Group 1 - Non-ferrous stocks are rising against the market trend, with China Hongqiao up 4.96% to HKD 25.4, Jiangxi Copper up 4.43% to HKD 25.46, China Aluminum up 3.49% to HKD 7.11, and Luoyang Molybdenum up 3.14% to HKD 12.49 [1] - Changjiang Securities reports that the net profit of the base metals sector is expected to grow by 27% year-on-year in the first half of 2025, with a net profit of CNY 37.644 billion in Q2 2025, reflecting a 14% year-on-year and 15% quarter-on-quarter increase [1] - The growth in the first half of 2025 is attributed to a phase of upward resonance in the manufacturing sectors of China and the US, along with expectations of interest rate cuts by the Federal Reserve, leading to an increase in base metal prices [1] Group 2 - CITIC Securities indicates that the significant underperformance of the US non-farm payroll data ahead of the Federal Reserve's meeting makes a rate cut announcement almost certain, with an 80% probability of three rate cuts within the year [2] - The prices of industrial metals are influenced by both financial and commodity attributes, with the Federal Reserve entering a rate-cutting cycle and global copper and aluminum inventories at relatively low levels [2] - The recovery of the Chinese economy, combined with the demand boost from the renewable energy sector, is expected to improve the demand for copper and aluminum [2]

Group 1 - Non-ferrous stocks are rising against the market trend, with China Hongqiao up 4.96% to HKD 25.4, Jiangxi Copper up 4.43% to HKD 25.46, China Aluminum up 3.49% to HKD 7.11, and Luoyang Molybdenum up 3.14% to HKD 12.49 [1] - Changjiang Securities reports that the net profit of the base metals sector is expected to grow by 27% year-on-year in the first half of 2025, with a net profit of CNY 37.644 billion in Q2 2025, reflecting a 14% year-on-year increase and a 15% quarter-on-quarter increase [1] - The growth in the first half of 2025 is attributed to a phase of upward resonance in the manufacturing sectors of China and the US, along with expectations of interest rate cuts by the Federal Reserve, which will elevate the price center of base metal commodities [1] Group 2 - CITIC Securities indicates that the significant underperformance of the US non-farm payroll data ahead of the Federal Reserve's meeting makes a rate cut announcement almost certain, with an 80% probability of three rate cuts within the year [2] - The prices of industrial metals are influenced by both financial and commodity attributes, with the Federal Reserve entering a rate-cutting cycle and global copper and aluminum inventories being relatively low [2] - The recovery of the Chinese economy, coupled with the demand growth driven by the renewable energy sector, is expected to improve the demand for copper and aluminum [2]

Core Viewpoint - China Aluminum's stock price has shown a modest increase this year, with a notable rise in trading volume and significant net inflow of funds, indicating positive market sentiment towards the company [1][2]. Financial Performance - For the first half of 2025, China Aluminum achieved operating revenue of 116.39 billion yuan, representing a year-on-year growth of 5.13% [2]. - The net profit attributable to shareholders for the same period was 7.07 billion yuan, reflecting a slight increase of 0.77% year-on-year [2]. Stock Market Activity - As of September 9, China Aluminum's stock price was 7.78 yuan per share, with a market capitalization of 133.47 billion yuan [1]. - The stock has increased by 7.83% year-to-date, with a recent decline of 0.64% over the last five trading days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 366,900, up by 5.08% from the previous period [2]. - The top ten circulating shareholders include notable ETFs, with Huaxia SSE 50 ETF holding 155 million shares as a new shareholder [3]. Dividend Distribution - Since its A-share listing, China Aluminum has distributed a total of 11.25 billion yuan in dividends, with 5.71 billion yuan distributed over the last three years [3]. Business Overview - China Aluminum, established in 2001 and listed in 2007, is involved in the exploration and extraction of bauxite and coal, production and sales of alumina, primary aluminum, and aluminum alloy products, as well as international trade and logistics [1]. - The company's main revenue sources are from product sales (97.41%), with minor contributions from other business activities [1]. Industry Classification - China Aluminum is classified under the non-ferrous metals sector, specifically in industrial metals and aluminum [1]. - The company is associated with various concepts such as debt-to-equity swaps, central enterprise reforms, and state-owned enterprise evaluations [1].

Group 1 - BlackRock's long position in China Aluminum's H-shares decreased from 6.26% to 5.16% as of September 2 [1]

Group 1 - Non-ferrous metal stocks have seen significant gains, with Tianqi Lithium up 8.34% to HKD 42.6, Ganfeng Lithium up 7.34% to HKD 33.36, Zijin Mining up 5.62% to HKD 28.18, China Aluminum up 5.05% to HKD 6.87, and China Hongqiao up 4.13% to HKD 24.72 [1] - The expectation of a Federal Reserve interest rate cut is anticipated to significantly boost commodity demand, while the expectation of a weaker dollar highlights the anti-inflation properties of bulk commodities [1] - As of mid-2025, the A-share precious and industrial metals sectors are in a "high profitability, low valuation" phase, with the potential for increased valuation driven by active domestic capital markets and the "high-cut low" rotation effect [1] Group 2 - The ongoing energy revolution in China and the global computing power revolution are expected to continuously drive high growth in metal raw material demand [1] - There is a noticeable trend of countries increasingly protecting and pursuing critical mineral resources, leading to a clear head-of-core resource characteristic [1] - A revaluation of critical mineral resources is expected to gradually offset the negative valuation pressure from commodity cycle attributes, with the resource valuation system anticipated to be enriched and optimized in the future [1]

Core Viewpoint - The rise in non-ferrous metal stocks is attributed to increasing expectations of interest rate cuts by the Federal Reserve, which is expected to boost commodity demand and enhance the anti-inflation characteristics of bulk commodities [1] Group 1: Stock Performance - Tianqi Lithium (09696) increased by 8.34%, trading at 42.6 HKD - Ganfeng Lithium (01772) rose by 7.34%, trading at 33.36 HKD - Zijin Mining (02899) saw a 5.62% increase, trading at 28.18 HKD - China Aluminum (02600) grew by 5.05%, trading at 6.87 HKD - China Hongqiao (01378) increased by 4.13%, trading at 24.72 HKD [1] Group 2: Market Analysis - According to Industrial Securities, the expectation of interest rate cuts will significantly boost commodity demand - The anticipated depreciation of the US dollar highlights the anti-inflation properties of bulk commodities - By mid-2025, the A-share precious and industrial metal sectors are expected to be in a "high profitability, low valuation" phase [1] Group 3: Future Outlook - The transition in China's power sector and the global computing power revolution will continue to drive high demand for metal raw materials - There is an increasing trend among countries to protect and pursue critical mineral resources, leading to a clear head-of-core resource characteristic - A gradual revaluation of critical mineral resources is expected to offset the negative valuation pressure from commodity cycle attributes - The valuation system for resource products is anticipated to be continuously enriched and optimized in the future [1]

Core Viewpoint - UBS reports that the performance of non-ferrous metal companies in the first half of the year remains robust, with Luoyang Molybdenum and Zijin Mining leading with profit growth exceeding 50% [1] Group 1: Company Performance - Luoyang Molybdenum and Zijin Mining show strong profit growth of over 50% [1] - China Hongqiao and Jiangxi Copper follow, while China Aluminum and Tianshan Aluminum's profits remain relatively flat [1] Group 2: Industry Trends - The copper industry focuses on mergers and acquisitions, production growth, and niche metal business expansion [1] - The aluminum sector emphasizes dividend distribution and share buybacks [1] Group 3: Earnings Forecast Adjustments - UBS raises full-year profit forecasts for Zijin Mining, Luoyang Molybdenum, and Jiangxi Copper by 6%, 11%, and 26% respectively [1] - The target prices for Zijin Mining and Luoyang Molybdenum are increased to HKD 32.5 and HKD 16.5 respectively [1] - Jiangxi Copper's rating is upgraded to "Buy" with a target price raised to HKD 27.1 [1] Group 4: Preferred Stocks - China Hongqiao remains UBS's top pick in the aluminum sector due to its potential for deleveraging and commitment to shareholder returns, maintaining a target price of HKD 26.8 and a "Buy" rating [1]

Core Viewpoint - The article discusses the performance of the Nonferrous ETF Fund (159880) and its major holdings, highlighting the fund's recent returns and the performance of its key stocks [1] Group 1: Fund Performance - The Nonferrous ETF Fund (159880) opened with a slight increase of 0.07%, priced at 1.509 yuan [1] - Since its establishment on March 8, 2021, the fund has achieved a return of 51.22%, with a recent one-month return of 23.01% [1] Group 2: Major Holdings - Key stocks in the Nonferrous ETF Fund include: - Zijin Mining: down 0.56% - Luoyang Molybdenum: down 0.37% - Northern Rare Earth: down 1.30% - China Aluminum: down 0.51% - Shandong Gold: down 0.16% - Huayou Cobalt: down 0.36% - Zhongjin Gold: down 0.06% - Ganfeng Lithium: down 0.05% - Chifeng Jilong Gold: up 0.39% - Yun Aluminum: down 0.31% [1] Group 3: Management Information - The fund is managed by Penghua Fund Management Co., Ltd., with Yan Dong as the fund manager [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has demonstrated a full industry chain advantage, achieving a historical high in performance [2] - In H1 2025, the company reported a net profit attributable to shareholders of 7.071 billion yuan, a year-on-year increase of 0.81% [5][13] - The company's revenue for H1 2025 reached 116.392 billion yuan, reflecting a year-on-year growth of 5.12% [13] Financial Performance Summary - In H1 2025, the alumina segment generated revenue of 33.243 billion yuan, an increase of 1.789 billion yuan year-on-year, with a profit of 4.707 billion yuan, up 9.92% year-on-year [5][15] - The primary aluminum segment achieved revenue of 75.946 billion yuan, an increase of 7.740 billion yuan year-on-year, with a profit of 8.105 billion yuan, up 5.10% year-on-year [5][15] - The company’s electrolytic aluminum production increased by 9.4% year-on-year to 3.97 million tons in H1 2025 [14] Resource Assurance and Cost Control - The company has enhanced its resource assurance capabilities, with the self-sufficiency rate of alumina ore increasing by 6 percentage points compared to the beginning of the year, reaching a five-year high [16] - The company maintains cost control capabilities, with both alumina and electrolytic aluminum costs below the industry average [14] Profit Forecast and Valuation - The company is expected to benefit from rising aluminum prices, with projected net profits for 2025-2027 being 14.021 billion, 15.382 billion, and 16.144 billion yuan respectively, representing year-on-year growth rates of 13.07%, 9.70%, and 4.96% [17] - The current stock price corresponds to a price-to-earnings ratio (PE) of 9.6 for 2025, 8.7 for 2026, and 8.3 for 2027 [17]

Group 1 - The report details the changes in the registered capital of China Aluminum Corporation as of August 31, 2025, indicating no increase or decrease in the registered capital, which remains at RMB 13,211,666,110 for both securities 601600 and 02600 [1][2] - The total registered capital at the end of the month is RMB 17,155,632,078, with no changes reported in the issued shares or treasury shares for both securities [1][2] - The number of issued shares for security 601600 remains at 13,211,666,110, and for security 02600, it remains at 3,943,965,968, with no changes in the total issued shares [1][2] Group 2 - The report confirms that there are no changes in the share options, warrants, or convertible bonds related to the issuer's share option plan, indicating stability in the company's equity structure [2] - There are no additional changes reported regarding the issued shares or treasury shares, reinforcing the consistency in the company's capital management [2]