公司所有公开披露的信息均以在上述指定报刊、网站刊登的正式公告为准。敬 请广大投资者关注，并注意投资风险。 中国铝业股份有限公司 关于增加指定信息披露媒体的公告 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"）目前指定的信息披露媒体为《上海 证券报》《证券日报》和上海证券交易所网站（www.sse.com.cn）。为拓宽信息发布渠 道，提升信息披露的覆盖面和影响力，自 2026 年 1 月 1 日起，公司将新增《中国证 券报》《证券时报》为指定信息披露媒体。本次变更后，公司指定信息披露媒体为《中 国证券报》《上海证券报》《证券日报》《证券时报》和上海证券交易所网站 （www.sse.com.cn）。 股票代码：601600 股票简称：中国铝业 公告编号：临 2025-079 特此公告。 中国铝业股份有限公司董事会 2025 年 12 月 30 日 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2025-078 中国铝业股份有限公司 关于参股设立合资公司暨关联交易的进展公告 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。 一、交易基本情况 二、交易进展情况 合资公司已于 2025 年 10 月 28 日在成都市高新区市场监督管理局完成工商注册 登记，取得《营业执照》，主要登记信息如下： | 公司名称： | 中铝乾星（成都）科技有限责任公司 | | --- | --- | | 统一社会信用代码： | 91510100MAG2EJ9L5F | | 成立日期： | 2025 年 10 月 28 日 | | 注册资本： | 人民币150,000万元 | | 注册地址： | 成都高新区新通南三路 10 号 3 号楼 2 单元 3 层 2 号 | | 经营范围： | 许可项目：废弃电器电子产品处理（分支机构经营）。 | | --- | --- | | | 一般项目：新材料技术研发；电子专用材料研发；电子 | | | 专用材料制造（分支机构经营）；电子专用材料销售； ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2025-077 中国铝业股份有限公司 第九届董事会第八次会议决议公告 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 12 月 30 日，中国铝业股份有限公司（以下简称"公司"）召开第九届 董事会第八次会议。本次会议应出席董事 7 人，实际出席董事 6 人，有效表决人数 7 人。公司董事蒋涛先生因其他公务未能出席本次会议，其已书面委托毛世清先生代 为出席，并按其已表示的意愿进行表决。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议案： 一、关于中铝物流集团有限公司拟收购云南云铝物流投资有限公司 51%股权的 议案 议案表决结果：有权表决票数 7 票，同意 7 票，反对 0 票，弃权 0 票。 二、关于公司 2026 年度投资计划及资本性支出计划的议案 经审议，董事会批准公司 2026 年度投资 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300337 | 银邦股份 | 14.58 | -6.66% | 127.04万 | 19.01亿 | | 603876 | 鼎胜新材 | 14.87 | -5.65% | 64.29万 | - 9.57亿 | | 920634 | 新威凌 | 24.37 | -4.69% | 2.13万 | 5231.34万 | | 601212 | 白银有色 | 5.95 | -4.65% | 391.33万 | 22.95亿 | | 002295 | 精艺股份 | 12.99 | -3.28% | 17.36万 | 2.24亿 | | 002578 | 闽发铝业 | 4.54 | -2.58% | 74.94万 | 3.42 Z | | 600531 | 豫光金铅 | 11.93 | -2.53% | 88.75万 | 10.46亿 | | 300057 | 万顺新材 | 5.76 | -2.21% | 22.58万 | 1.31亿 | | 000603 | ...

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum (603993), Zhongjin Gold (600489), Huayou Cobalt (603799), Zijin Mining (601899), and China Aluminum (601600) [5][6]. Core Insights - The steel industry is expected to see improved profitability due to the implementation of stable growth policies and an anticipated increase in demand from shipbuilding and construction sectors. The focus on "equipment upgrades" and "low-carbon transformation" is expected to drive industry development [3][5]. - In the copper sector, global copper supply is projected to tighten further due to incidents at major mines, providing support for copper prices. Demand is expected to increase as major economies enter a rate-cutting cycle, enhancing the industry's outlook [3][5]. - The aluminum sector is facing a supply surplus, with stable supply conditions and weak demand expected to keep prices under pressure in the short term. However, the industry is anticipated to benefit from improved profitability as the "anti-involution" policy takes effect [5][6]. - Gold prices are influenced by geopolitical risks and changes in U.S. economic data, with long-term trends favoring gold due to central bank purchases and the weakening of the U.S. dollar [5][6]. - The rare earth sector is expected to see a revaluation of related companies due to China's export control upgrades, with significant demand growth anticipated from robotics and new energy sectors [5][6]. - The cobalt market is expected to remain tight due to constrained supply from the Democratic Republic of Congo, with demand driven by electric vehicles and consumer electronics [5][6]. Summary by Sections Steel Industry - The steel industry is experiencing a seasonal decline in demand, with limited improvement expected. Steel inventory pressures may accumulate further as demand weakens [2][3][16]. - As of December 26, 2025, the total steel inventory was 12.58 million tons, a decrease of 2.73% from the previous week but an increase of 12.07% year-on-year [24][25]. - The average price of steel on December 26 was 3,439.15 CNY per ton, reflecting a decrease of 0.28% from the previous week [31][32]. Copper Industry - The copper market is facing a seasonal demand slowdown, with high prices suppressing downstream demand. Supply is expected to contract as the year ends, leading to weaker price drivers in the short term [4][34]. - On December 26, the price of copper was 98,000 CNY per ton, an increase of 5.79% from the previous week [38]. Aluminum Industry - The aluminum sector is characterized by stable supply and weak demand, with prices expected to remain under pressure. The average price of aluminum on December 26 was 22,000 CNY per ton, a 0.92% increase from the previous week [42]. Gold Industry - Geopolitical tensions and U.S. economic data are key factors influencing gold prices, which are expected to experience increased volatility in the short term. On December 26, gold prices were 4,562.00 USD per ounce, up 4.42% from the previous week [47]. Rare Earth and Cobalt Industries - The rare earth sector is poised for growth due to strategic importance and demand from emerging technologies. The cobalt market is expected to remain tight, driven by electric vehicle demand [5][6].

Core Viewpoint - Morgan Stanley reports that the National Development and Reform Commission (NDRC) has issued an article titled "Vigorously Promoting the Optimization and Upgrading of Traditional Industries," which emphasizes the management and optimization of the alumina and copper smelting industries, encouraging large backbone enterprises in these sectors to pursue mergers and acquisitions [1] Industry Summary - The new policy may restrict the planning of new alumina production capacity, which is expected to benefit industry leaders such as China Aluminum and China Hongqiao [1] - The anticipated lower annual copper concentrate processing/refining fees and long-term contract concentrate volumes may indicate a reduction in refined copper production by 2026 [1] - These factors, combined with relatively stable demand, are expected to support copper prices at high levels, benefiting companies like Zijin Mining, Luoyang Molybdenum, Minmetals Resources, and Jiangxi Copper [1]

Group 1 - The core viewpoint of the news highlights a positive trend in the National Securities Free Cash Flow Index, which rose approximately 0.5%, with significant gains in constituent stocks such as Nanjing Xinbai and others [1] - The largest free cash flow ETF (159201) has attracted over 375 million yuan in the last 10 trading days, bringing its total size to 8.299 billion yuan, indicating strong capital inflow [1] - According to Xinda Securities, both internal and external uncertainties are easing, and positive factors catalyzing the year-end market rally are increasing, including rebounds in U.S. tech stocks, appreciation of the yuan, and rising prices of non-ferrous metals [1] Group 2 - The free cash flow ETF (159201) and its linked funds are closely tracking the National Securities Free Cash Flow Index, selecting stocks with positive and high cash flow after liquidity, industry, and ROE stability screening, making it suitable for long-term investment [2] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are among the lowest in the market, maximizing benefits for investors [2]

Group 1 - The core viewpoint of the article highlights the active performance of various metal stocks in the Hong Kong market, with notable increases in share prices for several companies [2] Group 2 - China Aluminum (02600.HK) saw a rise of 5.61%, reaching HKD 12.23 [2] - Luoyang Molybdenum (03993.HK) increased by 3.3%, trading at HKD 19.08 [2] - Zijin Mining (02899.HK) experienced a 3.05% gain, with shares priced at HKD 35.16 [2] - Jiangxi Copper (00358.HK) rose by 2.47%, with a share price of HKD 40.64 [2] - China Hongqiao (01378.HK) increased by 1.7%, reaching HKD 32.3 [2]

Group 1 - The core viewpoint of the article highlights the active performance of non-ferrous metal stocks, with significant gains observed in companies such as China Aluminum, Luoyang Molybdenum, and Zijin Mining [1] - China Aluminum (601600) increased by 5.61%, reaching HKD 12.23; Luoyang Molybdenum (603993) rose by 3.3% to HKD 19.08; Zijin Mining (601899) saw a 3.05% increase to HKD 35.16; Jiangxi Copper (600362) gained 2.47% to HKD 40.64; and China Hongqiao (01378) was up by 1.7% to HKD 32.3 [1] - Precious metals have regained upward momentum, with spot gold rising over 1% to touch USD 4,380, and spot silver increasing by over 4% to surpass USD 75 [1] Group 2 - CITIC Construction Investment (601066) noted that insufficient capital expenditure, limited resource supply, strong AI demand prospects, expanding fiscal deficits, and a downward interest rate cycle are contributing factors to the uneven distribution of physical commodities between the US and non-US markets [1] - The article suggests that these factors are leading to a lack of liquidity in certain commodities, prompting capital inflows to take long positions [1] - A new resource pricing paradigm is emerging globally, driven by the interplay of limited resources and weakening US dollar credit, indicating a vibrant market for non-ferrous metals [1]

Group 1 - The core viewpoint of the article highlights the active performance of non-ferrous metal stocks, with significant price increases observed in companies such as China Aluminum, Luoyang Molybdenum, Zijin Mining, Jiangxi Copper, and China Hongqiao [1] - Precious metals have regained upward momentum, with spot gold rising over 1% to reach $4,380 and spot silver increasing by more than 4% to surpass $75 [1] - Citic Securities pointed out that factors such as insufficient capital expenditure, limited resource supply, strong AI demand prospects, expanding fiscal deficits, and declining interest rates are contributing to a new resource pricing paradigm globally, leading to increased liquidity issues in certain markets [1] Group 2 - The article indicates that the interplay of limited resources and weakening dollar credit is creating a new expression in the market, suggesting a shift in how resources are priced [1] - The performance of non-ferrous metal stocks is seen as part of a broader trend influenced by these economic factors, indicating a potential investment opportunity in this sector [1]