CHINAHONGQIAO (01378) saw a significant increase of over 4% in afternoon trading, reaching a peak of HKD 28.96, and continues to set historical highs. As of the latest update, shares are up 4.04% at HKD 28.84, with a total trading volume of HKD 566 million. According to a report from Huatai Securities, it is estimated that the global primary aluminum supply gap will be -591,000 tons and -843,000 tons in 2025 and 2026, respectively, with the gap potentially widening further in 2026. Based on the relationship between historical supply-demand data and prices, it is expected that global LME aluminum prices may exceed USD 3,200 per ton in 2026. Additionally, given the stringent domestic supply constraints, the supply-demand conflict is expected to intensify, allowing the domestic and external price differential to narrow significantly while increasing domestic aluminum price strength. Tianfeng Securities noted that under the tightening supply-demand conditions, the profitability of the electrolytic aluminum industry has improved significantly, with high profits likely to persist, thereby improving the profitability of electrolytic aluminum enterprises. Furthermore, due to domestic supply ceilings, the peak of capital expenditure for electrolytic aluminum companies has ended, with leaders like CHINAHONGQIAO gradually implementing stable dividends. This year, there is also a noticeable trend towards overall increases in dividends within the electrolytic plate industry. The firm believes that electrolytic aluminum stocks are gradually transitioning from traditional cyclical products to high-quality, scarce assets supported by price elasticity and dividend backing.