Green-energy transition accelerates, policy tailwinds keep flowing

China Hongqiao Group Limited (01378.HK) is advancing its 3-million-tonne hydropower-for-aluminum capacity swap in Yunnan, which will lift the green-power share to 46%. Coupled with national equipment-upgrade subsidies, demand for high-end aluminum (new-energy vehicles / aerospace) is set to surge; the optimized energy mix will further compress costs and drive margin expansion.