Core Viewpoint - China Hongqiao (01378) announced the cancellation of 2.5885 million shares that have been repurchased, effective on October 3, 2025 [1] Company Summary - The company is taking steps to reduce its outstanding shares by canceling a significant number of repurchased shares [1]

Core Viewpoint - Russian companies are facing significant challenges in raising cheap capital in China's bond market due to concerns from Chinese banks and investors about Western sanctions [1][5][7]. Group 1: Russian Companies' Urgency - The ongoing Russia-Ukraine war has severely impacted Russia's economy, limiting access to international financial markets and creating a pressing need for new financing channels [3][13]. - Major Russian energy companies are particularly affected and are looking to the Chinese bond market as a potential solution [3][5]. Group 2: Challenges in the Chinese Market - Despite the urgency from Russian companies, progress in issuing "Panda bonds" in China has been slow, with preparations taking nearly a year without significant advancement [5][9]. - Chinese regulatory changes aimed at facilitating foreign bond issuance have not translated into action, as investors remain hesitant [5][11]. Group 3: Concerns Over Sanctions - The primary concern for Chinese investors is the risk of Western sanctions, which have been extensive against Russia, leading to caution in engaging with Russian enterprises [7][9]. - The potential for sanctions has already affected Chinese companies, with past instances of sanctions imposed on them for dealings with Russia [7][9]. Group 4: Creditworthiness of Russian Bonds - The creditworthiness of Russian bonds is under scrutiny due to the deteriorating economic conditions in Russia, particularly in energy exports [9][11]. - Forecasts for oil and gas revenue have been significantly downgraded, raising doubts about the ability of Russian companies to meet debt obligations [9][11]. Group 5: Political vs. Market Dynamics - While there have been high-level political efforts to promote cooperation between China and Russia, market realities and investor caution prevail [11][15]. - The reluctance of Chinese investors to engage with Russian bonds reflects a prioritization of their own economic interests over political motivations [15][16].

Group 1 - CITIC Securities Asset Management Company increased its stake in China Aluminum (601600) by 10.106 million shares at a price of HKD 8.0536 per share, totaling approximately HKD 81.3897 million [1] - After the increase, the total number of shares held by CITIC Securities is approximately 436 million, representing a holding percentage of 11.04% [1]

Group 1 - Tianshan Aluminum conducted a block trade on September 30, with a transaction volume of 34 million shares and a transaction amount of 397 million yuan, at a price of 11.67 yuan, which is a premium of 0.69% over the closing price of the day [2][3] - The closing price of Tianshan Aluminum on the same day was 11.59 yuan, reflecting a decrease of 0.43%, with a turnover rate of 0.91% and a total transaction amount of 438 million yuan, indicating a net inflow of main funds of 2 million yuan [2][3] - Over the past five days, Tianshan Aluminum's stock has increased by 6.82%, while the total net outflow of funds during this period was 229.76 million yuan [2][3] Group 2 - The latest margin financing balance for Tianshan Aluminum is 476 million yuan, which has decreased by 169 million yuan over the past five days, representing a decline of 26.18% [3] - Tianshan Aluminum Group Co., Ltd. was established on November 3, 1997, with a registered capital of 46.52 billion yuan [3]

Group 1 - On September 30, Tianshan Aluminum conducted a block trade of 34 million shares, with a transaction amount of 397 million yuan, accounting for 47.55% of the total transaction amount for that day [1][2] - The transaction price was 11.67 yuan, which represents a premium of 0.69% compared to the market closing price of 11.59 yuan [1][2]

Core Points - The 18th National Nonferrous Metals Industry Vocational Skills Competition, known as the "China Aluminum Cup," was held from September 18 to 25, 2025, in Lanzhou, Gansu, and Yinchuan, Ningxia [1] - The competition involved 509 participants from 69 units in the nonferrous metals industry, competing in four vocational categories: aluminum electrolysis workers, carbon roasting workers, mine rescue workers, and welders [1] - The event is recognized as the highest-level national competition in the nonferrous metals industry, aimed at enhancing the construction of high-skilled talent and promoting the reform of the industrial workforce [2] Summary by Category Competition Details - The competition was organized by the China Nonferrous Metals Industry Association and other key organizations, with events held simultaneously in two locations [1] - Participants competed in specific vocational tasks, with notable performances in aluminum electrolysis and carbon roasting categories taking place at Lanzhou Aluminum Co., while welding and mine rescue competitions were held at Ningxia Energy [1] Results - Zhang Tingjie and Liu Pengju from Lanzhou Aluminum won first and third place in the aluminum electrolysis category, while Lyu Huajun and Wang Mingnan from China Aluminum's Guangxi branch secured first and third in the carbon roasting category [2] - Ningxia Energy's Xie Yujun won first place in the mine rescue category, and Wang Hua from Ningxia Energy placed fifth in welding [2] - Lanzhou Aluminum and China Aluminum's Guangxi branch received the first and third team excellence awards, respectively, with five other companies recognized for their outstanding team performance [2] Industry Impact - The competition serves as a significant platform for promoting the spirit of labor and craftsmanship within the nonferrous metals industry, contributing to its high-quality development [2]

Core Viewpoint - Nanshan Aluminum's major shareholder, Nanshan Group, holds approximately 20.70% of the company's total shares, while its concerted party, Yili Electric, holds about 22.22% [1] Shareholding and Pledge Details - Yili Electric has extended the pledge of 335 million shares to China Minsheng Bank Yantai Branch, with the original pledge due on October 28, 2025, and the extended due date on October 24, 2026, representing 12.98% of its holdings and 2.88% of the company's total shares [1] - As of the disclosure date, the cumulative pledged shares by Nanshan Group and Yili Electric account for 11.25% of the company's total shares [1] Financial Health and Control - Both Nanshan Group and Yili Electric are reported to have good creditworthiness, and the pledge risk is considered controllable, ensuring that there will be no change in the company's actual controlling rights [1]

Group 1: Report Industry Investment Ratings - Aluminum: Cautiously bullish [9] - Alumina: Neutral [9] - Aluminum alloy: Cautiously bullish [9] - Arbitrage strategy for SHFE aluminum: Long the near - term contract and short the far - term contract [9] Group 2: Core Views - The macro environment at home and abroad remains positive. The domestic 15th Five - Year Plan meeting may implement new policy financial tools, while overseas policies are still hawkish overall. There is no need to be pessimistic about aluminum prices, and consumption in the fourth quarter at home and abroad is expected to be positive [6]. - For electrolytic aluminum, pre - holiday restocking has led to a continuous decline in social inventory. The supply is basically stable, and domestic consumption is steadily recovering. Although the social inventory situation is mediocre, the absolute value is still relatively low, which is not likely to cause a negative impact [6]. - For alumina, the supply is still in surplus, and the opening of the import window has exacerbated the domestic surplus situation. The social inventory is rapidly accumulating. The cost side is in a state of game, and policy disturbances in Guinea in the next two months need to be vigilant. Although the current price is close to the marginal high - cash cost and facing losses, the downside space is limited under the low - valuation background [6][7]. - For aluminum alloy, downstream consumption is recovering, but the supply is still in surplus, and the overall social inventory is relatively high. The absolute price is subject to many macro disturbances, which is not conducive to the seasonal convergence of the price difference with aluminum ingots [8]. Group 3: Summary Based on Relevant Data Aluminum Spot - On September 29, 2025, the price of East China A00 aluminum was 20,690 yuan/ton, a decrease of 80 yuan/ton from the previous trading day; the spot premium was - 10 yuan/ton, a decrease of 10 yuan/ton from the previous trading day. The price of Central Plains A00 aluminum was 20,750 yuan/ton, and the spot premium was 50 yuan/ton, unchanged from the previous trading day. The price of Foshan A00 aluminum was 20,610 yuan/ton, a decrease of 80 yuan/ton from the previous trading day, and the spot premium was - 85 yuan/ton, a decrease of 10 yuan/ton from the previous trading day [1]. Aluminum Futures - On September 29, 2025, the main contract of SHFE aluminum opened at 20,755 yuan/ton, closed at 20,730 yuan/ton, a decrease of 45 yuan/ton from the previous trading day. The highest price was 20,770 yuan/ton, and the lowest price was 20,660 yuan/ton. The trading volume was 132,925 lots, and the open interest was 203,858 lots [2]. Inventory - As of September 29, 2025, the domestic social inventory of electrolytic aluminum ingots was 592,000 tons, a decrease of 2.5 tons from the previous period; the warrant inventory was 59,747 tons, a decrease of 3,483 tons from the previous trading day; the LME aluminum inventory was 515,600 tons, a decrease of 2,100 tons from the previous trading day [2]. - The social inventory of aluminum alloy was 72,000 tons, and the in - plant inventory was 58,200 tons [4]. Alumina - On September 29, 2025, the SMM alumina price in Shanxi was 2,935 yuan/ton, in Shandong was 2,895 yuan/ton, in Henan was 2,965 yuan/ton, in Guangxi was 3,145 yuan/ton, in Guizhou was 3,150 yuan/ton, and the Australian alumina FOB price was 323 US dollars/ton [2]. - The main contract of alumina futures opened at 2,898 yuan/ton, closed at 2,904 yuan/ton, a decrease of 12 yuan/ton or 0.41% from the previous trading day's closing price. The highest price was 2,926 yuan/ton, and the lowest price was 2,862 yuan/ton. The trading volume was 356,985 lots, and the open interest was 292,517 lots [2]. Aluminum Alloy - On September 29, 2025, the procurement price of Baotai civil raw aluminum was 16,000 yuan/ton, and the procurement price of mechanical raw aluminum was 16,200 yuan/ton, both unchanged from the previous day. The Baotai quotation of ADC12 was 20,400 yuan/ton, also unchanged from the previous day [3]. - The theoretical total cost of aluminum alloy was 20,323 yuan/ton, and the theoretical profit was 177 yuan/ton [5].

Group 1: Report Overview - Report Type: Aluminum Daily Report [1] - Date: September 30, 2025 [2] - Research Team: Non - ferrous Metals Research Team of Jianxin Futures [3] Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Viewpoints - On the penultimate trading day before the holiday, with a quiet news front and decreased market trading enthusiasm, Shanghai Aluminum showed weak performance. The main 2511 contract closed with a slight 0.22% decline at 20,730. The spread between October and November changed from a discount to a premium of 15, and the far - month contracts maintained a slight contango structure. The import window was closed, and the spot import loss fluctuated around - 1,500 yuan/ton. It's recommended to wait and see before the holiday [7]. - The production of domestic bauxite in the north has not resumed, and the probability of resuming production this year is low. The price of imported ore is under short - term pressure, but with the end of the rainy season, the shipping volume will gradually increase. The alumina price fluctuates around 2,900. The supply surplus is difficult to ease for the time being. After October, some high - cost enterprises are expected to cut production and carry out maintenance as the monthly average price drops [7]. - The operating capacity of electrolytic aluminum remains high. The operating rate of processing enterprises rebounded significantly last week but is likely to decline temporarily due to the upcoming long holiday. Shanghai Aluminum has returned to the previous trading range. Pay attention to the support level of 20,500. It's advisable to hold a light position during the holiday to control risks [7]. - The trend of cast aluminum alloy continues to follow Shanghai Aluminum. With the peak season and the tight supply of scrap aluminum raw materials, continue to pay attention to the strategy of going long on AD and short on AL [7]. Group 4: Market Review and Operational Suggestions - **Market Review**: The Shanghai Aluminum market was weak on the penultimate trading day before the holiday. The main 2511 contract closed slightly down, the spread structure changed, and the import window was closed [7]. - **Bauxite Situation**: Domestic bauxite in the north has not resumed production, and the probability of resuming this year is low. Imported ore is under short - term pressure, but shipping volume will increase after the rainy season. Pay attention to the changes in mining rights policies before the Guinea election [7]. - **Alumina Situation**: Alumina price fluctuates around 2,900. Supply surplus is difficult to ease. After October, some high - cost enterprises may cut production and carry out maintenance [7]. - **Operational Suggestions**: It's recommended to wait and see before the holiday. Pay attention to the support level of 20,500 for Shanghai Aluminum and hold a light position during the holiday [7]. Group 5: Industry News - UAE's EGA is preparing for a potential IPO, with an estimated valuation of $10 - 15 billion. Dubai and Abu Dhabi are competing for this major listing project. EGA has overcome challenges such as US aluminum tariffs and plans to invest $4 billion in a smelter in Oklahoma [8][10]. - In 2025, the demand for aluminum cans in Japan was about 2.091 billion, remaining the same as the previous year and staying at the 2 - billion - can level for 10 consecutive years [9]. - On September 22, 2025, the standard warehouse receipt generation business of cast aluminum alloy futures was officially launched. The total registered volume of cast aluminum alloy warehouse receipts on the first day was 3,878 tons, with different volumes in various regions [9].

Group 1: Investment Ratings - No investment ratings are provided in the report. Group 2: Core Views - The finished products are expected to move in a volatile and consolidating manner, with the price center shifting downward and showing a weak trend [2][3]. - The aluminum ingot price is expected to remain high in the short - term, and attention should be paid to macro sentiment and mine - end news. Before the holiday, it is expected to oscillate at a high level, and later, the inventory - consumption trend should be monitored. Be vigilant about long - holiday risks [2][4]. Group 3: Summary by Related Catalogs Finished Products - The short - process construction steel enterprises in the Yunnan - Guizhou region will stop production for maintenance from mid - January to the 11th to 16th day of the first lunar month, affecting a total output of 741,000 tons. In Anhui Province, one of the 6 short - process steel mills stopped production on January 5th, and most of the others will stop around mid - January, with a daily output impact of about 16,200 tons [2][3]. - From December 30, 2024, to January 5, 2025, the transaction (signing) area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3]. - The finished products continued to decline in a volatile manner yesterday, reaching a new low. In the context of weak supply and demand, the market sentiment is pessimistic, and this year's winter storage is sluggish, providing little support for prices [3]. - Future factors to watch include macro policies and downstream demand [3]. Aluminum Ingots - The aluminum market supply has increased slightly due to the ramping - up of replacement capacity, and the supply - demand pattern is improving marginally. The aluminum processing comprehensive PMI index in September increased by 2.4 percentage points to 55.7% [3]. - Different aluminum sub - industries show different performances. The aluminum plate and strip industry PMI is in the expansion range, the aluminum foil industry PMI reaches 62.5%, the building profile industry PMI is below the boom - bust line, the aluminum cable industry PMI rises to 53.8%, the primary aluminum alloy PMI is above the boom - bust line, and the recycled aluminum industry PMI rebounds to 61.2% [3]. - With the decline in aluminum prices, processing plants have some stocking demand for the double festivals, and social inventories have decreased. On September 29, the inventory of electrolytic aluminum ingots in the main domestic consumption areas was 592,000 tons, a decrease of 25,000 tons from last Thursday and 46,000 tons from last Monday [3]. - Future factors to watch include changes in macro expectations, the development of geopolitical crises, mine - end resumption of production, and consumption release [4].