Group 1 - CITIC Securities Asset Management Company increased its stake in China Aluminum (601600) by 10.106 million shares at a price of HKD 8.0536 per share, totaling approximately HKD 81.3897 million [1] - After the increase, the total number of shares held by CITIC Securities is approximately 436 million, representing a holding percentage of 11.04% [1]

Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing a sustained increase due to rising gold prices, expectations of interest rate cuts, and heightened demand for safe-haven assets [1] - The Non-Ferrous Metal ETF (512400) has risen by 3.51% today, over 11% in the past five days, and more than 71% year-to-date, making it the only ETF tracking the China Securities Index for non-ferrous metals [1] - The ETF has seen a net inflow of 2.94 billion yuan in the last 20 days, with a current scale of 13.315 billion yuan, making it the only non-ferrous industry ETF exceeding 10 billion yuan in size [1] Group 2 - Eight departments have issued the "Non-Ferrous Metal Industry Stabilization and Growth Work Plan (2025-2026)", targeting an average annual growth of around 5% in the industry's added value and a 1.5% annual growth in the production of ten non-ferrous metals [2] - Zijin Mining International has officially listed on the Hong Kong Stock Exchange with an issue price of 71.59 HKD, raising 3.49 billion shares, and saw its stock price surge by 64% on the first trading day [2] Group 3 - Spot gold has surpassed 3,850 USD, and with the Federal Reserve's interest rate cuts, frequent supply disruptions in commodities, and the seasonal demand in China, industrial metal prices are expected to continue rising [3]

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9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9月30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 | II ...

Core Points - The 18th National Nonferrous Metals Industry Vocational Skills Competition, known as the "China Aluminum Cup," was held from September 18 to 25, 2025, in Lanzhou, Gansu, and Yinchuan, Ningxia [1] - The competition involved 509 participants from 69 units in the nonferrous metals industry, competing in four vocational categories: aluminum electrolysis workers, carbon roasting workers, mine rescue workers, and welders [1] - The event is recognized as the highest-level national competition in the nonferrous metals industry, aimed at enhancing the construction of high-skilled talent and promoting the reform of the industrial workforce [2] Summary by Category Competition Details - The competition was organized by the China Nonferrous Metals Industry Association and other key organizations, with events held simultaneously in two locations [1] - Participants competed in specific vocational tasks, with notable performances in aluminum electrolysis and carbon roasting categories taking place at Lanzhou Aluminum Co., while welding and mine rescue competitions were held at Ningxia Energy [1] Results - Zhang Tingjie and Liu Pengju from Lanzhou Aluminum won first and third place in the aluminum electrolysis category, while Lyu Huajun and Wang Mingnan from China Aluminum's Guangxi branch secured first and third in the carbon roasting category [2] - Ningxia Energy's Xie Yujun won first place in the mine rescue category, and Wang Hua from Ningxia Energy placed fifth in welding [2] - Lanzhou Aluminum and China Aluminum's Guangxi branch received the first and third team excellence awards, respectively, with five other companies recognized for their outstanding team performance [2] Industry Impact - The competition serves as a significant platform for promoting the spirit of labor and craftsmanship within the nonferrous metals industry, contributing to its high-quality development [2]

截至月份: 2025年9月30日 狀態: 新提交 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 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9月30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 | | ...

Group 1 - The core viewpoint is that the non-ferrous metal industry is experiencing a strong rally, driven by multiple favorable factors, including government initiatives to upgrade metal consumption and a tightening global copper supply [1] - As of September 30, 2025, the Guozheng Non-Ferrous Metal Industry Index (399395) rose by 3.27%, with significant gains in constituent stocks such as Placo New Materials (300811) up 12.90%, Tin Industry Co. (000960) up 9.98%, and Huayou Cobalt (603799) up 9.93% [1] - The non-ferrous ETF fund (159880) increased by 3.70%, with the latest price reported at 1.68 yuan [1] Group 2 - On September 28, eight departments jointly issued a document to promote the upgrade of bulk metal consumption, actively expanding the application of high-end aluminum, copper, and magnesium alloys [1] - The global copper supply is tightening due to a series of production disruptions, leading to a nearly 5% increase in three-month copper prices in September, marking the largest rise since the same month in 2024 [1] - Guotou Securities noted that interest rate futures have priced in expectations for three rate cuts by the Federal Reserve this year, totaling 75 basis points, indicating that the non-ferrous sector is one of the few industries that can significantly benefit from overseas inflation [1] Group 3 - The Guozheng Non-Ferrous Metal Industry Index (399395) selects 50 securities with outstanding scale and liquidity from the non-ferrous metal industry, reflecting the overall performance of listed companies in this sector on the Shanghai and Shenzhen stock exchanges [2] - As of August 29, 2025, the top ten weighted stocks in the index include Zijin Mining (601899), Northern Rare Earth (600111), and Luoyang Molybdenum (603993), with these ten stocks accounting for 50.35% of the total index weight [2]

Core Insights - The non-ferrous metal sector continues to show strength, with significant gains in stocks such as Huaxi Nonferrous and Xiyegong, and a notable increase in the non-ferrous metal ETF by 3.08%, expanding its year-to-date gain to 67% [1][2] Group 1: Market Performance - The current market sees a strong performance in the non-ferrous metal sector, with stocks like Jiangxi Copper and Huayou Cobalt rising over 8% [1] - Gold ETFs and gold-related stocks have also seen an increase of over 1% [1] - The spot price of gold has surpassed $3850 per ounce, marking a historical high, with a year-to-date increase of over 46% [1] Group 2: Supply and Demand Dynamics - There is a trend towards copper supply shortages, influenced by events at Freeport's Grasberg copper mine and delays in production guidance from the Congo's Kakula mine [2] - The China Nonferrous Metals Industry Association has expressed strong opposition to "involution" competition within the copper smelting industry [2] - The export quota system implemented by the Democratic Republic of Congo, the largest cobalt supplier globally, is a key driver behind the recent rise in cobalt prices [2] Group 3: Policy and Industry Initiatives - The Ministry of Industry and Information Technology, along with eight other departments, has issued a "Work Plan for Stable Growth in the Nonferrous Metals Industry," emphasizing the need for enhanced exploration of resources such as copper, aluminum, lithium, nickel, cobalt, and tin [2] Group 4: Notable Investment Targets - The non-ferrous metal ETF (516650) has increased by 3.08%, with major holdings including Zijin Mining (copper, gold), Luoyang Molybdenum (copper, molybdenum, cobalt), Northern Rare Earth (rare earth), Huayou Cobalt (cobalt, copper), and China Aluminum (aluminum) [3] - The gold stock ETF (159562) has risen by 1.13%, tracking an index dominated by gold and copper stocks, also including silver-related companies [3] - The lowest fee gold ETF, which allows T+0 trading, has increased by 1.08% [4]

Core Viewpoint - The demand for high white aluminum hydroxide is increasing due to urbanization and advancements in the power grid, with applications in various industries including cables, pharmaceuticals, and chemicals [1][4][8]. Market Overview - High white aluminum hydroxide is a high-purity, high-white product with a whiteness of ≥93%, used as a flame retardant and filler [2][3]. - The market demand for high white aluminum hydroxide in China is projected to reach 732,700 tons by 2024, with a market size of 2.639 billion yuan and an average price of approximately 3,601.75 yuan per ton [1][8]. Market Policies - A series of policies have been implemented to support the development of the high white aluminum hydroxide industry, including plans for industrial equipment updates and green finance initiatives [4]. Industry Chain - The industry chain consists of upstream raw material suppliers (bauxite, caustic soda), midstream production enterprises, and downstream application markets covering various sectors [5]. - China's bauxite production is expected to reach 93 million tons in 2024, reflecting a 2.2% year-on-year growth, providing a stable supply for the high white aluminum hydroxide industry [5]. Demand Structure - The demand for high white aluminum hydroxide is primarily driven by industrial-grade functional fillers, which account for over 80% of the total demand, with applications in flame retardants, artificial stones, and daily chemicals [7]. Competitive Landscape - The market is becoming increasingly competitive as traditional aluminum companies explore high white aluminum hydroxide, with key players including Luoyang Zhongchao New Materials Co., Ltd. and China Aluminum Shandong Co., Ltd. [8][9]. - China Aluminum Shandong Co., Ltd. is recognized for its comprehensive product range and significant production capacity in fine aluminum oxide [9]. Development Trends - Future trends indicate that companies will focus on technological innovation and green production practices to enhance efficiency and reduce environmental impact, potentially leading to increased industry concentration [11][12].

Core Insights - The A-share non-ferrous metal industry is projected to achieve a total revenue of 1.82 trillion yuan in the first half of 2025, reflecting a year-on-year growth of 6.49%, with a net profit attributable to shareholders of 953.63 billion yuan, marking a significant increase of 36.55% [2][3] Revenue and Profit Growth - Over 70% of companies in the non-ferrous metal sector reported year-on-year revenue growth in the first half of 2025, with major players like Jiangxi Copper, Zijin Mining, and China Aluminum leading in revenue [2][6] - The average gross profit margin for A-share non-ferrous metal companies in the first half of 2025 is approximately 17.71%, an increase of 0.14 percentage points compared to the previous year [8][12] Company Performance - Zijin Mining achieved a net profit of 232.92 billion yuan in the first half of 2025, with a year-on-year growth rate of 54.41%, significantly outperforming other companies [6][11] - Companies such as Shenghe Resources and Tianqi Lithium have successfully turned losses into profits during this period [7][11] Notable Companies - The top three companies by revenue in the non-ferrous metal industry for the first half of 2025 are: - Jiangxi Copper: 2569.59 billion yuan - Zijin Mining: 1677.11 billion yuan - China Aluminum: 1163.92 billion yuan [6][8] - Other companies that reported significant revenue growth include Pengxin Resources, which saw a 100.21% increase in revenue [7][11]

证券时报·数据宝统计显示，中国铝业今日收盘价为8.15元，上涨6.96%，日换手率为3.76%，成交额为 39.35亿元，全天主力资金净流入1.58亿元，近5日该股累计上涨5.98%，近5日资金合计净流出2.03亿 元。 两融数据显示，该股最新融资余额为32.06亿元，近5日增加4505.60万元，增幅为1.43%。（数据宝） 9月29日中国铝业大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 181.70 | 1480.86 | 8.15 | 0.00 | 平安证券股份有限公司 | 中国国际金融股份有限公司北 | | | | | | 深圳金田路证券营业部 | 京建国门外大街证券营业部 | | 31.32 | 255.26 | 8.15 | 0.00 | 平安证券股份有限公司 | 中国国际金融股份有限公司北 | | | | | | 深圳金田路证券营业部 | 京建国门外大街证 ...