Group 1: Overall Industry Import and Export Situation - The total import and export value of China's aluminum profile industry is projected to reach $4.08 billion in 2024, reflecting a year-on-year increase of 9.53% [1] - The trade surplus for the aluminum profile industry in 2024 is expected to be $3.52 billion, up 10.87% year-on-year [1] - In the first quarter of 2025, the trade scale of the aluminum profile industry has already reached $683 million, with a trade surplus of $559 million [1] Group 2: Import Situation - From 2015 to 2023, the import quantity of aluminum profiles in China showed a fluctuating downward trend, with a slight recovery in 2024, reaching 42,900 tons, a year-on-year increase of 28.83% [2] - The import value of aluminum profiles in 2024 is $280 million, reflecting a year-on-year increase of 1.82% [2] - In the first quarter of 2025, the import value of aluminum profiles is $62 million [2] Group 3: Price Trends - The price of imported aluminum profiles has shown a declining trend from 2015 to 2023, with a rebound in 2024, reaching $0.15 per kilogram, a year-on-year increase of 26.53% [5] - In the first quarter of 2025, the price of imported aluminum profiles is $0.11 per kilogram [5] Group 4: Export Situation - The export quantity of aluminum profiles from China has shown a fluctuating downward trend from 2015 to 2023, with the lowest export quantity in 2017 at 831,800 tons; however, in 2024, the export quantity reached 1,089,300 tons, a year-on-year increase of 10.14% [6] - The export value of aluminum profiles in 2024 is $3.8 billion, also reflecting a year-on-year increase of 10.14% [9] - In the first quarter of 2025, the export quantity reached 196,600 tons, and the export value is $62.1 million [9] Group 5: Export Price Trends - The export price of aluminum profiles has shown fluctuations from 2015 to 2024, with the price in 2024 being $0.29 per kilogram, remaining stable compared to 2023 [10] - In the first quarter of 2025, the export price is $0.32 per kilogram [10]

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - Precious metals and industrial metals have shown strong performance, while energy metals are under pressure [1] - The overall performance of the non-ferrous metal sector in 2024 saw a 32% increase, lagging behind the CSI 300 index by 115 percentage points [14] - In Q1 2025, the non-ferrous metal sector rose by 120%, outperforming the CSI 300 index by 132 percentage points, with precious metals increasing by 255% and industrial metals by 133% [14] Summary by Sections Market Overview - The total market capitalization of the industry is approximately 2,976.948 billion yuan, with a circulating market value of about 2,794.166 billion yuan [2] Precious Metals - In 2024, the average price of gold was 5,594 yuan per gram, a year-on-year increase of 242%, leading to a total revenue of 2,820 billion yuan and a net profit of 1,497.2 billion yuan, reflecting a 52% increase [18] - In Q1 2025, the average gold price reached 6,722 yuan per gram, up 37% year-on-year, with revenue of 818 billion yuan and a net profit of 473.1 billion yuan, marking a 47% increase [30] Copper - The average copper price in 2024 was 75,000 yuan per ton, a 103% increase year-on-year, with total revenue of 14,452 billion yuan and a net profit of 754.81 billion yuan, a 40% increase [34] - In Q1 2025, the copper price was 77,000 yuan per ton, up 11.4% year-on-year, with revenue of 3,357 billion yuan and a net profit of 233 billion yuan, a 50% increase [48] Aluminum - In 2024, the aluminum sector saw an average price of 20,000 yuan per ton, a 7.2% increase year-on-year, with total revenue of 4,207 billion yuan and a net profit of 410.28 billion yuan, a 27% increase [57] - In Q1 2025, the average aluminum price was 21,000 yuan per ton, with revenue of 1,032 billion yuan and a net profit of 109.75 billion yuan, a 29% increase [72] Lithium - The lithium sector faced significant challenges in 2024, with the average price of battery-grade lithium carbonate dropping by 65.1% year-on-year, leading to a revenue decline of 48% [77] - In Q1 2025, the lithium sector showed signs of recovery, with revenue of 126 billion yuan and a net profit of 464 million yuan, reflecting a year-on-year increase of 159% [91] Rare Earth Permanent Magnets - In 2024, the rare earth sector experienced a decline, with total revenue of 600 billion yuan and a net profit of 121.1 billion yuan, a 67% decrease [101] - In Q1 2025, the sector showed recovery with revenue of 145 billion yuan and a net profit of 867 million yuan, a 221% increase year-on-year [130] Institutional Holdings - In Q1 2025, the allocation ratio for the non-ferrous metal sector was 434%, with significant increases in allocations for precious and industrial metals [141]

特此公告。 山东南山铝业股份有限公司董事会 2025年5月14日 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。 为进一步加强与投资者的互动交流，山东南山铝业股份有限公司（以下简称"公 司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合举办 的"2025年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演APP, 参与本次互动交流。活动时间为2025年5月15日（周四）15:00-16:30。届时公司董事 兼董事会秘书隋冠男女士、财务负责人谭树青女士将在线就公司2024年度业绩、公司 治理、发展战略、 经营状况、融资计划、股权激励和可持续发展等投资者关心的问 题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 证券代码：600219 证券简称：南山铝业 公告编号：2025-033 山东南山铝业股份有限公司 关于参加 2025 年山东辖区 ...

Core Points - The announcement details the completion of the pledge release of shares by the controlling shareholder, Nanshan Group, related to the non-public issuance of exchangeable bonds [2][4] - Nanshan Group holds 2,428,227,173 shares, accounting for 20.91% of the total share capital of Nanshan Aluminum [2] - After the release of the pledge, Nanshan Group has pledged a total of 444,513,883 shares, which is 3.83% of the total share capital [2] - The exchangeable bonds issued by Nanshan Group have a total scale of 883.33 million yuan and a term of 3 years [4][5] - The exchange price for the bonds will be adjusted to 3.40 yuan per share starting from May 12, 2025 [5] Group 1 - As of the announcement date, Nanshan Group and its concerted action party, Yili Electric Power Co., Ltd., hold a total of 5,009,271,763 shares, representing 43.13% of the total share capital [2] - Yili Electric Power has pledged 575,000,000 shares, which is 4.95% of the total share capital [2] - The exchangeable bonds have entered the exchange period, which lasts until April 21, 2026 [4] Group 2 - The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations if there are subsequent pledge plans [2] - The company will closely monitor the progress of the exchangeable bonds and continue to fulfill its information disclosure obligations [5]

Investment Rating - The report maintains an "Overweight" rating for the industry [6][18]. Core Insights - The global manufacturing PMI is weakening, indicating a potential economic turning point, leading to a weak performance in basic metals [6][11]. - Despite short-term price weakness in basic metals, the long-term supply-demand dynamics suggest limited downside potential, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The industry comprises 142 listed companies with a total market value of 29,468.06 billion and a circulating market value of 27,667.90 billion [3]. - The A-share market overall rose, with the non-ferrous metals sector outperforming the Shanghai Composite Index by 0.07 percentage points [21][25]. Economic Factors - The April manufacturing PMI in China fell to 49, indicating contraction, with new orders PMI at 49.2 [36]. - The U.S. manufacturing PMI also declined to 48.7, reflecting similar trends [38]. - The Eurozone's economic sentiment index dropped significantly to -18.5 [47]. Basic Metals Analysis - **Aluminum**: Trade uncertainties and weak demand expectations have led to a decline in aluminum prices post-holiday. The operating capacity for electrolytic aluminum remains stable at 43.835 million tons [9][55]. - **Alumina**: The supply-demand balance is tight, with production decreasing and some companies reportedly violating production regulations, creating short-term bullish sentiment [12]. - **Copper**: The processing fees for copper concentrate are declining, while domestic refined copper production is increasing, indicating a deepening conflict in the mining and metallurgy sectors [14]. - **Zinc**: Domestic refined zinc production is growing, with social inventories at historically low levels [16]. Inventory and Pricing - Overall inventory levels for basic metals are low, with specific metrics indicating a decrease in aluminum ingot inventory to 694,000 tons [10][57]. - The current price for electrolytic aluminum is around 19,550 yuan per ton, reflecting a 2.49% decrease [57].

证券代码：600219 证券简称：南山铝业 公告编号：2025-031 山东南山铝业股份有限公司 关于控股股东非公开发行可交换公司债券 调整换股价格的提示性公告 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。 近日，山东南山铝业股份有限公司（以下简称"公司"）收到控股股东南山集团 有限公司（以下简称"南山集团"）的通知，南山集团2023年面向专业投资者非公开 发行可交换公司债券（第一期）（以下简称"本期可交换债券"）换股价格将进行调 整，现将有关事项公告如下： 截至本公告提交日，南山集团有限公司持有公司2,428,227,173股 A 股股份，持有 的 A 股股份占本公司已发行股本总数的20.91%（未含一致行动人所持有股份）。 公司将密切关注本期可交换债券的进展情况，并根据相关规定持续履行信息披露 义务，敬请广大投资者注意投资风险。 特此公告。 根据有关规定和《南山集团有限公司2023年非公开发行可交换公司债券（第一期） 募集说明书》的约定，本期可交换债券目前已进入可交换债券换股期，23南01EB的 换股期持续至2026年4 ...

重要内容提示： 山东南山铝业股份有限公司关于控股股东非公开发 行可交换公司债券完成股份解除质押的公告 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。 证券代码：600219 证券简称：南山铝业 公告编号：2025-032 二、股东累计质押情况 截至公告披露日，公司控股股东及其一致行动人累计质押股份情况如下： | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次解除质押 | 本次解除质押 | 占其所持 | 占公司 | （股） | | （股） | | | 股东 | 持股数量 | 持股比例 | 登记前已质押 | 后质押股份数 | 股份比例 | 总股本 | 已质押 | 已质押 | 未质押 | 未质押 | | 名称 | （股） | （%） | 股份数量（股） | 量（股） | （%） | 比例 | 股份中 | 股份中 | 股份中 | 股份中 | | | | ...

证券代码：600219 证券简称：南山铝业 公告编号：2025-029 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 | 待股东大会审议通过后 12 个月 | | 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 | 32,081,500股 | | 累计已回购股数占总股本比例 | 0.28% | | 累计已回购金额 | 119,914,489元 | | 实际回购价格区间 | 3.24元/股~4.08元/股 | 一、回购股份的基本情况 具体详见公司于 2024 年 12 月 12 日和 2025 年 1 月 7 日在上海证券交易所网 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 本次回购股份的资金总额不低 ...

南山集团已在中国证券登记结算有限责任公司上海分公司开立了"南山集团 有限公司－南山集团有限公司 2023 年非公开发行可交换公司债券（第一期）（品 种二）质押专户"，为本次可交换公司债券换股和本息偿付提供担保，并将其持 有的本公司 863,780,000 股股份进行了质押。 鉴于南山集团已完成上述可交换公司债券的本息兑付及摘牌工作，南山集团 拟于近日向中国证券登记结算有限责任公司上海分公司申请办理"23 南 02EB" 解除质押手续，将"南山集团有限公司－南山集团有限公司 2023 年非公开发行 可交换公司债券（第一期）（品种二）质押专户"持有的公司股份 863,780,000 股解除质押后划转至南山集团自有证券账户。 证券代码：600219 证券简称：南山铝业 公告编号：2025-030 山东南山铝业股份有限公司关于控股股东非公开发 行可交换公司债券拟办理解除质押的提示性公告 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"）控股股东南山集团有限公 司（以下简称"南山集团"） 于 2 ...

Group 1 - The aluminum processing industry involves the use of plastic processing methods to convert aluminum ingots into products such as aluminum profiles, plates, and foils [1] - Major upstream processes include the production of electrolytic aluminum and recycled aluminum, which require bauxite and alumina processing [1] - The aluminum processing products are widely used in various sectors including transportation, packaging, construction, aerospace, and electrical machinery [1] Group 2 - Key listed companies in the aluminum processing industry include Tianshan Aluminum (002532), Mingtai Aluminum (601677), China Aluminum (601600), and Nanshan Aluminum (600219) [2][3] - Mingtai Aluminum, Asia Pacific Technology, Nanshan Aluminum, Ding Sheng New Materials, and Hong Chuang Holdings have over 90% of their business focused on aluminum processing [8] - Domestic market sales dominate, with overseas sales being relatively small for most aluminum processing companies [8] Group 3 - In 2023, Mingtai Aluminum, Nanshan Aluminum, and Yun Aluminum reported revenues exceeding 20 billion yuan, with significant variations in gross margins due to the diversity of aluminum processing products [11] - The production output of aluminum processing products is led by Nanshan Aluminum, Mingtai Aluminum, and Yun Aluminum [11] - Companies are focusing on optimizing their business models and enhancing their technological capabilities to meet the growing demand for aluminum in high-end applications [13] Group 4 - Companies are planning to reduce upstream costs, accelerate technological research and development, and increase production capacity as part of their strategic initiatives [13] - Specific plans include Mingtai Aluminum's focus on recycling aluminum and enhancing product quality, while Nanshan Aluminum aims to develop high-end aluminum materials for the automotive and aerospace sectors [15][16] - The industry is expected to continue growing steadily, driven by the increasing application of aluminum in various sectors and the push for carbon neutrality [13]