关于董事减持股份计划的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1.本次拟减持的人员为中国铝业股份有限公司（以下简称"公司"）现任董事、 副总经理蒋涛先生。截至本公告披露日，蒋涛先生持有公司 230,000 股 A 股股份， 占公司已发行总股本的约 0.0013%。 2.本次减持计划的主要内容 因个人资金需求，蒋涛先生计划自 2025 年 12 月 8 日起至 2026 年 3 月 7 日止期 间内，通过集中竞价方式减持公司 A 股股份不超过 57,500 股，约占公司总股本的 0.00034%。蒋涛先生本次计划减持股份数量未超过其持有的公司股份数量的 25%，减 持价格按市场价格确定。 股东名称 蒋涛 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 √是 □否 其他：不适用 持股数量 230,000股 持股比例 0.0013% 当前持股股份来源 股权激励取得：230,000股 股票代码：601600 股票简称：中国铝业 公 ...

人民财讯11月16日电，中国铝业（601600）11月16日公告，公司董事、副总经理蒋涛拟通过集中竞价方 式，减持公司A股股份不超过5.75万股。 ...

每经AI快讯，中国铝业（SH 601600，收盘价：11.66元）11月16日晚间发布公告称，本次拟减持的人员 为中国铝业股份有限公司现任董事、副总经理蒋涛先生。截至本公告披露日，蒋涛先生持有公司23万股 A 股股份，占公司已发行总股本的约0.0013%。因个人资金需求，蒋涛先生计划自2025年12月8日起至 2026年3月7日止期间内，通过集中竞价方式减持公司A 股股份不超过约5.75万股，约占公司总股本的 0.00034%。蒋涛先生本次计划减持股份数量未超过其持有的公司股份数量的25%，减持价格按市场价格 确定。 2024年1至12月份，中国铝业的营业收入构成为：铝行业占比96.33%，能源行业占比3.67%。 截至发稿，中国铝业市值为2000亿元。 每经头条（nbdtoutiao）——软银突然暴跌！曾与黄仁勋"相拥而泣"，68岁日本首富孙正义再次清仓英 伟达，套现押注OpenAI，提前入账80亿美元利润藏"猫腻" （记者 王瀚黎） ...

每经AI快讯，11月16日，中国铝业（601600）公告，公司现任董事、副总经理蒋涛因个人资金需求， 计划自2025年12月8日起至2026年3月7日止期间内，通过集中竞价方式减持公司A股股份不超过57500 股，约占公司总股本的0.00034%。减持价格按市场价格确定。 ...

中国铝业公告，董兼副总经理蒋涛持有公司23万股，占已发行总股本约0.0013%，拟因个人资金需求于 2025年12月8日至2026年3月7日期间，通过集中竞价方式减持不超过57500股，约占公司总股本 0.00034%，不超过其持股的25%，减持价格按市场价格确定。 ...

Core Viewpoint - The London Metal Exchange (LME) has implemented an emergency ban on non-dollar denominated metal options, which has significant implications for the global metal trading landscape and the rise of the Renminbi (RMB) as a settlement currency [2][4]. Group 1: Impact of LME's Ban - The LME's ban is seen as a targeted move by the U.S. to curb the penetration of the RMB in strategic metal settlements, reflecting a shift in the global metal industry dynamics [4][6]. - The ban has forced companies like Volkswagen and China Aluminum to incur additional costs, with aluminum contracts increasing by €200 per ton due to the need to convert to dollars [7]. - French company Total Energy faced a $30 million loss due to currency fluctuations when forced to switch to dollar settlements for rare earths previously agreed in RMB [9]. Group 2: Shift in Trading Dynamics - The LME's internal data shows that the trading volume of RMB-denominated metal options has increased from 0.3% in 2020 to 8.7% in 2024, indicating a growing acceptance of RMB in the metal trading sector [11]. - The LME's pricing power is perceived to be weakening, as evidenced by the increasing push from Chinese companies to engage in cross-border arbitrage with the Shanghai Metal Exchange [11][13]. - China's dominance in the metal industry is underscored by its significant share in global consumption and production, with 54% of refined copper and 70% of rare earth oxide production [13][15]. Group 3: RMB's Growing Influence - The RMB's role in international transactions is bolstered by China's position as both the largest buyer and seller of key metals, enhancing its bargaining power for RMB settlements [17]. - The shift to RMB settlements is exemplified by the automotive sector, where European companies have increased their RMB transactions from 5% to 22% in 2023 due to supply chain stability concerns [19]. - China's strategic agreements with countries like Chile for copper procurement are increasingly favoring RMB settlements, with a 30% increase in annual procurement volume under RMB terms [24][26]. Group 4: Future Outlook - The LME's ban has inadvertently accelerated the adoption of RMB in global metal transactions, with a reported 23% drop in metal options trading volume at the LME following the ban [32]. - The RMB's share in global metal settlements is projected to rise from 7% to 15% by the end of 2024, while the dollar's share is expected to decrease from 82% to 72% [34]. - The ongoing evolution of the global metal pricing structure is moving towards a dual system of "dollar + RMB," indicating a significant shift in the monetary landscape [34][36].

Core Points - The announcement period is set from November 13, 2025, to November 22, 2025 [2] Group 1 - The public notice is related to a specific regulatory process [2]

Core Views - The report emphasizes that the metal industry is expected to see a rise in prices and profitability due to supply-demand dynamics and interest rate cuts, with a focus on industrial metals like copper and aluminum [5][6][10]. Industrial Metals - Copper prices are projected to rise as the global copper market faces a supply shortage of approximately 1% in 2026 and 0.5% in 2027, primarily due to the anticipated recovery of the Grasberg and Panama copper mines [5][23]. - The report notes that the Grasberg copper mine's production cut has led to a significant upward adjustment in copper price expectations, with a potential price increase from 79,000 CNY/ton to 82,000-83,000 CNY/ton [21][24]. - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, indicating a tight supply-demand balance that could lead to price surges if demand exceeds expectations [5][30]. Precious Metals - The long-term outlook for gold remains positive, driven by factors such as weakening U.S. non-farm data, manageable inflation, and a dovish stance from the Federal Reserve, which is expected to lower interest rates further [6][10]. Energy Metals - Cobalt prices are anticipated to rise due to policy changes in the Democratic Republic of Congo, which has implemented an export quota system that could create a supply-demand gap of over 10% in the global cobalt market [7]. - The lithium industry is expected to enter a new growth cycle, with demand for energy storage batteries significantly exceeding previous forecasts, leading to a potential supply shortage if production does not keep pace [8]. Minor Metals - The strategic importance of rare earth metals is highlighted, with China maintaining a dominant position in global production and supply, which is expected to strengthen prices further [10]. - Tungsten prices may rise due to recovering overseas demand and relaxed export controls, while antimony prices are also expected to increase following recent export policy adjustments [11][12]. Uranium - The demand for uranium is projected to increase alongside the growth of nuclear power generation in China, with expectations of a significant rise in nuclear capacity by 2035 [13]. Recommended Stocks - The report suggests a selection of stocks across various metal sectors, including copper, aluminum, precious metals, energy metals, and minor metals, indicating a diversified investment strategy [14].

Core Viewpoint - The non-ferrous metal sector has seen a significant influx of over 17.7 billion in main capital, ranking second among 31 primary industries in the Shenwan classification, with leading companies like Huayou Cobalt and Tianqi Lithium attracting substantial net inflows [1][3] Group 1: Market Performance - The non-ferrous metal sector has outperformed other industries, with a year-to-date increase of 75.9%, surpassing telecommunications (61.88%), electronics (48.1%), and power equipment (45.12%) [4][5] - Among the 60 constituent stocks of the Non-Ferrous Metal Leader ETF, 41 stocks rose over 2%, with five stocks hitting the daily limit up, and significant gains observed in Tianqi Lithium and Zhongmin Resources [3][5] Group 2: Investment Drivers - The strong performance is attributed to several factors: 1. Financial results show that 56 out of 60 companies in the Non-Ferrous Metal Leader ETF reported profits, with 44 companies experiencing year-on-year growth in net profit [5] 2. The current bull market is driven by demand from emerging sectors such as new energy, AI, and aerospace, alongside supply-side disruptions that highlight the scarcity and strategic value of metals [5] 3. Policy support from the government, including a joint plan to stabilize growth in the non-ferrous metal industry, is expected to enhance the sector's performance [5] Group 3: Future Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive, with expectations of a new cycle driven by supply-demand balance and global monetary easing [6][5] - The investment interest in commodities is likely to persist, with anticipated price increases for copper and cobalt due to supply constraints and rising demand for lithium driven by energy storage needs [6]

Market Overview - Hong Kong stocks showed a positive trend, closing up 0.85% as bulls took control, indicating a lack of negative news is perceived as positive [1] - The U.S. House of Representatives is expected to vote on a compromise plan to end the longest government shutdown in U.S. history, which could restore funding to government agencies [1] - The ADP private sector employment report for October showed a decrease of 45,000 jobs, the largest drop in two and a half years, suggesting a cooling labor market and increasing expectations for a Fed rate cut in December [1] Sector Performance - The banking sector saw a rebound with major banks like Agricultural Bank of China reaching new highs, driven by long-term investments from insurance funds and public funds [1] - Consumer sectors are gaining traction, with companies like "Hushang Auntie" seeing a significant increase of nearly 29%, indicating a recovery in consumer sentiment [2] - Retail sales in Hong Kong are projected to rise by 4% year-on-year in October, benefiting retail rental stocks [3] Company Highlights - Baijie Shenzhou reported a 44.2% increase in total revenue for the first three quarters, driven by sales growth of its self-developed products [3] - Xiaomi announced a significant sales figure of over 29 billion yuan during the Double 11 shopping festival, indicating strong consumer demand [4] - The Ximangdu iron ore project, with reserves exceeding 4.4 billion tons, has commenced production, potentially altering the global iron ore supply landscape and benefiting companies like Maanshan Iron & Steel [5] Industry Developments - The Chinese commercial aerospace sector is set to advance with the upcoming maiden flight of the reusable rocket "Zhuque-3," which aims to reduce launch costs significantly [6] - The sportswear manufacturing sector is expected to see a recovery in demand, with Shenzhou International projecting a 15.3% increase in revenue for the first half of 2025 [7] - The company has expanded its overseas production capacity, with 53% of its garment output coming from international facilities, indicating a strategic shift towards globalization [8]