关于公司及云南铝业股份有限公司向中国铝业集团高端制造 股份有限公司增资的进展公告 本公司董事会及全体董事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个别及连带责任。 中国铝业股份有限公司（以下简称"公司"）于 2022 年 12 月 10 日召开的第八 届董事会第八次会议审议批准了《关于公司及云南铝业股份有限公司拟向中国铝业 集团高端制造股份有限公司增资的议案》，同意公司以所属三家分公司扁锭相关资产 经评估后净值约人民币 1.84 亿元及现金人民币 2.2 亿元向中国铝业集团高端制造股 份有限公司（以下简称"中铝高端"）进行增资；同时，公司控股子公司云南铝业股 份有限公司（以下简称"云铝股份"）以其全资子公司云南浩鑫铝箔有限公司 100% 股权及相关资产（包括机器、设备、构筑物等固定资产及土地使用权等无形资产） 经评估后净值约人民币 12.33 亿元及现金人民币 0.9 亿元向中铝高端进行增资。2022 年 12 月 27 日，公司及云铝股份与中铝高端及其股东中国铝业集团有限公司、重庆 铝产业开发投资集团有限公司共同签署了《增资协议》（以下简称"原协议"） ...

Core Viewpoint - The rare earth sector is experiencing positive developments, with multiple companies reporting strong performance in their half-year earnings forecasts, driven by price increases and improved production management [1][2]. Group 1: Company Performance - Several rare earth companies, including Shenghe Resources, Ningbo Yunsheng, Huahong Technology, and Northern Rare Earth, have reported impressive half-year earnings forecasts, with net profit growth exceeding 120% [1]. - Huahong Technology leads with a projected net profit growth rate of 3047.48% to 3721.94%, followed by Northern Rare Earth with a growth rate of 1882.54% to 2014.71% [1]. - Shenghe Resources anticipates a net profit of 305 million to 385 million yuan for the first half of 2025, marking a turnaround from losses due to favorable market conditions [2]. - Ningbo Yunsheng expects a net profit of 80 million to 120 million yuan, representing a growth of 100.62% to 200.94% compared to the previous year [2]. Group 2: Price Adjustments - Northern Rare Earth and Baotou Steel announced an increase in the trading price of rare earth concentrates to 19,109 yuan per ton for the third quarter of 2025, reflecting a 1.5% increase from the previous quarter [3]. - The price of rare earth concentrates has risen from 16,792 yuan per ton in the second quarter of 2024 to the current price, indicating a sustained upward trend over the past year [3]. Group 3: Demand and Market Outlook - The demand for rare earth materials is expected to grow due to increasing applications in electric vehicles, wind power, and consumer electronics, with projected global demand for praseodymium and neodymium oxide reaching 117,000 tons in 2025 [4]. - The supply side is constrained by environmental regulations and industry consolidation, which supports the upward trend in rare earth prices [4]. - Recent policies are creating a favorable environment for the rare earth industry, with analysts recommending investment in leading companies with resource and technological advantages [4].

Group 1 - The core viewpoint of the news is the performance of the CSI 800 Materials Theme Index, which has shown significant growth over various time frames, indicating a positive trend in the materials sector [1][2] - The CSI 800 Materials Theme Index reported a value of 2899.41 points, with a 3.48% increase over the past month, a 12.06% increase over the past three months, and an 8.07% increase year-to-date [1] - The index is composed of listed companies in the materials sector selected from the CSI 800 Index, reflecting the overall performance of these companies [1] Group 2 - The top ten weighted companies in the CSI 800 Materials Theme Index include Zijin Mining (12.74%), Wanhua Chemical (4.0%), and Yilong Co. (2.48%), among others [1] - The market share of the index's holdings is predominantly from the Shanghai Stock Exchange (65.19%) and the Shenzhen Stock Exchange (34.81%) [1] - In terms of industry composition, non-ferrous metals account for 50.67%, chemicals for 32.62%, steel for 8.63%, non-metallic materials for 6.87%, and paper and packaging for 1.22% [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [2]. Core Views - The report highlights that the "anti-involution" policy is guiding a short-term strength in energy metals, while gold is under pressure due to rising U.S. Treasury yields and a stronger dollar [1]. - The report suggests that despite short-term fluctuations, the long-term bullish trend for gold remains intact due to central bank purchases and fiscal concerns [1]. - Industrial metals are experiencing mixed trends, with copper facing supply disruptions and aluminum entering a potential inventory accumulation phase [1]. Summary by Sections Weekly Data Tracking - The non-ferrous metals sector showed mixed performance this week, with varying price movements across different metals [10]. - The report notes that the overall non-ferrous metals index increased by 1.0%, with energy metals up by 1.0% and industrial metals up by 1.5% [16]. Industrial Metals - **Copper**: Global copper inventory increased slightly to 518,000 tons, with supply disruptions from MMG and Hudbay Minerals affecting logistics [1]. The copper price has seen fluctuations due to macroeconomic factors and demand-side pressures [1]. - **Aluminum**: The report indicates a potential inventory accumulation cycle, with production recovering in some regions while demand remains subdued [1]. Energy Metals - **Lithium**: The report notes a continued strength in lithium prices, driven by supply constraints and robust demand from electric vehicle sales [1]. The price of battery-grade lithium carbonate rose to 64,000 yuan/ton, reflecting a 1.5% increase [26]. - **Metal Silicon**: The report discusses a short-term upward trend in silicon prices due to production cuts and recovery expectations in polysilicon plants [1]. Key Stocks - The report recommends several stocks for investment, including Zijin Mining, Shandong Gold, and Luoyang Molybdenum, all rated as "Buy" [5]. Company Announcements - Zijin Mining announced an asset acquisition of the RG gold mine project, with a valuation of 1.2 billion yuan [34]. - Ganfeng Lithium completed the acquisition of Mali Lithium, enhancing its lithium resource integration strategy [34]. Price and Inventory Changes - The report provides detailed price movements for various metals, indicating that gold prices increased by 4.2% over the week, while copper prices saw a slight decline [21][23]. Market Trends - The report emphasizes the ongoing supply-demand dynamics in the non-ferrous metals market, with particular attention to the impact of macroeconomic indicators on metal prices [1].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][106]. Core Views - The report highlights that copper prices are experiencing fluctuations due to the interplay of the 232 investigation and interest rate cut expectations, with recent price changes showing a mixed trend [5]. - The report emphasizes the importance of low inventory levels in supporting copper prices, while also noting the potential impact of the 232 copper import investigation and upcoming interest rate decisions by the Federal Reserve [5]. - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining for investment opportunities [5]. Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including U.S. employment data, which may influence market conditions [9]. - The non-ferrous metals sector's performance is analyzed, with the sector underperforming compared to the Shanghai Composite Index [11]. 2. Industrial Metals 2.1 Copper - Recent price movements show LME copper up by 0.25%, while SHFE copper is down by 0.24% [25]. - Inventory levels for copper have increased, indicating a potential shift in market dynamics [25]. 2.2 Aluminum - LME aluminum prices increased by 0.41%, with inventory levels also rising [35]. - The report notes a decrease in aluminum smelting profits, attributed to rising costs [35]. 2.3 Lead and Zinc - Lead prices have seen a slight increase, while zinc prices have decreased [48]. - Inventory levels for both metals are discussed, highlighting market supply conditions [48]. 2.4 Tin and Nickel - Tin prices have decreased slightly, while nickel prices have shown an upward trend [62]. - The report discusses profitability metrics for nickel producers in both domestic and international markets [62]. 3. Energy Metals 3.1 Lithium - Lithium prices have shown a slight rebound, with specific price changes noted for lithium carbonate and lithium spodumene [74]. - The report indicates that supply-side adjustments are anticipated, which may affect future pricing [74]. 3.2 Cobalt - Cobalt prices have increased domestically due to export bans from the Democratic Republic of Congo, which may create supply constraints [86]. - The report highlights the profitability of domestic cobalt refining operations [86].

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]

Group 1 - The report details the changes in the registered capital of China Aluminum Corporation as of June 30, 2025, indicating no increase or decrease in the registered share capital, which remains at RMB 13,211,666,110 for both the previous and current month [1][2]. - The total issued shares for the company also remained unchanged at 13,211,666,110 shares, with no treasury shares reported [1][2]. - The report confirms that the total registered capital for the company, combining both securities, stands at RMB 17,155,632,078 [1][2]. Group 2 - The report indicates that there are no changes in the number of issued shares or treasury shares for the securities with codes 601600 and 02600, maintaining the figures at 13,211,666,110 and 3,943,965,968 respectively [1][2]. - There are no details provided regarding stock options, warrants, convertible bonds, or any other agreements related to the issuance of shares [1][2].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國鋁業股份有限公司 呈交日期: 2025年7月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 A | | | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601600 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,211,666,110 | RMB | | 1 RMB | | 13,211,666,110 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,211,666,110 | RMB | | 1 RMB | | 13,211,666,110 | | 2. 股份分類 | 普通股 | 股份類 ...

Market Overview - The Hang Seng Index closed down 0.17% at 24,284.15 points, while the Hang Seng Tech Index fell 0.07% to 5,341.43 points, and the Hang Seng China Enterprises Index decreased by 0.47% to 8,762.47 points [2] - The automotive, pharmaceutical, and banking sectors showed weakness, while the metals sector experienced gains [4] Metals Sector Performance - The metals sector saw significant gains, with Jiangxi Copper rising over 7%, Tianqi Lithium and Luoyang Molybdenum both increasing over 6%, and Zijin Mining among the top performers [4] - Notable stock performances included Luoyang Molybdenum at 6.26% with a market cap of 191.02 billion, Tianqi Lithium at 6.78% with a market cap of 56.97 billion, and Ganfeng Lithium at 2.74% with a market cap of 69.64 billion [5] Commodity Price Outlook - Goldman Sachs forecasts that copper prices will peak at approximately $10,050 per ton by August 2025 due to tightening supply in markets outside the U.S. [5] - Ping An Securities reports that the weakening of the U.S. dollar credit system will continue to drive precious metal prices higher, while industrial metals like copper and aluminum are expected to benefit from a loose monetary environment [5] Automotive Sector Dynamics - Xiaomi Group's stock rose by 3.6%, while major automotive stocks like Xpeng Motors, NIO, and BYD saw declines of 3.17%, 1.84%, and 1.19% respectively [6][7] - Market analysts suggest that the automotive sector may be impacted by Xiaomi's competitive pricing strategy for its new YU7 series, with expectations of monthly sales reaching 60,000 to 80,000 units [7] Banking Sector Trends - Chinese bank stocks experienced slight declines, with Luzhou Bank, Chongqing Bank, and China Merchants Bank dropping by 3.49%, 2.91%, and 2.39% respectively [8] - Recent reports indicate that insurance funds have been favoring high-dividend bank stocks, but this trend may be slowing down as investment teams shift focus towards technology innovation board companies [8] Financial Sector Developments - Huaxing Capital Holdings saw a significant intraday rise of nearly 38% before closing up 4.67% at HKD 4.48 per share, following its announcement of a $100 million investment in the Web 3.0 and cryptocurrency asset space [11] - The Hong Kong Securities and Futures Commission announced an increase in position limits for futures and options contracts on major indices, effective July 2, 2025, aimed at enhancing market flexibility [12]

General Provisions - The purpose of the guidelines is to regulate the management of insider information at China Aluminum Corporation, enhance confidentiality, maintain fair information disclosure, and protect investors' rights [1][2] - The guidelines apply to all departments, subsidiaries, and other enterprises managed by the company [1] Scope of Insider Information - Insider information refers to information that significantly impacts the company's operations, finances, or the trading market for its securities, which has not been publicly disclosed [2] - Examples of insider information include major changes in business strategy, significant operational losses, major investments, and changes in shareholder structure [2] Scope of Insider Information Insiders - Insiders are individuals or entities that can access insider information directly or indirectly before it is publicly disclosed [3][4] - This includes company directors, senior management, major shareholders, and employees who have access to such information due to their roles [4] Registration and Record-Keeping of Insiders - The company must maintain a record of insiders, including the time, place, and manner in which they accessed insider information [5][6] - The board of directors is responsible for ensuring the accuracy and completeness of these records [5] Confidentiality Management - Insiders are obligated to keep insider information confidential and must not disclose it before it is publicly released [11] - Measures must be taken to limit the number of individuals who have access to insider information [11][12] Penalties for Violations - Violations of the guidelines can result in disciplinary actions, including warnings, demotions, or legal consequences [13][14] - The company reserves the right to pursue civil liability for significant breaches that cause major losses [13]