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01378
CHINAHONGQIAO
HKD
36.1000.420
(1.18%)
1D
High
36.900
Open
36.000
VWAP
36.38
Vol
8.69M
Mkt Cap
327.50B
Low
35.780
Amount
316.19M
EV/EBITDA(TTM)
7.64
Total Shares
9.92B
EV
50.11B
EV/OCF(TTM)
9.13
P/S(TTM)
1.89
China Hongqiao Group Ltd is a company principally engaged in the manufacturing and sales of aluminum products. Its primary products include molten aluminum alloy, aluminum alloy ingots, aluminum busbars and aluminum alloy processing products. It operates principally in the People’s Republic of China (the PRC), Hong Kong, and overseas countries, including the British Virgin Island (BVI), Indonesia and Cayman Island. The Company is also engaged in the bauxite trading, financial leasing and environmental protection and inspection businesses through its subsidiaries.
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News
6.5
01-14aastocksBofAS Identifies Leading Aluminum Stock Picks for 'Year of the Fire Horse'; Less Emphasis on Building/Solar Materials; Favorites Include Chalco, Zijin, Hongqiao, Shandong Gold, and Ganfeng
Market Outlook for 2026: BofA Securities predicts that the "Year of the Fire Horse" will favor electrification and AI power infrastructure in the Chinese basic metals market, with a focus on aluminum, gold, copper, lithium, and cobalt stocks.
Stock Recommendations: The broker recommends buying aluminum stocks and has a positive outlook on gold, copper, lithium, and cobalt, while being neutral on coal and bearish on solar energy and building materials due to weak demand and declining profit margins.
Top Stock Picks: Key stock picks include CHALCO, ZIJIN MINING, CHINAHONGQIAO, SD GOLD, and GANFENGLITHIUM, with varying short selling ratios indicating market sentiment.
Underperforming Stocks: Notable underperformers include TONGWEI, XINYI SOLAR, ANGANG STEEL, and CR BLDG MAT TEC, which are facing significant short selling pressures.
6.5
01-13aastocksKGI Projects HSI to Reach 30,000 by Year-End, Suggests 12 Stocks Including XPENG-W, UBTECH ROBOTICS, TENCENT, and BABA-W
China's GDP Growth Outlook: KGI estimates that external pressures will slow China's GDP growth to 4.6% this year, despite reduced risks from recent trade agreements.
HSI Forecast: KGI maintains a bullish outlook for the Hang Seng Index (HSI), predicting that Fed rate cuts will attract capital back into H- and A-shares, with a year-end target of 30,000, indicating a potential 14% increase.
Stock Recommendations: KGI has recommended 12 major stocks, including XPENG-W, UBTECH ROBOTICS, TENCENT, and BABA-W, highlighting their performance and short selling ratios.
Market Sentiment: The report reflects a positive sentiment towards the Chinese A-share market, driven by anticipated earnings growth, as noted by Jefferies.
2.0
01-13aastocksSoochow Securities Reveals Last Week's Top 10 Net Buys and Sells of HK Stocks by Southbound Funds (Table)
Top Ten Net Buys: The top net buys of Hong Kong stocks by southbound capital included XIAOMI-W, PING AN, and BABA-W, with significant inflows of HK$3.148 billion, HK$2.881 billion, and HK$2.016 billion respectively.
Top Ten Net Sells: The leading net sells were CHINA MOBILE, SMIC, and CHINAHONGQIAO, with outflows of -HK$2.402 billion, -HK$696 million, and -HK$566 million respectively.
Short Selling Data: The report included short selling data, indicating varying ratios for each stock, with notable short selling amounts for both net buys and sells.
Data Source Note: The data presented is estimated by Soochow Securities based on changes in shareholdings and average transaction prices, rather than being published by the exchange.
4.0
01-12aastocks<Study> JPM Ratings and Price Targets for Gold Mining Companies (Table)
Stock Ratings Overview: Several companies in the mining and energy sectors received updated ratings, with ZIJIN MINING and CMOC rated as "Overweight," while JIANGXI COPPER was upgraded from "Underweight" to "Neutral."
Short Selling Activity: Notable short selling activity was reported for various stocks, including ZIJIN MINING and CHINAHONGQIAO, with short selling ratios indicating significant market interest.
Price Target Adjustments: Price targets for ZIJIN MINING and CMOC were raised, reflecting positive market sentiment, while JIANGXI COPPER's target was also increased, indicating a shift in investor outlook.
Market Performance: The overall market performance showed mixed results, with some stocks like GANFENG LITHIUM and TIANQI LITHIUM experiencing gains, while others like CHALCO and YANKUANG ENERGY faced declines.
6.5
01-12aastocksJPM Maintains Preference for Copper and Gold; ZIJIN MINING Stays as Preferred Choice
JP Morgan's Sector Preference: JP Morgan ranks the basic materials sector for 2026 as Copper/Gold > Aluminum > Lithium > Coal > Steel, anticipating continued outperformance of MSCI China Materials over MSCI China due to supply disruptions and M&As.
JIANGXI COPPER Rating Upgrade: The rating for JIANGXI COPPER was upgraded to Neutral based on a positive outlook for copper, while Chinese policies are seen as key drivers of commodity prices, with milder-than-expected implementation of the "anti-involution" policy.
Steel Sector Challenges: Due to ongoing efforts to reduce excess capacity, steel profit margins are expected to remain low, leading to downgrades for BAO IRON to Neutral and ANGANG STEEL to Underweight.
Morgan Stanley's Top Picks: ZIJIN MINING is highlighted as Morgan Stanley's top pick for the year, with continued favor for CMOC, CHALCO, and CHINAHONGQIAO amidst significant short selling activity in these stocks.
Money Flow
Over the past 66 trading days, overall net money flow is -203.17M, with retail investors contributing 64.37M and major investors adding -152.45M.
Net Buy $ Volume
Net Sell $ Volume
Citi Research
maintain
$39
2026-01-05
Reason
Citi Research maintained a positive outlook on ZIJIN MINING, rating it as a "Buy" with a target price of $39, despite concerns from some investors regarding the retirement of founder and chairman Chen Jinghe. The analysts believe these concerns are misplaced, arguing that Chen's decision to hand over control to the management team is a necessary step for transforming ZIJIN MINING from a "founder-driven" to a "mechanism-driven" state-owned enterprise (SOE). This transition is viewed as essential for the company's future growth and stability, reinforcing Citi's confidence in ZIJIN MINING as one of its top picks in the sector.
Citi Research
Price Target
$39
2026-01-05
maintain
Citi Research maintained a positive outlook on ZIJIN MINING, rating it as a "Buy" with a target price of $39, despite concerns from some investors regarding the retirement of founder and chairman Chen Jinghe. The analysts believe these concerns are misplaced, arguing that Chen's decision to hand over control to the management team is a necessary step for transforming ZIJIN MINING from a "founder-driven" to a "mechanism-driven" state-owned enterprise (SOE). This transition is viewed as essential for the company's future growth and stability, reinforcing Citi's confidence in ZIJIN MINING as one of its top picks in the sector.
HSBC
HSBC Global Research
initiated
2025-12-05
Reason
The analyst rating from HSBC Global Research is based on the following reasons:
1. Robust Demand and Stretched Supply: The report highlights a strong demand for base metals coupled with limited supply, which supports higher prices.
2. Tight Market Balance: The broker notes a tight balance between supply and demand, suggesting potential further upside risk for prices.
3. Favorable Conditions for Aluminum: HSBC favors aluminum stocks due to low inventory levels and a capacity limit of 45 million tons, which are expected to provide solid support for aluminum prices.
4. Positive Long-Term Outlook: The research also expresses a positive long-term outlook for gold and construction materials, indicating confidence in these sectors.
These factors contribute to the Buy ratings assigned to specific stocks, including CHINAHONGQIAO and CHALCO, with target prices set for each.
HSBC
Price Target
2025-12-05
initiated
The analyst rating from HSBC Global Research is based on the following reasons:
1. Robust Demand and Stretched Supply: The report highlights a strong demand for base metals coupled with limited supply, which supports higher prices.
2. Tight Market Balance: The broker notes a tight balance between supply and demand, suggesting potential further upside risk for prices.
3. Favorable Conditions for Aluminum: HSBC favors aluminum stocks due to low inventory levels and a capacity limit of 45 million tons, which are expected to provide solid support for aluminum prices.
4. Positive Long-Term Outlook: The research also expresses a positive long-term outlook for gold and construction materials, indicating confidence in these sectors.
These factors contribute to the Buy ratings assigned to specific stocks, including CHINAHONGQIAO and CHALCO, with target prices set for each.
Morgan Stanley
Morgan Stanley
Overweight
maintain
$30.6
2025-11-18
Reason
Morgan Stanley's analyst rating for CHINAHONGQIAO (01378.HK) is based on several key factors:
1. Short-term Pressure: The report indicates that the company's latest share placing may create slight short-term downward pressure on its stock price.
2. Positive Aluminum Price Outlook: The broker is optimistic about the aluminum price outlook due to:
- Limited Supply Growth: Supply growth is constrained both domestically (due to China's government capacity limits) and internationally (mainly due to power supply issues).
- Resilient Demand: There is strong demand, particularly from the energy storage sector.
3. Industry Fundamentals: The robust fundamentals of the aluminum industry are expected to support further price increases, which would enhance the company's earnings in 2026.
4. Lower Capex Needs: With lower capital expenditure requirements in 2026, Morgan Stanley believes that part of the funds raised from the share placing will be used for share buybacks, which would enhance shareholder returns and support the stock price.
Based on these factors, Morgan Stanley maintained an Overweight rating on CHINAHONGQIAO with a target price of HKD30.6.
Morgan Stanley
Overweight
Price Target
$30.6
2025-11-18
maintain
Morgan Stanley's analyst rating for CHINAHONGQIAO (01378.HK) is based on several key factors:
1. Short-term Pressure: The report indicates that the company's latest share placing may create slight short-term downward pressure on its stock price.
2. Positive Aluminum Price Outlook: The broker is optimistic about the aluminum price outlook due to:
- Limited Supply Growth: Supply growth is constrained both domestically (due to China's government capacity limits) and internationally (mainly due to power supply issues).
- Resilient Demand: There is strong demand, particularly from the energy storage sector.
3. Industry Fundamentals: The robust fundamentals of the aluminum industry are expected to support further price increases, which would enhance the company's earnings in 2026.
4. Lower Capex Needs: With lower capital expenditure requirements in 2026, Morgan Stanley believes that part of the funds raised from the share placing will be used for share buybacks, which would enhance shareholder returns and support the stock price.
Based on these factors, Morgan Stanley maintained an Overweight rating on CHINAHONGQIAO with a target price of HKD30.6.
Morgan Stanley
Morgan Stanley
maintain
$30.6
2025-11-18
Reason
Morgan Stanley's analyst rating for CHINAHONGQIAO (01378.HK) is based on several key factors:
1. Short-term Pressure: The report indicates that the company's share placing will create slight short-term downward pressure on its stock price.
2. Positive Aluminum Price Outlook: The broker is optimistic about the aluminum price outlook due to:
- Limited Supply Growth: Supply growth is constrained both domestically (due to China's government capacity limits) and internationally (mainly due to power supply issues).
- Resilient Demand: There is strong demand, particularly from the energy storage sector.
3. Robust Industry Fundamentals: These factors are expected to support further increases in aluminum prices, which should enhance the company's earnings in 2026.
4. Lower Capex Needs: With lower capital expenditure requirements in 2026, Morgan Stanley believes that part of the funds raised from the share placing will be used for share buybacks, which would enhance shareholder returns and support the stock price.
5. Overweight Rating: Based on these insights, Morgan Stanley maintains an Overweight rating on CHINAHONGQIAO with a target price of HKD30.6.
Morgan Stanley
Price Target
$30.6
2025-11-18
maintain
Morgan Stanley's analyst rating for CHINAHONGQIAO (01378.HK) is based on several key factors:
1. Short-term Pressure: The report indicates that the company's share placing will create slight short-term downward pressure on its stock price.
2. Positive Aluminum Price Outlook: The broker is optimistic about the aluminum price outlook due to:
- Limited Supply Growth: Supply growth is constrained both domestically (due to China's government capacity limits) and internationally (mainly due to power supply issues).
- Resilient Demand: There is strong demand, particularly from the energy storage sector.
3. Robust Industry Fundamentals: These factors are expected to support further increases in aluminum prices, which should enhance the company's earnings in 2026.
4. Lower Capex Needs: With lower capital expenditure requirements in 2026, Morgan Stanley believes that part of the funds raised from the share placing will be used for share buybacks, which would enhance shareholder returns and support the stock price.
5. Overweight Rating: Based on these insights, Morgan Stanley maintains an Overweight rating on CHINAHONGQIAO with a target price of HKD30.6.
CMBI
CMBI
upgrade
$27 -> $39
2025-11-12
Reason
The analyst rating for CHINAHONGQIAO (01378.HK) is maintained at "Buy" due to several favorable factors highlighted in the report by CMBI. The reasons include:
1. Near Maximum Production Capacity: The company is nearly reaching its maximum aluminum production capacity in China, which positions it well in the market.
2. Strong Demand: There is robust demand for electric vehicles (EVs), energy, electronics, and other products, which supports the company's growth prospects.
3. Stable Raw Material Costs: The relative stability of raw material costs is beneficial for maintaining profit margins.
4. Strong Free Cash Flow: The expectation of generating strong free cash flow will support a 60% dividend payout ratio, making the stock attractive to investors.
5. Attractive Valuation: Despite a recent increase in share price, the current price is still considered attractive, with a dividend yield of approximately 6%.
As a result, CMBI has elevated its target price for the stock from $27 to $39, reinforcing the positive outlook for CHINAHONGQIAO.
CMBI
Price Target
$27 -> $39
2025-11-12
upgrade
The analyst rating for CHINAHONGQIAO (01378.HK) is maintained at "Buy" due to several favorable factors highlighted in the report by CMBI. The reasons include:
1. Near Maximum Production Capacity: The company is nearly reaching its maximum aluminum production capacity in China, which positions it well in the market.
2. Strong Demand: There is robust demand for electric vehicles (EVs), energy, electronics, and other products, which supports the company's growth prospects.
3. Stable Raw Material Costs: The relative stability of raw material costs is beneficial for maintaining profit margins.
4. Strong Free Cash Flow: The expectation of generating strong free cash flow will support a 60% dividend payout ratio, making the stock attractive to investors.
5. Attractive Valuation: Despite a recent increase in share price, the current price is still considered attractive, with a dividend yield of approximately 6%.
As a result, CMBI has elevated its target price for the stock from $27 to $39, reinforcing the positive outlook for CHINAHONGQIAO.
Citi
upgrade
$35 -> $38
2025-11-11
Reason
The analyst rating is based on the significant cost advantage that Chinese aluminum companies have due to lower power tariffs compared to India, the US, and Europe. This advantage is expected to reduce production costs by RMB1,200-3,600 per ton. Additionally, while overseas markets are experiencing power shortages and rising tariffs, China's power supply remains sufficient, which BofA Securities anticipates will further expand this cost advantage in the coming years. As a result, the earnings forecasts for companies like CHINAHONGQIAO and CHALCO have been raised, leading to reiterated "Buy" ratings and increased target prices.
Citi
Price Target
$35 -> $38
2025-11-11
upgrade
The analyst rating is based on the significant cost advantage that Chinese aluminum companies have due to lower power tariffs compared to India, the US, and Europe. This advantage is expected to reduce production costs by RMB1,200-3,600 per ton. Additionally, while overseas markets are experiencing power shortages and rising tariffs, China's power supply remains sufficient, which BofA Securities anticipates will further expand this cost advantage in the coming years. As a result, the earnings forecasts for companies like CHINAHONGQIAO and CHALCO have been raised, leading to reiterated "Buy" ratings and increased target prices.
Citi
NULL
to
Buy
upgrade
$36
2025-11-05
Reason
Citi's analyst rating for CHINAHONGQIAO (01378.HK) is based on several key factors:
1. Growth in Aluminum Smelting Profit Margins: Citi expects the company to benefit from continued growth in profit margins within the aluminum smelting sector.
2. Commitment to Shareholder Returns: The management's commitment to enhancing shareholder returns through dividends and share buybacks is viewed positively.
3. Focus on Green Power Supply: The company's initiative to seek more green power supply within China aligns with sustainability trends, which can enhance its market position.
4. Cautious Outlook on Expansion: While the company is cautious about expanding aluminum capacity in Indonesia, this aligns with the broader industry dynamics that suggest a tightening of aluminum supply due to China's capacity cap policy.
5. Industry Outlook: Citi maintains a positive outlook on the aluminum industry as a whole, predicting that profit margins will remain elevated due to limited supply expansion.
As a result of these factors, Citi has raised its target price for CHINAHONGQIAO and assigned a Buy rating, making it the broker's top pick in the industry.
Citi
NULL
to
Buy
Price Target
$36
2025-11-05
upgrade
Citi's analyst rating for CHINAHONGQIAO (01378.HK) is based on several key factors:
1. Growth in Aluminum Smelting Profit Margins: Citi expects the company to benefit from continued growth in profit margins within the aluminum smelting sector.
2. Commitment to Shareholder Returns: The management's commitment to enhancing shareholder returns through dividends and share buybacks is viewed positively.
3. Focus on Green Power Supply: The company's initiative to seek more green power supply within China aligns with sustainability trends, which can enhance its market position.
4. Cautious Outlook on Expansion: While the company is cautious about expanding aluminum capacity in Indonesia, this aligns with the broader industry dynamics that suggest a tightening of aluminum supply due to China's capacity cap policy.
5. Industry Outlook: Citi maintains a positive outlook on the aluminum industry as a whole, predicting that profit margins will remain elevated due to limited supply expansion.
As a result of these factors, Citi has raised its target price for CHINAHONGQIAO and assigned a Buy rating, making it the broker's top pick in the industry.
Citi
upgrade
$21
2025-07-30
Reason
According to a Citi research report, while investors are concerned about aluminum demand in 2H25, the broker believes that strong aluminum prices will be fortified by China's already high-level aluminum capacity utilization, limited new supply, and low aluminum inventory.
Anticipating CHINAHONGQIAO (01378.HK)
-0.100 (-0.468%)
Short sellingxa0$142.84M;xa0Ratioxa019.281%
to benefit from high aluminum prices, the broker is upbeat about its strong earnings prospects and attractive dividend returns and continues to view the company as its industry top pick.
Related News
Citi: CN Massive Hydropower Project Boosts Macro Optimism; ST Metal Demand Growth Remains Limited
Citi gave CHINAHONGQIAO a Buy rating with a target price raised from HKD21 to HKD25.2.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-30 16:25.)
Citi
Price Target
$21
2025-07-30
upgrade
According to a Citi research report, while investors are concerned about aluminum demand in 2H25, the broker believes that strong aluminum prices will be fortified by China's already high-level aluminum capacity utilization, limited new supply, and low aluminum inventory.
Anticipating CHINAHONGQIAO (01378.HK)
-0.100 (-0.468%)
Short sellingxa0$142.84M;xa0Ratioxa019.281%
to benefit from high aluminum prices, the broker is upbeat about its strong earnings prospects and attractive dividend returns and continues to view the company as its industry top pick.
Related News
Citi: CN Massive Hydropower Project Boosts Macro Optimism; ST Metal Demand Growth Remains Limited
Citi gave CHINAHONGQIAO a Buy rating with a target price raised from HKD21 to HKD25.2.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-30 16:25.)
Valuation Metrics
Forward PE
5Y Average PE
5.32
Current PE
10.79
Overvalued PE
7.21
Undervalued PE
3.43
Forward EV/EBITDA
5Y Average EV/EBITDA
3.89
Current EV/EBITDA
7.10
Overvalued EV/EBITDA
4.91
Undervalued EV/EBITDA
2.87
Forward PS
5Y Average PS
0.68
Current PS
1.91
Overvalued PS
0.99
Undervalued PS
0.37
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