Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1]. Core Viewpoints - The aluminum processing sector is witnessing a recovery in operating rates, with expectations for inventory to reach a turning point. The upcoming "Golden September and Silver October" peak season is anticipated to boost demand [11]. - The macroeconomic environment is leaning towards favorable conditions, with expectations of interest rate cuts by the Federal Reserve and a temporary suspension of tariffs between China and the U.S. [6]. - The report highlights that the current low inventory levels and reduced aluminum ingot supply provide support for aluminum prices [11]. Summary by Sections 1. Prices - As of August 15, the LME three-month aluminum closing price was $2,603.0 per ton, down $12.0 from the previous week but up $276.0 year-on-year [24]. - The Shanghai aluminum active contract closing price was 20,770.0 yuan per ton, up 85.0 yuan week-on-week and up 1,755.0 yuan year-on-year [24]. - The average price of A00 aluminum in Changjiang was 20,680.0 yuan per ton, up 50.0 yuan week-on-week and up 1,750.0 yuan year-on-year [24]. 2. Production - In July 2025, the production of electrolytic aluminum was 3.721 million tons, an increase of 112,000 tons month-on-month and 168,000 tons year-on-year [55]. - The production of alumina in July 2025 was 7.650 million tons, up 392,000 tons month-on-month and 808,000 tons year-on-year [55]. 3. Inventory - As of August 14, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 588,000 tons, an increase of 24,000 tons week-on-week [7]. - The inventory of aluminum rods was 138,500 tons, down 4,000 tons week-on-week, indicating a continuous decline due to reduced production by manufacturers [7]. 4. Key Companies and Earnings Forecast - Key companies in the aluminum sector include China Hongqiao, Tianshan Aluminum, Shenhuo Co., China Aluminum, and Yunnan Aluminum, all rated as "Buy" [5].

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report highlights that the supply expectations for copper are further tightening, leading to a robust performance in copper prices. Additionally, the gold market is expected to benefit from rising inflation expectations in the U.S. due to tariff disturbances [1][38] Summary by Sections 1. Weekly Data Tracking - The non-ferrous metal sector has generally seen an increase this week [13] - Price fluctuations among non-ferrous metals varied, with some prices rising while others fell [23] 2. Industrial Metals - **Copper**: Supply expectations are tightening, with global copper inventories increasing by 0.84 thousand tons. Chile's copper production growth forecast for 2025 has been significantly reduced [2] - **Aluminum**: The aluminum market is experiencing short-term fluctuations due to macroeconomic sentiments, with a slight increase in supply and moderate demand [2] 3. Energy Metals - **Lithium**: Supply disruptions are causing lithium prices to rebound strongly, with prices for battery-grade lithium carbonate rising by 15% to 83,000 CNY/ton [3] - **Metal Silicon**: The market remains stable with no significant changes in the fundamentals, and prices are expected to fluctuate in the short term [3] 4. Precious Metals - The gold market is influenced by U.S. inflation data, with a notable increase in the PPI to 3.7% in July, leading to expectations of continued upward pressure on gold prices [1][38] 5. Key Stocks - The report suggests focusing on specific stocks such as Zijin Mining, Shandong Gold, and others, which are expected to perform well in the current market conditions [1][2][3]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [5][7]. Core Views - The report highlights that supply disruptions and expectations of interest rate cuts are likely to support commodity prices in the near term [1][2]. - Industrial metals are expected to see price increases due to the upcoming "golden September and silver October" season, despite some weakness in demand [2][3]. - Energy metals, particularly cobalt and lithium, are projected to experience price increases due to supply constraints and strong demand [3]. - Precious metals are anticipated to rise in price, driven by central bank gold purchases and changing tariff policies [4]. Summary by Sections Industrial Metals - The report notes that copper prices are supported by rising production rates and demand from downstream cable consumption, with the SMM import copper concentrate index showing a slight increase [2][3]. - Aluminum production remains high, but demand is weak, leading to an increase in social inventory [2][21]. - Key companies recommended include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][5]. Energy Metals - Cobalt prices are expected to rise due to supply shortages, while lithium prices are also increasing due to tight supply conditions [3]. - Key companies recommended include Huayou Cobalt and Ganfeng Lithium [3]. Precious Metals - Gold prices are expected to rise due to ongoing central bank purchases and geopolitical uncertainties, with a target of breaking the $3,500 per ounce mark [4]. - Key companies recommended include Shandong Gold and Zhongjin Gold [4][5].

Group 1 - The core viewpoint of the article highlights the growth potential of the aluminum alloy industry in China, with significant production increases projected for the coming years [1][3] - According to data from the National Bureau of Statistics, China's aluminum alloy production is expected to reach 1.67 million tons by June 2025, representing a year-on-year growth of 18.8% [1] - In the first half of 2025, the cumulative production of aluminum alloys in China is reported to be 9.097 million tons, reflecting a cumulative growth of 14.6% [1] Group 2 - The article lists several publicly listed companies in the aluminum industry, including China Aluminum (601600), Nanshan Aluminum (600219), and others, indicating a diverse market landscape [1] - The report referenced is the "2025-2031 China Aluminum Alloy Industry Market Operation Pattern and Prospect Strategic Analysis Report" published by Zhiyan Consulting, which provides insights into market trends and forecasts [1][3] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive solutions for investment decisions [3]

中國鋁業股份有限公司 葛小雷 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。 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8月27日（星 期 三）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6月30日止六個月期間之未經審計的中 期 業 績 及 考 慮 派 發 中 期 股 息（如 有）之 建 議。 承董事會命 公司秘書 中國‧北京 2025年8月15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 江 皓 先 生，獨 立 非 執 行 董 事 余 勁 松 先 生、陳 遠 秀 女 士 及 李 小 斌 先 生。 ...

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。 中國鋁業股份有限公司 葛小雷 公司秘書 中國‧北京 2025年8月15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 江 皓 先 生，獨 立 非 執 行 董 事 余 勁 松 先 生、陳 遠 秀 女 士 及 李 小 斌 先 生。 * 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8月27日（星 期 三）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6月30日止六個月期間之未經審計的中 期 業 績 及 考 慮 派 發 中 期 股 息（如 有）之 建 議 ...

金融界8月12日消息，上证指数高开高走，AMAC有色金属指数 (AMAC有色，H30059)下跌0.75%，报 3562.23点，成交额591.17亿元。 数据统计显示，AMAC有色金属指数近一个月上涨12.84%，近三个月上涨26.81%，年至今上涨 29.72%。 据了解，中基协基金估值行业分类指数依据《中国上市公司协会上市公司行业统计分类指引》中的门类 划分，编制16个门类指数（不包括制造业）；依据制造业门类下的大类划分，编制27个大类指数，共有 43条行业分类指数。该指数以2009年01月01日为基日，以1000.0点为基点。 从指数持仓来看，AMAC有色金属指数十大权重分别为：北方稀土（8.62%）、华友钴业（5.47%）、 中国铝业（5.47%）、天齐锂业（4.31%）、赣锋锂业（4.05%）、云铝股份（3.17%）、铜陵有色 （2.82%）、中国稀土（2.78%）、盛和资源（2.75%）、中矿资源（2.74%）。 从AMAC有色金属指数持仓的市场板块来看，深圳证券交易所占比53.16%、上海证券交易所占比 46.84%。 从AMAC有色金属指数持仓样本的行业来看，原材料占比96.59%、工业占比 ...

Group 1 - On August 11, China Aluminum conducted a block trade of 280,000 shares, with a transaction amount of 2.1028 million yuan, accounting for 0.22% of the total transaction amount for the day [1][2] - The transaction price was 7.51 yuan, which remained stable compared to the market closing price of 7.51 yuan [1][2]

Global Aluminum Ore Resource Status - The global aluminum ore resource is abundant, with Guinea holding the largest reserves at approximately 7.4 billion tons, accounting for about 25.52% of the world's total reserves [3] - Australia and Vietnam follow, with reserves of 12.07% and 10.69% respectively, while China's aluminum ore reserves are relatively low at only 2.34% [3] Global Bauxite Production - Global bauxite production is projected to reach 450 million tons in 2024, with Guinea producing 13 million tons, representing 28.89% of the total [5] - Australia and China are also significant producers, with outputs of 10 million tons (22.22%) and 9.3 million tons (20.67%) respectively [5] Global Alumina Production - The global alumina production is expected to be 142 million tons in 2024, with China contributing 84 million tons, which is 60% of the total [8] - Australia and Brazil follow with 18 million tons (13%) and 11 million tons (8%) respectively [8] China's Alumina Production Capacity - As of the end of 2024, China has over 40 alumina production enterprises with a total capacity exceeding 100 million tons, with the top ten companies accounting for about 70% of the total capacity [13] Yunnan's Clean Energy Advantage - Yunnan province has abundant hydropower resources, with hydropower generation accounting for 71.22% of its total electricity generation in 2024, providing significant support for high-energy-consuming industries [26] Yunnan's Role in the Aluminum Industry - Yunnan has become a key region for aluminum production in China, with its electrolytic aluminum capacity reaching 585,000 tons by the end of 2024, significantly increasing from 118,600 tons in 2015 [28] Green Aluminum Industry Potential - The green aluminum industry in Yunnan is expected to benefit from the EU's carbon tax, which will enhance the competitiveness of products with lower carbon footprints [46] Downstream Market Demand - The demand for aluminum is expected to grow, particularly in the renewable energy sector, which is becoming a significant driver for electrolytic aluminum demand [37] Cost Structure of Electrolytic Aluminum - The cost structure of electrolytic aluminum production is primarily influenced by alumina, electricity, and prebaked anodes, with alumina being the largest cost component [38] Future Production Plans - Indonesia has numerous planned alumina projects with a total capacity of 25.5 million tons, indicating significant growth potential in the region [18]

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several key companies as recommended investments [5]. Core Views - The report emphasizes a positive outlook for industrial metal prices driven by macroeconomic factors, including rising expectations for interest rate cuts by the Federal Reserve and resilient domestic export data [2][4]. - The report identifies specific companies within the sector that are expected to perform well, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][5]. Summary by Sections Industrial Metals - The report notes that the price of industrial metals such as aluminum, copper, zinc, lead, nickel, and tin has shown positive movements, with LME prices for aluminum increasing by 1.69% and copper by 1.40% during the week [1][10]. - The SMM copper concentrate import index increased by $4.03 per ton, indicating a recovery in processing costs [2]. - Domestic aluminum production remains stable, but demand from end-use sectors like home appliances and construction is weak, leading to an increase in social inventory to 564,000 tons [2][21]. Energy Metals - The report highlights the impact of the Democratic Republic of Congo's mining ban on cobalt prices, which are expected to rise significantly [3]. - Lithium prices are anticipated to increase due to recovering demand from downstream battery manufacturers, with market activity showing signs of improvement [3]. - Nickel prices are also expected to remain strong due to tight supply and rising demand for replenishment [3]. Precious Metals - The report indicates that gold prices have surpassed $3,500 per ounce, driven by increased central bank purchases and rising inflation expectations [4]. - Silver prices are also on the rise, supported by its industrial applications and recent price surges [4]. - Key companies in the precious metals sector recommended for investment include Shandong Gold and Zhongjin Gold [4][5]. Company Earnings Forecasts and Valuations - The report provides earnings per share (EPS) forecasts for several companies, with Zijin Mining expected to achieve an EPS of 1.21 yuan in 2024, and Luoyang Molybdenum projected at 0.63 yuan [5]. - The price-to-earnings (PE) ratios for these companies indicate favorable valuations, with Zijin Mining at 17 times and Luoyang Molybdenum at 15 times for 2024 [5].