Market Overview - As of December 4, the total market financing balance reached 2.47 trillion yuan, an increase of 1.3 billion yuan from the previous trading day [1][3] - The financing balance for the Shanghai Stock Exchange was 1.25 trillion yuan, up by 627 million yuan, while the Shenzhen Stock Exchange's balance was 1.21 trillion yuan, increasing by 682 million yuan [1][3] - The financing balance for the Beijing Stock Exchange was 7.51 billion yuan, decreasing by 894.86 thousand yuan [1][3] Individual Stock Performance - On December 4, a total of 1,812 stocks received net financing purchases, with 340 stocks having net purchases exceeding 10 million yuan, and 15 stocks exceeding 100 million yuan [1][3] - The top net purchase was for Sanhua Intelligent Control, with a net purchase of 779 million yuan, followed by Tianfu Communication and Kweichow Moutai with net purchases of 564 million yuan and 425 million yuan, respectively [1][3] Industry Analysis - The industries with the highest concentration of stocks receiving net purchases over 100 million yuan were electronics, communication, and national defense, with 5, 2, and 2 stocks respectively [1][3] - Among the stocks with significant net purchases, the average financing balance as a percentage of market capitalization was 3.79% [2][4] Notable Stocks - Shanghai Hanxun had the highest financing balance as a percentage of market capitalization at 8.79%, with a financing balance of 1.71 billion yuan [2][4] - Other notable stocks with high financing balance percentages included SMIC at 5.79%, New Yisheng at 5.49%, and Changchuan Technology at 5.06% [2][4] - The financing net purchase rankings for December 4 included: - Sanhua Intelligent Control: 779 million yuan, 7.51% increase - Tianfu Communication: 564 million yuan, 7.88% increase - Kweichow Moutai: 425 million yuan, -0.36% decrease [2][4][5]

Group 1 - The aluminum sector is performing well, with notable stock increases: Nanshan Aluminum International (02610) up 3.37%, China Aluminum (02600) up 3.05%, Xingfa Aluminum (00098) up 2.29%, and China Hongqiao (01378) up 1.76% [1][2] - Northern regions are experiencing production cuts due to environmental factors, which have a limited contribution to the current oversupply situation. Electrolytic aluminum plants have sufficient raw material reserves, and short-term disruptions in winter storage are unlikely [2] - The price of bauxite remains strong, but domestic mines face short-term environmental pressures, while imported supply is increasing, leading to a weakening sentiment regarding prices. Current alumina valuations are low, and bauxite prices have fallen to the marginal highest cost in Guinea, necessitating caution regarding uncertainties in Guinea's bauxite supply [2] Group 2 - Previous insights from Huatai Securities suggest that supply-demand improvements may become the main theme in the metal industry by 2026. The phase of monetary easing and economic recovery is expected to trigger a convergence in the gold-silver ratio, with silver prices potentially rising stronger than gold in 2026 [2] - The supply-demand dynamics for copper and aluminum industries are projected to be in a state of supply shortage by 2026 [2]

Group 1 - The core viewpoint of the news is that the non-ferrous metal industry index is experiencing a strong upward trend, driven by rising prices of industrial metals like copper and aluminum, with expectations of sustained price increases in the long term [1] - As of December 5, 2025, the non-ferrous metal industry index (399395) rose by 1.10%, with notable increases in stocks such as Zhongfu Industrial (600595) up 8.21%, Nanshan Aluminum (600219) up 6.72%, and Shenhuo Co. (000933) up 4.42% [1] - The non-ferrous ETF fund (159880) also saw an increase of 0.79%, marking its third consecutive rise, with the latest price reported at 1.79 yuan [1] Group 2 - Factors such as the demand from new energy vehicles, data centers, and the renewal of power grids in Europe and the US are expected to significantly increase the demand for copper and aluminum [1] - The top ten weighted stocks in the non-ferrous metal industry index as of November 28, 2025, include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 52.34% of the index [2] - The non-ferrous ETF fund closely tracks the non-ferrous metal industry index, which reflects the overall performance of listed companies in the non-ferrous metal sector on the Shanghai and Shenzhen stock exchanges [1]

Core Insights - On December 4th, significant net outflows of capital were observed in the stock market, with the top ten stocks experiencing net outflows exceeding 300 million yuan each [1] - The stock with the highest net outflow was Daoming Optics, which saw an outflow of 847 million yuan [1] Industry Summary - The liquor industry, particularly represented by Kweichow Moutai, experienced a net outflow of 1.475 billion yuan [1] - The small metals sector, including Northern Rare Earth, faced a net outflow of 1.041 billion yuan [1] - The marine equipment sector also saw substantial outflows, totaling 928 million yuan [1]

Core Viewpoint - The A-share market for non-ferrous metals continues to rise, driven by factors such as a weakening dollar, supply concerns, and tight supply in LME registered warehouses, leading to record high copper prices [1] Group 1: Market Performance - Non-ferrous metal stocks in the A-share market saw significant gains, with Xiyang Co. rising by 6% and Western Mining increasing by over 5% [1] - The non-ferrous metal ETF (512400) rose by 1.3%, expanding its year-to-date increase to 82% [1] - The ETF has experienced a net inflow of 325 million yuan over the past five days [1] Group 2: Commodity Prices - LME copper prices reached $11,540 per ton, the highest level since 2013, while Shanghai copper futures surpassed 90,000 yuan per ton, marking a historical peak [1] - The ongoing tight supply of refined copper globally, particularly in non-American regions, is contributing to upward price pressure [1] Group 3: Industry Insights - The non-ferrous metal ETF is the only one tracking the Zhongzheng Shenwan Non-ferrous Metal Index, with a current scale of 16.2 billion yuan, covering key sectors such as copper, aluminum, lithium, rare earths, and gold [1] - Key holdings in the ETF include leading companies in the non-ferrous sector such as Zijin Mining, Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and China Aluminum [1] Group 4: Future Outlook - With rising premiums for American copper and ongoing supply tightness in non-American regions, there is a bullish sentiment in the market [1] - The anticipated demand from the artificial intelligence sector is expected to provide a broad demand outlook for copper, suggesting potential upward price movement in the short term [1]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the materials sector, specifically aluminum, copper, and the battery chain, with a cautious stance on anti-involution sectors [1][2][3]. Core Insights Aluminum - Aluminum is preferred over copper due to underappreciated supply risks, particularly concerning smelting capacity in Indonesia and potential over-optimism regarding Middle Eastern expansion plans [2]. - Chinese smelter utilization is reported at over 98%, with China being a net importer of aluminum, primarily from Russia [2]. - Apparent consumption and inventory levels for aluminum in China are healthier compared to copper [2]. - Top picks in aluminum include Hongqiao and Chalco H/A [2]. Copper - Demand for copper is weakening as of Q4 2025, with inventory stockpiling observed in both the US and China [3]. - Price expectations for copper may be influenced by anticipated rate cuts into 2026, with long-term bullish sentiment due to potential supply deficits in the next 3-5 years [3]. - Tight global power supply is contributing to positive sentiment around copper [3]. - Zijin Mining's copper and lithium assets are considered undervalued, with a recommendation to maintain a Buy rating [3]. - Among pure copper plays, MMG is favored over CMOC for better valuation [3]. Battery Chain - The battery chain is viewed as more defensive, with a rally driven by strong expectations for energy storage systems (ESS) [4]. - Caution is advised before the Chinese New Year, as uncertainties in production pipelines are anticipated due to seasonality and weak EV demand [4]. - Key catalysts to watch include the production pipeline in March 2026, which could shift market sentiment towards companies with higher elasticity in the battery supply chain [4]. - Preferred companies in the battery sector include CATL [4]. Cement and Steel - Cement and steel sectors are the least preferred, with steel demand supported by exports but facing weaker anti-involution enforcement [5]. - Production cuts in these sectors are not expected to be stringent, leading to low cement prices and profits into the first half of 2026, with a potential recovery in the second half [5][6]. Additional Insights - The overall sector ranking is: Aluminum > Copper > Battery > Gold > Battery Materials > Coal > Cement > Steel [1]. - Cross-sector top picks include Hongqiao, Chalco H/A, Zijin Mining H/A, and CATL-A [1]. This summary encapsulates the key points discussed in the conference call, highlighting the investment outlook for various materials and sectors.

Group 1 - FTSE Russell announced the new candidate stocks for the FTSE China 50 Index, which include China Aluminum (601600)(02600), Hansoh Pharmaceutical (03692), Huatai Securities (601688)(06886), JD Health (06618), and New China Life Insurance (601336)(01336) [1] - On December 3, FTSE Russell announced adjustments to the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, effective after the market close on December 19, 2025 [2] - The adjustments will include the addition of China Hongqiao (01378), CATL (300750)(03750), and Heng Rui Medicine (600276)(01276) to the FTSE China 50 Index, while removing CITIC Securities H-share (06066), Great Wall Motor H-share (02333), and Li Auto-W (02015) [2]

此乃要件 請即處理 閣下如對本補充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。 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，應立即將本補充通函送交買主或 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補充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，概不對因本補充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。 補充通函 2025年第三次臨時股東會 與中鋁集團之間的日常性持續關連交易； 新金融服務協議項下之須予披露的交易及持續關連交易； 及 有關雲鋁股份收購附屬公司少數股權的關連交易 獨立董事委員會及獨立股東的獨立財務顧問 本補充通函應與日期為2025年11月7日的臨時股東會通函及通告一併閱讀。 載有（其中包括）有關(i)本公司與中鋁集團之間的日常性持續關聯交易；(ii)新金融服務項下之 須予披露的交易及持續關連交易及(iii)雲鋁股份收購附屬公司少數股權事項的董事會函件載 於本補充通函第1頁至第61頁。 載有獨立 ...

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: 2025年11月30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: 2025年12月3日 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 | | | 13,211,666,110 | RMB | | 1 | RMB | | 13,211,666,110 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,211,666,110 | RMB | | 1 | RMB | | 13,211,666,110 | | ...

中国铝业股份有限公司 2025 年第三次临时股东会 会议资料 中国铝业股份有限公司 2025 年第三次临时股东会会议资料 2025 年 12 月 22 日 中国铝业股份有限公司 2025 年第三次临时股东会会议资料 参加人：股东及股东代表、董事、高级管理人员、律师等 1 一、会议时间：2025 年 12 月 22 日下午 2:00 二、会议地点：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 1606 会议室 三、主持人：董事长何文建先生 四、会议议程： （一）通过监票人、记票人名单； （二）审议如下议案： 1.逐项审议关于公司拟与中铝集团续签持续关联交易相关协议及该 等交易于 2026-2028 年交易上限额度的议案 1.1 关于公司与中铝集团于社会和生活后勤服务供应协议项下的 持续关联交易 1.2 关于公司与中铝集团于产品和服务互供总协议项下的持续关 联交易 1.3 关于公司与中铝集团于矿石供应协议项下的持续关联交易 1.4 关于公司与中铝集团于工程设计、施工和监理服务供应协议项 下的持续关联交易 1.5 关于公司与中铝集团于土地使用权租赁协议项下的持续关联 交易 1.6 关于公司与中 ...