证券代码：601677 证券简称：明泰铝业 公告编号：临 2025-040 公司具备组建企业集团的条件，本次组建的企业集团是以河南明泰铝业股份 有限公司为母公司，与下属控股子公司共同成立的企业法人联合体。企业集团设 立如下： （一）企业集团名称：河南明泰铝业集团（暂定名，最终名称以市场监督管 理部门登记为准）。 （二）本次组建的河南明泰铝业集团是由母公司与下属控股子公司共同组建 的企业法人联合体，不是独立的企业法人，集团的企业成员无需增加其注册资本。 （三）本次以河南明泰铝业股份有限公司为母公司组建企业集团，公司注册 资本、证券简称、股票代码、经营范围等事项均不作变更。 二、公司章程修订情况 根据上述内容，公司按照《公司法》《证券法》等相关法律法规及《公司章 程》的有关规定，拟对《公司章程》相应条款进行修订，具体修订条款如下： 河南明泰铝业股份有限公司 关于组建企业集团并修订公司章程的公告 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。 河南明泰铝业股份有限公司(以下简称"明泰铝业"或"公司")于 2025 年 7 月 ...

证券代码：601677 证券简称：明泰铝业 公告编号：临 2025-041 河南明泰铝业股份有限公司 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四)现场会议召开的日期、时间和地点 关于召开2025年第二次临时股东会的通知 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法律责任。 重要内容提示： 一、召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 召开的日期时间：2025 年 8 月 11 日 10 点 00 分 召开地点：河南明泰铝业股份有限公司会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 8 月 11 日 至2025 年 8 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15- ...

证券代码：601677 证券简称：明泰铝业 公告编号：临 2025-039 河南明泰铝业股份有限公司 第七届董事会第二次会议决议公告 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。 一、董事会会议召开情况 表决结果：9 票同意，0 票弃权，0 票反对。 本议案尚需提交公司 2025 年第二次临时股东会审议批准。 （二）审议通过了《关于召开 2025 年第二次临时股东会的议案》。 具体内容详见公司《关于召开 2025 年第二次临时股东会的通知》。 表决结果：9 票同意，0 票弃权，0 票反对。 三、上网公告附件 （一）《明泰铝业关于组建企业集团并修订公司章程的公告》。 （二）《明泰铝业关于召开公司 2025 年第二次临时股东会的通知》。 特此公告。 河南明泰铝业股份有限公司(以下简称"公司")于 2025 年 7 月 14 日以电子 邮件和电话通知方式发出召开第七届董事会第二次会议的通知，并于 2025 年 7 月 24 日在公司会议室召开。会议以现场+通讯方式进行，会议应参加董事 9 名， 实参加董事 9 名，出席本次会 ...

Group 1 - The core point of the article is that Ming Tai Aluminum Industry plans to establish Henan Ming Tai Aluminum Industry Group, with no changes to its main business or development direction after the formation of the group [1] - The board of directors has proposed to authorize the management and staff to handle all matters related to the establishment of the group according to the requirements of the market supervision and administration department [1] - The proposal will be submitted for approval at the company's second extraordinary general meeting of shareholders in 2025 [1]

Core Viewpoint - The metal industry experienced a significant increase, with a rise of 2.10% on July 18, driven by strong capital inflow, particularly in the rare earth sector [2][3]. Market Performance - The Shanghai Composite Index rose by 0.50% on July 18, with 22 out of 28 sectors showing gains, led by the metal and basic chemical industries, which increased by 2.10% and 1.36% respectively [2]. - The electronic and media sectors faced declines, with drops of 0.49% and 0.98% respectively [2]. Capital Flow - The total net outflow of capital from the two markets was 229.87 billion yuan, with 10 sectors experiencing net inflows [2]. - The metal industry had the highest net capital inflow of 37.94 billion yuan, while the non-bank financial sector saw a modest inflow of 8.97 billion yuan [2]. Individual Stock Performance in Metal Industry - Out of 137 stocks in the metal sector, 107 stocks rose, with 5 hitting the daily limit up [3]. - The top three stocks with the highest net capital inflow were: - Northern Rare Earth: 2.10 billion yuan [3] - Dongfang Zircon: 434 million yuan [3] - Shengxin Lithium Energy: 327 million yuan [3]. - The stocks with the highest net outflow included: - Mingtai Aluminum: 115 million yuan [3] - Haixing Shares: 87 million yuan [3] - Zhongkuang Resources: 84 million yuan [3]. Capital Inflow and Outflow Rankings - The top stocks by capital inflow included: - Northern Rare Earth: 9.87% increase, 210.89 million yuan inflow [4] - Dongfang Zircon: 10.02% increase, 43.38 million yuan inflow [4] - Shengxin Lithium Energy: 10.00% increase, 32.65 million yuan inflow [4]. - The top stocks by capital outflow included: - Mingtai Aluminum: 0.81% increase, 115.29 million yuan outflow [6] - Haixing Shares: 10.03% increase, 87.20 million yuan outflow [6] - Zhongkuang Resources: 4.15% increase, 84.52 million yuan outflow [6].

Core Views - The report maintains a positive long-term outlook on gold, copper, and aluminum, emphasizing the importance of strategic metals [1][3] - In H1 2025, domestic economic indicators show signs of bottoming out, with improvements in real estate construction and a gradual shift towards new economic drivers [4][8] - The global economic landscape is being reshaped by fluctuating interest rate expectations from the Federal Reserve and the impacts of trade wars, leading to significant changes in resource sectors [4][8] Investment Strategies - **Main Line 1: Expansion on the Denominator Side - Gold and Silver**: Focus on gold and silver, with specific attention to the performance of gold stocks and the potential for silver due to its high price ratio to gold [4][5] - **Main Line 2: Improvement on the Numerator Side - Aluminum, Copper, Tin**: Anticipate continued high profitability in aluminum due to falling costs, while remaining cautious of potential short-term demand weakness [4][7] - **Main Line 3: Key Strategic Metals**: Highlighting opportunities in rare earths and other strategic metals amid US-China tensions, particularly in six key strategic metals [4][7] - **Main Line 4: Supply-Side Disruptions from Anti-Competition**: The report suggests that supply-side constraints in sectors like lithium carbonate may present attractive bottom-fishing opportunities [4][7] Market Performance - The CRB metal spot index increased by 7.08% from the beginning of 2025 to June 30, 2025, indicating a general upward trend in metal prices [9][10] - Gold prices surged by 23.93% during the same period, driven by expectations of a Federal Reserve rate cut [12][14] - Industrial metals, particularly tin and copper, saw significant price increases of 19.91% and 15.59% respectively, while zinc prices fell by 5.55% [16][19] Supply and Demand Dynamics - Global copper inventories saw a significant reduction, with LME copper stocks decreasing by 66.17% by June 30, 2025 [21][69] - The report anticipates limited growth in global copper supply due to insufficient capital expenditure in mining, projecting only a 2.3% increase in global copper production in 2025 [62][64] - The refined copper market is expected to remain slightly short, with a projected demand growth of 7.1% for 2025, supporting a high price center for copper [69] Sector Performance - The non-ferrous metal sector outperformed the broader market, with a cumulative increase of 19.17% from January to June 2025, compared to a 5.6% rise in the Shanghai Composite Index [38][40] - Sub-sectors such as tungsten, gold, and rare earths performed particularly well, with respective increases of 39.64%, 33.57%, and 31.88% [42][44] - Companies closely tied to resource price fluctuations, particularly in gold and rare earths, showed strong performance, while midstream processing companies faced challenges due to weak downstream demand [44]

Core Viewpoint - The Shanghai Basic 300 Index has shown a mixed performance with a slight increase of 0.02% on the latest trading day, reflecting a 2.88% rise over the past month and a 7.58% increase over the last three months, while year-to-date it has risen by 3.00% [1] Group 1: Index Performance - The Shanghai Basic 300 Index closed at 8033.05 points with a trading volume of 100.827 billion yuan [1] - The index series includes the Basic 200, 300, and 500 indices, which are based on fundamental value metrics such as revenue, cash flow, net assets, and dividends [1] - The index aims to mitigate the over-allocation of overvalued securities by breaking the link between market capitalization and weight [1] Group 2: Index Holdings - The top ten weighted stocks in the Shanghai Basic 300 Index include SMIC (1.04%), Dongwu Securities (1.02%), and Changshu Bank (0.98%) [2] - The index is fully composed of stocks listed on the Shanghai Stock Exchange [3] Group 3: Sector Allocation - The sector distribution of the index holdings is as follows: Industrial (26.97%), Materials (14.39%), Financials (10.86%), Information Technology (8.52%), Healthcare (8.34%), Consumer Discretionary (8.33%), Consumer Staples (5.08%), Energy (5.03%), Communication Services (4.55%), Real Estate (4.05%), and Utilities (3.88%) [3] - The index samples are adjusted annually, with changes implemented on the next trading day after the second Friday of June [3]

证券代码：601677 证券简称：明泰铝业 河南明泰铝业股份有限公司 投资者关系活动记录表 | 投资者关系活 | □ 电话交流会  现场调研 | □ | | 分析师会议 | | --- | --- | --- | --- | --- | | 动类别 | □ 业绩说明会 □ 路演活动 | □ | 其他 | | | 地 点 | 郑州巩义 | | | | | 时 间 | 7 月 4 日 | | | | | | 董事长 刘杰先生 董事 总经理 | | | 柴明科先生 | | | 副总经理 董事会秘书 雷鹏先生 | | | | | | 副总经理 财务总监 孙军训先生 | | | | | 上市公司 | 副总经理 绿色化、智能化负责人 王利姣女士 | | | | | 接待人员 | 副总经理 高端化产品开发负责人 贺志刚先生 | | | | | | 机器人高端型材负责人 胡永帅先生 | | | | | | 证券事务代表 景奇浩先生 | | | | | | 泰康资产 浙商基金 中汇人寿 银华基金 | | 华泰柏瑞 | 平安养老 | | | 兴银基金 招商基金 中信资管 国海富兰克林 | | LMR | Partners | ...

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [2]. Core Views - The report highlights that the "anti-involution" policy is guiding a short-term strength in energy metals, while gold is under pressure due to rising U.S. Treasury yields and a stronger dollar [1]. - The report suggests that despite short-term fluctuations, the long-term bullish trend for gold remains intact due to central bank purchases and fiscal concerns [1]. - Industrial metals are experiencing mixed trends, with copper facing supply disruptions and aluminum entering a potential inventory accumulation phase [1]. Summary by Sections Weekly Data Tracking - The non-ferrous metals sector showed mixed performance this week, with varying price movements across different metals [10]. - The report notes that the overall non-ferrous metals index increased by 1.0%, with energy metals up by 1.0% and industrial metals up by 1.5% [16]. Industrial Metals - **Copper**: Global copper inventory increased slightly to 518,000 tons, with supply disruptions from MMG and Hudbay Minerals affecting logistics [1]. The copper price has seen fluctuations due to macroeconomic factors and demand-side pressures [1]. - **Aluminum**: The report indicates a potential inventory accumulation cycle, with production recovering in some regions while demand remains subdued [1]. Energy Metals - **Lithium**: The report notes a continued strength in lithium prices, driven by supply constraints and robust demand from electric vehicle sales [1]. The price of battery-grade lithium carbonate rose to 64,000 yuan/ton, reflecting a 1.5% increase [26]. - **Metal Silicon**: The report discusses a short-term upward trend in silicon prices due to production cuts and recovery expectations in polysilicon plants [1]. Key Stocks - The report recommends several stocks for investment, including Zijin Mining, Shandong Gold, and Luoyang Molybdenum, all rated as "Buy" [5]. Company Announcements - Zijin Mining announced an asset acquisition of the RG gold mine project, with a valuation of 1.2 billion yuan [34]. - Ganfeng Lithium completed the acquisition of Mali Lithium, enhancing its lithium resource integration strategy [34]. Price and Inventory Changes - The report provides detailed price movements for various metals, indicating that gold prices increased by 4.2% over the week, while copper prices saw a slight decline [21][23]. Market Trends - The report emphasizes the ongoing supply-demand dynamics in the non-ferrous metals market, with particular attention to the impact of macroeconomic indicators on metal prices [1].

证券代码：601677 证券简称：明泰铝业 公告编号：临 2025-038 河南明泰铝业股份有限公司 单位：万吨 | 产品 | 2025 | 年半年度产量 | 年半年度销量 2025 | | --- | --- | --- | --- | | 铝板带箔 | 79.66 | | 77.79 | | 铝型材 | 0.91 | | 0.82 | 注：铝型材销量中不包含自用铝型材部分。上述数据未经审计，可能会与定 期报告数据存在差异，仅供投资者阶段性参考，相关数据以公司定期报告为准， 敬请投资者注意风险。 特此公告。 河南明泰铝业股份有限公司 2025 年半年度经营快报 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。 河南明泰铝业股份有限公司（以下简称"公司"）2025 年半年度产品产销数 据如下： 董 事 会 2025 年 7 月 4 日 ...