1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Fed's expected interest - rate cut has been postponed to September/December, and the characteristics of the traditional domestic consumption off - season are becoming more apparent [1] - For alumina, the production disturbance of bauxite in Guinea may push up prices and support production costs, but the potential resumption of new or overhauled alumina production capacity may lead to wide - range price fluctuations. For electrolytic aluminum, the easing of China - US tariffs may lead to an expected rush to export, but the traditional consumption off - season may weaken downstream demand, causing wide - range price fluctuations. For aluminum alloy, the decreasing domestic electrolytic aluminum inventory and increasing aluminum alloy inventory may cause the price difference between electrolytic aluminum and aluminum alloy to first strengthen and then weaken [3][5][7] 3. Summary by Related Catalogs Alumina - **Supply - side factors**: In China, Shanxi and Henan mines have not fully resumed production, and there are production disturbances in Guinea and Guangxi. However, new alumina production capacities in Shandong, Guangxi, and Shanxi are being put into operation or under construction, which may increase domestic production in June. Overseas, projects like Nanshan Aluminum's Indonesian project may increase production, and the opening of the import window may increase imports [3][26][31] - **Cost and price**: The daily average full production cost of Chinese alumina is about 2,880 yuan/ton. Alumina prices may fluctuate widely, and investors are advised to wait and watch, paying attention to the support level around 2,600 - 2,800 and the pressure level around 3,300 - 3,500 [3][23] - **Inventory situation**: The inventory in China's ports has increased, while the inventory in SHFE warehouses has decreased [14] Electrolytic Aluminum - **Supply - side factors**: Domestic production capacity such as Luoyang Yichuan Yugang Longquan Aluminum's transfer project and Inner Mongolia Huomei Hongjun Aluminum's project may increase production in June. Overseas, production changes in factories like Nanshan Aluminum's Indonesian project and New Zealand's Tiwai Point may affect imports [4][56] - **Cost and price**: The theoretical weighted average full cost of domestic electrolytic aluminum is about 17,200 yuan/ton. The price may fluctuate widely, and investors are advised to wait and watch, paying attention to the support and pressure levels of SHFE aluminum and LME aluminum [5] - **Inventory situation**: The social inventory of domestic electrolytic aluminum and aluminum rods has decreased, while the inventory in the bonded area has increased [40][43] Aluminum Alloy - **Supply - side factors**: The production of domestic scrap aluminum may decrease in June. The production of primary and secondary aluminum alloys may also decrease. The expansion project of Yichiu Resources is gradually releasing production capacity, increasing the operating rate of secondary aluminum alloy production [7] - **Cost and profit**: The daily full production cost of primary aluminum alloy is 20,060 yuan/ton, and that of secondary aluminum alloy ADC12 is 20,080 yuan/ton with negative profit [7] - **Inventory and price difference**: The social inventory of electrolytic aluminum is decreasing, while the inventory of aluminum alloy is increasing. The price difference between electrolytic aluminum and aluminum alloy may first strengthen and then weaken, and investors are advised to pay attention to short - term, light - position, low - buying arbitrage opportunities [7]

Core Viewpoint - Nanshan Aluminum is expanding its overseas operations by investing approximately 1.868 billion yuan in Indonesia to build a caustic soda production facility with an annual capacity of 200,000 tons and an epoxy chloropropane production facility with an annual capacity of 165,000 tons [1][2][3] Group 1: Investment and Strategic Expansion - The investment is part of the company's long-term overseas market development plan, aimed at enhancing the supply of alumina raw materials and extending the industrial chain [1][3] - The project is expected to take about 18 months to complete and will primarily serve local alumina companies, with excess production available for domestic sales [2][3] - Nanshan Aluminum's overseas revenue reached 17.757 billion yuan in 2024, a year-on-year increase of 30.80%, accounting for 53% of total revenue, up from 47% in 2023 [4] Group 2: Financial Performance - In Q1 2025, Nanshan Aluminum reported revenue of 8.981 billion yuan, a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 1.704 billion yuan, up 100.19% [7][8] - The company's cash flow remains positive, with a cash balance of 27.376 billion yuan, which is over five times its debt of approximately 5.042 billion yuan [8] - The company has maintained a high dividend payout ratio, exceeding 40% for two consecutive years [5][8] Group 3: Market Position and Competitive Advantage - Nanshan Aluminum is recognized as a leading aluminum processing enterprise in China, with a complete industrial chain from power generation to aluminum recycling [6] - The company has established a strong market presence, serving major clients in various sectors, including aviation, automotive, and telecommunications [6] - The investment in Indonesia is expected to leverage local resources, reducing procurement costs and enhancing competitive advantages in Southeast Asia and Northeast Asia markets [2][4]

Investment Rating - The report maintains a recommendation for precious metals, indicating a bullish outlook due to various factors including U.S. tariff policies and inventory dynamics [1][2]. Core Views - The U.S. has announced an increase in tariffs on steel and aluminum, which has led to heightened risk aversion and a significant rise in precious metal prices. Gold and silver prices increased by 2.48% and 7.61% respectively compared to the previous week [7][8]. - Domestic aluminum ingot inventory continues to decrease, while aluminum rod inventory may begin to accumulate due to seasonal demand fluctuations [2][8]. - The report highlights the potential for silver to benefit from its dual role as an industrial metal in the renewable energy sector and as a financial safe haven [7][8]. Summary by Sections Industrial Metals - The report notes that the U.S. tariff increase has triggered market concerns regarding trade policies for other metals, leading to price increases in precious metals [1][7]. - Copper inventories have shown mixed trends, with SHFE copper inventory at 107,400 tons, up by 1,613 tons week-on-week, while LME copper inventory decreased by 17,475 tons to 132,400 tons [2][8]. Precious Metals - The report recommends several companies in the precious metals sector, including Chifeng Jilong Gold Mining, Zhongjin Gold, and Shandong Gold, among others [2][8]. - The report emphasizes the potential for silver prices to rise due to its industrial applications and current market conditions [7][8]. Aluminum Industry - Domestic aluminum ingot inventory decreased by 15,000 tons to 504,000 tons, while aluminum rod inventory saw a slight increase [7][8]. - The report discusses the establishment of a joint venture by Nanshan Aluminum in Indonesia for a caustic soda project, which is expected to enhance the company's supply chain resilience [8]. New Energy Metals and Minor Metals - The report indicates that tin prices have risen due to slow recovery in Myanmar's tin production and a decrease in social inventory, with national tin ingot social inventory at 8,998 tons, down by 257 tons week-on-week [3][8]. - The report recommends companies with growth potential in tin and tungsten sectors, such as Xingye Silver Tin and Zhangyuan Tungsten [8].

Group 1 - The global aluminum profile industry has evolved from initial industrial applications to multiple high-tech and traditional fields [1] - Guinea holds the largest aluminum ore reserves globally, accounting for 25.52% of total reserves [2] - Guinea, Australia, and China each contribute over 20% to global aluminum ore production, with respective shares of 28.99%, 22.22%, and 20.67% [5] Group 2 - The total global aluminum profile production is projected to be approximately 39.18 million tons in 2024, with China accounting for 50%-55% of this total [7] - There is an increasing demand for lightweight aluminum profiles, particularly in the automotive and aerospace sectors, driven by technological innovations and the rapid development of industries such as new energy vehicles and photovoltaics [9]

Core Viewpoint - Nanshan Aluminum plans to establish a joint venture in Indonesia to build a caustic soda project with an annual capacity of 200,000 tons and an epoxy chloropropane project with an annual capacity of 165,000 tons, with a total investment of approximately 1.868 billion RMB [1] Group 1: Investment and Production Plans - The investment in Indonesia is part of the company's long-term overseas market development strategy and aims to enhance the supply chain for alumina raw materials while extending the upstream and downstream industrial chain [1] - The caustic soda produced will primarily be sold to alumina enterprises within the industrial park, with the remaining portion available for domestic sales in Indonesia [1] - The epoxy chloropropane products will mainly target markets in Southeast Asia and Northeast Asia, providing a competitive advantage in market selection and production costs [1] Group 2: Industry Context and Strategic Development - Following Indonesia's ban on direct exports of bauxite, many alumina enterprises have invested in Indonesia, making it a significant player in the caustic soda market [1] - Nanshan Aluminum has established a scale of benefits in the Bintan Industrial Park since planning the alumina project in 2017, with 2 million tons of alumina production capacity currently in operation and another 2 million tons under construction [2] - The company has entered the trial production phase for its third-phase alumina project in Bintan, Indonesia, as part of its dual-track development strategy [3] Group 3: Financial Performance - In the first quarter, Nanshan Aluminum achieved an operating income of 8.981 billion RMB, a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 1.704 billion RMB, a year-on-year increase of 100.19% [3]

Group 1 - Fulin Precision Industry's subsidiary Jiangxi Shenghua signed a supplementary agreement with CATL, involving a prepayment of 500 million yuan to support the construction of production bases in Jiangxi and Sichuan [1] - Jiangxi Shenghua commits to complete the Jiangxi base by April 30, 2025, and achieve an annual production capacity of 80,000 tons of lithium iron phosphate cathode materials by June 30, 2025 [1] - The agreement ensures that 100% of Jiangxi Shenghua's capacity from 2025 to 2029 will prioritize materials meeting CATL's requirements, with CATL committing to purchase no less than 80% of the promised capacity annually [1] Group 2 - ST Lingda announced the resignation of Chairman and CEO Wang Mingsheng due to personal reasons, with Jin Yongfeng elected as the new Chairman and Yang Xusheng appointed as the new CEO [2] - The impact of this management change on the company's operations remains to be seen, with market focus on the new management's ability to improve the company's performance [2] Group 3 - Nanshan Aluminum plans to invest approximately 1.868 billion yuan to establish a joint venture in Indonesia for the production of 200,000 tons of caustic soda and 165,000 tons of epoxy chloropropane [3] - This investment reflects the company's internationalization strategy and intention to extend its industrial chain, potentially enhancing its global competitiveness [3]

证券代码：600219 证券简称：南山铝业 公告编号：2025-037 山东南山铝业股份有限公司对外投资公告 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： 投资金额：本项目总投资约 186,777.35 万元人民币 相关风险提示：本项目符合当地产业规划及行业政策，但尚需通过印尼有 权主管机关项目环评、建设许可等审批程序，如因国家或地方政策调整，项目审 批实施条件发生变化，项目可能存在顺延、变更、中止或终止的风险。 一、对外投资概述 （一）项目基本情况 山东南山铝业股份有限公司（以下简称"公司"或"南山铝业"）基于有效 服务同一工业园区氧化铝项目，构建完整产业链条，同时深化国际产能合作，增 强公司的盈利能力，提高公司抗风险能力，在符合相关法律法规基础上拟通过境 外全资公司 Huaton Hong Kong Investment Limited（简称"HHKIL"）与非关 联公司 Glory Light Global Investment Limited（简称"GLGIL"）共同在 BVI 设立路径公司 Huat ...

证券代码：600219 证券简称：南山铝业 公告编号：2025-036 山东南山铝业股份有限公司 第十一届董事会第十九次会议决议公告 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"）第十一届董事会第十 九次会议于 2025 年 6 月 5 日上午 10 时以现场和通讯相结合的方式召开，公司于 2025 年 5 月 25 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： 审议通过了《关于山东南山铝业股份有限公司对外投资公告的议案》 为有效服务同一工业园区氧化铝项目，构建完整产业链条，同时深化国际产能合作， 增强盈利能力，提高抗风险能力， 公司在符合相关法律法规基础上拟通过境外全资公司 Huaton Hong Kong Investment Limited（简 ...

Core Viewpoint - Nanshan Aluminum plans to establish a joint venture, PT Bintan Fine Chem Indonesia, in partnership with others to invest in a project for producing 200,000 tons of caustic soda and 165,000 tons of epichlorohydrin annually, with a total investment of approximately 1.868 billion RMB [1] Group 1: Project Details - The project aims to serve the alumina project within the same industrial park, enhancing the company's international capacity cooperation [1] - The registered capital of PT BFCI is 20 million USD, with Nanshan Aluminum holding an indirect stake of 48.45% [1] Group 2: Regulatory Considerations - The project is subject to environmental assessments and construction permit approvals from Indonesian authorities, which may involve risks of delays, changes, suspension, or termination [1]

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 证券代码：600219 证券简称：南山铝业 公告编号：2025-035 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 | 38,410,200股 | | 累计已回购股数占总股本比例 | 0.33% | | 累计已回购金额 | 143,626,756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 山东南山铝业股份有限公司（ ...