閣下如已將名下的中國鋁業股份有限公司的股份全部售出，應立即將本通函送交買主或經手買賣 的銀行、股票經紀或其他代理商，以便轉交買主。 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通函的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本通函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。 此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券 商、銀行經理、律師、專業會計師或其他專業顧問。 臨時股東會適用的回執及代理人委託書登載於香港聯交所網站(www.hkexnews.hk)及本公司網站 (www.chalco.com.cn)。有意出席臨時股東會的股東，須按回執上印列的指示填妥回執，並於2025 年12月17日（星期三）或之前交回。有意委託代理人出席臨時股東會的股東，務請按代理人委託書 上列印的指示將其填妥。就H股股東而言，代理人委託書應盡快送達本公司H股股份過戶登記處 香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17M樓，就A股股東而 言，代理人委託書應盡快送達本公司財務部（資本運營 ...

Market Performance - The state-owned enterprise reform sector rose by 0.82% compared to the previous trading day, with Yabong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Top Gainers - Yabong Co., Ltd. (603188) closed at 5.35, with a gain of 10.08% and a trading volume of 698,200 shares, amounting to a transaction value of 365 million [1] - Other notable gainers include: - Cheqing Construction (600939) at 3.61, up 10.06% [1] - Quanchai Power (600218) at 10.85, up 10.04% [1] - Yudai Development (000514) at 5.81, up 10.04% [1] - Fangzheng Electric (002196) at 12.83, up 10.03% [1] Top Losers - Daya Energy (600403) saw a decline of 10.04%, closing at 8.15 with a trading volume of 1,588,600 shares, resulting in a transaction value of 1.317 billion [2] - Other significant losers include: - Standard Co. (600302) at 66.01, down 9.99% [2] - Guangdong Media (002181) at 11.84, down 9.96% [2] - Jishi Media (601929) at 4.44, down 9.94% [2] Capital Flow - The state-owned enterprise reform sector experienced a net outflow of 1.372 billion from institutional investors, while retail investors saw a net inflow of 4.833 billion [2][3] - The capital flow for key stocks in the sector indicates varying trends, with some stocks experiencing significant net inflows from retail investors despite overall outflows from institutional and speculative funds [3]

Group 1 - The core viewpoint of the article highlights a resurgence in the non-ferrous metal sector, particularly with companies like Nanshan Aluminum and China Aluminum experiencing significant stock price increases due to strong industrial logic driving the market [1] Group 2 - The aluminum supply is constrained due to power bottlenecks, as evidenced by Microsoft's CEO acknowledging a lack of sufficient electricity to operate their AI GPUs, indicating that aluminum smelting, which is energy-intensive, is facing similar challenges [2] Group 3 - The supply-demand dynamics for aluminum are being reshaped, with global energy transition impacting industrial metal production capacity. Domestic electrolytic aluminum capacity is nearing 45 million tons, with utilization rates exceeding 96%, indicating limited flexibility. Meanwhile, demand from green sectors like electric vehicles and photovoltaics is rising, offsetting declines in traditional construction demand. Forecasts suggest a widening global aluminum supply-demand gap from 2025 to 2026, with aluminum prices reaching near three-year highs, driven by deep structural industry changes [3] Group 4 - Xiamen Xiangyu is positioned as a "chain master" in the aluminum industry, with a comprehensive service system covering bauxite, alumina, electrolytic aluminum, and aluminum products. The company's business model allows it to earn stable "flow fees" as long as the industry chain remains active. Additionally, Xiamen Xiangyu's strategic investment in Nanshan Aluminum's IPO positions it favorably within the industry, securing business flow and embedding itself in China's aluminum export strategy. This strategic positioning suggests that Xiamen Xiangyu's value remains underestimated in the context of the new aluminum industry cycle [4]

Market Overview - A-shares rebounded on November 6, with the Shanghai Composite Index returning above 4000 points, and the ChiNext Index rising nearly 2% [1] - The total trading volume of the A-share market exceeded 2 trillion yuan, with the Hong Kong market also seeing gains, as the Hang Seng Index rose over 2% [1] Sector Performance - Nearly 2900 stocks in the market were in the green, with the storage chip concept regaining strength, highlighted by stocks like Demingli hitting the daily limit [2] - The phosphorus concept stocks surged, with companies like Qingshuiyuan and Chengxing Co. reaching their daily limit [8] - The semiconductor sector saw significant gains, with stocks like Changguang Huaxin and Hanwha Microelectronics experiencing notable increases [4] Storage Chip Market Dynamics - The global storage chip market is facing unprecedented structural supply-demand imbalances due to surging demand from data centers for DRAM, leading to supply shortages [5][6] - Samsung Electronics has suspended DDR5 contract pricing, prompting other manufacturers like SK Hynix and Micron to follow suit, resulting in a 25% increase in DDR5 spot prices within a week [5][6] - Analysts predict that DDR5 spot prices may rise by 30% to 50% in the upcoming quarter due to these supply constraints [6] Phosphorus Industry Insights - The phosphorus chemical industry is expected to maintain its favorable outlook, driven by the non-renewable nature of phosphorus ore and increasing environmental regulations [10] - The recent price increase in yellow phosphorus is attributed to reduced production and recovering demand for electrolyte raw materials, with the yellow phosphorus spot price reaching 22,200 yuan per ton [9][10] AI Industry Chain Activity - The AI industry chain, particularly CPO concepts, saw renewed activity, with stocks like Yuanjie Technology and Dongtianwei achieving significant gains [11] - The demand for AI data centers is projected to grow rapidly, with strong performance expected in related sectors such as advanced storage and logic expansion [12]

Core Viewpoint - The market has seen a strong performance in various sectors, particularly in industrial metals, with significant gains in stocks like China Aluminum and Chongqing Construction, leading to an overall increase in major indices and trading volume [2][3]. Industrial Metals Sector - The industrial metals sector showed robust performance, with stocks such as China Aluminum, Minfa Aluminum, and Haomei New Materials reaching their daily limit up [3][4]. - The market anticipates a 2.5% growth in domestic electrolytic aluminum consumption by 2025, driven by strong performance in the new energy vehicle and photovoltaic industries, leading to an expansion of the supply-demand gap [4]. - Global copper production from major mining companies is expected to decline by nearly 5% year-on-year in Q3, with a continued contraction anticipated in Q4, potentially leading to a significant supply gap in the global refined copper market [5]. Robotics Sector - The robotics sector is experiencing multiple catalysts, including the unveiling of Xiaopeng's new humanoid robot, IRON, which is set for mass production by the end of 2026 [7]. - Analysts are optimistic about the humanoid robotics industry, noting significant advancements and commercialization efforts, with expectations for humanoid robots to understand and execute tasks in 80% of unfamiliar scenarios within the next two years [7]. Chongqing Sector - The Chongqing sector saw a notable rise, with stocks like Chongqing Construction and Yudefang reaching their daily limit up, following news of administrative district adjustments in the city [8][9].

Market Overview - A-shares rebounded on November 6, with the Shanghai Composite Index returning above 4000 points, and the ChiNext Index rising nearly 2% [1] - The total trading volume of the A-share market exceeded 2 trillion yuan, indicating increased market activity [1] Sector Performance - Nearly 2900 stocks in the market were in the green, with the storage chip concept regaining strength, highlighted by stocks like Demingli and Xiangnong Chip achieving significant gains [2][5] - The phosphorus concept stocks surged, with companies like Qingshuiyuan and Chengxing Co. hitting the daily limit [8][9] - The semiconductor sector saw strong performance, with stocks like Changguang Huaxin and Hanwha Microelectronics experiencing notable increases [4][7] Storage Chip Market Dynamics - The global storage chip market is facing unprecedented structural supply-demand imbalances due to surging AI demand, particularly for DRAM in data centers [7] - Major manufacturers like Samsung have paused DDR5 contract pricing, leading to a 25% increase in DDR5 spot prices within a week [7] - Analysts predict that the quarterly price increase for storage chips could reach 30%-50% due to supply chain disruptions and increased demand for domestic semiconductor materials [7] Phosphorus Industry Insights - The phosphorus chemical industry is experiencing a positive outlook, with the yellow phosphorus index rising over 7% in the past two weeks due to production cuts and recovering demand [10] - The price of yellow phosphorus reached 22,200 yuan per ton, reflecting a significant increase [10] - The scarcity of phosphorus resources and environmental regulations are expected to sustain high prices and improve the industry's overall health [10] AI Industry Chain Activity - Stocks related to the AI industry chain, particularly in the CPO concept, saw active trading, with companies like Yuanjie Technology and Dongtianwei achieving substantial gains [12][14] - The demand for AI data centers is projected to grow rapidly, with strong performance expected in related sectors such as advanced storage and logic chips [14]

Core Viewpoint - China Aluminum (601600.SH) has appointed He Wenjian as the new chairman of the board following the vacancy of the previous chairman, with the decision made during the sixth meeting of the ninth board of directors on November 6, 2025 [1] Group 1 - He Wenjian will also become the legal representative of the company, and the company will proceed with the necessary business registration changes as required by market supervision authorities [1] - On the same day, He Wenjian submitted his resignation as the general manager of the company due to work requirements [1] - The board of directors approved the appointment of Zhang Ruizhong as the new general manager during the same meeting [1]

Market Overview - The Hong Kong stock market indices all rose today, with the Hang Seng Index increasing by 2.12% or 550.49 points, closing at 26,485.90 points, and a total trading volume of HKD 2,436.53 million [1] - The Hang Seng Technology Index saw a rise of 2.74%, indicating a potential shift in market style towards lower-priced growth sectors in the fourth quarter [1] Blue-Chip Stocks Performance - China Hongqiao (01378) reached a new high, closing up 9.9% at HKD 32.42, contributing 12.84 points to the Hang Seng Index [2] - Citigroup maintained a "Buy" rating for China Hongqiao, raising the target price from HKD 25.2 to HKD 36, citing attractive dividend yield and continued benefits from high aluminum margins [2] - Other notable blue-chip performances included SMIC (00981) up 7.32% and China Life (02628) up 4.86% [2] Sector Highlights - Large technology stocks performed well, with Alibaba rising over 4% and Tencent, Kuaishou, and Meituan all increasing by over 2% [3] - Aluminum stocks led the gains, with China Aluminum (02600) up 11.19% and China Hongqiao (01378) up 9.9%, driven by tightening global supply concerns [3][4] - Chip stocks rebounded, with Huahong Semiconductor (01347) up 9.05% and SMIC (00981) up 7.32%, influenced by pricing negotiations for high-bandwidth memory with NVIDIA [4] Robotics Sector - The robotics sector saw significant gains, with companies like Siasun Robot (002050) and Denso (00179) rising by 7.35% and 6.68% respectively, driven by recent advancements and announcements in humanoid robotics [6] - Xpeng Motors showcased its new humanoid robot, IRON, which generated considerable social media buzz [7] Notable Stock Movements - Wangshan Wangshui-B (02630) surged 145.73% on its debut, closing at HKD 82, following an IPO pricing of HKD 33.37 [8] - Weichai Power (02338) rose 20.52% after announcing a manufacturing license agreement with Ceres Power for solid oxide fuel cells [9] - Lansi Technology (06613) increased by 4.99%, with plans for significant production in humanoid and quadruped robots [10] MSCI Index Changes - Several stocks were added to the MSCI China Index, including Zijin Mining (02259) and Ganfeng Lithium (01772), which saw respective increases of 8.67% and 6.1% [7]

Market Overview - The Hong Kong stock market showed a strong upward trend, with the Hang Seng Index recovering all losses for the month, closing up 550 points at 26,485 points [1] - The Hang Seng Technology Index rose by 2.74%, while the Hang Seng Index and the China Enterprises Index increased by 2.12% and 2.1%, respectively [1] Sector Performance - Major technology stocks, which are market indicators, collectively rose, contributing to the market's positive performance. Alibaba increased by over 4%, JD.com by over 3%, and other tech giants like Tencent, Baidu, Meituan, and Xiaomi also saw gains [3] - Financial stocks, including insurance, domestic banks, and Chinese brokerage firms, performed actively, further supporting the market's rise [3] - The aluminum sector benefited from ongoing production capacity constraints, with institutions optimistic about the sector's profitability and valuation. China Aluminum surged over 11%, and China Hongqiao reached a historical high [3] Stock Highlights - Semiconductor stocks were strong throughout the day, with leading company SMIC rising over 7% [3] - The newly listed stock Wangshan Wangshui saw a remarkable first-day increase of 145.73% [4] - In contrast, sectors such as film and entertainment, biomedicine, and online education experienced declines, while XPeng Motors saw a near 6% increase amid the announcement of a new humanoid robot set for mass production in April next year [4]

Core Insights - The industrial metals sector experienced a significant increase of 3.98% on November 6, with China Aluminum leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Industrial Metals Sector Performance - China Iron & Steel (601600) saw a closing price of 10.86, with a rise of 10.03% and a trading volume of 6.9682 million shares, amounting to a transaction value of 7.359 billion [1] - Minfa Aluminum (002578) also increased by 10.03%, closing at 4.28 with a transaction value of 684 million [1] - Other notable performers included Mengmei New Materials (002988) with a 10.01% increase, closing at 41.42, and Chang Aluminum (002160) with a 10% rise, closing at 6.27 [1] Capital Flow Analysis - The industrial metals sector saw a net inflow of 3.431 billion in main funds, while retail funds experienced a net outflow of 2.078 billion [2] - Major stocks like China Aluminum (601600) had a net inflow of 742 million from main funds, but faced a net outflow of 2.33 billion from speculative funds [3] - Nanshan Aluminum (600219) reported a net inflow of 530 million from main funds, with a significant outflow of 2.24 billion from speculative funds [3]