德意志银行发布力拓（RIO.L）公司更新报告。有报道称力拓即将以约70亿澳元（50亿美元，约合每股2.3英镑、市值的约3%）出售其澳大利亚和加拿大的电力与输电资产。公司在近期中期业绩中指引，预计年底前累计宣布约50亿美元的资产处置。若交易结构类似必和必拓WAIO电力交易，市场可能近乎将此现金收益视为"免费资金"，相关负债不计入净债务。2027年起可能进一步处置硼砂和钛铁等资产。50-100亿美元处置计划的推进有望成为力拓的正面催化剂，有助于缩小其相对必和必拓的估值差距。但铁矿石价格与利润环境仍非常疲弱，短期构成股价逆风，现货CFR价格徘徊在90美元/吨上方，澳洲生产商FOB价格因高运费低于80美元/吨。随着Simandou绿地矿在2026/27年逐步投产，全球铁矿石市场或维持供应充足。维持"持有"评级，目标价7,400便士。
Deutsche Bank company update on Rio Tinto (RIO.L). Over the weekend there were more reports that RIO is closing in on the sale of its Australian and Canadian power and transmission assets for ~A$7bn (US$5bn), equivalent to £2.3/sh or ~3% of market cap. At the recent interim results the company guided that it expects to announce around $5bn of cumulative disposals before the end of this year. If the transaction is structured like BHP's WAIO power deal, and the market reacts similarly positively, the cash proceeds may almost be treated as 'free money', with the related liability excluded from net debt. Additional disposals, potentially including Borates and Iron & Titanium, are likely to follow from 2027 onwards. Delivery on the $5-10bn disposal plan should be a positive catalyst for RIO and help close the valuation gap that has opened up against BHP. However, the iron ore price and margin environment remains very weak and is likely to act as a near-term headwind for the shares;