此前，美国最大的制铝公司——美国铝业公司在7月曾表示，美国的关税政策正在使该公司的生产成本 不断增加，而受关税影响，该公司的美国客户正在为铝支付更多费用。 美国铝业公司表示，受美国政府关税政策影响，今年第一季度，关税政策导致其生产成本增加2000万美 元；而在今年第二季度，美国对加拿大的关税政策导致美国铝业公司生产成本增加1.15亿美元。（注： 3月4日，美国对加拿大和墨西哥产品加征25%关税的措施生效。3月12日，美国开始对所有进口钢铝征 收25%关税。） 据美国铝业公司统计，该公司在加拿大生产的铝约有70%销往美国，其美国客户现在为铝支付的费用已 经"高于全球其他地区"。美国媒体指出，当前美国的钢铝关税是自20世纪30年代以来，美国对进口钢铁 和铝征收的最高关税，关税必然推高钢铁和铝的价格，导致使用这些材料的制造商生产成本上升，进而 导致物价上涨，美国消费者将为此埋单。此外，在以钢铁和铝为原料的制造业中，部分人或许会因为钢 铝价格上涨而失业。 综合自：央视新闻 美国将407类钢铁和铝衍生产品纳入关税清单。 当地时间8月19日，美国商务部宣布，将407个产品类别纳入钢铁和铝关税清单，适用税率为50%。 商务 ...

美国将407类钢铁和铝衍生产品纳入关税清单。 当地时间8月19日，美国商务部宣布，将407个产品类别纳入钢铁和铝关税清单，适用税率为50%。 商务部声明称，此次新增清单涵盖范围广泛，包括风力涡轮机及其部件、移动起重机、铁路车辆、家具、压缩机与泵类设备等数百种产品。 特朗普政府已多次强调要扩大钢铝关税覆盖范围，以保护国内制造业并遏制进口依赖。 此前，美国商务部15日晚间发布公告表示，工业与安全局已将407个产品编码加入《美国协调关税表》，这些产品将因所含钢铁和铝成分而被加征额外关税。公告 称，这些产品中非钢铁和铝的部分，将适用特朗普总统对特定国家商品所征收的关税税率。扩大的关税清单将于8月18日正式生效。 当地时间6月3日，美国白宫发表声明称，美国总统特朗普宣布将进口钢铁和铝及其衍生制品的关税从25%提高至50%。该关税政策自美国东部时间2025年6月4日 凌晨00时01分起生效。 此前，美国最大的制铝公司——美国铝业公司在7月曾表示，美国的关税政策正在使该公司的生产成本不断增加，而受关税影响，该公司的美国客户正在为铝支付 更多费用。 综合自：央视新闻 责编：万健祎 校对： 陶谦 美国铝业公司表示，受美国政府关 ...

公告称，这些产品中非钢铁和铝的部分，将适用特朗普总统对特定国家商品所征收的关税税率。扩大的 关税清单将于8月18日正式生效。 当地时间6月3日，美国白宫发表声明称，美国总统特朗普宣布将进口钢铁和铝及其衍生制品的关税从 25%提高至50%。该关税政策自美国东部时间2025年6月4日凌晨00时01分起生效。 此前，美国最大的制铝公司——美国铝业公司在7月曾表示，美国的关税政策正在使该公司的生产成本 不断增加，而受关税影响，该公司的美国客户正在为铝支付更多费用。 美国铝业公司表示，受美国政府关税政策影响，今年第一季度，关税政策导致其生产成本增加2000万美 元；而在今年第二季度，美国对加拿大的关税政策导致美国铝业公司生产成本增加1.15亿美元。（注： 3月4日，美国对加拿大和墨西哥产品加征25%关税的措施生效。3月12日，美国开始对所有进口钢铝征 收25%关税。） 据美国铝业公司统计，该公司在加拿大生产的铝约有70%销往美国，其美国客户现在为铝支付的费用已 经"高于全球其他地区"。美国媒体指出，当前美国的钢铝关税是自20世纪30年代以来，美国对进口钢铁 和铝征收的最高关税，关税必然推高钢铁和铝的价格，导致使用这些材 ...

Group 1 - The Trump administration announced an expansion of tariffs on steel and aluminum imports, increasing the tariff rate to 50% on hundreds of derivative products, effective August 18 [1] - The U.S. aluminum company reported that the tariff policy increased its production costs by $20 million in Q1 and $115 million in Q2 due to tariffs on Canadian products [2] - The current steel and aluminum tariffs are the highest since the 1930s, leading to increased prices for these materials and potentially higher costs for manufacturers and consumers [2] Group 2 - The latest data from the U.S. Labor Department shows a significant increase in the Producer Price Index (PPI), rising 0.9% in July, the largest increase since June 2022, driven mainly by the service sector [4] - The core PPI, excluding food and energy, also rose by 0.9% month-on-month and 3.7% year-on-year, indicating persistent inflationary pressures [4] - Chicago Fed President expressed concerns about inflation due to the uncertainty surrounding tariffs, suggesting that service prices may not be temporary and are on the rise [4]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Aluminium and Alumina - **Geographical Focus**: Indonesia, China, India, and global markets Aluminium Market Insights - **Supply and Demand Outlook**: - Primary aluminium demand growth is expected to be around 2.5% for 2024/25, slightly below the trend of 3-4% [2] - Supply growth is anticipated to match demand, leading to a modest surplus in the global aluminium market [2] - Limited supply growth is expected due to China smelter run rates being at the 45 million tonnes (mt) cap, with potential projects in Indonesia, India, Middle East, and Africa contributing modestly over the next 2-3 years [2][8] - The LME price is above the cost curve, indicating an improving supply and demand outlook [2] - **Investment Recommendations**: - Preferred stocks for aluminium exposure include Hydro and Press Metal (BUY) while Alcoa and S32 are rated Neutral [1] - **Medium-Term Price Risks**: - Limited scope for the industry to quickly lift supply when demand improves, resulting in tighter markets and medium-term price risks skewed to the upside [2] Alumina Market Insights - **Price Trends**: - After a sharp decline in the first half of 2025, alumina prices have bounced back, trading between $370-380 per tonne [3][41] - Prices are expected to remain anchored to the cost curve due to significant overcapacity in China and additional supply from Indonesia and India [3][41] - **Supply Outlook**: - China is expected to add 7-10 million tonnes of new capacity in 2025, contributing to overcapacity [3] - Approximately 6 million tonnes of projects are ramping up in Indonesia, with an additional 2.5 million tonnes in India [3][35] Indonesia's Role in Aluminium Supply - **Capacity Additions**: - Indonesia is expected to be a significant contributor to global supply growth, with 2.2 million tonnes of new aluminium supply projected over the next 3-4 years [10][22] - Current projects in Indonesia are constrained by insufficient land and power, limiting overwhelming growth in supply [10][15] - **Power Constraints**: - Aluminium smelting is power-intensive, requiring approximately 15 terawatt-hours (TWh) of power for 1 million tonnes of capacity [11][13] - The planned 2.2 million tonnes of aluminium smelters would consume about 40% of the power currently used by the nickel industry, necessitating a 10% growth in national power output over 3-4 years [13] Risks and Considerations - **Alumina Supply Risks**: - The combination of additional supply from Indonesia and overcapacity in China is likely to limit sustainable upside in alumina prices [3][41] - Potential disruptions in bauxite supply from Guinea could create upside risks for alumina prices, but sustained tightness is not the central case [34] - **Market Dynamics**: - The aluminium market is closely monitoring the evolution of Indonesia's industrial parks and smelter project pipeline, with measured growth in aluminium supply expected rather than overwhelming growth [15] Conclusion - The aluminium market is characterized by limited supply growth and a positive fundamental outlook, while the alumina market faces challenges from overcapacity and price volatility. Indonesia's role as a growing supplier is significant, but power constraints and project development challenges may temper expectations for rapid supply increases.

Group 1: Report Overview - Report Name: Aluminum Daily Report [1] - Date: August 6, 2025 [2] - Research Team: Nonferrous Metals Research Team, including Yu Feifei, Zhang Ping, and Peng Jinglin [3] Group 2: Market Review and Operational Suggestions Aluminum Market - On the 5th, Shanghai Aluminum continued to fluctuate strongly. The main contract 2509 closed up 0.51% at 20,560. The total index positions increased by 934 to 574,153 lots. The 08 - 09 premium was reported at 40. Aluminum ingot social inventories continued to grow, and spot prices were all at discounts. Cast aluminum alloy fluctuated strongly following Shanghai Aluminum, with the AD - AL negative spread reported at - 485 [8]. - In August, the supply of bauxite tends to tighten due to the impact of the rainy season in Guinea. However, with high port inventories and the resumption of some停产 mines, the shortage is expected to be limited, and the bauxite price will mainly operate at the bottom [8]. - The stimulus of the anti - involution policy for over - capacity industries on related industrial products has temporarily ended. The over - capacity pattern of alumina remains unchanged. Before the policy is clear, the upside space of alumina should be viewed with caution, and short - selling can be considered at high points [8]. - In the cast aluminum sector, it is currently the off - season for the automotive industry. With weakening demand and a shortage of scrap aluminum supply, cast aluminum will continue to fluctuate in a range following Shanghai Aluminum, and the AD - AL will maintain a low - level negative spread structure [8]. - In the electrolytic aluminum sector, the domestic operating capacity remains at a high level. The demand side is still sluggish in the off - season, and inventories are seasonally increasing. The profits of smelting enterprises have declined but are still substantial. Currently, the aluminum market is dominated by macro - sentiment. The decline of the US dollar and domestic policy expectations support the sector to be strong, but the off - season continues, and short - selling can be appropriately considered [8]. Group 3: Industry News Ghana's Bauxite Agreement - Ghana has canceled a $1.2 billion bauxite agreement with local company Rocksure International and is seeking cooperation with a large overseas company to develop one of the richest bauxite mines in West Africa. Potential partners include the UAE's Emirates Global Aluminium (EGA) or a Chinese company. The canceled agreement covered the Nyinahin Hills mine in central Ghana, which contains about 376 million tons of bauxite. Ghana has about 900 million tons of bauxite, ranking seventh in the world [9][10]. China's Aluminum Import and Export Data - In June 2025, China's primary aluminum imports were about 192,400 tons, a month - on - month decrease of 13.8% and a year - on - year increase of 58.7%. From January to June, the cumulative primary aluminum imports were about 1.2499 million tons, a year - on - year increase of 2.5% [10]. - In June 2025, China's primary aluminum exports were about 19,600 tons, a month - on - month decrease of 39.5% and a year - on - year increase of 179.4%. From January to June, the cumulative primary aluminum exports were about 86,600 tons, a year - on - year increase of about 206.6% [10]. - In June 2025, China's net primary aluminum imports were 172,700 tons, a month - on - month decrease of 9.4% and a year - on - year increase of 51.3%. From January to June, the cumulative net primary aluminum imports were about 1.1633 million tons, a year - on - year decrease of 2.3% [10]. Guinea's Mining License Revocation - On the evening of July 17, 2025, Guinea's National Television announced that the Ministry of Mines and Geology had revoked the exploration and mining licenses of 45 mining companies, including six bauxite enterprises. The revoked bauxite enterprises all have long - term idle mining rights and no actual mining activities. The official said that these mining rights were taken back by the state free of charge as part of a comprehensive rectification of the national mining registration system to improve the transparency and standardization of mineral resource management [10]. Restart of Alcoa's Spanish Smelter - Alcoa expects its San Ciprián aluminum smelter in Spain to be restarted by mid - 2026, with an expected loss of up to $110 million due to the delay. The plant's production decreased in 2021 due to high electricity prices. The restart plan was postponed due to a nationwide power outage in Spain on April 28. After evaluating the power outage losses, the joint - venture company suspended the resumption of production until the Spanish government provided detailed information on the cause of the power outage and measures to prevent similar events. On July 14, Alcoa and its joint - venture partner Ignis Equity Holdings confirmed that the restart of the San Ciprián electrolytic aluminum plant had resumed. Alcoa expects the smelter to record a net loss of about $90 million to $110 million in 2025, and the entire restart process is expected to be completed by mid - 2026 [10][11]

Group 1: China-Europe Railway Express - The transit time for the China-Europe Railway Express via the "Middle Corridor" to Turkey has been reduced to 15 days [5][6][7] - The route starts from China, passing through Kazakhstan, the Caspian Sea, Azerbaijan, Georgia, and extending to Turkey and European countries [8] Group 2: US Tariff Measures - The US has announced a 50% tariff on imported copper semi-finished products and high-copper derivatives starting August 1 [9][10] - From August 29, the US will suspend the tax exemption for imported packages valued at $800 or less [12] - A 40% tariff will be imposed on products imported from Brazil starting August 6, raising the total tariff rate for most Brazilian products to 50% [12] Group 3: South Africa's Economic Impact - The South African government warns that the US's 30% tariff on South African goods could lead to a loss of approximately 30,000 jobs [13][14] - The high tariffs are expected to severely impact South Africa's automotive manufacturing and agricultural processing sectors [14] Group 4: EU AI Regulation - The EU AI Act has come into effect, imposing fines of up to €35 million for non-compliance, with general AI systems also under regulation [17][18] - Member states are required to appoint market regulatory bodies to oversee compliance with the AI Act [17] Group 5: OpenAI Funding - OpenAI has raised over $8 billion in its latest funding round, achieving a valuation of $300 billion [20][21] - The funding round was led by Dragoneer Investment Group, with participation from several major investment firms [21] Group 6: Meta's Data Center Asset Sale - Meta plans to sell $2 billion worth of data center assets to share the costs of AI infrastructure [25][26] - The company is exploring partnerships with financial entities to co-develop data centers [26] Group 7: Foxconn's Shift to AI - Foxconn is selling its electric vehicle factory in Ohio for approximately $375 million to focus on AI data centers [36][37] - The company aims to pivot its business strategy towards AI infrastructure amid a downturn in the electric vehicle market [39] Group 8: South Korea's AI Semiconductor Initiative - The South Korean government has launched a project worth 30 billion KRW to support the optimization of AI semiconductor design [43][44] - The initiative aims to enhance domestic AI semiconductor companies' participation in national AI projects [43] Group 9: Quantum Research Awards - The 2025 "Mozi Quantum Award" has been awarded to three researchers in the field of quantum simulation for their groundbreaking work [46] Group 10: TSMC's 2nm Technology Transfer - TSMC is preparing to transfer its 2nm technology to the US, with a new production line being set up in Arizona [51][52] - This move is part of a broader trend among tech companies to establish manufacturing capabilities in the US [53]

Core Viewpoint - Japan is taking steps to reduce its reliance on China for critical mineral resources, particularly gallium, by establishing a joint venture in Australia with Sojitz Corporation and Alcoa, aiming for production to start in 2026 and reach over 55 tons annually by 2028, equivalent to Japan's current imports from China [1][3][6]. Group 1 - The joint venture will produce gallium, essential for semiconductor and LED manufacturing, starting in 2026 [3]. - The initiative reflects a shift in focus from low-cost procurement to stable supply chains [4]. - Japan's gallium supply in 2021 was 167 tons, with 97 tons imported, 57% of which came from China [6]. Group 2 - China's export restrictions have destabilized global supply chains, particularly affecting gallium procurement [5][6]. - The Japanese Ministry of Economy, Trade and Industry (METI) is collaborating with Japanese and American companies to expand the rare metal procurement network [1][6]. - The establishment of gallium production facilities in Australia is part of Japan's strategy to enhance economic security in resource sectors [1][6].

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Alcoa Corporation's unaudited consolidated financial statements reflect improved net income for Q2 and H1 2025, alongside robust cash flow and total assets Consolidated Statement of Operations Highlights (Q2 & H1 2025 vs 2024) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $3,018M | $2,906M | $6,387M | $5,505M | | **Net Income (Loss)** | $151M | $31M | $699M | $(276)M | | **Net Income (Loss) Attributable to Alcoa** | $164M | $20M | $712M | $(232)M | | **Diluted EPS** | $0.62 | $0.11 | $2.69 | $(1.29) | Consolidated Balance Sheet Highlights (as of June 30, 2025) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $5,399M | $4,914M | | **Total Assets** | $14,990M | $14,064M | | **Total Current Liabilities** | $3,272M | $3,395M | | **Total Liabilities** | $8,755M | $8,907M | | **Total Equity** | $6,135M | $5,157M | Consolidated Cash Flow Highlights (Six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Cash Provided from Operations** | $563M | $64M | | **Cash Used for Investing Activities** | $(240)M | $(281)M | | **Cash Provided from Financing Activities** | $10M | $679M | | **Net Change in Cash** | $368M | $446M | [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Key accounting policies and significant events are detailed, including joint ventures, asset sales, debt restructuring, and tax credit benefits - On March 31, 2025, Alcoa formed a joint venture for its San Ciprián operations with IGNIS Equity Holdings, SL (IGNIS EQT), with Alcoa retaining a **75% ownership** and continuing as the managing operator[24](index=24&type=chunk) - On July 1, 2025, Alcoa completed the sale of its **25.1% interest** in the Saudi Arabia joint venture to Ma'aden for total consideration of **$1.35 billion**, expecting to recognize a gain of approximately **$780 million** in Q3 2025[30](index=30&type=chunk) - In March 2025, a subsidiary issued **$1 billion** in new senior notes due 2030 and 2032, using the proceeds to tender for and extinguish a significant portion of its existing 2027 and 2028 notes, resulting in a **$12 million** debt settlement expense[63](index=63&type=chunk)[68](index=68&type=chunk) - The company recorded benefits related to the Section 45X Advanced Manufacturing Tax Credit of **$17 million** in Q2 2025 and **$31 million** in H1 2025, related to its Massena West and Warrick smelters[101](index=101&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strategic actions, operational challenges like tariffs, and financial performance, highlighting sequential Q2 net income decrease but strong H1 year-over-year improvement and liquidity [Business Update](index=38&type=section&id=Business%20Update) Strategic progress includes the Saudi JV sale and Australian tax ruling, while managing Canadian aluminum tariffs and resuming the San Ciprián smelter restart - The U.S. government imposed tariffs on Canadian aluminum imports, which increased to **50%** on June 4, 2025. Alcoa is mitigating the impact by redirecting some of its Canadian production to customers outside the U.S.[133](index=133&type=chunk)[134](index=134&type=chunk) - The restart of the San Ciprián smelter resumed on July 14, 2025, after being paused due to a widespread power outage in Spain. The restart is expected to be completed by **mid-2026**[135](index=135&type=chunk) - On July 1, 2025, Alcoa completed the sale of its **25.1% interest** in the Saudi Arabia joint venture to Ma'aden for **$1.35 billion** in stock and cash, expecting a gain of approximately **$780 million** in Q3 2025[138](index=138&type=chunk) - A favorable ruling was received from the Administrative Review Tribunal of Australia, resolving a tax dispute with the ATO. This will result in a net cash impact of approximately **$147 million** through June 2026 from a tax refund and payment of related accrued taxes[139](index=139&type=chunk)[141](index=141&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q2 2025 net income decreased sequentially due to lower prices and tariffs, but H1 2025 showed significant year-over-year improvement driven by higher metal prices and lower restructuring Selected Financial Performance | Metric | Q2 2025 | Q1 2025 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $3,018M | $3,369M | $6,387M | $5,505M | | **Net Income (Loss) Attributable to Alcoa** | $164M | $548M | $712M | $(232)M | | **Diluted EPS** | $0.62 | $2.07 | $2.69 | $(1.29) | - The sequential decrease in net income was primarily driven by lower average realized prices for alumina and aluminum, and tariffs on U.S. imports of aluminum from Canada[150](index=150&type=chunk)[152](index=152&type=chunk) - The year-over-year increase in net income was primarily driven by higher aluminum and alumina prices, lower intersegment profit elimination, and significantly lower restructuring charges (**$19 million** in H1 2025 vs. **$220 million** in H1 2024)[150](index=150&type=chunk)[158](index=158&type=chunk) [Segment Information](index=46&type=section&id=Segment%20Information) Alumina segment's Adjusted EBITDA significantly declined due to lower API, while Aluminum segment's EBITDA decreased, impacted by tariffs and LME prices Segment Adjusted EBITDA | Segment | Q2 2025 | Q1 2025 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Alumina** | $139M | $664M | $803M | $325M | | **Aluminum** | $97M | $134M | $231M | $283M | | **Total Segment Adjusted EBITDA** | $236M | $798M | $1,034M | $608M | - The Alumina segment's performance was heavily impacted by a **38% sequential decrease** in the average API to **$377 per metric ton**[168](index=168&type=chunk)[179](index=179&type=chunk) - The Aluminum segment incurred approximately **$115 million** in tariff costs in Q2 2025 on imports from Canada, a sequential increase of **$95 million**[183](index=183&type=chunk) [Liquidity and Capital Resources](index=52&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains adequate liquidity with strong cash from operations, a recent debt restructuring, and an undrawn revolving credit facility - Cash provided from operations was **$563 million** in H1 2025, compared to **$64 million** in H1 2024, driven by a **$774 million** favorable change in net income (excluding restructuring)[208](index=208&type=chunk)[217](index=217&type=chunk) - In March 2025, the company issued **$1 billion** in new senior notes and used the proceeds to repurchase **$890 million** of existing notes, extending its debt maturity profile[215](index=215&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk) - The company has a **$1.25 billion** revolving credit facility maturing in June 2027, which was undrawn as of June 30, 2025[222](index=222&type=chunk)[223](index=223&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposure remains materially unchanged since December 31, 2024, with details on derivative use for mitigation - Alcoa's exposure to market risk has not changed materially since December 31, 2024[236](index=236&type=chunk) [Item 4. Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2025[237](index=237&type=chunk) - No material changes were made to the company's internal control over financial reporting during Q2 2025[238](index=238&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with management expecting no material adverse effect on its financial position - The company is involved in various legal proceedings arising from the normal course of business[239](index=239&type=chunk) - Management does not expect the disposition of pending matters to have a material adverse effect on the company's financial position[239](index=239&type=chunk) [Item 1A. Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - The company refers to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for a full discussion of risk factors[242](index=242&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common stock repurchases occurred in Q2 2025, with **$500 million** remaining authorized under the July 2022 repurchase program - No shares of common stock were repurchased by the company during the second quarter of 2025[244](index=244&type=chunk) - As of the report date, **$500 million** remains authorized for repurchase under the July 2022 stock repurchase program[244](index=244&type=chunk) [Item 5. Other Information](index=58&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 trading arrangements during Q2 2025 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during Q2 2025[245](index=245&type=chunk) [Item 6. Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including required certifications and Inline XBRL data files - Lists required certifications by the CEO and CFO (Sections 31.1, 31.2, 32.1, 32.2) and XBRL data files as exhibits[248](index=248&type=chunk)

Report Information - Report Date: July 30, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The "anti-involution" logic has cooled down, and aluminum industry chain varieties have entered a shock consolidation phase. Shanghai Aluminum 2509 has a narrow range, closing down 0.22% at 20,605. The total open interest of the index has decreased by 12,072 to 615,012 lots, and the 08-09 premium is reported at 40; the AD-AL negative spread is reported at -510. Alumina has stopped falling, rising 1.01% to 3,307 compared to the previous day [8]. - Bauxite supply remains loose, and the impact of the rainy season in Guinea and mine rights suspension is expected to gradually appear in August. The ore price has stopped falling and recovered. The alumina futures-spot arbitrage window remains open, and the demand for delivery products supports the spot price. However, the short-term anti-involution trading has temporarily cooled down, and alumina is adjusting at a high level [8]. - In the cast aluminum sector, it is currently the off-season for the automotive industry. Demand has weakened, and the supply of scrap aluminum is short. Under the double weakness of supply and demand, cast aluminum continues to fluctuate in a range following Shanghai Aluminum, and the AD-AL maintains a low negative spread structure [8]. - At the electrolytic aluminum end, the domestic operating capacity remains at a high level, and the demand side in the off-season continues to be sluggish. The operating rate in the aluminum processing sector remains light. The absolute high price suppresses terminal consumption, while the aluminum smelting profit is high. One can appropriately participate in shorting at high levels [8]. Summary by Directory 1. Market Review and Operation Suggestions - Shanghai Aluminum 2509 closed down 0.22% at 20,605, with the index total open interest decreasing by 12,072 to 615,012 lots, and the 08-09 premium at 40; the AD-AL negative spread was -510. Alumina rose 1.01% to 3,307 [8]. - Bauxite supply is loose, and the impact of the rainy season in Guinea and mine rights suspension will gradually appear in August. The alumina futures-spot arbitrage window is open, but short-term anti-involution trading has cooled down [8]. - In the cast aluminum sector, it is the off-season for the automotive industry, with weak demand and short scrap aluminum supply. Cast aluminum follows Shanghai Aluminum in a range, and the AD-AL maintains a low negative spread [8]. - Domestic electrolytic aluminum operating capacity is high, demand is sluggish in the off-season, and the operating rate in the aluminum processing sector is light. High prices suppress consumption, while smelting profit is high, and one can short at high levels [8]. 2. Industry News - Ghana has canceled a $1.2 billion bauxite agreement with Rocksure International and is seeking cooperation with a large overseas company. Ghana has about 900 million tons of bauxite, and the canceled agreement covered a mine with about 376 million tons of bauxite [9]. - In June 2025, China's primary aluminum imports were about 192,400 tons, a month-on-month decrease of 13.8% and a year-on-year increase of 58.7%. From January to June, the cumulative import volume was about 1.2499 million tons, a year-on-year increase of 2.5%. In June, exports were about 19,600 tons, a month-on-month decrease of 39.5% and a year-on-year increase of 179.4%. From January to June, the cumulative export volume was about 86,600 tons, a year-on-year increase of about 206.6%. In June, the net import was 172,700 tons, a month-on-month decrease of 9.4% and a year-on-year increase of 51.3%. From January to June, the cumulative net import was about 1.1633 million tons, a year-on-year decrease of 2.3% [10]. - Guinea has revoked the exploration and mining licenses of 45 mining companies, including six bauxite enterprises. These are long-idle mine rights, and the government aims to improve the transparency and standardization of mineral resource management [10]. - Alcoa expects its San Ciprián aluminum smelter in Spain to restart in mid-2026, with an expected loss of up to $110 million. The restart was postponed due to a nationwide power outage in April, and it has now resumed after consultations with the government [10].