Hong Kong Stock Concept Tracking | The boom in the aluminum industry chain continues to rise, and the performance of many listed companies increased in the first half of the year (with concept stocks)
The Zhitong Finance App learned that in the first half of 2026, the average price of electrolytic aluminum in China was 24139.14 yuan/ton, up 18.84% from the average price in the first half of 2025 and 16.49% higher than the average price for the full year of 2025, breaking the record high several times. Analysts believe that the overseas supply side of aluminum was affected by the facts of the situation in the Middle East, production was cut by 2.39 million tons to 2.58 million tons, and the recovery cycle was long. Coupled with new overseas production capacity or falling short of expectations, aluminum prices themselves are prone to rising and difficult to fall from a long-term perspective.
Against the backdrop of high prices for electrolytic aluminum and falling cost-side alumina prices, the boom in the aluminum industry chain continues to rise. According to data from Fubao News, in terms of production costs, the average production cost of Chinese electrolytic aluminum companies is estimated to be around 15,800 yuan/ton in the first half of 2026, a year-on-year decrease of 7.37%; in terms of profit, the average profit of Chinese electrolytic aluminum companies in the first half of 2026 is estimated to be around 8293.46 yuan/ton, an increase of 155.27% over the previous year. A number of listed aluminum companies collectively reported good news in their 2026 semi-annual reports. Among them, companies such as Shenhuo Co., Ltd., China Aluminum, and Tianshan Aluminum achieved significant year-on-year performance growth in the first half of the year.
On the evening of July 27, Shenhuo Co., Ltd. disclosed its 2026 semi-annual report. The company achieved operating income of 24.791 billion yuan, an increase of 21.35% over the previous year, and realized net profit of 4.781 billion yuan, an increase of 151.06% over the previous year. The company said that net revenue and profit increased both during the reporting period, mainly due to factors such as the year-on-year increase in sales prices of coal and electrolytic aluminum products and the year-on-year decline in the price of alumina, the main raw material, and the year-on-year increase in the company's profitability.
According to the performance forecast for the first half of 2026 previously disclosed by China Aluminum, the company expects to achieve net profit of 11.2 billion yuan to 12.2 billion yuan, an increase of 58% to 73% over the previous year. Tianshan Aluminum expects to achieve net profit of 4.2 billion yuan in the first half of 2026, an increase of 101.52% over the previous year; it is expected to deduct non-net profit of 4.09 billion yuan, an increase of 108.56% over the previous year.
Analysts at Fubao Information believe that the lower part of the electrolytic aluminum market is limited in the second half of the year, and the upper space requires further observation of macroeconomic trends. The main line between trading geography and the US dollar will continue to run through the second half of the year. Changes in the geographical situation in the Middle East will still be strongly disrupted by metals. The US dollar, crude oil, and metals will still have a certain linkage reaction. The comprehensive assessment will reduce the continuing pressure on aluminum. The Federal Reserve's policy direction will be the key to determining the upper limit of aluminum prices. Currently, the market raises interest rates in advance during the year. Regardless of whether interest rates are finally raised or not, the intensity of the negative sentiment release was verified in June, and it is expected that the pressure on aluminum will also be within a manageable range in the later stages.
Shenhuo Co., Ltd. stated in its semi-annual report that in the second half of 2026, the supporting policies for the steady growth of the domestic non-ferrous metals industry are expected to continue to be implemented and effective. Combined with the stable support of long-term aluminum demand in the new energy industry, the price of electrolytic aluminum is expected to remain volatile at a high level.
Dongwu Securities believes that based on the fact that the global interest rate cut cycle is still not over, and that the global economy is recovering at home and abroad with different constraints, aluminum prices have room for a central upward trend, focusing on growth targets represented by Innovation Industry (02788), Huatong Cable, and Nanshan Aluminum International (02610); as well as companies with high electrolytic aluminum business purity represented by Shenhuo Co., Ltd., and Yunfu Industrial; focus on high-dividend assets represented by Nanshan Aluminum, China Hongqiao (01378), Tianshan Aluminum, and Zhongfu Industrial.
Related concept stocks:
China Aluminum (02600): The total domestic production capacity of electrolytic aluminum is about 7.81 million tons, leading the world's alumina; it has bauxite resources at home and abroad (Guinean bauxite).
Nanshan Aluminum International (02610): Nanshan Aluminum International is an alumina manufacturer in Southeast Asia. Its main products are metallurgical grade alumina produced using the low temperature Bayer method. The company is one of the top three alumina manufacturers in Southeast Asia. The company has an alumina design production capacity of 2 million tons. According to Frost & Sullivan in 2023, the Group is the second-largest producer in the Southeast Asian alumina market, accounting for 34.9% of the Southeast Asian alumina industry market share.
Hongqiao, China (01378): China Hongqiao Group is a large-scale enterprise in the entire aluminum industry chain integrating thermoelectricity, mining, aluminum oxide, liquid aluminum alloy, aluminum alloy ingots, aluminum alloy casting products, aluminum busbars, high-precision aluminum sheet and foil, and new materials. The production capacity of electrolytic aluminum and alumina is mainly concentrated in Shandong and Yunnan regions, with more than ten production bases. As of 2025, the company has a total domestic and foreign alumina production capacity of 21 million tons, an electrolytic aluminum compliance production capacity of 6.46 million tons, and an aluminum processing capacity of 970,000 tons.
Innovative Industry (02788): Inner Mongolia Huolingol Electrolytic Aluminum Base, with a design capacity of 7881,000 tons/year, supporting its own coal-fired power plant; 1.2 million tons/year of alumina in Binzhou, Shandong supports the supply of raw materials for electrolytic aluminum in Inner Mongolia.