Core Viewpoint - Multiple indices in the A-share market are undergoing significant adjustments, with announcements made by the Shanghai and Shenzhen Stock Exchanges regarding changes to sample stocks in various indices, effective in December 2025 [1][2]. Group 1: Index Adjustments - The Shanghai Stock Exchange announced adjustments to the Shanghai 50, Shanghai 180, and Shanghai 380 indices, with changes effective after market close on December 12, 2025 [2]. - The Shanghai 50 index will replace four stocks, adding SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while removing Poly Developments, China Mobile, China Aluminum, and CRRC [3][4]. - The Sci-Tech Innovation 50 index will replace two stocks, adding Aojie Technology and Shengke Communication, while removing Huaxi Biotechnology and Hangcai Co [4][5]. Group 2: Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange announced sample stock adjustments for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50, effective December 15, 2025 [5][7]. - The Shenzhen Component Index will add 17 stocks, including Tuowei Information, Sifang Jingchuang, and Wolong Nuclear Materials, while removing Guoyao Yizhi, Haide Shares, and Tibet Mining [7][9]. - The ChiNext Index will add eight stocks, including Shuanglin Co., Changshan Pharmaceutical, and Changsheng Bearing [9]. Group 3: Zhongzheng Index Adjustments - The Zhongzheng Index Company announced adjustments to the CSI 300, CSI 500, CSI 1000, CSI A50, CSI A100, and CSI A500 indices, effective after market close on December 12, 2025 [13][14]. - The CSI 300 index will replace 11 stocks, adding Huadian New Energy, Shenghong Technology, Shandong Precision, and others, while removing FAW Liberation, Oppein Home, and others [13][14]. - The CSI 500 index will replace 50 stocks, the CSI 1000 index will replace 100 stocks, the CSI A50 index will replace four stocks, the CSI A100 index will replace six stocks, and the CSI A500 index will replace 20 stocks [14].

Core Viewpoint - Multiple indices in the A-share market are undergoing significant adjustments, with announcements made by the Shanghai and Shenzhen Stock Exchanges regarding changes to sample stocks in various indices [2][4]. Group 1: Index Adjustments - On November 28, the Shanghai Stock Exchange announced adjustments to the sample stocks of the Shanghai 50, Shanghai 180, Shanghai 380, and Sci-Tech 50 indices, effective after the market closes on December 12, 2025 [4][14]. - The Shanghai 50 index will replace four stocks, including the addition of SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while Poly Development, China Mobile, China Aluminum, and CRRC will be removed [5][17]. - The Sci-Tech 50 index will replace two stocks, adding Aojie Technology and Shengke Communication, while Huaxi Biotechnology and Hangcai Co. will be removed [5][6]. Group 2: Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange announced that it will implement regular sample stock adjustments for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50 on December 15, 2025 [6][14]. - The Shenzhen Component Index will add 17 stocks, including Tuowei Information, Sifang Jingchuang, and Wolong Nuclear Materials, while Guoyao Yizhi, Haide Shares, and Tibet Mining will be removed [6][7]. Group 3: Additional Index Changes - The ChiNext Index will add eight stocks, including Shuanglin Co., Changshan Pharmaceutical, and Changsheng Bearing [9][11]. - The CSI 300, CSI 500, and other indices will also undergo adjustments, with the CSI 300 replacing 11 stocks, including Huadian New Energy and Shenghong Technology, while removing FAW Liberation and Oppein Home [16][17]. - The CSI 500 index will replace 50 stocks, the CSI 1000 index will replace 100 stocks, and the CSI A50 and A100 indices will replace 4 and 6 stocks respectively [17].

Core Points - The Shanghai Stock Exchange and China Securities Index Co., Ltd. have decided to adjust the sample stocks of several indices, including the SSE 50, SSE 180, SSE 380, and Sci-Tech 50, effective after the market closes on December 12, 2025 [1] Group 1: Index Adjustments - The SSE 50 index will replace 4 stocks, while the SSE 180 index will replace 7 stocks, and the SSE 380 index will replace 38 stocks [1] - The Sci-Tech 50 index will replace 2 stocks [1] Group 2: Stocks Added to Indices - Stocks added to the SSE 50 index include SAIC Motor Corporation (600104.SH), Northern Rare Earth (600111.SH), and Huadian New Energy (600930.SH) [1] - Stocks added to the SSE 180 index include Guotou Capital (600061), Zhongtian Technology (600522), and Huadian New Energy (600930) [3] - Stocks added to the SSE 380 index include Guotou Capital (600061), Furuida (600223), and Huadian New Energy (600930) [4] Group 3: Stocks Removed from Indices - Stocks removed from the SSE 50 index include Poly Developments (600048.SH), China Mobile (600941.SH), and Aluminum Corporation of China (601600.SH) [1] - Stocks removed from the SSE 180 index include COSCO Shipping Energy Transportation (600026), Nanshan Aluminum (600219), and Sailun Tire (601058) [3] - Stocks removed from the SSE 380 index include Nanshan Aluminum (600219), Jiangshan Shares (600389), and China Oilfield Services (601808) [4]

Aluminum expert call key takeaways: update on ex-China expansion We hosted an expert call with Mr. Yang Liu from Aladdiny about the progresses on capacity expansion outside of China, with a focus on Indonesia. Power supply is a key constraint which is unlikely to ease before 2028, and the expert see tight market balance in 2026/27. More details below. Global expansion overview: tight balance in 2026-27. In 2019-2025, the majority of capacity growth came from China (4mtpa+ out of ~8mtpa globally), Russia con ...

Core Viewpoint - China Aluminum's stock price has increased significantly, rising from HKD 3.98 to HKD 10.48, a gain of over 160% in seven months, indicating a potential continuation of this bullish trend [1] Acquisition Details - Yunnan Aluminum, a subsidiary of China Aluminum, plans to acquire stakes in three companies from Yunnan Metallurgy for a total consideration of CNY 2.267 billion, to be paid in two installments [1][5] - The acquisition aims to enhance the net profit attributable to shareholders and optimize the equity structure of Yunnan Aluminum [1][5] Financial Performance of Target Companies - The three target companies have varying performance; Yunnan Aluminum Yongxin is expected to have a net profit of CNY 608 million in 2024, while Yunnan Aluminum Runxin's profit is projected to drop by 72.3% to CNY 104 million, and Yunnan Aluminum Hongxin is expected to incur a loss of CNY 3 million [1][5] Valuation Methods - The valuation of the target companies was conducted using asset-based and income approaches, with significant discrepancies noted; for instance, Yunnan Aluminum Yongxin's valuation ranged from CNY 3.038 billion to CNY 5.308 billion [2][4] - The acquisition will result in a total goodwill of CNY 1.099 billion, representing 48.5% of the acquisition price [2][4] Financial Impact on China Aluminum - Post-acquisition, the net asset value of Yunnan Aluminum will increase by CNY 1.255 billion, and goodwill will rise by CNY 1.099 billion, impacting China Aluminum's financial statements positively [5][6] - The acquisition resolves competition issues within China Aluminum's subsidiaries and allows for a more focused expansion in aluminum products [6][7] Market Outlook and Shareholder Returns - China Aluminum has a history of generous dividends, with cumulative payouts reaching CNY 9.2 billion since 2021, and a dividend payout ratio of 21% [8] - Institutional investors, including CITIC Securities, have shown confidence in the company, increasing their holdings significantly [8][9] - Analysts predict continued growth in net profit, with estimates for 2025-2027 ranging from CNY 146.35 billion to CNY 177.2 billion, reflecting a positive outlook for the company [9]

Core Viewpoint - China Aluminum's stock price has increased significantly, rising from HKD 3.98 to HKD 10.48, a gain of over 160% in seven months, indicating a potential continuation of this bullish trend [1] Acquisition Details - Yunnan Aluminum, a subsidiary of China Aluminum, plans to acquire stakes in three companies from Yunnan Metallurgy for a total transaction price of CNY 2.267 billion, to be paid in two installments [1][7] - The acquisition will increase Yunnan Aluminum's ownership in the three companies to 96.08%, 97.46%, and 100% respectively, enhancing its profit and investment returns [1][7] Financial Performance of Target Companies - The three target companies have varying performance; Yunnan Yongxin is stable with a projected net profit of CNY 608 million for 2024, while Yunnan Runxin's profit is expected to drop by 72.3% to CNY 104 million, and Yunnan Hongxin is projected to incur a loss of CNY 3 million [1][6] Valuation Methods - The valuation of the target companies was conducted using asset-based and income approaches, with significant discrepancies noted; for instance, Yunnan Yongxin's valuation ranged from CNY 3.038 billion to CNY 5.308 billion [2][4] Goodwill Impact - The acquisition will generate a total goodwill of CNY 1.099 billion, representing 48.5% of the acquisition price, with Yunnan Yongxin contributing CNY 718 million and Yunnan Runxin CNY 379 million [6][11] Financial Metrics Post-Acquisition - Following the acquisition, Yunnan Aluminum's net asset value will increase by CNY 1.255 billion, and its net profit attributable to shareholders will rise by CNY 715 million, significantly impacting China Aluminum's financial statements [7][8] Strategic Positioning - The acquisition resolves competition issues within China Aluminum's subsidiaries and allows Yunnan Aluminum to focus on expanding its aluminum product offerings, maintaining its global leadership in various aluminum segments [9][11] Market Outlook - China Aluminum has shown resilience with a projected revenue growth of 1.57% in the first three quarters of 2025, despite previous declines, and is expected to maintain double-digit growth in net profit [9][10] - The company has a strong dividend policy, having distributed CNY 9.2 billion in dividends since 2021, with a current dividend yield of 2.7% [10][11]

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。 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B條 作 出。 茲載列中國鋁業股份有限公司在上海證券交易所網站刊登的以下資料全文， 僅 供 參 閱。 承董事會命 中國鋁業股份有限公司 葛小雷 公司秘書 中國‧北京 2025年11月27日 股 票 代 碼：601600 股 票 簡 稱：中 國 鋁 業 公 告 編 號：臨2025-073 中國鋁業股份有限公司 關於召開2025年第三季度業績說明會的公告 本 公 司 董 事 會 及 全 體 董 事 保 證 本 公 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 個 別 及 連 帶 責 任。 重 要 內 容 提 示： 一. 說明會類型 中 國 鋁 ...

关于召开 2025 年第三季度业绩说明会的公告 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 2025-073 中国铝业股份有限公司 二、说明会召开的基本情况 1、召开时间：2025 年 12 月 5 日（星期五）下午 14:00-15:00 2、召开地点：上海证券交易所上证路演中心 会议召开时间：2025 年 12 月 5 日（星期五）下午 14:00-15:00。 会议召开地点：上海证券交易所上证路演中心 会议召开方式：上证路演中心网络互动方式。 投资者可于 2025 年 11 月 28 日(星期五)至 12 月 4 日(星期四)16:00 前通过登 录上证路演中心网站首页点击"提问预征集"栏目、发送邮件至公司邮箱 （ir@chinalco.com.cn）、传真至 010-82298158 等方式就所关注问题进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 重要内容提示： （网址：http://roadshow.sseinfo.com/）。 一、 ...

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and sector performances, particularly in consumer electronics and HBM concepts, while noting the decline in AI applications and certain real estate stocks [3]. Market Performance - As of the midday session, the Shanghai Composite Index rose by 0.49%, the Shenzhen Component Index increased by 0.38%, and the ChiNext Index initially surged over 2% before settling at a 0.56% gain [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.09 trillion yuan, a decrease of 466 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - The consumer electronics sector saw a rise of 2.28%, while the HBM concept led the gains with a 2.62% increase [4]. - The solid-state battery concept also performed well, contributing to the overall positive sentiment in the market [3]. - The AI application sector continued to show weakness, indicating potential challenges in this area [3]. Notable Stocks - In the pork concept sector, stocks like Jin Xin Nong and Tian Yu Bio experienced significant gains, with Jin Xin Nong hitting the daily limit [5]. - Semiconductor stocks such as Huahong Semiconductor and SMIC saw increases of over 5% and 3%, respectively, reflecting strong performance in the tech sector [6]. - New Energy and AI concept stocks also showed strength, with New Yi Sheng rising by 7% and Yangguang Electric Power increasing by nearly 5% [7]. Additional Market Insights - The Hong Kong stock market opened with a slight increase, with the Hang Seng Technology Index expanding its gains [12]. - The People's Bank of China conducted a reverse repurchase operation of 356.4 billion yuan at an interest rate of 1.40%, indicating ongoing liquidity management [13]. - The Chinese yuan appreciated against the US dollar, reaching its highest level since October 2024 [14].

中国铝业发布公告，于2025年11月25日，云铝股份与云南冶金订立收购协议，据此，云铝股份拟通过非公开协议转让方式以现金收购云南冶金持有的云铝涌鑫28.7425%股权、云铝润鑫27.31 云铝涌鑫、云铝润鑫及云铝泓鑫均为云铝股份的控股子公司，云南冶金为前述三家公司的第二大股东，本次收购完成后，云南冶金不再持有三家公司股权，有利于云铝股份优化所属企业股权结构 责任编辑：卢昱君 中国铝业（02600）高开逾4%，截至发稿，股价上涨4.13%，报10.83港元，成交额760.27万港元。 ...