上述质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其他保 证券代码：600219 证券简称：南山铝业 公告编号：2025-059 山东南山铝业股份有限公司关于控股股东的一致行 动人所持部分股权质押的公告 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： ●截止至披露日，山东南山铝业股份有限公司（以下简称"公司"）控股股 东南山集团有限公司（以下简称"南山集团"）持有公司股份总数为 2,404,403,647 股，约占公司总股本的 20.70%；其一致行动人山东怡力电业有限公司（以下简 称"怡力电业"）持有公司股份总数为 2,581,044,590 股，约占公司总股本的 22.22%。 ●本次股份解除质押及质押业务完成后，南山集团累计质押其所持有的公司 股份 420,690,357 股，约占公司总股本的 3.62%，占南山集团所持公司股份的 17.50%；怡力电业累计质押其所持有的公司股份 1,125,970,000 股，约占公司总 股本的 9.70%，占怡力电业所持公司股份的 43.62%。 一、上市公司 ...

Core Insights - The company reported a significant increase in net profit for Q3 2025, reaching 355 million yuan, a 67.17% increase compared to the same period last year, marking a record high for quarterly net profit since its IPO [1] - The company has been focusing on enhancing the operation of its advantageous products, particularly in the 3C consumer electronics sector, while also reducing costs and improving investment efficiency [1] - The company is advancing its high-end strategy by adjusting its industrial structure and increasing the proportion of high-end products, which lays a solid foundation for future performance improvement [1] Financial Performance - In Q3 2025, the company achieved a net profit of 355 million yuan, which is the highest quarterly net profit since its listing [1] - The net profit growth of 67.17% year-on-year indicates strong operational performance despite challenging market conditions [1] Strategic Initiatives - The company is actively responding to the "Belt and Road" initiative and is implementing a globalization strategy, with orderly progress in overseas capacity construction [2] - A planned investment of up to 209 million USD will be made in the "Saudi Red Sea Aluminum Industry Chain Comprehensive Project," which aims to produce 500,000 tons of electrolytic aluminum and 500,000 tons of high-precision aluminum products annually [2] - This project is expected to enhance the company's global influence and competitiveness while providing full-chain investment returns from upstream electrolytic aluminum to downstream aluminum processing [2] Market Position - As a leading player in the global 3C consumer electronics profile market, the company has been a core supplier for top global 3C consumer electronics manufacturers since 2018 [1] - The company has participated in the material research and profile supply for various smart devices, including smartphones, tablets, and laptops [1]

Report Title - "Non-ferrous Metals Weekly Report - Alumina, Electrolytic Aluminum, and Aluminum Alloys" [1] Core Viewpoint - The easing of Sino-US trade relations and the decline in domestic social inventories have made aluminum prices cautiously bullish [2] Industry Investment Rating - Not provided in the report Summary by Section Alumina - **Supply Side** - Domestic: The construction of China National Aluminum's Guixi Nadou sedimentary bauxite mine has started, with an expected annual output of 800,000 physical tons. The first phase of the bauxite recycling project in Qingzhen City has started producing 440,000 tons of aluminum concentrate per year. The production of domestic bauxite in October may increase month-on-month. Several alumina projects are under construction or in production, which may increase the domestic alumina production in October [3][18][26] - Overseas: The third-phase project of Nanshan Aluminum's Bintan Alumina in Indonesia with a capacity of 1 million tons started trial production in early May and is expected to reach full production in 2025. The overseas alumina production in October may increase, and the domestic alumina imports in October may increase month-on-month [3][35] - **Demand Side** - The matching surplus of China's alumina operating capacity compared to electrolytic aluminum in September has expanded month-on-month [3][26] - **Inventory** - The total inventory of China's alumina has increased compared to last week, including the inventory in ports, warehouses, and factories [15][17][27] - **Price and Cost** - The alumina basis is positive, and the monthly spread is negative, both within a reasonable range. The near-far month contract closing prices show a Contango structure. The average daily full production cost of China's alumina is about 2,850 yuan/ton [12][22][14] - **Investment Strategy** - The domestic alumina supply and demand are expected to be loose, but production losses may limit the downside of alumina prices. Investors are advised to wait for the price to rise to a high level to lay out short positions, paying attention to the support level around 2,600 - 2,800 and the resistance level around 3,300 - 3,600 [4] Electrolytic Aluminum - **Supply Side** - Domestic: The first phase of the energy-saving renovation project of Guangxi Baise Guangtou Yinhai Electrolytic Aluminum's second phase has started production, and the second phase of Inner Mongolia Huomei Hongjun Aluminum's green power aluminum project is expected to be put into production in December 2025. The domestic electrolytic aluminum production in October may increase month-on-month. The import volume in October may also increase month-on-month due to the restart of overseas capacities [5][56][60] - Overseas: Several overseas electrolytic aluminum projects are restarting or expanding production [60] - **Demand Side** - The capacity utilization rate of China's downstream leading aluminum processing enterprises has remained flat compared to last week. The production of remelted rods (aluminum rods) in October may increase month-on-month [5] - **Inventory** - The social inventory of China's electrolytic aluminum has decreased compared to last week, and the inventory in bonded areas, LME, and COMEX has also decreased [45][46] - **Price and Cost** - The Shanghai aluminum basis is negative and at a relatively low level, and the monthly spread is negative and within a reasonable range. The theoretical weighted average full cost of domestic electrolytic aluminum is about 16,080 yuan/ton [39][41][56] - **Investment Strategy** - The expectation of the Fed's future interest rate cuts and the end of balance sheet reduction, the preliminary agreement reached in Sino-US economic and trade negotiations, and the increasing proportion of domestic electrolytic aluminum molten aluminum production leading to a decline in inventories may make Shanghai aluminum prices cautiously bullish. Investors are advised to lay out long positions when the price drops, paying attention to the support and resistance levels [6] Aluminum Alloys - **Supply Side** - Domestic: The production of domestic scrap aluminum in October may increase month-on-month, while the import volume may decrease. The production of primary (recycled, ADC12) aluminum alloys in October may decrease month-on-month [7][70][81] - Overseas: The competition for overseas scrap aluminum procurement is fierce, and the export of scrap aluminum to China has declined [7] - **Demand Side** - The capacity utilization rate of China's downstream leading aluminum processing enterprises has decreased compared to last week [90] - **Inventory** - The social inventory of China's aluminum alloys has decreased compared to last week, and the raw material (finished product) inventory of recycled aluminum alloy enterprises has also decreased [86][81] - **Price and Cost** - The basis of cast aluminum alloy is positive and at a relatively high level, and the monthly spread is negative and within a reasonable range. The daily full production cost of China's primary aluminum alloy is 20,920 yuan/ton, and that of recycled aluminum alloy ADC12 is 20,700 yuan/ton [64][75][78] - **Investment Strategy** - The expectation of the Fed's future interest rate cuts and the end of balance sheet reduction, the preliminary agreement reached in Sino-US economic and trade negotiations, and the expected tight supply and demand of domestic scrap aluminum may make aluminum alloy prices cautiously bullish. Investors are advised to lay out long positions when the price drops or try to go long on the spread between electrolytic aluminum and aluminum alloys with a light position in the short term, paying attention to the support and resistance levels [8]

Industry Rating - The industry rating for the electrolytic aluminum sector is maintained at "Outperform" [1] Core Viewpoints - The electrolytic aluminum sector is characterized by a perfect blend of resilience and dividend value, indicating a revaluation process is underway [1][3] - The sector's average dividend yield is projected to be 6.0% by the end of 2024, ranking it first among major high-dividend industries, with China Hongqiao's yield reaching 13.7% [2][19] - The report emphasizes the transition of the electrolytic aluminum stocks from being viewed as highly cyclical assets to becoming quality scarce assets with both price elasticity and dividend support [9][19] Summary by Sections 1. Current Dividend Yield of the Electrolytic Aluminum Sector - As of the end of 2024, the weighted average dividend yield for the electrolytic aluminum sector is estimated at 6.0%, leading among high-dividend industries [2][19] - China Hongqiao's dividend yield is notably high at 13.7%, significantly above other industry leaders [20][21] - The overall trend indicates a clear increase in dividend levels across the sector, with many companies raising their dividend guidance for 2025 [24] 2. Sources of Dividend Value Beyond Resilience - The sector's profitability is expected to remain high due to a tightening supply-demand balance, with domestic production capacity nearing its ceiling [6][28] - The report highlights that the capital expenditure peak has passed, leading to improved asset structure and quality within the sector [45][52] - The transition from a focus on scale expansion to quality enhancement is evident, with a clear path for converting high profits into cash flow and shareholder returns [6][39] 3. Will the Valuation of the Electrolytic Aluminum Sector Increase? - Historical comparisons with coal and China Hongqiao suggest that the market is willing to assign higher valuations to dividend-paying assets, recognizing their asset quality and stable cash flows [4] - The price-to-earnings (PE) ratios for leading companies in high-dividend sectors have shown significant improvement since 2023, indicating potential for further valuation increases [4][19] - The overall trend in the sector shows a marked increase in dividend payout ratios, with several companies indicating higher future dividends [24] 4. Stock Selection in the Electrolytic Aluminum Sector - The report recommends focusing on high-dividend companies such as China Hongqiao and Zhongfu Industrial, as well as those with increasing dividend potential like China Aluminum and Shenhuo [5] - The sector is viewed as a combination of offensive aluminum price exposure and defensive dividend asset characteristics, suggesting a favorable investment outlook [5][9]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields [1] Group 1: Stock Performance - Tianshan Aluminum (002532.SZ) leads with a year-to-date increase of 68.53% and a recent gain of 5.12%, along with a dividend yield of 3.07% [1] - Postal Savings Bank of China (601658.SH) shows a year-to-date increase of 10.83% and a recent gain of 4.71%, with a dividend yield of 3.60% [1] - DeYe Co., Ltd. (605117.SH) has a year-to-date increase of 30.95% and a recent gain of 4.61%, with a dividend yield of 3.52% [1] - Mercury Home Textiles (603365.SH) reports a year-to-date increase of 22.70% and a recent gain of 4.35%, with a dividend yield of 4.68% [1] - Action Education (605098.SH) has a year-to-date increase of 22.78% and a recent gain of 3.51%, with a dividend yield of 5.45% [1] Group 2: Additional Notable Stocks - China Petroleum (601857.SH) shows a year-to-date increase of 8.39% and a recent gain of 3.15%, with a dividend yield of 5.12% [1] - Shenhuo Co., Ltd. (000933.SZ) has a year-to-date increase of 45.92% and a recent gain of 2.97%, with a dividend yield of 3.33% [1] - Yutong Bus (600066.SH) reports a year-to-date increase of 18.44% and a recent gain of 2.82%, with a dividend yield of 6.77% [1] - Tunnel Engineering (600820.SH) has a year-to-date increase of 2.68% and a recent gain of 2.73%, with a dividend yield of 4.48% [1] - Jiangsu Guotai (002091.SZ) shows a year-to-date increase of 22.25% and a recent gain of 2.14%, with a dividend yield of 4.66% [1]

Core Viewpoint - Nanshan Aluminum's stock price has shown a positive trend, with a year-to-date increase of 9.79% and a market capitalization of 48.197 billion yuan as of October 23 [1] Financial Performance - For the first half of 2025, Nanshan Aluminum reported operating revenue of 17.274 billion yuan, a year-on-year increase of 10.25%, and a net profit attributable to shareholders of 2.625 billion yuan, reflecting a year-on-year growth of 19.95% [2] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 7.76% to 165,500, while the average number of circulating shares per person increased by 8.41% to 70,175 shares [2] - The company has distributed a total of 10.027 billion yuan in dividends since its A-share listing, with 4.306 billion yuan distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited, which holds 749 million shares, an increase of 10.976 million shares from the previous period [3] - Other significant shareholders include various ETFs, such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which have also increased their holdings [3]

Core Viewpoint - A materials revolution driven by both policy and market forces is accelerating, with the "low-altitude economy" being highlighted in government work reports, indicating significant growth potential for aviation-grade materials [2][3][39]. Market Dynamics - The low-altitude economy is projected to consume over 1.25 million tons of aluminum by 2025, with a market size reaching 32 billion yuan and a compound annual growth rate exceeding 36% [3]. - The demand for aviation-grade aluminum is surging, with prices for aluminum ingots reaching 24,200 yuan per ton, a 23% increase from the previous year, while orders for low-altitude aircraft are rapidly increasing [5][6]. Industry Transformation - Traditional metal mining companies are facing a critical need to transform their operations to capture opportunities in the low-altitude economy, as failure to adapt could result in losing market share [4][7]. - Major metal companies are making strategic shifts, with some investing heavily in expanding aviation-grade aluminum production capacity to meet the growing demand from eVTOL and logistics drone manufacturers [8][12]. Competitive Strategies - Companies are adopting collaborative approaches, such as forming alliances for lightweight material development and engaging in joint research projects to enhance their competitive edge [13][21]. - The negotiation dynamics between material suppliers and drone manufacturers are becoming increasingly complex, focusing on both pricing and technical standards [15][20]. Technological Innovations - The materials revolution is pushing for advancements in material technology, with companies exploring the use of rare elements like scandium to enhance the performance of aluminum alloys [27]. - Innovations in titanium alloys are also being pursued to meet the high-temperature requirements of eVTOL engines, showcasing the industry's commitment to overcoming technical challenges [28]. Challenges and Barriers - The transition to aviation-grade materials is fraught with challenges, including lengthy certification processes and a shortage of skilled talent in the aerospace materials sector [30][31]. - Significant capital investments are required for transformation, with companies facing pressure to deliver returns within a short timeframe to satisfy investors [32]. Future Outlook - The industry is witnessing a shift towards integrated solutions, where companies are not only supplying materials but also providing design and operational support to clients [35][38]. - The competitive landscape is evolving, with companies aiming to position themselves as global suppliers for the low-altitude economy, indicating a broader strategic vision for future growth [36][39].

Core Viewpoint - Nanshan Aluminum is adjusting its domestic business strategy based on industry policies and long-term goals to optimize resource allocation while maintaining a balanced approach to both domestic and international markets for steady growth [1] Group 1 - The company is focusing on optimizing resource allocation in response to industry policies [1] - Future strategies will continue to balance domestic and international market layouts [1] - The adjustments are aimed at achieving stable development [1]

Core Viewpoint - Nanshan Aluminum's subsidiary, Advanced Aluminum Technology Co., focuses on the production and sales of aluminum alloy profiles, with stable overall operating conditions [2] Group 1: Company Operations - The subsidiary's operational scale and personnel configuration are aligned with its business development stage and market demand [2] - The company will assess global market dynamics and its strategic layout for any potential capacity expansion plans, with timely disclosures if there are relevant developments [2]

Investment Rating - The report indicates a strong investment outlook for the lightweight materials industry in the new energy vehicle sector, driven by robust policy support and increasing market demand [4][5]. Core Insights - The lightweight materials industry for new energy vehicles focuses on developing and applying lightweight, high-strength materials to enhance vehicle performance and reduce energy consumption [4][6]. - The industry is experiencing rapid growth due to the increasing demand for new energy vehicles, with the market size expected to expand significantly [30][32]. - The report highlights the importance of collaboration across the supply chain to address challenges such as performance bottlenecks and cost pressures [4][6]. Industry Definition - Lightweight materials for new energy vehicles are defined as materials that significantly reduce weight while meeting structural strength, safety, and durability requirements [6]. - The industry faces challenges including range anxiety, performance limitations, and environmental impact, making lightweight solutions essential for sustainable development [6][10]. Industry Classification - The lightweight materials are categorized into metal materials, plastics, and non-metal composites, each with specific properties and applications [8][9]. Industry Characteristics - The industry is characterized by high technical requirements, significant innovation, and diverse competition, with strong policy guidance shaping its development [10][12]. - Continuous technological advancements are crucial for meeting the high performance demands of new energy vehicles [10][11]. Development History - The industry has evolved through three stages: nascent, development, and rapid growth, with significant policy support since the early 2000s [13][16]. - The rise of new energy vehicles has accelerated the demand for lightweight materials, leading to a focus on high-performance and sustainable solutions [16][30]. Industry Chain Analysis - The industry chain consists of upstream raw material extraction, midstream processing and manufacturing, and downstream vehicle manufacturing and sales [17][18]. - Price fluctuations in upstream raw materials significantly impact the profitability and production strategies of midstream manufacturers [18][21]. Market Size - The market size for lightweight materials in the new energy vehicle sector was approximately 163.06 billion yuan in 2024, with an expected growth of 69% in 2025 [30][32]. - The rapid growth of the new energy vehicle market is a primary driver for the increasing demand for lightweight materials [31][33]. Policy Overview - Various policies, including the "14th Five-Year Plan for Industrial Green Development," encourage the application of lightweight materials in the automotive sector [40]. - The "New Energy Vehicle Industry Development Plan (2021-2035)" emphasizes lightweight materials as a core technology area, driving collaboration between vehicle manufacturers and material suppliers [40][41]. Competitive Landscape - The competitive landscape is characterized by a tiered structure, with leading companies leveraging technological advantages and deep partnerships with major automakers [42][43]. - The industry is witnessing increased competition due to policy support and technological advancements, leading to a more diverse market [44][45].