云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-041 云南铝业股份有限公司 关于参股投资中铝铝箔（云南）有限公司暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 重要内容提示： 1.云南铝业股份有限公司（以下简称"云铝股份"或"公司"）将以货币资金出资人民 币50,000万元参股投资中铝铝箔（云南）有限公司（以下简称"云南铝箔"），获得云南铝 箔约16.70%的股权（以最终经国资备案评估值计算的股权比例为准）。 2.中国铝业集团有限公司（以下简称"中铝集团"）为公司间接控股股东，云南铝箔现 有股东为中国铝业集团高端制造股份有限公司（以下简称"中铝高端"）、西北铝业有限责 任公司（以下简称"西北铝"）以及本次另一增资方中铜（昆明）铜业有限公司（以下简称 "昆明铜业"）均为公司间接控股股东中铝集团的所属公司，根据《深圳证券交易所股票上 市规则》的有关规定，本次交易构成关联交易。 （一）本次关联交易的基本情况 云南铝箔是以铝板带箔为主业的铝加工企业，云南铝箔本部与公司本部在同一工业园区 内，生产所需的主要原料铝资源均向公司 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-040 云南铝业股份有限公司 第九届董事会第十七次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 一、董事会会议召开情况 （一）云南铝业股份有限公司（以下简称"云铝股份"或"公司"）第九届董事会第 十七次（临时）会议通知于 2025 年 10 月 24 日（星期五）以书面、传真或电子邮件的方式 发出。 （二）会议于 2025 年 10 月 27 日（星期一）以通讯表决方式召开。 （三）会议应出席董事 11 人，实际出席董事 11 人。 （四）公司第九届董事会第十七次（临时）会议的召开符合《公司法》《证券法》《深 圳证券交易所股票上市规则》和云铝股份《公司章程》等有关规定。 二、董事会会议审议情况 会议以通讯表决方式审议通过了以下议案： （一）《关于参股投资中铝铝箔（云南）有限公司暨关联交易的议案》 为进一步提高资金使用效率，公司将继续使用自有资金开展保本型现金管理业务，在 任一时点内用于保本型现金管理业务的资金余额不超过人民币 50 亿元。 国家环境友好企业 1 绿 ...

() () ( ) N 9 C () U C J C W () U C U U U U C C C U U D t a 中铝铝箔（云南）有限公司 审计报告 天 职 业 字 [2025]33113 号 目 录 审计报告 -- -1 -3 2025 年 1-4 月财务报表— -15 2025 年 1-4 月财务报表附注— "的" 报告编码:京25PBH 审计报告 天职业字[2025]33113 号 中铝铝箔(云南)有限公司: 一、审计意见 我们审计了中铝铝箔(云南)有限公司(以下简称"云南铝箔")财务报表,包括 2025 年 4 月 30 日的合并及母公司资产负债表，2025 年 1-4 月的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司所有者权益变动表以及财务报表附注。 我们认为，后附的财务报表在所有重大方面按照附注二所述编制基础编制。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对财 务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职业道 _德守则,我们独立于云南铝箔,并履行了职业道德方面的其他责任。我们相信,我们获 ...

本报告依据中国资产评估准则编制 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 （共一册，第一册） 2025 年 10 月 11 日 | 报告编码: 4743020020202502076 | | | | --- | --- | --- | | 合同编号: | 2025-301047-1 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 中瑞评报字[2025]第502076号 | | | 报告名称: | 估报告 | 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 | | 评估结论: | 2,087,409,190.62元 | | | 评估报告日: | 2025年10月11日 | | | 评估机构名称: | 中瑞世联资产评估集团有限 | | | 签名人员: | 游新会 (资产评估师) | 编号:11180134 | | (资产评估师2102 | 李志谦 | 编号:23080053 | | 游 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a steady performance with a year-on-year profit recovery due to declining costs. For the first three quarters of 2025, the company achieved an operating income of 44.072 billion yuan, up 12.47% year-on-year, and a net profit attributable to shareholders of 4.398 billion yuan, up 15.14% year-on-year. In Q3 2025, the operating income was 14.993 billion yuan, up 3.13% year-on-year, and the net profit was 1.630 billion yuan, up 25.31% year-on-year [4] - The increase in profit is attributed to rising aluminum prices and falling alumina prices. The average domestic spot price of electrolytic aluminum in Q3 2025 was 20,740 yuan/ton, up 5.96% year-on-year and 2.64% quarter-on-quarter. The alumina price decreased significantly, which further enhanced profit margins [4] - The company has a high dividend payout, distributing 3.20 yuan per 10 shares, totaling 1.11 billion yuan, which accounts for approximately 40.1% of the net profit attributable to shareholders for the first half of 2025 [5] - The profit forecasts for 2025-2027 are 6.047 billion yuan, 7.393 billion yuan, and 8.226 billion yuan respectively, with corresponding P/E ratios of 13.30, 10.88, and 9.78 [6] Financial Performance Summary - For 2024A, the operating income is projected at 54.450 billion yuan, with a year-on-year growth of 27.6%. The net profit attributable to shareholders is expected to be 4.412 billion yuan, with a year-on-year growth of 11.5% [8] - The gross margin is expected to improve from 13.2% in 2024A to 20.2% in 2027E, indicating a positive trend in profitability [8] - The return on equity (ROE) is projected to be 15.6% in 2024A, increasing to 17.8% in 2027E, reflecting improved efficiency in generating profits from equity [8]

10月27日，云铝股份涨0.09%，截至发稿，报23.20元/股，成交25.86亿元，换手率3.27%，总市值804.57 亿元。云铝股份股价已经连续6天上涨，区间累计涨幅12.09%。 资料显示，云南铝业股份有限公司位于云南省昆明市呈贡区七甸街道，成立日期1998年3月20日，上市 日期1998年4月8日，公司主营业务涉及铝土矿开采、氧化铝生产、铝冶炼、铝加工及铝用炭素生产。主 营业务收入构成为：电解铝58.12%，铝加工产品40.67%，其他1.21%。 从基金十大重仓股角度 数据显示，长信基金旗下1只基金重仓云铝股份。长信均衡策略一年持有混合A（016713）二季度减持 3.14万股，持有股数16.49万股，占基金净值比例为4.13%，位居第四大重仓股。根据测算，今日浮盈赚 取约3298元。连续6天上涨期间浮盈赚取41.23万元。 长信均衡策略一年持有混合A（016713）成立日期2022年12月13日，最新规模3124.37万。今年以来收益 21.7%，同类排名4205/8226；近一年收益18%，同类排名4478/8099；成立以来收益19.44%。 长信均衡策略一年持有混合A（016713）基金经 ...

Core Insights - The Central State-Owned Enterprises Modern Energy Index has seen a strong increase of 1.70%, with notable gains from stocks such as China Xidian up 6.61% and Shanghai Electric up 6.40% [3] - The National Development and Reform Commission has released a plan aiming for a new energy storage capacity of over 180 million kilowatts by 2027, enhancing project economics through supportive policies [5] - The demand for energy storage is expected to maintain a high growth rate, with projections indicating a 30%-40% increase in global energy storage installations over the next two years [4] Group 1: Market Performance - The Central State-Owned Enterprises Modern Energy ETF (561790) has increased by 1.63%, marking a three-day consecutive rise, with a latest price of 1.25 yuan [3] - The ETF has seen a weekly cumulative increase of 2.85% as of October 24, 2025, ranking in the top third among comparable funds [3] - The ETF's trading volume reached 416.82 million yuan with a turnover rate of 9.1% [3] Group 2: Policy and Economic Outlook - The new energy storage plan outlines a target of 180 million kilowatts by 2027, with supportive measures from provinces like Henan to enhance project viability [5] - The energy storage market is experiencing robust demand, driven by new pricing policies and increased investment from social capital [4] - The lithium battery demand is projected to exceed 2700 GWh next year, with a year-on-year growth rate of over 30% [4] Group 3: Industry Composition - The top ten weighted stocks in the Central State-Owned Enterprises Modern Energy Index account for 47.72% of the index, including major players like Yangtze Power and China Nuclear Power [6] - The Central State-Owned Enterprises Modern Energy ETF closely tracks the index, which includes 50 listed companies involved in green energy and fossil energy sectors [5]

Group 1: Financial Events and Policies - The 2025 Financial Street Forum Annual Meeting is taking place from October 27 to 30 in Beijing, with key speeches from the Governor of the People's Bank of China, the head of the Financial Regulatory Administration, and the Chairman of the China Securities Regulatory Commission [2][3] - The People's Bank of China will conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, with a one-year term [3][5] - The State Council's report on financial work emphasizes the need for a moderately loose monetary policy to support the real economy and create a favorable financial environment [3] Group 2: Company Earnings Reports - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84% [4] - Cambridge Technology's net profit for the first three quarters increased by 70.88% year-on-year [5] - Weicai Technology achieved a net profit of 202 million yuan for the first three quarters, marking a 226.41% year-on-year growth [5] - Guosheng Financial Holdings reported a net profit of 242 million yuan for the first three quarters, up 191.21% year-on-year [6] - Shen Shen Fang A's net profit surged by 2791.57% year-on-year for the first three quarters, reaching 14.5 million yuan [6] - Several companies, including Morning Light Biotechnology and Wen Tai Technology, reported significant year-on-year profit increases of 385.3% and 265.09%, respectively [6][12] Group 3: Company Losses and Declines - Jing Sheng Machinery reported a net profit decline of 69.56% for the first three quarters [9] - China Shenhua's net profit decreased by 10% year-on-year, amounting to 39.052 billion yuan [8] - Health Yuan and Ping An Bank experienced net profit declines of 1.83% and 3.5%, respectively, for the first three quarters [8]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The macroeconomic environment is favorable, with continued destocking trends and aluminum prices breaking through 21,000 RMB/ton [1][8] - The demand for aluminum is expected to remain stable, supported by ongoing economic growth and a favorable policy environment [13] - The aluminum industry is projected to maintain high prosperity due to limited supply growth and potential demand increases [13] Summary by Sections 1. Prices - As of October 24, the LME three-month aluminum closing price was 2,856.5 USD/ton, up 315.0 RMB/ton week-on-week, a 1.5% increase [17] - The Shanghai aluminum active contract closed at 21,225.0 RMB/ton, reflecting a week-on-week increase of 315.0 RMB/ton [23] 2. Production - In September 2025, the electrolytic aluminum production was 3.615 million tons, a decrease of 11.8 thousand tons month-on-month [55] - The alumina production for the same month was 7.604 million tons, down 13.5 thousand tons month-on-month [55] 3. Inventory - As of October 23, the national aluminum ingot inventory was recorded at 618,000 tons, with a week-on-week decrease of 9,000 tons [9] - The domestic aluminum rod inventory increased to 145,000 tons, with a week-on-week decrease of 3,000 tons [9] 4. Key Companies and Earnings Forecast - China Hongqiao (1378.HK) is rated "Buy" with an EPS forecast of 2.65 RMB for 2025 [7] - Tianshan Aluminum (002532.SZ) is also rated "Buy" with an EPS forecast of 1.00 RMB for 2025 [7] - Shenhuo Co. (000933.SZ) is rated "Buy" with an EPS forecast of 2.13 RMB for 2025 [7] 5. Supply and Demand - Domestic supply remains stable, while overseas supply disruptions have occurred, such as Century Aluminum's production halt in Iceland [9] - The demand side shows a mixed picture, with high aluminum prices suppressing downstream purchasing enthusiasm [9]

Investment Rating - The industry investment rating is "Positive" (maintained) [3][4] Core Views - The report highlights that copper prices are expected to experience high-level fluctuations in the short term, driven by supply disruptions and ongoing negotiations between the US and China [4] - Aluminum prices are on the rise due to continuous inventory depletion, while the alumina market remains in an oversupply situation [4] - Lithium prices are recovering from the bottom as demand increases during the peak season, with a notable decrease in inventory [4] - Cobalt prices are likely to continue rising due to the implementation of export quotas in the Democratic Republic of Congo, which may tighten supply [4] Summary by Sections 1. Industry Overview - The report indicates that the US CPI for September was lower than expected, which may influence market conditions [8] 2. Market Performance - The overall performance of the non-ferrous metals sector shows that the Shanghai Composite Index rose by 2.88%, while the non-ferrous sector increased by 1.13%, underperforming the index by 1.75 percentage points [11][12] 3. Valuation Changes - The TTM PE for the non-ferrous sector is 27.27, with a weekly change of 0.68, while the PB is 3.17, reflecting a 0.09 change [21][24] 4. Industrial Metals - Copper prices increased by 2.61% in London and 3.95% in Shanghai, with inventories decreasing [26] - Aluminum prices rose by 2.78% in London and 1.14% in Shanghai, with a notable increase in aluminum enterprise profits [36] - Lead and zinc prices also saw increases, with lead prices up by 2.00% and zinc by 2.48% [47] - Lithium prices for lithium carbonate rose by 2.79% to 75,400 yuan/ton, while lithium spodumene increased by 4.14% to 881 USD/ton [76] - Cobalt prices saw a significant increase, with MB cobalt rising by 7.75% to 22.60 USD/pound [89]