A CITIC Securities research report states that metal packaging stands out in the packaging industry due to its advantages such as being strong and pressure-resistant, sealed and corrosion-resistant, and recyclable. After the leading “two-piece cans” are consolidated through mergers and acquisitions, and redundant capacity is shifted overseas, the industry has moved from cutthroat competition toward a positive pattern featuring leading-company synergies and improvements in supply and demand. It is expected that prices will be raised first in December 2025, and profitability is expected to rebound. The momentum in expanding overseas markets is strong; as the “Boer strategy” deepens its focus in advantageous regions, Chinese can-making enterprises are expected to build a global capacity layout. Investment main line: domestic structural improvement drives earnings recovery; incremental contribution from overseas high-margin businesses.

K-LinePoet

2026-05-25 03:35:51

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CITIC Securities research reports believe that metal packaging holds an important position in the packaging industry thanks to its advantages such as being sturdy and pressure-resistant, sealed and corrosion-resistant, and recyclable. After the two-piece can industry went through leading-company mergers and acquisitions becoming implemented and redundant capacity being transferred overseas, the industry shifted from a red ocean of internal competition to a sound state characterized by coordinated efforts among leading companies and an improvement in the supply-and-demand pattern. By December 2025, it successfully carried out the first two-piece can price increase, which is expected to open up a channel for rising profitability for can-manufacturing companies. In addition, overseas market expansion is still in its early stages. In the future, as Ball’s strategy contracts to focus on its advantageous regions, Chinese can-manufacturing companies are expected to gain more room to expand globally and gradually build a global capacity layout. CITIC Securities has comprehensively organized two main investment themes: (1) the improvement of the domestic industry landscape, where leading companies’ enhanced pricing power drives profit recovery; and (2) accelerated overseas market expansion, where high-margin overseas business contributes incremental profits. (People’s Financial News)

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CITIC Securities: Two main investment themes in the metal packaging industry

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