Changes in Hong Kong stocks | Aluminum stocks had the highest increase, aluminum prices broke $3,000 for the first time, institutions are optimistic that the dividends of falling industry costs will continue

The Zhitong Finance App learned that aluminum stocks had the highest increase. As of press release, China Aluminum (02600) rose 5.3% to HK$13.32; Nanshan Aluminum International (02610) rose 2.9% to HK$51.1; and China Hongqiao (01378) rose 2.82% to HK$34.98.

According to the news, concerns about reduced and disrupted overseas supply continued to push up aluminum prices. Last Friday, external aluminum prices reached a new high. LME aluminum prices rose 0.8% to 3,021 US dollars/ton in March. Xinhu Futures said that the short-term market is still affected by macro-sentiment fluctuations. The speculative atmosphere is strong, and aluminum prices may fluctuate at a high level. Guojin Securities pointed out that looking ahead to 2026, it is expected that the dividend of falling costs will continue. China's production capacity ceiling will reach + tight supply-side constraints due to power constraints. Low inventories+diversified demand are expected to exceed expectations, and it is optimistic that the high profits of electrolytic aluminum will continue to expand.

According to Huawen Futures, China's cumulative alumina production from January to November 2025 was 81.9 million tons, with a cumulative year-on-year ratio of +7.44%. Alumina companies experienced concentrated production cuts in the first half of the year under cost pressure, but with declining costs and profit recovery, the operating capacity of the domestic alumina industry returned to a high level in the second half of the year. Judging from the new production capacity, there is still a large amount of alumina production capacity to be released at home and abroad in 2026. It is estimated that domestic production capacity will increase by about 15 million tons, mainly in Guangxi and Hebei provinces, and about 7.5 million tons of overseas production capacity, mainly in India.