Group 1 - The core viewpoint of the news is the performance of the CSI All Share Free Cash Flow Index and its related ETF, highlighting significant increases in both the index and the ETF, indicating strong cash flow generation capabilities among the constituent companies [1][2] - As of August 8, 2025, the CSI All Share Free Cash Flow Index rose by 0.83%, with notable increases in constituent stocks such as Chuncheng Power (up 5.14%) and Luoyang Molybdenum (up 4.22%) [1] - The Free Cash Flow ETF (159233) has shown a cumulative increase of 2.31% over the past week, with a trading volume of 633.98 million yuan and a turnover rate of 4.07% [1] Group 2 - The Free Cash Flow ETF has a management fee of 0.50% and a custody fee of 0.10%, closely tracking the CSI All Share Free Cash Flow Index, which includes 100 high free cash flow rate companies [2] - As of July 31, 2025, the top ten weighted stocks in the CSI All Share Free Cash Flow Index accounted for 57.53% of the index, including companies like China National Offshore Oil (600938) and Wuliangye (000858) [2] - The ETF has recorded a maximum monthly return of 4.04% since its inception, with an average monthly return of 2.20% and a monthly profit probability of 88.24% [1]

股票代码：601600 股票简称：中国铝业 公告编号：临2025-049 中国铝业股份有限公司 第九届董事会第三次会议决议公告 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。 2025年8月6日，中国铝业股份有限公司（以下简称"公司"）召开第九届董事 会第三次会议。本次会议应出席董事8人，实际出席董事8人，有效表决人数8人。本 次会议的召集、召开和表决程序符合《中华人民共和国公司法》等有关法律、法规 及《中国铝业股份有限公司章程》的规定。会议审议并一致通过了以下议案： 一、关于公司所属企业拟参与竞买山西省孝义市南阳区块铝土矿探矿权的议案 经审议，董事会同意公司所属企业参与山西省孝义市南阳区块铝土矿探矿权的 公开竞买，竞拍价格不低于该探矿权的挂牌起始价。 同时，董事会同意授权公司董事长或董事长授权的其他人士具体负责办理与上 述竞买探矿权相关的一切事宜及签署一切相关文件。 议案表决情况：有权表决票数8票，同意8票，反对0票，弃权0票。 特此公告。 备查文件：中国铝业股份有限公司第九届董事会第三次会议决议 1 中国铝业股份有限 ...

格隆汇8月7日丨中国铝业(02600.HK)公告，2025年8月6日，中国铝业股份有限公司(以下简称"公司")召 开第九届董事会第三次会议。本次会议应出席董事8人，实际出席董事8人，有效表决人数8人。本次会 议的召集、召开和表决程序符合《中华人民共和国公司法》等有关法律、法规及《中国铝业股份有限公 司章程》的规定。会议审议并一致通过了以下议案：关于公司所属企业拟参与竞买山西省孝义市南阳区 块铝土矿探矿权的议案。 经审议，董事会同意公司所属企业参与山西省孝义市南阳区块铝土矿探矿权的公开竞买，竞拍价格不低 于该探矿权的挂牌起始价。同时，董事会同意授权公司董事长或董事长授权的其他人士具体负责办理与 上述竞买探矿权相关的一切事宜及签署一切相关文件。 ...

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8月7日 第九屆董事會第三次會議決議公告 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。 2025年8月6日，中國鋁業股份有限公司（以下簡稱「公司」）召開第九屆董事會第 三次會議。本次會議應出席董事8人，實際出席董事8人，有效表決人數8人。本次 會議的召集、召開和表決程序符合《中華人民共和國公司法》等有關法律、法規及 《中國鋁業股份有限公司章程》的規定。會議審議並一致通過了以下議案： 一. 關於公司所屬企業 ...

Core Viewpoint - The rare earth industry is experiencing a strong demand recovery, leading to increased procurement and a bullish market sentiment, supported by supply constraints and easing export controls [1][2]. Group 1: Market Performance - As of August 7, 2025, the National Securities Nonferrous Metals Industry Index (399395) rose by 1.33%, with notable increases in component stocks such as Shenghe Resources (600392) up 7.36%, Northern Rare Earth (600111) up 6.01%, and Jinyi Permanent Magnet (300748) up 4.56% [1]. - The Rare Earth ETF (159880) has achieved five consecutive days of gains, with the latest price at 1.28 yuan, reflecting strong market performance [1]. Group 2: Supply and Demand Dynamics - The rare earth supply remains tight while demand is steadily increasing, leading to strong price support and a bullish market outlook [2]. - The easing of export controls is expected to contribute to a marginal increase in demand, benefiting upstream rare earth resource companies [2]. Group 3: Industry Composition - As of July 31, 2025, the top ten weighted stocks in the National Securities Nonferrous Metals Industry Index accounted for 49.71% of the index, including major players like Zijin Mining (601899) and Northern Rare Earth (600111) [3]. Group 4: Investment Recommendations - Companies in the upstream rare earth sector are expected to benefit from the anticipated price increases due to supply constraints and demand recovery [2]. - Jinyi Permanent Magnet is highlighted as a potential beneficiary due to its solid customer structure and capacity utilization, along with future growth opportunities [2]. Group 5: ETF Overview - The Rare Earth ETF closely tracks the National Securities Nonferrous Metals Industry Index, which includes 50 prominent securities in the nonferrous metals sector, providing a benchmark for industry performance [2].

Industry Overview - The aluminum hydroxide industry in China is experiencing rapid growth driven by increasing market demand and economic development, with production expected to rise from 2.11 million tons in 2022 to 3.43 million tons by 2024 [1][6] - In March 2025, the Ministry of Industry and Information Technology and other departments issued a plan to limit new alumina production capacity and set a target for recycled aluminum production to reach 15 million tons by 2027 [1][6] - As a result of these policies, companies are shifting focus from "scale expansion" to "quality efficiency," leading to a slight decline in production, with a 0.90% year-on-year decrease in the first half of 2025 [1][6] Industry Chain - The upstream of the aluminum hydroxide industry includes raw materials such as bauxite, caustic soda, and hydrochloric acid, as well as production equipment like pressure leaching systems and fluidized roasting furnaces [4] - The midstream involves the production and manufacturing of aluminum hydroxide, while the downstream applications include flame retardants, pharmaceuticals, electrical cables, insulation materials, coatings, and environmental protection [4] Market Dynamics - The price of alumina reached a nearly ten-year high in 2024 due to resource constraints and environmental regulations, which supported the aluminum hydroxide market [8] - In the fourth quarter of 2024, aluminum hydroxide prices exceeded 3,600 yuan per ton, marking a peak, but by June 2025, prices fell to 1,948 yuan per ton, a 20.33% decrease year-on-year [8] - The industry's gross profit margin fell to -13.24 yuan per ton in late June 2025, a 102.03% year-on-year decline, reflecting the transition pains from scale expansion to quality efficiency [10] Import and Export Trends - In the first half of 2025, China imported 31,900 tons of aluminum hydroxide, a 7.32% increase year-on-year, with an import value of 467 million yuan, up 26.19% [12] - Exports reached 238,600 tons, a 26.69% increase year-on-year, with an export value of 924 million yuan, up 14.86%, driven by higher international prices compared to domestic prices [12] Key Enterprises - China Aluminum Corporation, as a leading player, focuses on high-purity and high-performance ultra-fine aluminum hydroxide, with a revenue of 55.784 billion yuan in Q1 2025, a 13.95% increase year-on-year [16] - Luoyang Zhongchao New Materials Co., Ltd. is recognized for its advanced technology in ultra-fine aluminum hydroxide and has received approval for a project to produce 120,000 tons of high-purity aluminum hydroxide annually [18] - Hebei Wenfeng Industrial Group is facing regulatory risks due to unauthorized production of alumina, with a capacity of 4.8 million tons per year, exceeding market demand [16] Development Trends - The industry is transitioning from a "scale-oriented" to a "technology-oriented" model, with high-end product demand driving growth [20] - Environmental policies and carbon tariffs are pushing companies towards green technologies, with significant energy and carbon emission reductions being achieved by leading firms [21] - The import dependency for high-end aluminum hydroxide products remains high, but domestic companies are accelerating technological breakthroughs to reduce reliance on imports [20][22]

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7月31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8月5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 | | 2 ...

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7月31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8月5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 | | 2 ...

Group 1 - The core point of the article is that China Aluminum Corporation has successfully changed the mining rights for its Luoyang Xin'an bauxite mine, which is now valid until October 1, 2031 [1] - The mining rights are held by China Aluminum Corporation, with a mining area of 4.0234 square kilometers [1] - The mine is designed to have a production capacity of 300,000 tons per year, utilizing both open-pit and underground mining methods [1]

Group 1 - The AMAC Nonferrous Metals Index increased by 0.81%, closing at 3387.8 points with a trading volume of 36.511 billion [1] - The AMAC Nonferrous Metals Index has risen by 8.81% in the past month, 21.63% in the past three months, and 21.46% year-to-date [1] - The index is based on the classification guidelines from the China Securities Association and includes 43 industry classification indices [1] Group 2 - The top ten holdings of the AMAC Nonferrous Metals Index include Northern Rare Earth (8.77%), China Aluminum (5.63%), and Huayou Cobalt (5.56%) [1] - The market capitalization distribution shows that 52.51% of the holdings are from the Shenzhen Stock Exchange, while 47.49% are from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the AMAC Nonferrous Metals Index shows that raw materials account for 96.48%, industrials for 2.09%, information technology for 1.07%, and consumer discretionary for 0.36% [2]