Core Viewpoint - Company intends to acquire 99.4375% equity of Cayman Aluminum (Sanmenxia) Co., Ltd. from Hangzhou Jinjiang Group through a share issuance [1] Group 1 - The Shenzhen Stock Exchange has accepted the application for the asset purchase, confirming that the application documents are complete [1] - The transaction is subject to approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating uncertainty regarding final approval [1] - The company will disclose progress in a timely manner and remind investors to pay attention to risks associated with the transaction [1]

Group 1 - Xinjiang Zhonghe's stock price increased by 5.33% to 7.90 CNY per share, with a trading volume of 211 million CNY and a turnover rate of 1.94%, resulting in a total market capitalization of 11.089 billion CNY [1] - The company, established on February 13, 1996, and listed on February 15, 1996, is located in Urumqi, Xinjiang, and specializes in the production and sales of various aluminum products, including high-purity aluminum and electronic aluminum foil [1] - The main revenue composition of Xinjiang Zhonghe includes alloy products (39.49%), high-purity aluminum (18.16%), electrode foil (14.49%), electronic aluminum foil (9.34%), aluminum products (9.05%), and other categories [1] Group 2 - Huazhang Fund holds a significant position in Xinjiang Zhonghe, with its Huazhang CSI 1000 Index Enhanced A Fund (015148) owning 41,400 shares, accounting for 0.37% of the fund's net value, ranking as the ninth largest holding [2] - The Huazhang CSI 1000 Index Enhanced A Fund was established on July 12, 2022, with a current scale of 57.3764 million CNY, achieving a year-to-date return of 24.86% and a one-year return of 63.95% [2]

Group 1 - LME aluminum futures prices are experiencing high volatility, opening at $2698.5 per ton and currently trading at $2699 per ton, with a decline of 0.22% [1] - The highest price during the trading session reached $2702 per ton, while the lowest dipped to $2694 per ton [1] Group 2 - On September 18, LME aluminum futures opened at $2681.0, peaked at $2705.0, and closed at $2705.0, reflecting a change of 0.58% [2] - The electrolytic aluminum spot price ratio between Shanghai and London was reported at 7.76, with an import loss of ¥-1641.48 per ton, improving from the previous day's loss of ¥-1915.52 per ton [2] - As of September 18, the Shanghai Futures Exchange held aluminum futures warehouse receipts totaling 74,465 tons, unchanged from the previous trading day [2] - LME registered aluminum warehouse receipts amounted to 404,675 tons, with canceled receipts increasing by 475 tons, leading to a total aluminum inventory of 513,900 tons, which rose by 30,125 tons [2]

Core Viewpoint - Nanshan Aluminum International has shown significant financial growth in its recent mid-term performance report, indicating a strong fiscal position and the initiation of dividend distribution [1] Financial Performance - For the mid-term of 2025, Nanshan Aluminum International reported revenues of $597 million, representing a year-on-year increase of 41% [1] - The profit attributable to shareholders reached $248 million, marking a substantial year-on-year increase of 124.19% [1] - The company proposed an interim dividend of HKD 0.65 per share, with a payout ratio of approximately 20% [1] Shareholder Activity - On September 18, shareholders of Nanshan Aluminum International deposited shares into Huatai Hong Kong, with a market value of HKD 9.32 billion, accounting for 37.36% of the total shares [1]

Core Viewpoint - Nanshan Aluminum International has shown strong financial performance with significant year-on-year growth in revenue and profit, leading to the decision to distribute an interim dividend for the first time, reflecting a robust financial position [1] Financial Performance - For the first half of 2025, Nanshan Aluminum International reported revenue of USD 597 million, representing a year-on-year increase of 41% [1] - The profit attributable to shareholders reached USD 248 million, marking a substantial year-on-year increase of 124.19% [1] - The company proposed an interim dividend of HKD 0.65 per share, with a payout ratio of approximately 20% [1] Shareholder Activity - On September 18, shareholders of Nanshan Aluminum International deposited shares into Huatai Hong Kong, with a total market value of HKD 9.32 billion, accounting for 37.36% of the company's shares [1]

Citi Research September 15, 2025 Aluminium long-term outlook Sleepwalking into the biggest deficits in over 20 years Wenyu YaoAC Metals Strategy wenyu.yao@citi.com +44 20 7986 4551 Maximilian LaytonAC Global Head | Commodities max.layton@citi.com +44 20 7986 4556 Shreyas Madabushi AC Metals Strategy shreyas.madabushi@citi.com +91 22 4277 5048 See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm ...

Group 1 - The company Ming Tai Aluminum (601677.SH) has a subsidiary in Kunshan, Jiangsu, named Kunshan Ming Tai, which primarily serves key customers and develops cutting-edge markets [1] - The aluminum-plastic film foil produced by the company can be used as packaging materials for solid-state batteries [1]

Company Overview - Fujian Minfa Aluminum Industry Co., Ltd. is located in Nanan City, Quanzhou, Fujian Province, and was established on September 15, 1997. The company was listed on April 28, 2011. Its main business involves the research, production, and sales of architectural aluminum profiles, industrial aluminum profiles, and aluminum formwork [1]. Business Composition - The revenue composition of the company's main business is as follows: 97.02% from aluminum profile sales, 1.22% from aluminum formwork leasing and installation, 1.10% from other sources, 0.61% from aluminum formwork sales, and 0.05% from water purification agents [1]. Stock Performance - On September 18, Minfa Aluminum's stock fell by 5.03%, closing at 3.40 CNY per share, with a trading volume of 99.93 million CNY and a turnover rate of 3.34%. The total market capitalization is 3.191 billion CNY [1]. Major Shareholders - Among the top ten circulating shareholders of Minfa Aluminum, a fund under Jinyuan Shun'an Fund ranks as a significant holder. The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685) entered the top ten circulating shareholders in the second quarter, holding 3.3 million shares, which accounts for 0.38% of the circulating shares [2]. Fund Performance - The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685) has a total asset size of 1.35 billion CNY. Year-to-date, it has achieved a return of 32.62%, ranking 2599 out of 8172 in its category. Over the past year, it has returned 65.68%, ranking 2012 out of 7980. Since its inception, the fund has returned 519.35% [2]. Fund Management - The fund manager of Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund is Miao Weibin, who has been in the position for 8 years and 279 days. During his tenure, the best fund return was 519.35%, while the worst return was -28.79% [3].

Group 1 - Tianshan Aluminum experienced a decline of 5.06% on September 18, with a stock price of 10.88 CNY per share and a trading volume of 580 million CNY, resulting in a turnover rate of 1.27% and a total market capitalization of 50.613 billion CNY [1] - Tianshan Aluminum Group Co., Ltd. was established on November 3, 1997, and listed on December 31, 2010. The company is primarily engaged in the production and sales of primary aluminum, aluminum deep processing products, prebaked anodes, high-purity aluminum, and alumina [1] - The revenue composition of Tianshan Aluminum includes 65.26% from the sale of self-produced aluminum ingots, 24.20% from alumina sales, 6.89% from aluminum foil and aluminum foil raw materials, 2.10% from high-purity aluminum sales, and 1.55% from other sources [1] Group 2 - According to data, one fund under Zheshang Securities Asset Management has Tianshan Aluminum as a top holding. The Zheshang Zhijiang Phoenix ETF (512190) held 287,300 shares in the second quarter, accounting for 4.07% of the fund's net value, ranking as the seventh largest holding [2] - The Zheshang Zhijiang Phoenix ETF (512190) was established on August 5, 2019, with a latest scale of 58.662 million CNY. Year-to-date returns are 29.36%, ranking 1718 out of 4222 in its category; the one-year return is 56.51%, ranking 1842 out of 3804; and since inception, the return is 140.58% [2]

Group 1 - Tianshan Aluminum experienced a decline of 5.06% on September 18, with a stock price of 10.88 CNY per share, a trading volume of 578 million CNY, a turnover rate of 1.27%, and a total market capitalization of 50.613 billion CNY [1] - Tianshan Aluminum Group Co., Ltd. is located in Shanghai and was established on November 3, 1997, with its listing date on December 31, 2010. The company specializes in the production and sales of primary aluminum, aluminum deep processing products, prebaked anodes, high-purity aluminum, and alumina [1] - The main business revenue composition includes: sales of self-produced aluminum ingots at 65.26%, sales of alumina at 24.20%, sales of aluminum foil and aluminum foil raw materials at 6.89%, sales of high-purity aluminum at 2.10%, and other sales at 1.55% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Bosera Fund holds Tianshan Aluminum as a significant investment. Bosera Xintai Mixed A (004175) held 32,800 shares in the second quarter, accounting for 0.63% of the fund's net value, ranking as the seventh largest heavy stock [2] - The latest scale of Bosera Xintai Mixed A (004175) is 3.2026 million CNY. Since the beginning of the year, it has incurred a loss of 0.35%, ranking 8105 out of 8193 in its category; over the past year, it has achieved a return of 3.27%, ranking 7699 out of 7977; and since its inception, it has gained 100.61% [2]