Report Title and Date - The report is titled "Non-ferrous Metals Weekly Report (Alumina, Electrolytic Aluminum, and Aluminum Alloys)" dated July 29, 2025 [1] Core Viewpoints - The optimistic expectations of China's anti-involution policy are initially alleviated, and the reality of loose supply and demand suppresses domestic aluminum prices. Traditional consumption off - season inventory accumulation expectations also have a negative impact on prices [1] Industry Investment Ratings - No industry investment ratings are provided in the report Alumina Supply - Side Situation - Domestic: The first - phase 500,000 - ton high - sulfur bauxite desulfurization project in Qingzhen started producing 440,000 tons/year of aluminum concentrate in June, which may increase domestic bauxite production and import in July. Multiple domestic alumina capacity expansion and construction projects are in progress, which may increase China's alumina production in July. The average daily full production cost of Chinese alumina is about 2,850 yuan/ton [3] - Overseas: Nanshan Aluminum's Indonesian Bintan Alumina Phase III project and SPIC's Guinea Aluminum Project Phase II may increase overseas alumina production in July [3] Investment Strategy - Due to the increase in the price of imported Guinea bauxite pushing up production costs, but the easing of optimistic expectations of the anti - involution policy and the loose supply - demand expectation, the alumina price may be adjusted. It is recommended that investors wait and see, focusing on the support level around 3,000 - 3,200 and the pressure level around 3,500 - 3,800 [3] Basis and Month - Spread - The alumina basis is negative and at a low level, and the month - spread is positive and basically at a low level. It is recommended that investors go long on the alumina basis at low levels [12] Inventory - The inventory of alumina in Chinese ports and on the SHFE has increased compared with last week [13][15] Electrolytic Aluminum Supply - Side Situation - Domestic: Multiple domestic electrolytic aluminum capacity transfer and new construction projects may increase domestic electrolytic aluminum production in July. The theoretical weighted average full cost of domestic electrolytic aluminum is about 16,650 yuan/ton [4][58] - Import: Multiple overseas factors may increase domestic electrolytic aluminum imports in July [4][61] Investment Strategy - Although the probability of the Fed cutting interest rates in September is increasing, due to the easing of optimistic expectations of the anti - involution policy and the suppression of downstream demand in the traditional consumption off - season, the Shanghai aluminum price may be adjusted. It is recommended that investors wait and see, focusing on the support level around 20,000 - 20,300 and the pressure level around 21,000 - 21,500 for Shanghai aluminum, and the support level around 2,300 - 2,500 and the pressure level around 2,700 - 2,800 for LME aluminum [5] Basis and Month - Spread - The Shanghai aluminum basis and month - spread are positive and within a reasonable range. It is recommended that investors wait and see [37] - The LME aluminum (0 - 3) month - spread is positive and at a relatively high level, and the (3 - 15) month - spread is negative. It is recommended that investors wait and see for LME aluminum month - spread arbitrage opportunities [40] Inventory - The social inventory of Chinese electrolytic aluminum has increased compared with last week. The inventory in the bonded area has decreased, and the inventory in LME and COMEX has changed differently [42][44] Aluminum Alloys Supply - Side Situation - Scrap aluminum: The production and import of Chinese scrap aluminum in July may increase due to the positive and rising daily spread between refined and scrap aluminum [64][66] - Primary aluminum alloy: The daily full production cost of Chinese primary aluminum alloy is 20,550 yuan/ton, and the capacity utilization rate remains flat compared with last week [69] - Recycled aluminum alloy: The daily full production cost of Chinese recycled aluminum alloy ADC12 is 19,900 yuan/ton with negative profit, and the capacity utilization rate has decreased compared with last week [77] Investment Strategy - Although the probability of the Fed cutting interest rates in September is increasing, the production of domestic recycled aluminum alloy is still in the red. Due to the easing of optimistic expectations of the anti - involution policy, the price of cast aluminum alloy may be adjusted. It is recommended that investors wait and see, focusing on the support level around 19,800 - 19,900 and the pressure level around 20,200 - 20,300 [7] Inventory - The social inventory of Chinese aluminum alloys has increased compared with last week. The raw material and finished - product inventory of recycled aluminum alloy enterprises has decreased [87][90] Downstream Processing Enterprises - The weekly capacity utilization rate of Chinese aluminum downstream leading processing enterprises has decreased compared with last week due to the intersection of the easing of Sino - US mutual tariffs and the traditional consumption off - season [93][95]

分组1 - Watson Bio signed a strategic cooperation framework agreement with Yuxi State-owned Capital Operation Company to establish a long-term partnership in the vaccine and bioproducts industry [1] - The cooperation aims to promote innovation in vaccines and synthetic biological manufacturing through various methods such as establishing equity investment funds and strategic investments [1] - Watson Bio was founded in January 2001 and focuses on the research, production, and sales of human vaccines and biotechnological drugs [2] 分组2 - Yuan Dong Bio announced a preliminary transfer price of 42.06 yuan per share for its stock, attracting 12 institutional investors with a total subscription of 540,000 shares, resulting in a subscription multiple of 1.60 times [3] - Yuan Dong Bio was established in June 2009 and specializes in the research, production, and sales of chemical raw materials, high-end chemical drugs, and biological drugs [3] 分组3 - Weiming Environmental reported a total power generation of 2.262 billion kWh in the first half of the year, representing a year-on-year increase of 7.54% [4] - The company also achieved a total online power generation of 1.863 billion kWh, with an average online electricity price of 0.569 yuan per kWh [4] - Weiming Environmental was founded in December 2001 and focuses on low-carbon environmental technology, products, and services [5] 分组4 - Qidi Design won a bid for the Henan Airport Intelligent Computing Center project with a total bid amount of 860 million yuan [6] - The project includes construction, maintenance, and operation of a computing cluster, with a construction period of 150 calendar days [6] - Qidi Design was established in March 1988 and specializes in design consulting, construction engineering, and new energy projects [7] 分组5 - Tiantan Bio's subsidiary received approval for a production site change for its product "Recombinant Human Coagulation Factor VIII" used in treating hemophilia A [8] - The new production site is located in Chengdu, Sichuan Province [8] - Tiantan Bio was founded in June 1998 and focuses on blood products using human plasma and recombinant technology [9] 分组6 - East China Pharmaceutical's HDM1002 tablet clinical trial application was approved by the FDA, aimed at weight management for overweight or obese individuals [10] - The company also received approval for a new drug abbreviated application for injectable cabozantinib, enhancing its product pipeline in the anti-infection field [10] - East China Pharmaceutical was established in March 1993 and specializes in drug research, production, and sales [10] 分组7 - Jinlong Co. plans to acquire a 29.32% stake in Shenzhen Benmao Technology Co., Ltd. [11] - Jinlong Co. was founded in April 1997 and focuses on securities company operations [11] 分组8 - Hasi Lian's injectable diltiazem hydrochloride passed the consistency evaluation by the National Medical Products Administration [12] - The drug is primarily used for treating cardiovascular diseases [12] - Hasi Lian was established in June 1996 and specializes in the research, production, and sales of chemical drug formulations [13] 分组9 - Matrix Co. reported new signed orders of 272 million yuan in the second quarter, with a total of 677 million yuan in signed but uncompleted orders [14] - Matrix Co. was founded in March 2010 and focuses on space design and soft decoration [15] 分组10 - Nanshan Aluminum plans to use up to 1 billion yuan of idle funds for low-risk financial investments [16] - Nanshan Aluminum was established in March 1993 and specializes in the development, production, processing, and sales of aluminum and aluminum alloy products [17] 分组11 - Danhua Technology received a warning letter for failing to timely disclose related party transactions [18][19] - Danhua Technology was founded in February 1994 and focuses on the production and sales of coal chemical products [20] 分组12 - Jinkong Coal Industry announced a cash dividend of 0.755 yuan per share based on a total share capital of 1.674 billion shares [21] - Jinkong Coal Industry was established in July 2001 and specializes in coal production and sales [21] 分组13 - Blue Sky Gas announced that shareholders and the secretary of the board plan to reduce their holdings by a total of 2.61 million shares [22] - Blue Sky Gas was founded in December 2002 and focuses on pipeline natural gas and urban gas services [23] 分组14 - Huagong Technology received approval for the issuance of 2 billion yuan in short-term financing bonds and medium-term notes [24] - Huagong Technology was established in July 1999 and specializes in intelligent manufacturing equipment and related technologies [25] 分组15 - Chengjian Development completed the issuance of 500 million yuan in medium-term notes with a coupon rate of 2.05% [26] - Chengjian Development was founded in December 1998 and focuses on real estate development and investment [27] 分组16 - Feilong Co. reported a net profit of 210 million yuan in the first half of the year, a year-on-year increase of 14.49% [28] - The company achieved a total revenue of 2.162 billion yuan, a year-on-year decrease of 8.67% [28] - Feilong Co. was established in January 2011 and specializes in manufacturing thermal management components for automotive and civil applications [29] 分组17 - Guanghe Technology plans to invest 30 million yuan to establish a new venture capital fund focusing on emerging industries [30] - Guanghe Technology was founded in June 2002 and specializes in the research, production, and sales of multi-layer printed circuit boards [31] 分组18 - Dongnan Network won a bid for the EPC project of Qianjiang Century City Intelligent Comprehensive Science and Technology Park with a total bid amount of 1.183 billion yuan [32] - The project has a total construction area of 273,600 square meters and a planned total investment of 3.956 billion yuan [32] - Dongnan Network was established in December 2001 and focuses on steel structures and new energy [33] 分组19 - Guangdian Measurement plans to raise no more than 1.3 billion yuan through a private placement [34] - The funds will be used for various projects including testing platforms and upgrading laboratories [34] - Guangdian Measurement was founded in May 2002 and specializes in measurement services and technical services [35] 分组20 - Wanma Co. plans to invest in a project to produce 350,000 tons of environmentally friendly polymer materials [36] - The total investment for the project is approximately 1.245 billion yuan, with a construction period from 2025 to 2030 [36] - Wanma Co. was established in December 1996 and focuses on the research, production, and sales of wires, cables, and charging equipment [37] 分组21 - Dingxin Communications plans to sell its subsidiary Haina Smart for 240 million yuan [38] - Dingxin Communications was founded in March 2008 and specializes in low-voltage power line carrier communication products [39] 分组22 - Jiayun Technology plans to transfer its wholly-owned subsidiary Jinyuan Interactive for 10 million yuan [40] - Jiayun Technology was established in May 2002 and focuses on internet marketing services [41] 分组23 - Guangsheng Nonferrous plans to publicly transfer a 3% stake in Guangdong Pearl River Rare Earth Co., Ltd. [42] - The transfer price is not less than 5.9764 million yuan, aimed at clearing unrelated assets [42] - Guangsheng Nonferrous was founded in June 1993 and specializes in rare earth mining and processing [43] 分组24 - Zhongwei Semiconductor plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [44] - Zhongwei Semiconductor was established in June 2001 and focuses on the research, design, and sales of digital and analog chips [45] 分组25 - Zhongrong Co. announced that its chairman and general manager has been released from custody and is resuming normal duties [46] - Zhongrong Co. was founded in April 1990 and specializes in the research, design, production, and sales of paper packaging products [47] 分组26 - Jiangling Motors reported a net profit of 733 million yuan in the first half of the year, a year-on-year decrease of 18.17% [48] - The company achieved total revenue of 18.092 billion yuan, a year-on-year increase of 0.96% [48] - Jiangling Motors was established in January 1997 and focuses on the production and sales of commercial vehicles and related parts [49] 分组27 - Glodon plans to reduce its holdings by up to 2.08% of the company's shares [50] - Glodon was founded in August 1998 and specializes in digital construction platform services [51] 分组28 - Olin Bio's controlling shareholder plans to reduce its holdings by up to 3% of the company's shares [52] - Olin Bio was established in December 2009 and focuses on the research, production, and sales of human vaccines [53] 分组29 - Tianrun Industrial plans to acquire 100% of Shandong Altai's shares for 135 million yuan [54] - The acquisition aims to enhance the company's capabilities in lightweight automotive components [54] - Tianrun Industrial was founded in December 1995 and specializes in the production of crankshafts and connecting rods [55] 分组30 - Goer Technology plans to acquire Mega Precision Technology and Channel Well Industrial for approximately 10.4 billion HKD [56] - The acquisition aims to enhance Goer Technology's capabilities in precision components and smart hardware [56] - Goer Technology was established in June 2001 and focuses on precision components and intelligent acoustic products [57]

Core Viewpoint - The company held its 20th meeting of the 11th Board of Directors on July 23, 2025, where several key resolutions were passed to enhance financial management and support subsidiary operations [1][2][3] Group 1: Financial Management - The company approved the "Shandong Nanshan Aluminum Co., Ltd. Entrusted Financial Management System" to regulate entrusted financial activities, improve fund operation efficiency, and mitigate investment risks [1] - A resolution was passed to utilize up to RMB 1 billion of idle self-owned funds for entrusted financial management, focusing on low-risk, high-security, and high-liquidity financial products, effective for one year from the date of approval [2] Group 2: Subsidiary Support - The company decided to provide a guarantee extension for its wholly-owned subsidiary, Nanshan Aluminum Singapore Co., Ltd., by signing a guarantee contract with Oversea-Chinese Banking Corporation Limited for a trade financing limit of USD 50 million, effective until August 25, 2027 [2][3]

Core Viewpoint - The company plans to utilize idle self-owned funds for entrusted wealth management to enhance fund efficiency and increase returns while ensuring safety and liquidity [1][2]. Investment Overview - **Investment Purpose**: The company aims to rationally utilize idle funds to improve fund efficiency and increase returns while ensuring the safety of funds and meeting operational liquidity needs [1]. - **Investment Amount**: The company intends to use up to RMB 1 billion (approximately $140 million) of idle self-owned funds for entrusted wealth management, with the funds being available for rolling investment [2]. - **Funding Source**: The funds will come from the company's idle self-owned capital [2]. - **Investment Method**: The company will carefully select high-safety, high-liquidity wealth management products, primarily from reputable commercial banks and securities firms, ensuring no related party transactions [2]. - **Investment Duration**: The investment will be valid for 12 months from the date of board approval [2]. Approval Process - The board of directors approved the proposal for using idle self-owned funds for entrusted wealth management during the 20th meeting of the 11th board on July 23, 2025, without needing shareholder approval [2]. Risk Analysis and Control Measures - **Risk Analysis**: The company acknowledges that while the entrusted wealth management products are generally low to medium risk, they may still be affected by macroeconomic factors, policy changes, and market fluctuations, leading to uncertain actual returns [3]. - **Control Measures**: The company has established a risk control framework, including approval processes and responsibilities, to mitigate risks and ensure fund safety [3]. Impact on the Company - The entrusted wealth management will not affect the company's normal operational cash flow or the conduct of its main business, and it aims to enhance the efficiency of self-owned funds and provide better returns for shareholders [4].

提供担保展期的公告 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法律责任。 重要内容提示 ● 被担保人名称：南山铝业新加坡有限公司（以下简称"新加坡公司"）， 为山东南山铝业股份有限公司（以下简称"公司"）全资子公司。 ● 本次担保金额及已实际为其提供的担保余额： 证券代码：600219 证券简称：南山铝业 公告编号：2025-042 山东南山铝业股份有限公司 为全资子公司南山铝业新加坡有限公司 本次为新加坡公司担保金额为 5,000 万美元，本次担保发生后累计为其提供 的担保余额为 7,100 万美元。 ● 本次担保是否有反担保：否 ● 对外担保逾期的累计数量：公司不存在对外担保逾期的情况 一、担保情况概述 为满足公司全资子公司新加坡公司贸易融资需求，公司拟与 Oversea-Chinese Banking Corporation Limited（以下简称"华侨银行"）签 署《担保合同》，为新加坡公司在华侨银行申请额度为 5,000 万美元的担保展期。 本次担保展期期限自董事会审议通过后双方有权签字人签署《担保合同》并加盖 公章之日 ...

第二章 操作规定 第四条 公司从事委托理财业务应坚持"规范运作、风险防范、 谨慎投资"的原则，以不影响公司正常经营和主营业务的发展为前 提条件。公司进行委托理财应遵循以下规定: (一)委托理财的资金为公司闲置资金，不得挤占公司正常运营 和项目建设资金; (二)根据公司的风险承受能力合理确定理财产品、规模及期限， 原则上须为安全性较高、流动性较好、短期(不超过 12 个月)的理财 产品; (三)公司投资的委托理财产品，不得用于股票及其衍生产品、 证券投资基金、以证券投资为目的的投资; 第一章 总则 第一条 为规范山东南山铝业股份有限公司(以下简称"公司") 委托理财业务的管理，提高资金运作效率，有效控制风险，维护公 司及股东利益，根据《公司法》《证券法》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第 5 号——交 易与关联交易》等法律法规、规范性文件以及《公司章程》等有关 规定，结合公司的实际情况，制定本制度。 第二条 本制度所称委托理财是指在国家政策允许的情况下，公 司在控制投资风险的前提下，利用闲置自有资金通过委托银行、信 托、证券、基金、期货、保险资产管理机构、金融资产投资公司、 ...

山东南山铝业股份有限公司委托理财管理制度 第一章 总则 第一条 为规范山东南山铝业股份有限公司(以下简称"公司") 委托理财业务的管理，提高资金运作效率，有效控制风险，维护公 司及股东利益，根据《公司法》《证券法》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第 5 号——交 易与关联交易》等法律法规、规范性文件以及《公司章程》等有关 规定，结合公司的实际情况，制定本制度。 第二条 本制度所称委托理财是指在国家政策允许的情况下，公 司在控制投资风险的前提下，利用闲置自有资金通过委托银行、信 托、证券、基金、期货、保险资产管理机构、金融资产投资公司、 私募基金管理人等专业理财机构，对其财产进行投资和管理或者购 买相关理财产品的行为。 第三条 本制度适用于公司及合并报表范围的所有公司(以下简 称"子公司")的委托理财管理。公司进行委托理财时，应当严格按 照本制度规定的审批权限、决策程序、信息披露等要求执行。子公 司进行委托理财视同上市公司的行为，适用本制度规定。 第二章 操作规定 第四条 公司从事委托理财业务应坚持"规范运作、风险防范、 谨慎投资"的原则，以不影响公司正常经营和主营业务的发展 ...

证券代码：600219 证券简称：南山铝业 公告编号：2025-042 山东南山铝业股份有限公司 为全资子公司南山铝业新加坡有限公司 提供担保展期的公告 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法律责任。 重要内容提示 ● 被担保人名称：南山铝业新加坡有限公司（以下简称"新加坡公司"）， 为山东南山铝业股份有限公司（以下简称"公司"）全资子公司。 ● 本次担保金额及已实际为其提供的担保余额： 本次为新加坡公司担保金额为 5,000 万美元，本次担保发生后累计为其提供 的担保余额为 7,100 万美元。 ● 本次担保是否有反担保：否 ● 对外担保逾期的累计数量：公司不存在对外担保逾期的情况 为 满 足 公 司 全 资 子 公 司 新 加 坡 公 司 贸 易 融 资 需 求 ， 公 司 拟 与 Oversea-Chinese Banking Corporation Limited（以下简称"华侨银行"）签 署《担保合同》，为新加坡公司在华侨银行申请额度为 5,000 万美元的担保展期。 本次担保展期期限自董事会审议通过后双方有权签字人 ...

山东南山铝业股份有限公司 关于使用闲置自有资金委托理财的公告 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法律责任。 重要内容提示： 投资种类：低风险、安全性高、流动性好的理财产品。 投资金额：公司拟使用最高不超过人民币 10 亿元的闲置自有资金进行委 托理财。上述资金可循环投资，滚动使用。 证券代码：600219 证券简称：南山铝业 公告编号：2025-041 （二）投资金额 公司拟使用最高不超过人民币 10 亿元的闲置自有资金进行委托理财。上述 资金可循环投资，滚动使用。 （三）资金来源：公司闲置自有资金。 （四）投资方式 1 公司(含控股子公司)将按照相关规定严格控制风险，谨慎选择，购买安全性 高、流动性好的理财产品。 履行的审议程序：公司于 2025 年 7 月 23 日召开第十一届董事会第二十次 会议，审议通过了《关于使用闲置自有资金委托理财的议案》，无需提交股东大 会审议。 特别风险提示：公司拟委托理财的产品属于安全性高、流动性好、风险较 低的投资品种，总体风险可控，但不排除该投资受宏观经济、政策因素、投资市 场波动等风险 ...

第十一届董事会第二十次会议决议公告 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。 山东南山铝业股份有限公司（以下简称"公司"或"本公司"）第十一届董事会第二 十次会议于 2025 年 7 月 23 日上午 10 时以现场和通讯相结合的方式召开，公司于 2025 年 7 月 13 日以书面、传真和邮件方式通知了各位参会人员。会议应到董事 9 名，实到董事 9 名，其中，独立董事 3 名，公司监事和高级管理人员列席了会议。会议的召开符合《公司 法》和《公司章程》的有关规定，会议决议合法有效。会议由董事长吕正风先生主持，经 审议表决通过了以下议案： 一、审议通过了《山东南山铝业股份有限公司委托理财管理制度》 为规范公司的委托理财业务行为，提高资金运作效率，有效防范投资风险，维护公司 及股东利益，根据《公司法》《证券法》《上海证券交易所股票上市规则》《上海证券交 易所上市公司自律监管指引第 5 号—交易与关联交易》等法律、法规及规范性文件以及《公 司章程》的有关规定，结合公司的实际情况，制定《山东南山铝业股份有限公司委托理财 管理制 ...