本公司董事会、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法律责任。 重要内容提示： 1. 本次拟减持的人员为中国铝业股份有限公司（以下简称"公司"）原副总经理吴茂 森先生（已于 2023 年 10 月 25 日离任）。截至本公告日，吴茂森先生的持股情况 如下： 股票代码：601600 股票简称：中国铝业 公告编号：临 2024-048 中国铝业股份有限公司 高级管理人员集中竞价减持股份计划公告 | 姓名 | 职务 | 持股数量（股） | 占公司总股本的比例 | | --- | --- | --- | --- | | 吴茂森（已离任） | 高级管理人员 | 260,000 | 0.0015% | 2.集中竞价减持计划的主要内容 因个人资金需求，吴茂森先生计划自 2024 年 10 月 30 日起至 2025 年 1 月 29 日止期 间内，通过集中竞价方式合计减持股份数量不超过 65,000 股，约占公司总股本的 0.00038%。吴茂森先生本次计划减持股份数量未超过其持有公司股份数量的 25%，减 持价格按市场价格确定。 一、集中竞价减持主体的基 ...

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 | | | 13,214,415,260 | RMB | | 1 RMB | | 13,214,415,260 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,214,415,260 | RMB | | 1 RMB | | 13,214,415,260 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02600 | ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-047 中国铝业股份有限公司 关于召开 2024 年第一次临时股东会的通知 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法律责任。 重要内容提示： 一、召开会议的基本情况 召开的日期时间：2024 年 10 月 29 日 下午 2 点 召开地点：中国北京市海淀区西直门北大街 62 号中国铝业股份有限公司总 部办公楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 10 月 29 日 至 2024 年 10 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通 股东会召开日期：2024年10月29日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系统 (一) 股东会类型和届次：2024 年第一次临时股东会 (二) 股东大会召集人：董事会 (三 ...

中国铝业股份有限公司 股票代码：601600 股票简称：中国铝业 公告编号：临 2024-046 截至本公告日，朱润洲先生持有公司 270,000 股 A 股股票（其中包括 162,000 股有限售条件限制性股票），辞任后，朱润洲先生所持 A 股股票将严格按照《上 市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》及《中国 铝业股份有限公司 2021 年限制性股票激励计划》等规定进行管理。 朱润洲先生在担任公司执行董事、总经理期间，恪尽职守、勤勉尽责，为推 动公司高质量发展做出了卓越贡献。公司董事会谨此对朱先生表示衷心感谢和诚 挚敬意！ 特此公告。 中国铝业股份有限公司董事会 2024 年 9 月 10 日 关于执行董事、总经理辞任的公告 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。 中国铝业股份有限公司（以下简称"公司"）谨此宣布，因达到国家法定退 休年龄，朱润洲先生于 2024 年 9 月 10 日向公司董事会递交书面辞呈，辞去公司 执行董事、总经理及在董事会下设各专门委员会中的一切职务，即日生效。 朱 ...

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of RMB 8.67 per share [4][10] Core Views - The company's profitability has improved significantly due to rising product prices, with H1 2024 net profit attributable to shareholders increasing by 105.36% YoY to RMB 7.016 billion [1] - The company's integrated industrial chain advantages are becoming more evident, with active progress in resource acquisition and key projects [8] Financial Performance Revenue and Profit - H1 2024 revenue reached RMB 110.718 billion, a YoY decrease of 17.41%, while Q2 revenue was RMB 61.762 billion, down 8.88% YoY but up 26.16% QoQ [1] - H1 2024 net profit attributable to shareholders was RMB 7.016 billion, a YoY increase of 105.36%, with Q2 net profit reaching RMB 4.786 billion, up 198.45% YoY and 114.60% QoQ [1] Segment Performance - Aluminum segment: H1 2024 profit reached RMB 7.595 billion, with a per-ton profit of RMB 2,115.60, up RMB 850.24 YoY [7] - Alumina segment: H1 2024 profit was RMB 4.271 billion, with a per-ton profit of RMB 1,338.87, up RMB 953.45 YoY [7] Production Volume - Primary aluminum: H1 2024 production was 3.63 million tons, up 570,000 tons YoY, with Q2 production at 1.85 million tons, up 70,000 tons QoQ [2] - Metallurgical alumina: H1 2024 production was 8.2 million tons, down 30,000 tons YoY, with Q2 production at 3.95 million tons, down 300,000 tons QoQ [2] Price Trends - Aluminum price: H1 2024 average price was RMB 19,856/ton, up 7.5% YoY, with Q2 average price at RMB 20,643/ton, up 8.3% QoQ and 12.4% YoY [2] - Alumina price: H1 2024 average price was RMB 3,508/ton, up 18.3% YoY, with Q2 average price at RMB 3,648/ton, up 8.4% QoQ and 24.1% YoY [2] Future Outlook - The company is expected to achieve revenues of RMB 238.55 billion, RMB 241.702 billion, and RMB 244.622 billion in 2024, 2025, and 2026 respectively [10] - Net profit is projected to reach RMB 11.789 billion, RMB 12.844 billion, and RMB 13.512 billion in 2024, 2025, and 2026 respectively [10] Dividend Policy - The company plans to distribute a cash dividend of RMB 0.82 per 10 shares (tax included), totaling approximately RMB 1.407 billion, representing 20.05% of H1 2024 net profit [9]

证券研究报告 | 2024年09月03日 中国铝业（601600.SH） 优于大市 上半年受益商品价格提升，归母净利润同增 105% 公司 24H1 营收同比下滑 17.4%，归母净利润同比增长 105.4%。公司 2024 年 上半年实现营收 1107.18 亿元，同比下滑 17.41%；实现归母净利润 70.16 亿 元，同比增长 105.36%；实现扣非归母净利润 68.57 亿元，同比增长 137.76%。 其中二季度单季实现营收 617.62 亿元，同比下滑 8.88%，环比增长 26.16%； 实现归母净利润 47.86 亿元，同比增长 198.45%，环比增长 114.60%；实现 扣非归母净利润 46.74 亿元，同比增长 266.78%，环比增长 114.14%。 公司业绩大幅增长主要得益于商品价格提升。公司归母净利润同比实现翻 倍，主要由于电原铝和氧化铝市场价均有上涨。2024H1，长江有色市场 A00 铝含税均价为 1.98 万元/吨，同比+7.1%；国内氧化铝含税均价为 3511 元/ 吨，同比+21.4%。2024Q2，长江有色市场 A00 铝含税均价为 2.05 万元/吨， 同比+ ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a projected PE of 9, 8, and 7 times for the years 2024, 2025, and 2026 respectively [2][26]. Core Views - The company's integrated layout shows significant advantages, with expectations for asset consolidation in the electrolytic aluminum sector. The self-sufficiency rates for bauxite and alumina are approximately 70% and 100% respectively, indicating a robust integrated structure [2][18]. - The report anticipates a revaluation of the company's value under the "China Special Valuation" framework, as the company is a leader in the aluminum industry and is expected to benefit from national reforms aimed at improving efficiency [2][18]. - The company's performance in H1 2024 exceeded expectations, with a net profit of 7.016 billion yuan, a year-on-year increase of 105% [1][7]. Summary by Sections 1. Event: Company Releases H1 2024 Report - The company reported a net profit of 7.016 billion yuan for H1 2024, a 105% increase year-on-year. The net profit for Q2 2024 was 4.786 billion yuan, showing a 198% year-on-year increase and a 115% quarter-on-quarter increase [1][7]. 2. H1 2024 Performance: Electrolytic Aluminum and Alumina Profitability - The company produced 8.2 million tons of metallurgical-grade alumina in H1 2024, a 2% increase year-on-year, and 3.63 million tons of primary aluminum, a 19% increase year-on-year. The average aluminum price was 19,798 yuan/ton, up 1,310 yuan/ton year-on-year [8][10]. 3. Q2 2024 Performance: Significant Year-on-Year and Quarter-on-Quarter Growth - In Q2 2024, the company produced 1.85 million tons of electrolytic aluminum, a 7% increase quarter-on-quarter and a 32% increase year-on-year. The average market aluminum price increased by 1,490 yuan/ton quarter-on-quarter [15][16]. 4. Integrated Layout Advantages - The company has established a complete industrial layout from upstream (bauxite, alumina, prebaked anodes, coal, electricity) to downstream (electrolytic aluminum), enhancing its risk resistance [18][23]. 5. Profit Forecast and Investment Suggestions - The company is expected to achieve net profits of 13.428 billion yuan, 15.393 billion yuan, and 17.345 billion yuan for the years 2024, 2025, and 2026 respectively, indicating strong growth potential [2][26].

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: 2024年8月31日 狀態: 新提交 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 呈交日期: 2024年9月2日 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02600 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,943,965,968 | | 0 | | 3,943,965,968 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 3,943,965,968 | | 0 | | 3,943,965,968 | 第 2 頁 共 10 頁 v 1.1.0 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - In the first half of 2024, the company experienced significant profit growth, benefiting from rising prices of electrolytic aluminum and alumina [1] - The company's operating revenue for H1 2024 was CNY 110.718 billion, a year-on-year decrease of 17.41%, while the net profit attributable to shareholders was CNY 7.016 billion, an increase of 105.36% year-on-year [1][2] - The company is optimizing its industrial layout and advancing key projects, including the 420,000-ton electrolytic aluminum project in Inner Mongolia [3][7] Summary by Sections Financial Performance - In H1 2024, the company achieved alumina production of 10.27 million tons, a year-on-year increase of 1.58%, and electrolytic aluminum production of 3.63 million tons, a year-on-year increase of 18.63% [2] - The average price of A00 aluminum in the Chinese market was CNY 19,781 per ton, up 6.99% year-on-year, and the average price of alumina was CNY 3,505 per ton, up 12.76% year-on-year [2] Cash Flow and Dividends - The company reported a net cash flow from operating activities of CNY 13.549 billion, an increase of 31.45% year-on-year, and proposed a mid-year dividend of CNY 0.82 per share, totaling approximately CNY 1.407 billion [3] Future Outlook - The company plans to continue optimizing its industrial layout, focusing on acquiring bauxite resources in Guinea and Indonesia, and enhancing its alumina production capacity along the coast [7] - Revenue forecasts for 2024-2026 are CNY 230.462 billion, CNY 236.887 billion, and CNY 243.021 billion, with net profits of CNY 14.107 billion, CNY 14.665 billion, and CNY 15.608 billion respectively [8][12]

[Table_Profit] 中国铝业（ [Table_StockNameRptType] 601600） 公司点评 铝链一体化优势凸显，上调盈利预期 | --- | --- | --- | |-------------------------------------|------------|-----------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： | 2024-08-29 | | | [Table_BaseData] 收盘价（元） | | 6.84 | | 近 12 个月最高 / | 最低（元） | 8.77/4.90 | | 总股本（百万股） | | 17,158 | | 流通股本（百万股） | | 17,067 | | 流通股比例（ % ） | | 99.47 | | 总市值（亿元） | | 1,174 | | 流通市值（亿元） | | 1,168 | [公司价格与沪深 Table_Chart] 300 走势比较 -26% -7% 13% 33% 52% 8/23 11/23 2/24 5/24 中国铝业 沪深300 [Table_Au ...