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]

Group 1 - The core viewpoint of the news is the decline in the stock price of Zhongfu Industrial, which fell by 5.05% to 5.26 CNY per share, with a trading volume of 327 million CNY and a turnover rate of 1.53%, resulting in a total market capitalization of 21.08 billion CNY [1] - Zhongfu Industrial, established on January 28, 1997, and listed on June 26, 2002, is primarily engaged in coal mining, thermal power generation, electrolytic aluminum, and deep processing of aluminum products [1] - The revenue composition of Zhongfu Industrial is as follows: aluminum processing 62.62%, electrolytic aluminum 31.55%, coal 2.60%, electricity 2.38%, others (supplementary) 0.44%, steam 0.33%, and trade 0.08% [1] Group 2 - From the perspective of major fund holdings, Huatai Baoxing Fund has a significant position in Zhongfu Industrial, with its Huatai Baoxing Growth Preferred A fund (005904) reducing its holdings by 2.62 million shares in the second quarter, now holding 6.11 million shares, which accounts for 4.13% of the fund's net value, ranking as the fifth-largest holding [2] - The Huatai Baoxing Growth Preferred A fund (005904) was established on June 7, 2018, with a current size of 624 million CNY, achieving a year-to-date return of 33.87% and a one-year return of 51.13% [2] - The fund manager of Huatai Baoxing Growth Preferred A is Tian Rong, who has been in the position for 2 years and 264 days, with the best fund return during his tenure being 48.89% and the worst being 39.85% [3]

Core Points - The company has approved a profit distribution plan for the first half of 2025, which will be executed by the board of directors [1] - The total share capital for the distribution is 11,613,670,848 shares, with a cash dividend of 0.40 CNY per 10 shares, amounting to a total distribution of 461,761,386.36 CNY [2] - The reference price for the ex-dividend date is calculated based on the previous closing price minus the cash dividend [3] Distribution Plan - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the record date [1] - The cash dividend per share is set at 0.04 CNY [4] - The distribution will be managed by the China Securities Depository and Clearing Corporation, with specific procedures for shareholders who have not completed designated transactions [5] Taxation Details - For individual shareholders holding unrestricted circulating shares, no personal income tax will be withheld at the time of cash dividend distribution, with the actual cash dividend being 0.04 CNY per share [7] - For Hong Kong investors, a 10% withholding tax will apply, resulting in a net cash dividend of 0.036 CNY per share [8] - Qualified Foreign Institutional Investors (QFII) will also face a 10% withholding tax, leading to a net cash dividend of 0.036 CNY per share [8] Consultation Information - Shareholders can contact the company's securities department for inquiries regarding the profit distribution [9]

上海友升铝业股份有限公司（以下简称"友升股份"、"发行人"或"公司"）首次公开发行股票并在主板上 市的申请已经上海证券交易所（以下简称"上交所"）上市审核委员会审议通过，并已经中国证券监督管 理委员会（以下简称"中国证监会"）证监许可〔2025〕1616号文同意注册。《上海友升铝业股份有限公 司首次公开发行股票并在主板上市招股说明书》在上海证券交易所网站（http://www.sse.com.cn）和符 合中国证监会规定条件网站（中国证券网，网址www.cnstock.com；中证网，网址www.cs.com.cn；证券 时报网，网址www.stcn.com；证券日报网，网址www.zqrb.cn；经济参考网，网址www.jjckb.cn）披露， 并置备于发行人、本次发行保荐人（主承销商）国泰海通证券股份有限公司的住所，供公众查阅。 ■ 发行人：上海友升铝业股份有限公司 保荐人（主承销商）：国泰海通证券股份有限公司 2025年9月18日 ...

Group 1 - LME aluminum futures prices experienced a slight decline, opening at $2681 per ton and currently at $2683 per ton, with a decrease of 0.24% [1] - On September 17, LME aluminum futures closed at $2689.5 per ton, down 0.83% from the previous day, with a trading range between $2679.0 and $2716.0 [2] - Alcoa predicts that the global aluminum market will remain relatively stable in the short to medium term, with China continuing to actively procure international aluminum sources while North America and Europe face supply shortages [2] Group 2 - By the end of 2025, the global aluminum market is expected to grow by approximately 7.3%, driven by simultaneous increases in demand for primary and recycled aluminum, which will encourage new capacity investments [2] - As of September 17, LME registered aluminum warrants totaled 375,025 tons, with canceled warrants at 108,750 tons, indicating no change in inventory levels [2] - The Shanghai Futures Exchange reported aluminum warrants at 74,465 tons, a decrease of 1,269 tons compared to the previous trading day [2]

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core Views - For building materials, it is expected to run in a volatile and consolidating manner, with the price center shifting downward and running weakly [1][3] - For aluminum ingots, it is expected that the price will undergo short - term high - level adjustments, and attention should be paid to macro sentiment and mining end news [4] Group 3: Summary by Related Catalogs Building Materials - Yunnan and Guizhou regions' short - process construction steel producers' Spring Festival shutdown and maintenance time is mostly in mid - to late January, and the resumption time is expected to be around the 11th to 16th day of the first lunar month, which is expected to affect the total construction steel output by 741,000 tons during the shutdown period. In Anhui Province, 1 out of 6 short - process steel mills started shutting down on January 5, and most of the other steel mills will shut down around mid - January, with some expecting to shut down after January 20, affecting the daily output by about 16,200 tons during the shutdown [2][3] - From December 30, 2024, to January 5, 2025, the total 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 week and a 43.2% increase year - on - year [3] - Building materials continued to decline in a volatile manner yesterday, reaching a new low recently. In the pattern of weak supply and demand and with a pessimistic market sentiment, the price center continued to shift downward. This year's winter storage is sluggish, providing little support for prices [3] Aluminum - Yesterday, the aluminum price was in high - level consolidation. After the Fed's expected interest rate cut, the US dollar first declined and then rose. Powell's remarks provided support for the US dollar index [2] - The fundamentals of alumina remain in an oversupply pattern, with high domestic operating capacity, an open import window, and high domestic inventory on the supply side. On the demand side, electrolytic aluminum plants' raw material inventory is high, and spot purchasing is negative [3] - The demand side of aluminum has shown signs of recovery. The overall operating rate of domestic leading aluminum downstream processing enterprises last week increased by 0.4 percentage points to 62.1% week - on - week, and the "Golden September" effect is strengthening [3] - As of September 18, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 638,000 tons, up 1,000 tons from Monday and 13,000 tons from last Thursday. Although the出库 performance has improved in September, the premium and discount are still under pressure, and whether the inventory decline inflection point can occur in late September needs further observation [3] Overall for Metals - The macro interest rate cut expectation has been fulfilled as scheduled. As it is transitioning to the "Golden September and Silver October" period, there is support from both the macro and fundamentals. However, after the macro "boot" has landed, it is expected that the price will have room for a short - term high - level correction, and subsequent attention should be paid to the inventory - consumption trend [4]

Core Viewpoint - Hongchuang Holdings experienced a decline of 2.30% on September 17, with a trading volume of 315 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On September 17, Hongchuang Holdings had a financing buy-in amount of 30.28 million yuan and a financing repayment of 42.64 million yuan, resulting in a net financing outflow of 12.36 million yuan [1]. - The total financing and securities balance for Hongchuang Holdings as of September 17 is 451 million yuan, with the current financing balance of 449 million yuan accounting for 2.32% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, on September 17, the company repaid 1,700 shares and sold 1,200 shares, with a selling amount of 20,400 yuan at the closing price. The securities lending balance is 189,890 yuan, which is above the 90th percentile level over the past year, indicating a high level of securities lending [1]. Business Performance - For the first half of 2025, Hongchuang Holdings reported an operating income of 1.448 billion yuan, a year-on-year decrease of 13.82%, and a net profit attributable to shareholders of -118 million yuan, a significant year-on-year decrease of 539.64% [2]. - The company has not distributed any dividends in the past three years, with a total payout of 12.38 million yuan since its A-share listing [3]. Shareholder Information - As of September 10, the number of shareholders for Hongchuang Holdings increased to 20,800, a rise of 6.43%, while the average circulating shares per person decreased by 6.04% to 54,596 shares [2]. - As of June 30, 2025, Hongchuang Holdings' second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 49.84 million shares, an increase of 27.49 million shares compared to the previous period. New shareholders include Silver Hua Xinjia Two-Year Holding Period Mixed Fund and Silver Hua Xinyi Flexible Allocation Mixed A [3].

本次发行初始战略配售数量为965.3422万股，占本次发行总数量的20.00%。参与战略配售的投资者承诺 的认购资金已于规定时间内足额汇至主承销商指定的银行账户。依据本次发行价格确定的最终战略配售 数量为690.2499万股，占本次发行总数量的14.30%，初始战略配售股数与最终战略配售股数的差额 275.0923万股回拨至网下发行。 战略配售回拨后，网上网下回拨机制启动前，网下发行数量为2,591.9612万股，占扣除最终战略配售数 量后发行数量的62.66%；网上发行数量为1,544.5000万股，占扣除最终战略配售数量后发行数量的 37.34%。 登录新浪财经APP 搜索【信披】查看更多考评等级 上海友升铝业股份有限公司（以下简称"发行人"或"友升股份"）首次公开发行人民币普通股（A股）并 在主板上市（以下简称"本次发行"）的申请已经上海证券交易所（以下简称"上交所"）上市审核委员会 审议通过，并已经中国证券监督管理委员会同意注册（证监许可〔2025〕1616号）。 发行人的股票简称为"友升股份"，扩位简称为"友升股份"，股票代码为"603418"。 国泰海通证券股份有限公司（以下简称"国泰海通"、"主 ...

发行人：上海友升铝业股份有限公司 保荐人（主承销商）：国泰海通证券股份有限公司 2025年9月18日 保荐人（主承销商）：国泰海通证券股份有限公司 上海友升铝业股份有限公司（以下简称"友升股份"、"发行人"或"公司"）首次公开发行股票并在主板上 市的申请已经上海证券交易所（以下简称"上交所"）上市审核委员会审议通过，并已经中国证券监督管 理委员会（以下简称"中国证监会"）证监许可〔2025〕1616号文同意注册。《上海友升铝业股份有限公 司首次公开发行股票并在主板上市招股说明书》在上海证券交易所网站（http://www.sse.com.cn）和符 合中国证监会规定条件网站（中国证券网，网址www.cnstock.com；中证网，网址www.cs.com.cn；证券 时报网，网址www.stcn.com；证券日报网，网址www.zqrb.cn；经济参考网，网址www.jjckb.cn）披露， 并置备于发行人、本次发行保荐人（主承销商）国泰海通证券股份有限公司的住所，供公众查阅。 ■ ...