格隆汇10月15日丨中国铝业(02600.HK)宣布，本公司将于2025年10月27日（星期一）召开董事会会议， 藉以（其中包括）审议及批准本公司及其附属公司截至2025年9月30日止三个月期间的未经审计季度业 绩。 ...

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分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。 董事會召開日期 中 國 鋁 業 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈 本 公 司 將 於2025年10月27日（星 期 一）召 開 董 事 會 會 議，藉 以（其 中 包 括）審 議 及 批 准本公司及其附屬公司截至2025年9月30日止三個月期間之未經審計季 度 業 績。 承董事會命 葛小雷 公司秘書 中國‧北京 2025年10月15日 於 本 公 告 刊 發 日 期，董 事 會 成 員 包 括 執 行 董 事 何 文 建 先 生、毛 世 清 先 生 及 蔣 濤 先 生，非 執 行 董 事 李 謝 華 先 生 及 江 皓 先 生，獨 立 非 執 行 董 事 余 勁 松 先 生、陳 遠 秀 女 士 及 李 小 斌 先 生。 * 僅供識別 中國鋁業股份有限公司 ...

Core Insights - The China Central Enterprise Innovation Driven Index increased by 0.18% as of October 15, 2025, with notable stock performances from China Nuclear Engineering (up 8.36%) and Southern Power Technology (up 5.51%) [3] - The Central Enterprise Innovation Driven ETF (515900) rose by 0.25%, with a latest price of 1.59 yuan, and a cumulative increase of 1.66% over the past week [3] - China Unicom has officially received approval to conduct commercial trials for eSIM mobile services [3] - The Ministry of Transport has implemented special port fees for American vessels as a countermeasure to unilateral trade actions by the U.S., aimed at protecting China's shipping industry [3] Market Performance - The Central Enterprise Innovation Driven ETF saw a turnover of 0.36% during trading, with a transaction volume of 12.73 million yuan [3] - Over the past year, the ETF has an average daily transaction volume of 20.67 million yuan, ranking first among comparable funds [3] - The ETF's scale increased by 27.31 million yuan over the past month, placing it in the top quarter of comparable funds [4] Index Composition - The Central Enterprise Innovation Driven Index evaluates the innovation and profitability quality of state-owned enterprises, selecting 100 representative listed companies [4] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 36.04% of the total, including China Shipbuilding, Hikvision, and China United Network Communications [4]

Core Viewpoint - The article discusses the performance and metrics of the CSI All Index Free Cash Flow ETF (932365) and its underlying index, highlighting recent trends in stock performance, liquidity, and fund inflows. Group 1: Fund Performance - As of October 14, 2025, the Free Cash Flow ETF has achieved a maximum monthly return of 7.80% since its inception, with the longest consecutive monthly gain being 4 months and a total increase of 12.71% [2] - The fund has a historical monthly profit probability of 89.47%, with a 100% probability of profit over a 3-month holding period [2] - The maximum drawdown since inception is 3.76%, with a relative benchmark drawdown of 0.49% [2] Group 2: Fund Metrics - The Free Cash Flow ETF fund has a management fee of 0.50% and a custody fee of 0.10% [3] - The fund closely tracks the CSI All Index Free Cash Flow Index, which includes 100 listed companies with high free cash flow rates [3] - As of September 30, 2025, the top ten weighted stocks in the index account for 56.31% of the total index weight, with notable companies including China National Offshore Oil Corporation and Midea Group [3][5] Group 3: Liquidity and Inflows - The Free Cash Flow ETF has seen continuous net inflows for 26 days, with a maximum single-day net inflow of 19.19 million yuan, totaling 175 million yuan in net inflows [1] - The fund's latest scale reached 281 million yuan, marking a 3-month high, with the latest share count at 246 million shares [1] - The fund's average daily trading volume over the past year is 21.83 million yuan, with a turnover rate of 1.09% on the latest trading day [1]

Core Viewpoint - The rare earth industry is experiencing fluctuations in stock performance, with notable movements in the China Rare Earth Industry Index and the performance of key ETFs, indicating a dynamic market environment influenced by supply and demand factors [1][4][5]. Group 1: Market Performance - As of October 15, 2025, the China Rare Earth Industry Index decreased by 1.67%, with mixed performance among constituent stocks [1]. - Shenghe Resources led the gains with a rise of 7.12%, while Northern Rare Earth saw a decline of 5.65% [1][7]. - The rare earth ETF, Jiashi, experienced a recent adjustment but had a cumulative increase of 7.97% over the past week as of October 14, 2025 [1]. Group 2: ETF Activity - The Jiashi Rare Earth ETF recorded a turnover rate of 15.94% and a trading volume of 1.458 billion yuan, indicating active market participation [4]. - The ETF's latest scale reached 9.091 billion yuan, marking a new high since its inception and ranking first among comparable funds [4]. - Over the past three months, the Jiashi ETF saw a significant increase of 26.03 million shares, also leading in new share issuance among comparable funds [4]. Group 3: Import and Export Trends - From January to August 2025, China's rare earth imports totaled 72,000 tons, reflecting a year-on-year decline of 21.4%, while exports increased by 14.5% to 44,400 tons [5]. - The report from Debang Securities highlights the strategic importance of rare earths in high-end manufacturing and emerging industries, emphasizing the dual resonance of supply and demand [5]. Group 4: Key Stocks and Weightings - The top ten weighted stocks in the China Rare Earth Industry Index accounted for 61.96% of the index, with Northern Rare Earth and Wolong Electric Drive being significant players [4][7]. - The performance of these stocks varied, with some experiencing declines while others, like Shenghe Resources, showed positive growth [7].

Core Insights - Thermal CTP plates are becoming the mainstream choice in the printing industry due to their efficiency and environmental benefits, gradually replacing traditional PS plates [1][10] - The market for thermal CTP plates in China is projected to grow from 2.79 billion yuan in 2015 to 4.176 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.58% [1][11] - The demand for thermal CTP plates is driven by advancements in printing technology and increasing environmental regulations globally [1][10] Industry Overview - CTP plates are used in computer direct plate-making technology, with thermal CTP plates being the most mature and stable type available [2] - The thermal CTP plate industry is characterized by a robust supply chain, including raw materials like aluminum and photosensitive materials, manufacturing processes, and diverse application fields [7][8] Market Dynamics - The production volume of thermal CTP plates in China is expected to increase from 25.95 million square meters in 2016 to 30.87 million square meters in 2024, with a CAGR of 2.19% [10] - The demand for thermal CTP plates is anticipated to rise from 18.86 million square meters in 2016 to 23.45 million square meters in 2024, with a CAGR of 2.76% [10] Application Segments - The primary application areas for thermal CTP plates include commercial printing (43.52%), packaging printing (24.38%), and book printing (15.04%), collectively accounting for over 80% of the market [8] Competitive Landscape - The thermal CTP plate market in China features a diverse competitive landscape with both international players like Kodak and Fujifilm, and domestic companies such as Aisike, Huitong, and Chengde Tiancai [11] - Aisike Technology Co., Ltd. is a notable player, focusing on industrial printing products and achieving significant sales in high-end CTP machines [11][12] Future Trends - The industry is expected to move towards higher efficiency, with a focus on automation and integration in the production process [14] - Environmental sustainability will drive the development of thermal CTP plates, emphasizing the use of green materials and clean processes [14] - Digital integration will enhance the workflow in printing, making thermal CTP plates a key component in smart manufacturing [15]

Macroeconomic and Strategy Research - In September 2025, China's exports increased by 8.3% year-on-year, exceeding market expectations of 6.6%, while imports rose by 7.4%, also surpassing expectations of 1.8% [3][4] - The trade surplus for September was $90.447 billion, down from $102.329 billion in the previous month [3] - The export growth was primarily driven by low base effects from the previous year, with significant increases in exports to the EU, Africa, and Latin America, while exports to the US continued to decline by 27.0% [3] - The import growth was led by electromechanical and high-tech products, contributing over 8.5 percentage points to the overall growth [4] - Future export growth is expected to moderate, with a projected year-on-year growth of 5.6% for the entire year, despite potential pressures from high base effects in the fourth quarter [4] Fixed Income Research - In September 2025, the overall issuance guidance rates for credit bonds increased by 0 to 10 basis points, with a rise in the issuance scale of corporate bonds and short-term financing bonds [5][7] - The net financing amount for credit bonds increased, with a notable rise in the trading volume in the secondary market [7] - The credit spread showed divergence, with short-end spreads narrowing and mid-to-long-end spreads widening, indicating a potential for better value in high-grade long bonds [7] - The report suggests a positive outlook for credit bonds, with a recommendation to increase allocations during market adjustments [7] Fund Research - The equity market saw most major indices rise, with the largest increase in the CSI 500, which rose by 2.17% [10] - In the public fund market, the total scale of ETFs reached a historical high, with significant net inflows of 77.502 billion yuan [11] - The average return for equity funds was 4.89%, while fixed income plus funds saw a modest increase of 0.45% [11] - The report indicates a shift in active equity fund positions, with increased allocations to non-bank financials and power equipment [11] Company Research - The company reported a revenue of 3.86 billion yuan for the first three quarters of 2025, a year-on-year increase of 21.05%, with a net profit of 333 million yuan, up 18.21% [13][14] - In Q3 2025, the company achieved a revenue of 1.428 billion yuan, a 15.86% increase year-on-year, although net profit decreased by 6.64% due to high base effects from the previous year [14] - The company has focused on enhancing its brand presence and product innovation, with successful launches in both domestic and international markets [16] - The company is projected to have an EPS of 1.53 yuan, 1.82 yuan, and 2.20 yuan for 2025-2027, maintaining a "buy" rating due to its leading position in the pet food industry [16] Industry Research - The metal industry is experiencing a lack of momentum in September, with expectations for demand recovery in October, particularly in steel and copper [18][19] - Steel demand is anticipated to rebound due to increased outdoor construction activities, while copper prices may remain high due to supply constraints [19][21] - The aluminum sector is expected to maintain profitability despite overcapacity, with potential price support from improved demand [19] - The report highlights the strategic importance of rare earths, with export controls potentially impacting prices and demand [20][22]

Core Viewpoint - The company has established a dynamic cost control system through long-term process optimization and supply chain management, allowing it to maintain reasonable profit margins despite the significant decline in alumina prices [1]. Group 1: Financial Performance - The company experienced a substantial increase in net profit last year due to a significant rise in alumina prices [1]. - There are concerns regarding potential declines in net profit due to the current drop in alumina prices [1]. Group 2: Cost Management - The company emphasizes its commitment to strict cost control in response to market changes [1]. - The dynamic cost control system is designed to ensure profitability even in varying alumina price conditions [1].

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, suggesting a focus on "resources + growth" investment opportunities following the recent interest rate cuts by the Federal Reserve [5]. Core Insights - The non-ferrous metals industry index rose by 11.89% over the past two weeks, significantly outperforming the CSI 300 index, ranking first among 31 primary industries [2][12]. - Precious metals continue to show strength, with gold prices reaching $4,035.50 per ounce, up 6.48% in two weeks, and year-to-date gains of 51.07% [3][21]. - The report highlights the impact of geopolitical factors and supply chain dynamics, particularly the recent export control measures on rare earth elements by the Chinese government, which are expected to influence market conditions [4][46]. Summary by Sections 1. Market Review (2025.9.29-2025.10.10) - The non-ferrous metals industry index increased by 11.89%, with energy metals up 12.75% and industrial metals up 13.34% [12][20]. 2. Precious Metals - Gold and silver prices have shown significant increases, with gold up 6.48% and silver up 2.48% over the past two weeks [3][21]. - The report suggests focusing on companies like Shandong Gold and Zhongjin Gold due to their strong performance in the precious metals sector [21][24]. 3. Industrial Metals - Copper prices rose to $10,735 per ton, up 6.02% in two weeks, driven by supply disruptions from the Grasberg mine in Indonesia [28]. - Companies such as Zijin Mining and Jiangxi Copper are highlighted as key players to watch in this sector [28]. 4. Minor Metals - Tungsten prices have seen a slight decline, while tin prices have increased by 2.72% over the past two weeks [36]. - The report emphasizes the strategic importance of tungsten and suggests monitoring companies like Xiamen Tungsten and Huaxiang Nonferrous Metals [36]. 5. Rare Earths - The rare earth price index decreased by 0.81% recently, influenced by new export control policies from the Chinese government [46]. - Companies such as China Rare Earth and Northern Rare Earth are recommended for investment consideration [46]. 6. Energy Metals - Cobalt prices surged, with electrolytic cobalt averaging 349,500 yuan per ton, up 12.74% in two weeks [52]. - The report suggests focusing on companies involved in cobalt production due to the strong price performance [52].

Market Overview - The Shanghai Composite Index fell by 0.62% on October 14, with 11 sectors experiencing gains, led by the banking and coal industries, which rose by 2.51% and 2.18% respectively [1] - The sectors that saw the largest declines were telecommunications and electronics, with drops of 4.98% and 4.64% respectively [1] - The non-ferrous metals sector ranked third in terms of decline for the day [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 93.616 billion yuan, with 8 sectors experiencing net inflows [1] - The banking sector had the highest net inflow, amounting to 1.725 billion yuan, contributing to its 2.51% increase [1] - The food and beverage sector also saw a positive performance with a 1.69% increase and a net inflow of 1.174 billion yuan [1] Non-Ferrous Metals Sector Performance - The non-ferrous metals sector declined by 3.66%, with a total net capital outflow of 1.3214 billion yuan [2] - Out of 137 stocks in this sector, 23 stocks increased in value, with 3 hitting the daily limit up, while 112 stocks declined [2] - The top three stocks with the highest net inflow were China Aluminum (2.91 billion yuan), Chuangjiang New Material (1.63 billion yuan), and Huayu Mining (1.58 billion yuan) [2] Non-Ferrous Metals Capital Outflow - The stocks with the largest capital outflows included Northern Rare Earth (-1.61%), Huayou Cobalt (-7.53%), and Zijin Mining (-5.75%) [4] - Northern Rare Earth had the highest outflow at 1.8743 billion yuan, followed by Huayou Cobalt at 1.1217 billion yuan and Zijin Mining at 1.1039 billion yuan [4]