特别风险提示：本次配售的实施完成，需全部满足配售及认购协议所约定的各项先决条件。本次配售能 否最终完成及完成的具体时间均存在不确定性，敬请广大投资者注意投资风险。 山东南山铝业股份有限公司（以下简称"公司"）近日获悉公司控股子公司南山铝业国际控股有限公司 （以下简称"南山铝业国际"）根据南山铝业国际股东会发行股份的一般性授权，于2026年1月21日与南 山铝业全资子公司Nanshan Aluminium Investment Holding Limited、2名配售代理订立配售及认购协议。 根据协议约定，配售代理同意促使向不少于6名承配人通过"先旧后新"方式配售31,000,000股南山铝业国 际股份，配售价格为64.50港元/股（以下简称"本次配售"），本次配售的完成需全部满足配售及认购协 议所约定的各项先决条件。 本次配售所得款项净额约为19.87亿港元，将用于南山铝业国际的（1）电解铝及相关原材料和辅助业 务;（2）一般营运资金。 本次配售如依据配售及认购协议的约定顺利完成，南山铝业国际的股份总数将由589,435,200股变更为 620,435,200股，其中南山铝业通过全资子公司Nanshan Al ...

张大伟 制图 ◎记者 赵彬彬 2026年伊始，中国铝企海外扩产的步伐提速，密集动作勾勒出全球铝产业格局重构的清晰脉络。从印尼 到中东，南山铝业、创新集团等企业相继官宣扩产，涵盖电解铝产能建设、配套设施完善等全产业链环 节。 中东市场的布局同样引人注目。1月16日，创新集团披露，公司旗下红海铝业在利雅得举办的"矿业及未 来矿产论坛"上，与沙特公共投资基金（PIF）正式签约，计划共建50万吨电解铝产能及配套设施。 根据协议，该项目将在沙特延布工业园区打造中东地区规模最大的铝产品生产基地之一。项目将专注于 高附加值下游铝产品的研发与生产，全面覆盖沙特本土、中东地区及全球市场的高端需求，助力重塑区 域铝工业生态体系。 此外，1月15日，华通线缆投资的安哥拉电解铝项目一期正式投产，成为安哥拉首个电解铝项目。力勤 资源印尼电解铝项目也于2025年12月30日实现炭素焙烧炉一次点火成功，一期50万吨规划产能将在2026 年逐步释放。 "短短一个月内，多家铝企集中披露海外扩产动态，这并非偶然现象，而是行业发展到特定阶段的必然 选择。"中国企业资本联盟副理事长柏文喜在接受采访时表示，"当前全球电解铝产业正处于供需格局重 构的关 ...

证券代码：600219 证券简称：南山铝业 公告编号：2026-008 山东南山铝业股份有限公司 关于控股子公司南山铝业国际控股有限公司 根据一般性授权配售股份的公告 本次配售所得款项净额约为 19.87 亿港元，将用于南山铝业国际的（1）电 解铝及相关原材料和辅助业务;（2）一般营运资金。 本次配售如依据配售及认购协议的约定顺利完成，南山铝业国际的股份总数 将由 589,435,200 股变更为 620,435,200 股，其中南山铝业通过全资子公司 Nanshan Aluminium Investment Holding Limited 持有南山铝业国际 59.96%股 份变更为 56.97%股份，公司仍为南山铝业国际的控股股东。 南山铝业国际配售的内容详见南山铝业国际在香港联合交易所有限公司披 露易网站（http://www.hkexnews.hk/index_c.htm）披露的内容。 特此公告。 山东南山铝业股份有限公司董事会 2026 年 1 月 23 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、准确性和完整性依法承担法律责任。 特别风险 ...

Company Overview - The company plans to start construction of a 250,000-ton electrolytic aluminum project in 2026 with an investment of $437 million and a construction period of 2 years [1] - In the long term, the company aims to develop a plan for an additional 500,000-ton electrolytic aluminum project to further enhance its production capacity [1] - The strategic goal is to gradually increase electrolytic aluminum capacity to match the company's existing capacities in electrolytic aluminum and alumina [1] Industry Position - The company is the leading alumina producer in Southeast Asia, with an established alumina production capacity of 4 million tons per year in Indonesia [1] - The announcement of the new electrolytic aluminum capacity marks the company's official transition to an integrated electrolytic aluminum producer, which is expected to enhance profitability [1] Competitive Advantages - Raw Material Cost Advantage: The company benefits from abundant bauxite and coal resources in Indonesia, leading to low-cost bauxite supply and short-distance transportation advantages [1] - Regional Advantage: The project is located in the Karangbata Economic Zone in Indonesia, which offers a 20-year tax incentive and proximity to the Malacca Strait, facilitating product distribution across Southeast Asia and to the Eurasian continent [1] - Upstream and Downstream Synergy: As the electrolytic aluminum capacity is gradually released, the company is expected to form an integrated supply chain from alumina to electrolytic aluminum, enhancing synergy and risk resilience [1] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged, while the net profit for 2027 has been increased by 15% to $500 million due to rising product prices [2] - The current stock price corresponds to P/E ratios of 14.7x for 2025, 11.1x for 2026, and 10.9x for 2027 [2] - The target price is maintained at HKD 77.76, corresponding to P/E ratios of 12.0x for 2026 and 11.7x for 2027, indicating an 8% upside potential from the current stock price [2]

Core Viewpoint - The report from CICC suggests focusing on three stock selection criteria in the electrolytic aluminum industry: companies with high capacity-to-market value ratio and significant earnings elasticity with rising aluminum prices, those with overseas expansion capabilities and strong growth potential, and prioritizing companies with high alumina self-sufficiency rates amid current low alumina prices [1] Group 1: Stock Recommendations - CICC maintains a "outperform industry" rating for China Hongqiao (01378), raising the target price from 29.29 HKD to 42.79 HKD [1] - Recommended stocks include: China Hongqiao, Nanshan Aluminum (600219) International H-share (02610/target price 77.76 HKD), Nanshan Aluminum A-share (600219.SH/target price 7.25 RMB), China Aluminum (601600) (02600/target price 17.04 HKD), Tianshan Aluminum (002532) (002532.SZ/target price 22.67 RMB), and Huatong Cable (605196), all rated "outperform industry" [1] Group 2: Industry Trends - Chinese aluminum companies are accelerating their overseas expansion due to domestic bauxite shortages and production capacity limits since 2017, with early movers gaining competitive advantages in resource-rich regions [2] - Companies like China Hongqiao are targeting low-cost regions, particularly in Indonesia, for alumina sourcing, while Guinea's bauxite mining is expected to produce around 170 million tons by 2025, with China Hongqiao projected to be the largest producer at 71 million tons [2] Group 3: Price and Cost Dynamics - The aluminum price increase benefits all electrolytic aluminum companies, with those having a high capacity-to-market value ratio showing greater potential for price appreciation [3] - Companies with alumina self-sufficiency above 100% can benefit from rising alumina prices, as it becomes an internalized cost, leading to increased sales profits [3] - Companies with high self-generated electricity ratios, like China Hongqiao and Nanshan Aluminum, are positioned to benefit from falling coal prices, while those with lower ratios face greater cost sensitivity [4] Group 4: Future Outlook - The outlook for aluminum prices is positive, driven by a growing supply-demand gap and supportive global fiscal and monetary policies, with potential for significant profit expansion as costs remain low [5] - China Hongqiao, Yun Aluminum (000807), and Zhongfu Industrial (600595) are identified as companies with relatively high valuation elasticity, expected to rank among the top performers in 2025 with projected price increases of 177%, 134%, and 171% respectively [5]

Core Viewpoint - Nanshan Aluminum International (2610.HK) experienced a significant drop of over 10%, trading at HKD 61.7, with trading volume exceeding HKD 2.2 billion [1] Group 1: Company Actions - Nanshan Aluminum announced a placement of 31 million shares, representing approximately 5% of the enlarged share capital [1] - The placement price is set at HKD 64.5 per share, reflecting a discount of 6.39% compared to the previous closing price of HKD 68.9 [1] - The company aims to raise HKD 2 billion through this placement, with a net amount of HKD 1.987 billion expected [1] Group 2: Fund Utilization - The company plans to allocate 90% of the net proceeds towards potential electrolytic aluminum and related raw materials, as well as auxiliary businesses [1] - The remaining 10% of the net proceeds will be used for general working capital [1]

Core Viewpoint - Nanshan Aluminum International's stock has dropped over 5%, currently trading at 65.2 HKD, following the announcement of a share placement [1] Group 1: Share Placement Details - Nanshan Aluminum International announced a placement of 31 million shares, representing approximately 5% of the enlarged share capital [1] - The placement price is set at 64.5 HKD per share, which is a discount of about 6.39% compared to the closing price of 68.9 HKD on January 21 [1] - If fully subscribed, the gross proceeds from the placement are expected to be approximately 1.9995 billion HKD, with net proceeds around 1.9868 billion HKD [1] Group 2: Use of Proceeds - Approximately 90% of the net proceeds will be allocated to potential electrolytic aluminum and related raw materials, as well as auxiliary businesses [1] - The remaining 10% of the proceeds will be used for general working capital [1]

南山铝业在披露折价配股后，股价下跌6.3%，至64.55港元。 ...

Group 1 - Nanshan Aluminum International's stock fell over 5%, specifically by 5.37%, trading at 65.2 HKD with a transaction volume of 2.039 billion HKD [1] - The company announced a placement of 31 million shares, representing approximately 5% of the enlarged share capital, at a price of 64.5 HKD per share, which is a discount of about 6.39% compared to the closing price of 68.9 HKD on January 21 [1] - If the subscription is fully placed, the total amount expected from the subscription is approximately 1.9995 billion HKD, with a net amount of about 1.9868 billion HKD, of which around 90% will be used for potential electrolytic aluminum and related raw materials and auxiliary businesses, while 10% will be allocated for general working capital [1]

本文源自：金融界AI电报 南山铝业国际早间在港交所公告，于2026年1月22日，公司、卖方及配售代理订立配售及认购协议，据 此，卖方同意委任配售代理为配售代理，而配售代理同意竭力促使买方按配售价购买出售股份；及卖方 已有条件同意认购，而本公司已有条件同意按认购价根据一般授权向卖方配发及发行认购股份。认购事 项的所得款项净额预期约为19.8676亿港元。90%将用于集团的潜在电解铝及相关原材料以及辅助业 务，10%将用于集团的一般营运资金。 ...