股票代码：601600 股票简称：中国铝业 公告编号：临2025-075 中国铝业股份有限公司 关于 2021 年限制性股票激励计划预留授予部分 第二个解除限售期解锁暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为7,742,752 股。 本次股票上市流通总数为7,742,752股。 本次股票上市流通日期为2025 年 12 月 23 日。 中国铝业股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日、11 月 25 日分 别召开第九届董事会薪酬委员会第一次会议、第九届董事会第七次会议，审议通过了《关 于公司2021年限制性股票激励计划预留授予部分第二个解除限售期的解除限售条件已成 就的议案》。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）及《中国铝 业股份有限公司 2021 年限制性股票激励计划》（以下简称"《激励计划》"或"本激励计 划"）的相关规定，董事会认为公司 2021 年限制性股票激励计划预留 ...

中国铝业股份有限公司 金证法意[2025]字 1119 第 0981 号 2021 年限制性股票激励计划预留授予部分第二个解 除限售期解除限售条件成就、回购注销部分激励对 象已获授但尚未解除限售的限制性股票及调整回购 价格的 法律意见书 北京金诚同达律师事务所 关于 ibla i天堂 in 5 III & I 北京市建国门外大街1号国贸大厦A座十层 100004 电话:010-5706 8585 传真:010-8515 0267 金诚同达律师事务所 法律意见书 目 景 | 释 义 | | --- | | 正 文 | | 一、本次解除限售和本次回购注销、回购价格调整的批准和授权 . | | 二、本次解除限售的相关情况 . | | (一) 本次激励计划预留授予部分第二个限售期即将届满 . | | (二)本次解除限售条件已成就 | | (三)本次解除限售的激励对象及数量 | | 三、本次回购注销、回购价格调整的具体情况 … | | （一）回购人员及回购数量 | | （二）本次回购价格的调整事由及方法…………………………………………………………………………………………………………………………………………………………… ...

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。 向雲南鋁箔增資之進展 茲 提 述 中 國 鋁 業 股 份 有 限 公 司（「本公司」）日 期 為2025年11月21日 的 公 告， 內容有關中鋁高端、雲鋁股份及昆明銅業以現金或資產向雲南鋁箔增資（「該 公 告」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 於本公告日期，中 鋁 高 端、雲 鋁 股 份 及 昆 明 銅 業 向 雲 南 鋁 箔 的 現 金 增 資 款已完成支付；昆明銅業用於增資 的 土 地、固 定 資 產、債 權、債 務 均 已 移交給雲南鋁 箔。本 公 司 董 事 會（「董事會」）謹 此 提 供 有 關 本 次 增 資 的 進 一 步 資 料 如 下： 1. 增資額的釐定依據 本 次 增 資 主 要 因 雲 南 鋁 箔 擬 投 資 建 設 新 能 ...

688750 金天钛业 1.01 4.82 558.24 沪指12月15日下跌0.55%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为非银金融、商贸零 售，涨幅分别为1.59%、1.49%。跌幅居前的行业为电子、通信，跌幅分别为2.42%、1.89%。有色金属 行业今日下跌0.51%。 资金面上看，两市主力资金全天净流出471.84亿元，今日有8个行业主力资金净流入，国防军工行业主 力资金净流入规模居首，该行业今日上涨0.83%，全天净流入资金22.87亿元，其次是食品饮料行业，日 涨幅为0.67%，净流入资金为11.24亿元。 主力资金净流出的行业有23个，电子行业主力资金净流出规模居首，全天净流出资金163.31亿元，其次 是电力设备行业，净流出资金为59.19亿元，净流出资金较多的还有有色金属、机械设备、通信等行 业。 有色金属行业今日下跌0.51%，全天主力资金净流出55.32亿元，该行业所属的个股共138只，今日上涨 的有53只；下跌的有83只。以资金流向数据进行统计，该行业资金净流入的个股有35只，其中，净流入 资金超5000万元的有5只，净流入资金居首的是中国铀业，今日净流入资金3.30 ...

Core Points - The mercury thermometer will be discontinued starting January 1, leading to a surge in demand and price increases for existing mercury thermometers [1][2] - The price of mercury thermometers has significantly risen, with online prices reaching 15-20 yuan, and some exceeding 20 yuan, compared to previous prices of 2-10 yuan [1][2] - The alternative to mercury thermometers, non-mercury glass thermometers, are more expensive, costing 20-30 yuan, and are made with safer materials like gallium-indium-tin alloy [1][6] Industry Insights - The production of mercury thermometers in China was approximately 120 million units annually, resulting in over 10 tons of mercury needing disposal due to breakage [4] - Major manufacturers of non-mercury thermometers include Shanghai Huachen Medical Instrument Co., Yuyue Medical, and Jiuan Medical, with Shanghai Huachen being the largest producer [6] - The upstream suppliers for non-mercury materials include major metal producers such as China Aluminum (gallium), Zhuhai Group (indium), and Xiyang Silver Tin (tin) [6] Market Dynamics - The non-mercury thermometer market is limited and faces competition from electronic thermometers, which are also gaining popularity [7] - The safety and accuracy of gallium-indium-tin alloy thermometers are comparable to mercury thermometers, but they are positioned as a safer alternative [7] - Companies with capabilities in developing special alloy materials, such as Antai Technology and Yuyuan New Materials, are also noteworthy in this transition [6]

Summary of Key Points from Conference Call Records Industry Overview - **Metals Industry**: The records discuss the metals industry, particularly focusing on precious metals, industrial metals, and energy metals, with insights into market trends and forecasts for 2026 [1][2][6][12][26]. Precious Metals - **Silver Price Volatility**: Silver prices have experienced significant fluctuations due to decreasing inventories and demand expectations, with a short-term pullback influenced by AI trends, but long-term trends are expected to follow gold prices [1][3]. - **Federal Reserve's Impact**: The recent 25 basis point rate cut by the Federal Reserve and the initiation of short-term U.S. debt purchases have enhanced liquidity expectations, driving precious metal prices upward, with silver reaching nearly $64 per ounce [2][5]. - **Long-term Support Factors**: Factors such as the Federal Reserve's asset purchases, interest rate cuts, and the U.S. strategic shift away from the dollar are expected to provide long-term support for precious metal prices [1][4][5]. Industrial Metals - **Optimistic Outlook**: The industrial metals market outlook is optimistic, with expectations of demand rebound in traditional manufacturing and real estate due to easing high-interest rates and supportive policies from China's 14th Five-Year Plan [1][6]. - **Copper Price Trends**: Copper prices reached new highs following the Fed's rate cut but faced adjustments due to concerns over AI and U.S. economic data. Future price trends will depend on economic resilience indicators [7][8]. - **Aluminum Market Dynamics**: The aluminum market is expected to remain strong due to fiscal and monetary easing, despite seasonal demand pressures. The overall demand is anticipated to be supported by storage and export activities [10][11]. Energy Metals - **Lithium Demand**: Lithium demand remains robust, driven by the economics of energy storage, with high order expectations for 2026. Supply-side disruptions continue, maintaining a tight supply-demand balance [12][15]. - **Cobalt Market Stability**: Cobalt prices are expected to remain stable in the short term, with supply concerns easing due to improved political conditions in the Democratic Republic of Congo [12][13]. Steel Industry - **Policy Changes**: The steel industry has reinstated the steel export license system to optimize export structures and limit low-value product exports, which is expected to impact the market significantly [23][24]. - **Investment Opportunities**: Despite short-term market reactions to new policies, there are long-term investment opportunities in high-end manufacturing steel companies, which are less affected by these changes [24][25]. Conclusion - **Investment Strategy**: The overall analysis indicates various investment opportunities across precious metals, industrial metals, and energy metals, emphasizing the need to monitor policy changes and market dynamics closely to adjust investment strategies accordingly [26].

FFFF 2025 年 12 月 14 日 本期投资提示: 一周行情回顾：据 ifind，环比上周 1) 上证指数下跌 0.34%，深证成指上涨 0.84%，沪深 300 下跌 ● 0.08%，有色金属（申万）指数下跌 0.47%，跑输沪深 300 指数 0.39 个百分点。2) 分子板块看，环比 上周，贵金属上涨 1.50%，铝下跌 4.72%，能源金属上涨 0.48%，小金属上涨 1.76%，铜下跌 0.83%, 铅锌下跌 1.45%，金属新材料上涨 2.71%。 相关研究 若研究院 证券分析师 郭中伟 A0230524120004 quozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 郭中耀 A0230124070003 quozy@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 降息如期落地,金属价格强势 波段人 ...

[Table_Page] 投资策略周报|有色金属 证券研究报告 | [Table_Title] 金属及金属新材料行业周报 | | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | --- | --- | | | | 前次评级 | 买入 | | 铜价已站稳 | 1.1 万美元 | 报告日期 | 2025-12-14 | [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -10% 7% 24% 40% 57% 74% 12/24 02/25 05/25 07/25 09/25 12/25 有色金属 沪深300 | [分析师： Table_Author]宫帅 | | --- | | SAC 执证号：S0260518070003 | | SFC CE No. BOB672 | | 010-59136660 | | gongshuai@gf.com.cn | | 分析师： 王乐 | | SAC 执证号：S0260523050004 | | 021-38003617 | | wangle@gf.com.cn | | 分析师： 陈琪玮 | | SAC ...

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [3][6]. Core Views - The report highlights that the Federal Reserve's interest rate cut and balance sheet expansion are favorable for precious metals, with expectations of further rate cuts in 2026 [1][35]. - For industrial metals, the report notes that copper inventories are increasing in the U.S., while non-U.S. regions face supply tightness, which could lead to a short squeeze [2]. - The aluminum market is supported by positive macroeconomic policies and low inventory levels, leading to a strong price floor [2]. - Nickel prices are expected to remain low due to seasonal demand weakness [2]. - Lithium prices are experiencing fluctuations due to supply disruptions, while cobalt supply is set to increase with the resumption of exports from the Democratic Republic of Congo [2]. Summary by Sections Precious Metals - The Federal Reserve's recent actions are expected to boost liquidity and support precious metal prices [1][35]. - The market anticipates two rate cuts in 2026, which could influence precious metal investments positively [1][35]. Industrial Metals - **Copper**: U.S. copper inventories are rising, while low inventories in non-U.S. regions raise concerns about supply [2]. - **Aluminum**: The aluminum market is experiencing a strong price support due to positive economic data and low inventory levels [2]. - **Nickel**: Nickel prices are projected to remain low as demand enters a seasonal downturn [2]. Energy Metals - **Lithium**: Prices are fluctuating due to supply disruptions, with recent increases in lithium carbonate prices [2]. - **Cobalt**: The resumption of cobalt exports from the Democratic Republic of Congo is expected to stabilize supply and maintain high price levels [2]. Key Companies to Watch - The report suggests monitoring companies such as Shandong Gold, Zijin Mining, and others for potential investment opportunities [1][2][6].

Core Viewpoint - The report highlights the growth in China's alumina production, indicating a positive trend in the industry with a projected increase in output and a detailed analysis of the market dynamics from 2026 to 2032 [1] Industry Summary - As of October 2025, China's alumina production reached 7.87 million tons, marking a year-on-year increase of 5.8% [1] - From January to October 2025, the cumulative alumina production in China was 76.344 million tons, reflecting an 8% growth compared to the previous year [1] - The report provides insights into the development patterns and future prospects of the alumina industry in China, emphasizing the importance of strategic planning for stakeholders [1] Company Summary - Listed companies in the alumina sector include China Aluminum (601600), Tianshan Aluminum (002532), Nanshan Aluminum (600219), Yun Aluminum (000807), and others, indicating a diverse market landscape [1] - The report by Zhiyan Consulting serves as a comprehensive resource for industry analysis, offering tailored consulting services to support investment decisions in the alumina sector [1]