Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Copper prices rebounded after a significant drop, with attention on the ongoing US-China trade dynamics and recession expectations in the US. The weekly performance showed US copper up 3.75%, London copper up 2.97%, and Shanghai copper down 4.6%. The decline in copper prices led to increased downstream activity and accelerated inventory depletion, with copper rod operating rates at 74.76%, up 0.21 percentage points week-on-week. Social inventory of electrolytic copper decreased by 14.80% to 267,200 tons, while Shanghai copper inventory fell by 18.96% to 182,900 tons. Short-term price rebounds may be limited by US recession expectations, with key focus areas being US-China trade developments, US economic and inflation data, and Federal Reserve interest rate expectations. Recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Tongling Nonferrous Metals [4] - Aluminum prices fell due to tariff impacts, with signs of weakening demand in the peak season and continued inventory depletion. The alumina market remains oversupplied, with prices dropping 5.12% to 2,870 RMB/ton. The operating capacity of alumina plants decreased by 1.91 million tons to 84.82 million tons/year. Electrolytic aluminum prices fell 3.72% to 19,675 RMB/ton, with profit margins down 15.54% to 3,650 RMB/ton. Overall, the supply side of electrolytic aluminum shows no increase in capacity, leading to a potential shortage this year, which could drive aluminum prices up significantly. Recommended stocks include Hongchuang Holdings, Yun Aluminum, Tianshan Aluminum, Shenhuo Co., and China Aluminum [4] - Lithium prices continued to decline, with carbonate lithium down 3.11% to 71,600 RMB/ton. The supply side remains oversupplied, with inventory increasing by 1.3% to 131,000 tons. Demand growth is hindered by tariff impacts on downstream exports, with expectations for a narrowing of the oversupply throughout the year. Recommended stocks include Yahua Group, Zhongjin Lingnan, Yongxing Materials, and Ganfeng Lithium [4] Summary by Sections 1. Industry Overview - The US March CPI was lower than expected at 2.4%, with initial jobless claims matching expectations at 223,000 [8] 2. Industrial Metals 2.1. Copper - London copper rose 2.97%, while Shanghai copper fell 4.60%. Inventory levels decreased significantly, with Shanghai copper inventory down 18.96% [21][24] 2.2. Aluminum - London aluminum increased by 0.50%, while Shanghai aluminum decreased by 3.72%. The operating profit for aluminum companies fell by 15.54% [33] 2.3. Lead and Zinc - London lead prices fell 0.57%, while Shanghai lead prices decreased by 2.44%. London zinc prices rose 0.34%, but Shanghai zinc prices fell 2.36% [48] 2.4. Tin and Nickel - London tin prices dropped 12.17%, and Shanghai tin prices fell 13.22%. Nickel prices also saw a decline [61] 3. Energy Metals 3.1. Lithium - Lithium carbonate prices fell 3.11% to 71,600 RMB/ton, with continued oversupply in the market [77] 3.2. Cobalt - Overseas MB cobalt prices increased by 0.16% to 15.88 USD/pound, while domestic cobalt prices fell [88]

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公告的內 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 不對因本公告全部或任何部分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。 葛小雷 聯席公司秘書 中國‧北京 2025年4月10日 於 本 公 告 刊 發 日 期，董 事 會 成 員 包 括 執 行 董 事 何 文 建 先 生、毛 世 清 先 生 及 蔣 濤 先 生，非 執 行 董 事 李 謝 華 先 生 及 陳 鵬 君 先 生，獨 立 非 執 行 董 事 邱 冠 周 先 生、余 勁 松 先 生 及 陳 遠 秀 女 士。 * 僅供識別 董事會召開日期 中 國 鋁 業 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈 本 公 司 將 於2025年4月24日（星 期 四）召 開 董 事 會 會 議，藉 以（其 中 包 括）審 議 及 批 准 本公司及其附屬公司截至2025年3月31日止三個月期間之未經審計季度 業 績。 承董事會命 中國鋁業股份有限公司 ...

中国铝业股份有限公司 2025 年第二次临时股东会会议资料 中国铝业股份有限公司 2025 年第二次临时股东会 会议资料 2025 年 4 月 24 日 1 中国铝业股份有限公司 2025 年第二次临时股东会会议资料 会议议程 参加人：股东及股东代表、董事、监事、高级管理人员、律师等 四、会议议程： 1 一、会议时间：2025 年 4 月 24 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：代行董事长何文建先生 （一）通过监票人、记票人名单； （二）审议如下议案： 1.关于包头铝业有限公司拟吸收合并内蒙古华云新材料有限公司 的议案 （三）统计并宣布表决结果； （四）律师发表见证意见。 中国铝业股份有限公司 2025 年第二次临时股东会会议资料 议案一：关于包头铝业有限公司拟吸收合并 内蒙古华云新材料有限公司的议案 各位股东： 包头铝业有限公司（简称包头铝业）现为公司的全资子公司， 内蒙古华云新材料有限公司（简称内蒙古华云）现为包头铝业的控 股子公司，包头铝业及公司控股股东中国铝业集团有限公司（简称 中铝集团）各持有内蒙古华云 ...

中国铝业股份有限公司 关于控股股东及其一致行动人首次增持公司股份的公告 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。 股票代码：601600 股票简称：中国铝业 公告编号：临 2025-023 中国铝业股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日披露了《中国 铝业股份有限公司关于控股股东及其一致行动人增持公司股份计划的公告》（公告 编号：临 2025-022），基于对公司未来发展前景的信心，并为切实维护中小投资者 利益，公司控股股东中国铝业集团有限公司（以下简称"中铝集团"）及其一致行 动人拟通过上海证券交易所（以下简称"上交所"）及香港联合交易所有限公司（以 下简称"香港联交所"）交易系统增持公司 A 股及 H 股股份，增持金额不低于人民 币 10 亿元，不超过人民币 20 亿元，增持股份数量不超过公司总股本的 2%，期限自 本次增持计划公告披露之日起不超过 12 个月。 公司于 2025 年 4 月 9 日收市后收到控股股东中铝集团的通知，中铝集团及其一 致行动人于 2025 年 4 月 9 日 ...

Core Viewpoint - The A-share and Hong Kong stock markets experienced significant declines, with major indices dropping over 2% to 3% amid ongoing market volatility and external pressures [2][3][5]. Market Performance - As of the report, the Shanghai Composite Index fell by 2.22% to 3075.75, while the Shenzhen Component Index dropped by 3.04% to 9138.12. The ChiNext Index also saw a decline of over 3% [2][3]. - In the Hong Kong market, the Hang Seng Index opened down by 3.81%, and the Hang Seng Tech Index fell by over 5%. Notably, the pharmaceutical and consumer sectors faced significant losses, with companies like Wan Zhou International and WuXi Biologics experiencing declines of nearly 10% and over 8%, respectively [5]. Corporate Actions - Multiple companies announced share buyback and stake increase plans, with at least 56 A-share listed companies releasing such announcements between April 7 and 8. This included nearly 140 companies disclosing share repurchase plans [15]. - China Aluminum Group and China Minmetals Group both announced plans to increase their stakes in listed companies, with China Aluminum planning to invest between 1 billion to 2 billion RMB [14]. Government and Institutional Support - The "national team" has been actively buying ETFs to stabilize the market, with significant purchases reported from Central Huijin Investment and other state-owned entities [17][21]. - The People's Bank of China indicated readiness to provide sufficient re-lending support to Central Huijin, further emphasizing the commitment to market stability [17]. Investment Outlook - Analysts maintain a relatively optimistic outlook for the A-share market, suggesting that despite uncertainties from trade tensions, the influx of capital and institutional support could lead to a more stable market environment [23]. - The focus on high-quality and high-dividend assets is expected to prevail, with potential opportunities arising from recent market dips [23].

智通财经4月9日早间新闻精选 1、国务院总理李强8日同欧盟委员会主席冯德莱恩通电话。李强指出，中国今年的宏观政策充分考虑了 各种不确定因素，也有充足的储备政策工具，完全能够对冲外部不利影响，对保持自身经济持续健康发 展充满信心。中国将继续坚定不移扩大开放，同包括欧盟在内的世界各国加强合作，分享发展机遇。 3、国务院国资委8日表示，将全力支持推动中央企业及其控股上市公司主动作为，不断加大增持回购力 度。 4、全国社会保障基金理事会8日表示，近日已主动增持国内股票，近期将继续增持。 5、中国诚通公告，继4月7日增持股票资产后，4月8日，中国诚通旗下诚通金控和诚旸投资继续大额增 持ETF和中央企业上市公司股票。中国诚通拟使用股票回购增持再贷款资金1000亿元，用于增持上市公 司股票。 6、瑞银估计，在2025年期间，除了"国家队"之外，其他长期投资者可能在内地监管机构的指导下，以 可持续且稳定的方式进入A股市场。该行预计内地保险公司、互惠基金及社会保障基金进入中国股市的 净流入可能分别达到1万亿、5900亿及1200亿元人民币。 7、国家发展改革委主任郑栅洁昨日主持召开座谈会，邀请江苏天合光能、浙江中基宁波、广东领 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2025-022 中国铝业股份有限公司 关于控股股东及其一致行动人增持公司股份计划的公告 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。 重要内容提示： 公司于 2025 年 4 月 8 日收市后收到控股股东中铝集团的通知，基于对公司未来 发展前景的信心和对公司长期投资价值的认可，同时为促进公司持续、健康、稳定 发展，提升投资者信心，切实维护中小投资者利益，中铝集团及其一致行动人计划 于未来 12 个月内增持公司 A 股及 H 股股份，现将有关情况说明如下： 一、增持主体的基本情况 （一）本次拟增持股份的目的：控股股东基于对公司未来发展前景的信心和对 公司长期投资价值的认可，同时为促进公司持续、健康、稳定发展，提升投资者信 心，切实维护中小投资者利益。 （二）本次拟增持股份的种类：A 股及 H 股。 （三）本次拟增持股份的方式及数量：通过上交所及香港联交所交易系统增持 公司 A 股和 H 股股份，增持金额不低于人民币 10 亿元，不超过人民币 20 亿元，增 持股 ...

中国铝业（601600）公告，控股股东中铝集团及其一致行动人拟10亿元-20亿元增持公司A股及H股股 份，增持金额不超过公司总股本的2%。 ...

证券研究报告 | 公司点评 gszqdatemark 2025 04 08 年 月 日 中国铝业（601600.SH） 铝产品"量价齐升"，25Q1 利润同比大幅增长 事件：公司于 2025 年 4 月 7 日披露 2025 年一季度业绩预增公告，预计 实现利润总额 62-67 亿元，同比增加 30%-40%；预计实现归母净利 34- 36 亿元，同比增加 53%-63%，环比增加 0.5%-6.4%，利润增加主要系 公司全方位极致降本增效及主要产品同比增产所致。 25Q1 青海 50 万吨电解铝项目爬产，电解铝增量成为利润贡献点。氧化 铝：1）价，根据 SMM 统计，25Q1 氧化铝均价 3833 元/吨，同比增长 15.2%，环比减少 28.1%。2）量，广西华昇二期 200 万吨氧化铝项目预 计于 2025 年上半年投产，全部投产后，公司氧化铝年产能为 2426 万吨， 权益产能 1967 万吨。电解铝：1）价，根据 SMM 统计，25Q1 电解铝均价 2.04 万元/吨，同比增长 7.3%，环比减少 0.5%。2）量，内蒙古华云三期 42 万吨电解铝项目及青海分公司 50 万吨电解铝项目中分别于 20 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a profit total of 62-67 billion yuan in Q1 2025, representing a year-on-year increase of 30%-40%, with a net profit attributable to shareholders of 34-36 billion yuan, reflecting a growth of 53%-63% year-on-year [1] - The increase in profits is attributed to comprehensive cost reduction and efficiency improvements, along with a year-on-year increase in the production of key products [1] - The company aims to strengthen its competitive advantages across the entire industry chain through strategic initiatives, including market analysis, cost reduction, and efficiency enhancement [3] Summary by Sections Production and Pricing - In Q1 2025, the average price of alumina was 3,833 yuan/ton, up 15.2% year-on-year but down 28.1% quarter-on-quarter [2] - The average price of electrolytic aluminum was 20,400 yuan/ton, an increase of 7.3% year-on-year and a decrease of 0.5% quarter-on-quarter [2] - The company is ramping up production at its new 50,000-ton electrolytic aluminum project in Qinghai, which is expected to contribute to profit growth [2] Strategic Goals - The company is committed to achieving its strategic goal of becoming a world-class enterprise by enhancing operational efficiency, optimizing industrial layout, promoting technological innovation, and improving management structures [3] - The focus includes expanding into small metal industries such as gallium, lithium, and magnesium, and advancing towards digital and automated operations [3] Market Outlook - Domestic electrolytic aluminum supply is nearing its capacity ceiling of 45 million tons, while demand is expected to recover, potentially driving aluminum prices higher [4] - The report suggests cautious assumptions for the average prices of electrolytic aluminum and alumina from 2025 to 2027, forecasting net profits of 10.4 billion, 12.6 billion, and 14.9 billion yuan for those years, respectively [4] Financial Projections - The company’s revenue is projected to decline slightly in 2025 to 222.31 billion yuan, with a net profit of 10.38 billion yuan, reflecting a year-on-year decrease of 16.3% [5] - The report provides a detailed financial outlook, including earnings per share (EPS) estimates and price-to-earnings (P/E) ratios for the coming years [5]