每经AI快讯，中国铝业(02600.HK)早盘涨超3%，截至发稿，涨3.34%，报11.13港元，成交额2.25亿港 元。 （文章来源：每日经济新闻） ...

消息面上，中国铝业近日宣布，云铝股份拟向云南冶金收购云铝涌鑫、云铝润鑫及云铝泓鑫股权。这三 家公司均为云铝股份的控股子公司。本次收购完成后，云南冶金不再持有三家公司股权，有利于云铝股 份优化所属企业股权结构，实现铝资产专业化归集，提高权益电解铝产能，符合云铝股份做优做强核心 主业的战略目标。 汇丰发布研报称，展望明年中国铝行业基本面转强，下游需求持续增长，潜在供应短缺会成为市场关注 重点，预期中国产能维持4,500万吨上限，全球新增产能则依然有限，在电动车行业发展及电网投资的 支持下，中国需求维持稳固，来自建筑行业的拖累预期减弱，预料2026年铝价将按年增长6%，并存在 上行风险，继续列铝业股为中国材料板块的首选。 智通财经APP获悉，中国铝业(02600)早盘涨超4%，截至发稿，涨3.34%，报11.13港元，成交额2.25亿港 元。 ...

中国铝业（601600）(02600)早盘涨超4%，截至发稿，涨3.34%，报11.13港元，成交额2.25亿港元。 汇丰发布研报称，展望明年中国铝行业基本面转强，下游需求持续增长，潜在供应短缺会成为市场关注 重点，预期中国产能维持4,500万吨上限，全球新增产能则依然有限，在电动车行业发展及电网投资的 支持下，中国需求维持稳固，来自建筑行业的拖累预期减弱，预料2026年铝价将按年增长6%，并存在 上行风险，继续列铝业股为中国材料板块的首选。 消息面上，中国铝业近日宣布，云铝股份（000807）拟向云南冶金收购云铝涌鑫、云铝润鑫及云铝泓鑫 股权。这三家公司均为云铝股份的控股子公司。本次收购完成后，云南冶金不再持有三家公司股权，有 利于云铝股份优化所属企业股权结构，实现铝资产专业化归集，提高权益电解铝产能，符合云铝股份做 优做强核心主业的战略目标。 ...

关于港股后市 恒生指数高开0.34%，恒生科技指数涨0.21%。盘面上，有色板块活跃，中国铝业涨近3%，紫金矿业涨 近2%；小米集团涨0.54%，公司11月交付量超过4万台。 东吴证券表示，港股短期风险因素在减少，但反弹确认还需要催化剂。从中长期配置来看，当前位置有 吸引力。该行指，如果美联储降息预期升温，有利于港股回升。此外，美股AI科技泡沫叙事有所减 弱，港股科技随之回调较多，当前具备配置吸引力。 浦银国际表示，"迎合新趋势，拥抱新消费"依然将是2026年消费行业的重要投资策略。在该机构看来， 以下五大消费趋势涵盖了中国消费行业2026年大部分的投资机会：(1)高质价比国产品牌将持续占领消 费者心智(比如连锁咖啡、运动服饰、美妆)，(2)情绪类消费的需求将保持旺盛(比如潮玩、美妆、宠 物)，(3)新兴销售渠道加速崛起(比如即时零售、会员店、零食量贩)，(4)中国消费企业出海正当时(比如 潮玩、咖啡、家电)，(5)健康类消费是长期趋势(比如银发经济、保健品与医疗服务)。 本文转载自腾讯自选股，智通财经编辑：陈筱亦。 中信证券表示，在增量资金越来越多的以左侧稳健型资金为主的资金生态下，A股/港股未来可能更多地 ...

Core Viewpoint - China Aluminum's stock price has increased significantly, rising from HKD 3.98 to HKD 10.48, a gain of over 160% in seven months, indicating a potential continuation of this bullish trend [1] Acquisition Details - Yunnan Aluminum, a subsidiary of China Aluminum, plans to acquire stakes in three companies from Yunnan Metallurgy for a total consideration of CNY 2.267 billion, to be paid in two installments [1][5] - The acquisition aims to enhance the net profit attributable to shareholders and optimize the equity structure of Yunnan Aluminum [1][5] Financial Performance of Target Companies - The three target companies have varying performance; Yunnan Aluminum Yongxin is expected to have a net profit of CNY 608 million in 2024, while Yunnan Aluminum Runxin's profit is projected to drop by 72.3% to CNY 104 million, and Yunnan Aluminum Hongxin is expected to incur a loss of CNY 3 million [1][5] Valuation Methods - The valuation of the target companies was conducted using asset-based and income approaches, with significant discrepancies noted; for instance, Yunnan Aluminum Yongxin's valuation ranged from CNY 3.038 billion to CNY 5.308 billion [2][4] - The acquisition will result in a total goodwill of CNY 1.099 billion, representing 48.5% of the acquisition price [2][4] Financial Impact on China Aluminum - Post-acquisition, the net asset value of Yunnan Aluminum will increase by CNY 1.255 billion, and goodwill will rise by CNY 1.099 billion, impacting China Aluminum's financial statements positively [5][6] - The acquisition resolves competition issues within China Aluminum's subsidiaries and allows for a more focused expansion in aluminum products [6][7] Market Outlook and Shareholder Returns - China Aluminum has a history of generous dividends, with cumulative payouts reaching CNY 9.2 billion since 2021, and a dividend payout ratio of 21% [8] - Institutional investors, including CITIC Securities, have shown confidence in the company, increasing their holdings significantly [8][9] - Analysts predict continued growth in net profit, with estimates for 2025-2027 ranging from CNY 146.35 billion to CNY 177.2 billion, reflecting a positive outlook for the company [9]

Core Viewpoint - China Aluminum's stock price has increased significantly, rising from HKD 3.98 to HKD 10.48, a gain of over 160% in seven months, indicating a potential continuation of this bullish trend [1] Acquisition Details - Yunnan Aluminum, a subsidiary of China Aluminum, plans to acquire stakes in three companies from Yunnan Metallurgy for a total transaction price of CNY 2.267 billion, to be paid in two installments [1][7] - The acquisition will increase Yunnan Aluminum's ownership in the three companies to 96.08%, 97.46%, and 100% respectively, enhancing its profit and investment returns [1][7] Financial Performance of Target Companies - The three target companies have varying performance; Yunnan Yongxin is stable with a projected net profit of CNY 608 million for 2024, while Yunnan Runxin's profit is expected to drop by 72.3% to CNY 104 million, and Yunnan Hongxin is projected to incur a loss of CNY 3 million [1][6] Valuation Methods - The valuation of the target companies was conducted using asset-based and income approaches, with significant discrepancies noted; for instance, Yunnan Yongxin's valuation ranged from CNY 3.038 billion to CNY 5.308 billion [2][4] Goodwill Impact - The acquisition will generate a total goodwill of CNY 1.099 billion, representing 48.5% of the acquisition price, with Yunnan Yongxin contributing CNY 718 million and Yunnan Runxin CNY 379 million [6][11] Financial Metrics Post-Acquisition - Following the acquisition, Yunnan Aluminum's net asset value will increase by CNY 1.255 billion, and its net profit attributable to shareholders will rise by CNY 715 million, significantly impacting China Aluminum's financial statements [7][8] Strategic Positioning - The acquisition resolves competition issues within China Aluminum's subsidiaries and allows Yunnan Aluminum to focus on expanding its aluminum product offerings, maintaining its global leadership in various aluminum segments [9][11] Market Outlook - China Aluminum has shown resilience with a projected revenue growth of 1.57% in the first three quarters of 2025, despite previous declines, and is expected to maintain double-digit growth in net profit [9][10] - The company has a strong dividend policy, having distributed CNY 9.2 billion in dividends since 2021, with a current dividend yield of 2.7% [10][11]

Key Points - On November 25, Alibaba-W (09988), Kuaishou-W (01024), and Pop Mart (09992) ranked the top three in net inflow of southbound funds, with net inflows of 5.587 billion, 567 million, and 377 million respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), SMIC (00981), and China Aluminum (02600), with net outflows of -364 million, -187 million, and -145 million respectively [1] - In terms of net inflow ratio, Southern East Select (03441), Prudential (02378), and Southern Hong Kong US Technology (03442) led the market with ratios of 88.59%, 85.03%, and 71.70% respectively [1] - The top three in net outflow ratio were GX China (03040), Greentown Service (02869), and Aidi Kang Holdings (09860) with ratios of -91.54%, -58.74%, and -54.29% respectively [1] Top 10 Net Inflow Stocks - Alibaba-W (09988) had a net inflow of 5.587 billion, representing a 24.06% increase, closing at 157.800 (+2.14%) [2] - Kuaishou-W (01024) saw a net inflow of 567 million, with a 15.90% increase, closing at 70.650 (+3.06%) [2] - Pop Mart (09992) recorded a net inflow of 377 million, with a 21.51% increase, closing at 200.200 (+0.35%) [2] - Other notable stocks included Xpeng Motors-W (09868) with a net inflow of 274 million and a 17.01% increase, and China Construction Bank (00939) with a net inflow of 271 million and a 15.20% increase [2] Top 10 Net Outflow Stocks - Yingfu Fund (02800) experienced a net outflow of -364 million, with a -2.62% change, closing at 26.040 (+0.85%) [2] - SMIC (00981) had a net outflow of -187 million, with a -3.52% change, closing at 67.950 (-0.15%) [2] - China Aluminum (02600) saw a net outflow of -145 million, with a -31.17% change, closing at 10.660 (+0.76%) [2] - Other significant outflows included Xinda Biopharmaceutical (01801) with -136 million and a -10.94% change, and ZTO Express-W (02057) with -122 million and a -29.90% change [2] Top 10 Net Inflow Ratios - Southern East Select (03441) led with a net inflow ratio of 88.59%, with a net inflow of 8.441 million, closing at 10.300 (+0.19%) [3] - Prudential (02378) followed with a ratio of 85.03%, net inflow of 11.732 million, closing at 107.800 (+0.94%) [3] - Southern Hong Kong US Technology (03442) had a ratio of 71.70%, with a net inflow of 14.887 million, closing at 9.080 (+2.66%) [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B條 作 出。 茲載列中國鋁業股份有限公司在上海證券交易所網站刊登的以下資料全文， 僅 供 參 閱。 承董事會命 中國鋁業股份有限公司 葛小雷 公司秘書 中國‧北京 2025年11月27日 股 票 代 碼：601600 股 票 簡 稱：中 國 鋁 業 公 告 編 號：臨2025-073 中國鋁業股份有限公司 關於召開2025年第三季度業績說明會的公告 本 公 司 董 事 會 及 全 體 董 事 保 證 本 公 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 個 別 及 連 帶 責 任。 重 要 內 容 提 示： 一. 說明會類型 中 國 鋁 ...

关于召开 2025 年第三季度业绩说明会的公告 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。 股票代码：601600 股票简称：中国铝业 公告编号：临 2025-073 中国铝业股份有限公司 二、说明会召开的基本情况 1、召开时间：2025 年 12 月 5 日（星期五）下午 14:00-15:00 2、召开地点：上海证券交易所上证路演中心 会议召开时间：2025 年 12 月 5 日（星期五）下午 14:00-15:00。 会议召开地点：上海证券交易所上证路演中心 会议召开方式：上证路演中心网络互动方式。 投资者可于 2025 年 11 月 28 日(星期五)至 12 月 4 日(星期四)16:00 前通过登 录上证路演中心网站首页点击"提问预征集"栏目、发送邮件至公司邮箱 （ir@chinalco.com.cn）、传真至 010-82298158 等方式就所关注问题进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 重要内容提示： （网址：http://roadshow.sseinfo.com/）。 一、 ...

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and sector performances, particularly in consumer electronics and HBM concepts, while noting the decline in AI applications and certain real estate stocks [3]. Market Performance - As of the midday session, the Shanghai Composite Index rose by 0.49%, the Shenzhen Component Index increased by 0.38%, and the ChiNext Index initially surged over 2% before settling at a 0.56% gain [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.09 trillion yuan, a decrease of 466 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - The consumer electronics sector saw a rise of 2.28%, while the HBM concept led the gains with a 2.62% increase [4]. - The solid-state battery concept also performed well, contributing to the overall positive sentiment in the market [3]. - The AI application sector continued to show weakness, indicating potential challenges in this area [3]. Notable Stocks - In the pork concept sector, stocks like Jin Xin Nong and Tian Yu Bio experienced significant gains, with Jin Xin Nong hitting the daily limit [5]. - Semiconductor stocks such as Huahong Semiconductor and SMIC saw increases of over 5% and 3%, respectively, reflecting strong performance in the tech sector [6]. - New Energy and AI concept stocks also showed strength, with New Yi Sheng rising by 7% and Yangguang Electric Power increasing by nearly 5% [7]. Additional Market Insights - The Hong Kong stock market opened with a slight increase, with the Hang Seng Technology Index expanding its gains [12]. - The People's Bank of China conducted a reverse repurchase operation of 356.4 billion yuan at an interest rate of 1.40%, indicating ongoing liquidity management [13]. - The Chinese yuan appreciated against the US dollar, reaching its highest level since October 2024 [14].