Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [4][6][10]. Core Views - The report highlights a significant increase in the probability of interest rate cuts, which has led to rising prices for both industrial and precious metals. The macroeconomic environment is expected to support metal prices in the second half of the year [2][4]. - Industrial metals are anticipated to benefit from ongoing macroeconomic policy support in China, with a focus on the "14th Five-Year Plan" and continued investment in infrastructure [2][4]. - Precious metals, particularly gold, are expected to see a long-term upward trend due to central bank purchases and weakening US dollar credit [4][6]. Summary by Sections Industrial Metals - Copper prices have been affected by the US imposing a 50% tariff on semi-finished copper, leading to a significant drop in COMEX copper prices. However, domestic demand is showing signs of recovery with an increase in the operating rate of copper rod enterprises to 71.73% [2][4]. - Aluminum production capacity remains stable, but demand is weak due to seasonal factors, with social inventory increasing to 544,000 tons [2][4]. - Key companies recommended include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][4]. Energy Metals - Cobalt prices are expected to rise due to the impact of the Democratic Republic of Congo's mining ban, while lithium prices have seen a rapid decline amid cautious market sentiment [3][4]. - Nickel prices are projected to remain strong due to low inventory levels and increased purchasing activity from downstream sectors [3][4]. - Recommended companies include Huayou Cobalt and Zangge Mining [3][4]. Precious Metals - Gold prices are expected to rise due to strong central bank purchases and a favorable macroeconomic environment, with the report highlighting a long-term upward trend for gold prices [4][6]. - Silver prices are also expected to increase, driven by industrial demand and recovery in the market [4][6]. - Key companies recommended include Shandong Gold, Zhongjin Gold, and Zijin Mining [4][6].

Summary of Key Points Core Viewpoint - A significant block trade of China Aluminum occurred on August 1, with a transaction volume of 270,700 shares and a transaction value of 2,000,500 yuan, at a price of 7.39 yuan per share, indicating active trading interest in the stock [2][3]. Trading Activity - In the last three months, China Aluminum has recorded a total of four block trades, with a cumulative transaction value of 26,553,100 yuan [3]. - On the same day, the closing price of China Aluminum was 7.39 yuan, reflecting a decrease of 0.54%, with a daily turnover rate of 0.73% and a total trading volume of 713 million yuan [3]. - The net outflow of main funds for the day was 95,959,700 yuan, and over the past five days, the stock has seen a cumulative decline of 4.27% with a total net outflow of 412 million yuan [3]. Margin Trading Data - The latest margin financing balance for China Aluminum stands at 2,322 million yuan, with a decrease of 28,587,300 yuan over the past five days, representing a decline of 1.22% [3].

Core Viewpoint - The China Securities Index for cyclical steady growth has shown a mixed performance, with a recent decline in the index while maintaining a positive trend over the past month and three months [1][2]. Group 1: Index Performance - The Shanghai Composite Index decreased by 0.37%, while the China Securities Index for cyclical steady growth 50 fell by 0.84%, closing at 1652.84 points with a trading volume of 17.107 billion yuan [1]. - Over the past month, the cyclical steady growth 50 index has increased by 3.62%, and over the last three months, it has risen by 7.90%. However, year-to-date, it has declined by 1.53% [1]. Group 2: Index Composition - The cyclical steady growth 50 index comprises 50 companies selected based on low price-to-book ratios, high revenue growth, and high return on equity (ROE) [1]. - The top ten weighted companies in the index include China State Construction (9.6%), China Petroleum (9.45%), and COSCO Shipping Holdings (9.33%) among others [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange, which accounts for 76.10% of the index, while the Shenzhen Stock Exchange represents 23.90% [1]. Group 3: Sector Allocation - The sector allocation of the cyclical steady growth 50 index shows that materials account for 40.39%, industrials for 29.59%, and energy for 28.80%, with real estate making up only 1.22% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Group 1 - On August 1, China Aluminum conducted a bulk transaction of 270,700 shares, with a transaction amount of 2,000,500 yuan, accounting for 0.28% of the total transaction amount for the day [1] - The transaction price was 7.39 yuan, which was flat compared to the market closing price of 7.39 yuan [1] - The buying brokerage firms involved were Huatai Securities Co., Ltd. and CITIC Securities Co., Ltd. [2]

Core Viewpoint - The China Securities Hong Kong 300 Materials Index has shown significant growth, with a year-to-date increase of 45.40% and a recent one-month increase of 6.23% [1] Group 1: Index Performance - The China Securities Hong Kong 300 Materials Index reported a value of 2376.75 points, with a decline of 0.37% on the last trading day [1] - The index has experienced a three-month increase of 26.52% [1] Group 2: Index Composition - The top ten holdings in the China Securities Hong Kong 300 Materials Index include Zijin Mining (26.25%), China Hongqiao (12.13%), and Luoyang Molybdenum (7.36%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% representation [1] Group 3: Industry Breakdown - The industry composition of the index shows that non-ferrous metals account for 79.26%, non-metallic materials for 14.63%, chemicals for 4.42%, and paper and packaging for 1.70% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Core Viewpoint - China Aluminum Corporation announced the implementation of its 2024 annual profit distribution plan, which includes a cash dividend of RMB 0.135 per share for A-shares, approved by the shareholders' meeting on June 26, 2025 [2][4]. Distribution Plan - The total cash dividend distribution for the year 2024 is RMB 2,316,010,330.53, based on a total share capital of 17,155,632,078 shares [4]. - The cash dividend distribution applies to all A-share shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration date [3]. Taxation and Payment Details - For individual shareholders holding unrestricted circulating shares, the cash dividend of RMB 0.135 per share is subject to different tax treatments based on the holding period [7]. - For shares held for over one year, the dividend is exempt from personal income tax; for shares held for one month or less, the tax rate is 20%; and for shares held between one month and one year, the effective tax rate is 10% [7]. - For qualified foreign institutional investors (QFII), a 10% withholding tax applies, resulting in a net cash dividend of RMB 0.1215 per share [8]. - Other institutional investors are responsible for their own tax payments, receiving the full cash dividend of RMB 0.135 per share [9].

股票代码：601600 股票简称：中国铝业 公告编号：临2025-048 ? 每股分配比例 A 股每股现金红利人民币0.135元（含税） ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/8/7 － 2025/8/8 2025/8/8 ? 差异化分红送转： 否 中国铝业股份有限公司 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： 红利人民币0.135元（含税），共计派发现金红利人民币2,316,010,330.53元（含税）。 三、相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/7 | － | 2025/8/8 | 2025/8/8 | | 一、通过分配方案的股东会届次和日期 本次利润分配方案经中国铝业股份有限公司（以下简称"公司"）于2025 年 6 月 26 日召开的2024年年度股东会审议通过。 根据公司 ...

证券日报网讯 7月31日晚间，中国铝业发布公告称，2024年年度权益分派方案为A股每股现金红利人民 币0.135元（含税），股权登记日为2025年8月7日，除权（息）日及现金红利发放日均为2025年8月8 日。 （文章来源：证券日报） ...

智通财经APP获悉，香港联交所最新资料显示，7月30日，中信证券-开元单一资产管理计划增持中国铝 业(02600)636万股，每股作价6.5821港元，总金额约为4186.22万港元。增持后最新持股数目约为2.78亿 股，最新持股比例为7.05%。 ...

香港联交所最新资料显示，7月30日，中信证券-开元单一资产管理计划增持中国铝业（601600） (02600)636万股，每股作价6.5821港元，总金额约为4186.22万港元。增持后最新持股数目约为2.78亿 股，最新持股比例为7.05%。 ...