Core Viewpoint - The announcement details the name change of a major shareholder of Shanghai Huafeng Aluminum Co., Ltd., which does not affect the shareholder's equity stake or the company's operations [1]. Group 1: Shareholder Information - The shareholder, previously known as "Pingyang Chengpu Investment Partnership (Limited Partnership)," has changed its name to "Shanghai Huafeng Tianzhun Investment Partnership (Limited Partnership)" [1]. - The new business license has been issued by the Market Supervision Administration of Minhang District, Shanghai, confirming the name change [1]. - The shareholder's registered capital is RMB 252.01 million, and it was established on January 29, 2018 [1]. Group 2: Operational Impact - The name change of the shareholder does not involve any changes in the number of shares held or the proportion of shares owned [1]. - The change does not have any impact on the company's daily operations or activities [1].

（文章来源：证券日报） 证券日报网讯 10月16日晚间，华峰铝业发布公告称，公司于近日收到公司持股5%以上股东上海华峰天 准投资合伙企业（有限合伙）的通知，获悉其名称由"平阳诚朴投资合伙企业（有限合伙）"变更为"上 海华峰天准投资合伙企业（有限合伙）"。上述变更手续已办理完毕，并领取了上海市闵行区市场监督 管理局换发的《营业执照》。 ...

证券代码：601702 证券简称：华峰铝业 公告编号：2025-037 上海华峰铝业股份有限公司 关于持股 5%以上股东名称变更的公告 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法律责任。 出资额：人民币 25201.0000 万元整 成立日期：2018 年 01 月 29 日 主要经营场所：上海市闵行区金光路 669 号 B1 层 B 区 经营范围：一般项目：投资管理；自有资金投资的资产管理服务；信息咨询服 务（不含许可类信息咨询服务）；企业管理咨询；企业管理；市场营销策划。（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动） 上述股东工商信息变更，不涉及该股东持股数量及持股比例的变动，对公司日 上海华峰铝业股份有限公司（以下简称"公司"）于近日收到公司持股 5%以上 股东上海华峰天准投资合伙企业(有限合伙)（以下简称"华峰天准"）的通知，获 悉其名称由"平阳诚朴投资合伙企业（有限合伙）"变更为"上海华峰天准投资合 伙企业(有限合伙)"。上述变更手续已办理完毕，并领取了上海市闵行区市场监督 管理局换发的《营业执照》，换发后 ...

Core Viewpoint - The company announced a name change for a major shareholder, which does not affect shareholding quantity or proportion, nor does it impact daily operations [1] Group 1 - The name of the major shareholder, Shanghai Huafeng Tianzhun Investment Partnership (Limited Partnership), has been changed from "Pingyang Chengpu Investment Partnership (Limited Partnership)" [1] - The change has been officially completed with the issuance of a new business license [1] - The registered capital of the shareholder is RMB 252 million [1]

Core Viewpoint - Huafeng Aluminum's stock price has shown fluctuations, with a recent increase of 2.17%, while the company has experienced a year-to-date decline of 3.27% [1] Group 1: Stock Performance - As of October 15, Huafeng Aluminum's stock price reached 17.43 CNY per share, with a trading volume of 1.47 billion CNY and a turnover rate of 0.85%, resulting in a total market capitalization of 174.04 billion CNY [1] - The stock has seen a 2.65% increase over the last five trading days, a 1.69% increase over the last 20 days, and a 9.07% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Huafeng Aluminum reported a revenue of 5.964 billion CNY, representing a year-on-year growth of 20.87%, and a net profit attributable to shareholders of 570 million CNY, which is a 2.15% increase year-on-year [2] - The company has distributed a total of 7.13 billion CNY in dividends since its A-share listing, with 5.99 billion CNY distributed over the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Huafeng Aluminum increased to 20,900, a rise of 45.12%, while the average circulating shares per person decreased by 31.09% to 47,831 shares [2] - Among the top ten circulating shareholders, Huazhang Strategy Preferred Mixed A (040008) holds 4.896 million shares, down by 581,400 shares from the previous period [3]

Group 1 - The report indicates that the Federal Reserve's resumption of interest rate cuts may lead to increased foreign investment in China's export-advantaged assets, particularly in high-end manufacturing sectors such as new energy, chemicals, and pharmaceuticals [1][13] - The "anti-involution" policy in China is expected to enhance the financial returns of the manufacturing sector, with a focus on high-end manufacturing capital expenditure (CAPEX) expansion since 2019, which solidifies global export competitiveness [2][14] - The report suggests that cross-border capital is accelerating its return to China, leading to a "re-inflation bull market" as China's net export scale rises and the RMB enters a long-term appreciation cycle [3][15] Group 2 - The report anticipates a shift in the A-share bull market towards consumption-driven growth, moving from an investment-driven model to one where consumption becomes the primary economic driver [4][16] - It highlights a potential "ice-fire conversion" in market dynamics, where technology sectors may lead the rally, followed by export-oriented high-end manufacturing, and eventually consumer sectors [5][17] Group 3 - The report recommends a stock portfolio for October 2025, including companies such as Dongfang Tower (Chemicals), Huafeng Aluminum (Non-ferrous), China Hongqiao (Non-ferrous), Luoyang Molybdenum (Non-ferrous), Dongfang Tantalum (Non-ferrous), Xinnengda (Electric New), Betta Pharmaceuticals (Pharmaceuticals), Yifeng Pharmacy (Pharmaceutical Retail), Bai'ao Intelligent (Military), Hikvision (Computers), and Luxshare Precision (Electronics) [6][11]

Core Viewpoint - The non-ferrous metal index experienced a rapid increase on September 17, closing up 0.21% after a significant drop of 1.73% earlier in the day, indicating a potential recovery in the sector driven by expectations of a Federal Reserve interest rate cut [1] Market Performance - On September 17, individual stocks such as Northern Copper and Yunnan Copper saw significant gains, with Northern Copper hitting the daily limit and Yunnan Copper, Jiangxi Copper, and Huafeng Aluminum achieving maximum intraday increases of 5.14%, 4.49%, and 4.9% respectively [1] Economic Context - The non-ferrous metal sector faced a substantial pullback on September 16 as some investors took profits ahead of the anticipated Federal Reserve interest rate decision, which is expected to result in a 25 basis point cut [1] Analyst Insights - According to the chief metal analyst at CITIC Futures, the onset of a rate cut cycle is likely to lower the US dollar index, which typically benefits non-ferrous metals. Supply constraints for copper and aluminum this year, combined with rising gold prices stimulating speculative demand, suggest that domestic demand remains resilient, potentially leading to an upward price trend [1] Long-term Outlook - The fundamental support for the non-ferrous metal sector remains unchanged in the medium to long term, driven by expectations of a Federal Reserve rate cut, strong gold performance, and ongoing supply constraints for certain metals, which may continue to support price levels in the sector [1]

Core Viewpoint - A new microfluidic structure called "manifold-microjet-serrated microchannel" has been developed, achieving a super high heat flux density of 3000 W/cm² for chip cooling, while reducing cooling power consumption to 0.9 W/cm², providing a significant advancement for next-generation high-performance chip thermal management [1] Company and Industry Summary - Over 30 liquid cooling concept stocks in the A-share market, with 7 stocks doubling in price this year, including Siquan New Materials (301489) with a price increase of over 365%, primarily focusing on liquid cooling modules [1] - Other notable stocks that have doubled in price include Dayuan Pump Industry (603757), Yingweik (002837), Feilong Co., Ltd. (002536), and Rongyi Precision [1] - Since the second half of the year, multiple liquid cooling concept stocks have attracted institutional research, including Feilong Co., Ltd., Yimikang (300249), Yinlun Co., Ltd. (002126), Lingyi Zhizao (002600), Suzhou Tianmai (301626), and Huafeng Aluminum (601702) [1] - From the perspective of institutional interest, 15 liquid cooling concept stocks have received attention from 3 or more institutions, with Yinlun Co., Ltd., Inspur Information (000977), and Yingweik receiving attention from over 20 institutions [1]

Summary of Huafeng Aluminum Industry Conference Call Company Overview - Huafeng Aluminum focuses on waste heat transfer materials, including high-tech composite materials, with a current capacity of approximately 500,000 tons and an active expansion of 450,000 tons for new energy vehicles to meet market demand [2][4] - The company is positioned in the midstream of the aluminum industry chain, holding a global market share of nearly 40%, ranking among the top three alongside Granges and Yinbang [2][6] Core Business and Market Outlook - The primary products include waste heat transfer materials, specifically composite and non-composite materials, with composite materials having high technical and customer certification barriers, leading to higher prices [4] - The demand for aluminum heat transfer materials is expected to grow significantly, particularly in the new energy vehicle sector, with a projected growth rate of 26% from 2024 to 2027 [2][8] Financial Performance - The company has maintained stable revenue and profit growth, with an average annual growth rate of approximately 46% in net profit attributable to shareholders from 2019 to 2024 [10] - The main profit source is composite materials, with a decreasing expense ratio and increasing net profit margin indicating a strong financial position [10] Management Team - The management team is experienced, with the largest shareholder being Huafeng Group and key figures like Chairman Chen Guozhen and General Manager Gao Yongjin having extensive industry backgrounds [5] Industry Position and Competitive Advantage - Huafeng Aluminum is well-established in the aluminum processing segment, collaborating with renowned automotive suppliers and providing components for high-end models from brands like Mercedes-Benz, BMW, and Tesla [12] - The company is expanding its production capacity, including a new 450,000-ton high-end aluminum plate project, which will enhance profitability and product application space [12] New Product Development - Recent product launches include a new C to B water cooling plate, which offers high strength and cooling performance, and a pre-embedded lead agent material that improves production efficiency [11] - These new products are expected to drive sustained growth in company performance due to their high gross margins [11] Industry Trends and Impacts - The rise of new energy vehicles is expected to significantly increase the demand for waste heat transfer materials, with total automotive demand projected to rise from 1.6 million tons to 2.07 million tons [8] - The development of data centers and energy storage devices is also anticipated to boost demand for transfer materials, despite the higher costs associated with liquid cooling technologies [9] Investment Outlook - The company maintains a "buy" rating with a target price of 23.15 yuan, with projected earnings per share (EPS) of 1.40 yuan, 1.58 yuan, and 1.82 yuan for 2025 to 2027 [3]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, particularly highlighting the performance of the gold sector [3][4]. Core Insights - The report indicates that the gold sector is expected to benefit from rising interest rate cut expectations, with a long-term trend of central bank gold purchases anticipated due to low current gold reserves in China [4][23]. - The industrial metals segment shows a mixed performance, with copper prices expected to remain strong due to supply constraints and increasing demand from sectors like home appliances and power grid investments [4][36]. - The aluminum market is projected to experience a long-term upward trend in prices, supported by tightening supply-demand dynamics and potential policy support [4][49]. Weekly Market Review - The Shanghai Composite Index fell by 1.18%, while the non-ferrous metals index rose by 2.12%, outperforming the Shanghai Composite by 2.93 percentage points [5][11]. - Precious metals saw a significant increase, with gold prices rising by 3.52% and silver by 1.87% [4][17]. - Year-to-date performance shows precious metals up by 60.89%, aluminum by 23.36%, and copper by 60.11% [11][12]. Price Changes and Key Company Valuations - The report details price changes for various metals, with copper at $9,898 per ton, aluminum at $2,601 per ton, and gold at $3,640 per ounce [17][20]. - Key companies in the sector include Zijin Mining, Shandong Gold, and Huayou Cobalt, with respective valuations and earnings projections provided [20][21]. Supply and Demand Analysis - Copper supply is tightening, with domestic social inventory increasing to 141,000 tons, while demand remains robust with operating rates for copper products showing slight increases [36][49]. - The aluminum sector is experiencing a rise in downstream processing rates, with a current operating rate of 61.70% [49][51]. - Steel production is affected by short-term production limits in Hebei, leading to a decrease in output and an increase in steel prices [4][73].