Group 1 - The company has approved a share repurchase plan using its own funds to buy back a portion of its public shares for cancellation and reduction of registered capital [1][2] - The total amount for the share repurchase will not be less than RMB 300 million and not exceed RMB 600 million, with a maximum repurchase price of RMB 6.24 per share [2] - The repurchase period is set from December 27, 2024, to December 26, 2025, following the approval from the shareholders' meeting [2] Group 2 - As of July 2025, the company has repurchased a total of 13,727,200 shares in July, accounting for approximately 0.12% of the total share capital, with a total expenditure of RMB 56,305,377 [3] - By July 31, 2025, the cumulative repurchase reached 65,084,189 shares, representing about 0.56% of the total share capital, with total funds spent amounting to RMB 249,404,760.74 [3] - The repurchase progress aligns with the established share repurchase plan [3] Group 3 - The company will adhere to relevant regulations during the repurchase period and will make decisions based on market conditions, ensuring timely disclosure of the repurchase progress [4]

证券代码：600219 证券简称：南山铝业 公告编号：2025-043 山东南山铝业股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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法律责任。 重要内容提示： 回购方案首次披露日 2024/12/12 回购方案实施期限 2024 年 12 月 27 日~2025 年 12 月 26 日 预计回购金额 300,000,000元~600,000,000元 √减少注册资本 □用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 （公告编号：2024-070）和《山东南山铝业股份有限公 司关于以集中竞价交易方式回购股份的回购报告书》（公告编号：2025-001）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司 2025 年 7 月回购股份情况公告如下： 股，占公司总股本的比例约为 0.12%，回购成交的最高价为 4.12 元/股，最低价为 截止 2025 年 7 月 31 ...

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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/12/12 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 月 27 12 | 12 | 日~2025 | 年 | 月 | 26 | 日 | | 预计回购金额 | 300,000,000元~600,000,000元 | | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 65,084,189股 | | | | | | | | 累计已回购股数占总股本比例 | 0.56% | | | | | | | | 累计已回购金额 | 249,404,760.74元 | | | | | | | | 实际回购价格区间 | ...

Core Viewpoint - Nanshan Aluminum announced a share buyback program, indicating a commitment to returning value to shareholders and potentially signaling confidence in the company's future performance [2] Summary by Categories Share Buyback Details - As of July 31, 2025, the company has repurchased approximately 65.08 million shares, which represents about 0.56% of the total share capital [2] - The highest price paid for the repurchased shares was 4.12 RMB per share, while the lowest price was 3.24 RMB per share [2] - The total amount spent on the share buyback is approximately 249 million RMB [2]

格隆汇8月6日丨南山铝业(600219.SH)公布，2025年7月，公司通过集中竞价交易方式已累计回购公司股 份13,727,200股，占公司总股本的比例约为0.12%，回购成交的最高价为4.12元/股，最低价为4.07元/ 股，支付的资金总额为人民币56,305,377元（不含交易费用）。截止2025年7月31日，公司通过集中竞价 交易方式已累计回购公司股份65,084,189股，占公司总股本的比例约为0.56%，回购成交的最高价为4.12 元/股，最低价为3.24元/股，支付的资金总额为人民币249,404,760.74元（不含交易费用）。上述回购进 展符合既定的回购股份方案。 ...

从指数持仓来看，中证回购价值策略指数十大权重分别为：菲利华（5.55%）、阳光电源（5.35%）、 宁德时代（4.76%）、南山铝业（4.73%）、金发科技（4.61%）、三花智控（4.57%）、汇川技术 （4.45%）、美的集团（4.36%）、天赐材料（4.35%）、国金证券（4.14%）。 金融界8月5日消息，上证指数高开高走，中证回购价值策略指数 (回购价值策略，931830)报2358.37 点。 数据统计显示，中证回购价值策略指数近一个月上涨8.48%，近三个月上涨13.55%，年至今上涨 21.48%。 据了解，中证回购价值策略指数从发生过股票回购事件的上市公司中选取估值水平较低、业绩预期较好 的50只上市公司证券作为指数样本，以反映该类上市公司证券的整体表现。该指数以2018年12月28日为 基日，以1000.0点为基点。 从中证回购价值策略指数持仓的市场板块来看，深圳证券交易所占比67.34%、上海证券交易所占比 32.66%。 从中证回购价值策略指数持仓样本的行业来看，工业占比34.24%、原材料占比21.18%、医药卫生占比 10.72%、可选消费占比10.35%、信息技术占比10.17% ...

Group 1 - The AMAC Nonferrous Metals Index increased by 0.81%, closing at 3387.8 points with a trading volume of 36.511 billion [1] - The AMAC Nonferrous Metals Index has risen by 8.81% in the past month, 21.63% in the past three months, and 21.46% year-to-date [1] - The index is based on the classification guidelines from the China Securities Association and includes 43 industry classification indices [1] Group 2 - The top ten holdings of the AMAC Nonferrous Metals Index include Northern Rare Earth (8.77%), China Aluminum (5.63%), and Huayou Cobalt (5.56%) [1] - The market capitalization distribution shows that 52.51% of the holdings are from the Shenzhen Stock Exchange, while 47.49% are from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the AMAC Nonferrous Metals Index shows that raw materials account for 96.48%, industrials for 2.09%, information technology for 1.07%, and consumer discretionary for 0.36% [2]

Report Overview - Report Title: Non-ferrous Metals Weekly Report (Alumina, Electrolytic Aluminum, and Aluminum Alloys) - Report Date: August 4, 2025 - Research Team: Hongyuan Futures Metal Research Team 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The US tariff hikes increase global economic uncertainty, and the traditional consumption off - season leads to inventory accumulation expectations, putting pressure on aluminum prices [1] - For alumina, although the cost is pushed up by the rising price of imported bauxite from Guinea, the supply - demand is expected to be loose, so the price may be cautiously weak - For electrolytic aluminum and aluminum alloys, the weak US job market raises the expectation of Fed rate cuts, but the traditional consumption off - season suppresses downstream demand, and prices may still have room to fall 3. Summary by Category Alumina - **Supply - demand situation**: Domestic bauxite supply is expected to be loose in August, with production and imports likely to increase. China's alumina production in August may increase month - on - month, and the surplus of alumina compared to electrolytic aluminum's operating capacity in July has expanded. Imports may decrease and exports may increase in August, and port inventories have decreased [3][18][27] - **Price and cost**: The price of imported bauxite from Guinea has risen, pushing up production costs. The average daily full production cost of Chinese alumina is about 2,880 yuan/ton. The price of alumina may be cautiously weak. It is recommended that investors hold previous short positions cautiously, paying attention to the support level around 3,000 - 3,100 and the resistance level around 3,500 - 3,800 [3][24] - **Investment strategy**: Hold previous short positions cautiously, pay attention to support and resistance levels [3] Electrolytic Aluminum - **Supply - demand situation**: Domestic electrolytic aluminum production in August may increase month - on - month due to the resumption and new production of some projects. Imports in August may also increase. The operating rate of downstream leading processing enterprises has declined, and the demand is weak [4][60] - **Price and cost**: The weak US job market raises the expectation of Fed rate cuts, but the traditional consumption off - season suppresses downstream demand. The price of Shanghai aluminum may still have room to fall. It is recommended that investors hold previous short positions cautiously, paying attention to the support level around 20,000 - 20,300 and the resistance level around 21,000 - 21,500 for Shanghai aluminum, and the support level around 2,300 - 2,500 and the resistance level around 2,700 - 2,800 for LME aluminum [4] - **Investment strategy**: Hold previous short positions cautiously, pay attention to support and resistance levels [4] Aluminum Alloys - **Supply - demand situation**: The production of domestic scrap aluminum in August may decrease, and imports may increase. The production of primary and recycled aluminum alloys in August may increase, and the raw material inventory of recycled aluminum alloy enterprises may increase while the finished product inventory may decrease. The import and export volume of unwrought aluminum alloys in August may decrease [6][71][84] - **Price and cost**: The weak US job market raises the expectation of Fed rate cuts, but domestic recycled aluminum alloy production is still in the red, and the traditional consumption off - season suppresses downstream demand. The price of aluminum alloys may still have room to fall. It is recommended that investors hold previous short positions cautiously, paying attention to the support level around 19,500 - 19,700 and the resistance level around 20,000 - 20,300 [6] - **Investment strategy**: Hold previous short positions cautiously, pay attention to support and resistance levels [6] Basis and Spread - **Alumina**: The basis and monthly spread are positive and basically within a reasonable range. It is recommended that investors hold previous long positions on the alumina basis cautiously [11] - **Electrolytic Aluminum**: The basis of Shanghai aluminum is positive and basically within a reasonable range, and the monthly spread is also positive and reasonable. It is recommended that investors wait and see for the arbitrage opportunities of the basis and monthly spread of Shanghai aluminum [39] - **Aluminum Alloys**: The basis and monthly spread of cast aluminum alloys are positive and basically within a reasonable range. It is recommended that investors wait and see for the arbitrage opportunities of the basis and monthly spread of cast aluminum alloys [67]

Core Viewpoint - Nanshan Aluminum has successfully transformed from a local building materials company to a key supplier in the aerospace and automotive industries, showcasing its comprehensive aluminum material supply chain and commitment to quality and innovation [1][8]. Group 1: Company Overview - Nanshan Aluminum has established a complete aluminum material supply chain within a 5-kilometer radius, covering energy, alumina, electrolytic aluminum, and aluminum processing [1]. - The company has become a supplier for major aircraft manufacturers, including COMAC, Boeing, and Airbus, and has received the "Gold Supplier" award from Boeing [1][4]. Group 2: Product Quality and Innovation - Nanshan Aluminum's aluminum plates for aviation applications have exceeded the fatigue testing requirements, achieving over 3 million cycles compared to the standard of 200,000 cycles [2]. - The company has developed a patented aluminum alloy for automotive body panels, which won a silver award at the 24th China Patent Awards, significantly enhancing aluminum alloy strength and addressing production challenges [5]. Group 3: Market Position and Strategy - Nanshan Aluminum holds over 25% market share in the automotive aluminum sector, with partnerships established with international brands like Volkswagen and BMW, as well as domestic electric vehicle manufacturers [5]. - The company is actively involved in the development of products for the C929 aircraft and has established a joint research center for aluminum alloy materials with COMAC [4]. Group 4: Environmental Commitment - Nanshan Aluminum has reduced carbon emissions by 18% since 2019, with its recycling aluminum project alone reducing emissions by 2 million tons annually [7]. - The company has developed a closed-loop system for aluminum production, integrating alumina, electrolytic aluminum, high-end manufacturing, and recycled aluminum to promote energy conservation and clean production [7][8].

Core Viewpoint - The China Securities Index for cyclical steady growth has shown a mixed performance, with a recent decline in the index while maintaining a positive trend over the past month and three months [1][2]. Group 1: Index Performance - The Shanghai Composite Index decreased by 0.37%, while the China Securities Index for cyclical steady growth 50 fell by 0.84%, closing at 1652.84 points with a trading volume of 17.107 billion yuan [1]. - Over the past month, the cyclical steady growth 50 index has increased by 3.62%, and over the last three months, it has risen by 7.90%. However, year-to-date, it has declined by 1.53% [1]. Group 2: Index Composition - The cyclical steady growth 50 index comprises 50 companies selected based on low price-to-book ratios, high revenue growth, and high return on equity (ROE) [1]. - The top ten weighted companies in the index include China State Construction (9.6%), China Petroleum (9.45%), and COSCO Shipping Holdings (9.33%) among others [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange, which accounts for 76.10% of the index, while the Shenzhen Stock Exchange represents 23.90% [1]. Group 3: Sector Allocation - The sector allocation of the cyclical steady growth 50 index shows that materials account for 40.39%, industrials for 29.59%, and energy for 28.80%, with real estate making up only 1.22% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].