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份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。 董事名單與其角色職能 中 國 鋁 業 股 份 有 限 公 司（以 下 簡 稱「本公司」）董 事 會（以 下 簡 稱「董事會」） 成 員 載 列 如 下： 執 行 董 事： 何 文 建 （董 事 長） 毛 世 清 蔣 濤 非 執 行 董 事： 董事會設立5個 委 員 會。下 表 提 供 各 董 事 會 成 員 在 這 些 委 員 會 中 所 擔 任 的 職 位。 | | | 換屆提名 | | 發展規劃 | ESG | | --- | --- | --- | --- | --- | --- | | | 審核委員會 | 委員會 | 薪酬委員會 | 委員會 | 委員會 | | 何文建 | | M | | C | C | | 毛世清 | | | | | M | | 蔣 濤 | | | | | M | | 江 皓 | | | | M | | | 余 ...

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份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。 何 先 生 在 擔 任 本 公 司 總 經 理 期 間，恪 盡 職 守、勤 勉 盡 責，為 本 公 司 經 營 管 理 及 高 質 量 發 展 做 出 了 卓 越 貢 獻。本 公 司 及 董 事 會 謹 此 對 何 先 生 表 示 衷 心 感 謝 及 誠 摯 敬 意。 公 告 選舉董事長及變更總經理 選舉董事長 茲 提 述 中 國 鋁 業 股 份 有 限 公 司（「本公司」）日 期 為2025年2月24日、2025年 2月28日 及2025年6月26日的公告，內 容 有 關 董 事 長 兼 執 行 董 事 之 辭 任 及 推 舉 董 事 代 行 董 事 長 職 責。 鑒 於 本 公司董事會（「董事會」）董 事 長 職 位 目 前 空 缺，經 本 公 司 於2025年 11月6日 召 開 的 第 九 屆 董 事 會 第 六 次 會 議 選 ...

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份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。 葛小雷 公司秘書 中國‧北京 2025年11月6日 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B條 作 出。 茲載列中國鋁業股份有限公司在上海證券交易所網站刊登的以下資料全文， 僅 供 參 閱。 承董事會命 中國鋁業股份有限公司 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 江 皓 先 生，獨 立 非 執 行 董 事 余 勁 松 先 生、陳 遠 秀 女 士 及 李 小 斌 先 生。 * 僅供識別 – 1 – 股 票 代 碼：601600 股 票 簡 稱：中 國 鋁 業 公 告 編 號：臨2025-064 中國鋁業股份有限公司 第九屆董事會第六次會議決議公告 本 公 司 董 事 會 及 全 ...

Group 1 - Multiple aluminum companies experienced significant stock price increases, with China Aluminum's market value surpassing 180 billion yuan after hitting the daily limit [1] - Aluminum futures prices have been on the rise since the second half of the year, with LME aluminum futures increasing by 23.7% from a low of 2,300 USD/ton in April to 2,845.5 USD/ton as of November 5 [1] - The Shanghai aluminum futures have also seen a 5.20% increase over the past three months, reaching 21,630 yuan/ton [1] Group 2 - Institutions are optimistic about future aluminum prices, citing stable domestic supply and demand fundamentals, along with production cuts from overseas due to equipment failures [3] - The aluminum water ratio has reached a historical high of 77%, indicating strong consumption growth, with expectations for a real consumption peak in November and December [4] - The stock market has outperformed commodity prices recently, driven by ongoing supply constraints, with a potential for significant price increases if demand assumptions improve [4] Group 3 - Downstream processing enterprises are showing positive trends, with average operating rates increasing for five consecutive weeks, while domestic electrolytic aluminum supply remains tight [4] - The alumina supply is relatively loose, with an annual production capacity of approximately 88.5 million tons, leading to profit transfers towards the electrolytic aluminum sector [4] - Continued favorable policies and sustained demand from sectors like new energy vehicles and electricity are expected to support aluminum prices, with a positive outlook for 2025 [4]

Market Overview - A-shares rebounded on November 6, with the Shanghai Composite Index surpassing 4000 points, and the ChiNext Index rising nearly 2% [1] - Total trading volume in the A-share market exceeded 2 trillion yuan, with the Hong Kong market also seeing gains, as the Hang Seng Index rose over 2% [1] Sector Performance - Nearly 2900 stocks in the market were in the green, with the storage chip concept regaining strength, highlighted by significant gains in stocks like Demingli and Xiangnong [2][5] - The phosphorus concept stocks surged, with companies like Qingshuiyuan and Chengxing shares hitting the daily limit [9][11] - The semiconductor sector saw strong performance, with stocks like Changguang Huaxin and Hanwha Microelectronics experiencing notable increases [5][7] Storage Chip Market Dynamics - The global storage chip market is facing unprecedented structural supply-demand imbalances, particularly for DRAM, driven by high demand from data centers [6][7] - Major manufacturers, including Samsung, have suspended DDR5 contract pricing, leading to a 25% increase in DDR5 spot prices within a week [6][7] - Analysts suggest that the price of DDR5 could rise by 30% to 50% in the upcoming quarter due to these supply constraints [7] Phosphorus Industry Outlook - The phosphorus chemical industry is expected to maintain its favorable outlook, driven by the scarcity of phosphorus ore and increasing demand from downstream sectors [11] - The price of yellow phosphorus has seen a significant increase, with a recent spot price reported at 22,200 yuan per ton, reflecting a rise of 264 yuan from the previous trading day [9][11] AI Industry Chain Activity - The AI industry chain stocks were active, with companies like Yuanjie Technology and Dongtianwei achieving substantial gains [13][14] - The demand for AI data centers is projected to grow rapidly, with strong performance expected in related sectors such as advanced storage and logic chips [14]

Core Viewpoint - The aluminum sector in China is experiencing a significant surge, with China Aluminum's stock hitting a 15-year high, driven by a systemic rise in aluminum stocks and favorable market conditions [1][3][4]. Company Performance - China Aluminum's stock price reached 10.86 CNY, marking a new high since 2011, with over 2.2 million buy orders on November 6 [1]. - The company's revenue for the first three quarters of this year showed a slight increase, with a net profit of 10.872 billion CNY, reflecting a year-on-year growth of approximately 21% [9]. - The company's gross profit margin for the first three quarters was 17.3%, up by 2.1 percentage points year-on-year, with a notable increase in the third quarter to 18.4% [10][11]. Market Dynamics - The aluminum sector has seen a "high-low switch" in market sentiment, with funds flowing into aluminum stocks as other sectors like precious metals and rare earths faced declines [4][19]. - The aluminum industry index rose by 5.06%, outperforming other sectors, indicating a shift in investor preference towards aluminum stocks [3]. Historical Context - Over the past 15 years, China Aluminum has reached similar stock price levels twice, in April 2015 and September 2021, but the current market conditions are supported by both market sentiment and industry dynamics [6]. - The company is expected to exceed its historical net profit high of 12.4 billion CNY in 2024, with current forecasts suggesting annual profits could reach 14 billion CNY or more [12]. Comparative Analysis - Historically, aluminum stocks have been undervalued compared to other sectors, with some trading at price-to-earnings ratios below 10 [4][14]. - The aluminum sector's performance has lagged behind other metal sectors, with a year-to-date increase of only 35.39% compared to over 69% for other segments [16][19].

Corporate Governance - China Aluminum announced the election of He Wenjian as chairman and the appointment of Zhang Ruizhong as general manager, effective immediately [3] - Jiang Guiting, the actual controller and chairman of Jingjin Equipment, has had his detention lifted, allowing him to resume his duties [8] - Biao Bang Co. has terminated its plans for a change in control, with stock resuming trading [7] Industry Developments - Jiangbolong reported that its self-developed main control chip deployment has exceeded 100 million units, with rapid growth expected [4] - Asia Pacific Pharmaceutical received a notice of disapproval for its consistency evaluation application for a drug, which will not significantly impact its current performance [5] - Fuxiang Pharmaceutical successfully passed a cGMP inspection by the FDA, marking its third successful inspection [6] - Huahai Pharmaceutical's subsidiary passed an FDA inspection, enhancing its international market capabilities [13] Financial Performance - Daqin Railway reported a cargo transport volume of 32.51 million tons in October 2025, a year-on-year decrease of 4.7% [18] - Jingji Zhino achieved sales revenue of 317 million yuan from selling 233,300 pigs in October 2025 [19] - Baiyun Airport reported a passenger throughput of 7.64 million in October 2025, a year-on-year increase of 12.04% [20] - Dongfeng Motor's total vehicle production in October 2025 was 6,536 units, a year-on-year decrease of 23.40% [21] - Hongyang Real Estate reported a contract sales amount of 202 million yuan in October 2025 [22] Shareholder Actions - Xintonglian announced that a shareholder plans to reduce its stake by up to 3% [24] - Tonghua Dongbao conducted its first share buyback, acquiring 143,500 shares for 1.29 million yuan [25] - Guoci Materials plans to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 30 yuan per share [26] Project Wins - Dayu Water-saving announced a pre-bid win for a 310 million yuan water conservancy project in Hainan [28] - Zhongjian Technology signed a significant sales contract worth 563 million yuan [29] - Longjian Co. won a project bid worth 441 million yuan for road construction in Heilongjiang [30] - Chongqing Construction's subsidiary won a project bid worth 781 million yuan for a residential project in Chongqing [31]

Core Viewpoint - The aluminum sector is experiencing a systemic rise, with China Aluminum's stock hitting a 15-year high, driven by improved market sentiment and performance metrics [1][3][9]. Market Performance - As of November 6, China Aluminum's stock price reached 10.86 CNY, marking a significant increase with over 2.2 million buy orders [1]. - The aluminum industry index rose by 5.06%, outperforming other sectors [3]. - Other aluminum stocks, such as Minfa Aluminum and Chang Aluminum, also saw price surges, indicating a broader trend in the aluminum market [3]. Valuation and Market Sentiment - Historically, aluminum companies have been undervalued compared to other metals like rare earths and gold, with many trading below a P/E ratio of 10 [5][14]. - Recent shifts in market dynamics, particularly a decline in international gold prices, have made aluminum stocks more attractive, leading to a "high-low switch" in investment preferences within the non-ferrous metals sector [5][18]. Financial Performance - China Aluminum's revenue for the first three quarters of the year showed a slight increase, with net profit reaching 10.872 billion CNY, a 21% year-on-year growth [10]. - The company's gross profit margin improved to 17.3%, with a notable increase in the third quarter, where the margin rose to 18.4% [11]. - Forecasts suggest that the company's annual net profit could exceed 14 billion CNY, potentially surpassing the historical high of 12.4 billion CNY in 2024 [12]. Price Trends and Future Outlook - The price of aluminum has increased, with LME aluminum up by 12.28% and domestic futures up by 9.44% year-to-date [11]. - The stock price movements of China Aluminum align closely with its earnings trajectory, indicating strong performance support for the recent price increases [12]. - The aluminum sector's performance has lagged behind other non-ferrous metals earlier this year, but recent trends suggest a potential turnaround [16][18].

Core Points - The Shanghai Composite Index rose by 0.97% on November 6, with 19 out of 28 sectors experiencing gains, led by the non-ferrous metals and electronics sectors, which increased by 3.05% and 3.00% respectively [2] - The net inflow of capital in the two markets was 6.174 billion yuan, with 12 sectors seeing net inflows, primarily in the electronics sector, which had a net inflow of 12.224 billion yuan [2] - The non-ferrous metals sector had a net inflow of 3.647 billion yuan, with 120 out of 137 stocks in this sector rising, including 6 stocks hitting the daily limit [3] Industry Summary - The non-ferrous metals sector saw a significant increase of 3.05%, with a total net inflow of 3.647 billion yuan. Key stocks included China Aluminum with a net inflow of 784.793 million yuan, followed by Nanshan Aluminum and Zijin Mining with inflows of 559.112 million yuan and 358.543 million yuan respectively [3][4] - The sector's outflow was led by Northern Rare Earth, which experienced a net outflow of 2.3869 billion yuan, followed by Zhongtung High-tech and Zhongzhou Special Materials with outflows of 1.102845 billion yuan and 972.863 million yuan respectively [5] - The top gainers in the non-ferrous metals sector included China Aluminum (+10.03%), Nanshan Aluminum (+9.96%), and Zijin Mining (+2.38%), while the top losers included Northern Rare Earth (+0.46%) and Zhongtung High-tech (+0.20%) [4][5]

致：中國鋁業股份有限公司（「公司」） 本人╱吾等 （附註1 （中文名稱）： ） （英文名稱）： 地址為 為公司股本中每股面值人民幣1.00元之 股 （附註2） A股╱H股 （附註3） 的註冊持有人，茲通知公司，本人╱吾 等擬親自或委託代理人出席公司將於2025年12月22日（星期一）下午2時正在中華人民共和國北京市海淀區西直門北大街62號公 司會議室舉行的2025年第三次臨時股東會。 2025年第三次臨時股東會 回 執 （附註4） ： 附註： * 僅供識別 1. 請用正楷填上全名（中文或英文，須與登記在股東名冊的相同）及登記地址。 2. 請填上以 閣下名義登記的股份數目。 3. 請刪去不適用者。 4. 請將此回執在填妥及簽署後於2025年12月17日（星期三）或之前送達公司財務部（資本運營部）證券事務處，地址為中華人民共和國北京 市海淀區西直門北大街62號（郵編100082）。此回執可親身交回公司，亦可以郵遞或以圖文傳真方式、電子郵件方式交回（圖文傳真號碼 為：（8610） 8229 8158；電子郵件地址：IR@chinalco.com.cn）。 日期：2025年 月 日 簽署 ...