中金发表报告指，中国宏桥上半年营业收入810.39亿元，按年增长10.1%；毛利208.05亿元，按年增长16.9%；净利润123.61亿元，按年增长35%，业绩表现符合该行预期。 报告指出，中国宏桥的四大配置优势：一是利润和估值弹性大，产能市值比在可比电解铝公司中位于前列，有望受益于未来铝价上行。二是资源自给能力高，抵御风险能力强，公司铝土矿和氧化铝自给能力均超100%。三是股息率高，公司当前股息率7.8%，具备较高配置吸引力。四是公司从原生和再生两条途径同步推进绿色铝产业链构建，未来有望享受更高的产品溢价。 中金维持中国宏桥2025年至2026年盈利预测244.4亿及251.2亿元不变，当前股价对应2025/2026年市盈率分别为8.3倍及8倍，考虑到市场风险偏好带来的估值提升以及公司高股息的特性，上调目标价24%至29.29港元，维持“跑赢行业”评级。
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