点击注册小程序 查看完整报告 报告摘要 2025半年报业绩同比增长 根据云铝股份2025半年报，公司实现营业收入290.78亿元，同比增长17.98%；归母净利润27.68亿元，同 比增长9.88%。公司制定2025年中期利润分配预案：向全体股东每10股派发现金红利人民币3.20元（含 税），派发现金红利占公司2025年半年度合并报表归属于上市公司股东的净利润的比例约为40.10%。若按 照40%分红比例、2025年WIND一致预期归母净利润以及9月19日市值计算，当前股息率为3.78%。 氧化铝价格下行叠加公司产品量价齐升支撑公司业绩增长 公司半年报业绩增长主要系公司产品量价齐升，公司2025上半年铝产品产量161.32万吨，同比增长 15.59%。2025H1铝（A00）均价20317.4元/吨，同比增长2.6%。同时原料端氧化铝价格下滑，也增厚公司 业绩，截至2025年6月30日，国内氧化铝价格3170元/吨，较年初下滑44.7%。 行业需求持续增长，电解铝价格仍具有韧性 根据阿拉丁预测，从2025年主要铝消费指标增速来看，预计铝材净出口、光伏、房屋建筑为拖累项。新能 源汽车、输电线、空调等消费品有望保 ...

Group 1 - The core point of the article highlights that southbound capital recorded a net inflow of 36.851 billion HKD from September 15 to 19, marking a 39.41% decrease week-on-week, while maintaining a streak of 18 consecutive weeks of net inflows [1] - Among the top ten active stocks, a total of 22 stocks were listed last week, with Alibaba-W leading in total trading volume on the Hong Kong Stock Connect, reaching 69.847 billion HKD [1] - Other notable stocks with significant trading volumes included SMIC, Meituan-W, Tencent Holdings, and Xiaomi Group-W, each exceeding 20 billion HKD in trading volume [1] Group 2 - In terms of changes in shareholding, 11 stocks experienced a more than 100% increase in holdings from southbound capital last week, with Baize Medical leading at a remarkable 2252.16% increase [1] - Other companies such as Nanshan Aluminum (600219), Hushang Ayi, Brainstorming-B, and Jinjing New Energy also saw their holdings increase by over 500% [1]

2025 年 9 月 21 日 公司研究 量价齐升助力业绩同比增长，中期分红比例达到 40% ——云铝股份（000807.SZ）动态跟踪报告 要点 2025 半年报业绩同比增长：根据云铝股份 2025 半年报，公司实现营业收入 290.78 亿元，同比增长 17.98%；归母净利润 27.68 亿元，同比增长 9.88%。公 司制定 2025 年中期利润分配预案：向全体股东每 10 股派发现金红利人民币 3.20 元（含税），派发现金红利占公司 2025 年半年度合并报表归属于上市公司股东 的净利润的比例约为 40.10%。若按照 40%分红比例、2025 年 WIND 一致预期 归母净利润以及 9 月 19 日市值计算，当前股息率为 3.78%。 氧化铝价格下行叠加公司产品量价齐升支撑公司业绩增长。公司半年报业绩增长 主要系公司产品量价齐升，公司2025上半年铝产品产量161.32万吨，同比增长 15.59%。2025H1铝（A00）均价20317.4元/吨，同比增长2.6%。同时原料端氧 化铝价格下滑，也增厚公司业绩，截至2025年6月30日，国内氧化铝价格3170 元/吨，较年初下滑44.7%。 行业需 ...

格隆汇9月19日｜知情人士透露，阿联酋环球铝业公司已选定银行负责筹备潜在的首次公开发行事宜， 这有望成为中东地区规模最大的上市交易之一。这家中东地区最大的铝生产商正与花旗集团、高盛集 团、阿联酋国民银行资本公司及第一阿布扎比银行洽谈，计划由这几家机构牵头负责此次IPO交易。 EGA若推进上市，将面临多重挑战，其中包括美国对铝产品加征关税的影响。为应对这一问题，该公 司去年完成了首次美国收购，以确保获得免税铝供应；同时计划在俄克拉荷马州投资40亿美元建设一座 工厂。中东地区已成为全球IPO热点区域，近年来涌现多笔大型上市交易：2019年沙特阿美以294亿美 元IPO融资额创下纪录；2022年迪拜电力和水务局上市融资61亿美元；去年，外卖平台Talabat控股公司 与OQ勘探与生产公司各自通过股票发行融资约20亿美元。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Fed cut interest rates by 25 basis points, which was in line with expectations. In the medium term, the logic of continuous liquidity easing remains, but after the short - term bullish factors are realized, risk assets may experience a limited - amplitude correction [10]. - The main theme of the economy is still stable growth. China will implement a series of policies to expand service consumption [11][12]. - The supply of alumina is expected to remain in an oversupply situation, and the spot price is expected to continue to adjust weakly in the short term [22][25]. - In August, the output of primary aluminum changed little, and the operating capacity is expected to increase slightly in September [26][27]. - The real - estate market is still under pressure, but the new policies in first - tier cities have provided some support to the market [33][34]. - The production and sales of automobiles, especially new - energy vehicles, showed a good growth trend in August [36][37]. - The inventories of domestic and foreign exchanges both increased, and the social inventory of aluminum ingots continued to accumulate [39][42][43]. 3. Summary According to the Directory 01 Report Summary - The Fed's interest - rate cut was in line with expectations, with a neutral - to - hawkish attitude. Medium - term liquidity is expected to be loose, and short - term risk assets may correct slightly [10]. - China will implement policies to expand service consumption, including selecting pilot cities and promoting the application of AI [12]. - The supply of alumina is in an oversupply situation, and the price is expected to be weak. The output of primary aluminum changed little in August, and the operating capacity is expected to increase slightly in September [25][27]. - The real - estate market is under pressure, but first - tier city policies have provided some support. The automobile market, especially new - energy vehicles, showed good growth [34][37]. 02 Multi - and Short - Focus - **Bullish factors**: The enterprise's production capacity utilization rate continues to increase, and the social inventory remains at a low level [7]. - **Bearish factors**: The price of aluminum oxide continues to decline, and the market shows a weak trend [7]. 03 Data Analysis - **Aluminum ore**: From January to July 2025, the domestic aluminum ore production increased. The import of bauxite from Guinea remained stable, but attention should be paid to the impact of the referendum [16][21]. - **Alumina**: In August 2025, the output of alumina was at a high level, and the supply - surplus situation remained unchanged. The spot price is expected to adjust weakly [25]. - **Primary aluminum**: In August 2025, the output of primary aluminum was 3.8 million tons, with a year - on - year decrease of 0.5%. The operating capacity is expected to increase slightly in September [27]. - **Downstream processing**: The operating rate of domestic aluminum downstream processing leading enterprises increased slightly, but high aluminum prices inhibited procurement [30]. - **Real - estate**: In August, the real - estate sales, investment, new - start, and completion areas all declined year - on - year. First - tier cities introduced policies, and the new - house transaction area in 38 cities increased year - on - year in early September [34]. - **Automobile**: In August, the production and sales of automobiles and new - energy vehicles increased both month - on - month and year - on - year [37]. - **Inventory**: The inventories of LME and SHFE aluminum increased. The social inventory of aluminum ingots continued to accumulate, and the spot premium decreased [39][43][45]. - **Recycled aluminum**: The production of recycled aluminum alloy decreased slightly in August, and the operating rate increased slightly last week. The inventory of aluminum alloy increased [48][51][59]. - **Aluminum alloy imports and exports**: In July 2025, the import volume of unwrought aluminum alloy reached a four - year low, and the export volume increased year - on - year [54]. 04后市研判 - For Shanghai aluminum, pay attention to the support around 20,600 and wait for the verification of the peak season of domestic downstream demand [62]. - The price of aluminum alloy still fluctuates with the price of aluminum, and it is recommended to be bullish on dips [60].

（编辑 任世碧） 证券日报网讯 9月19日晚间，焦作万方发布公告称，公司拟以发行股份的方式购买杭州锦江集团有限公 司等交易对方持有的开曼铝业（三门峡）有限公司99.4375%股权（简称"本次交易"）。公司于2025年9 月18日收到深圳证券交易所出具的《关于受理焦作万方铝业股份有限公司发行股份购买资产申请文件的 通知》（深证上审〔2025〕169号）。深交所依照相关规定对公司报送的本次交易申请文件进行了核 对，认为申请文件齐备，决定予以受理。 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - The fundamentals of electrolytic aluminum may be in a stage of stable supply and increasing demand. It is recommended to conduct short - term long positions on the main contract of Shanghai Aluminum at low prices with a light position, and conduct oscillatory trading on the main contract of alumina with a light position [5]. - The fundamentals of alumina are currently in a state of oversupply with a slight accumulation of inventory [6]. - The fundamentals of cast aluminum alloy may be in a stage of slightly reduced supply and slightly improved demand. It is recommended to conduct short - term long positions on the main contract of cast aluminum at low prices with a light position [8]. - Given that the aluminum price will be supported in the future, a double - buying strategy can be considered to bet on increased volatility [75]. 3. Summary by Catalog 3.1 Week - to - week Key Points Summary - **Electrolytic Aluminum**: The supply of raw material alumina is sufficient, and the smelting profit remains at a good level. The demand for downstream aluminum processing has increased due to the traditional consumption season and pre - holiday stockpiling [5]. - **Alumina**: The impact of the rainy season in Guinea on shipments continues, and the supply of domestic bauxite is expected to be tight. However, the overall supply is still sufficient, and the demand is slightly increased but less than the supply growth, with a slight accumulation of inventory [6]. - **Cast Aluminum Alloy**: The supply of raw material scrap aluminum is tight, limiting production. The pre - holiday stockpiling and the decline in cast aluminum quotes have slightly improved downstream demand, but consumption is still weak, and inventory has slightly increased [8]. 3.2 Futures and Spot Markets - **Price Movement**: As of September 19, 2025, the closing price of Shanghai Aluminum was 20,780 yuan/ton, down 2.37% from September 12; the closing price of LME Aluminum on September 18 was 2,705 US dollars/ton, up 0.97% from September 12. The alumina futures price was 2,915 yuan/ton, up 1.39% from September 12; the closing price of the main contract of cast aluminum alloy was 20,355 yuan/ton, down 1.4% from September 12 [11][15]. - **Ratio and Spread**: As of September 19, 2025, the Shanghai - LME ratio of electrolytic aluminum was 7.68, down 0.16 from September 12. The aluminum - zinc futures spread was 1,250 yuan/ton, up 65 yuan/ton from September 12; the copper - aluminum futures spread was 59,115 yuan/ton, down 825 yuan/ton from September 12 [12][23]. - **Inventory and Position**: As of September 19, 2025, the position of Shanghai Aluminum was 525,078 lots, down 14.07% from September 12; the net position of the top 20 in Shanghai Aluminum was 4,602 lots, down 1,255 lots from September 12 [18]. - **Spot Market**: As of September 19, 2025, the spot price of A00 aluminum ingots was 20,840 yuan/ton, down 1% from September 12, with a spot discount of 20 yuan/ton, up 20 yuan/ton from last week. The average spot price of alumina in Henan, Shanxi, and Guiyang decreased, and the national average price of cast aluminum alloy decreased [26][31]. 3.3 Industry Situation - **Inventory**: As of September 18, 2025, the LME electrolytic aluminum inventory increased by 5.9%, the Shanghai Futures Exchange (SHFE) inventory increased by 3.56%, and the domestic social inventory increased by 4.21%. The SHFE electrolytic aluminum warehouse receipts decreased by 0.7%, and the LME registered warehouse receipts increased by 7.91% [36]. - **Bauxite**: The total import volume of bauxite increased year - on - year, and the port inventory slightly increased. In July 2025, the monthly import volume increased by 10.75% month - on - month and 34.22% year - on - year. From January to July, the cumulative import volume increased by 33.65% year - on - year [39]. - **Scrap Aluminum**: The quote of scrap aluminum decreased, and imports and exports increased. In July 2025, the import volume of aluminum scrap increased by 18.7% year - on - year, and the export volume increased by 50.9% year - on - year [45]. - **Alumina**: The production, imports, and exports of alumina increased year - on - year. In August 2025, the production increased by 7.5% year - on - year. In July 2025, the import volume increased by 78.23% year - on - year, and the export volume increased by 38.3% year - on - year [48]. - **Electrolytic Aluminum**: The import volume increased year - on - year, the production in August decreased slightly year - on - year, and the cumulative production from January to August increased year - on - year. In July 2025, the import volume increased by 91.19% year - on - year. In August 2025, the production decreased by 0.5% year - on - year [51][55]. - **Aluminum Products**: The total production of aluminum products decreased year - on - year, imports increased year - on - year, and exports decreased year - on - year. In August 2025, the production decreased by 4.2% year - on - year, the import volume increased by 12.9% year - on - year, and the export volume decreased by 10.2% year - on - year [59]. - **Cast Aluminum Alloy**: The production of cast aluminum alloy increased year - on - year. In August 2025, the production increased by 11.77% year - on - year [62]. - **Aluminum Alloy**: The total production of aluminum alloy increased, imports decreased, and exports increased. In August 2025, the production increased by 15.2% year - on - year. In July 2025, the import volume decreased by 28.39% year - on - year, and the export volume increased by 38.3% year - on - year [65]. - **Real Estate**: The real estate market declined slightly. In August 2025, the real estate development climate index decreased by 0.28 from last month. From January to August 2024, the new housing start - up area decreased by 19.54% year - on - year, and the housing completion area decreased by 18.94% year - on - year [68]. - **Infrastructure and Automobiles**: Infrastructure investment showed a positive trend, and automobile production and sales increased year - on - year. From January to August 2024, infrastructure investment increased by 5.42% year - on - year. In August 2025, automobile sales increased by 16.44% year - on - year, and production increased by 12.96% year - on - year [71]. 3.4 Option Market Analysis Given that the aluminum price will be supported in the future, a double - buying strategy can be considered to bet on increased volatility [75].

证券日报网讯新铝时代9月19日在互动平台回答投资者提问时表示，创业板2025年三季报暂未开始预约 披露时间，敬请关注后续的信息。 （文章来源：证券日报） ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall situation is still bullish, transitioning from trading "policy expectations" to trading "fundamentals." Aluminum prices should focus on the support around 20,600 and await the verification of the peak season of domestic downstream demand [5]. - For aluminum alloys, the short - term supply - demand fundamentals change little, and the alloy prices still fluctuate with aluminum prices. It is recommended to take a bullish approach on pullbacks [67]. 3. Summary According to the Directory 3.1 Report Summary - The Federal Reserve cut interest rates by 25 basis points, lowering the federal funds rate to 4.00% - 4.25%, the first rate cut this year and the restart after a 9 - month hiatus. The meeting was generally in line with expectations but reduced the rate - cut expectations for next year, with a neutral - to - hawkish stance [5][11]. - From January to August, the added value of large - scale industries increased by 6.2% year - on - year, with the growth rate down 0.1 percentage points from January to July. Infrastructure investment grew by 2.0% year - on - year, with the growth rate down 1.2 percentage points; manufacturing investment grew by 5.1%, down 1.1 percentage points; real estate development investment decreased by 12.9% year - on - year, with the decline widening by 0.9 percentage points [5]. - Aluminum supply - side increments are relatively limited, and the seasonally strong consumption season has seen an increase in the operating rate of aluminum processing enterprises. However, high aluminum prices have curbed the purchasing enthusiasm of processing enterprises, and the inflection point of social inventory has not yet arrived [5]. 3.2 Multi - and Short - Side Focus - **Bullish factors**: Limited supply - side increments, continuous increase in the operating rate of aluminum processing enterprises, and social inventory remaining at a low level [8]. - **Bearish factors**: Alumina prices continue to be weak, and the rate - cut利好 is exhausted [8]. 3.3 Data Analysis - **Aluminum ore production**: From January to July 2025, China's aluminum ore production was 35.83 million tons, a year - on - year increase of 9.21%. In July, it was 543,450 tons, a year - on - year increase of 7.42%. Guinean imported ore remains stable, but attention should be paid to the disturbances around the referendum [16][19]. - **Alumina**: In August 2025, China's alumina production was 7.925 million tons, a year - on - year increase of 7.5%. The supply surplus pattern remains unchanged, and the spot price is expected to continue to adjust weakly [23]. - **Primary aluminum**: In August 2025, China's primary aluminum production was 3.8 million tons, a year - on - year decrease of 0.5%. In September, the operating capacity is expected to increase slightly [25]. - **Aluminum downstream processing**: The operating rate of leading aluminum downstream processing enterprises increased slightly by 0.1 percentage points to 62.2% this week, but high aluminum prices have curbed inventory - building. In August, China's aluminum product output was 5.548 million tons, a month - on - month increase of 1% and a year - on - year decrease of 4.2% [28][31]. - **Inventory**: LME and SHFE aluminum inventories both increased. As of September 18, the electrolytic aluminum inventory in major Chinese markets was 636,000 tons, an increase of 7,000 tons from Monday [41][45]. - **Price spread**: On September 18, the average price premium of Shanghai Wumaohui aluminum was - 20 yuan/ton, with the discount narrowing; the LME aluminum 0 - 3 premium was 4.89 US dollars/ton, with the premium narrowing [49]. - **Recycled aluminum**: In August, recycled aluminum alloy production was 614,500 tons, a month - on - month decrease of 1.7% and a year - on - year increase of 8.6%. It is expected to decline slightly in September. The operating rate of recycled aluminum alloy enterprises increased by 0.2 percentage points to 55.5% as of September 11 [53][57]. - **Import and export**: In July 2025, the import volume of unwrought aluminum alloy was 69,200 tons, a year - on - year decrease of 28.4% and a month - on - month decrease of 10.6%, hitting a four - year low [61]. - **Aluminum alloy inventory**: As of September 19, China's weekly social inventory of aluminum alloy was 71,400 tons, an increase of 600 tons from last week, and the in - factory inventory was 60,800 tons, an increase of 300 tons from last week [66]. 3.4 Market Outlook - **Aluminum alloy**: The short - term supply - demand fundamentals change little, and the alloy prices still fluctuate with aluminum prices. It is recommended to take a bullish approach on pullbacks [67]. - **SHFE aluminum**: Aluminum prices should focus on the support around 20,600 and await the verification of the peak season of domestic downstream demand [70].

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 截至发稿，天山铝业市值为513亿元。 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 每经AI快讯，天山铝业（SZ 002532，收盘价：11.02元）9月19日晚间发布公告称，天山铝业集团股份 有限公司近日接到股东、实际控制人曾超林函告，获悉其所持有本公司的部分股份解除质押，本次解除 质押股份数量为5700万股。 2025年1至6月份，天山铝业的营业收入构成为：铝行业占比100.0%。 ...