山东南山铝业股份有限公司 薪酬与考核委员会工作细则（2025 年 8 月修订） 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"）董事（如 无特别说明均不含独立董事，下同）及高级管理人员的考核和薪酬管理制度，完 善公司治理结构，根据《中华人民共和国公司法》（以下简称《公司法》）、《上 市公司治理准则》《上市公司独立董事管理办法》等有关法律、法规和规范性文 件以及《山东南山铝业股份有限公司章程》（以下简称《公司章程》）的规定， 公司设立董事会薪酬与考核委员会（下称简称"薪酬与考核委员会"），并制定 本工作细则。 第二条 薪酬与考核委员会是董事会下设的专门工作机构，主要负责制定公 司董事及高级管理人员的考核标准并进行考核；负责制定、审查公司董事及高级 管理人员的薪酬决定机制、决策流程、支付与止付追索安排等政策与方案，对董 事会负责。 第三条 本工作细则所称董事是指在本公司支取薪酬的董事，高级管理人员 是指《公司章程》中明确的高级管理人员、以及由总经理提请董事会认定的其他 高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会成员由 5 名董事组成，其中独立董事 3 名。 第五条 薪酬与考 ...

证券代码：600219 证券简称：南山铝业 公告编号：2025-050 山东南山铝业股份有限公司 关于召开 2025 年半年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法律责任。 重要内容提示： （https://www.cs.com.cn/roadshow/yjsmh/） 会议召开方式：网络文字互动 投资者可于2025年9月5日（星期五）前17：00将相关问题通过电子邮件 的形式发送至本公司邮箱：600219@nanshan.com.cn。本公司将会于2025年半年 度业绩说明会上对投资者普遍关注的问题进行回答。 山东南山铝业股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日披 露公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年上 半年经营成果、财务状况，公司计划于 2025 年 9 月 10 日下午 15:30-16:30 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。本次投资者说明会 以网络文字互动方式召开，公司将针对 2025 年上半年的经 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Trump's pressure or potential dismissal of Fed officials strengthens the expectation of interest rate cuts, and the expectation of the traditional consumption off - season turning into the peak season may lead to a relatively strong and volatile aluminum price [1]. - For alumina, the rise in domestic and imported bauxite prices pushes up production costs, but the supply - demand expectation remains loose, limiting the upside space for alumina prices. For electrolytic aluminum, the expectation of an interest rate cut by the Fed in September and the transition from the off - season to the peak season in China, along with low social inventories, may cause the Shanghai aluminum price to be cautiously strong. For aluminum alloy, the expectation of an interest rate cut by the Fed in September and tight scrap aluminum supply may lead to a cautiously strong aluminum alloy price [2][3][5]. 3. Summary According to Related Catalogs Alumina - **Supply - demand situation**: The revocation of bauxite mining licenses in Guinea and the start of domestic bauxite recycling projects may increase domestic bauxite production and imports in August, with a loose supply - demand expectation. New alumina production capacity projects in China may increase domestic alumina production in August, and the matching surplus of alumina over electrolytic aluminum's operating capacity in July has expanded. The trial production of the Indonesian project of Nanshan Aluminum and the closure of the import window may reduce imports and increase exports of alumina in August, leading to a decrease in port inventories [2]. - **Price analysis**: The increase in bauxite prices pushes up production costs, but the loose supply - demand expectation limits the upside space for alumina prices. The alumina basis is positive and within a reasonable range, and the contango structure of the futures contracts is due to the increase in production costs and the expectation of loose supply [2][11][25]. - **Investment strategy**: It is recommended that investors wait and see, paying attention to the support level around 3000 - 3100 and the resistance level around 3300 - 3600. Also, wait and see for basis and spread arbitrage opportunities [2]. Electrolytic Aluminum - **Supply - demand situation**: The restart of electrolytic aluminum projects in China may increase domestic production in August. The recovery of production capacity in overseas electrolytic aluminum plants may increase imports in August. The capacity utilization rate of downstream leading processing enterprises has increased, and the social inventory of electrolytic aluminum has increased but remains at a low level [3][47]. - **Price analysis**: The expectation of an interest rate cut by the Fed in September and the transition from the off - season to the peak season in China may cause the Shanghai aluminum price to be cautiously strong. The Shanghai aluminum basis is positive and within a reasonable range, and the LME aluminum spreads show different positive and negative situations, all within reasonable ranges [3][40][43]. - **Investment strategy**: It is recommended that investors go long on the main contract with a light position in the short - term, paying attention to the support and resistance levels. Also, wait and see for basis and spread arbitrage opportunities [3]. Aluminum Alloy - **Supply - demand situation**: The competition for overseas scrap aluminum procurement is fierce, and the export of scrap aluminum to China is decreasing. However, the positive spread between refined and scrap aluminum in China may decrease domestic scrap aluminum production and increase imports in August. The production of primary and recycled aluminum alloys may increase in August, and the import and export of unforged aluminum alloys may decrease [5][72][85]. - **Price analysis**: The expectation of an interest rate cut by the Fed in September and tight scrap aluminum supply may lead to a cautiously strong aluminum alloy price. The basis and spreads of cast aluminum alloy are positive and within reasonable ranges, and the spread between electrolytic aluminum and aluminum alloy is positive and at a relatively high level [5][68][71]. - **Investment strategy**: It is recommended that investors go short on the spread between electrolytic aluminum and aluminum alloy with a light position in the short - term, paying attention to the support and resistance levels. Also, wait and see for basis and spread arbitrage opportunities [5][68][71]. Downstream Enterprises - The capacity utilization rate of China's leading aluminum downstream processing enterprises has increased compared with last week, mainly due to the expectation of an interest rate cut by the Fed in September and the transition from the off - season to the peak season [97][99]. - Among them, the capacity utilization rates of aluminum cables, aluminum sheets, and aluminum foils have increased, while the capacity utilization rate of aluminum profiles has remained flat [101][103].

Group 1 - The Hang Seng Index Company announced the results of its quarterly review for the Hang Seng Index series as of June 30, 2025 [1] - Nanshan Aluminum International (2610.HK) will be included in the Hang Seng Composite Index, with changes effective after market close on September 5 and starting on September 8 [1]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The dovish remarks from Powell have increased expectations for a rate cut in September, benefiting the prices of precious and base metals [3][41] - The market is beginning to price in the likelihood of a rate cut, with a significant increase in the probability of a September cut to 91.1% following Powell's comments [3][41] - Long-term concerns regarding global monetary policy and debt are expected to support gold prices, with the passage of the "Big and Beautiful" act projected to increase the US fiscal deficit by $3.4 trillion [3][15] Summary by Sections Precious Metals - Gold prices increased by 1.05% to $3,417.20 per ounce, while silver rose by 2.26% to $38.88 per ounce [1][24] - SPDR Gold ETF holdings decreased by 276,237.73 troy ounces, while SLV Silver ETF holdings increased by 6,992,897.80 ounces [24] - The gold-silver ratio fell by 1.19% to 87.89, indicating a potential recovery in silver prices due to increased industrial demand [1][43] Base Metals - Copper prices rose by 0.37% to $9,796.50 per ton on the LME, while aluminum increased by 0.73% to $2,622.00 per ton [6][48] - Supply disruptions from overseas mines continue to tighten raw material availability, with Peru's copper production increasing by 7.1% year-on-year [7][68] - The market anticipates a cautious improvement in consumption as the traditional peak season approaches [7][70] Small Metals - Magnesium prices remain stable at 18,920 yuan per ton, with tight inventory levels among producers [81] - Molybdenum prices have shown positive trends, with molybdenum iron prices rising by 3.60% to 287,500 yuan per ton [14][82] - The demand for molybdenum is expected to remain strong, supported by tight supply conditions [14][82]

Core Viewpoint - Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of June 30, 2025, with Nanshan Aluminum International (02610) being included in the Hang Seng Composite Index, effective after market close on September 5, 2025, and effective from September 8, 2025 [1] Group 1 - Nanshan Aluminum International is likely to be included in the Stock Connect program due to meeting various criteria such as market capitalization, liquidity, and listing duration [1] - The company announced a stock option plan on July 24, 2025, granting a total of 26.17 million stock options to 155 eligible participants, with each option allowing the purchase of common shares at $0.0000002 per share, contingent upon a payment of HKD 1.00 upon acceptance [1]

Core Viewpoint - The Hang Seng Index Company announced the results of the quarterly review for the Hang Seng Index series, with Nanshan Aluminum International being included in the Hang Seng Composite Index, effective from September 8, 2025 [1] Group 1: Company Inclusion - Nanshan Aluminum International (02610) will be added to the Hang Seng Composite Index, with the change taking effect after market close on September 5, 2025 [1] - The inclusion will lead to adjustments in the eligible stocks for the Hong Kong Stock Connect, as per the announcement [1] Group 2: Market Standards - According to Huatai Securities research, Nanshan Aluminum International meets various criteria for inclusion, including market capitalization, liquidity, and listing duration [1] Group 3: Stock Options Plan - Nanshan Aluminum International announced a stock option plan on July 24, 2025, granting a total of 26.17 million stock options to 155 eligible participants, with each option allowing the purchase of shares at $0.0000002 per share [1] - Participants must pay HKD 1.00 upon acceptance of the stock options [1]

Group 1 - The core viewpoint of the news highlights the growth in China's alumina production, with a projected output of 7.75 million tons by June 2025, reflecting a year-on-year increase of 7.8% [1] - In the first half of 2025, China's cumulative alumina production reached 45.151 million tons, marking a cumulative growth of 9.3% [1] - The report referenced is the "2025-2031 China Alumina Industry Development Model Analysis and Future Outlook Report" published by Zhiyan Consulting [1] Group 2 - Listed companies in the alumina sector include China Aluminum (601600), Tianshan Aluminum (002532), Nanshan Aluminum (600219), Yun Aluminum (000807), Shenhuo Co., Ltd. (000933), Zhongfu Industrial (600595), Jiaozuo Wanfang (000612), Hongchuang Holdings (002379), Minfa Aluminum (002578), and Ningbo Fubang (600768) [1]

Group 1 - The core viewpoint of the article highlights the growth potential of the aluminum alloy industry in China, with significant production increases projected for the coming years [1][3] - According to data from the National Bureau of Statistics, China's aluminum alloy production is expected to reach 1.67 million tons by June 2025, representing a year-on-year growth of 18.8% [1] - In the first half of 2025, the cumulative production of aluminum alloys in China is reported to be 9.097 million tons, reflecting a cumulative growth of 14.6% [1] Group 2 - The article lists several publicly listed companies in the aluminum industry, including China Aluminum (601600), Nanshan Aluminum (600219), and others, indicating a diverse market landscape [1] - The report referenced is the "2025-2031 China Aluminum Alloy Industry Market Operation Pattern and Prospect Strategic Analysis Report" published by Zhiyan Consulting, which provides insights into market trends and forecasts [1][3] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive solutions for investment decisions [3]

Group 1 - As of August 15, 2025, Nanshan Aluminum's stock price closed at 4.24 yuan, an increase of 0.10 yuan, representing a rise of 2.42% from the previous trading day [1] - The trading volume on that day was 1.471 million hands, with a total transaction value of 618 million yuan, resulting in a turnover rate of 1.27% [1] - Nanshan Aluminum's main business covers the entire aluminum industry chain, including the production and sales of alumina, electrolytic aluminum, and aluminum profiles [1] Group 2 - On August 15, 2025, the net inflow of main funds was 51.3773 million yuan, accounting for 0.1% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds was 42.101 million yuan, representing 0.09% of the circulating market value [1]