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Are Robust Financials Driving The Recent Rally In China Hongqiao Group Limited's (HKG:1378) Stock?
China Hongqiao Group (HKG:1378) has had a great run on the share market with its stock up by a significant 13% over the last three months. Given that the market rewards strong financials in the
Chinahongqiao (01378.HK): Tian Mingming has been appointed as a non-executive director.
On July 11, Gelunhui reported that from July 11, 2024, Tu Yikai resigned as a non-executive director due to work transfer, and Zhang Hao stopped working as Tu Yikai's replacing director. The board of directors is pleased to announce that (i) Tian Mingming has been appointed as a non-executive director effective from July 11, 2024; and (ii) Zhang Hao has been appointed as the director replacing Tian Mingming, effective from July 11, 2024.
HK stocks surge | Non-ferrous stocks rise as Powell's dovish talk reinforces expectations of interest rate cuts. Metals are expected to usher in a new round of business cycles.
According to the Intelligence Investment App, non-ferrous stocks rose today. As of press time, Ganfeng Lithium (01772) rose 8.12%, reporting HKD 17.04; Jiangxi Copper (00358) rose 4.88%, reporting HKD 16.34; Zhaojin Mining (01818) rose 4.23%, reporting HKD 15.28; CMOC Group Limited (03993) rose 3.46%, reporting HKD 7.77; Chinahongqiao (01378) rose 1.4%, reporting HKD 11.6. In terms of news, Fed Chairman Powell once again “released doves”. During his testimony in Congress, Powell mentioned that the Fed does not need to wait for inflation to fall to 2%.
Metal resource stocks under pressure, MMG (01208) fell 7.06%. Institutions point to the difficult change in the pattern of oversupply in energy metals.
Metal resource stocks are under pressure. MMG (01208) fell by 7.06%, Aluminum Corporation of China (02600) fell by 6.11%, Chinahongqiao (01378) fell by 4.56%, Jiangxi Copper (00358) fell by 4.15%, Angang Steel (00347) fell by 2.44%. Minshen Securities said that on the production side, the off-season production decline exceeded seasonal factors, and coal and industrial metals prices showed resilience. The second quarter is the stage of production switching from peak season to off-season. The marginal decline in production is normal rhythm, but the decline is beyond the seasonal level. Weak real estate and infrastructure investment is an important solution.
Hongqiao(01378) rose more than 4%, and Aluminum Corporation of China (02600) rose nearly 3% due to the significant increase in domestic alumina prices in the first half of the year.
According to Zhītōng Cáijīng APP, aluminum stocks rose. As of press time, China Hongqiao (01378) rose 4.27% to HKD 12.2; Aluminum Corporation of China (02600) rose 2.7% to HKD 5.7. On the news front, according to Mysteel, domestic alumina prices are expected to increase significantly in the first half of 2024, with a domestic alumina spot price of ¥3,906/ton in the first half of the year, up 34.64% YoY. The main reason for the price increase is the mismatch between supply and demand. At the same time, overseas alumina prices have been operating with a tendency of strong fluctuations. As of the end of June 2024,
Aluminum oxide prices have risen to a two-year high, and China's aluminum oxide industry is actively increasing production.
Aluminum oxide prices reached $510 per ton, hitting a two-year high. The price increase has stimulated aluminum oxide production in China, with new projects in Shandong, Chongqing, Inner Mongolia, and Guangxi to be put into operation in the second half of this year. Chinese aluminum oxide producers are increasing production to seize this opportunity of high stock prices.
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