香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 公 告 關連交易 成立合資公司 董 事 會 謹 此 宣 佈，於2025年10月24日，中 鋁 集 團、本 公 司、雲 南 銅 業、 馳 宏 鋅 鍺 及 中 鋁 資 本 訂 立 出 資 協 議，據 此，各 方 同 意 共 同 出 資 設 立 合 資 公 司。合 資 公 司 成 立 後，中 鋁 集 團、本 公 司、雲 南 銅 業、馳 宏 鋅 鍺 及 中鋁資本將分別持有合資公司25%、20%、20%、20%及15%的 股 權，合 資 公 司 將 不 會 成 為 本 公 司 之 附 屬 公 司，其 財 務 業 績 亦 不 會 合 併 到 本 公 司 賬 目 中。 於 本 公 告 日 期，中 鋁 集 團 為 本 公 司 的 控 股 股 東，雲 南 銅 業、馳 宏 鋅 鍺 及 中 鋁 資 本 為 中 鋁 集 團 的 附 屬 公 司。因 此，中 鋁 ...

Market Overview - A-shares showed strong upward movement, with the Shanghai Composite Index approaching 4000 points, while the Hang Seng Index rose by 0.74% [1] - The 90-day tariff truce between China and the U.S. is set to end on November 9, with critical trade talks scheduled from October 24 to 27 in Malaysia [1] - The outcome of these negotiations will significantly influence the potential for a meeting between the Chinese and U.S. leaders during the APEC conference [1] Economic Growth and Policy Directions - The Chinese government aims for a compound annual GDP growth rate of over 4.7% over the next decade, targeting a per capita GDP level of a moderately developed country by 2035 [2] - The focus is on high-tech industries, with plans for the "new economy" to account for over 18% of GDP by 2024, emphasizing the development of advanced algorithms and high-performance chips [2] Semiconductor Sector - Companies like Huahong Semiconductor and SMIC saw significant stock price increases due to their high exposure to the semiconductor market, with Huahong rising over 13% [3] - The U.S. semiconductor equipment manufacturer Applied Materials plans to cut 4% of its global workforce, indicating challenges in the sector [3] AI and Autonomous Driving - NVIDIA announced a partnership with Uber to develop autonomous driving technology, which positively impacted Uber's stock price [4] - Companies involved in AI and advanced manufacturing, such as Black Sesame Technologies, also experienced stock price increases [4] Agricultural and Infrastructure Development - The modernization of agriculture and rural areas is highlighted as a priority, with significant investment needs projected for underground pipeline construction [5] - China Liansu, a key player in plastic pipes, is expected to benefit from this infrastructure push, with its stock rising over 8% [6] Aerospace and Commercial Space - The recent emphasis on becoming a "space power" in China's policy indicates a growing focus on commercial space development, with increased competition with the U.S. [7] - Companies involved in aerospace, such as Interstellar Aerospace Technology and Asia-Pacific Satellite, are positioned to benefit from this trend [8] Company Performance - Jinli Permanent Magnet reported a significant increase in revenue and net profit, driven by strong demand in the electric vehicle and energy-efficient air conditioning sectors [9] - The company is expanding its production capacity and is well-positioned to benefit from rising rare earth material prices [9]

Core Viewpoint - The A-share market experienced a significant rebound, with the Shanghai Composite Index reaching a 10-year high, driven by the strong performance of the non-ferrous metals sector, particularly highlighted by the performance of Luoyang Molybdenum Co., Ltd. [1][4] Company Summary - Luoyang Molybdenum reported a net profit attributable to shareholders of 5.608 billion yuan for Q3, marking a year-on-year increase of 96.4%, while total revenue was 50.713 billion yuan, a decrease of 2.36% [1] - For the first three quarters, the company achieved a net profit of 14.28 billion yuan, up 72.61% year-on-year, with total revenue of 145.485 billion yuan, down 5.99% [1] - The company announced plans to invest 1.084 billion USD in the KFM Phase II project in the Democratic Republic of the Congo, expected to be completed by 2027, which will increase ore processing capacity by 7.26 million tons per year and add an average of 100,000 tons of copper metal annually [1] Industry Summary - The non-ferrous metals sector is experiencing a strong rebound, supported by macroeconomic policies and strategic resource positioning, despite recent fluctuations in gold and copper prices [4][5] - The sector is expected to benefit from a combination of supply-side constraints, new demand drivers, and a favorable economic cycle, with a focus on long-term investment opportunities [4][5] - The non-ferrous metals ETF (159652) has a high concentration of strategic metals, with a copper content of 33% and gold content of 14%, making it a leading choice in the sector [6][7] - The ETF has shown superior performance with a cumulative return of 116.5% since 2022, driven by profit growth rather than valuation expansion, indicating a strong earnings-driven growth phase [8][11]

股票代码：601600 股票简称：中国铝业 公告编号：临 2025-057 中国铝业股份有限公司 关于拟参股设立合资公司暨关联交易的进展公告 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个别及连带责任。 中国铝业股份有限公司（以下简称"公司"或"中国铝业"）于 2025 年 8 月 27 日召开的第九届董事会第四次会议审议批准了《关于公司拟参股设立合资公司的议 案》，同意公司与控股股东中国铝业集团有限公司（以下简称"中铝集团"）及其附 属公司云南铜业股份有限公司（以下简称"云南铜业"）、云南驰宏锌锗股份有限公 司（以下简称"驰宏锌锗"）、中铝资本控股有限公司（以下简称"中铝资本"）共同 出资设立合资公司，其中，公司拟以货币资金及实物资产出资人民币 3 亿元，持有 合资公司 20%的股权。有关前述事项详情，请见公司于 2025 年 8 月 28 日披露的《中 国铝业股份有限公司关于拟参股设立合资公司暨关联交易的公告》（公告编号：临 2025-053）。 2025 年 10 月 24 日，公司与中铝集团、云南铜业、驰宏锌锗及中铝资本就上述 ...

Core Viewpoint - Yunnan Chihong Zinc & Germanium Co., Ltd. has approved a proposal to establish a joint venture with related parties to extend the rare metal industry chain [1] Group 1: Joint Venture Details - The company will collaborate with China Aluminum Group Co., Ltd., China Aluminum Corporation, Yunnan Copper Co., Ltd., and Chalco Capital Holdings Co., Ltd. to set up a joint venture [1] - The company will contribute a total of RMB 300 million, which includes 100% equity of Yunnan Chihong International Germanium Co., Ltd. and cash, to hold a 20% stake in the joint venture [1] - The formal signing of the investment agreement for the joint venture took place on October 24, 2025 [1]

Core Viewpoint - China Aluminum announced the establishment of a joint venture with several partners, focusing on high-purity gallium production, indicating a strategic move to enhance its capabilities in the semiconductor materials sector [1] Group 1: Joint Venture Details - The joint venture is tentatively named China Aluminum Qianxing (Chengdu) Technology Co., Ltd. with a registered capital of 1.5 billion yuan [1] - China Aluminum will contribute 300 million yuan, holding a 20% stake, by valuing its high-purity gallium production line as part of its investment, with the remaining amount to be supplemented in cash [1] - All parties are required to complete their capital contributions by December 31, 2025, and the asset evaluation for the high-purity gallium production line is currently in progress [1]

Core Viewpoint - The National Index of Free Cash Flow has shown positive performance, with the Free Cash Flow ETF (159201) experiencing significant inflows and growth in both share and asset size, indicating strong investor interest and confidence in the underlying assets [1][4]. Group 1: Performance Metrics - As of October 23, the Free Cash Flow ETF has achieved a net value increase of 20.82% over the past six months [4]. - The ETF's highest single-month return since inception was 7%, with a maximum consecutive monthly gain of 18.05% [4]. - The ETF has a monthly profit percentage of 85.71% and a historical six-month holding profit probability of 100% [4]. Group 2: Fund Inflows and Size - The Free Cash Flow ETF has seen continuous net inflows over the past eight days, totaling 315 million yuan [1]. - The latest share count for the ETF reached 4.125 billion, marking a new high since its inception [1]. - The total asset size of the ETF is now 4.785 billion yuan, also a record high since inception [1]. Group 3: Risk and Return Analysis - The maximum drawdown for the ETF in the last six months was 3.65%, which is the lowest among comparable funds [4]. - The recovery time after drawdown was 35 days, indicating the fastest recovery among similar funds [4]. Group 4: Fee Structure and Tracking Accuracy - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest in its category [4]. - The tracking error over the past three months is 0.061%, demonstrating the highest tracking precision among comparable funds [4]. Group 5: Top Holdings - As of September 30, the top ten weighted stocks in the National Index of Free Cash Flow accounted for 54.91% of the index, with notable companies including China National Offshore Oil Corporation and SAIC Motor [5].

Group 1 - The market is experiencing short-term fluctuations, but the long-term trend remains a slow bull market. Dividend and technology assets are expected to yield excess returns in the long run, with a barbell strategy gaining attention [1] - The Shanghai Stock Exchange 180 Index (000010) is structured with 90% dividend and 10% technology assets, making it a good choice for equity market allocation. This index benefits from both dividend stability and the growth potential of technology [1] - As of October 24, 2025, the Shanghai 180 Index has increased by 0.51%, with notable gains in constituent stocks such as China Satellite Communications (6.51%) and Baofeng Energy (5.72%) [1] Group 2 - The Shanghai 180 ETF closely tracks the Shanghai 180 Index, which selects 180 large-cap, liquid securities from the Shanghai market, reflecting the overall performance of core listed companies [2] - As of September 30, 2025, the top ten weighted stocks in the Shanghai 180 Index include Kweichow Moutai (4.92%), Zijin Mining (2.96%), and China Ping An (2.75%), collectively accounting for 26.75% of the index [2]

Core Viewpoint - US stock markets saw all three major indices rise, with Chinese concept stocks increasing by 1.66% [1] Group 1: Market Performance - Hong Kong's three major indices opened higher, with the Hang Seng Index up by 0.81%, the National Index up by 0.86%, and the Hang Seng Tech Index up by 1.36% [1] - Large technology stocks experienced a broad increase, including Alibaba rising by 2%, Meituan by 1.3%, and Tencent, Baidu, JD.com, and Xiaomi each rising by approximately 1% [1] Group 2: Commodity and Sector Movements - Spot gold prices surpassed $4,140, leading to a collective rebound in gold stocks [1] - Non-ferrous metal stocks, including Luoyang Molybdenum rising over 4%, Jiangxi Copper increasing nearly 3%, and China Aluminum rising over 2%, also saw gains [1] - Semiconductor, robotics, and photovoltaic stocks experienced increases, while real estate and property management stocks mostly declined [1] Group 3: Notable Stock Movements - Wuzhou International's stock resumed trading with a significant opening increase of over 91% [1] - Apple-related stocks rebounded after previous declines [1]

个股方面，10月23日有1714只个股获融资净买入，净买入金额在3000万元以上的有115股。其中，17股 获融资净买入额超1亿元。胜宏科技获融资净买入额居首，净买入4.66亿元；融资净买入金额居前的还 有中芯国际、阳光电源、赣锋锂业、德明利、中际旭创、拓荆科技、中国铝业、同花顺等股。 Wind统计显示，10月23日，申万31个一级行业中有11个行业获融资净买入，其中，机械设备行业获融 资净买入额居首，当日净买入3.59亿元；获融资净买入的行业还有电力设备、煤炭、有色金属、电子、 计算机等。 ...