Financial Performance - The company's operating revenue for Q3 2025 was CNY 60,123,601, a decrease of 4.66% compared to the same period last year[5] - Total profit for Q3 2025 reached CNY 7,527,729, representing a significant increase of 64.76% year-on-year[5] - Net profit attributable to shareholders was CNY 3,801,332, up 90.31% from the previous year[5] - The basic earnings per share for Q3 2025 was CNY 0.222, a 91.38% increase compared to the same period last year[5] - Total revenue for the first three quarters of 2025 reached CNY 176,515,725, a 2.0% increase from CNY 173,779,231 in the same period of 2024[19] - Operating profit for the first three quarters of 2025 was CNY 20,787,185, up 19.0% from CNY 17,403,610 in 2024[19] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was CNY 10,872,083, representing a 20.5% increase from CNY 9,011,452 in 2024[19] - The net profit for the first three quarters of 2025 was CNY 5,597,430, reflecting a growth of 10.63% from CNY 5,059,702 in the previous year[30] Cash Flow and Assets - The net cash flow from operating activities was CNY 11,115,473, an increase of 10.42% compared to the same period last year[5] - The company reported a net cash flow from operating activities of CNY 25,380,218 for the first three quarters of 2025, compared to CNY 23,613,076 in 2024[23] - Cash and cash equivalents increased to RMB 30,331,630,000 from RMB 22,210,452,000, representing a growth of approximately 36.5%[16] - The total current assets as of September 30, 2025, are RMB 73,777,351,000, up from RMB 59,054,039,000[16] - The company's cash and cash equivalents at the end of September 2025 were CNY 28,915,019, compared to CNY 21,537,885 at the end of September 2024[25] - Cash and cash equivalents at the end of the third quarter of 2025 were CNY 7,154,867, a decrease from CNY 7,350,763 at the beginning of the period[34] Assets and Liabilities - The total assets at the end of the reporting period were CNY 230,398,939, a 6.70% increase from the beginning of the year[5] - The total assets as of September 30, 2025, amounted to CNY 136,249,718, up from CNY 132,702,435 at the end of 2024, indicating a growth of 2.08%[28] - Total liabilities as of September 30, 2025, amounted to CNY 106,853,962, an increase from CNY 103,886,153 in the previous year[17] - The total liabilities increased to CNY 81,870,137 as of September 30, 2025, compared to CNY 78,729,409 at the end of 2024, representing a rise of 2.93%[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 356,252[12] - China Aluminum Group holds 5,235,235,416 shares, accounting for 30.52% of total shares[12] - China Aluminum Group and its concerted parties have cumulatively increased their shareholding by 193,029,583 shares, representing approximately 1.13% of the total issued shares[14] - The company plans to repurchase shares worth no less than RMB 1 billion and no more than RMB 2 billion within 12 months[13] Production and Investments - The production of metallurgical-grade alumina was 1,304,000 tons, a year-on-year increase of 3.74%[11] - The output of primary aluminum (including alloys) was 600,000 tons, reflecting a growth of 6.76% year-on-year[11] - The company has made strategic acquisitions, including a 56.6% stake in Ningbo Xinyu New Energy Co., Ltd., enhancing its market position[6] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 2,821,906, an increase from CNY 2,486,695 in 2024[19] - The company’s research and development expenses for the first three quarters of 2025 were CNY 81,787, down from CNY 108,920 in the previous year, indicating a reduction of 25%[30] Financial Expenses - The company’s financial expenses decreased to CNY 1,660,836 in 2025 from CNY 2,106,391 in 2024, primarily due to lower interest expenses[19] - The company’s financial expenses for the first three quarters of 2025 were CNY 932,456, a decrease from CNY 1,007,250 in the same period of 2024[30]

中国铝业第三季度营收601.2亿元人民币。 ...

中国铝业10月27日公告，2025年第三季度实现营业收入601.24亿元，同比下降4.66%；归属于上市公司 股东的净利润38.01亿元，同比增长90.31%；基本每股收益0.222元。前三季度实现营业收入1765.16亿 元，同比增长1.57%；归属于上市公司股东的净利润108.72亿元，同比增长20.65%；基本每股收益0.635 元。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进一步统计，近3个月内该股累计发生7笔大宗交易，合计成交金额为1.62亿元。该股近5个交易日累计 上涨12.31%，主力资金合计净流入4.87亿元。 责任编辑：小浪快报 第1笔成交价格为9.40元，成交1,400.00万股，成交金额13,160.00万元，溢价率为0.00%，买方营业部为 中信证券股份有限公司总部(非营业场所)，卖方营业部为中信证券股份有限公司深圳滨海大道证券营业 部。 10月27日，中国铝业收涨1.84%，收盘价为9.40元，发生1笔大宗交易，合计成交量1400万股，成交金额 1.32亿元。 ...

Group 1 - China Aluminum's stock price increased by 1.84% to 9.40 CNY per share, with a trading volume of 3.747 billion CNY and a turnover rate of 3.07%, resulting in a total market capitalization of 161.263 billion CNY [1] - The stock has risen for five consecutive days, with a cumulative increase of 12.31% during this period [1] - China Aluminum's main business includes exploration and mining of bauxite and coal, production and sales of alumina, primary aluminum, and aluminum alloy products, as well as international trade and logistics [1] Group 2 - The fund "Chuangjin Hexin Xinrui Mixed A" holds a significant position in China Aluminum, with 34,200 shares, unchanged from the previous period, representing 0.23% of the fund's net value [2] - The fund has generated a floating profit of approximately 5,814 CNY today and 35,200 CNY during the five-day increase [2] - The fund was established on April 26, 2021, with a current scale of 10.953 million CNY and a year-to-date return of 4.21% [2] Group 3 - The fund manager Wang Yibing has a tenure of 10 years and 169 days, managing assets totaling 5.003 billion CNY, with the best fund return of 21.02% during his tenure [3] - Co-manager Huang Haodong has a tenure of 5 years and 317 days, managing assets of 373 million CNY, with the best fund return of 17.54% during his tenure [3]

Core Insights - The Central State-Owned Enterprises Modern Energy Index has seen a strong increase of 1.70%, with notable gains from stocks such as China Xidian up 6.61% and Shanghai Electric up 6.40% [3] - The National Development and Reform Commission has released a plan aiming for a new energy storage capacity of over 180 million kilowatts by 2027, enhancing project economics through supportive policies [5] - The demand for energy storage is expected to maintain a high growth rate, with projections indicating a 30%-40% increase in global energy storage installations over the next two years [4] Group 1: Market Performance - The Central State-Owned Enterprises Modern Energy ETF (561790) has increased by 1.63%, marking a three-day consecutive rise, with a latest price of 1.25 yuan [3] - The ETF has seen a weekly cumulative increase of 2.85% as of October 24, 2025, ranking in the top third among comparable funds [3] - The ETF's trading volume reached 416.82 million yuan with a turnover rate of 9.1% [3] Group 2: Policy and Economic Outlook - The new energy storage plan outlines a target of 180 million kilowatts by 2027, with supportive measures from provinces like Henan to enhance project viability [5] - The energy storage market is experiencing robust demand, driven by new pricing policies and increased investment from social capital [4] - The lithium battery demand is projected to exceed 2700 GWh next year, with a year-on-year growth rate of over 30% [4] Group 3: Industry Composition - The top ten weighted stocks in the Central State-Owned Enterprises Modern Energy Index account for 47.72% of the index, including major players like Yangtze Power and China Nuclear Power [6] - The Central State-Owned Enterprises Modern Energy ETF closely tracks the index, which includes 50 listed companies involved in green energy and fossil energy sectors [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [3][4] Core Views - The report highlights that copper prices are expected to experience high-level fluctuations in the short term, driven by supply disruptions and ongoing negotiations between the US and China [4] - Aluminum prices are on the rise due to continuous inventory depletion, while the alumina market remains in an oversupply situation [4] - Lithium prices are recovering from the bottom as demand increases during the peak season, with a notable decrease in inventory [4] - Cobalt prices are likely to continue rising due to the implementation of export quotas in the Democratic Republic of Congo, which may tighten supply [4] Summary by Sections 1. Industry Overview - The report indicates that the US CPI for September was lower than expected, which may influence market conditions [8] 2. Market Performance - The overall performance of the non-ferrous metals sector shows that the Shanghai Composite Index rose by 2.88%, while the non-ferrous sector increased by 1.13%, underperforming the index by 1.75 percentage points [11][12] 3. Valuation Changes - The TTM PE for the non-ferrous sector is 27.27, with a weekly change of 0.68, while the PB is 3.17, reflecting a 0.09 change [21][24] 4. Industrial Metals - Copper prices increased by 2.61% in London and 3.95% in Shanghai, with inventories decreasing [26] - Aluminum prices rose by 2.78% in London and 1.14% in Shanghai, with a notable increase in aluminum enterprise profits [36] - Lead and zinc prices also saw increases, with lead prices up by 2.00% and zinc by 2.48% [47] - Lithium prices for lithium carbonate rose by 2.79% to 75,400 yuan/ton, while lithium spodumene increased by 4.14% to 881 USD/ton [76] - Cobalt prices saw a significant increase, with MB cobalt rising by 7.75% to 22.60 USD/pound [89]

Industry Rating - The industry rating for the electrolytic aluminum sector is maintained at "Outperform" [1] Core Viewpoints - The electrolytic aluminum sector is characterized by a perfect blend of resilience and dividend value, indicating a revaluation process is underway [1][3] - The sector's average dividend yield is projected to be 6.0% by the end of 2024, ranking it first among major high-dividend industries, with China Hongqiao's yield reaching 13.7% [2][19] - The report emphasizes the transition of the electrolytic aluminum stocks from being viewed as highly cyclical assets to becoming quality scarce assets with both price elasticity and dividend support [9][19] Summary by Sections 1. Current Dividend Yield of the Electrolytic Aluminum Sector - As of the end of 2024, the weighted average dividend yield for the electrolytic aluminum sector is estimated at 6.0%, leading among high-dividend industries [2][19] - China Hongqiao's dividend yield is notably high at 13.7%, significantly above other industry leaders [20][21] - The overall trend indicates a clear increase in dividend levels across the sector, with many companies raising their dividend guidance for 2025 [24] 2. Sources of Dividend Value Beyond Resilience - The sector's profitability is expected to remain high due to a tightening supply-demand balance, with domestic production capacity nearing its ceiling [6][28] - The report highlights that the capital expenditure peak has passed, leading to improved asset structure and quality within the sector [45][52] - The transition from a focus on scale expansion to quality enhancement is evident, with a clear path for converting high profits into cash flow and shareholder returns [6][39] 3. Will the Valuation of the Electrolytic Aluminum Sector Increase? - Historical comparisons with coal and China Hongqiao suggest that the market is willing to assign higher valuations to dividend-paying assets, recognizing their asset quality and stable cash flows [4] - The price-to-earnings (PE) ratios for leading companies in high-dividend sectors have shown significant improvement since 2023, indicating potential for further valuation increases [4][19] - The overall trend in the sector shows a marked increase in dividend payout ratios, with several companies indicating higher future dividends [24] 4. Stock Selection in the Electrolytic Aluminum Sector - The report recommends focusing on high-dividend companies such as China Hongqiao and Zhongfu Industrial, as well as those with increasing dividend potential like China Aluminum and Shenhuo [5] - The sector is viewed as a combination of offensive aluminum price exposure and defensive dividend asset characteristics, suggesting a favorable investment outlook [5][9]

Investment Rating - Industry Rating: Recommended [4] Core Viewpoints - The report indicates that the CPI is lower than expected, which enhances the probability of interest rate cuts, leading to an upward trend in metal prices [28][44] - Precious metals are experiencing price fluctuations, with gold and silver prices showing a downward trend recently, but the long-term outlook remains positive due to macroeconomic factors [28][44] - The report highlights the ongoing geopolitical tensions and their impact on market dynamics, particularly in the context of U.S.-China trade relations and the potential for further economic negotiations [45][48] Summary by Sections Precious Metals - This week, COMEX gold fell by 3.30% to $4,126.90 per ounce, while COMEX silver dropped by 4.38% to $48.41 per ounce. SHFE gold decreased by 6.17% to ¥938.10 per gram, and SHFE silver fell by 7.49% to ¥11,332.00 per kilogram [28][30] - The gold price has increased over 60% this year, but recent fluctuations indicate a potential short-term correction as the market enters an overbought zone [44][48] - The report notes a significant reduction in holdings for major ETFs, with SPDR gold ETF decreasing by 9,186.33 ounces and SLV silver ETF by 89,770.80 ounces [30] Base Metals - In the LME market, copper rose by 3.21% to $10,947.00 per ton, aluminum increased by 2.81% to $2,856.50 per ton, zinc went up by 2.62% to $3,019.50 per ton, and lead climbed by 2.28% to $2,016.50 per ton [54] - SHFE market showed similar trends with copper up by 3.95% to ¥87,720.00 per ton, aluminum up by 1.51% to ¥21,225.00 per ton, zinc up by 2.48% to ¥22,355.00 per ton, and lead up by 3.05% to ¥17,595.00 per ton [54] - The report emphasizes that the supply of copper is facing challenges, with a projected production growth of only 1.4% in 2025, which is below the demand growth rate of approximately 3% [9][22] Small Metals - Magnesium prices decreased by 0.45% to ¥17,840 per ton, while demand remains stable, leading to a reduction in inventory levels [18] - Molybdenum and vanadium prices are under pressure, with molybdenum iron prices down by 2.12% to ¥27.75 per ton, reflecting cautious market sentiment [19] Investment Recommendations - The report suggests that the long-term outlook for gold remains positive due to ongoing concerns about global debt and monetary easing, with U.S. debt exceeding $38 trillion and projected budget deficits [20][49] - The report identifies several gold mining companies as potential beneficiaries of rising gold prices, including Chifeng Jilong Gold Mining, Shandong Gold, and China National Gold Group [20][49] - For silver, the report anticipates a supply shortage of approximately 3,660 tons by 2025, supporting a bullish outlook for silver prices [49]

Core Viewpoint - China Aluminum Corporation plans to establish a joint venture with its controlling shareholder, China Aluminum Group, and other partners, contributing 300 million RMB for a 20% stake in the new company [1][2]. Group 1 - The board of directors of China Aluminum Corporation approved the proposal to establish a joint venture during the fourth meeting of the ninth board on August 27, 2025 [1]. - The joint venture will be formed with China Aluminum Group, Yunnan Copper Co., Ltd., Yunnan Chihong Zinc & Germanium Co., Ltd., and China Aluminum Capital Holdings Co., Ltd. [1]. - The company will contribute 300 million RMB in cash and physical assets to hold a 20% equity stake in the joint venture [1]. Group 2 - On October 24, 2025, the company and its partners signed the capital contribution agreement for the establishment of the joint venture [2]. - The assessment and filing of the high-purity gallium production line assets for the company's contribution are progressing smoothly [2]. - The company will comply with relevant laws and regulations to disclose subsequent developments in a timely manner [2].