证券代码：000933 证券简称：神火股份 河南神火煤电股份有限公司 投资者关系活动记录表 编号：2025-002 投资者 关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单 位名称 及人员 姓名 东方财富：王涛 东方财富：魏河城 景林资产：周茜 时间 2025 年 5 月 16 日 9:00-11:00 地点 河南神火煤电股份有限公司本部七楼第二会议室 公司接 待人员 姓名 董事会秘书：李元勋 证券事务代表：肖雷 投资者 关系活 动主要 内容介 绍 1.是否有氧化铝板块布局的考虑，如何应对相关成本波动的风险？ 答：在当前市场情况下，电解铝供给侧结构性改革对电解铝行业产能有了"天 花板"的限制，而氧化铝供应仍在持续增加；氧化铝的核心问题在于铝土矿 资源，公司如果布局氧化铝，将从矿石端进行综合研判，有较为合适的铝土 矿资源也可以考虑。公司目前通过合资持有部分氧化铝权益产能，今后将通 过及时把握供需变动、稳定供应渠道、适时开展战略采购等途径降低成本波 动风险。 2.公司对压降负债的规划。 答：202 ...

转自：前瞻产业研究院 行业主要上市公司：中国铝业(SH:601600)、南山铝业(SH:600219)、云铝股份(SZ:000807)、神火股份 (SZ:000933)、明泰铝业(SH:601677)、中孚实业(SH:600595)、新疆众和(SH:600888)、豪美新材 (SZ:002988)、亚太科技(SZ:002540)、天山铝业(SZ:002532)等 本文核心数据：中国铝型材进出口金额;中国铝型材进出口量;中国铝型材进出口均价 1、铝型材行业进出口总况 3、铝型材出口情况 2015-2024年，中国铝型材行业进出口总额和贸易顺差总体呈先降后升趋势。2024年，中国铝型材行业 进出口总额达到40.8亿美元，同比上涨9.53%;实现贸易顺差35.2亿美元，同比增长10.87%。2025年1-3 月，铝型材行业贸易规模已有6.83亿美元，贸易顺差5.59亿美元。 2、铝型材进口情况 根据中国海关总署统计，2015-2023年，我国铝型材进口数量整体呈波动降低趋势，2024年进口量略有 回升。2024年我国铝型材进口数量为4.29万吨，同比增长28.83%。2025年截至3月，我国铝型材进口数 量为0.6 ...

Report Summary 1. Industry Investment Rating No information provided. 2. Core Viewpoints - With China's electrolytic aluminum operating capacity approaching the upper limit of 45 million tons, overseas electrolytic aluminum supply has become the main variable in global supply. The report aims to analyze the operating conditions of major overseas aluminum smelting enterprises and predict the supply trend [2][4]. - Overseas electrolytic aluminum supply is highly concentrated and mainly located in regions rich in energy resources. Currently, with sufficient energy supply and an improved aluminum market, the overall overseas electrolytic aluminum operating rate is rising. However, due to the high capacity utilization rate, the production increase from capacity expansion is limited. Existing capacity increments may come from Europe, North America, Latin America, and Africa. In terms of new capacity, the Middle East, India, and Indonesia in Southeast Asia have clear and large - scale expansion plans, which are expected to be important sources of overseas electrolytic aluminum supply growth [2][34]. 3. Company - Specific Summaries 3.1 Rusal - Rusal is a leading global aluminum company, ranking third in global aluminum smelting production in 2024 with an output of nearly 4 million tons, accounting for about 5.5% of the global total [5]. - Its smelting plants are mainly in Russia (Siberia and Ural regions) and overseas. In 2024, its existing aluminum plants had an operating capacity of 42.05 million tons with a utilization rate of 95%, leaving limited room for further improvement [6][7]. - In 2024, Asia was its largest sales market, accounting for 42.9%. Due to sanctions from Europe and the United States, it sold more aluminum ingots to Asia, especially China, where its revenue from China accounted for 30.7% in 2024, up from 6.4% in 2021 [12]. 3.2 Rio Tinto - Rio Tinto is a leading global mining and metal company and one of the top ten global aluminum producers, with a complete industrial chain from bauxite mining to electrolytic aluminum smelting [14]. - Its electrolytic aluminum plants are mainly in Australia, Canada, Iceland, New Zealand, and Oman, mostly using hydropower. In 2025, its planned production is basically the same as in 2024 (equity production of about 3.3 million tons). It is also promoting the expansion of the Arvida AP60 project in Canada, which will add 160,000 tons of capacity and is planned to be put into operation in the first half of 2026 [15][16]. 3.3 Emirates Global Aluminium (EGA) - EGA is the largest aluminum company in the Middle East and one of the top ten global electrolytic aluminum producers. In 2024, it produced 2.69 million tons of electrolytic aluminum with relatively stable production [17][20]. 3.4 Vedanta Resources - Vedanta Aluminium, a subsidiary of Vedanta Resources in India, is the largest aluminum producer in India and one of the top ten global electrolytic aluminum producers. In 2024, its total output was 2.417 million tons, a 2.4% increase from 2023. In 2025 Q1, its aluminum production remained stable. It is promoting the expansion of the Balco aluminum plant (adding about 410,000 tons of capacity), planned to be put into operation in the 2025 - 2026 fiscal year, with a long - term plan to increase annual capacity to 3 million tons [21]. 3.5 Alcoa - Alcoa is a leading global aluminum company with a wide - ranging business. In 2024, its electrolytic aluminum output was about 2.215 million tons, and in Q1 2025, it was about 564,000 tons. In 2025, with the further increase in the smelting plant operating rate, it plans to produce 2.3 - 2.5 million tons of electrolytic aluminum [22][24]. 3.6 Hydro - Hydro is the largest comprehensive aluminum group in Europe and a global leader, focusing on low - carbon hydropower aluminum. In 2024, its production at various plants showed different levels of output, with the Slovalco plant in Slovakia having no electrolytic aluminum output [25][28]. 3.7 Alba - Alba is a leading global aluminum smelting enterprise. In 2024, its output was 1.622 million tons, higher than in 2023. In Q1 2025, its output was 397,000 tons, with a slight decline. It is now aiming to increase capacity by renovating old production lines and installing new electrolytic cells [29]. 3.8 Hindalco - Hindalco is a comprehensive aluminum company in India and one of the lowest - cost aluminum producers globally. In 2024, it produced 1.327 million tons of electrolytic aluminum. It announced an investment plan in the 2024 fiscal year general meeting to expand its aluminum and copper smelting capacity, including expanding the Aditya aluminum smelting capacity by about 200,000 tons [30]. 3.9 South32 - South32 is a global mining and metal enterprise. Its electrolytic aluminum business is mainly in Brazil, South Africa, and Mozambique. In 2024, its production at different plants varied, with the Alumar plant in Brazil having an output of 118,000 tons (40% stake), the Hillside plant in South Africa having an output of 723,000 tons, and the Mozal plant in Mozambique having an output of 326,000 tons (63.7% stake) [31]. 3.10 Press Metal - Press Metal is the largest integrated aluminum producer in Southeast Asia. Its aluminum smelting plants are in Malaysia, with an annual capacity of about 1.08 million tons, all powered by hydropower, making it an important provider of low - carbon aluminum [32].

Group 1 - The core viewpoint indicates that the metal industry is expected to see steady profit growth in 2024 and the first quarter of 2025, with gold, rare earths, and copper leading the sectors, while industry valuations are low and dividend returns are improving [1] - The performance of the colored ETF and its constituent stocks, such as Zijin Mining and Shandong Gold, is positively influenced by the sentiment boost from the research report [1] - Recent US-China tariff negotiations have exceeded expectations, leading to a return to fundamentals for the colored sector, with tungsten prices rising due to quota reductions, while gold is under pressure from a decrease in safe-haven sentiment [1] Group 2 - The report from CITIC Securities suggests focusing on investment opportunities in gold, rare earths, copper, and aluminum due to favorable market conditions [1] - The analysis from Huachuang Securities highlights that the reform in the public fund industry may enhance the competitiveness of niche products, indirectly benefiting the ecosystem of thematic ETFs [1] - The performance of related stocks such as Jintian Copper and Zijin Mining is expected to be influenced by the anticipated benefits from the easing of export restrictions and rising overseas prices [1]

Core Viewpoint - The recent supply-side adjustments and maintenance in the alumina industry have provided a boost to the market, leading to a rebound in alumina prices, with the main contract surpassing the 3000 yuan mark, reaching a one-and-a-half-month high [2][4]. Supply-Side Dynamics - The Ministry of Industry and Information Technology and other departments have issued a plan for high-quality development in the aluminum industry, which includes no new capacity for electrolytic aluminum and alumina in key pollution prevention areas. However, some companies are reportedly circumventing these regulations by launching alumina projects under the guise of "hydroxide alumina" [4]. - Several alumina companies have begun maintenance and production cuts due to increasing losses, leading to a temporary decline in alumina output and supporting price rebounds. Notable production cuts include a major alumina plant in Shanxi and several plants in Shandong and Guizhou, collectively affecting around 300,000 tons of capacity [5][6]. Inventory and Cost Trends - Recent fluctuations in production have led to a decrease in alumina inventory, with total inventory reported at 3.891 million tons, down 55,000 tons from May 1 [7]. - The cost of alumina production is expected to decline due to falling prices of imported bauxite and caustic soda. The weighted average cost of alumina production in China was reported at 3033.4 yuan per ton, down approximately 125 yuan from the previous month [9][11]. Long-Term Outlook - Despite short-term price support from production cuts, the long-term outlook suggests that alumina supply may remain in surplus due to the potential recovery of previously cut capacities and new capacity releases. The industry is projected to add 2.6 million tons of new capacity in May alone [6][11]. - The demand for alumina may face limitations due to a hard cap on electrolytic aluminum production capacity, which is set at 45.5 million tons, restricting significant increases in alumina demand [6]. Market Sentiment - The alumina market is currently experiencing a rebound due to supply-side disruptions and maintenance, but the overall supply-demand balance remains precarious, with potential for continued oversupply in the future. Market participants are advised to monitor capacity release schedules, bauxite price changes, and demand performance closely [11][12].

摩根大通：预计2025年下半年铝价平均将达到2325美元/吨。 ...

公司报告 | 年报点评报告 电投能源（002128） 证券研究报告 24 年业绩稳定增长，关注各板块产能增长 事件：公司公布 2024 年报及 2025 年一季报，2024 年实现营业收入 298.59 亿元，同比增长 11.23%；实现归母净利润 53.42 亿元，同比增长 17.15%。 2025Q1 实现营业收入 75.37 亿元，同比增长 2.63%；实现归母净利润 15.59 亿元，同比降低 19.82%。 铝价同比提高，电解铝板块业绩修复 截至 2024 年底，公司拥有年产 86 万吨电解铝生产线，全年生产电解铝 90 万吨，同比提高 2.85%，2024 年国内铝价均值为 19922 元/吨，同比提高 6.53%，量价齐增带动电解铝板块业绩修复，2024 年公司电解铝板块实现 营业收入 156.63 亿元，同比提高 9.51%，实现毛利润 27.69 亿元，同比提 高 24.86%。截至 2025 年 5 月 13 日，国内铝价均值为 20272 元/吨，同比 提高 4.30%，公司电解铝板块业绩改善有望持续。 各板块产能增长空间显著，公司未来成长可期 煤炭方面，国电投集团承诺公司是国家电投集团 ...

Core Viewpoint - Aluminum pigments, also known as aluminum powder pigments, are essential additives in various industries due to their strong covering power, corrosion resistance, and high color saturation. The industry is characterized by a diverse range of products and applications, primarily in coatings, inks, and plastics [3][5]. Group 1: Classification of Aluminum Pigments - Aluminum pigments are classified based on surface modifiers into four categories: floating aluminum pigments, non-floating aluminum pigments, water-based aluminum pigments, and resin-coated aluminum pigments [2]. - The classification by particle size includes fine silver, fine flash silver, and coarse flash silver, with specific characteristics for each size range [2]. - The existence state classification includes aluminum silver powder, aluminum silver paste, vacuum aluminum suspension, and strip aluminum pigments, each with distinct production methods and applications [2]. Group 2: Industry Applications - The primary application of aluminum pigments is in the coatings industry, which accounts for approximately 85% of the demand. This includes automotive coatings, industrial protective coatings, architectural coatings, and powder coatings [5]. - Aluminum pigments are also utilized in various downstream sectors such as inks, plastics, and other products, serving industries like automotive manufacturing, 3C products, construction materials, and household appliances [3]. Group 3: Market Research and Future Outlook - The industry is under continuous observation, with reports such as the "2024-2030 China Aluminum Pigment Industry Market Panorama Monitoring and Investment Outlook Report" providing insights into market trends, competitive landscape, and key enterprises [7]. - The report aims to assist enterprises, research institutions, and investment organizations in understanding the development trends and future opportunities within the aluminum pigment industry [7].

证券代码：002996 证券简称：顺博合金 债券代码：127068 债券简称：顺博转债 重庆顺博铝合金股份有限公司投资者关系活动记录表 答：尊敬的投资者您好！作为再生铝行业的领军企业，公司凭借 深耕多年的技术积淀与创新实践，构建了覆盖全产业链的核心技术 体系。在再生铝领域，公司不仅作为国家标准《再生铸造铝合金原 料》（GB/T38472-2019）的制定单位彰显技术话语权，更通过持续的 技术突破形成了五大核心优势：智能分选预处理系统实现原料利用 率提升，低碳燃烧系统使能耗降低，余热循环达成热能回收，合金成 分精准调控技术突破，以及数字化品控平台实现产品质量提升。 问题三：高管您好，能否请您介绍一下本期行业整体和行业内其 他主要企业的业绩表现？谢谢。 答：尊敬的投资者您好！2025 年一季度公司实现营业收入 347,589.43 万元，同比增长 19.83%；归母净利润 11,662.67 万元， 同比增长 125.50%。感谢您对本行业的关注。 | 投资者关系 | 分析师会议 □特定对象调研 □ | | --- | --- | | 活动类别 | □ 媒体采访 √ 业绩说明会 | | | □ 新闻发布会 □ 路 ...

Core Viewpoint - The price of London aluminum has increased by 2.00%, currently reported at $2468.00 per ton [1] Group 1 - The increase in aluminum price indicates a positive market trend for the aluminum industry [1]