External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We maintain our positive stance on Hongqiao as our latest sector analysis suggest that the global aluminium deficit will continue in 2026-27 (see our sector note published today).</li><li>We revise up our aluminium ASP forecast by 12%/7% in 2026E/27E, while revising down our bauxite price forecast by 16%/18% due to sufficient supply.</li><li>Accordingly, we revise up our 2026E/27E earnings forecast by 27%/12%. </li></ul><p><em>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.</em></p>

We maintain our positive stance on Hongqiao as our latest sector analysis suggest that the global aluminium deficit will continue in 2026-27 (see our sector note published today).We revise up our aluminium ASP forecast by 12%/7% in 2026E/27E, while revising down our bauxite price forecast by 16%/18% due to sufficient supply.Accordingly, we revise up our 2026E/27E earnings forecast by 27%/12%. 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.

中国虹橋（1378 HK） - アルミニウム価格の上昇により利益と目標株価を引き上げ

China Hongqiao Group

中国虹橋（1378 HK） - アルミニウム価格の上昇により利益と目標株価を引き上げ