中国铝业股份有限公司 关于拟参股设立合资公司暨关联交易的公告 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"或"中国铝业"）拟与控股股东 中国铝业集团有限公司（以下简称"中铝集团"）及其附属公司云南铜业股份有限 公司（以下简称"云南铜业"）、云南驰宏锌锗股份有限公司（以下简称"驰宏锌 锗"）、中铝资本控股有限公司（以下简称"中铝资本"）共同出资设立合资公司， 其中，公司拟以货币资金及实物资产出资人民币3亿元，持有合资公司20%的股权。 2.由于中铝集团为公司的控股股东，云南铜业、驰宏锌锗、中铝资本均为中铝 集团的附属公司，根据《上海证券交易所股票上市规则》的相关规定，本次交易构 成关联交易。 股票代码：601600 股票简称：中国铝业 公告编号：临2025-053 3.本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 4.本次关联交易经公司董事会审核委员会、独立董事专门会议审议通过后，经 公司第九届董事会第四次会议审议批准。本次关联交易无需提交 ...

中国铝业股份有限公司第九届董事会 第一次独立董事专门会议纪要 (2025年8月25日) 中国铝业股份有限公司(以下简称"公司")第九届董事会第一次独立 董事专门会议于 2025年8月25 日以通讯方式召开,公司全部三名独立董事 余劲松先生、陈远秀女士及李小斌先生出席会议。会议应到独立董事3人, 实到独立董事 3人,本次会议的召开符合相关法律、法规、规范性文件及《中 国铝业股份有限公司独立董事工作管理细则》的相关规定。 表决结果:有权表决票数3票,同意3票,反对0票,弃权0票。 二、关于《中国铝业股份有限公司关于中铝财务有限责任公司 2025 年半年度风险持续评估报告》的议案 经研究、审阅《中国铝业股份有限公司关于中铝财务有限责任公司 2025年半年度风险持续评估报告》,我们认为:公司编制的对中铝财务有 限责任公司(以下简称"中铝财务公司")风险持续评估报告充分反映了 中铝财务公司的经营资质、内部控制、监管指标、风险管理及在报告期 内的经营管理状况;中铝财务公司严格按照《企业内部控制基本规范》《企 业集团财务公司管理办法》等的规定,建立了完善的内部控制制度,能 较好地控制风险,对风险管理不存在重大缺陷,公司与中 ...

Group 1 - The core viewpoint of the announcement is that China Aluminum reported a revenue of 116.392 billion RMB for the first half of 2025, reflecting a year-on-year growth of 5.12% [1] - The net profit for the same period was 7.071 billion RMB, showing a slight increase of 0.81% year-on-year [1] - The company plans to distribute an interim dividend of 0.123 RMB per share (including tax) to all shareholders, totaling approximately 2.11 billion RMB (including tax), which accounts for about 30% of the net profit attributable to shareholders for the first half of 2025 [1]

Group 1 - The stock price of China Aluminum fell by 2.08% on August 27, trading at 8.01 CNY per share with a total transaction volume of 1.55 billion CNY and a market capitalization of 137.42 billion CNY [1] - Year-to-date, the stock price has increased by 11.02%, with a 4.43% rise in the last five trading days, 5.46% in the last 20 days, and 22.38% in the last 60 days [2] - As of March 31, 2025, the company reported a revenue of 55.784 billion CNY, a year-on-year increase of 13.95%, and a net profit attributable to shareholders of 3.538 billion CNY, up 58.62% year-on-year [2] Group 2 - The company has distributed a total of 11.247 billion CNY in dividends since its A-share listing, with 5.713 billion CNY distributed in the last three years [3] - As of March 31, 2025, the number of shareholders was 349,200, a decrease of 5.28% from the previous period [2] - The main business revenue composition includes marketing (72.86%), primary aluminum (57.52%), alumina (31.22%), energy (3.67%), and others (1.12%) [2]

Core Viewpoint - The A-share market experienced fluctuations on August 26, with the non-ferrous sector undergoing a pullback, while the Non-Ferrous 50 ETF (159652) saw significant inflows despite a slight decline after a previous surge [1][6]. Market Performance - The Non-Ferrous 50 ETF (159652) recorded a net subscription of 23 million shares during the day, marking its third consecutive day of strong capital inflow [1]. - The component stocks of the Non-Ferrous 50 ETF showed mixed performance, with notable gains from Yun Aluminum Co. and Huaxi Nonferrous, both rising over 4% [3]. Component Stocks Overview - The top ten component stocks of the Non-Ferrous 50 ETF include: - Sanfang Liannong (601899) with a 0.86% increase and a market cap of 35.44 billion - Northern Rare Earth (600111) with a 6.36% decrease and a market cap of 182.38 billion - Other notable stocks include China Aluminum (601600) and Shandong Gold (600547) with increases of 1.24% and 1.85% respectively [4]. Economic Context - Federal Reserve Chairman Jerome Powell highlighted the dual challenges of inflation and a cooling labor market, with a significant drop in job creation in July, indicating increased economic downside risks [5]. - The likelihood of an interest rate cut by the Fed has increased, which is expected to enhance the investment appeal of metals like gold and copper [6]. Investment Insights - The Non-Ferrous 50 ETF (159652) is noted for its high copper content (31%), making it a leading choice in the sector [7]. - The ETF's cumulative return from 2019 to August 10, 2025, reached 140%, despite a 20% decline in valuation PE, indicating that the index's rise is driven by profit growth rather than valuation expansion [11]. - Analysts recommend continued investment in the Non-Ferrous 50 ETF due to its strong positioning in the context of an impending interest rate cut and the ongoing demand for metals driven by green energy transitions and technological advancements [6][11].

Group 1 - The Guozheng Free Cash Flow Index decreased by 0.74% as of August 26, 2025, with mixed performance among constituent stocks, including a limit-up for Yaxiang Integration and declines for SAIC Motor, Anfu Technology, and Shanghai Electric [3] - The Free Cash Flow ETF (159201) fell by 0.70%, with a latest price of 1.13 yuan, but it has seen a cumulative increase of 4.21% over the past week, ranking first among comparable funds [3] - The Free Cash Flow ETF has experienced significant net inflows, totaling 436 million yuan over the past six days, indicating strong demand [3] Group 2 - As of August 25, the Free Cash Flow ETF's net value increased by 13.57% over the past six months, with a maximum monthly return of 3.62% since inception [4] - The ETF has a management fee of 0.15% and a custody fee of 0.05%, which are the lowest among comparable funds [4] - The Free Cash Flow ETF closely tracks the Guozheng Free Cash Flow Index, which reflects the price changes of listed companies with high and stable free cash flow levels [4] Group 3 - The top ten weighted stocks in the Guozheng Free Cash Flow Index account for 57.66% of the index, including SAIC Motor, China National Offshore Oil, Midea Group, and Gree Electric [4] - The performance of the top ten stocks shows a mix of gains and losses, with SAIC Motor declining by 5.26% and Midea Group increasing by 0.34% [6]

Market Performance - On August 25, the industrial metals sector rose by 5.29% compared to the previous trading day, with Northern Copper leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Northern Copper (000737) closed at 12.50, with a gain of 10.04% and a trading volume of 1.0465 million shares, resulting in a turnover of 1.281 billion [1] - Jiangxi Copper (600362) closed at 26.97, up 9.10%, with a trading volume of 935,900 shares and a turnover of 2.498 billion [1] - Luoyang Molybdenum (603993) closed at 12.08, gaining 8.73% with a trading volume of 4.0237 million shares, totaling a turnover of 4.749 billion [1] - Other notable performers include Yunnan Copper (000878) with a 6.06% increase and a turnover of 2.156 billion [1] Capital Flow Analysis - The industrial metals sector saw a net inflow of 1.467 billion in main funds, while speculative funds experienced a net outflow of 921 million, and retail investors had a net outflow of 546 million [2] - The capital flow for individual stocks indicates that Luoyang Molybdenum had a net inflow of 539 million from main funds, while Northern Copper experienced a net outflow of 170 million from speculative funds [3]

Core Viewpoint - The recent regulatory changes in the rare earth industry are expected to enhance the concentration of the market, benefiting leading companies and potentially increasing rare earth prices [3][4]. Group 1: Market Performance - The China National New State-Owned Enterprises Modern Energy Index (932037) rose by 1.69% as of August 25, 2025, with notable increases in constituent stocks such as China Materials Technology (9.32%) and Yunnan Copper (5.92%) [3]. - The National State-Owned Enterprises Modern Energy ETF (561790) also saw a rise of 1.58%, marking its third consecutive increase, with the latest price at 1.16 yuan [3]. - Over the past week, the ETF has accumulated a gain of 1.15% [3]. Group 2: Liquidity and Trading Volume - The ETF recorded a turnover rate of 5.26% during the trading session, with a transaction volume of 2.4262 million yuan [3]. - The average daily trading volume over the past week was 5.4587 million yuan, ranking it first among comparable funds [3]. Group 3: Regulatory Changes - The Ministry of Industry and Information Technology, along with two other departments, released a new management approach for rare earth mining and refining, which includes the regulation of imported ores and by-products [3]. - This regulatory upgrade is expected to intensify the dual scarcity of raw materials and quotas, leading to a sustained increase in rare earth prices [3]. Group 4: Industry Outlook - Industry experts predict that the concentration in the rare earth sector will increase, with leading firms like China Rare Earth, Northern Rare Earth, and Shenghe Resources poised to benefit [4]. - The strategic value of rare earths is becoming more pronounced, with downstream magnetic material companies such as Jieli Permanent Magnet and Zhenghai Magnetic Materials likely to experience a revaluation [4]. Group 5: ETF Performance Metrics - As of August 22, 2025, the National State-Owned Enterprises Modern Energy ETF has seen a net value increase of 18.08% over the past two years [4]. - The ETF's highest monthly return since inception was 10.03%, with a maximum consecutive monthly gain of 23.43% [4]. - The ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [4].

Market Overview - The Shanghai Composite Index rose by 3.49% and the CSI 300 Index increased by 4.18% during the week of August 18-22 [2][3] - The SW Nonferrous Metals Index saw a gain of 1.33%, while COMEX gold and silver prices increased by 1.05% and 2.26%, respectively [2][3] Industrial Metals - Industrial metal prices showed mixed movements: LME aluminum +0.73%, copper +0.50%, zinc +0.32%, lead +0.56%, nickel -1.45%, and tin +0.70% [2][3] - The SMM imported copper concentrate index reported a decrease of $3.47/ton to $-41.15/ton, while the copper rod enterprises' operating rate rose to 71.80%, up by 1.20 percentage points [3] - Domestic electrolytic aluminum social inventory decreased by 11,000 tons, totaling 596,000 tons, indicating a slight increase in production and improved demand expectations [3] - Recommended companies in the industrial metals sector include Zijin Mining, Luoyang Molybdenum, Minmetals Resources, China Nonferrous Mining, and others [3] Energy Metals - Cobalt raw material imports continue to decline, suggesting a potential price surge for cobalt, while lithium supply disruptions remain a concern [4] - Carbonate lithium prices have rebounded due to increased market activity, with expectations for a strong short-term performance [4] - Cobalt prices are expected to strengthen as domestic inventory continues to deplete, with stable price increases for cobalt sulfate [4] - Recommended companies in the energy metals sector include Cangge Mining, Huayou Cobalt, and others [4] Precious Metals - The expectation of interest rate cuts by the Federal Reserve has positively influenced gold prices, with the People's Bank of China continuing to increase gold reserves for nine consecutive months [5] - Silver prices are also rising due to its industrial properties and recovery dynamics [5] - Recommended companies in the precious metals sector include Shandong Gold, Tongguan Gold, and others, with a focus on potential opportunities if gold prices stabilize above $3,500/oz [5]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Greater China Materials - **Current View**: Attractive outlook for the materials sector in Asia Pacific, particularly in rare earth and magnet segments due to regulatory changes [4][6] Regulatory Changes - **New Regulations**: The Ministry of Industry and Information Technology (MIIT), National Development and Reform Commission (NDRC), and Ministry of Natural Resources have released stricter regulations for rare earth production [6] - **Key Changes**: - Enhanced control over rare earth mining, smelting, and separation through more rigorous production reporting systems [6] - Removal of public disclosure requirements for rare earth quotas, indicating tighter supply management [6] - Monthly production data reporting mandated for all rare earth companies, enhancing oversight [6] - Minor violations will now face penalties under public order laws, indicating a stricter enforcement environment [6] Market Implications - **Supply Tightening**: The new regulations are expected to tighten the supply of rare earth materials, which may positively influence investor sentiment in the short term [6] - **Potential for Further Regulation**: The changes suggest possible future regulations on rare earth production outside of China, particularly in Southeast Asia, although specifics remain unclear [6] Company Ratings and Performance - **Highlighted Companies**: - Aluminum Corp. of China Ltd. (601600.SS) rated Overweight with a price of Rmb7.72 [56] - Ganfeng Lithium Co. Ltd. (002460.SZ) rated Underweight with a price of Rmb38.30 [58] - Zijin Mining Group (601899.SS) rated Overweight with a price of Rmb20.66 [58] - **Stock Ratings Distribution**: - Overweight: 40% of total coverage - Equal-weight: 43% - Underweight: 16% [24] Analyst Insights - **Analyst Certification**: Rachel L Zhang certifies that her views on the companies discussed are accurately expressed and free from conflicts of interest [11] - **Investment Banking Relationships**: Morgan Stanley has received compensation from several companies in the materials sector, indicating potential conflicts of interest [13][15] Conclusion - The regulatory changes in the rare earth sector are significant and may lead to tighter supply dynamics, positively impacting investor sentiment. The overall outlook for the Greater China materials sector remains attractive, with specific companies showing varied ratings based on their market positions and regulatory compliance.