On the evening of April 25, Chinalco announced its first quarter 2023 results。Report data show that Chinalco's first-quarter operating income was 662.7.9 billion yuan (RMB, the same below), a decrease of 17.6%; net profit attributable to shareholders of listed companies was 18.1.3 billion yuan, a decrease of 9.78%; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses is 16.1 billion yuan, an increase of 0.11%, 0 EPS.105 yuan。

Affected by this news, today's aluminum industry in China opened down to 4.HK $39, after rising in late trading。At close, Chinalco reported 4.HK $51, up 1 on day.58%。

For Chinalco's quarterly report, Bank of America Securities released a research report saying that the company's first-quarter earnings fell 10 percent year-on-year to 18 percent, according to Chinese accounting standards..1.3 billion yuan, higher than the bank expected。Bank of America believes it was mainly driven by a rebound in alumina margins and other non-operating items.。

Bank of America also said that recent industry data show that coal prices fell, coupled with the expected strengthening of Yunnan production capacity recovery delay, so that April to the second quarter of aluminum profit margins have rebounded, taking into account this year's real estate completion demand better than expected, the Chinese aluminum market remains optimistic.。Meanwhile, Bank of America expects aluminum prices in China to reach 1 per ton this year..90,000 yuan, profit of 2,000 yuan per ton, and alumina profit is expected to reach 400 yuan per ton, so maintain the "buy" rating of China Aluminum H shares, and give it a target price of 5..HK $5。

HSBC also released a research report saying that Chinalco's earnings in the first quarter of this year were higher than the bank's expectations, mainly driven by lower tax expenses and minority interests.。HSBC believes that the company's current price has largely reflected the positive factors of the supply crunch and the potential recovery of demand in China, maintaining its H-share "hold" rating and setting its price target at 4..HK $6 slightly raised to 4.HK $7。

It is worth noting that among the top ten state-owned enterprises that have increased their positions in northbound funds this year, Chinalco is on the list.。As of Friday, Chinalco was seventh among the top ten northbound SOEs。The non-ferrous metal industry, including electrolytic aluminum, has become a major direction for northbound capital to increase positions.。