11月24日，电解铝企业创新实业正式登陆港股市场，上市首日创新实业大涨32.76%，而该股在昨日的 暗盘阶段上涨26.02%。目前创新实业总市值已逼近300亿港元。 值得注意的是，创新实业与A股公司创新新材为同一实际控制人——崔立新。同时，在上市前，创新实 业股份由崔立新100%控制，但本次创新实业的上市则吸引了一大批顶级投资机构参与基石投资，其中 高瓴资本本次投资超7亿港元。 发售价范围顶格定价 在23日晚间，创新实业披露的分配结果公告显示，本次创新实业的最终发售价是在10.18港元至10.99港 元范围中，取了最顶格的价格10.99港元。同时，募集资金净额也达到53.12亿港元。 在公开发售环节，本次创新实业一共获得了447.20倍的超额认购，这一认购倍数虽然不及此前一些新股 数千倍的超额认购，但仍然表现不错。 而在国际发售环节，本次创新实业一共获得了19.85倍的超额认购，机构相当于在抢着要份额。 那么创新实业到底是一家什么样的公司？ 在业绩方面，创新实业的收入由2022年的134.90亿元增加2.4%至2023年的138.15亿元，并由2023年的 138.15亿元增加9.8%至2024年的151.6 ...

Core Viewpoint - Innovation Industry is set to officially list on the Hong Kong stock market on November 24, following a successful dark market phase where its stock price increased by 26.02% [1][2]. Group 1: Company Overview - Innovation Industry is the twelfth largest electrolytic aluminum producer in China and focuses on the upstream aluminum industry, specifically alumina refining and electrolytic aluminum smelting [7][8]. - The company is controlled by Cui Lixin, who also controls the A-share company Innovation New Materials [4][15]. - The electrolytic aluminum production is highly energy-intensive, and Innovation Industry benefits from self-generated electricity and low power costs due to abundant resources in Inner Mongolia [8][9]. Group 2: Financial Performance - Revenue growth has been consistent, with total revenue increasing from RMB 134.90 billion in 2022 to RMB 138.15 billion in 2023, and projected to reach RMB 151.63 billion in 2024 [10][12]. - The net profit rose from RMB 9.13 billion in 2022 to RMB 10.81 billion in 2023, with a significant increase expected to RMB 26.30 billion in 2024 [12][10]. Group 3: Business Relationships - Innovation Industry has a close business relationship with Innovation New Materials, which is its largest customer, accounting for 78.8% of its revenue in 2023 [15][16]. - The company emphasizes that transactions with Innovation New Materials are conducted at fair market rates and do not indicate excessive reliance on related parties [16]. Group 4: Market Participation - The IPO attracted significant interest from top-tier investment institutions, including Hillhouse Capital, Jinglin, and China Hongqiao, indicating strong market confidence [18][19].

本文为节选内容 更多报告，关注公众号：矿产资源市场调研 铝产业链包括"铝土矿-氧化铝-电解铝-铝制品-再生铝"等几个环节。从开采得到的含铝矿石中制备得到氧化铝，然后以氧化铝、烧碱等为原料，用熔盐电解 的方式冶炼制取原铝（电解铝），再通过压延、挤压等方式进一步加工成铝带箔、铝型材、铝合金等产品，相关产品主要应用于建筑、交通、电力电子、耐 用消费品等下游行业。 铝土矿是生产氧化铝的核心要素，碱法是当前主流的工业化生产方式。铝土矿是一水软硬铝石及三水铝石为主的矿石，表现形态为高岭土、赤铁矿及石英 等，储量形态以红土型铝土矿为主。铝土矿下游需求的90%为生产氧化铝，而全球超过90%的氧化铝又以铝土矿作为生产原材料，因此铝土矿作为氧化铝必 备的生产要素具有显著的不可替代性。而生产方式上，铝土矿生产氧化铝大致可分为四类，分别是碱法、酸法、酸碱联合法和热法，其中碱法是当前主流的 氧化铝生产方式。所谓碱法生产就是用碱来分离铝土矿中的氧化铝（转变成铝酸钠溶液）及赤泥（铁、钛等不溶解化合物残渣），分解过后的铝酸钠溶液再 进行进一步的解析从而得到氢氧化铝，然后通过进一步的焙烧得到氧化铝产品。 全球铝土矿资源分布呈明显的区域性集中特 ...

Group 1 - The company plans to globally offer 500 million shares, with 50 million shares available in Hong Kong and 450 million shares internationally, along with an overallotment option of 75 million shares [1] - The subscription period is from November 14 to November 19, with a maximum offer price of HKD 10.99 per share and an entry fee of approximately HKD 5,550.42 for 500 shares [1] - The total expected fundraising amount is HKD 5.293 billion, with a net amount of HKD 5.113 billion, intended for expanding overseas capacity, green energy projects, working capital, and general corporate purposes [1] Group 2 - The company focuses on the upstream aluminum industry chain, specifically alumina refining and electrolytic aluminum smelting, which are the highest value-added segments according to CRU's report [2] - The company's net profits for the fiscal years ending December 31 are projected to be HKD 881 million for 2022, HKD 1.004 billion for 2023, and HKD 2.056 billion for 2024 [2]

公司聚焦于铝产业链上游中的氧化铝精炼和电解铝冶炼。铝产业链主要包括上游铝生产和下游铝合金加 工。上游铝生产主要包含三个阶段:铝土矿开采、氧化铝精炼和电解铝冶炼。根据CRU的报告，按照吨 铝附加值计算，精炼和冶炼是铝产业链中附加值最高的环节。 公司2022年度、2023年度、2024年度截至12月31日止，净利润分别为8.81亿元、10.04亿元、20.56亿 元。（数据宝） 公司引入HHLR Advisors, Ltd.、Glencore International AG、Mercuria Holdings (Singapore) Pte. Ltd.、泰康 人寿保险有限责任公司、中国宏桥集团有限公司等基石投资者，将以发售价共认购数量下限约2.48亿股 可购买发售的股份。 创新实业预计于2025年11月24日在主板上市，中国国际金融香港证券有限公司、华泰金融控股（香港） 有限公司为联席保荐人。 创新实业(02788.HK)发布公告，公司拟全球发售5.00亿股股份，其中香港发售股份5000.00万股，国际发 售股份4.50亿股，另有7500.00万股超额配股权。招股日期为11月14日至11月19日，最高发售价10 ...

格隆汇11月14日丨创新实业(02788.HK)发布公告，公司拟全球发售5亿股股份，中国香港发售股份5000 万股，国际发售股份4.5亿股(以上可予重新分配及视乎超额配股权行使与否而定)；2025年11月14日至11 月19日招股，预期定价日为11月20日；发售价为每股发售股份10.18-10.99港元，股份将以每手500股股 份买卖，中金公司及华泰国际为联席保荐人；预期股份将于2025年11月24日开始在联交所买卖。 集团已订立基石投资协议，据此，基石投资者已同意在符合若干条件的前提下，按发售价就相关数目的 发售股份认购或促使彼等指定实体认购可以总金额约3.36亿美元(或约26.12亿港元)购买的该等股份。按 发售价每股股份10.58港元(即本招股章程所载指示性发售价范围的中间价)计算，基石投资者将认购的发 售股份总数将为约2.47亿股发售股份。基石投资者包括HHLR Advisors, Ltd.("HHLRA"，为Hillhouse Group的一部分)、中国宏桥集团有限公司、泰康人寿、Glencore AG、ercuria Holdings(Singapore)Pte. Ltd、景林资产管理香港有限公司 ...

01 近两年的全球资本市场上，在算力、存储、机器人等AI产业链之外，有色金属板块也是不可忽视的存在。 其中，作为铝产业链代表性企业，中国宏桥股价自2024年初至今涨幅已超6倍。 与此同时，一家位于内蒙古的电解铝企业正在寻求港股上市。 格隆汇获悉，创新实业集团有限公司（简称"创新实业"）于11月9日通过了港交所聆讯，由中金公司、华泰国际担任联 席保荐人。 总部位于内蒙古霍林郭勒，专注于电解铝领域 创新实业的历史可追溯至2012年，由崔立新创办。2023年7月，控股公司在开曼群岛注册成立，目前总部位于内蒙古 霍林郭勒。 本次发行前，崔立新通过其全资子公司控制创新实业100%的投票权。 崔立新今年56岁，中南大学材料工程硕士，目前任董事长兼非执行董事。此前，他曾在山东创新金属科技有限公司、 山东铝谷大宗商品交易中心有限公司任职。同时，他目前也在创新新材（600361.SH）任董事兼董事长。 创新实业聚焦于铝产业链上游中的氧化铝精炼和电解铝冶炼。 公司主要提供电解铝产品、氧化铝及其他相关产品，其中，电解铝产品主要包括铝液和铝锭。 铝是一种银白色、具有延展性和耐腐蚀性的金属，广泛应用于3C电子产品、汽车轻量化、绿色能源 ...

Core Viewpoint - Innovation Industry has passed the Hong Kong Stock Exchange hearing and updated its post-hearing prospectus on November 9, focusing on the upstream aluminum industry chain, specifically alumina refining and electrolytic aluminum smelting [3][5]. Company Overview - Innovation Industry's business is primarily divided into the production and sales of electrolytic aluminum and alumina, with electrolytic aluminum sales contributing 76.6% of total revenue for the five months ending May 31, 2025 [3][8][12]. - The company strategically established its operations in Hohhot, Inner Mongolia, since 2012, positioning itself as the fourth largest electrolytic aluminum production base in North China by 2024 [12][14]. Financial Performance - For the five months ending May 31, 2025, Innovation Industry reported revenue of approximately 7.214 billion RMB, a year-on-year increase of 22.6%, while shareholder profit was approximately 756 million RMB, a decrease of 14.1% [3][15]. - The company's revenue and profit figures for previous years indicate a fluctuating performance, with notable growth in revenue but a decline in profit for the latest reporting period [15]. Production Capacity - As of May 31, 2025, the annual designed production capacity for electrolytic aluminum in Hohhot is 788.1 thousand tons, and for alumina in Binzhou, Shandong, it is 1.2 million tons [13][14]. - The actual production figures for the same period were 310.7 thousand tons of electrolytic aluminum and 664.5 thousand tons of alumina, with self-sufficiency rates for alumina and electricity at 70% and 87%, respectively [14]. Future Plans - The company plans to use the net proceeds from its fundraising for expanding overseas capacity, including building electrolytic aluminum smelting plants and purchasing production equipment, as well as for green energy projects and general corporate purposes [7][17]. - Innovation Industry aims to invest in a comprehensive electrolytic aluminum project in Saudi Arabia with an expected annual capacity of 500 thousand tons [12].

1. Report Title - The report is titled "Aluminum Industry Chain Daily Review 20251110: Domestic Traditional Consumption Off - season Suppresses Aluminum Prices" [1] 2. Price and Market Data 2.1 Alumina - The national average price of alumina on 2025 - 11 - 07 was 2868.57 yuan/ton, showing a change compared to previous days. Different regions in China had varying alumina average prices, such as 2845 yuan/ton in Shanxi and 2975 yuan/ton in Guizhou on 2025 - 11 - 07. The Australian alumina FOB price was 319 dollars/ton on the same day [2] - Alumina futures had a closing price of 2789 yuan/ton on 2025 - 11 - 07, with changes in trading volume, open interest, and inventory. The basis and spreads between different contract months also fluctuated [2] 2.2 Electrolytic Aluminum - The SMM A00 aluminum - semi - cut price was 21440 yuan/ton on 2025 - 11 - 07. The electrolytic aluminum futures closing price was 21600 yuan/ton, with corresponding changes in trading volume, open interest, and inventory. The basis and spreads between different contract months also changed [2] 2.3 Aluminum Alloy - The SMM ADC12 (primary aluminum) average price was 22550 yuan/ton on 2025 - 11 - 07. The futures price of cast aluminum alloy and related basis and spreads also showed fluctuations [2] 2.4 London Aluminum - The LME 3 - month aluminum futures closing price (electronic trading) was 10930 on 2025 - 11 - 07. The total inventory of registered and cancelled warrants was 134625, and the spreads between different contract months also changed [2] 3. Core Views 3.1 Alumina - Domestic bauxite supply - demand is expected to be loose, but the prices of domestic (Guinea and Australia) bauxite have changed, leading to production losses for domestic and imported bauxite - based alumina. Overseas, new alumina production capacity is coming online, while some domestic alumina production capacity is undergoing phased production cuts or maintenance, reducing the supply - demand surplus. The production losses may limit the downward space of alumina prices [2] 3.2 Electrolytic Aluminum - On the supply side, high production profits have led to high operating capacity of domestic electrolytic aluminum, but the proportion of molten aluminum production has increased. The expected new replacement capacity of domestic electrolytic aluminum is limited. On the demand side, the operating capacity of the domestic aluminum processing industry has decreased, and the capacity utilization rates of aluminum cables, profiles, sheets, and foils have declined. On the inventory side, both domestic and LME electrolytic aluminum inventories have decreased. Due to the one - year economic and trade agreement between China and the US, the increasing proportion of domestic molten aluminum production, the hawkish expectation of the Fed's interest rate cut, and the arrival of the domestic traditional consumption off - season, the Shanghai aluminum price may be adjusted [2] 3.3 Aluminum Alloy - The daily full - cost production cost of China's recycled aluminum alloy ADC12 is 21050 yuan/ton, with negative profits, and the capacity utilization rate has remained flat. The social inventory of Chinese aluminum alloy has increased, while the raw material (finished product) inventory of recycled aluminum alloy enterprises has decreased (increased). Due to the one - year economic and trade agreement between China and the US, the expected tight supply - demand of domestic scrap aluminum, and the arrival of the domestic traditional consumption off - season, the continuous accumulation of aluminum alloy social inventory may lead to an adjustment of aluminum alloy prices [2] 4. Trading Strategies 4.1 Alumina - Temporarily wait and observe, paying attention to the support level around 2600 - 2700 and the resistance level around 2900 - 3200 (view score: 0) [2] 4.2 Electrolytic Aluminum - Try shorting the main contract with a light position in the short - term, paying attention to the support level around 20300 - 20600 and the resistance level around 21800 - 22300 for Shanghai aluminum, and the support level around 2600 - 2700 and the resistance level around 2900 - 3000 for London aluminum (view score: - 1) [2] 4.3 Aluminum Alloy - Try shorting the main contract with a light position in the short - term, and hold the long position of the previous electrolytic aluminum - aluminum alloy spread cautiously, paying attention to the support level around 20300 - 20600 and the resistance level around 21300 - 21800 (view score: - 1) [2]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - The domestic aluminum market is in a transition from peak season to off - season. The supply and demand situation is complex, with changes in production capacity, consumption, and inventory. The recent sharp rise in aluminum stocks and the influx of funds into the Shanghai Aluminum market are based on expectations of supply shortages in the US, but there are risks of over - trading. Short - term observation is recommended [4]. 3. Summary by Directory 3.1. Week - on - Week View - **Fundamental Analysis**: Domestic bauxite supply in Shanxi and Henan is expected to improve, while the price of Guinea bauxite has declined. Alumina production capacity has increased slightly, and inventory has risen. Electrolytic aluminum production capacity has decreased slightly, with some reduction due to technical upgrades and environmental protection. Domestic downstream processing enterprise operating rates have declined, and aluminum ingot inventory has increased slightly. In the recycled casting aluminum alloy sector, the production of leading enterprises has not been affected for the time being [4]. - **Strategy Recommendations**: For alumina, it is recommended to take profit on long positions and sold out - of - the - money put options. For Shanghai Aluminum and casting aluminum alloy, it is recommended to strengthen observation [5]. 3.2. Macroeconomic Indicators - The report presents data on US Treasury bond yields (10 - year and 2 - year), the US dollar index, inflation expectations, and the RMB exchange rate against the US dollar, but no specific analysis is provided [7][8]. 3.3. Bauxite - The prices of bauxite in Shanxi and Henan are stable, and the supply of domestic ore is expected to improve. The mainstream transaction price of Guinea bauxite has decreased by $1 per dry ton to $71.5 per dry ton. The end of the rainy season in Guinea and the weakening of alumina prices have put downward pressure on bauxite prices [11]. 3.4. Alumina - As of last Friday, the built - in production capacity of alumina remained unchanged week - on - week at 11,462 million tons, the operating capacity increased by 100,000 tons to 9,685 million tons, and the operating rate was 84.5%. The weighted price of domestic spot alumina decreased by 33.7 yuan/ton to 2,837.5 yuan/ton. National alumina inventory increased by 88,000 tons to 4.218 million tons. Some enterprises in the north have reduced production due to heavy pollution weather, while some have slightly increased production after stable operation [14]. 3.5. Important High - Frequency Data of Alumina - The report presents data on alumina basis, port inventory, north - south price difference, and transportation volume, but no specific analysis is provided [16][17][18][19]. 3.6. Electrolytic Aluminum - As of last Friday, the built - in production capacity of electrolytic aluminum remained unchanged week - on - week at 4.5232 million tons, and the operating capacity decreased by 10,000 tons to 4.4424 million tons. Some enterprises have reduced production for technical upgrades and environmental protection reasons, while new production capacity is expected to be put into operation [23]. 3.7. Important High - Frequency Data of Electrolytic Aluminum - The report presents data on aluminum import profit, Shanghai Aluminum forward curve, aluminum rod processing fee, and thermal coal price, but no specific analysis is provided [25][26][27]. 3.8. Inventory - The report presents data on aluminum rod social inventory, aluminum ingot social inventory, Shanghai Futures Exchange aluminum futures inventory, and LME aluminum inventory, but no specific analysis is provided [29][30][31][32]. 3.9. Casting Aluminum Alloy - The operating rate of leading recycled aluminum alloy enterprises remained stable at 59.1% week - on - week. The supply of scrap aluminum is tight and the price is high. The demand from the automotive end has resilience, but the high aluminum price has led to a decline in downstream purchasing enthusiasm. The production of leading enterprises has not been affected for the time being [37]. 3.10. Important High - Frequency Data of Casting Aluminum Alloy - The report presents data on the price of aluminum profiles, the forward curve of aluminum alloy futures, the price difference between ADC12 and A00 aluminum, and the import profit of ADC12 aluminum alloy ingots, but no specific analysis is provided [39][40][41][42][43]. 3.11. Downstream Operating Rate (First Part) - The operating rate of domestic aluminum downstream processing leading enterprises decreased by 0.6% to 61.6% week - on - week. The operating rate of aluminum profile leading enterprises decreased by 0.9% to 52.6%, with different performance in industrial and construction profiles. The operating rate of aluminum plate and strip leading enterprises decreased by 0.4% to 66%, affected by high aluminum prices and the transition to the off - season [49]. 3.12. Downstream Operating Rate (Second Part) - The operating rate of domestic cable leading enterprises decreased by 1% to 61.4% week - on - week, mainly due to heavy pollution weather control in some areas of Henan and slow order progress. The operating rate of primary aluminum alloy leading enterprises increased by 0.2% to 59.4%, with stable production and increased downstream demand [52].