CHALCO(SH:601600) BOHAI SECURITIES·2025-05-07 01:30Macro and Strategy Research - In Q1 2025, the overall A-share market showed a significant improvement in net profit margin, with a year-on-year growth of 3.7% in net profit, reversing from negative growth in the previous quarter [2] - The revenue growth rate for the overall A-share market declined by 0.2% year-on-year, a decrease of 1.7 percentage points compared to Q4 2024 [2] - The performance across different sectors varied, with only the main board experiencing a revenue decline, while net profit growth improved across all sectors [2][3] Industry Research - In Q1 2025, upstream resource sectors saw a decline in net profit growth, while midstream materials showed marginal improvement [3] - The prices of non-ferrous metals like copper and tin increased significantly, supporting the net profit growth in the non-ferrous metal industry [3] - The coal and petrochemical sectors experienced a decline in net profit growth due to price pressures, while the steel and construction materials sectors benefited from lower raw material and energy costs [3] - The consumer sector showed notable improvement, particularly in the social services industry, which saw a significant recovery in net profit growth due to enhanced consumption policies [3] Company Research - China Aluminum (601600) reported a revenue of 55.784 billion yuan in Q1 2025, a year-on-year increase of 13.95%, and a net profit of 3.538 billion yuan, up 58.78% [14] - The increase in production and prices of aluminum and alumina products contributed to the company's strong performance [14][17] - The controlling shareholder, China Aluminum Group, announced a plan to increase its stake in the company, reflecting confidence in its future development [17]