假设认购股份获悉数配售，认购事项所得款项总额和所得款项净额预期分别约为19.995亿港元和19.868 亿港元。认购事项所得款项净额将拟以下列方式动用：90%将用于集团的潜在电解铝及相关塬材料以及 辅助业务;及10%将用于集团的一般营运资金。 南山铝业（600219）国际(02610)发布公告，于2026年1月22日，公司、卖方(Nanshan Aluminium Investment Holding Limited，一名控股股东)及配售代理订立配售及认购协议，据此，(a)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(即每股64.50港元)购买出售股份(即3100万 股股份);(b)卖方已有条件同意认购，而公司已有条件同意按认购价(相等于配售价)根据一般授权向卖方 配发及发行认购股份(即3100万股股份，数目与出售股份相同)。 假设出售股份获悉数配售，出售股份数目占于本公告日期已发行股份总数约5.26%;及认购事项完成后经 扩大的已发行股份总数约5.00%。配售价为每股出售股份64.50港元，较1月21日收市价每股68.90港元折 让约6.39%。 ...

Group 1 - Nanshan Aluminium International (02610.HK) announced a placement and subscription agreement involving the sale of 31 million shares at a price of HKD 64.50 per share, which represents a discount of approximately 6.39% compared to the last closing price of HKD 68.90 [1] - The total expected gross proceeds from the subscription are approximately HKD 1.9995 billion, with net proceeds estimated at HKD 1.9868 billion [1] - The net proceeds from the subscription will be allocated as follows: 90% for potential electrolytic aluminum and related raw materials and auxiliary businesses, and 10% for general working capital [1]

中金发布研报称，维持南山铝业（600219）国际(02610)2025/2026年盈利预测不变，考虑产品价格上 升，该行上调2027年净利润15%至5.0亿美元。当前股价对应2025/2026/2027年14.7/11.1/10.9x P/E。该行 维持跑赢行业评级。该行维持目标价77.76港元，对应2026/2027年12.0/11.7x P/E，较当前股价有8%的上 行空间。 中金主要观点如下： 公司近况 三大优势助力公司产业链加速扩张 一是原料成本优势，由于印尼铝土矿及煤炭资源丰富，公司享有低成本铝土矿供应和短距离运输优势； 同时公司配套产能扩张，正扩建7万吨级深水港，进一步加强物流效率降低成本；为巩固公司现有业务 成本优势，公司正积极寻求上游业务的扩张机遇。二是区域优势。公司项目位于印尼卡朗巴唐经济特 区，园区可享受长达20年税收优惠；同时临近马六甲海峡，氧化铝和电解铝产品可辐射整个东南亚区 域，且便捷通往欧亚大陆。三是上下游产业链协同优势。该行认为随着公司电解铝产能逐步释放，公司 有望形成从氧化铝到电解铝的一体化产业链，形成协同效应，并提高抗风险能力。 风险提示：产品价格大幅波动，项目建设进度不及预 ...

Core Viewpoint - The company maintains its profit forecast for 2025/2026 and raises the 2027 net profit estimate by 15% to $500 million due to rising product prices, with a target price of HKD 77.76, indicating an 8% upside potential from the current stock price [1] Group 1: Company Current Status - 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 [2] - The company aims to develop a plan for an additional 500,000-ton electrolytic aluminum project to further enhance its production capacity [2] Group 2: Transition to Integrated Production - The company has established a capacity of 4 million tons per year for alumina in Indonesia, making it the largest alumina producer in Southeast Asia, marking its transition to an integrated electrolytic aluminum producer [3] Group 3: Advantages Supporting Industry Chain Expansion - The company benefits from raw material cost advantages due to abundant bauxite and coal resources in Indonesia, along with the expansion of a 70,000-ton deep-water port to enhance logistics efficiency [4] - The project is located in the Karang Batang Economic Zone in Indonesia, which enjoys a 20-year tax incentive and proximity to the Malacca Strait, facilitating product distribution across Southeast Asia and to the Eurasian continent [4] - The company is expected to form an integrated industry chain from alumina to electrolytic aluminum, enhancing synergy and risk resilience as its electrolytic aluminum capacity gradually comes online [4]

Report Summary 1. Report Industry Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views - Geopolitical events are causing continuous fluctuations in the market, with risk aversion sentiment influencing precious metals and other commodities [2][8]. - The supply - demand relationship of various commodities is complex, with some facing supply constraints and others dealing with weak demand, leading to different short - term trends [4][5]. - Multiple commodities are recommended for short - term trading due to limited self - driving forces and high uncertainty [4][5]. 3. Summary by Commodity Precious Metals - **Silver**: Risk aversion sentiment is rising, but its boost to silver is limited. Long - term outlook is positive, but short - term upward momentum is weak. Do not over - bullish, and pay attention to the interaction between gold and silver [2]. - **Gold**: Risk aversion drives gold to strengthen again, and the gold - silver ratio may be repaired. There is a possibility of a catch - up rise, but do not over - bullish, and focus on geopolitical disturbances [2]. Energy - **Crude Oil**: After the weakening of geopolitical impacts, the crude oil market is in a dull state, lacking significant driving forces. Short - term trading is appropriate [4]. Chemicals - **PTA**: PTA device restarts and overhauls coexist, with overall开工 decreasing. Demand is weak during the Spring Festival. January's supply - demand is expected to weaken, with limited inventory accumulation in January but high pressure in February. It mainly follows raw material fluctuations, and short - term trading is advisable [5]. - **Methanol**: Domestic methanol is at a high - level of production, while downstream demand is falling. Port inventory has decreased significantly. This week's imports are expected to increase substantially. It is expected to fluctuate strongly in the short term [10]. - **Ethylene Glycol**: Domestic supply and imports have decreased slightly, but port inventory has increased. Downstream polyester and terminal weaving开工 rates are falling. It is in the traditional off - season, and demand is weak, so it is expected to be weak in the short term [12]. - **Natural Rubber**: Domestic rubber inventory continues to accumulate, and the social inventory has reached a neutral level. The de - stocking rhythm is slower than expected. Technically, it is in short - term adjustment. Short - selling or waiting is recommended in the short term [5]. Metals - **Iron Ore**: Affected by production accidents and new arrivals, the market sentiment is weak. Supply - demand is relatively loose, but there is some support for prices. It is expected to fluctuate weakly in the short term [7]. - **Silicon Iron**: Supply pressure is not significant, but the resumption of production may accelerate. It is expected to follow the black - sector trend in the short term [8]. - **Copper**: Geopolitical issues increase global trade uncertainty, which may boost copper. Fundamental factors are mixed, and it is expected to maintain high - level fluctuations [8]. - **Aluminum**: Leading enterprises are expanding overseas, but there are risks. Supply - demand factors are mixed, and it is expected to maintain high - level fluctuations in the short term [9]. - **Rebar**: Due to bad weather, demand weakens, and cost support decreases. Steel prices are expected to fluctuate weakly in the short term [6]. Others - **Long - term Treasury Bonds**: Support policies in 2026 are expected to promote economic recovery. The stock - bond seesaw may be the main logic, and the fluctuation of treasury bonds will increase [9]. - **Soda Ash**: Float glass production decreases slightly, and inventory drops. The domestic soda ash market is weakly stable, and it is expected to fluctuate weakly in the short term [11].

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index as of January 20, 2026, showcasing significant daily and year-to-date gains along with dividend yields [1][5]. Group 1: Stock Performance - The top stock, Gujia Home Furnishing (603816.SH), experienced a daily increase of 7.82% and a year-to-date increase of 9.95%, with a dividend yield of 4.40% [1][5]. - Nanshan Aluminum (600219.SH) ranked second with a daily rise of 7.49% and a year-to-date increase of 22.68%, offering a dividend yield of 6.35% [1][5]. - Other notable performers include Jia Fei Industry (002572.SZ) with a daily increase of 5.63% and a year-to-date increase of 4.85%, and Hongya CNC (002833.SZ) with a daily rise of 4.73% and a year-to-date increase of 9.47% [1][5]. Group 2: Dividend Yields - The average dividend yield for the index is reported at 4.76%, with historical and expected price-to-earnings ratios at 1.34 times and 11.75 times, respectively [2]. - The dividend yields of the top stocks range from 2.42% for Jiufeng Energy (605090.SH) to 7.40% for Jia Fei Industry (002572.SZ) [1][5]. Group 3: Technical Indicators - The article mentions the formation of a MACD golden cross signal, indicating a positive trend for the stocks listed [4][8].

Core Viewpoint - Nanshan Aluminum is investing over 3 billion yuan in an overseas expansion project in Indonesia, aiming to enhance its global production capacity and maintain steady growth in international markets [1][2][3] Group 1: Investment and Expansion - Nanshan Aluminum plans to invest approximately 4.37 billion USD (30.56 billion yuan) to build a 250,000-ton electrolytic aluminum project in Indonesia [1][2] - The project is part of the company's strategy to reduce production costs and enhance competitive advantages in the global market [2][3] - The new facility will increase the total electrolytic aluminum capacity in Indonesia to 500,000 tons [3] Group 2: Financial Performance - As of September 2025, Nanshan Aluminum's debt-to-asset ratio is only 17.56%, with cash reserves of approximately 26.9 billion yuan, which is 5.8 times its interest-bearing debt [1][7] - The company has consistently reported annual profits exceeding 3 billion yuan since 2021, with a net profit of 3.772 billion yuan in the first three quarters of 2025 [1][6] - The operating cash flow has shown continuous net inflow, with net cash flow of 7.617 billion yuan in 2024 and 6.221 billion yuan in the first three quarters of 2025, reflecting year-on-year growth of 80.05% and 32.09% respectively [7] Group 3: Market Position and Revenue - By the first half of 2025, revenue from overseas markets accounted for 57.20% of the company's total revenue, indicating a significant shift towards international operations [1][3] - The gross profit margin for overseas markets has been consistently higher than that of domestic markets, with margins of 25.92%, 35.81%, and 38.61% for 2023, 2024, and the first half of 2025 respectively [6] - Nanshan Aluminum's customer base includes major global companies across various sectors, enhancing its market presence and revenue potential [6]

重要内容提示： ■ 一、回购股份的基本情况 山东南山铝业股份有限公司（以下简称"公司"）分别于2025年12月22日、2026年1月9日召开了第十一届 董事会第二十四次会议、2026年第一次临时股东会，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司部分社会公众股份，用于注销并 减少公司注册资本。 本次回购股份的资金总额不低于人民币3亿元（含）且不超过人民币6亿元（含），回购股份价格不超过 人民币7.52元/股，回购数量不低于3,989.36万股（含）且不超过7,978.72万股（含），具体回购数量及 金额以回购结束时实际交易情况为准。回购期限为自公司股东大会审议通过回购方案之日起不超过12个 月，即自2026年1月9日至2027年1月8日。 具体详见公司于2025年12月23日和2026年1月10日在上海证券交易所网站（www.sse.com.cn）上披露的 《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方案公告》（公告编号：2025-081）和 《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回购报告书》（公告编号：2026- ...

（编辑 王雪儿） 证券日报网讯 1月20日，南山铝业发布公告称，2026年1月20日，公司通过集中竞价交易方式首次回购 股份数量为1，347，500股，占公司总股本的比例为0.01%，回购成交的最高价为6.59元/股，最低价为 6.59元/股，支付的资金总额为人民币8，880，025元（不含交易费用）。本次回购公司股份符合法律法 规的规定和公司回购股份方案的要求。 ...

证券代码：600219 证券简称：南山铝业 公告编号：2026-007 山东南山铝业股份有限公司 关于以集中竞价交易方式首次回购公司股份公告 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 | 2025/12/23 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2026 年 1 月 1 月 | 9 | 日~2027 | 年 | 8 日 | | 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 | 1,347,500股 | | | | | | 累计已回购股数占总股本比例 | 0.01% | | | | | | 累计已回购金额 | 8,880,025元 | | | | | | 实际回购价格区间 | ...