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 ...

Core Points - The company has established a management system for entrusted financial management to enhance fund operation efficiency and effectively control risks while safeguarding the interests of the company and its shareholders [1] - The entrusted financial management refers to the investment and management of idle self-owned funds through professional financial institutions under the premise of risk control [1] - The system applies to all subsidiaries within the consolidated financial statements of the company, ensuring compliance with approval authority, decision-making procedures, and information disclosure requirements [1] Chapter Summaries Chapter 1: General Provisions - The system aims to regulate the company's entrusted financial management business and is based on relevant laws and regulations [1] - Entrusted financial management is defined as the investment and management of idle funds through qualified financial institutions [1] Chapter 2: Operational Regulations - The company must adhere to principles of standardized operation, risk prevention, and cautious investment, ensuring that entrusted financial management does not affect normal operations [2] - Funds for entrusted financial management must be idle funds and should not encroach on operational and project construction funds [2] - The company is required to select high-security, good liquidity, and short-term financial products for investment [2] Chapter 3: Approval Authority - Approval from the board of directors is required for entrusted financial transactions exceeding certain thresholds, such as 1% of the latest audited net assets or 10% of the latest audited net profit [2] - Transactions that exceed 30% of net assets or 50% of net profit require additional approval from the shareholders' meeting [2] Chapter 4: Implementation and Management - The management team is responsible for the specific operations of entrusted financial management within the authority granted by the board and shareholders [3] - The finance department is tasked with evaluating the financial status, cash flow, and interest rate changes to determine the investment scale and expected returns [3] Chapter 5: Accounting Management - Upon completion of entrusted financial management, the company must obtain investment proof and timely record it in the accounts [4] Chapter 6: Risk Control and Information Disclosure - To mitigate risks, the company must select qualified financial institutions with good credit and financial status as trustees [5] - The finance department must report any significant issues related to entrusted financial management promptly [6] - The company is required to disclose essential information regarding entrusted financial management, including purpose, amount, and impact on the company [6] Chapter 7: Supplementary Provisions - The board of directors is responsible for interpreting and revising the system, which will take effect upon approval [7]

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 ...

Group 1 - Nanshan Aluminum International (02610.HK) expects a mid-term net profit of approximately $225 million to $265 million for the six months ending June 30, 2025, compared to a net profit of about $159 million for the same period ending June 30, 2024 [1] - The increase in net profit is primarily attributed to an improvement in gross margin, driven by higher alumina prices and relatively stable unit production costs [1] - The average selling price of the company's products for the first half of 2025 is expected to be around $530 per ton, up from approximately $387 per ton in the first half of 2024, but lower than $561 per ton in the second half of 2024 [1] Group 2 - TCL Electronics (01070.HK) anticipates a year-on-year adjusted net profit growth of approximately 45% to 65% for the first half of 2025 [2] - Renrui Talent (06919.HK) expects a mid-term profit attributable to equity holders to increase by 66.7% to 94.1% [2] - China Rare Earth Holdings (03788.HK) reports an increase in total gold resources to 5.07 million ounces [2]

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metal industries [1] Core Viewpoints - The supply-side reform in China is expected to break the deflationary cycle and create investment opportunities in the steel and non-ferrous metal sectors [1][6] - The report emphasizes the importance of "supply constraints" to manage the supply-demand balance and mitigate economic downturn risks [6][12] - The steel industry is facing severe overcapacity, with state-owned enterprises holding a significant market share, which facilitates the implementation of administrative measures to control production [6][28] Summary by Sections 1. Supply-Side Reform and Economic Management - The socialist market economy in China allows for effective macroeconomic control, contrasting with the cyclical issues faced in capitalist economies [12][13] - Historical experiences show that demand stimulus alone is insufficient to resolve deep-seated deflationary pressures [14][15] - The supply-side reform initiated in 2016 has proven successful in stabilizing prices and improving corporate profitability [21][22] 2. Steel Industry Analysis - The steel industry has been in a state of oversupply from 2007 to 2024, with crude steel production increasing from 490 million tons to 1.01 billion tons, while apparent consumption has not kept pace [28][29] - The production capacity utilization rates for rebar and wire rod are expected to decline from around 70% to 50% due to weak real estate demand [33][34] - The concentration of production among state-owned enterprises is high, with central state-owned enterprises accounting for approximately 63% of total production in 2024 [38][39] 3. Investment Recommendations - The report suggests focusing on three categories of investment targets: profit recovery, stable profit with valuation repair, and stable high-dividend stocks [51] - Specific companies recommended for profit recovery include Liugang Co., Taigang Stainless Steel, and Shandong Iron and Steel, with projected annualized PE ratios improving significantly under favorable conditions [51]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - The expected time for the Fed to cut interest rates has been reduced to September/December, and the strengthening of the US dollar may limit the upward space for non - ferrous metal prices [1]. - In the traditional consumption off - season, downstream demand for aluminum is weakening, which may lead to adjustments in aluminum prices. However, due to policy - driven elimination of backward alumina production capacity, alumina prices may still have room to rise [2][4]. 3. Summary by Related Catalogs Alumina - **Supply - side factors**: The first - phase 500,000 - ton high - sulfur bauxite desulfurization project in Qingzhen has started production, and domestic and Australian (Guinean) bauxite prices have remained flat or declined, which may increase domestic bauxite production and imports in July. Multiple domestic alumina capacity expansion and transformation projects are in progress, and overseas projects such as Nanshan Aluminum's Indonesian project and SPIC's Guinean project may increase overseas alumina production in July [2]. - **Cost and price**: The average daily full production cost of domestic alumina is about 2,850 yuan/ton. Due to the possible decline in Guinean bauxite prices and policy - driven elimination of backward capacity, alumina prices may still rise. It is recommended that investors try to go long on the main contract at low levels in the short term, paying attention to support levels around 2,900 - 3,000 and resistance levels around 3,300 - 3,500 [2]. - **Inventory**: The inventory of alumina in Chinese ports and on the SHFE has decreased compared to last week. The continuous accumulation of alumina inventory in Chinese electrolytic aluminum plants has led to a loose supply expectation [11][15]. - **Basis and spread**: The alumina basis and monthly spread are positive but at low levels. It is recommended that investors temporarily wait and see for arbitrage opportunities [11]. Electrolytic Aluminum - **Supply - side factors**: Domestic electrolytic aluminum production may increase in July due to capacity transfers and new project startups. Import volume may also increase due to production changes in overseas plants [3][62]. - **Cost and price**: The theoretical weighted average full cost of domestic electrolytic aluminum is about 16,500 yuan/ton. In the off - season, smelting profits remain high, but downstream demand is weakening, and aluminum prices may face adjustment pressure. It is recommended that investors take a callback approach in the short term, paying attention to support and resistance levels for SHFE and LME aluminum contracts [4]. - **Inventory**: The social inventory of electrolytic aluminum has increased compared to last week, and the inventory of aluminum rods in various regions has also increased [43][48]. - **Basis and spread**: The SHFE aluminum basis is positive and within a reasonable range, while the monthly spread is positive and at a relatively high level. The LME aluminum (0 - 3) monthly spread is negative and at a relatively high level, and the (3 - 15) monthly spread is negative and within a reasonable range. It is recommended that investors pay attention to short - term, light - position, high - selling arbitrage opportunities for SHFE aluminum basis and spreads, and temporarily wait and see for LME aluminum monthly spread arbitrage opportunities [38][41]. Aluminum Alloy - **Supply - side factors**: The production and import of domestic scrap aluminum may increase in July. The production of primary aluminum alloy may increase, while that of recycled aluminum alloy may decrease. The import and export of unforged aluminum alloy may decrease [6][82]. - **Cost and price**: The daily full production cost of domestic primary aluminum alloy is 20,600 yuan/ton, and that of recycled aluminum alloy ADC12 is 20,000 yuan/ton with negative profits. Due to production losses and increasing inventory, casting aluminum alloy prices may be adjusted. It is recommended that investors try to go short on the main contract at high levels in the short term, paying attention to support levels around 19,500 - 19,700 and resistance levels around 19,900 - 20,000 [6]. - **Inventory**: The social inventory of domestic aluminum alloy has increased, and the raw material inventory of recycled aluminum alloy enterprises may increase while the finished - product inventory may decrease [6][88]. Downstream Processing Enterprises - The capacity utilization rate of China's leading aluminum downstream processing enterprises has decreased compared to last week, affected by the easing of Sino - US reciprocal tariffs and the traditional consumption off - season [94][96].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The Fed's July rate cut expectation is almost impossible, and the characteristics of the traditional domestic consumption off - season are becoming more obvious [1]. - For alumina, the national policy guides the clearance of backward production capacity, but the falling price of Guinean bauxite weakens cost support, and the price may be adjusted. For electrolytic aluminum, the macro - bullish drive cools down, social inventory accumulates, and the price may face adjustment. For aluminum alloy, domestic recycled aluminum alloy production is in the red, inventory is increasing, and the price of cast aluminum alloy may be adjusted [2][4][6]. Summary by Related Catalogs Alumina - **Supply - side situation**: The 500,000 - ton high - sulfur bauxite desulfurization project in Qingzhen started production in June, and domestic and Australian (Guinean) bauxite prices were flat. New and expanded alumina production capacities in China and overseas are expected to increase production in July. The domestic operating capacity decreased, but inventory increased [2]. - **Cost situation**: The average daily full production cost of Chinese alumina is about 2,850 yuan/ton, with different costs in different regions [25]. - **Inventory situation**: The total inventory of SHFE alumina warehouses and plants decreased last week, while the inventory at Chinese ports increased [14]. - **Investment strategy**: Short - term investors are advised to lightly short the main contract on rallies, focusing on the support level around 2,600 - 2,800 and the resistance level around 3,100 - 3,300 [2]. Electrolytic Aluminum - **Supply - side situation**: Domestic production capacity transfer and new projects are expected to increase production in July, and imports may also increase due to overseas production capacity changes [3][58][61]. - **Demand situation**: The operating rate of downstream leading processing enterprises decreased or remained flat, and traditional consumption off - season led to weakening demand [3]. - **Inventory situation**: Domestic and overseas electrolytic aluminum inventories increased last week, and the social inventory of electrolytic aluminum in China increased [34][42]. - **Investment strategy**: In the short - term, investors should consider price corrections. For SHFE aluminum contract 2508, focus on the support level around 19,000 - 20,000 and the resistance level around 20,800 - 21,000; for LME aluminum, focus on the support level around 2,450 - 2,500 and the resistance level around 2,600 - 2,650 [4]. Aluminum Alloy - **Supply - side situation**: The production and import of domestic scrap aluminum may increase in July. The production of primary aluminum alloy may increase, while that of recycled aluminum alloy may decrease [6][81]. - **Cost and profit situation**: The daily full production cost of primary aluminum alloy is 20,600 yuan/ton, and the daily full production cost of recycled aluminum alloy ADC12 is 20,000 yuan/ton with negative profit [6]. - **Inventory situation**: The inventory of domestic aluminum alloy and recycled aluminum alloy is increasing, and the import and export of non - wrought aluminum alloy may decrease [6]. - **Investment strategy**: Short - term investors are advised to lightly short the main contract on rallies, focusing on the support level around 19,500 - 19,700 and the resistance level around 19,900 - 20,000 [6].