东方证券：重点关注盈利稳定、高分红的电解铝板块投资机会建议关注中国宏桥(01378)

智通财经网2025-07-04

智通财经APP获悉，东方证券发布研报称，随着铝链及铝加工品库存的持续去化，原铝价格有望维持上涨，龙头公司或展现更高的利润弹性;电力成本方面，市场对今年动力煤价格下行带来的成本优化已有预期，当前板块整体股息率对比其他红利类资产仍具备较强的吸引力，建议关注中国宏桥(01378)。东方证券主要观点如下：短期需求侧无优，中期投资更关注供给侧逻辑库存作为供需平衡的结果，在供给存在明显约束的电解铝行业，可以...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2548835353?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-04 11:25","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2548835353","market":"sh","top_or_hot":-1,"title":"东方证券：重点关注盈利稳定、高分红的电解铝板块投资机会 建议关注中国宏桥(01378)","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，东方证券发布研报称，随着铝链及铝加工品库存的持续去化，原铝价格有望维持上涨，龙头公司或展现更高的利润弹性;电力成本方面，市场对今年动力煤价格下行带来的成本优化已有预期，当前板块整体股息率对比其他红利类资产仍具备较强的吸引力，建议关注中国宏桥(01378)。东方证券主要观点如下：短期需求侧无优，中期投资更关注供给侧逻辑库存作为供需平衡的结果，在供给存在明显约束的电解铝行业，可以...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1313905.html\">网页链接</a>\n\n</div>\n","source":"highlight_zhitongcaijin","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>东方证券：重点关注盈利稳定、高分红的电解铝板块投资机会 建议关注中国宏桥(01378)</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n东方证券：重点关注盈利稳定、高分红的电解铝板块投资机会 建议关注中国宏桥(01378)\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-04 11:25 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1313905.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，东方证券发布研报称，随着铝链及铝加工品库存的持续去化，原铝价格有望维持上涨，龙头公司或展现更高的利润弹性;电力成本方面，市场对今年动力煤价格下行带来的成本优化已有预期，当前板块整体股息率对比其他红利类资产仍具备较强的吸引力，建议关注中国宏桥(01378)。东方证券主要观点如下：短期需求侧无优，中期投资更关注供给侧逻辑库存作为供需平衡的结果，在供给存在明显约束的电解铝行业，可以...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1313905.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1147","symbol_name":"投资银行业与经纪业","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1313905.html","article_id":"2548835353","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2548835353","pubTimestamp":1751599542,"columns":[],"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，东方证券发布研报称，随着铝链及铝加工品库存的持续去化，原铝价格有望维持上涨，龙头公司或展现更高的利润弹性;电力成本方面，市场对今年动力煤价格下行带来的成本优化已有预期，当前板块整体股息率对比其他红利类资产仍具备较强的吸引力，建议关注中国宏桥。该行认为在中期供需格局的保障下，电解铝行业有望成为稳定分红的真正红利资产，建议积极关注中国宏桥投资机会。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600958":"东方证券","BK1147":"投资银行业与经纪业","BK1594":"碳中和概念股","LU0702159699.USD":"FIDELITY ASIAN SMALLER COMPANIES \"A\" (USD) ACC","LU1166156734.SGD":"Fidelity Asian Smaller Companies A-ACC-SGD","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","BK0183":"MSCI概念","BK0188":"融资融券","BK1500":"做空集合股","BK0012":"证金概念","BK1564":"中资券商股","BK0028":"国家队","LU0173614495.USD":"富达中国焦点A","BK0276":"资本市场","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","03958":"东方证券","01378":"中国宏桥","BK1592":"有色金属","BK1175":"铝"},"translate_title":"Orient Securities: Focus on investment opportunities in the electrolytic aluminum sector with stable profits and high dividends. It is recommended to pay attention to China Hongqiao (01378)","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600958":1,"03958":1,"01378":1},"content_text":"智通财经APP获悉，东方证券发布研报称，随着铝链及铝加工品库存的持续去化，原铝价格有望维持上涨，龙头公司或展现更高的利润弹性;电力成本方面，市场对今年动力煤价格下行带来的成本优化已有预期，当前板块整体股息率对比其他红利类资产仍具备较强的吸引力，建议关注中国宏桥(01378)。东方证券主要观点如下：短期需求侧无优，中期投资更关注供给侧逻辑库存作为供需平衡的结果，在供给存在明显约束的电解铝行业，可以作为下游需求较好的间接观察指标。今年以来无论是铝链社会库存，还是铝加工下游细分品种的库存，均处于持续去化态势，当前部分品种库存已降至历史最低水平，逐渐打消了投资者对需求的担心。对于电解铝板块，由于铝材本身优秀的性质及良好的性价比，在工业领域应用广泛，各下游细分领域需求此消彼长，因此该行认为电解铝整体需求风险较小。相反，从产业投资的角度，中期来看电解铝板块的供给侧逻辑更为重要。供给侧逻辑：长期稳定低成本的电力供给，是国内外电解铝产业的硬约束大量能源消耗是电解铝产业的必备条件，且需同时满足长期、稳定、低成本三大约束。虽然近两年海外能源成本处于阶段性低位，但未来或有较大的上行风险;特定区域或可以阶段性满足电力的低成本要求，但存在稳定性不足的问题。综合来看，虽然近两年海外陆续有电解铝项目建设规划，但该行认为长期稳定低成本的电力供给，是国内外电解铝产业的硬约束，中期来看电解铝行业有望保持良好的供需格局。盈利与分红：供需格局保障持续稳定盈利，稳定分红线就真正红利资产综合电解铝板块自身及产业链上下游各环节中期供给与需求格局，该行认为未来行业盈利的稳定性有望持续增强。另一方面，随着电解铝行业内部资本开支的持续下降，上市公司稳定的盈利有望带来资产负债表的持续改善，最终或体现为分红回购的持续增长。该行根据当前电解铝及氧化铝价格测算，主要上市公司股息率有望接近6%。该行认为在中期供需格局的保障下，电解铝行业有望成为稳定分红的真正红利资产，建议积极关注中国宏桥(01378)投资机会。更多港股重磅资讯，下载智通财经app更多港股及海外理财资讯，请点击www.zhitongcaijing.com（搜索“智通财经”）；欲加入智通港股投资群，请加智通客服微信(ztcjkf)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2548835353","isCrawlerRequest":true}

东方证券：重点关注盈利稳定、高分红的电解铝板块投资机会 建议关注中国宏桥(01378)

精彩评论

东方证券：重点关注盈利稳定、高分红的电解铝板块投资机会建议关注中国宏桥(01378)