Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Views - The macroeconomic outlook is improving, leading to a comprehensive rise in metal prices, particularly strategic metals [2][4] - The report emphasizes the importance of strategic metals and bottom energy metal allocation opportunities, highlighting the revaluation of rare earths and tungsten [4] - The report suggests that the domestic growth stabilization and anti-involution policies are enhancing expectations, which is driving up domestic commodity prices [5][6] Summary by Sections Strategic Metals - Strategic metals such as rare earths and tungsten are experiencing a revaluation, with significant price increases expected due to government focus and international supply chain developments [4] - The price of rare earth concentrate has increased to 19,100 CNY/ton, reflecting a 1.5% increase [4] - Tungsten prices are also on the rise, supported by strong supply dynamics and improving company performance [4] Energy Metals - The report indicates a high probability of short-term price increases for cobalt, with a significant drop in imports noted [4] - Cobalt intermediate imports in June fell to 18,991 tons, a decrease of 61.6% month-on-month [4] - Nickel prices are expected to stabilize, with long-term price expectations likely to rise [4] Lithium - The report notes a bottoming out of lithium prices, with recent regulatory changes indicating stricter domestic mining controls [4] - The price of battery-grade lithium carbonate has rebounded by 15.2% to 76 CNY/kg [24] - The report suggests monitoring potential resource releases in the lithium sector [4] Precious Metals - Gold prices are fluctuating due to improved risk appetite and easing trade tensions, with a recommendation to increase allocation to precious metal stocks [4][6] - The report highlights that gold stocks have underperformed, suggesting a strategic buying opportunity [4] - Silver is noted for its potential upside, with a recommendation to consider silver stocks for recovery [4] Industrial Metals - The report indicates that industrial metals are experiencing mixed performance, with domestic prices leading international trends [5][6] - Copper prices on the SHFE increased by 1.1%, while aluminum prices rose by 1.2% [5] - The report emphasizes the importance of monitoring macroeconomic policies and their impact on metal demand [6]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the sector [6]. Core Views - The report highlights a positive outlook for industrial metals driven by domestic policies aimed at reducing competition and boosting infrastructure investment, alongside U.S. fiscal expansion and ongoing interest rate cuts [2][3]. - Energy metals, particularly lithium and cobalt, are expected to see price increases due to supply disruptions and strong demand from the new energy sector [3]. - Precious metals are favored due to heightened demand for gold as a safe haven amid global trade tensions and ongoing central bank purchases [4]. Summary by Sections Industrial Metals - The report notes that industrial metal prices are rising due to domestic "anti-involution" policies and infrastructure investment, with copper prices experiencing short-term fluctuations due to trade changes [2]. - Key statistics include a weekly increase in aluminum prices by 1.22% and copper prices by 1.07%, while zinc prices rose by 2.65% [11]. - Recommended companies include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2]. Energy Metals - Lithium prices are rebounding significantly due to supply concerns from regions like Jiangxi and Qinghai, with expectations for continued price increases [3]. - Cobalt prices are also anticipated to rise due to raw material shortages and increased demand as the market recovers from a low trading volume [3]. - Recommended companies in this sector include Huayou Cobalt and Zangge Mining [3]. Precious Metals - The report emphasizes the increasing demand for gold driven by global trade uncertainties and central bank purchases, predicting a long-term upward trend in gold prices [4]. - Gold prices have shown a weekly increase of 0.68%, while silver prices rose by 2.13% [11]. - Recommended companies include Shandong Gold and Zhongjin Gold [4].

Group 1 - The core index, the Guozheng Free Cash Flow Index, has decreased by 0.37% as of July 25, 2025, with mixed performance among constituent stocks, including leading gains from companies like Lianxu Electronics and Huaren Health, while companies like Yaxiang Integration and Zhejiang Construction led the declines [1] - The Free Cash Flow ETF (159201) also fell by 0.37%, with the latest price at 1.07 yuan. Over the past week, the ETF has seen a cumulative increase of 3.47%, ranking first among comparable funds [1] - In terms of liquidity, the Free Cash Flow ETF had a turnover of 0.91% during the trading session, with a transaction volume of 36.4183 million yuan. The average daily transaction volume over the past week reached 335 million yuan, ranking first among comparable funds [1] Group 2 - The Free Cash Flow ETF has attracted a total of 170 million yuan in the last five trading days, with its latest scale reaching 4.007 billion yuan, marking a new high since its inception and ranking first among comparable funds [1] - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [3] - As of June 30, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index accounted for 57.97% of the index, including SAIC Motor, China National Offshore Oil, Midea Group, and Gree Electric [3][5]

Group 1 - The announcement details the resignation of Mr. Ge Xiaolei as the Chief Financial Officer (CFO) of China Aluminum Corporation, effective July 24, 2025, due to work-related reasons [1] - Mr. Ge confirmed that there were no disagreements with the board and his resignation will not adversely affect the company's normal operations [1] - The board expressed gratitude for Mr. Ge's contributions during his tenure as CFO [2] Group 2 - The company appointed Ms. Zhu Dan as the new CFO, effective immediately following the board meeting on July 24, 2025 [2] - Ms. Zhu has over 20 years of professional experience in financial management and capital operations, having held various positions within the company [3] - Ms. Zhu's qualifications were reviewed and deemed suitable by the board's nomination committee, with no regulatory penalties or disqualifications noted [2][3]

股票代码：601600 股票简称：中国铝业 公告编号：临 2025-047 中国铝业股份有限公司 关于变更财务总监的公告 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个别及连带责任。 姓名 离任职务 离任时间 离任 原因 是否继续 在上市公司 及其控股子 公司任职 具体职务 （如适用） 是否存在 未履行完 毕的公开 承诺 葛小雷 财务总监 2025 年 7 月 24 日 工作 需要 是 董事会秘书 （公司秘书） 否 一、离任人员情况及对公司的影响 特此公告。 附件：朱丹女士简历 公司董事会换届提名委员会已对朱丹女士的任职资格进行审查，认为朱丹女 士具备担任公司高级管理人员的资格、专业能力和条件，不存在《公司法》规定 中国铝业股份有限公司（以下简称"公司"或"本公司"）董事会收到葛小 雷先生的书面辞呈，因工作需要，葛小雷先生提请辞去公司财务总监职务。根据 《中华人民共和国公司法》（以下简称"《公司法》"）《上海证券交易所股票上市 规则》等法律、法规、规范性文件及《中国铝业股份有限公司章程》的有关规定， 葛小雷先生的辞呈自送达公司董事会之 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2025-046 中国铝业股份有限公司 特此公告。 中国铝业股份有限公司董事会 2025 年 7 月 24 日 第九届董事会第二次会议决议公告 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个别及连带责任。 2025 年 7 月 24 日，中国铝业股份有限公司（以下简称"公司"）召开第九届董 事会第二次会议。本次会议应出席董事 8 人，实际出席董事 8 人，有效表决人数 8 人。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等有关法律、 法规及《中国铝业股份有限公司章程》的规定。会议审议并一致通过了以下议案： 一、关于变更公司财务总监的议案 公司董事会收到葛小雷先生的书面辞呈，因工作需要，葛小雷先生提请辞去公 司财务总监职务。辞任后，葛小雷先生仍担任公司董事会秘书（公司秘书）。 鉴于葛小雷先生的辞任，经公司总经理提名，董事会换届提名委员会审核通过， 并经董事会审议，同意聘任朱丹女士为公司财务总监，即日生效。 有关上述事项详情请见公司同日披露于上海证券交易所网站（www ...

香港交易所信息显示， 贝莱德在 中国铝业的持股比例于07月18日从5.74%降至4.80%。 ...

Investment Rating - The report maintains a "Neutral" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with specific "Buy" ratings for companies such as Luoyang Molybdenum, Zhongjin Gold, Shandong Gold, Zijin Mining, and China Aluminum [5][6]. Core Views - The report highlights the commencement of a major hydropower project in the Yarlung Tsangpo River basin, which is expected to significantly increase the demand for special steel products due to the project's requirements [4][18]. - The report anticipates that the domestic economic stimulus policies will gradually show effects, supporting the prices of copper and aluminum, while the lithium market faces oversupply pressure [5][40][47]. - The report notes a substantial increase in China's rare earth exports in June, indicating a potential for price strengthening in the rare earth sector due to improved export demand [4][62]. Industry Summary Steel Industry - The Yarlung Tsangpo River hydropower project has a total investment of approximately 1.2 trillion yuan, which will likely boost demand for special steels [4][18]. - As of July 18, the total steel inventory was 13.3141 million tons, showing a slight decrease of 0.12% from the previous week and a year-on-year decrease of 22.71% [26]. - The average price index for steel on July 18 was 3,462.31 yuan per ton, reflecting a week-on-week increase of 0.99% [39]. Non-Ferrous Metals - The report indicates that the copper market is experiencing tight supply and low inventory, which may support prices in the short term [40]. - For aluminum, domestic policies are expected to support prices despite uncertainties in overseas tariff policies [47]. - The lithium market is under pressure from oversupply, but recent policy changes may provide some support for price recovery [53][54]. Rare Earths and Minor Metals - In June, China's rare earth exports reached 7,742.2 tons, a significant month-on-month increase of 32.02%, suggesting a positive outlook for rare earth prices [4][62]. - The report also notes price movements in minor metals, with tungsten concentrate prices increasing by 2.27% to 180,000 yuan per ton [64].

Group 1 - The core viewpoint is that the non-ferrous metal industry is experiencing a strong upward trend, with the industry index rising by 1.86% and individual stocks like Tungsten High-tech and Yahua Group seeing significant gains of 10.02% and 9.99% respectively [1] - The Ministry of Industry and Information Technology is set to release a growth stabilization plan for key industries, including non-ferrous metals, focusing on structural adjustments, supply optimization, and phasing out outdated production capacity [1] - The copper and aluminum sectors are highlighted for their high-quality development plans, with an emphasis on addressing the overcapacity issues in copper smelting and alumina production [1] Group 2 - The non-ferrous metal industry index (399395) includes 50 prominent securities, reflecting the overall performance of listed companies in the non-ferrous metal sector on the Shanghai and Shenzhen stock exchanges [2] - As of June 30, 2025, the top ten weighted stocks in the non-ferrous metal industry index account for 50.02% of the index, with companies like Zijin Mining and Luoyang Molybdenum among the leaders [2]

Group 1: Liquidity and Fund Performance - The liquidity of the rare earth ETF managed by Jiashi has a turnover rate of 6.85% with a transaction volume of 216 million yuan [3] - As of July 21, the Jiashi rare earth ETF has reached a scale of 3.145 billion yuan, marking a one-year high and ranking first among comparable funds [3] - In the past week, the Jiashi rare earth ETF has seen a significant increase in shares by 12 million, leading in new share growth among comparable funds [3] - The latest net inflow of funds into the Jiashi rare earth ETF is 78.4154 million yuan, with a total of 305 million yuan net inflow over four out of the last five trading days [3] - The Jiashi rare earth ETF has achieved a net value increase of 63.74% over the past year, ranking 131 out of 2929 in the index stock fund category, placing it in the top 4.47% [3] - Since its inception, the Jiashi rare earth ETF has recorded a highest monthly return of 41.25% and an average monthly return of 9.69% [3] Group 2: Market Trends and Price Movements - Since July, domestic rare earth product prices have shown signs of recovery, with the average market price of praseodymium and neodymium oxide reaching 477,000 yuan per ton, reflecting a week-on-week increase of 5.3% and a month-on-month increase of 8.2% [4] - The upcoming consumption peak season in September and October is expected to drive raw material procurement, leading to a positive outlook for rare earth prices [4] - Historical trends indicate that high overseas prices often lead to domestic price increases, potentially enhancing corporate profits and creating a dual opportunity for valuation and profit expansion in the sector [4] Group 3: Key Stocks in the Rare Earth Sector - The top ten weighted stocks in the rare earth industry index as of June 30, 2025, include Northern Rare Earth, China Rare Earth, and China Aluminum, collectively accounting for 55.58% of the index [4] - The performance of key stocks shows varied changes, with Northern Rare Earth down by 2.40% and Xiamen Aluminum up by 3.50% [6]