致：中國鋁業股份有限公司（「公司」） 本人╱吾等 （附註1 （中文名稱）： ） （英文名稱）： 地址為 為公司股本中每股面值人民幣1.00元之 股 （附註2） A股╱H股 （附註3） 的註冊持有人，茲通知公司，本人╱吾 等擬親自或委託代理人出席公司將於2025年12月22日（星期一）下午2時正在中華人民共和國北京市海淀區西直門北大街62號公 司會議室舉行的2025年第三次臨時股東會。 2025年第三次臨時股東會 回 執 （附註4） ： 附註： * 僅供識別 1. 請用正楷填上全名（中文或英文，須與登記在股東名冊的相同）及登記地址。 2. 請填上以 閣下名義登記的股份數目。 3. 請刪去不適用者。 4. 請將此回執在填妥及簽署後於2025年12月17日（星期三）或之前送達公司財務部（資本運營部）證券事務處，地址為中華人民共和國北京 市海淀區西直門北大街62號（郵編100082）。此回執可親身交回公司，亦可以郵遞或以圖文傳真方式、電子郵件方式交回（圖文傳真號碼 為：（8610） 8229 8158；電子郵件地址：IR@chinalco.com.cn）。 日期：2025年 月 日 簽署 ...

Core Viewpoint - The aluminum sector in China is experiencing a significant surge, with China Aluminum's stock hitting a 15-year high, driven by a systemic rise in the aluminum industry and favorable market conditions [2][3][5]. Group 1: Market Performance - As of November 6, China Aluminum's stock price reached 10.86 CNY, marking a new high since 2011, with over 2.2 million buy orders stacked [2]. - The aluminum industry index rose by 5.06%, ranking second among major concept sectors, alongside other aluminum companies like Minfa Aluminum and Chang Aluminum, which also saw stock price increases [3]. - The aluminum sector's performance contrasts with its previous underperformance in the non-ferrous metals market, where it lagged behind sectors like rare earths and gold [5][11]. Group 2: Financial Performance - China Aluminum's revenue for the first three quarters of the year showed slight growth, with net profit reaching 10.872 billion CNY, a 21% increase year-on-year [8]. - The company's gross profit margin improved to 17.3%, up 2.1 percentage points year-on-year, with a notable increase in the third quarter [8]. - Forecasts suggest that the company's annual net profit could exceed 14 billion CNY, potentially surpassing the historical high of 12.4 billion CNY set in 2024 [10]. Group 3: Market Dynamics - The recent rise in aluminum prices, with LME aluminum up 12.28% and domestic futures up 9.44%, has contributed to the improved profitability of China Aluminum [8]. - The shift in market sentiment has led to a "high-low switch" in the non-ferrous metals sector, with aluminum stocks gaining traction as other sectors like gold and rare earths faced declines [16]. - The aluminum sector's performance has been relatively weak compared to other non-ferrous metal sectors earlier this year, but recent trends indicate a potential turnaround [14][16].

Core Viewpoint - The recent surge in the stock price of China Aluminum (601600) to a new high of 10.86 yuan, marking a 15-year peak, is part of a broader systemic rise in the aluminum sector, driven by a shift in market sentiment and relative valuation advantages compared to other metals [1][3][15]. Group 1: Market Performance - As of November 6, China Aluminum's stock saw over 2.2 million buy orders, indicating strong market interest [1]. - The aluminum sector index rose by 5.06%, ranking second among various concept sectors [1]. - Other aluminum stocks, such as Minfa Aluminum (002578) and Chang Aluminum (002160), also experienced significant gains, reflecting a collective upward trend in the industry [1]. Group 2: Historical Context - Over the past 15 years, China Aluminum has reached similar stock price levels twice before, in April 2015 and September 2021, during bullish market conditions [4]. - Current stock and aluminum prices are approaching historical highs, supported by positive market sentiment and industry dynamics [4]. Group 3: Financial Performance - China Aluminum's net profit for the first three quarters of this year reached 10.872 billion yuan, a 21% increase year-on-year [7]. - The company's gross profit margin improved to 17.3%, with a notable increase in the third quarter, where the margin rose to 18.4% [9]. - The rise in aluminum prices has significantly contributed to the company's profitability, with LME aluminum prices up 12.28% and domestic futures up 9.44% year-to-date [8]. Group 4: Future Outlook - Analysts predict that China Aluminum's net profit for the full year could exceed 14 billion yuan, potentially surpassing the historical high of 12.4 billion yuan set in 2024 [15]. - The company's earnings per share are expected to exceed 0.8 yuan, setting a new record since its listing in 2007 [15]. - The aluminum sector is experiencing a "high-low switch," with aluminum stocks gaining traction as other sectors face declines [23].

於2025年12月22日（星期一）舉行的 2025年第三次臨時股東會之委託書 | | | 普通決議案 | （附註5） 贊成 | （附註5） 反對 | （附註5） 棄權 | | --- | --- | --- | --- | --- | --- | | 1. | | 逐項審議及批准以下關於本公司與中鋁集團之間的日常性持續關連交易及建議交 | | | | | | | 易上限的決議案： | | | | | | 1.1 | 審議及批准本公司與中鋁集團於社會和生活後勤服務供應協議項 | | | | | | | 下的持續關連交易及建議交易上限。 | | | | | | 1.2 | 審議及批准本公司與中鋁集團於產品和服務互供總協議項下的持 | | | | | | | 續關連交易及建議交易上限。 | | | | | | 1.3 | 審議及批准本公司與中鋁集團於礦石供應協議項下的持續關連交 | | | | | | | 易及建議交易上限。 | | | | | | 1.4 | 審議及批准本公司與中鋁集團於工程設計、施工和監理服務供應 | | | | | | | 協議項下的持續關連交易及建議交易上限。 | | | | | | 1.5 ...

证券日报网讯 11月6日晚间，中国铝业发布公告称，公司于2025年11月6日召开的第九届董事会第六次 会议选举通过何文建先生为公司第九届董事会董事长。公司董事会于2025年11月6日收到何文建先生的 书面辞呈，因工作需要，何文建先生辞去公司总经理职务。经公司于2025年11月6日召开的第九届董事 会第六次会议审议通过，同意聘任张瑞忠先生为公司总经理。 （文章来源：证券日报） ...

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通告的內 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 不對因本通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。 葛小雷 公司秘書 中國‧北京 2025年11月7日 2025年第三次臨時股東會通告 茲通告 中 國 鋁 業 股 份 有 限 公 司（「本公司」）謹 定 於2025年12月22日（星 期 一） 下 午2時正在中華人民共和國北京市海淀區西直門北大街62號本公司會 議室舉行2025年 第 三 次 臨 時 股 東 會（「臨時股東會」），以 審 議 及 酌 情 批 准 以 下 決 議 案（除 非 文 義 另 有 所 指，否 則 本 通 告 所 用 詞 彙 與 本 公 司 日 期 為 2025年11月7日 的 通 函（「通 函」）界 定 者 具 有 相 同 涵 義）： 普通決議案 – 1 – 1. 逐項審議及批准以下關於本公司與中鋁集團之間的日常性持續關 連 交 易 及 建 議 交 易 上 限 的 決 議 案： (1) 審議及批准本公司與中鋁集團於 ...

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。 此乃要件 請即處理 閣下如對本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。 臨時股東會適用的回執及代理人委託書登載於香港聯交所網站(www.hkexnews.hk)及本公司網站 (www.chalco.com.cn)。有意出席臨時股東會的股東，須按回執上印列的指示填妥回執，並於2025 年12月17日（星期三）或之前交回。有意委託代理人出席臨時股東會的股東，務請按代理人委託書 上列印的指示將其填妥。就H股股東而言，代理人委託書應盡快送達本公司H股股份過戶登記處 香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17M樓，就A股股東而 言，代理人委託書應盡快送達本公司財務部（資本運營 ...

Market Performance - The state-owned enterprise reform sector rose by 0.82% compared to the previous trading day, with Yabong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Top Gainers - Yabong Co., Ltd. (603188) closed at 5.35, with a gain of 10.08% and a trading volume of 698,200 shares, amounting to a transaction value of 365 million [1] - Other notable gainers include: - Cheqing Construction (600939) at 3.61, up 10.06% [1] - Quanchai Power (600218) at 10.85, up 10.04% [1] - Yudai Development (000514) at 5.81, up 10.04% [1] - Fangzheng Electric (002196) at 12.83, up 10.03% [1] Top Losers - Daya Energy (600403) saw a decline of 10.04%, closing at 8.15 with a trading volume of 1,588,600 shares, resulting in a transaction value of 1.317 billion [2] - Other significant losers include: - Standard Co. (600302) at 66.01, down 9.99% [2] - Guangdong Media (002181) at 11.84, down 9.96% [2] - Jishi Media (601929) at 4.44, down 9.94% [2] Capital Flow - The state-owned enterprise reform sector experienced a net outflow of 1.372 billion from institutional investors, while retail investors saw a net inflow of 4.833 billion [2][3] - The capital flow for key stocks in the sector indicates varying trends, with some stocks experiencing significant net inflows from retail investors despite overall outflows from institutional and speculative funds [3]

Group 1 - The core viewpoint of the article highlights a resurgence in the non-ferrous metal sector, particularly with companies like Nanshan Aluminum and China Aluminum experiencing significant stock price increases due to strong industrial logic driving the market [1] Group 2 - The aluminum supply is constrained due to power bottlenecks, as evidenced by Microsoft's CEO acknowledging a lack of sufficient electricity to operate their AI GPUs, indicating that aluminum smelting, which is energy-intensive, is facing similar challenges [2] Group 3 - The supply-demand dynamics for aluminum are being reshaped, with global energy transition impacting industrial metal production capacity. Domestic electrolytic aluminum capacity is nearing 45 million tons, with utilization rates exceeding 96%, indicating limited flexibility. Meanwhile, demand from green sectors like electric vehicles and photovoltaics is rising, offsetting declines in traditional construction demand. Forecasts suggest a widening global aluminum supply-demand gap from 2025 to 2026, with aluminum prices reaching near three-year highs, driven by deep structural industry changes [3] Group 4 - Xiamen Xiangyu is positioned as a "chain master" in the aluminum industry, with a comprehensive service system covering bauxite, alumina, electrolytic aluminum, and aluminum products. The company's business model allows it to earn stable "flow fees" as long as the industry chain remains active. Additionally, Xiamen Xiangyu's strategic investment in Nanshan Aluminum's IPO positions it favorably within the industry, securing business flow and embedding itself in China's aluminum export strategy. This strategic positioning suggests that Xiamen Xiangyu's value remains underestimated in the context of the new aluminum industry cycle [4]

Market Overview - A-shares rebounded on November 6, with the Shanghai Composite Index returning above 4000 points, and the ChiNext Index rising nearly 2% [1] - The total trading volume of the A-share market exceeded 2 trillion yuan, with the Hong Kong market also seeing gains, as the Hang Seng Index rose over 2% [1] Sector Performance - Nearly 2900 stocks in the market were in the green, with the storage chip concept regaining strength, highlighted by stocks like Demingli hitting the daily limit [2] - The phosphorus concept stocks surged, with companies like Qingshuiyuan and Chengxing Co. reaching their daily limit [8] - The semiconductor sector saw significant gains, with stocks like Changguang Huaxin and Hanwha Microelectronics experiencing notable increases [4] Storage Chip Market Dynamics - The global storage chip market is facing unprecedented structural supply-demand imbalances due to surging demand from data centers for DRAM, leading to supply shortages [5][6] - Samsung Electronics has suspended DDR5 contract pricing, prompting other manufacturers like SK Hynix and Micron to follow suit, resulting in a 25% increase in DDR5 spot prices within a week [5][6] - Analysts predict that DDR5 spot prices may rise by 30% to 50% in the upcoming quarter due to these supply constraints [6] Phosphorus Industry Insights - The phosphorus chemical industry is expected to maintain its favorable outlook, driven by the non-renewable nature of phosphorus ore and increasing environmental regulations [10] - The recent price increase in yellow phosphorus is attributed to reduced production and recovering demand for electrolyte raw materials, with the yellow phosphorus spot price reaching 22,200 yuan per ton [9][10] AI Industry Chain Activity - The AI industry chain, particularly CPO concepts, saw renewed activity, with stocks like Yuanjie Technology and Dongtianwei achieving significant gains [11] - The demand for AI data centers is projected to grow rapidly, with strong performance expected in related sectors such as advanced storage and logic expansion [12]