CHINAHONGQIAO (01378) rose more than 5% intraday. At the time of writing, the stock was up 3.91% to HK$30.82, with a turnover of HK$940 million.

According to a recent research report by Morgan Stanley, the bank believes the outlook for the aluminum industry has improved. This is attributed to stronger-than-expected demand from energy storage systems and supply challenges caused by power issues. As a result, Morgan Stanley now expects greater earnings growth potential for CHINAHONGQIAO.

Based on this assessment, Morgan Stanley raised its target price for CHINAHONGQIAO from HK$30.6 to HK$44.7 and reiterated it as a top pick with an "Overweight" rating.