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。 公 告 關連交易 向雲南鋁箔增資 董 事 會 謹 此 宣 佈，於2025年11月21日，中 鋁 高 端、西 北 鋁、雲 鋁 股 份、 昆 明 銅 業 及 雲 南 鋁 箔 訂 立 增 資 協 議，據 此，中 鋁 高 端、雲 鋁 股 份 及 昆 明銅業將以現金或資產向雲南鋁箔增資共計人民幣90,645萬 元，其 中 中鋁高端以現金出資人民幣22,900萬 元，雲 鋁 股 份 以 現 金 出 資 人 民 幣 50,000萬 元，昆 明 銅 業 以 現 金 及 資 產 出 資 人 民 幣17,745萬 元（其 中 以 現 金出資人民幣8,900萬 元，以 資 產（包 括 土 地 使 用 權 和 地 上 建 構 築 物 以 及 相 關 債 權 債 務）出 資 人 民 幣8,845萬 元），西 北 鋁 不 參 與 本 次 增 資。本 次 增 資 完 ...

Core Insights - The central enterprises are advancing specialized integration through the signing of 8 specialized integration projects involving 17 entities, including central enterprises, local state-owned enterprises, and private enterprises, focusing on sectors such as new materials, artificial intelligence, inspection and testing, and aviation logistics [1][2] Group 1: Specialized Integration Projects - The signed projects include collaborations such as Sinopec with Dongfang Electric Group, a carbon fiber project in Inner Mongolia, and FAW Group's integration in the intelligent driving sector with Zhuoyue Technology [2] - Other notable projects involve FAW Group and China Minmetals in the battery key materials supply chain, as well as Chinalco and Ansteel in the industrial internet and smart supply chain sectors [2] Group 2: Objectives and Future Directions - The specialized integration aims to accelerate breakthroughs in key core technologies, strengthen strategic emerging industries, and promote the deep integration of technological and industrial innovation [1] - The State-owned Assets Supervision and Administration Commission emphasizes the need for central enterprises to enhance organizational leadership, ensure legal compliance, and strengthen risk management while focusing on improving core functions and competitiveness [2]

关于云南铝业股份有限公司拟参股投资 中铝铝箔（云南）有限公司暨关联交易的进展公告 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 2025-067 中国铝业股份有限公司 1 资质的专业机构进行资产评估，最终以资产评估报告的结果确定 目标公司的资本，并以此为依据计算增资股东的出资额和所获得 的股权。 3.根据中瑞世联资产评估集团有限公司出具的《中国铝业集团高 端制造股份有限公司拟对子公司引入战略投资者涉及的中铝铝 箔（云南）有限公司股东全部权益价值项目资产评估报告》（中 瑞评报字[2025]第502076号），评估基准日为2025年4月30日，相 关资产情况为：目标公司选取资产基础法作为评估结论，目标公 司全部股东权益评估价值为2,087,409,190.62元（以最终经中铝 集团评估备案金额为准）。 根据北京晟明资产评估有限公司出具的《中铜(昆明)铜业有限公 司拟对中铝铝箔(云南)有限公司进行重组增资所涉及的其拥有 的部分房屋构筑物、土地使用权及个别往来款项价值》 ...

Core Viewpoint - China Aluminum (02600) has seen a decline of over 5%, currently trading at HKD 10.58 with a transaction volume of HKD 787 million. Goldman Sachs maintains a bearish outlook on aluminum prices, predicting a drop to USD 2,350 per ton by Q4 2026, with recovery not expected until the early next decade [1][1][1]. Group 1: Market Outlook - Goldman Sachs expects the aluminum market to shift to oversupply due to new supply, despite demand benefiting from factors similar to copper and substitution effects. However, aluminum will not face the resource constraints that copper does [1][1][1]. - Morgan Stanley remains optimistic about the aluminum industry's prospects for next year, forecasting moderate oversupply from new supply in Indonesia by 2026. However, potential supply disruption risks and a slower restart of overseas capacity may lead to tighter market conditions than baseline predictions [1][1][1].

小摩则表示，对铝业在明年的前景依然看好。在该行的基本预测中，预计来自印尼的新供应，将在2026 年带来适度的供应过剩，但潜在的供应中断风险，及海外产能重启速度放缓，或令市场供应比基准预测 更为紧张。 中国铝业（601600）(02600)现跌超5%，截至发稿，跌5.03%，报10.58港元，成交额7.87亿港元。 消息面上，高盛最新研报显示，该行维持对铝价的看跌立场，预计2026年四季度铝价将跌至2350美元/ 吨，并认为直到下个十年初期价格才能恢复到当前水平。高盛预计，新增供应推动市场转入过剩，铝需 求虽将受益于与铜类似的需求驱动因素以及替代效应，但铝不会面临铜所遭遇的资源限制问题。 ...

Core Viewpoint - The Freedom Cash Flow ETF CSI All Share (561080) experienced a decline of 1.70% as of the midday close on November 21, with a trading volume of 4.1672 million yuan [1] Group 1: ETF Performance - The Freedom Cash Flow ETF CSI All Share (561080) closed at 1.211 yuan [1] - The fund has a performance benchmark of the CSI All Share Free Cash Flow Index return rate [1] - Since its establishment on April 23, 2025, the fund has achieved a return of 23.00%, with a one-month return of 4.57% [1] Group 2: Major Holdings - Major stocks in the Freedom Cash Flow ETF include: - China National Offshore Oil Corporation (CNOOC) down 1.44% - Midea Group down 0.05% - Gree Electric Appliances down 0.74% - Wuliangye Yibin down 0.36% - China COSCO Shipping down 0.46% - Luoyang Molybdenum down 3.48% - TCL Technology down 1.92% - China Aluminum down 4.08% - SF Express down 1.34% - Shaanxi Coal and Chemical Industry down 0.43% [1]

Core Viewpoint - The aluminum alloy industry in China is experiencing significant growth, with a notable increase in production and a positive outlook for the coming years [1] Industry Summary - As of September 2025, China's aluminum alloy production reached 1.78 million tons, marking a year-on-year increase of 17.1% [1] - From January to September 2025, the cumulative production of aluminum alloys in China totaled 14.116 million tons, reflecting a cumulative growth of 15.9% [1] - The report by Zhiyan Consulting outlines the market operation pattern and strategic analysis of the aluminum alloy industry in China from 2026 to 2032 [1] Company Summary - Listed companies in the aluminum industry include China Aluminum (601600), Nanshan Aluminum (600219), Mingtai Aluminum (601677), Yun Aluminum (000807), Xinjiang Zhonghe (600888), Yiqiu Resources (601388), Haomei New Materials (002988), Asia Pacific Technology (002540), and Shunbo Alloy (002996) [1]

Group 1 - Non-ferrous stocks experienced a widespread decline, with Luoyang Molybdenum falling by 3.83% to HKD 15.32, Jiangxi Copper down 3.22% to HKD 29.42, Lingbao Gold decreasing by 2.8% to HKD 15.29, and China Aluminum dropping by 2.51% to HKD 10.86 [1] - The decline in non-ferrous stocks is attributed to the weakened expectations for a Federal Reserve rate cut in December, as the US dollar index surpassed the 100-point mark [1] - The US Labor Department reported a non-farm payroll increase of 119,000 in September, exceeding expectations by more than double, although the combined non-farm employment figures for July and August were revised down by 33,000 [1] Group 2 - The unemployment rate in the US unexpectedly rose to 4.4% in September, marking the highest level since October 2021 [1] - Initial jobless claims in the US decreased by 8,000 to 220,000, while continuing claims reached a four-year high [1] - Following the data release, swap contracts indicated a diminishing likelihood of a Federal Reserve rate cut in December [1]

Core Viewpoint - Morgan Stanley maintains a positive outlook on the aluminum industry for the upcoming year, driven by strong global demand growth, rising copper prices, and healthy smelting profit margins [1] Industry Summary - Anticipated new supply from Indonesia is expected to create a moderate supply surplus by 2026, but potential supply disruption risks and a slower pace of overseas capacity restart may lead to tighter market supply than baseline forecasts [1] - The recent surge in aluminum prices, surpassing 21,000 yuan per ton, is expected to sustain profit momentum in the coming quarters [1] Company Summary - Morgan Stanley raised the target price for China Aluminum A-shares from 10 yuan to 13 yuan and H-shares from 8 HKD to 12.5 HKD, maintaining an "Overweight" rating [1] - China Hongqiao's target price was increased from 26.5 HKD to 34 HKD, also with an "Overweight" rating [1] - The earnings forecast for China Aluminum for 2025 to 2027 has been adjusted upward by 3% to 19%, reflecting a more optimistic view on prices and profit margins [1]

Group 1: Market Overview - The A-share market showed slight recovery on November 20, with the non-ferrous sector opening high and fluctuating, as evidenced by the significant trading volume of the Non-Ferrous 50 ETF (159652) which rose by 0.52% and reached a trading volume of over 90 million yuan [1] - The Non-Ferrous 50 ETF index components mostly surged, with Zhongkuang Resources rising over 5%, while other stocks like Northern Rare Earth and Huayou Cobalt also saw gains exceeding 1% [3] Group 2: Lithium Market Dynamics - On November 19, lithium carbonate futures prices broke through 100,000 yuan/ton, indicating a clear recovery in spot lithium carbonate prices. Ganfeng Lithium's chairman stated that if demand growth exceeds 30% to 40% next year, prices could potentially exceed 150,000 yuan/ton or even 200,000 yuan/ton due to supply constraints [2] Group 3: Supply Chain and Pricing Trends - The supply chain for non-ferrous metals is facing disruptions, with several large mines experiencing operational issues, which highlights the vulnerability of global non-ferrous resource supply [6] - The copper market is expected to see average prices reach 4.55 USD per pound by 2026 due to supply concerns stemming from accidents at major mines [5] Group 4: Investment Opportunities in Non-Ferrous Metals - The non-ferrous metals sector has outperformed other industries this year, with a year-to-date increase of 79% for the CITIC non-ferrous metals index, significantly leading other sectors [5] - The Non-Ferrous 50 ETF (159652) is highlighted for its high "gold-copper content" of 46%, making it a leading choice among similar investment products [12] Group 5: Future Outlook and Strategic Considerations - The geopolitical landscape and resource security concerns are expected to drive demand for strategic commodities, with a notable increase in green demand for copper and aluminum anticipated by 2030 [8] - The ongoing industrialization in emerging economies and the reshaping of trade patterns are likely to provide new growth opportunities for commodity demand, particularly in countries involved in the Belt and Road Initiative [9]