河南中孚实业股份有限公司 董事会议事规则 （2025 年 10 月修订） 第一章 总 则 第一条 为了进一步规范河南中孚实业股份有限公司（以下简称"公司"）董 事会的议事方式和决策程序，促使董事和董事会更有效地行使职权，提高董事会 规范运作和科学决策水平，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司治理准则》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等有关法律、法规及规范性文件和 《河南中孚实业股份有限公司章程》（以下简称《公司章程》）的有关规定，制定 本规则。 第二条 董事会是公司经营管理的决策机构，负责经营和管理公司的法人财 产，维护公司和全体股东的利益，对公司股东会负责。 第三条 公司董事会应当按照法律法规、证券交易所相关规定和《公司章程》 的规定履行职责。董事会的人数及人员构成应当符合法律法规、证券交易所和《公 司章程》的有关规定，董事会成员应当具备履行职责所必需的知识、技能和素质， 具备良好的职业道德。 第二章 董事会的组成及下设机构 第四条 公司董事会由 9 名董事组成，其中独立董事不少于三分之一，职工 董事 1 名。董事会设董 ...

格隆汇10月27日丨中孚实业(600595.SH)公布，为充分发挥铝精深加工市场优势，进一步延伸下游产业 链，提升产品附加值，孚锦新材料拟投资35,620万元建设年产2.5万吨新能源用高性能铝塑膜铝箔项目。 ...

Core Viewpoint - Zhongfu Industrial (600595.SH) is advancing its "green" development strategy by investing in integrated wind power projects to optimize its energy consumption structure [1] Investment Projects - The company plans to invest in two wind power projects: the Zhongfu High-Precision Aluminum Material Source Network Load Storage Integration Project and the Zhongfu Aluminum Industry Source Network Load Storage Integration Project [1] - The investment amounts for these projects are 191.9944 million yuan and 215.4733 million yuan, respectively, totaling 407.4677 million yuan [1] - Both projects have received approval from the relevant authorities in Gongyi City [1]

Core Viewpoint - Zhongfu Industrial (600595) announced significant investments in new energy projects and reported strong financial performance for Q3 2025 [1] Investment Plans - The wholly-owned subsidiary Fujin New Materials plans to invest 356 million yuan to build a high-performance aluminum-plastic film aluminum foil project with an annual production capacity of 25,000 tons [1] - Another wholly-owned subsidiary, Fujin New Energy, intends to invest a total of 407 million yuan in two integrated wind power projects: Zhongfu High-Precision Aluminum Material Source Network Load Storage and Zhongfu Aluminum Industry Source Network Load Storage [1] Financial Performance - For Q3 2025, Zhongfu Industrial reported revenue of 6.059 billion yuan, representing a year-on-year increase of 5.58% [1] - The net profit for the same period was 480 million yuan, showing a significant year-on-year growth of 69.03% [1]

Core Viewpoint - Zhongfu Industrial (600595.SH) announced plans for significant investments in integrated wind power projects through its wholly-owned subsidiary, Henan Fujin New Energy Co., Ltd, totaling 407 million yuan [1] Investment Details - The company plans to invest 192 million yuan in the Henan Zhongfu High-Precision Aluminum Material Co., Ltd integrated wind power project [1] - An additional investment of 215 million yuan is earmarked for the Henan Zhongfu Aluminum Co., Ltd integrated wind power project [1] - The total investment for both projects amounts to 407 million yuan [1]

Core Viewpoint - Zhongfu Industry reported a revenue of 6.059 billion yuan in Q3, representing a year-on-year increase of 5.58% and a net profit of 480 million yuan, which is a significant year-on-year growth of 69.03% [1] Summary by Category Revenue Performance - The company's revenue for the first three quarters was 16.633 billion yuan, showing a slight year-on-year decline of 0.60% [1] Profitability - The net profit for the first three quarters reached 1.187 billion yuan, reflecting a year-on-year increase of 63.25% [1]

Core Viewpoint - Zhongfu Industrial (600595.SH) aims to leverage its advantages in the aluminum deep processing market by investing in a new project to enhance its product value chain and extend downstream operations [1] Investment Details - The company plans to invest 356.2 million yuan in the construction of a project that will produce 25,000 tons of high-performance aluminum-plastic film aluminum foil for new energy applications annually [1]

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Aluminum [5][6]. Core Views - The report highlights that industrial metal prices are expected to remain strong due to seasonal demand and supply disruptions, particularly for copper and aluminum [2][3]. - Energy metals like lithium and cobalt are projected to perform well, driven by strong demand in the energy storage market and supply constraints [3]. - Precious metals are anticipated to experience price fluctuations in the short term, but long-term trends remain bullish due to central bank gold purchases and weakening dollar credit [4]. Summary by Sections Industrial Metals - Copper prices are supported by macroeconomic sentiment and supply disruptions, with the SMM import copper concentrate index at $51.2/ton, down $0.6/ton month-on-month [2]. - Aluminum demand is robust, particularly from the automotive sector, with domestic aluminum ingot social inventory at approximately 618,000 tons, down 9,000 tons week-on-week [2]. - Key companies recommended include Luoyang Molybdenum, Zijin Mining, and China Aluminum [2]. Energy Metals - Lithium supply is increasing due to new production lines, while demand from the energy storage market is exceeding expectations, supporting strong prices [3]. - Cobalt prices are rising due to supply concerns from the Democratic Republic of Congo, with Chinese companies receiving fewer export quotas than expected [3]. - Recommended companies include Huayou Cobalt and Yichun Lithium [3]. Precious Metals - Gold prices are experiencing short-term volatility due to optimistic international conditions, but long-term outlook remains positive with central bank purchases [4]. - Silver prices are influenced by industrial demand and follow gold's price movements [4]. - Recommended companies include Western Gold and Shandong Gold [4].

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 superconducting concept sector saw a rise of 2.03%, ranking fourth among concept sectors, with 16 stocks increasing in value [1] - Notable gainers included GuoLan Testing, which hit a 20% limit up, and Dongfang Tantalum, which also reached the limit up, while Chenguang Medical, Zhongfu Industrial, and Bofei Electric had increases of 16.01%, 5.98%, and 3.39% respectively [1] - The sector experienced a net inflow of 0.50 billion yuan from main funds, with Dongfang Tantalum leading the inflow at 1.79 billion yuan [2][3] Sector Performance - The superconducting concept sector was among the top performers, with a daily increase of 2.03% [2] - Other sectors with notable performance included Shenzhen State-Owned Enterprise Reform at 6.62% and MLOps at 2.41%, while the Cultivated Diamond sector saw a decline of 2.94% [2] Fund Flow Analysis - The leading stocks in terms of net fund inflow ratios were Dongfang Tantalum at 16.31%, GuoLan Testing at 15.60%, and Zhongfu Industrial at 9.89% [3] - The top stocks by net fund inflow included: - Dongfang Tantalum: 178.55 million yuan, with a daily increase of 10.00% and a turnover rate of 7.80% [3] - GuoLan Testing: 72.51 million yuan, with a daily increase of 20.00% and a turnover rate of 9.70% [3] - Zhongfu Industrial: 92.34 million yuan, with a daily increase of 5.98% and a turnover rate of 3.63% [3]