Core Viewpoint - Nanshan Aluminum International (600219) has seen a stock price increase of over 4%, currently trading at 43.88 HKD, driven by positive developments in its operations in Indonesia [1] Group 1: Company Performance - Nanshan Aluminum International reported a revenue of 597 million USD for the first half of the year, representing a year-on-year increase of 41% [1] - The company's net profit attributable to shareholders reached 248 million USD, marking a significant year-on-year increase of 124.19% [1] - The company has announced its first interim dividend of 0.65 HKD per share, with a payout ratio of approximately 20% due to its strong financial position [1] Group 2: Market Position and Expansion - Following the commissioning of its second-phase production capacity, Nanshan Aluminum International is set to become the largest alumina producer in Southeast Asia, enhancing its market influence in the region [1] - The recent visit by the Chinese ambassador to Indonesia highlights the company's commitment to safe and harmonious production practices in its Bintan Industrial Park [1]

Core Viewpoint - The aluminum oxide futures market is experiencing fluctuations with a slight increase in prices, but the overall supply-demand dynamics suggest a potential oversupply situation in the medium term [1][3][4]. Market Performance - As of July 4, 2025, the main aluminum oxide futures contract closed at 3024 CNY/ton, with a weekly price change of 1.54% [1]. - The weekly trading range was between 2980 CNY/ton and 3083 CNY/ton, with a decrease in open interest by 21,409 contracts compared to the previous week [1]. Inventory and Production - Domestic aluminum oxide inventory at ports reached 43,000 tons, an increase of 17,400 tons from the previous week [2]. - The total built capacity for metallurgical-grade aluminum oxide in the country is 110.82 million tons/year, with an operational capacity of 88.63 million tons/year, and the weekly operating rate decreased by 0.31 percentage points to 79.97% [2]. Institutional Insights - According to Xinyi Futures, the macroeconomic environment shows mixed signals, with concerns about ore disturbances persisting, but domestic bauxite inventory remains high, limiting short-term supply tightness [3]. - The overall aluminum oxide production capacity is still increasing, while downstream demand is not expected to grow significantly, leading to a challenging oversupply scenario [3]. - Newhu Futures indicates that the downstream electrolytic aluminum plants are cautious about purchasing due to expectations of price declines, while aluminum oxide producers are maintaining stable prices without inventory pressure [4]. Future Outlook - The short-term outlook for aluminum oxide production capacity is stable, with slight increases in consumption, but the overall market remains in a state of supply abundance [4]. - There are plans for new production capacity in the future, and previously shut-down capacities may resume, reinforcing the expectation of oversupply in the medium term [4].