第一条 为规范中国铝业股份有限公司（以下简称公司）及其他信 息披露义务人的信息披露行为，加强信息披露事务管理，确保公司信息 披露真实、准确、完整、及时、公平，保护投资者合法权益，依据《中 华人民共和国证券法》（以下简称《证券法》）《上市公司信息披露管理办 法》《上海证券交易所上市公司自律监管指引第 2 号—信息披露事务管理》 《银行间债券市场非金融企业债务融资工具管理办法》、中国银行间市场 交易商协会（以下简称交易商协会）发布的《银行间债券市场非金融企 业债务融资工具信息披露规则》等法律、法规、规章、规范性文件、公 司上市地证券交易所（以下简称交易所）的上市规则及《中国铝业股份 有限公司章程》等有关规定，制定本办法。 第二条 本办法适用于如下人员和机构（以下合称信息披露义务人）： （一）公司董事和董事会； 中国铝业股份有限公司 信息披露管理办法 第一章 总 则 （二）董事会各专门委员会； （五）股东或者实际控制人； （六）公司董事会秘书和信息披露事务管理部门； （七）外部信息使用人，包括收购人，重大资产重组、再融资、重 大交易有关各方等自然人、单位及其相关人员； 1 （三）公司高级管理人员； （四）公司本部各 ...

中国铝业股份有限公司 投资者关系管理办法 第一章 总则 第一条 为规范中国铝业股份有限公司（以下简称公司）投资者管 理工作，加强公司与投资者之间的沟通，提高公司治理水平，促进公司 与投资者之间长期、稳定的良性关系，树立公司良好市场形象，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司投资者关 系管理工作指引》《上海证券交易所上市公司自律监管指引第 1 号—规 范运作》等相关法律、行政法规、规章、规范性文件，以及公司上市地 证券交易所的有关上市规则和《中国铝业股份有限公司章程》（以下简 称《公司章程》）的相关规定，结合公司实际情况，制定本办法。 第二条 本办法适用于公司本部、所属分公司、全资和控股子公司 及公司实际管理的其他企业（以下合称所属企业）的投资者关系管理活 动。 第三条 本办法所称投资者，指公司股票投资者、债券投资者、投 资机构基金经理、相关证券研究机构分析人员以及其他对公司股票、债 券或其衍生品有投资意向的单位和人员。 第四条 本办法所称投资者关系，指公司通过充分的信息披露与交 流，加强与投资者及潜在投资者之间的沟通，增进投资者与公司之间的 互相了解，提升公司治理水平，实现公司整体利 ...

北京金诚同达律师事务所 关于 中国铝业股份有限公司 2024 年年度股东会、2025 年第一次 A 股类别股东会、 2025 年第一次 H 股类别股东会的 法律意见书 金证法意[2025]字 0626 第 0616 号 中国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 北京金诚同达律师事务所 关于中国铝业股份有限公司 2024 年年度股东会、2025 年第一次 A 股类别股东会、 金证法意[2025]字 0626 第 0616 号 致：中国铝业股份有限公司 受中国铝业股份有限公司（以下简称"中国铝业"或"公司"）聘请和北京 金诚同达律师事务所（以下简称"本所"）委派，本所律师出席中国铝业 2024 年年度股东会（以下简称"本次年度股东会"）、2025 年第一次 A 股类别股东 会（以下简称"本次 A 股类别股东会议"）、2025 年第一次 H 股类别股东会（以 下简称"本次 H 股类别股东会议"，与本次年度股东会、本次 A 股类别股东会 议合称为"本次会议"）并对本次会议的相关事项出具法律意见书。 根据 ...

股票代码：601600 股票简称：中国铝业 公告编号：临2025-043 中国铝业股份有限公司 2024年年度股东会、2025 年第一次 A 股类别股东会 及 2025 年第一次 H 股类别股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1．出席会议的股东和代理人人数 | 2,534 | | --- | --- | | 其中：A 股股东人数 | 2,533 | | 境外上市外资股股东人数（H 股） | 1 | | 2．出席会议的股东所持有表决权的股份总数（股） | 7,123,169,803 | | 其中：A 股股东持有股份总数 | 6,228,475,757 | | 境外上市外资股股东持有股份总数（H 股） | 894,694,046 | | 3．出席会议的股东所持有表决权股份数占公司有表决权股 份总数的比例（%） | 41.5209 | | 其中：A 股股东持股占股份总数的比例（%） | 36.3057 | | 境外上市外资股股东持股 ...

股票代码：601600 股票简称：中国铝业 公告编号：临2025-044 中国铝业股份有限公司 第九届董事会第一次会议决议公告 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。 2025年6月26日，中国铝业股份有限公司（以下简称"公司"）召开第九届董事 会第一次会议。本次会议应出席董事8人，实际出席董事8人，有效表决人数8人。会 议由公司代董事长何文建先生主持。公司部分高级管理人员列席了会议。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议案： 一、关于推举董事代行董事长职责的议案 经审议，公司全体董事一致同意自即日起至公司董事会选举产生新一任董事长 期间，由公司执行董事何文建先生代为履行公司董事长及法定代表人职责。 3.审核委员会：由余劲松先生、陈远秀女士和李小斌先生组成，其中，陈远秀 女士为主任委员。 4.发展规划委员会：由何文建先生、李谢华先生、江皓先生和李小斌先生组成， 其中，何文建先生为主任委员。 5.ESG委员会：由 ...

Core Viewpoint - The rapid development of the new energy vehicle market in China is driving the demand for lightweight materials, particularly aluminum plates, strips, and foils, which are ideal for vehicle bodies due to their lightweight and high-strength characteristics [1][10]. Market Overview - Aluminum plates, strips, and foils are produced through processes such as rolling and casting, and are widely used in construction, automotive manufacturing, electronics, packaging, and aerospace [2][6]. - The demand for aluminum plates and foils in China is projected to reach 11.6042 million tons and 3.8965 million tons respectively by 2024 [1][10]. - The production of aluminum plates and foils in 2024 is expected to be 14.75 million tons, with various applications including packaging, construction, and automotive sectors [1][10]. Market Policies - A series of policies have been implemented to support the aluminum plate and foil industry, encouraging technological innovation and the development of high-precision, high-performance products [5][6]. - Key policies include the "Implementation Plan for High-Quality Development of the Aluminum Industry (2025-2027)" and various initiatives aimed at promoting recycling and green manufacturing [5][6]. Industry Chain - The upstream of the aluminum plate and foil industry includes bauxite, recycled aluminum, and production equipment, with bauxite being the primary raw material for aluminum production [6][8]. - The midstream involves the processing and manufacturing of aluminum products, while the downstream applications span multiple sectors including construction, automotive, electronics, and packaging [6][8]. Competitive Landscape - Major players in the aluminum plate and foil market include China Aluminum Corporation, Henan Mingtai Aluminum Industry Co., Ltd., and several others, with large companies dominating the market due to their complete industrial chains and significant production capacities [12][14]. - The top companies are recognized for their technological advancements and extensive market reach, contributing to their leading positions in the industry [12][14]. Development Trends - The aluminum plate and foil products are expected to evolve towards higher precision, performance, and added value, with increased investment in R&D for high-end applications in aerospace and new energy vehicles [19]. - The industry is also moving towards green development, with a focus on using renewable energy and enhancing the recycling of aluminum [19].

Group 1: Core Insights - The report emphasizes the strategic and tactical value of investing in the rare earth sector, viewing it as a critical asset in the long-term geopolitical competition between China and the US [2][15]. - It argues that the current market fluctuations in the rare earth and magnetic materials sectors are largely driven by short-term speculative trading rather than long-term fundamentals [8][14]. - The report highlights the unique competitive advantages of China's rare earth refining and separation capabilities, which are difficult for foreign entities to replicate [15][16]. Group 2: Supply Side Analysis - The domestic supply of rare earths is expected to remain stable, with a concentration of production among two major rare earth groups, while illegal mining activities are being strictly controlled [16]. - China's ability to manage both domestic and international rare earth resources is strengthening, which may further enhance the strategic importance of these resources [16] . Group 3: Demand Side Analysis - The demand for high-performance rare earth permanent magnets is anticipated to grow significantly due to emerging industries such as humanoid robots and low-altitude economies [17]. - Recent approvals for export applications have alleviated previous concerns regarding demand for magnetic materials, indicating a positive shift in market sentiment [17]. Group 4: Steel Industry Insights - The steel industry is entering a seasonal downturn, with a notable increase in rebar production and a slight decrease in consumption [18][23]. - Total steel inventory has decreased significantly, both on a week-over-week and year-over-year basis, indicating a tightening supply [25]. - The profitability of long and short process rebar production is diverging, with long process margins showing slight improvement [29][34]. Group 5: New Energy Metals - Lithium production in China saw a substantial year-over-year increase, while hydroxide production experienced a decline [41]. - The production and sales of new energy vehicles in China have surged, reflecting strong demand in the market [45]. - Prices for lithium, nickel, and cobalt have generally declined, indicating a potential softening in the market [51]. Group 6: Industrial Metals - The report notes a continuous decline in electrolytic aluminum inventory, suggesting potential upward pressure on prices [62]. - Global refined copper production has increased, with slight improvements in smelting fees [62].

Investment Rating - The investment rating for Aluminum Corporation of China (Chalco) is "Buy" with a target price of Rmb9.62 per share based on a 2.22x 2025E P/B [18] - The investment rating for Baoshan Iron & Steel is "Buy" with a target price of Rmb8.2 per share based on a 0.85x 2025E P/B [22] - The investment rating for Tianqi Lithium is "Hold" with a target price of HK$23.0 for H-shares and Rmb26.26 for A-shares [24][27] Core Insights - The report indicates cautious market expectations regarding demand recovery in the aluminum sector in China, with a near-term pecking order of steel > aluminum > lithium > copper > gold > battery > thermal coal > cement [1] - Total aluminum production in China for the week of June 12-18, 2025, was 845kt, flat week-over-week (WoW), and up 3% year-over-year (YoY) [2] - Total aluminum inventory in China stood at 722kt on June 19, 2025, reflecting a 1% increase WoW but a significant 38% decrease YoY [3] - Apparent aluminum consumption in China was 849kt during the same week, down 6% WoW but up 5.8% YoY for the year-to-date [4] Production Summary - China's total aluminum production year-to-date reached 20.9 million tonnes (mnt), representing a 3.2% increase YoY, while aluminum billet production was 8.4mnt, up 6.2% YoY [2] - Aluminum billet production for the week was 365kt, flat WoW, and up 9% YoY [2] Inventory Summary - The total inventory of aluminum ingots was 493kt, down 3% WoW and 40% YoY, while aluminum billet inventory was 229kt, up 9% WoW but down 30% YoY [3] - The inventory levels are lower than the same period in 2021-2024 on a lunar calendar basis [7] Consumption Summary - Apparent consumption of aluminum ingots was 885kt, down 3% WoW but up 1% YoY, while aluminum billet apparent consumption was 329kt, down 7% WoW but up 3% YoY [4] - Year-to-date apparent consumption of aluminum in China reached 21.6mnt, reflecting a 5.8% increase YoY [4]

Core Viewpoint - The article discusses the evolution of policies in China's aluminum profile industry, emphasizing the shift towards high-quality development, green technology, and international competitiveness in the sector [1][3][7]. Policy Evolution - The aluminum profile industry's policy development has followed the macro policies of the aluminum processing industry, transitioning from capacity restrictions to promoting new materials and enhancing recycling technology [1]. - Key milestones include the 2011 "12th Five-Year Plan" which aimed to control the blind expansion of electrolytic aluminum capacity and the 2024 announcement to cancel export tax rebates for aluminum products to guide domestic enterprises towards high-quality development [1][3]. National Policy Summary - The Chinese government has made comprehensive plans for the aluminum profile industry, focusing on green and low-carbon development, particularly in the "14th Five-Year Plan" [3]. - Recent policies include the cancellation of export tax rebates to encourage high-quality development and the promotion of standards for aluminum alloys and composite materials [3][7]. Key Policy Documents - A summary of key policies includes: - "High-Quality Development Implementation Plan (2025-2027)" aiming for a significant increase in aluminum resource security and recycling capacity by 2027 [4]. - "Action Plan for Energy Conservation and Carbon Reduction in the Electrolytic Aluminum Industry" targeting a 30% share of benchmark energy efficiency capacity by 2025 and a recycling aluminum output of 11.5 million tons [11][12]. Provincial Policy Initiatives - Various provinces have introduced policies to enhance the aluminum processing industry, focusing on safety, technological advancement, and environmental sustainability [13][14]. - For instance, Guangdong aims to improve energy efficiency levels of aluminum products by 5% by 2025, while Jiangsu plans to update significant equipment in aluminum processing facilities by 2027 [18]. Future Outlook - The demand for aluminum alloy new materials is expected to grow significantly, driving technological reforms and development in the aluminum profile industry [17].

股票代码：601600 股票简称：中国铝业 公告编号：临2025-042 中国铝业股份有限公司 第八届董事会第三十五次会议决议公告 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。 会第三十五次会议。本次会议应出席董事8人，实际出席董事8人，有效表决人数8人。 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、关于公司所属企业拟参与竞买山西省交口县李家山区块铝土矿探矿权的议案 经审议，董事会同意公司所属企业参与山西省交口县李家山区块铝土矿探矿权 的公开竞买，竞拍价格不低于该探矿权的挂牌起始价。如竞买成功，董事会同意将 该项目补充列入公司2025年投资计划并相应增加公司2025年资本性支出计划。 议案表决情况：有权表决票数8票，同意8票，反对0票，弃权0票。 二、关于公司所属企业拟参与竞买山西省交口县花寨区块铝土矿采矿权的议案 经审议，董事会同意公司所属企业参与山西省交口县花寨区块铝土矿采矿权的 公开竞买，竞拍价格不低于该 ...