Summary of Aluminum Corporation of China (Chalco) Conference Call Company Overview - **Company**: Aluminum Corporation of China (2600.HK) - **Industry**: Aluminum production and mining - **Core Competitiveness**: Ownership of stable and reliable bauxite resources, ensuring sustainable development. As of 2024, it is the world's largest alumina and primary aluminum producer by capacity [23][24]. Key Financial Updates - **Net Profit Forecast**: Revised for 2025E/26E/27E by +2%/+4%/+7% to Rmb14.0 billion, Rmb19.1 billion, and Rmb21.9 billion respectively, driven by higher aluminum price forecasts [1][2]. - **Target Price (TP)**: Increased to HK$15.94 from HK$12.41, based on a price-to-book (PB) ratio of 2.81x for 2026E, reflecting a stronger-than-historical-average return on equity (ROE) [3][25]. - **Expected Returns**: Anticipated share price increase of 18.4% and a total return of 23.0%, including a dividend yield of 4.6% [4]. Earnings Summary - **2023A**: Net Profit of Rmb6.717 billion, EPS of Rmb0.391 - **2024A**: Net Profit of Rmb12.400 billion, EPS of Rmb0.723 - **2025E**: Net Profit of Rmb14.011 billion, EPS of Rmb0.817 - **2026E**: Net Profit of Rmb19.070 billion, EPS of Rmb1.112 - **2027E**: Net Profit of Rmb21.876 billion, EPS of Rmb1.275 [6][8]. Market Dynamics - **Aluminum Prices**: Expected to remain high due to supply control and demand growth, particularly in the context of China's carbon-neutral goals [24]. - **Cost Structure**: Anticipated cost of sales for aluminum and alumina is projected to remain stable, with gross profit margins improving over the forecast period [9]. Risks - **Downside Risks**: Include lower-than-expected aluminum and alumina prices, higher-than-expected costs, and potential government policy changes regarding supply cuts [26]. Investment Strategy - **Recommendation**: Rated as a "Buy" due to expected benefits from China's carbon-neutral initiatives and favorable market conditions for aluminum prices [24][25]. Additional Insights - **Earnings Sensitivity**: The company's earnings are sensitive to fluctuations in aluminum and alumina prices, with significant impacts on net profit projections based on price changes [11]. - **Valuation Metrics**: The target price reflects a valuation that is 2.25 standard deviations above the historical average, indicating confidence in future earnings growth [3][25]. This summary encapsulates the key points from the conference call regarding Aluminum Corporation of China, highlighting financial forecasts, market dynamics, and investment strategies.

Group 1 - The core viewpoint of the news is that the copper demand is expected to increase significantly due to growth in artificial intelligence and defense sectors, with a projected 50% rise by 2040, leading to a potential annual supply gap of over 10 million tons if recycling and mining efforts are not intensified [1] - The Zhongzheng Nonferrous Metals Industry Index (399395) has seen a strong increase of 3.45%, with notable gains from individual stocks such as Xiamen Tungsten (600549) up 9.86%, Hailiang Co. (002203) up 7.91%, and Chihong Zn & Ge (600497) up 7.82% [1] - Tianfeng Securities indicates that the copper supply side is cautious with new expansions and high production costs, predicting a 2% growth in copper mine supply by 2026, while the smelting side faces historically low TC/RC levels, potentially limiting capacity utilization [1] Group 2 - The demand for copper is expected to grow by 3% due to economic recovery and the demand from AI-related equipment, resulting in a global supply-demand gap of approximately 630,000 tons [1] - The application of copper in data centers includes power transmission, signal transmission for high-speed data exchange between chips and systems, heat dissipation, and as a key material in semiconductor manufacturing [1] - The Nonferrous ETF Fund (159880) closely tracks the Zhongzheng Nonferrous Metals Industry Index, which reflects the overall performance of listed companies in the nonferrous metals sector [2]

Group 1 - The core viewpoint of the news highlights a significant increase in the non-ferrous metal industry index and specific stocks, driven by a major mineral discovery in Xinjiang, which is expected to impact the market positively [1][2] - The non-ferrous metal industry index (399395) rose by 2.32%, with notable stock performances including Xiamen Tungsten (up 8.97%), Hailiang Co. (up 7.75%), and Chihong Zn & Ge (up 6.81%) [1] - The discovery of the Salt Lake 27 mineral group, with an average grade of 30.73%, marks the largest mineral find in the region in nearly 40 years, particularly for chromium ore, which is crucial for various high-tech industries [1] Group 2 - Tianfeng Securities indicates that the tightening supply-demand dynamics will lead to higher price elasticity for aluminum, with expectations for stable price increases and sustained high profits in the electrolytic aluminum sector [2] - The electrolytic aluminum companies have passed their peak capital expenditure phase, suggesting a favorable environment for increased dividends and overall investment optimization in the sector [2] - The copper supply is projected to grow at 2% in 2026, with challenges in the smelting sector due to historically low TC/RC levels, which may limit production capacity [2] Group 3 - As of December 31, 2025, the top ten weighted stocks in the non-ferrous metal industry index account for 51.65% of the index, including major companies like Zijin Mining and China Aluminum [3]

Group 1 - The core viewpoint of the news is that the precious and industrial metals sector is experiencing a significant bullish trend, driven by increased investment and favorable market conditions [1][3][4] - The Huabao ETF (159876) saw a price increase of 3.33%, reaching a historical high, with a net subscription of 52.8 million units and a total inflow of 279 million yuan over the past 10 days [1][8] - Key stocks in the sector, particularly those related to commercial aerospace, have shown strong performance, with Yunnan Zhenye hitting the daily limit, and other companies like Xiamen Tungsten and Chihong Zn & Ge also experiencing significant gains [1][8] Group 2 - The People's Bank of China has increased its gold reserves for the 14th consecutive month, indicating a stable foundation for a gold bull market that is expected to extend to related non-ferrous and strategic metals [3][10] - Analysts predict that the U.S. Federal Reserve's dovish monetary policy will likely lead to gradual interest rate cuts, creating a favorable environment for the non-ferrous metals market [3][10] - The ongoing U.S. rate-cutting cycle and liquidity easing are expected to benefit non-ferrous metal prices, with supply constraints and increased demand from traditional and emerging sectors, such as AI and energy storage, contributing to a potential price surge [3][10] Group 3 - The Huabao ETF and its linked funds cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's beta performance across different economic cycles [4][11] - The current market conditions suggest that the industrial metal supercycle may have already begun, particularly for metals like copper and aluminum [3][10] - The demand for non-ferrous metals is expected to rise significantly due to the resilience of traditional industries and the emergence of new sectors, indicating a potential upward shift in price levels [3][10]

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：601600 股票简称：中国铝业 公告编号：临2026-001 中国铝业股份有限公司 第九届董事会第九次会议决议公告 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。 2026年1月8日，中国铝业股份有限公司（以下简称"公司"）召开第九届董事会第九次会议。本次会议应 出席董事6人，实际出席董事6人，有效表决人数6人。会议由公司董事长何文建先生主持。公司部分高 级管理人员列席会议。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等有关法律、 法规及《中国铝业股份有限公司章程》的规定。会议审议并一致通过了以下2项议案： 一、关于提名公司第九届董事会董事候选人的议案 公司董事会收到蒋涛先生的书面辞呈，因工作需要，蒋涛先生提请辞去公司执行董事、副总经理及在董 事会专门委员会中的一切职务，即日生效。 鉴于蒋涛先生的辞任，并考虑目前公司董事会席位空缺情况，经公司第九届董事会换届提名委员会审核 通过，并经董事会审议，同意提名张瑞忠先生为公司第九届董事会执行董事候选人， ...

Core Viewpoint - Jiang Tao has resigned from his positions as Executive Director and Deputy General Manager of China Aluminum Corporation, effective January 8, 2026, due to work requirements [1][4][5]. Group 1: Resignation Details - Jiang Tao submitted his resignation letter to the board of directors on January 8, 2026, and will no longer hold any positions in the company or its subsidiaries after his resignation [1][4]. - The board of directors has approved the nomination of Zhang Ruizhong as a candidate for Executive Director and Guo Gang as a candidate for Non-Executive Director, which will be submitted for election at the shareholders' meeting [1][4][9]. Group 2: Impact of Resignation - Jiang Tao confirmed that there are no disagreements with the board of directors regarding his resignation, and it will not affect the board's operational capacity or the company's production and operations [7]. - The company will complete the director replacement process in accordance with legal procedures and fulfill its information disclosure obligations promptly [7]. Group 3: Candidate Profiles - Zhang Ruizhong, 53, currently serves as the General Manager and Deputy Secretary of the Party Committee of the company, with extensive experience in non-ferrous metal smelting and materials engineering [13]. - Guo Gang, 56, is nominated as a Non-Executive Director and has a rich background in auditing and corporate management, having held various positions within the company and related organizations [14].

Market Observation - The Shanghai Composite Index experienced narrow fluctuations on January 8, with the ChiNext Index dropping over 1% during the session. The total trading volume in the Shanghai and Shenzhen markets was 2.8 trillion yuan, a decrease of 53.8 billion yuan compared to the previous trading day, marking the fourth consecutive day of trading volume exceeding 2.5 trillion yuan. By the close, the Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index by 0.51%, and the ChiNext Index by 0.82% [1]. Sector Performance - The commercial aerospace sector has seen a resurgence, highlighted by the recent groundbreaking of a large liquid rocket assembly and recovery reuse base by Arrow Yuan Technology in Qiantang. This marks the establishment of China's first offshore recovery reusable rocket production base and the launch of the first stainless steel rocket super factory [2]. Commodity Market Dynamics - Experts warn that investors are now living in a new era of geopolitical risk, which has increasingly influenced commodity pricing mechanisms. The ongoing conflicts, from Ukraine to Venezuela, have impacted the prices of oil, gold, copper, and other commodities. Oxford Economics noted that geopolitical risks are becoming a persistent pricing factor rather than a temporary shock, with markets now incorporating a fixed risk premium reflecting supply chain vulnerabilities and resource nationalism [3][4]. Investment Opportunities - For those considering commodity investments, it is suggested to look into non-ferrous metal ETFs, which include top holdings such as Northern Rare Earth, Luoyang Molybdenum, and China Aluminum, among others. The report indicates that the non-ferrous metal sector is expected to benefit from the ongoing geopolitical tensions and supply chain issues [4][5][6]. Commercial Aerospace Insights - The commercial aerospace sector is characterized by a focus on energy technology companies linked to the growth of satellite solar cells. Perovskite solar cells, particularly flexible and ultra-thin variants, are seen as a promising alternative to traditional materials due to their lightweight, low-cost, and high conversion efficiency, aligning with the needs of large-scale low-orbit satellite constellations [10][13]. Yunnan Zinc Industry's Position - Yunnan Zinc Industry is a significant player in the indium phosphide (InP) sector, with its subsidiary, Yunnan Xinyao Semiconductor Materials, focusing on expanding production capacity to meet the growing demand in the industry. The company has reported a substantial increase in orders and revenue, particularly in the context of AI and data center applications [33][35][38].

Core Viewpoint - Jiang Tao has resigned from his positions as Executive Director and Deputy General Manager of China Aluminum Corporation (referred to as "China Aluminum") due to work requirements, and he will no longer hold any positions in the company or its subsidiaries [1][4]. Group 1: Resignation Details - On January 8, 2026, China Aluminum's board received Jiang Tao's written resignation, which was accepted, and he will not continue in any roles within the company or its subsidiaries [4][5]. - Jiang Tao's resignation will not affect the minimum number of directors required by law, nor will it impact the normal operations of the board or the company's production and management [7]. Group 2: Board Candidate Nominations - The board has nominated Zhang Ruizhong as a candidate for Executive Director and Guo Gang as a candidate for Non-Executive Director, which will be submitted for election at the shareholders' meeting [4][9]. - Both candidates have been reviewed and approved by the board's nomination committee, confirming their qualifications and absence of any disqualifying conditions under the Company Law of the People's Republic of China [9]. Group 3: Candidate Profiles - Zhang Ruizhong, 53, is currently the General Manager and Deputy Secretary of the Party Committee of China Aluminum, with extensive experience in non-ferrous metal smelting and management [14]. - Guo Gang, 56, has a Ph.D. in Management Science and Engineering and has held various positions in auditing and corporate management, currently serving as a dedicated director in a subsidiary of China Aluminum [15].

Core Viewpoint - China Aluminum announced the approval of the proposal for nominating candidates for the ninth board of directors during its ninth board meeting [1] Group 1 - The ninth board meeting of China Aluminum took place on January 8 [1] - The meeting resulted in the approval of the proposal regarding the nomination of candidates for the ninth board of directors [1]

Group 1 - The core point of the news is the resignation of Jiang Tao from his positions as executive director, vice president, and member of the ESG committee of China Aluminum Corporation due to work needs, along with the nomination of two new board candidates [1] - Jiang Tao's resignation was effective immediately, and he no longer holds any positions within the company or its subsidiaries [1] - The company has nominated Zhang Ruizhong as an executive director candidate and Guo Gang as a non-executive director candidate for the board [1] Group 2 - Zhang Ruizhong, the current general manager and deputy secretary of the party committee, has extensive experience in non-ferrous metal smelting and management, holding 147,100 shares of the company [2] - Guo Gang has rich experience in auditing and corporate management, currently serving as a dedicated director in a subsidiary of China Aluminum, and does not hold any shares in the company [2] - China Aluminum's stock price has surged over 80% since September last year, with a current market capitalization of 234.2 billion yuan, driven by strong demand and effective cost management [3]