-going commencement of wind & solar captive power source will further push the cost down in 2026E-27E, from the already low...

CMB International

Materials - Aluminium: A prolonged supply deficit even assuming the end of Iran war

Based on our updated industry model, we estimate global aluminium supply deficit will widen to 2% of global demand in 2026E (versus our previous...

CMB International

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