云铝股份 云南铝业股份有限公司 第九届董事会第十三次会议决议公告 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 十三次会议通知于 2025 年 5 月 2 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 5 月 12 日（星期一）以通讯方式召开。 （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十三次会议的召开符合《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。 证券代码：000807 证券简称：云铝股份 公告编号：2025-018 表决结果：赞成 11 票，反对 0 票，弃权 0 票。 三、备查文件 经与会董事签字并加盖董事会印章的董事会决议。 云南铝业股份有限公司董事会 2025 年 5 月 12 日 国家环境友好企业 绿色铝·在云铝 二、董事会会议审议情况 会议以通讯表决方式审议通过了《关于召开 2024 年年度股东大会的议案》，具体内 容如下： 根据工作 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1] Core Insights - The non-ferrous metals sector has been significantly increased in holdings, with copper and gold seeing the most substantial increases in Q1 2025. The sector is currently in an "overweight" position, reflecting positive market sentiment and expectations for continued growth [2][3] - The report highlights a positive outlook for Q2 2025, driven by domestic macroeconomic policies aimed at boosting internal demand, which is expected to benefit the industrial metals sector, particularly aluminum [3][5] - The report identifies specific investment opportunities within the sector, recommending increased holdings in rare earth magnetic materials and companies with strong cost control and favorable customer structures in aluminum processing [3][4] Summary by Sections Industry Overview - In Q1 2025, the non-ferrous metals sector outperformed the market, with a sector increase of 12.0%, ranking first among 28 major industries [5][12] - The sector's performance is attributed to global monetary policy shifts towards easing and enhanced expectations for domestic economic recovery [5][12] Sub-Sectors Performance - **Precious Metals**: The precious metals sector showed the best performance in Q1 2025, with gold and silver prices increasing by 36.4% and 32.6% year-on-year, respectively. The sector's net profit rose by 51.8% year-on-year [45][46] - **Base Metals**: Base metals, excluding nickel, saw price increases, with copper and aluminum prices rising by 11.3% and 7.4% year-on-year. The net profit for copper increased by 79.6% year-on-year [38][41] - **Rare Metals**: The rare metals sector is expected to benefit from supply constraints and increasing demand, particularly in the cobalt market, which has seen price increases due to supply disruptions [51][53] Holdings Situation - In Q1 2025, the overall holding ratio for the non-ferrous metals sector increased to 1.30%, up from 1.09% in Q4 2024, indicating a shift from underweight to a slight overweight position [56][57]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - Industrial metals are experiencing a rebound in prices due to ongoing inventory depletion, with LME aluminum, copper, zinc, lead, nickel, and tin prices showing increases of +1.11%, +0.83%, +0.57%, +1.28%, +0.35%, and +1.79% respectively [1][2]. - The report highlights the impact of macroeconomic factors, including concerns over economic slowdown and uncertainties surrounding U.S. tariffs, which have led to increased market volatility [2]. - Key recommendations include companies such as Luoyang Molybdenum, Zijin Mining, and Huayou Cobalt, among others, indicating strong potential for investment [2][3]. Summary by Sections Industrial Metals - The report notes a significant decrease in inventory levels for copper, with SMM social inventory dropping below 130,000 tons, indicating a tight supply situation [2][38]. - Aluminum production is recovering due to domestic restarts and new projects, with a notable inventory reduction of 71,000 tons driven by pre-holiday stocking [2][21]. - The report emphasizes the ongoing tightness in the cobalt market due to export bans from the Democratic Republic of Congo, which is expected to lead to price increases [3][54]. Precious Metals - Gold prices have recently declined due to reduced demand for safe-haven assets amid optimistic trade negotiations between the U.S. and China, while silver prices have shown resilience due to its industrial applications [3][66]. - The report anticipates a long-term upward trend in gold prices driven by de-dollarization and ongoing geopolitical tensions, despite short-term fluctuations [3][66]. Key Company Performance - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.21 yuan in 2024, and a PE ratio of 14 times [4]. - Other companies such as Huayou Cobalt and Luoyang Molybdenum are also highlighted for their strong earnings potential and favorable market conditions [4][5].

Core Viewpoint - The company reported strong revenue growth in 2024, with a significant increase in aluminum production, but faced challenges in Q4 2024 due to a sharp decline in net profit [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 54.45 billion yuan, an increase of 27.61% year-on-year, and a net profit attributable to shareholders of 4.41 billion yuan, up 11.52% [1]. - The net profit for Q4 2024 was 592 million yuan, showing a year-on-year decline of 59.21% and a quarter-on-quarter decline of 54.52% [1]. - For Q1 2025, the net profit was 974 million yuan, down 16.26% year-on-year but up 64.66% quarter-on-quarter [2]. Production and Pricing - The increase in 2024 profits was primarily driven by higher production volumes, with aluminum production rising by 22.45% year-on-year to 2.9383 million tons [2]. - The average price of alumina in 2024 was 4,100 yuan per ton, up 42% from 2023, while the average price of electrolytic aluminum was 19,922 yuan per ton, an increase of 7% [2]. - In Q1 2025, the average price of alumina fell to 3,938 yuan per ton, a decrease of 26% from the previous quarter, which is expected to positively impact profits in Q2 2025 [2]. Future Outlook - The company plans to increase electrolytic aluminum production in 2025, targeting an output of approximately 3.01 million tons [3]. - The financial condition is robust, with a significant reduction in the debt-to-asset ratio from 75.44% in 2018 to 23.97% in Q1 2025 [3]. - The company has increased its dividend payout ratio from 11.76% in 2021 to 32.23% in 2024, with total cash dividends of 1.422 billion yuan, a growth of 78.26% from 2023 [3]. Investment Rating - The company maintains a "strong buy" investment rating, with projected net profits of 6.19 billion yuan, 8.31 billion yuan, and 8.38 billion yuan for 2025-2027, corresponding to price-to-earnings ratios of 9, 6, and 6 times [4]. - The company benefits from abundant green electricity in Yunnan province, with over 80% of its production electricity sourced from clean energy [4].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company's revenue for 2024 reached 54.45 billion yuan, an increase of 27.61% year-on-year, while the net profit attributable to shareholders was 4.41 billion yuan, up 11.52% [1][2]. - The significant increase in Q1 2025 net profit to 974 million yuan, a 64.66% increase quarter-on-quarter, indicates a positive trend for the upcoming quarters [1][6]. - The report anticipates that the company's profits will continue to rise in Q2 2025, driven by a decrease in alumina prices [6]. Financial Data and Valuation - The total revenue is projected to grow from 42.67 billion yuan in 2023 to 56.99 billion yuan in 2025E, reflecting a compound annual growth rate [2][16]. - The net profit is expected to increase significantly to 6.19 billion yuan in 2025E, representing a 40% growth compared to 2024 [2][16]. - The company’s earnings per share (EPS) is forecasted to rise from 1.14 yuan in 2023 to 1.78 yuan in 2025E [2][16]. - The price-to-earnings (PE) ratio is projected to decrease from 13.3 in 2023 to 8.5 in 2025E, indicating potential undervaluation [7][16]. Production and Operational Insights - The company plans to produce approximately 301,000 tons of electrolytic aluminum in 2025, with a focus on increasing production capacity [6]. - The report highlights that the company benefits from a high operating rate of 96.1% in the domestic electrolytic aluminum capacity, suggesting a robust production environment [6]. Shareholder Returns - The company has improved its financial health, with a significant reduction in the debt-to-asset ratio from 75.44% in 2018 to 23.97% in Q1 2025 [6]. - The dividend payout ratio has increased from 11.76% in 2021 to 32.23% in 2024, with cash dividends totaling 1.422 billion yuan, a 78.26% increase from 2023 [6].

Group 1: Investment Trends of Super Investors - Super investors in A-shares have shown a significant divergence in investment directions, with a focus on computing power and humanoid robots by individual investors, while billion-dollar private equity firms have concentrated on materials and resources sectors [1] - Notable individual investor Zhang Jianping has heavily increased his stake in computing power concepts, becoming a top shareholder in companies like Hangang Steel and Aofei Data, while also increasing his holdings in Cambrian [1] - Investor Ge Weidong has entered the top ten shareholders of Su Da Weige, holding 1.62 million shares valued at approximately 30 million yuan, indicating a strategic focus on micro-nano optical materials and communication industries [1] Group 2: Private Equity Movements - Over 20 billion-dollar private equity firms have appeared in the first quarter reports of listed companies, with firms like Gao Yi Asset and Xuan Yuan Private Equity being particularly active [3] - Gao Yi Asset has newly entered the top ten shareholders of companies such as Guoci Materials and China Aluminum, while increasing stakes in Longbai Group and Zijin Mining, and reducing holdings in Hikvision and Yangnong Chemical [3] - Xuan Yuan Private Equity has also made significant moves, entering the top ten shareholders of Huabao Co. and Stanley, while reducing positions in companies like Jidong Equipment [4] Group 3: Sector Focus and Company Highlights - The computing power and humanoid robot sectors are gaining traction among individual investors, with companies like Zhongjian Technology being highlighted as key players in the humanoid robot concept [1][2] - The materials and resources sectors are favored by private equity firms, with companies like Wolong Nuclear Materials receiving attention from multiple billion-dollar private equity products [4] - The first quarter has seen a notable increase in collaboration agreements between companies like Zhongding Co. and various robot enterprises, positioning Zhongding as a leader in the humanoid robot sector [2]

Group 1 - The aluminum processing industry involves the use of plastic processing methods to convert aluminum ingots into products such as aluminum profiles, plates, and foils [1] - Major upstream processes include the production of electrolytic aluminum and recycled aluminum, which require bauxite and alumina processing [1] - The aluminum processing products are widely used in various sectors including transportation, packaging, construction, aerospace, and electrical machinery [1] Group 2 - Key listed companies in the aluminum processing industry include Tianshan Aluminum (002532), Mingtai Aluminum (601677), China Aluminum (601600), and Nanshan Aluminum (600219) [2][3] - Mingtai Aluminum, Asia Pacific Technology, Nanshan Aluminum, Ding Sheng New Materials, and Hong Chuang Holdings have over 90% of their business focused on aluminum processing [8] - Domestic market sales dominate, with overseas sales being relatively small for most aluminum processing companies [8] Group 3 - In 2023, Mingtai Aluminum, Nanshan Aluminum, and Yun Aluminum reported revenues exceeding 20 billion yuan, with significant variations in gross margins due to the diversity of aluminum processing products [11] - The production output of aluminum processing products is led by Nanshan Aluminum, Mingtai Aluminum, and Yun Aluminum [11] - Companies are focusing on optimizing their business models and enhancing their technological capabilities to meet the growing demand for aluminum in high-end applications [13] Group 4 - Companies are planning to reduce upstream costs, accelerate technological research and development, and increase production capacity as part of their strategic initiatives [13] - Specific plans include Mingtai Aluminum's focus on recycling aluminum and enhancing product quality, while Nanshan Aluminum aims to develop high-end aluminum materials for the automotive and aerospace sectors [15][16] - The industry is expected to continue growing steadily, driven by the increasing application of aluminum in various sectors and the push for carbon neutrality [13]

Core Viewpoint - The article provides insights into the latest stock holdings and trading activities of major institutional investors in the A-share market, focusing on the Social Security Fund, QFII, and public funds, highlighting their preferences and adjustments in stock positions during the first quarter of 2025 [2][3][8][13]. Social Security Fund Holdings - As of the end of Q1 2025, the Social Security Fund was involved in 597 listed companies, with a total holding of 10.913 billion shares, a year-on-year decrease of 11.26%, and a total market value of 173.945 billion yuan, down 6.43% year-on-year [3]. - The fund's investments in sectors such as machinery, basic chemicals, electronics, non-ferrous metals, electric equipment, and pharmaceuticals exceeded 13 billion yuan, with the pharmaceutical sector having the highest number of holdings at 61 companies [3]. - The top 50 companies held by the Social Security Fund accounted for 66.579 billion yuan, representing 38.28% of its total holdings, with SANY Heavy Industry leading at 3.352 billion yuan [3][4]. QFII Holdings - By the end of Q1 2025, QFII held shares in 692 listed companies, a decrease of 3.76% year-on-year, with a total market value of 117.213 billion yuan, an increase of 11.5% year-on-year [8]. - Notably, two companies, Ningbo Bank and Nanjing Bank, had QFII holdings exceeding 10 billion yuan, with values of 32.17 billion yuan and 19.264 billion yuan, respectively [10]. - QFII's investments were concentrated, with the top 50 stocks accounting for 81.02% of its total holdings [8]. Fund Holdings - The public fund holdings report indicated that 51 stocks had a market value exceeding 10 billion yuan, with Ningde Times and Kweichow Moutai leading at 146.823 billion yuan and 141.539 billion yuan, respectively [13][16]. - The number of funds holding Ningde Times reached 1,864, while Kweichow Moutai had 1,196 funds, both showing significant growth [13]. - Other notable companies with substantial fund holdings included China Merchants Bank, Midea Group, and Ping An Insurance, each exceeding 50 billion yuan [17]. Market Outlook - Fund managers expressed optimism about the A-share market, citing strong economic resilience and potential recovery signals, particularly in consumer sectors [14].

Group 1 - The company announced its Q1 2025 results, achieving revenue of 14.411 billion yuan, a year-on-year increase of 26.89%, while net profit attributable to shareholders was 974 million yuan, a year-on-year decrease of 16.26% [1] - The average price of alumina in Q1 2025 remained high at 3,863.49 yuan per ton, a year-on-year increase of 15.44%, while the price of electrolytic aluminum was 20,407.82 yuan per ton, a year-on-year increase of 7.10% [1] - The company aims to produce approximately 3.01 million tons of electrolytic aluminum in 2025, with an estimated production of around 500,000 tons in Q1 2025, indicating limited scale effects [1] Group 2 - The "Aluminum Industry High-Quality Development Implementation Plan (2025-2027)" was released, which aims to enhance the resilience and safety of the supply chain, with a target of increasing domestic bauxite resources by 3%-5% and producing over 15 million tons of recycled aluminum [2] - The company, as a leader in green electricity aluminum, has a green aluminum capacity of 3.05 million tons as of the end of 2024, positioning itself to benefit from the industry's development trends [2] - Earnings per share (EPS) forecasts for 2025-2027 are 1.73, 1.84, and 2.01 yuan, with price-to-earnings (PE) ratios of 9, 8, and 8 times, respectively, maintaining a "buy" rating [2]

Core Viewpoint - The report indicates that the A-share non-ferrous metal industry is experiencing a renewed interest from actively managed equity funds, particularly in gold and copper sectors, driven by external economic factors and a favorable outlook for gold prices [1][5]. Group 1: Fund Holdings Analysis - In Q1 2025, actively managed equity funds increased their holdings in the A-share non-ferrous metal industry, with the market value of heavy holdings rising to 2.18% of total stock investments, up from 1.76% in Q4 2024, marking a 0.42 percentage point increase after two consecutive quarters of reduction [2]. - The main focus of fund replenishment in Q1 2025 was on the gold and copper sectors, with respective market value proportions of 0.44% and 0.85% of total fund stock investments, reflecting increases of 0.18 percentage points for gold and 0.18 percentage points for copper compared to Q4 2024 [3]. Group 2: Concentration of Holdings - The concentration of holdings in the A-share non-ferrous metal industry increased, with the top 10 stocks accounting for 73.23% of the total market value of heavy holdings, up 3 percentage points from the previous quarter [4]. - The top stocks held by actively managed equity funds in the non-ferrous metal sector include Zijin Mining, Yun Aluminum, Shandong Gold, and others, with notable increases in holdings for companies like Zhongfu Industrial and Chuangjiang New Materials [4]. Group 3: Market Outlook and Recommendations - The report suggests that the ongoing U.S. tariff increases and the resulting economic uncertainties may lead to a sustained rise in gold prices, which are expected to stabilize around $3,000 per ounce, thereby enhancing the performance and cash flow of gold companies [1][5]. - There is significant room for increased holdings in the A-share gold sector, as current positions remain below the high levels seen in the first three quarters of 2024, indicating potential for further investment [5]. - The report recommends focusing on stocks such as Chifeng Jilong Gold Mining, Shandong Gold, and others in the gold sector, as well as high-dividend, low-valuation leaders in the copper and aluminum sectors like Zijin Mining and China Aluminum for medium to long-term investment [5].