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].

Core Viewpoint - The company has established itself as a leading player in the aluminum industry in China, focusing on an integrated aluminum production chain and demonstrating strong financial performance and growth potential [1][2][3][4] Group 1: Company Overview - The company has over 50 years of experience in the aluminum industry, originally founded as Yunnan Aluminum Plant in 1970, and has developed a comprehensive aluminum production chain from bauxite to aluminum processing [1] - It is recognized as a "National Environmentally Friendly Enterprise" and a green factory, with an integrated production capacity of 1.4 million tons of alumina, 3.08 million tons of green aluminum, and other related products [1] - The company has a self-sufficiency rate of approximately 29% for alumina and 72% for carbon products [1] Group 2: Financial Performance - The company's net profit for the first half of 2024 reached 2.768 billion yuan, reflecting a 10% year-on-year increase, with improving asset quality and cash flow [1] - By the first half of 2025, the company's interest-bearing debt decreased to 2.7 billion yuan, and the debt-to-asset ratio fell to 21.95%, indicating a strong financial position [1] - The cash balance at the end of the first half of 2025 was 7.46 billion yuan, an increase of 1.3 billion yuan compared to the entire year of 2024 [1] Group 3: Dividend Policy - The company has been increasing its dividend payout ratio, with a projected dividend ratio of 32% for 2024, up 12 percentage points year-on-year, and 40.1% for the first half of 2025 [2] - The total cash dividend for 2024 is expected to reach a historical high, reflecting the company's strong cash flow and reduced debt levels [2] Group 4: Green Energy and Sustainability - The company is well-positioned to benefit from the increasing emphasis on green electricity consumption in the aluminum industry, with a target of at least 25.2% green electricity consumption by 2025, a 20% increase from 2024 [3] - The company utilizes over 80% clean energy in its production, resulting in carbon emissions approximately 20% of those from coal-powered aluminum production [3] - It has achieved a 100% compliance rate in carbon trading and is among the first domestic companies to receive product carbon footprint certification, indicating its leadership in low-carbon production [3] Group 5: Investment Outlook - The company is projected to achieve net profits of 6.93 billion yuan, 7.97 billion yuan, and 8.21 billion yuan for 2025-2027, representing year-on-year growth rates of 57.1%, 14.9%, and 3.1% respectively [4] - A target price of 23.0 yuan is set for the company based on a 10x price-to-earnings ratio for 2026, reflecting its strong dividend potential and favorable market conditions [4]

Group 1 - The core viewpoint emphasizes the integration of green and low-carbon principles in the industrial structure and production processes within the Jiulong New City Park, particularly in the aluminum industry [1] - Southwest Aluminum Company has implemented a project for the recovery and reuse of oil mist, resulting in the recovery of over 650 tons of rolling oil and a reduction of over 18 tons of volatile organic compound emissions annually [1] - The aluminum industry in the Jiulong New City Park has an annual production capacity exceeding 1 million tons, with efforts to transition towards a clean and low-carbon production chain [1] Group 2 - The Jiulong New City Park is developing a hydrogen energy industry chain, aiming for a production value of 790 million yuan in 2024, with a growth rate of 62.7% [1] - The park has established 57 fully liquid-cooled supercharging stations and has deployed over 30 hydrogen energy tractors, contributing to the creation of 11 green factories at the municipal level or above [2] - The integration of water transport and hydrogen energy land transport has led to a 10% reduction in logistics costs from the port to the delivery location [2]

Market Performance - The three major US stock indices closed higher on September 30, with the Dow Jones up by 0.15%, the Nasdaq up by 0.48%, and the S&P 500 up by 0.26% [1] - Large technology stocks showed mixed performance, with Nvidia rising over 2% and Amazon increasing more than 1%, while Broadcom fell nearly 2% [1] Sector Performance - Cryptocurrency-related stocks saw significant gains, with Coinbase rising over 6%, Circle and Century Aluminum increasing more than 5%, and Southern Copper up over 3% [1] - The oil and gas sector experienced notable declines, with major companies such as BP, Chevron, ExxonMobil, and Total all dropping more than 2% [1]

Core Viewpoint - Tianshan Aluminum has completed its share repurchase plan, acquiring a total of 23.7052 million shares, which represents 0.51% of the company's total share capital, with a total expenditure of approximately RMB 200 million [4][5]. Summary by Sections Share Repurchase Plan - The company approved a share repurchase plan on April 9, 2025, with a budget between RMB 200 million and RMB 300 million, and a maximum repurchase price of RMB 10 per share [2]. - The repurchase was adjusted to a maximum price of RMB 9.8 per share due to the company's annual equity distribution [3]. Implementation Details - As of the announcement date, the company had repurchased 2,370.52 million shares at prices ranging from RMB 7.41 to RMB 9.79 per share, using a total of RMB 200 million [4][5]. - The repurchase was conducted in compliance with relevant regulations and did not deviate from the approved plan [4][6]. Impact on the Company - The share repurchase is not expected to significantly impact the company's financials, operations, or debt obligations, nor will it alter the company's equity structure or listing status [5]. - The repurchased shares will be used for employee stock ownership plans or equity incentive plans, with unutilized shares to be canceled if not used within 36 months [8]. Compliance and Trading Restrictions - The company adhered to regulations regarding the timing and manner of share repurchases, ensuring no trading occurred during sensitive periods [6][7].

证券时报·数据宝统计显示，中国铝业今日收盘价为8.15元，上涨6.96%，日换手率为3.76%，成交额为 39.35亿元，全天主力资金净流入1.58亿元，近5日该股累计上涨5.98%，近5日资金合计净流出2.03亿 元。 两融数据显示，该股最新融资余额为32.06亿元，近5日增加4505.60万元，增幅为1.43%。（数据宝） 9月29日中国铝业大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 181.70 | 1480.86 | 8.15 | 0.00 | 平安证券股份有限公司 | 中国国际金融股份有限公司北 | | | | | | 深圳金田路证券营业部 | 京建国门外大街证券营业部 | | 31.32 | 255.26 | 8.15 | 0.00 | 平安证券股份有限公司 | 中国国际金融股份有限公司北 | | | | | | 深圳金田路证券营业部 | 京建国门外大街证 ...