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].

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].