Core Viewpoint - The performance of the A-share market is mixed, with the China Securities Rare Earth Industry Index showing a slight increase, indicating a positive trend in the rare earth sector [1] Group 1: Index Performance - The China Securities Rare Earth Industry Index rose by 0.11% to 1828.49 points, with a trading volume of 26.247 billion yuan [1] - Over the past month, the index has increased by 10.62%, by 4.54% over the last three months, and by 15.35% year-to-date [2] Group 2: Index Composition - The index includes companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of listed companies in the rare earth industry [2] - The top ten weighted companies in the index are: Northern Rare Earth (13.23%), China Rare Earth (5.63%), Lingyi Technology (5.01%), China Aluminum (4.97%), Greeenmei (4.94%), Baotou Steel (4.79%), Wolong Electric Drive (4.6%), Goldwind Technology (4.5%), Xiamen Tungsten (4.22%), and Shenghe Resources (3.86%) [2] Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (51.69%), followed by the Shenzhen Stock Exchange (47.71%) and the Beijing Stock Exchange (0.60%) [2] - In terms of industry composition, raw materials account for 64.65%, industrials for 27.98%, and information technology for 7.37% [2] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 20% [3] - Public funds tracking the rare earth industry include various ETFs from companies such as Harvest, Huatai-PB, and E Fund [3]

Group 1: Industry Overview - Guinea holds the world's largest bauxite reserves, accounting for 25.52% of the total [1] - Aluminum is the third most abundant metal in the Earth's crust, following oxygen and silicon [1] - Global bauxite resources are concentrated in a few countries, including Guinea, Australia, Vietnam, Brazil, Indonesia, China, India, and Russia [1] - China is the largest consumer and importer of bauxite, with a significant role in the global bauxite industry [1] - As of the end of 2024, the proven bauxite reserves globally are approximately 2.9 billion tons, with a static reserve-to-production ratio of about 64.44 years [1] Group 2: Market Demand and Trends - There is an increasing demand for lightweight aluminum profiles globally, particularly in the automotive and aerospace sectors [4] - The rapid development of industries such as new energy vehicles and photovoltaics is creating new opportunities for the aluminum profile industry [4] - The application of aluminum profiles in various sectors is deepening, leading to a significant increase in demand [4] Group 3: Company Rankings and Performance - In April 2024, the top companies in China's industrial aluminum profile sector were announced, with Conglin Aluminum Technology, Dingmei New Materials, and Fen'an Aluminum ranking in the top three [7][8] - The top companies in aluminum melting and casting services included Hunan Baling Kiln Energy Saving, Guangdong Jucheng Equipment Technology, and Zhejiang Lanwei Environmental Protection Equipment [9] - Major listed companies in the aluminum industry include China Aluminum, Nanshan Aluminum, Yun Aluminum, and Shenhuo Co., with revenues exceeding 30 billion yuan [10][11] - China Aluminum leads in revenue with 136.36 billion yuan from the primary aluminum segment, while Yun Aluminum and Shenhuo Co. also show strong performance [11][13]

Investment Rating - The report maintains a positive outlook on aluminum and lithium sectors while being less bullish on steel names, indicating a preference for aluminum and lithium investments [1][2]. Core Insights - The report emphasizes the need for steel supply reform, anticipates a near-term bottom for lithium prices, and expects potential corporate actions from aluminum companies in China [1]. - It highlights that aluminum and lithium stocks have performed well, while steel stocks have lagged behind, prompting a reassessment of investment strategies [1]. - The report ranks the sectors in the following order: aluminum > lithium > copper > steel > gold > battery > thermal coal > cement [1]. Summary by Sections Aluminum - The aluminum sector is viewed as undervalued relative to mid-term fundamentals, with expectations for a re-rating driven by a cap on smelting capacity and improved margins [2]. - Shareholder return policies from companies like Hongqiao and Chalco are generating investor interest, with Chalco initiating share buybacks [2]. Steel - The anticipated steel supply reform has been delayed, with internal communications between local governments and steel mills ongoing [6]. - Recent data from the National Bureau of Statistics (NBS) shows a decline in pig iron output of approximately 3% year-over-year in May 2025, contrasting with a 4% increase reported by MySteel [6]. Lithium - The report suggests that lithium prices are nearing a short-term trough at Rmb60,000 per ton, with expectations of production cuts to stabilize the market [8]. - Investors are concerned about the potential restart of suspended supply if prices rebound to Rmb70,000 per ton, alongside ongoing capacity additions in the pipeline [8].

General Provisions - The purpose of the guidelines is to regulate the management of insider information at China Aluminum Corporation, enhance confidentiality, maintain fair information disclosure, and protect investors' rights [1][2] - The guidelines apply to all departments, subsidiaries, and other enterprises managed by the company [1] Scope of Insider Information - Insider information refers to information that significantly impacts the company's operations, finances, or the trading market for its securities, which has not been publicly disclosed [2] - Examples of insider information include major changes in business strategy, significant operational losses, major investments, and changes in shareholder structure [2] Scope of Insider Information Insiders - Insiders are individuals or entities that can access insider information directly or indirectly before it is publicly disclosed [3][4] - This includes company directors, senior management, major shareholders, and employees who have access to such information due to their roles [4] Registration and Record-Keeping of Insiders - The company must maintain a record of insiders, including the time, place, and manner in which they accessed insider information [5][6] - The board of directors is responsible for ensuring the accuracy and completeness of these records [5] Confidentiality Management - Insiders are obligated to keep insider information confidential and must not disclose it before it is publicly released [11] - Measures must be taken to limit the number of individuals who have access to insider information [11][12] Penalties for Violations - Violations of the guidelines can result in disciplinary actions, including warnings, demotions, or legal consequences [13][14] - The company reserves the right to pursue civil liability for significant breaches that cause major losses [13]

Core Points - The document outlines the management rules for the Secretary of the Board of China Aluminum Corporation, emphasizing the importance of compliance with relevant laws and regulations [1][10] - The Secretary of the Board is a senior management position responsible for various duties, including organizing board meetings, ensuring compliance with decision-making processes, and managing information disclosure [2][3][4] Responsibilities and Qualifications - The Secretary of the Board must possess necessary professional knowledge in finance, management, and law, along with good professional ethics [4][5] - Key responsibilities include preparing meeting materials, ensuring compliance with decision-making procedures, coordinating information disclosure, and managing investor relations [3][4][6] Appointment and Dismissal - The Board of Directors appoints the Secretary of the Board and must also appoint a Securities Affairs Representative to assist in duties [5][6] - The dismissal of the Secretary must be justified, and the company is required to report the reasons to the stock exchange [6][7] Work Rules - The Secretary is responsible for organizing board meetings, ensuring timely communication of meeting materials, and maintaining accurate records [8][9] - The Secretary has the right to access financial and operational information and must be informed of major company decisions from an information disclosure perspective [9][10]

Core Viewpoint - The document outlines the investor relations management measures of China Aluminum Corporation, emphasizing the importance of effective communication and compliance with legal regulations to enhance corporate governance and protect investor rights [1][2]. Group 1: General Principles - The investor relations management measures aim to standardize communication between the company and its investors, fostering a long-term and stable relationship [1]. - The company defines "investors" as stock and bond investors, investment institutions, and analysts with an interest in the company's securities [1][2]. - Key principles for investor relations include compliance, equality, confidentiality, proactivity, and integrity [2]. Group 2: Organizational Structure - The Chairman of the Board is the primary responsible person for investor relations, with the Board Secretary overseeing the management of these activities [3]. - The Securities Affairs Management Department handles daily investor relations tasks and participates in significant meetings related to the company's strategy and operations [3][4]. Group 3: Content of Investor Relations - Investor relations encompass information disclosure, investor communication, public relations, crisis management, and other activities that improve investor relations [4][5]. - Information disclosure includes both mandatory and voluntary disclosures, ensuring timely and adequate information is provided to investors [4][6]. Group 4: Implementation Norms - The company utilizes various channels for communication, including its website, new media platforms, and direct interactions with investors [6][7]. - The Securities Affairs Management Department is responsible for ensuring compliance with information disclosure regulations and managing investor inquiries [8][9]. Group 5: Crisis Management - In the event of a crisis that could impact stock prices, the company has established procedures for crisis management, including timely communication with shareholders and regulatory bodies [10][11]. - The company emphasizes the importance of maintaining transparency and integrity during crisis situations to uphold investor trust [12]. Group 6: Staff Conduct and Training - Investor relations staff are required to possess integrity, professionalism, and effective communication skills, with ongoing training to enhance their capabilities [13][14]. - The company aims to create a comprehensive database for managing investor relations, facilitating proactive communication with key investors [12][13].

Core Viewpoint - The document outlines the management rules for the shareholding and trading activities of directors and senior management of China Aluminum Corporation, emphasizing compliance with relevant laws and regulations to ensure transparency and accountability in share transactions [1][2][3]. Group 1: Shareholding and Trading Regulations - Directors and senior management must notify the board secretary in writing before trading company shares, ensuring compliance with legal and regulatory obligations [2][3]. - The board is responsible for establishing and supervising the system governing shareholding and trading by directors and senior management [4]. - Shareholding includes all shares held in their name and those held through others, including shares in margin accounts [2][3]. Group 2: Disclosure and Reporting Requirements - Directors and senior management must report their shareholding information within two trading days of any changes, including personal details and shareholdings [6][8]. - Any trading activity must be disclosed within two trading days, detailing the number of shares before and after the transaction, the date, price, and reason for the change [14][15]. - The company must ensure that all disclosures are accurate, timely, and complete, with legal responsibilities for any inaccuracies [4][7]. Group 3: Trading Restrictions - Directors and senior management are prohibited from trading shares during specific periods, such as 15 days before annual or semi-annual reports and 5 days before quarterly reports [15][16]. - Shares cannot be transferred within one year of the company's stock listing or within six months after leaving the company [16][17]. - Additional restrictions apply if the company is under investigation for securities violations or if the individual is subject to legal penalties [17][18]. Group 4: Transfer Limits and Conditions - Each year, directors and senior management can transfer up to 25% of their shares based on the previous year's holdings, with specific conditions for newly acquired shares [18][19]. - In cases of divorce or similar circumstances, both parties must adhere to the same transfer limits as outlined in the regulations [19][20]. - The company must disclose any share distribution due to personal circumstances, ensuring transparency [20][21]. Group 5: Violations and Penalties - Violations of these rules may result in the company taking corrective actions, including recovering profits from illegal trades [23][24]. - Directors and senior management may face civil, administrative, or criminal liabilities for causing losses to investors due to non-compliance [32][33]. - The company reserves the right to impose penalties based on the severity of the violation [31][32].

股票代码：601600 股票简称：中国铝业 公告编号：临2025-044 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个别及连带责任。 会第一次会议。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。会 议由公司代董事长何文建先生主持。公司部分高级管理人员列席了会议。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、关于推举董事代行董事长职责的议案 经审议，公司全体董事一致同意自即日起至公司董事会选举产生新一任董事长 期间，由公司执行董事何文建先生代为履行公司董事长及法定代表人职责。 第九届董事会第一次会议决议公告 经审议，董事会同意公司第九届董事会各专门委员会组成人员，具体如下： 成，其中，余劲松先生为主任委员。 先生为主任委员。 女士为主任委员。 其中，何文建先生为主任委员。 主任委员。 议案表决情况：有权表决票数8票，同意8票，反对0票，弃权0票。 二、关于公司第九届董事会各专门委员会组成人员的议 ...

中国铝业股份有限公司 内幕信息及知情人管理细则 第一章 总则 第一条 为规范中国铝业股份有限公司（以下简称公司）内幕信息管 理，加强内幕信息保密工作，维护信息披露的公平原则，保护广大投资者 的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司信息披露管理办法》《上市公司监管指引第5号—上市公司内幕 信息知情人登记管理制度》《上海证券交易所股票上市规则》《香港联合 交易所有限公司证券上市规则》、香港《证券及期货条例》等有关法律、 法规、规章、规范性文件以及《中国铝业股份有限公司公司章程》（以下 简称《公司章程》）的有关规定，结合公司实际情况，制定本细则。 第二条 本细则适用于公司本部各部门、公司所属分公司、全资或控 股子公司以及公司实际管理的其他企业（以下合称所属企业）。 第三条 公司董事会是内幕信息的管理机构。公司董事会秘书为内幕 信息管理工作负责人，公司证券事务管理部门具体负责公司内幕信息的日 常管理工作。 第二章 内幕信息的范围 第四条 本细则所称内幕信息是指涉及公司经营、财务或者对公司证 券及衍生品种交易市场价格有重大影响，尚未在证券监管部门指定的上市 公司信息披露媒体或网站上正 ...

中国铝业股份有限公司 董事会秘书工作管理细则 第一章 总 则 第一条 为了促进中国铝业股份有限公司（以下简称公司）的规范 运作，充分发挥董事会秘书的作用，加强对董事会秘书工作的管理与监 督，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》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》、公司股票上市的证券交易所（包括上海证券交易所、 香港联合交易所有限公司）上市规则等有关法律、行政法规、规章、规 范性文件及《中国铝业股份有限公司章程》（以下简称《公司章程》）， 结合公司实际，制定本细则。 第二条 公司设董事会秘书一名。董事会秘书为公司高级管理人员， 由公司董事会聘任，对公司和董事会负责。有关法律、法规、规章、规 范性文件及《公司章程》对公司高级管理人员的相关规定，适用于董事 会秘书。 第二章 董事会秘书的职责及任职资格 第三条 董事会秘书应当是具备履行职责所必需的财务、管理、法 律等专业知识，并具有良好职业道德和个人品质的自然人。公司董事或 者其他高级管理人员可以兼任董事会秘书。 董事兼任董事会秘书的，如某一行为需由董事、董事会秘书分别作 出时，则该兼任董事及董事 ...