Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is a leader in the aluminum industry with a significant integrated layout advantage, possessing a complete industrial chain from upstream mineral resource extraction to downstream aluminum processing [1][11]. - The company has rich bauxite resources, with domestic reserves of 157 million tons and overseas reserves of 1.761 billion tons in Guinea, ensuring stable raw material supply for alumina production [1][24]. - The acquisition of Yun Aluminum has enhanced the company's position in the green aluminum sector, with the green electricity ratio in electrolytic aluminum production reaching 45.2% in 2023 [2][41]. - The company is expected to achieve substantial net profits in the coming years, with projected net profits of 12.717 billion yuan, 15.377 billion yuan, and 17.414 billion yuan for 2024, 2025, and 2026, respectively [4][47]. Summary by Sections 1. Company Overview - The company is the only international large aluminum company with a complete industrial chain, covering bauxite, alumina, electrolytic aluminum, and various aluminum products [11][22]. - It has established a "3×5" industrial development pattern, integrating core main industries, core sub-industries, supporting industries, collaborative industries, and green industries [1][22]. 2. Bauxite and Alumina - The company has a self-sufficiency rate of approximately 60% for alumina, with a total alumina production capacity of 22.26 million tons as of the end of 2023 [2][29]. - The alumina production is supported by abundant bauxite resources, ensuring stable raw material supply [2][29]. 3. Electrolytic Aluminum - The company has significantly increased its electrolytic aluminum production from 3.86 million tons in 2021 to 6.79 million tons in 2023, aided by the acquisition of Yun Aluminum [2][41]. - The electrolytic aluminum production is primarily located in regions with abundant coal and electricity resources, enhancing production efficiency [41][42]. 4. Energy Sector - The company has a promising outlook in the renewable energy sector, with steady growth in installed capacity for wind and solar energy [3][35]. - Coal production has also seen a steady increase, with a total coal output of 13.05 million tons in 2023, a year-on-year increase of 21.51% [3][32]. 5. Financial Forecast and Investment Advice - The company is expected to achieve significant net profit growth in the coming years, with corresponding price-to-earnings ratios of 10, 9, and 8 for 2024, 2025, and 2026 [4][47]. - The report emphasizes the company's strong resource security and operational flexibility, making it a favorable investment opportunity as aluminum prices rise [4][47].

中 國 • 北 京 2025年3月14日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中國鋁業股份有限公司 葛小雷 联席公司秘書 董事會召開日期 中 國 鋁 業 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈 本 公 司 將 於2025年3月26日（星 期 三）召 開 董 事 會 會 議，藉 以（其 中 包 括）審 議 及 批 准 本公司及其附屬公司截至2024年12月31日止之年度業績及考慮派發末 期 股 息（如 有）之 建 議。 承董事會命 於 本 公 告 刊 發 日 期，董 事 會 成 員 包 括 執 行 董 事 何 文 建 先 生、毛 世 清 先 生 及 蔣 濤 先 生，非 執 行 董 事 李 謝 華 先 生 及 陳 鵬 君 先 生，獨 立 非 執 行 董 事 邱 冠 周 先 生、余 勁 松 先 生 及 陳 遠 秀 女 士。 * 僅供識別 ...

晨会纪要（2025/3/12） [Table_Contactor] 编辑人 [Table_MainInfo] 渤海证券研究所晨会纪要 崔健 022-28451618 SACNO: S1150511010016 cuijian@bhzq.com 行业专题评述 行业基本面边际改善，关税政策持续扰动市场——金属行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 4 晨会纪要（2025/3/12） [Table_MorningSection] 行业专题评述 行业基本面边际改善，关税政策持续扰动市场——金属行业周报 张珂（证券分析师，SAC NO：S1150523120001） 投资要点 1.行业新闻 （1）2025-2029 年巴西稀土项目投资将达到 21.7 亿美元； （2）美国 2 月非农人数略低于预期。 2.公司新闻 兴业银锡全资子公司西乌珠穆沁旗银漫矿业有限责任公司采矿承包方河南锦源建设有限公司银漫矿业工程 项目部在采准作业时发生一起安全事故。 3.本周行业策略与个股推荐 （1）钢铁：据我的钢铁网消息，近期建筑工地资金到位率逐渐增 ...

Investment Rating - The industry investment rating is "Outperform the Market" [2][5] Core Viewpoints - The profitability of the electrolytic aluminum industry has significantly improved, with the average profit reaching 3,354.51 CNY/ton as of March 10, 2025, driven by a 5% increase in electrolytic aluminum prices and a 40% decrease in alumina prices [5] - The theoretical operating capacity of the electrolytic aluminum industry is at a high level of 43.6 million tons, with an operating rate of 96.5%, indicating limited room for further increases in production [5] - Demand for electrolytic aluminum is expected to rise in 2025, with a projected consumption of approximately 4.247 million tons, reflecting a recovery from the previous year's decline [5] - The price of alumina is anticipated to continue declining, which may further enhance the profitability of aluminum enterprises [5] - Investment recommendations include maintaining attention on the electrolytic aluminum industry, with specific stock picks such as Shenhuo Co., Yun Aluminum, China Hongqiao, and Tianshan Aluminum [5] Summary by Sections Market Performance - The report indicates a market performance trend for the non-ferrous metals sector, showing fluctuations in comparison to the CSI 300 index [3] Industry Demand and Supply - The electrolytic aluminum demand is projected to improve in 2025, with a recovery in sectors such as real estate and transportation [5] - The alumina production capacity is expected to increase significantly in 2025, potentially lowering costs for electrolytic aluminum production [5] Profitability and Cost Trends - The report highlights a notable improvement in profitability due to declining costs and favorable price movements in the electrolytic aluminum market [5]

公司名稱: 中國鋁業股份有限公司 呈交日期: 2025年3月6日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601600 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,211,666,110 | RMB | | 1 RMB | | 13,211,666,110 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,211,666,110 | RMB | | 1 RMB | | 13,211,666,110 | | 2. 股份分類 | 普通股 | 股份類 ...

重要内容提示： 股票代码：601600 股票简称：中国铝业 公告编号：临 2025-010 中国铝业股份有限公司 关于召开 2025 年第二次临时股东会的通知 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。 一、召开会议的基本情况 召开的日期时间：2025 年 4 月 24 日 下午 2 点 召开地点：中国北京市海淀区西直门北大街 62 号中国铝业股份有限公司总部 办公楼会议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 24 日 至 2025 年 4 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 股东会召开日期：2025年4月24日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系统 （一）股东会类型和届次：2025 ...

Investment Ratings - Steel industry: Neutral [5] - Non-ferrous metals industry: Positive [5] Core Insights - March is a traditional peak season for steel, with expectations for gradual recovery in demand from the construction sector, supported by automotive and other industries. Steel prices may rebound due to demand, but actual recovery needs to be monitored alongside domestic macro policies and foreign tariff impacts [1][14]. - Copper supply remains tight, providing price support. The "Two New" policies are expected to stimulate consumption, and if demand rebounds, copper prices may have upward potential. Attention should be paid to domestic macro policies and actual demand data, as well as potential new tariffs on copper imports from the U.S. [2][25]. - Aluminum prices have seen a significant decline in February, but profits for electrolytic aluminum companies are expected to improve. March is also a traditional peak season, and if downstream demand recovers well, inventory levels may turn around [2][27]. - Lithium demand is expected to gradually recover in March, but supply remains loose, leading to a weak price outlook [33]. - Cobalt prices are expected to remain strong due to a four-month export suspension of cobalt from the Democratic Republic of Congo, which has increased purchasing willingness in the downstream market [2][37]. - Nickel prices are expected to remain in a range due to oversupply and inventory pressure, with attention needed on policies from Indonesia and the Philippines [2][39]. Summary by Sections Steel - The PMI index for the steel industry in February was 45.1%, indicating contraction but a 1.8 percentage point increase from the previous month. Steel production is stabilizing post-holiday, but demand recovery is slower than supply [14][15]. - In December 2024, national apparent steel consumption was 109.99 million tons, a 0.01% decrease month-on-month but an 8.45% increase year-on-year [15]. - In December 2024, crude steel production was 75.97 million tons, a 3.10% decrease month-on-month but an 11.80% increase year-on-year [16]. Copper - In December 2024, refined copper production was 1.24 million tons, a 9.62% increase month-on-month and a 6.24% increase year-on-year [25]. - LME copper prices increased by 3.45% to $9,400 per ton, while domestic prices rose by 2.23% to ¥76,900 per ton [25]. Aluminum - In December 2024, domestic alumina production was 7.51 million tons, a 0.65% decrease month-on-month but a 9.70% increase year-on-year [27]. - LME aluminum prices increased by 0.80% to $2,600 per ton, while domestic prices rose by 2.44% to ¥20,600 per ton [27]. Lithium - Domestic battery-grade lithium carbonate prices fell by 3.14% to ¥75,600 per ton [33]. - Domestic lithium production in January was 35,100 tons, a 9.37% decrease year-on-year [33]. Cobalt - The average price of 1 cobalt increased by 5.99% to ¥177,000 per ton [37]. - Domestic sulfuric acid cobalt production in January was 19,900 tons, a 24.79% decrease year-on-year [37]. Nickel - LME nickel prices decreased by 0.29% to $15,500 per ton, while domestic nickel sulfate prices fell by 0.68% to ¥29,100 per ton [39]. - Domestic electrolytic nickel production in January was 30,000 tons, an 18.70% increase year-on-year [39]. Rare Earths and Minor Metals - Prices for rare earths such as praseodymium-neodymium oxide increased by 6.99% to ¥444,000 per ton [41]. - Tungsten concentrate prices decreased by 1.38% to ¥143,000 per ton [44].

股票代码：601600 股票简称：中国铝业 公告编号：临2025-008 关于包头铝业有限公司拟吸收合并 内蒙古华云新材料有限公司的公告 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。 重要内容提示： 1.中国铝业股份有限公司（以下简称"公司"）的全资子公司包头铝业有限公 司（以下简称"包头铝业"）拟吸收合并其控股子公司内蒙古华云新材料有限公司 （以下简称"内蒙古华云"），按照评估价值以包头铝业自身部分股权置换公司控 股股东中国铝业集团有限公司（以下简称"中铝集团"）持有的内蒙古华云50%股 权。本次吸收合并完成后，内蒙古华云的企业法人主体资格将予注销，中铝集团将 成为包头铝业的参股股东，持有包头铝业34.4241%的股权，公司对包头铝业的持股 比例将降至65.5759%（最终持股比例根据经备案评估值确定）。包头铝业变为公司 的控股子公司。 2.由于中铝集团为公司的控股股东，根据《上海证券交易所股票上市规则》的 相关规定，本次吸收合并构成关联交易。 中国铝业股份有限公司 5.截至本公告日前，过去12个月内，除公司与中铝集 ...

本报告依据中国资产评估准则编制 包头铝业有限公司拟吸收合并内蒙 古华云新材料有限公司所涉及的内 蒙古华云新材料有限公司股东全部 权益价值 资产评估报告 国众联评报字（2025）第 3-0010 号 此为二维码防伪标志,内含 本报告估值主要信息,建议 报告使用方查证核实 评估机构:国众联资产评估土地房地产估 价有限公司 联系地址:深圳市罗湖区清水河街道清水 河社区清水河三路 7 号中海慧 智大厦 1 栋 1C618 网址： www.gzlchina.com 电话: 0755-88832456 邮编: 518024 报告日期: 二〇二五年二月二十八日 包 头 铝 业 有 限 公 司 拟 吸 收 合 并 内 蒙 古 华 云 新 材 料 有 限 公 司 所 涉 及 的 内 蒙 古 华 云 新 材 料 有 限 公 司 股 东 全 部 权 益 价 值 目 录 | 声 月】 | | --- | | 摘 英 … | | 资产评估报告 | | 一、绪言 . | | 二、委托人、被评估单位概况及其他评估报告使用人 | | 三、评估目的 . | | 四、评估对象和评估范围 . | | 五、价值类型及其定义 . | | 六、评估基准 ...

包头铝业有限公司 已审财务报表 2024年度 包头铝业有限公司 目 录 | | | 页 | | 次 | | --- | --- | --- | --- | --- | | 一、 | 审计报告 | 1 | - | 4 | | 二、 | 已审财务报表 | | | | | | 合并资产负债表 | 5 | - | 6 | | | 合并利润表 | | 7 | | | | 合并所有者权益变动表 | 8 | - | 9 | | | 合并现金流量表 | 10 | - | 11 | | | 公司资产负债表 | 12 | - | 13 | | | 公司利润表 | | 14 | | | | 公司所有者权益变动表 | 15 | - | 16 | | | 公司现金流量表 | 17 | - | 18 | | | 财务报表附注 | 19 | - | 92 | 审计报告 安永华明（2025）审字第80016849_A01号 包头铝业有限公司 包头铝业有限公司董事会： 一、审计意见 我们审计了包头铝业有限公司的财务报表，包括2024年12月31日的合并及公司资 产负债表，2024年度的合并及公司利润表、所有者权益变动表和现金流量表以及相关 财 ...