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Furui: Expects Aluminum Corporation of China (02600) and China Hongqiao (01378) to benefit from the future aluminum price, both are rated as "buy".
Furui expects that Aluminum Corporation of China (02600) and Chinahongqiao (01378) will benefit from the optimistic aluminum price outlook in the coming years.
Nonferrous metals sector generally rose, with Chinahongqiao (01378) rising 5.75%. In July, prices for nonferrous metal materials increased by 11.3%.
Jingu financial news | The nonferrous metals sector rose across the board, with China Hongqiao (01378) up 5.75%, Luoyang Molybdenum (03993) up 4.25%, Aluminum Corporation of China (02600) up 4.08%, Zijin Mining Group (02899) up 3.35%, and Jiangxi Copper (00358) up 3.1%. On the news front, data from the National Bureau of Statistics showed that in July 2024, the producer prices for industrial products fell by 0.8% year-on-year and 0.2% month-on-month. Among them, prices in the black metal smelting and rolling processing industry fell 3.7%, while prices in the nonferrous metal smelting and rolling processing industry rose.
Hong Kong stocks have changed | Chinahongqiao (01378) rose more than 4% again, and institutions said that short-term aluminum prices are undervalued seasonally, and there is room for improvement in industry valuation levels.
Chinahongqiao (01378) rose more than 4%, as of press time, it rose 4.26%, to HK$9.79, with a turnover of HK$68.184 million.
Investors Still Waiting For A Pull Back In China Hongqiao Group Limited (HKG:1378)
HK stocks unusual | Aluminum industry valuation level has huge room for improvement. Aluminum Corporation of China (02600) and Chinahongqiao (01378) both rose more than 4%.
Aluminum stocks are collectively rebounding. As of press time, Aluminum Corporation of China (02600) rose 4.14%, at HKD4.28; and Chinahongqiao (01378) increased 4.96%, at HKD9.53.
Chinahongqiao (01378.HK) plans to hold a board of directors meeting on August 16 to approve the mid-year performance.
Chinahongqiao (01378.HK) announced that the board of directors will hold a meeting on Friday, August 16, 2024, at Room 5105, 51/F, The Center, 99 Queen's Road Central, to consider and approve the publication of the unaudited interim results of the Group for the six months ended June 30, 2024, and the proposal of an interim dividend (if any).
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