Morgan Stanley published a research report indicating that Aluminum Corporation of China is expected to have a 90% to 114% year-on-year increase in net profit in the first half of this year, reaching 6.5 billion to 7.3 billion yuan, far exceeding the bank's and the market's expectations. The bank estimates that this means that Zhongfu Industrial's net profit in the second quarter of this year is expected to be between 4.3 billion and 5.1 billion yuan, with a year-on-year growth rate of 166% to 216%.

According to Morgan Stanley, the strong profit growth mainly comes from the rise in aluminum and alumina prices in the second quarter, the increase in sales due to the recovery of aluminum production capacity in Yunnan Province, and the improvement in the company's cost control, which has led to an increase in the contribution of profits from aluminum and alumina businesses. They anticipate the continued improvement of profit prospects in the second half of the year. Meanwhile, the tight supply of aluminum mines in Shanxi and Henan, as well as the decreasing inventory levels of raw materials in smelters, have provided support for alumina prices. Morgan Stanley expects aluminum prices to fluctuate at a high level, which may improve the profitability of Zhongfu Industrial's aluminum business in the second half of the year. The bank maintains its “shareholding” rating and sets the H-share target price to HKD7.5.