据公告，公司在印尼已建成氧化铝产能400万吨/年，是东南亚最大的氧化铝生产商。中金认为，本次公 告启动建设电解铝年产能25万吨以及规划另外50万吨，标志着公司正式开启转型电解铝一体化生产商， 公司盈利能力有望获得进一步提升。 消息面上，南山铝业近日公告称，拟通过控股子公司南山铝业国际控股有限公司间接全资子公司盛世亚 洲与盛世铝业合资，在印尼设立项目子公司PT.HEAI建设南山铝业国际控股有限公司印尼宾坦工业园年 产25万吨电解铝项目，投资金额约4.37亿美元(折合30.56亿元人民币)。项目建设范围为电解铝厂的主要 生产设施，项目建设期2年。 智通财经APP获悉，南山铝业国际(02610)再涨超7%，截至发稿，涨5.43%，报70.85港元，成交额1.81亿 港元。 ...

Group 1 - The article presents the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 26, 2026 [1][6] - China Gold (600916.SH) leads with a daily increase of 9.98% and a year-to-date increase of 24.42%, with a dividend yield of 3.80% [1][6] - Nanshan Aluminum (600219.SH) follows with a daily rise of 8.26% and a year-to-date rise of 36.43%, offering a dividend yield of 5.75% [1][6] Group 2 - Other notable performers include Tian Guo Hai Tan (600938.SH) with a daily increase of 6.66% and a year-to-date increase of 10.97%, and Cai Zi Co., Ltd. (605599.SH) with a daily rise of 6.26% and a year-to-date rise of 26.57% [1][6] - The index also features China Petroleum (601857.SH) with a slight daily increase of 5.70% but a year-to-date decline of 0.19%, and China Shenhua (601088.SH) with a daily rise of 4.13% and a year-to-date increase of 2.84% [1][6] - The data indicates a mix of performance among the top 20 stocks, with some showing significant year-to-date gains while others are experiencing declines [1][6]

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metals and oil sectors, driven by rising commodity prices and geopolitical tensions [1] - Spot gold has reached a historical high of $5080.60 per ounce, with a 2% increase, while spot silver briefly surpassed $108 per ounce, showing a daily increase of over 4.6% [1] - The cash flow index's focus on "strong cyclical resources" like non-ferrous metals and chemicals reflects its structural advantages and precise value in the market [1] Group 2 - The CSI All-Share Free Cash Flow Index (932365) has risen by 0.81%, with significant gains in constituent stocks such as silver non-ferrous (up 10.03%), Nanshan Aluminum (up 7.08%), and China National Offshore Oil Corporation (up 5.86%) [1] - The CSI All-Share Free Cash Flow ETF (512130) has increased by 1.84%, marking its sixth consecutive rise, with the latest price at 1.33 yuan [1] - As of December 31, 2025, the top ten weighted stocks in the CSI All-Share Free Cash Flow Index include China National Offshore Oil Corporation, SAIC Motor, and Gree Electric Appliances, collectively accounting for 53.78% of the index [2]

Group 1 - The core viewpoint of the article highlights the projected decline in China's aluminum material production, with a cumulative decrease of 0.2% expected by the end of 2025, totaling 6,750.4 million tons [1][1][1] - According to the National Bureau of Statistics, the aluminum material production in December 2025 is estimated to be 6.14 million tons [1][1][1] - The article references a report by Zhiyan Consulting, which provides insights into the market development potential and investment risks in the aluminum material industry from 2026 to 2032 [1][1][1] Group 2 - Listed companies in the aluminum sector include China Aluminum (601600), Yun Aluminum (000807), Shenhuo Co. (000933), Jiaozuo Wanfang (000612), and Nanshan Aluminum (600219) [1][1][1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1][1][1] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market acumen [1][1][1]

Group 1 - Nanshan Aluminum International (02610.HK) has seen a stock price increase of over 4%, currently up by 4.12% at HKD 68.2 [1] - The trading volume for Nanshan Aluminum International reached HKD 135 million [1]

Core Viewpoint - Nanshan Aluminum (600219) 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, marking a significant step towards becoming an integrated electrolytic aluminum producer [1] Group 1 - The company's stock price increased by 4.12%, reaching HKD 68.2, with a trading volume of HKD 135 million [1] - The company has already established an alumina production capacity of 4 million tons per year in Indonesia, making it the largest alumina producer in Southeast Asia [1] - The long-term strategy includes planning an additional 500,000-ton electrolytic aluminum project to further enhance production capacity [1] Group 2 - The announcement of the 250,000-ton electrolytic aluminum project and the planning of an additional 500,000 tons signifies the company's formal transition to an integrated electrolytic aluminum producer [1] - The company aims to gradually increase electrolytic aluminum production capacity to align with its alumina production capacity [1] - The expected outcome of these initiatives is an enhancement in the company's profitability [1]

据公告，公司在印尼已建成氧化铝产能400万吨/年，是东南亚最大的氧化铝生产商。该行认为，本次公 告启动建设电解铝年产能25万吨以及规划另外50万吨，标志着公司正式开启转型电解铝一体化生产商， 公司盈利能力有望获得进一步提升。 消息面上，近日，公司计划2026年启动年产25万吨电解铝项目建设，投资额4.37亿美元，建设周期2 年；中长期发展看，公司计划制定另外年产50万吨电解铝项目的规划工作，以进一步提升公司电解铝产 能规模；中长期战略看，公司计划逐步提升电解铝产能，以期实现与公司电解铝和氧化铝产能的匹配。 智通财经APP获悉，南山铝业国际(02610)涨超4%，截至发稿，涨4.12%，报68.2港元，成交额1.35亿港 元。 ...

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunities Index (CSPSADRP) as of January 23, 2026, showcasing significant price increases and dividend yields [1][11]. - The stock with the highest daily increase is Aotaiwei (688516.CH) at 20.00%, with a year-to-date increase of 98.87% and a dividend yield of 2.80% [1][11]. - Other notable stocks include China Gold (600916.SH) with a daily increase of 10.02% and a year-to-date increase of 13.13%, and Weichai Power (000338.SZ) with a year-to-date increase of 36.63% [1][11]. Group 2 - The fundamental metrics of the index include a historical price-to-earnings ratio of 11.07 times, a price-to-book ratio of 1.34 times, and an expected dividend yield of 4.76% [3][12]. - The index consists of 1009 constituent stocks, with adjustments made biannually in January and July, ensuring no single stock exceeds 3% weight and no GICS sector exceeds 33% weight [4][13].

Group 1 - Nanshan Aluminum's stock price increased by 6.01% to 6.88 CNY per share, with a trading volume of 1.831 billion CNY and a turnover rate of 2.42%, resulting in a total market capitalization of 79.008 billion CNY [1] - The company, established on March 18, 1993, and listed on December 23, 1999, is located in Longkou City, Shandong Province, and primarily engages in the development, production, processing, and sales of aluminum and aluminum alloy products, as well as power generation [1] - The main revenue composition of Nanshan Aluminum includes cold-rolled sheets/plates (52.85%), alumina powder (26.57%), aluminum profiles (10.18%), aluminum foil (4.02%), alloy ingots (2.71%), hot-rolled sheets/plates (2.37%), and other sources (0.89%) [1] Group 2 - Huatai-PB Asset Management's fund, Huatai-PB CSI 300 ETF (510300), is among the top ten circulating shareholders of Nanshan Aluminum, having reduced its holdings by 3.1095 million shares, now holding 116 million shares, which represents 1.01% of the circulating shares [2] - The fund has achieved a floating profit of approximately 45.083 million CNY as of today [2] - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a current scale of 422.258 billion CNY, yielding 2.1% year-to-date and 27.72% over the past year, ranking 4499 out of 5546 and 2858 out of 4261 in its category, respectively [2]

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 ...