Group 1 - The company emphasizes the importance of fund safety and liquidity management, implementing a regular testing mechanism for deposits at Nanshan Group Finance Company to ensure safety and controllability [2] - The company will consider regulatory requirements, industry practices, and its own circumstances when discussing the suggestion to disclose testing conditions, planning to include a risk assessment report and a special explanation regarding financial transactions in its periodic reports [2]

证券日报网讯南山铝业10月16日在互动平台回答投资者提问时表示，氧化铝作为大宗商品，实际成交价 格受多重因素影响，公司海外氧化铝成交价格由交易条款、区域供需等多因素综合确定。未来，公司将 继续根据市场动态灵活优化经营策略，切实保障海外氧化铝业务的稳健运营。 （文章来源：证券日报） ...

证券日报网讯南山铝业10月16日在互动平台回答投资者提问时表示，未来，公司将持续聚焦主业深耕， 不断优化盈利结构，凭借稳健的经营作风与清晰的发展路径，为股东创造长期、可持续的投资价值。 （文章来源：证券日报） ...

Core Insights - The Chinese recycled aluminum industry is entering a rapid development phase, with production expected to exceed 10 million tons in 2024, accounting for 19.3% of total aluminum supply, and projected to reach 11.5 million tons by 2025 and over 18 million tons by 2030 [1][2] - The introduction of casting aluminum alloy futures and options on June 10 has filled a gap in the recycled metal derivatives market, providing a transparent and authoritative pricing and hedging platform for enterprises [1] - Companies are encouraged to adopt a comprehensive risk control system through four key strategies: locking in raw material costs, product sales hedging, optimizing inventory financing, and enhancing quality and brand [2] Industry Developments - The demand for recycled aluminum is expected to grow due to emerging sectors such as new energy vehicles, photovoltaics, and energy storage, while challenges include tight scrap aluminum supply and price volatility [1] - The trading volume of the newly launched futures reached 205,700 contracts by July 9, equivalent to 102,000 tons of spot aluminum, representing approximately 27% of domestic monthly consumption, indicating increasing market activity [1] Practical Applications - Various derivative tools such as futures-options combinations, basis trading, cross-commodity hedging, and rights-inclusive trading are being utilized in procurement, sales, inventory, and financial management by companies [2] - Differentiated tool matching suggestions are provided for companies of different sizes, with large enterprises advised to use futures-options combinations or cross-commodity hedging, while medium and small enterprises should consider futures hedging and single-direction hedging respectively [2] Strategic Recommendations - Companies are advised to maintain a focus on hedging, distinguish between hedging and speculation, dynamically track market changes, and establish delivery brands and data systems early to gain future pricing and financing advantages [2]

Core Viewpoint - Nanshan Aluminum is accelerating the construction of its electrolytic aluminum project in Indonesia while exploring the feasibility of expanding other production capacities [1]. Group 1 - The company is actively advancing its electrolytic aluminum project in Indonesia [1]. - There is a consideration to explore the feasibility of expanding other production capacities in line with business planning [1]. Group 2 - An investor expressed concerns about the pressure on alumina prices and suggested that the company should delay the alumina project and focus on accelerating the electrolytic aluminum project, as well as expanding recycled aluminum and battery foil projects [3]. - The investor noted that despite having a cost advantage in alumina, the current price environment does not necessitate increased production, advocating for a strategic approach to development [3].

Core Viewpoint - The company acknowledges the potential of the robotics industry but currently has no plans for investment or development in this area, focusing instead on high-end manufacturing sectors such as aerospace and new energy vehicles [1]. Company Focus - The company's current processing business is primarily centered around existing high-end manufacturing operations [1]. - Key areas of focus include aluminum for aerospace applications and aluminum for new energy vehicles [1]. Industry Outlook - The company recognizes the broad prospects of the robotics industry and will continue to monitor technological trends and market information in this field [1].

（记者 张明双） 南山铝业（600219.SH）10月16日在投资者互动平台表示，公司上半年经营性现金净额是48.16亿元，资 本支出是21.89亿元，净借债是7.64亿元，不存在企业和股东自由现金流转负情况。 每经AI快讯，有投资者在投资者互动平台提问：公司上半年的企业和股东自由现金流两年来首次转 负，但偿债并无大的变化，所以原因更可能是在资本开支上。请问公司上半年有哪些大的资本开支？下 半年还计划有哪些资本开支？ ...

Core Viewpoint - The company emphasizes its commitment to minimizing carbon emissions in its aluminum production processes, particularly in its Indonesian project, which primarily relies on thermal power with some integration of photovoltaic energy sources [1] Group 1: Company Strategy - The Indonesian project of the company mainly utilizes thermal power, supplemented by some photovoltaic energy [1] - The company aims to combine the stability of traditional energy sources with the low-carbon advantages of renewable energy to achieve minimal carbon emissions [1] Group 2: Industry Context - The company is responding to investor inquiries regarding its competitive position against peers, specifically in relation to carbon emission regulations and energy sourcing [1]

Core Viewpoint - The company has successfully completed and put into operation its 100,000-ton recycled aluminum project, and future expansion plans will be assessed based on market conditions and overall business performance [1]. Group 1 - The company received an inquiry from investors regarding the current scale of its aluminum recycling project, which was initially planned to be 100,000 tons [1]. - The company confirmed that the 100,000-ton recycled aluminum project has been fully constructed and is now operational [1]. - Future expansion plans will be announced in accordance with market conditions and the company's overall operational status [1].

Core Insights - Canadian aluminum producers have increased shipments to the U.S. market due to rising spot market aluminum prices, highlighting the impact of the 50% aluminum import tariff imposed by Trump earlier this year [1] - The U.S. aluminum tariff, effective from June, aims to boost domestic aluminum production and encourage investment in metals used in electricity, construction, and packaging industries [1] Group 1: Market Dynamics - As of October, U.S. consumers are paying a premium for aluminum above LME prices, in addition to taxes, freight, and handling costs [1] - The U.S. is projected to import 2.7 million tons of aluminum from Canada in 2024, accounting for 70% of total U.S. aluminum imports for that year [1] Group 2: Price Trends - U.S. aluminum premiums reached a record high of $0.77 per pound or $1,697 per ton, marking a 250% increase since January [2] - The aluminum premium for Canadian producers has decreased, leading to a 46% increase in European aluminum premiums to $266 per ton since June [3] Group 3: Export Data - From January to August, Canadian exports of unwrought aluminum to the U.S. fell by 22% year-on-year to 1.4 million tons [3] - In August, shipments from Canada to the U.S. totaled 123,474 tons, a 51% decrease from March levels [4] - Conversely, Canadian aluminum shipments to Europe increased by 94% year-on-year to 189,320 tons for the same period [5] Group 4: Inventory and Future Outlook - U.S. Comex aluminum inventories have dropped by 73% since January, totaling 7,661 tons [6] - Analysts suggest that without new trade agreements, aluminum premiums in the U.S. Midwest may have further upward potential [6]