Vertically integrated leadership intact; resource moat entrenched

China Hongqiao (01378.HK) controls the full “bauxite–alumina–smelting–downstream” loop. Annual bauxite capacity in Guinea of 50 mt secures raw-material autonomy; alumina self-sufficiency exceeds 160%. Smelting capacity of 6.46 mt ranks global #1. The Yunnan hydropower-aluminium ramp-up raises renewable share, further sharpening cost competitiveness.