Core Viewpoint - The launch of the non-ferrous metal industry carbon footprint database marks a significant step in the establishment of a carbon footprint management system within the industry [1] Group 1: Database Overview - The carbon footprint database consists of four core subsystems: online data collection subsystem, carbon footprint accounting subsystem, carbon footprint analysis and display subsystem, and carbon footprint database management subsystem [1]

Group 1 - The completion of the "10,000-Channel Factory" demonstration project by China Aluminum Guangxi Company marks a significant upgrade in the industrial internet infrastructure in Pingguo, Guangxi, enabling digital and intelligent transformation for industrial enterprises [1] - The project utilizes a "full optical base + industrial PON" architecture, achieving end-to-end 10G network coverage and integrating cutting-edge technologies such as industrial OTN and optical bus [1] - The 10G optical network features a single wavelength bandwidth of 50Gbps and deterministic network latency, catering to demanding industrial internet applications like 8K visual inspection and cloud-based robot control [1] Group 2 - The factory's production processes have been transformed, enabling real-time data transmission from raw material storage to finished product delivery, significantly enhancing production efficiency and accuracy [2] - Remote equipment control experiences near-zero latency, allowing for synchronized command issuance and device response, which supports rapid data transmission and in-depth analysis for informed decision-making [2] - The project supports intelligent application platforms such as industrial AOI systems, digital twin systems for production processes, and intelligent safety monitoring platforms, contributing to high-quality industrial development [1][2]

Core Viewpoint - The Zhongzheng Nonferrous Metals Index has shown a mixed performance recently, with a slight decline on the trading day but positive growth over the past month, three months, and year-to-date [1][2]. Group 1: Index Performance - The Zhongzheng Nonferrous Metals Index decreased by 0.44% to 1750.31 points on the trading day, with a trading volume of 25.95 billion yuan [1]. - Over the past month, the index has increased by 3.77%, by 3.28% over the last three months, and by 9.26% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in nonferrous metal mining, smelting, and processing, reflecting the overall performance of related listed companies [2]. - The top ten weighted companies in the index are: Zijin Mining (11.12%), Northern Rare Earth (5.05%), Shandong Gold (4.54%), China Aluminum (4.41%), Luoyang Molybdenum (4.29%), Huayou Cobalt (3.85%), Chifeng Jilong Gold (3.74%), Zhongjin Gold (3.41%), Ganfeng Lithium (2.94%), and Shandong Gold International (2.76%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (62.55%) and Shenzhen Stock Exchange (37.45%) [2]. - In terms of industry composition, raw materials account for 98.63%, industrials for 1.01%, and consumer discretionary for 0.37% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Various public funds track the Zhongzheng Nonferrous Metals Index, including multiple ETFs and enhanced index funds [3].

Group 1 - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Metals and Mining Index reported at 2405.31 points [1] - The CSI 300 Metals and Mining Index has increased by 2.29% in the past month, 3.98% in the past three months, and 9.43% year-to-date [1] - The CSI 300 Index is categorized into 10 primary industries, 26 secondary industries, over 70 tertiary industries, and more than 100 quaternary industries [1] Group 2 - The top ten holdings in the CSI 300 Metals and Mining Index are Zijin Mining (31.27%), Northern Rare Earth (6.45%), Baosteel (6.2%), Shandong Gold (5.8%), China Aluminum (5.62%), Luoyang Molybdenum (5.48%), Huayou Cobalt (4.91%), Zhongjin Gold (4.35%), Baogang Group (4.22%), and Ganfeng Lithium (3.75%) [1] - The market share of the CSI 300 Metals and Mining Index is 82.35% from the Shanghai Stock Exchange and 17.65% from the Shenzhen Stock Exchange [2] - The industry composition of the CSI 300 Metals and Mining Index includes precious metals (44.94%), industrial metals (21.54%), rare metals (19.00%), steel (11.62%), and other non-metal materials (2.90%) [2] Group 3 - The index samples are adjusted every six months, specifically on the second Friday of June and December, with temporary adjustments made under special circumstances [2] - When a sample is delisted, it is removed from the index, and any corporate actions such as acquisitions, mergers, or splits are handled according to maintenance guidelines [2] - Adjustments to the CSI 300 industry index samples occur in conjunction with changes to the CSI 300 Index samples [2]

致：香港交易及結算所有限公司 公司名稱: 中國鋁業股份有限公司 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5月31日 狀態: 新提交 呈交日期: 2025年6月5日 I. 法定/註冊股本變動 | 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 ...

沪指6月3日上涨0.43%，申万所属行业中，今日上涨的有20个，涨幅居前的行业为美容护理、纺织服 饰，涨幅分别为3.86%、2.53%。有色金属行业今日上涨1.40%。跌幅居前的行业为家用电器、钢铁，跌 幅分别为2.10%、1.37%。 资金面上看，两市主力资金全天净流出63.59亿元，今日有12个行业主力资金净流入，有色金属行业主 力资金净流入规模居首，该行业今日上涨1.40%，全天净流入资金14.01亿元，其次是医药生物行业，日 涨幅为1.78%，净流入资金为9.17亿元。 有色金属行业资金流出榜 主力资金净流出的行业有19个，计算机行业主力资金净流出规模居首，全天净流出资金24.79亿元，其 次是汽车行业，净流出资金为19.59亿元，净流出资金较多的还有电子、机械设备、国防军工等行业。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601600 | 中国铝业 | 2.14 | 1.32 | -4810.54 | | 000807 | 云铝股份 | -0.75 | 0.87 | -3233. ...

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The report indicates that tariff pressures are expected to ease further, and the off-season destocking performance is better than anticipated. The aluminum industry is likely to experience a continuous trend of destocking and price increases, supported by improving export conditions [10] - The long-term outlook for the aluminum industry remains positive due to limited supply growth and potential demand increases, maintaining a high level of industry prosperity [10] Summary by Sections 1. Prices - As of May 30, the LME three-month aluminum closing price was $2,448.5 per ton, while the Shanghai aluminum active contract closing price was ¥20,070.0 per ton [14][20] - The average price of A00 aluminum in Changjiang was ¥20,240.0 per ton, down ¥160.0 from the previous week [20] 2. Production - In May 2025, the production of electrolytic aluminum was 3.729 million tons, an increase of 123,000 tons month-on-month and 214,000 tons year-on-year [53] - The production of alumina in May 2025 was 7.272 million tons, up 189,000 tons month-on-month and 593,000 tons year-on-year [53] 3. Inventory - As of May 29, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 511,000 tons, a decrease of 46,000 tons week-on-week [7] - The inventory of aluminum rods was recorded at 128,300 tons, with a slight decrease of 2,500 tons week-on-week [7] 4. Key Companies and Earnings Forecast - Key companies include Shenhuo Co., China Hongqiao, Tianshan Aluminum, China Aluminum, and Yun Aluminum, all rated as "Buy" with projected earnings per share (EPS) growth [5] 5. Supply and Demand - Domestic electrolytic aluminum production capacity remains stable, with a slight increase in the alloying ratio affecting the delivery situation [7] - Demand from downstream sectors is showing signs of weakness, particularly in photovoltaic aluminum and automotive materials, while cable orders remain strong due to state grid demand [7]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Basic Materials, specifically gold, copper, aluminum, steel, and lithium sectors [2][3][6][7] Core Insights 1. **Gold Market**: - Consensus remains positive on gold, with potential prices reaching up to $6,000 [2][3] - Central bank buying continues to support gold prices, with minimal earnings impact from recent seismic activity at Kamoa mine estimated at less than 5% [3] 2. **Copper Supply**: - A shortage in copper concentrate is expected to persist, with supply increases projected between 100,000 to 1 million tons in 2025, insufficient to meet demand [6][8] - High operating costs at mining companies necessitate higher copper prices to incentivize new supply [6] 3. **Aluminum Sector**: - Aluminum margins remain healthy, with alumina prices stabilizing around Rmb3,000 per ton [2][6] - Hongqiao has relocated aluminum capacity to Yunnan, with plans for further expansion [7] 4. **Steel Industry**: - Weak sentiment in the steel market continues, with expectations of a crude steel production cut of 50 million tons to address supply-demand pressures [7] - Trade tensions and tariffs have negatively impacted steel exports, although some companies are exploring new markets [7] 5. **Lithium Market**: - The lithium market faces oversupply issues, with prices expected to decline unless production cuts occur [6][8] - Ganfeng anticipates a short-term drop in lithium prices due to tariff concerns and reduced costs for Australian miners [8] Additional Important Insights - **Zijin Mining**: - Zijin is optimistic about gold prices reaching $5,000 by 2026, driven by demand from electrification and power grid needs [7] - The company plans to maintain high capital expenditures to meet growth targets by 2028 [7] - **CMOC**: - CMOC's profits are closely tied to market price volatility, with a DRC cobalt export policy update expected soon [8] - The company is facing pressure on production costs due to higher sulfur costs and taxes [8] - **Market Sentiment**: - Overall market sentiment remains cautious, with trade tensions and macroeconomic factors influencing demand across various sectors [6][7][8] Conclusion The conference call highlighted a mixed outlook across the basic materials sector, with strong long-term potential for gold and copper, while challenges persist in the steel and lithium markets. Companies are adapting to market conditions through strategic capacity adjustments and exploring new opportunities amidst ongoing trade tensions.

Investment Rating - The investment rating for the non-ferrous metals sector is "Positive" (maintained) [5] Core Viewpoints - Copper prices are fluctuating within a narrow range, awaiting further macroeconomic catalysts. The weekly changes in copper prices are -0.05% for London copper, -0.24% for Shanghai copper, and -3.35% for New York copper. Domestic copper inventory has increased by 7.2% to 106,000 tons [5][22] - Aluminum prices are stable with ongoing inventory depletion. The price of alumina has risen by 2.95% to 3,320 CNY/ton, while electrolytic aluminum prices have decreased by 0.40% to 20,100 CNY/ton [5][31] - Lithium prices continue to decline, with carbonate lithium down 3.73% to 60,700 CNY/ton. The supply side has not shown significant production cuts yet, which is a major factor suppressing lithium prices [5][72] - Cobalt prices remain under pressure due to weak demand, with potential policy changes in the Democratic Republic of Congo that could create rebound opportunities [5][84] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has underperformed, with the Shenwan non-ferrous index down 2.40%, lagging behind the Shanghai Composite Index by 2.38 percentage points [11] - The sector's PE_TTM is 17.86, down 0.50 from the previous week, while the PB_LF is 2.05, down 0.06 [17][20] 2. Industrial Metals 2.1 Copper - London copper prices decreased by 0.05%, while Shanghai copper prices fell by 0.24%. London copper inventory dropped by 9.02%, while Shanghai inventory increased by 7.22% [22] 2.2 Aluminum - London aluminum prices increased by 0.02%, while Shanghai aluminum prices decreased by 0.40%. The inventory of both London and Shanghai aluminum has decreased [31] 2.3 Lead and Zinc - London lead prices fell by 1.29%, and Shanghai lead prices decreased by 0.92%. London zinc prices dropped by 0.67%, while Shanghai zinc prices fell by 0.07% [42] 2.4 Tin and Nickel - London tin prices decreased by 6.80%, and Shanghai tin prices fell by 4.45%. Nickel prices also saw a decline [57] 3. Energy Metals 3.1 Lithium - Lithium carbonate prices fell by 3.73% to 60,700 CNY/ton, with lithium demand currently in a seasonal downturn [72] 3.2 Cobalt - Domestic cobalt prices decreased by 1.68% to 234,000 CNY/ton, with potential for policy changes in the DRC to impact future prices [84]

Core Viewpoint - China Aluminum's performance is improving, with significant share buybacks from its controlling shareholder and positive financial results reported for 2024 [1][2]. Financial Performance - In 2024, China Aluminum achieved operating revenue of 237.066 billion yuan, a year-on-year increase of 5.21% [5][6]. - The net profit for 2024 was 12.4 billion yuan, reflecting a substantial year-on-year growth of 85.38% [5][6]. - The return on equity (ROE) reached 19.26%, an increase of 7.33 percentage points compared to the previous year, outperforming industry benchmarks for three consecutive years [6][5]. - The debt-to-asset ratio was 48.10%, marking the lowest level in the past decade [6]. Share Buyback Activity - As of May 28, the controlling shareholder, China Aluminum Group, and its concerted parties have cumulatively bought back 192 million shares, amounting to approximately 1.007 billion yuan [2][3]. - This buyback represents 1.12% of the company's total issued share capital, achieving the lower limit of their planned buyback amount [2][3]. Market Conditions - The domestic aluminum market continues to grow, with China maintaining its position as the world's largest aluminum producer and consumer for 23 consecutive years [5]. - In 2024, domestic alumina prices ranged from 3,156 yuan/ton to 5,780 yuan/ton, with an average price of 4,084 yuan/ton, reflecting a year-on-year increase of 39.9% [5]. - International alumina prices also saw significant increases, with an average price of 502 USD/ton, up 46% year-on-year [5]. Strategic Developments - The company is focusing on structural adjustments and enhancing its industrial development advantages [7]. - China Aluminum is advancing its exploration and development of bauxite resources, with a new resource addition of 73.55 million tons in the year [7]. - The company is implementing multiple projects in clean energy and aluminum production, with a notable 45.5% of its electrolytic aluminum production utilizing clean energy [7].