股票代码：601600 股票简称：中国铝业 公告编号：临 2025-052 中国铝业股份有限公司 关于 2025 年中期利润分配方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ? 每股分配比例：每股派发现金红利人民币 0.123 元（含税）。 ? 本次分配以实施权益分派股权登记日登记的总股本为基数，具体日期将在权 益分派实施公告中明确。 ? 在实施权益分派的股权登记日前如公司总股本发生变动，公司将维持每股分 配比例不变，相应调整分配总金额，并将另行公告具体调整情况。 ? 根据公司股东会对董事会的授权，本次中期利润分配方案无需提交股东会审 议批准。 一、利润分配方案内容 根据中国铝业股份有限公司（以下简称"公司"）2025 年半年度报告（未经审计）， 公司 2025 年上半年母公司财务报表净利润为人民币 3,897,452 千元，合并财务报表 归属于上市公司股东的净利润为人民币 7,070,761 千元。经公司董事会审议通过， 公 司 将 按 2025 年上 半年 母公司 财务 报表 净 利润 ...

Group 1 - The threat of increasing tariffs on Indian imports to 50% by the Trump administration has become a reality, potentially jeopardizing US-India relations and raising consumer prices [2] - The tariffs are part of a strategy to penalize India for importing Russian oil and funding Russia, amidst ongoing negotiations to resolve the conflict in Ukraine [3] - The US trade deficit with India has significantly widened over the past decade, with total imports from India reaching $87 billion last year, while exports were approximately $42 billion [6] Group 2 - Major imports from India include pharmaceuticals, smartphones, and clothing, with smartphones exempt from the new tariffs, while steel and aluminum products will face the full 50% tariff [6] - The sectors most vulnerable to retaliatory tariffs from India include oil and gas products, chemicals, and aerospace components, which are the top exports from the US to India [6] - India has accused the Trump administration of unfairly targeting it with tariffs, noting that other countries importing Russian oil do not face similar penalties [5]

格隆汇8月27日丨中国铝业(601600.SH)公告称，2025年上半年营业收入1163.92亿元，同比增长5.12%。 净利润70.71亿元，同比增长0.81%。公司拟以现金方式按每股人民币0.123元(含税)向全体股东派发2025 年中期股息，总计派息金额约人民币21.1亿元(含税)，约占本公司2025年上半年合并财务报表归属于上 市公司股东净利润的30%。 ...

Group 1 - The core viewpoint of the announcement is that China Aluminum reported a revenue of 116.392 billion RMB for the first half of 2025, reflecting a year-on-year growth of 5.12% [1] - The net profit for the same period was 7.071 billion RMB, showing a slight increase of 0.81% year-on-year [1] - The company plans to distribute an interim dividend of 0.123 RMB per share (including tax) to all shareholders, totaling approximately 2.11 billion RMB (including tax), which accounts for about 30% of the net profit attributable to shareholders for the first half of 2025 [1]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Views - For building materials, it is expected to move in a volatile and consolidating manner [2]. - For aluminum ingots, the price is expected to be strongly volatile in the short - term, and attention should be paid to macro - sentiment and mining news [3]. 3) Summary by Related Content Building Materials - **Production suspension situation**: In the Yunnan - Guizhou region, short - process construction steel producers' suspension time during the Spring Festival is mostly in mid - to late January, with resumption expected between the 11th and 16th day of the first lunar month, affecting a total output of 741,000 tons. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most of the rest will stop around mid - January, with an expected daily output impact of about 16,200 tons during the suspension [1][2]. - **Real estate transaction data**: 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 period and a 43.2% increase year - on - year [2]. - **Market situation**: The price of building materials continued to decline and reached a new low recently. In the pattern of weak supply and demand, market sentiment was pessimistic, and the price center continued to move down. This year's winter storage was sluggish, with weak price support [2]. - **Follow - up focus**: Macro - policies and downstream demand [2]. Aluminum Ingots - **Macro - situation**: After US President Trump dismissed a Federal Reserve governor, market confidence in the Fed wavered. Fed Chair Powell hinted at a possible rate cut in September, and the market currently expects an over 87% chance of a 25 - basis - point rate cut in September [1]. - **Demand situation**: The demand side is the core concern. Some enterprises have started to stock up for the peak - season orders. The overall operating rate of domestic aluminum downstream processing leading enterprises increased by 0.8 percentage points to 59.5% last week. Different sub - sectors showed varying degrees of change, with some increasing and the regenerative aluminum operating rate slightly decreasing by 0.1 percentage points to 53.0% [2]. - **Inventory situation**: The social inventory of aluminum ingots in the main consumption areas increased by 4,500 tons to 463,500 tons on Tuesday. The traditional off - season led to weak demand and continuous inventory accumulation. Holders were not optimistic about the future premium and actively sold, suppressing the spot premium [2]. - **Market outlook**: The price is expected to run at a high level recently, and attention should be paid to the inventory - consumption trend. The off - season and its actual impact will still put pressure on the upside [3]. - **Follow - up focus**: Macro - expectation changes, geopolitical crisis development, mining resumption, and consumption release [3].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - For alumina, the rising prices of alumina, domestic and imported bauxite push up production costs. The decline in domestic alumina operating capacity cannot change the loose supply - demand expectation, suggesting limited upside for alumina prices. Investors are advised to wait and watch, focusing on the support level around 2800 - 3000 and the resistance level around 3300 - 3600 [2]. - For electrolytic aluminum, the increasing expectation of the Fed's interest rate cut in September, the expected shift from the traditional domestic consumption off - season, and the low domestic electrolytic aluminum social inventory may lead to a strong upward trend in electrolytic aluminum prices. Investors are recommended to go long on the main contract with a light position on dips, paying attention to the support level around 20200 - 20400 and the resistance level around 21000 - 21500. For LME aluminum, focus on the support level around 2300 - 2500 and the resistance level around 2700 - 2800 [2]. - For aluminum alloy, the increasing expectation of the Fed's interest rate cut in September and the tight supply of scrap aluminum leading to near - loss in recycled aluminum alloy production may cause aluminum alloy prices to be cautiously strong. Investors are advised to go long on the main contract with a light position on dips or short the spread between electrolytic aluminum and aluminum alloy on rallies, focusing on the support level around 19800 - 20000 and the resistance level around 20300 - 20500 [2]. 3. Summary by Related Catalogs Market Data - **Aluminum Futures in Shanghai**: On August 26, 2025, the closing price of the active contract was 20715 yuan/ton, down 55 yuan from the previous day. The trading volume was 103054 lots, a decrease of 43106 lots, and the open interest was 251409 lots, an increase of 3066 lots. The inventory was 56274 tons, a decrease of 396 tons. The basis of Shanghai aluminum was 65 yuan/ton, an increase of 55 yuan [2]. - **Alumina Futures**: The trading volume was 421870 lots, a decrease of 33265 lots, and the inventory was 84628 tons, an increase of 1496 tons. The price difference between the near - month and the first - continuous contract of alumina was - 1, an increase of 5 [2]. - **LME Aluminum**: The closing price of the 3 - month LME aluminum futures (electronic trading) was 9837, up 40.5 from the previous day. The price difference between the 3 - 15 - month contracts of LME aluminum futures was 0, an increase of 158.98. The ratio of Shanghai - LME aluminum prices was 7.8511, a decrease of 0.021 [2]. Industry News - An aluminum production capacity green and low - carbon transformation project is expected to have a construction period of about 10 months. After completion, the company's annual electrolytic aluminum output is expected to reach about 1.4 million tons [2]. - On August 22, Anhui Weiyu Intelligent Manufacturing Co., Ltd. signed a contract with the People's Government of Shiliang Town, Tianchang City, Chuzhou City for a "200,000 - ton annual aluminum - based new material and energy storage equipment project" with a total investment of 1.5 billion yuan [2]. - Henan Siweite Welding and Repair Co., Ltd. is building a project to reconstruct an annual output of 1200 tons of aluminum wire with a total investment of 6 million yuan, currently in the publicity stage of environmental impact report approval [2]. - The energy - saving report of the Wenshan Green and Low - Carbon Casting Project of Zhongyan (Yunnan) Green Advanced Aluminum - based Materials Co., Ltd. was approved. The project covers an area of about 104 mu with an annual output of 200,000 tons of deformed aluminum and aluminum alloy cast - rolled strips [2]. - Asia - Pacific Technology's wholly - owned subsidiary, Anxinda, plans to invest 210 million yuan in a "Automobile Lightweight Aluminum Material Production Line Transformation Project". After completion, it will have an annual production capacity of 80,000 tons of aluminum alloy melting and processing [2]. Market Analysis - In the alumina market, U.S. companies are actively buying scrap aluminum due to tariff exemptions, leading to fierce competition in overseas scrap aluminum procurement. Geopolitical conflicts and illegal smuggling in Southeast Asia may cause a continuous decline in scrap aluminum exports to China until the end of 2025 or early 2026. The domestic price difference of precision aluminum is positive and decreasing month - on - month, which may lead to a decrease (increase) in China's scrap aluminum production (import) in August [2]. - In the electrolytic aluminum market, the domestic electrolytic aluminum social inventory is still at a low level, and the price trend is expected to be strong [2]. - In the aluminum alloy market, the tight supply of scrap aluminum makes the production of recycled aluminum alloy close to a loss, and the price trend is expected to be cautiously strong [2].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The market may experience increased short - term volatility after recent continuous rises, but the general strategy is to go long on dips. In the bond market, there is still room for interest rates to decline, but it may return to a volatile pattern in the short term. For precious metals, it is recommended to go long on silver on dips. For most non - ferrous metals, prices are expected to be volatile with a slightly upward trend. In the black building materials sector, steel products face weak demand, while iron ore is expected to be volatile. For energy chemicals, the trends vary by product, and for agricultural products, different products have different outlooks based on supply and demand [3][6][8]. 3. Summary by Related Catalogs 3.1 Macro - Financial 3.1.1 Stock Index - Policy: The State Council released an opinion on implementing the "Artificial Intelligence +" action, aiming for over 70% penetration of new - generation intelligent terminals by 2027 [2]. - Fund Scale: In July, the scale of money funds increased by over 38 billion yuan, stock funds by over 19 billion yuan, and hybrid funds by over 13 billion yuan, while bond funds decreased by over 4.6 billion yuan [2]. - Company Performance: Cambrian achieved an operating income of 2.881 billion yuan in H1 2025, a year - on - year increase of 4347.82%, and a net profit of 1.038 billion yuan, turning a profit year - on - year [2]. - International Data: US durable goods orders in July decreased by 2.8% month - on - month, better than the expected 4% decline [2]. - Trading Logic: The market may be volatile in the short term but the long - term strategy is to go long on dips [3]. 3.1.2 Treasury Bonds - Market Performance: On Tuesday, TL, T, TF, and TS main contracts all rose [4]. - News: Trump fired Fed governor Lisa Cook, and Guangdong plans to issue 2.5 billion yuan of offshore RMB local government bonds in Macau [4]. - Liquidity: The central bank conducted 40.58 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 17.45 billion yuan [5][6]. - Strategy: Interest rates may decline in the long term but the bond market may be volatile in the short term [6]. 3.1.3 Precious Metals - Market Performance: Shanghai gold rose 0.21%, Shanghai silver fell 0.30%, COMEX gold rose 0.24%, and COMEX silver rose 0.22% [7]. - Market Outlook: US economic data pressured precious metals prices in the short term, but Trump's action may lead the Fed to turn dovish. It is recommended to go long on silver on dips [7][8]. 3.2 Non - Ferrous Metals 3.2.1 Copper - Market Performance: LME copper rose 0.38%, and Shanghai copper closed at 79,420 yuan/ton [10]. - Industry Situation: LME copper inventory decreased, and domestic copper supply is expected to be in a slightly surplus situation. Copper prices are expected to be volatile and slightly upward [10]. 3.2.2 Aluminum - Market Performance: LME aluminum rose 0.63%, and Shanghai aluminum closed at 20,880 yuan/ton [11]. - Industry Situation: Domestic aluminum inventory is low, and demand is expected to improve. Aluminum prices are expected to be volatile and slightly upward [11]. 3.2.3 Zinc - Market Performance: Shanghai zinc index fell 0.52%, and LME zinc rose [12]. - Industry Situation: Zinc ore inventory is rising, but the dovish Fed statement strengthens the support for zinc prices. Zinc prices are expected to be volatile in the short term [12][13]. 3.2.4 Lead - Market Performance: Shanghai lead index rose 0.38%, and LME lead rose [14]. - Industry Situation: Lead supply is increasing, and downstream demand is warming up in the short term but faces pressure in the medium term [14]. 3.2.5 Nickel - Market Performance: Shanghai nickel rose 0.05% [15]. - Industry Situation: Nickel supply is in surplus, and stainless steel demand is weak. Nickel prices are expected to be volatile [15]. 3.2.6 Tin - Market Performance: Shanghai tin fell 0.05% [16]. - Industry Situation: Tin supply is low, and demand is weak. Tin prices are expected to be volatile [16]. 3.2.7 Lithium Carbonate - Market Performance: The MMLC index was flat, and the LC2511 contract fell 0.45% [17]. - Industry Situation: Lithium mica supply is shrinking, and the price is expected to be supported. Attention should be paid to overseas supply [17]. 3.2.8 Alumina - Market Performance: The alumina index fell 3.47% [18]. - Industry Situation: Ore supply is disturbed, and the Fed's dovish statement may support the price. It is recommended to wait and see [18]. 3.2.9 Stainless Steel - Market Performance: The stainless - steel main contract fell 0.31% [19]. - Industry Situation: Short - term demand is weak, but it is expected to improve with the arrival of the peak season [20]. 3.2.10 Cast Aluminum Alloy - Market Performance: The AD2511 contract fell 0.32% [21]. - Industry Situation: The downstream is transitioning from the off - season to the peak season, and the price may rise, but there is delivery pressure [21]. 3.3 Black Building Materials 3.3.1 Steel - Market Performance: Rebar and hot - rolled coil prices fell [23]. - Industry Situation: Steel demand is weak, inventory is accumulating, and prices may continue to decline if demand does not improve [24]. 3.3.2 Iron Ore - Market Performance: The iron ore main contract fell 1.33% [26]. - Industry Situation: Overseas shipments are stable, demand is flat, and inventory is rising slightly. Iron ore prices are expected to be volatile [27]. 3.3.3 Glass and Soda Ash - Glass: Spot prices are stable, inventory is rising slightly, and prices are expected to be weakly volatile in the short term [28]. - Soda Ash: Spot prices are stable, inventory pressure is decreasing, and prices are expected to be volatile in the short term and gradually rise in the long term [29]. 3.3.4 Manganese Silicon and Ferrosilicon - Market Performance: Manganese silicon and ferrosilicon prices fell [31]. - Industry Situation: Iron alloy prices are affected by market sentiment. It is recommended for speculative funds to wait and see and for hedging funds to participate [32]. 3.3.5 Industrial Silicon - Market Performance: The industrial silicon main contract fell 1.84% [34]. - Industry Situation: Supply is increasing, demand support is limited, and prices are expected to be volatile [35]. 3.3.6 Polysilicon - Market Performance: The polysilicon main contract fell 1.15% [36]. - Industry Situation: It is in a "weak reality, strong expectation" pattern, and prices are expected to be highly volatile [36]. 3.4 Energy Chemicals 3.4.1 Rubber - Market Performance: NR and RU were in a volatile consolidation [38]. - Industry Situation: There are different views on the rise and fall. It is expected that rubber prices will be volatile and slightly upward [39][42]. 3.4.2 Crude Oil - Market Performance: WTI fell 2.21%, Brent fell 2.17%, and INE rose 0.66% [43]. - Industry Situation: The fundamentals are healthy, but seasonal demand may limit the upside. The short - term target price for WTI is $70.4/barrel [43]. 3.4.3 Methanol - Market Performance: The 01 contract fell [44]. - Industry Situation: Supply is increasing, demand is weak, and it is recommended to wait and see [44]. 3.4.4 Urea - Market Performance: The 01 contract fell [45]. - Industry Situation: Supply pressure exists, demand is weak, and it is recommended to go long on dips [45][46]. 3.4.5 Styrene - Market Performance: Spot and futures prices fell, and the basis strengthened [47]. - Industry Situation: Cost support exists, inventory is rising, and prices may rebound after inventory reduction [47]. 3.4.6 PVC - Market Performance: The 01 contract fell [49]. - Industry Situation: Supply is strong, demand is weak, and it is recommended to wait and see [49]. 3.4.7 Ethylene Glycol - Market Performance: The EG01 contract fell [50]. - Industry Situation: Supply is still in surplus, and there is downward pressure on valuation in the medium term [50][51]. 3.4.8 PTA - Market Performance: The PTA01 contract rose [52]. - Industry Situation: Supply is decreasing, demand is improving, and it is recommended to go long on dips [52]. 3.4.9 Para - Xylene - Market Performance: The PX11 contract rose [53]. - Industry Situation: PX load is high, and there is support for valuation. It is recommended to go long on dips [53]. 3.4.10 Polyethylene (PE) - Market Performance: Futures prices fell [54]. - Industry Situation: Cost support exists, inventory is decreasing, and prices may rise [54]. 3.4.11 Polypropylene (PP) - Market Performance: Futures prices fell [56]. - Industry Situation: Supply and demand are weak, and it is recommended to go long on the LL - PP2601 contract on dips [56]. 3.5 Agricultural Products 3.5.1 Live Pigs - Market Performance: Pig prices fell [58]. - Industry Situation: Supply is excessive, and the market is in a range - bound pattern [58]. 3.5.2 Eggs - Market Performance: Egg prices were stable or rose [59]. - Industry Situation: The egg market is in a supply - surplus cycle, and it is recommended to reduce short positions or short on rebounds [59]. 3.5.3 Soybean and Rapeseed Meal - Market Performance: US soybeans rose slightly, and domestic soybean meal was relatively weak [60]. - Industry Situation: Supply is sufficient, and it is recommended to go long on dips in the cost - range low [60][61]. 3.5.4 Oils and Fats - Market Performance: Domestic oils and fats were weakly volatile [63]. - Industry Situation: There are multiple factors supporting the price, and palm oil is expected to be volatile and slightly upward [63][64]. 3.5.5 Sugar - Market Performance: Zhengzhou sugar futures prices fell [65]. - Industry Situation: International and domestic supply is increasing, and prices are likely to continue to decline [65]. 3.5.6 Cotton - Market Performance: Zhengzhou cotton futures prices were volatile [66]. - Industry Situation: Fundamentals are expected to improve, and prices may rise in the short term [66].

Group 1: Central-Local Fiscal Relations - The report discusses the historical, current, and future analysis of central-local fiscal relations, indicating that reforms may focus on cultivating local tax sources, moderately centralizing fiscal responsibilities, and promoting fiscal system reforms below the provincial level [5]. - It highlights that the macro tax burden is decreasing and land finance is waning, making it essential to cultivate new tax sources for local governments, with a projected increase in local revenue of approximately 209.3 billion yuan from consumption tax reforms [5]. - The report suggests that the central government may take on more fiscal responsibilities in areas with broader impacts, such as higher education, public health, and social security, to alleviate local fiscal pressures [5]. Group 2: Computer Industry - Cambrian Technology - Cambrian Technology reported a significant revenue increase of 4,348% year-on-year for H1 2025, reaching 28.81 billion yuan, with a net profit of 1.038 billion yuan, reflecting a 296% increase [9][10]. - The company maintained a gross margin of 55.88% in Q2 2025, indicating stable profitability despite rapid revenue growth, with expectations for strong cash flow and inventory recovery in Q3 [10][11]. - The report anticipates that the AI wave will significantly boost demand for computing power, with Cambrian positioned to benefit from increased domestic market share in the face of geopolitical challenges [11][12]. Group 3: Food and Beverage Industry - Nongfu Spring - Nongfu Spring reported a revenue of 25.622 billion yuan for H1 2025, a year-on-year increase of 15.6%, with a net profit of 7.622 billion yuan, up 22.1% [20]. - The company is expected to continue recovering market share in packaged water and is focused on innovation in beverage products, projecting net profits of 14.6 billion yuan by 2027 [20]. Group 4: Environmental Sector - Huahong Technology - Huahong Technology experienced significant profit growth in H1 2025, driven by improved cost control and the recovery of rare earth prices, with expectations for rapid growth as new capacities come online [21]. - The report maintains a "buy" rating, emphasizing the company's strong position in the recycling of rare earths and the anticipated demand from the automotive sector [21]. Group 5: Real Estate Sector - China Overseas Property - China Overseas Property reported a revenue increase of 3.7% in H1 2025, with a net profit of 7.69 billion yuan, reflecting a 4.3% growth [24]. - The company is focusing on optimizing its service structure and expanding its management area, with expectations for continued growth in the property management sector [25].

据证券之星公开数据整理，近期闽发铝业（002578）发布2025年中报。截至本报告期末，公司营业总收 入7.75亿元，同比下降24.89%，归母净利润293.57万元，同比下降81.13%。按单季度数据看，第二季度 营业总收入4.76亿元，同比下降23.71%，第二季度归母净利润87.38万元，同比下降87.14%。本报告期 闽发铝业公司应收账款体量较大，当期应收账款占最新年报归母净利润比达2123.08%。 本次财报公布的各项数据指标表现一般。其中，毛利率5.76%，同比增2.94%，净利率0.38%，同比减 74.7%，销售费用、管理费用、财务费用总计3044.72万元，三费占营收比3.93%，同比增17.31%，每股 净资产1.63元，同比增0.44%，每股经营性现金流-0.08元，同比增18.77%，每股收益0.0元，同比减 81.33% 偿债能力：公司现金资产非常健康。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 10.32亿 | 7.75亿 | -24.89% | | 归母净利润(元) | 155 ...

Core Viewpoint - The company reported a significant increase in performance for the first half of 2025, with a 35% year-on-year growth in net profit, driven by rising product prices and sales volumes, alongside a decrease in raw material costs [3][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved an operating revenue of 81.04 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 12.36 billion yuan, up 35% year-on-year [3]. - The sales volume of aluminum alloy products reached approximately 2.906 million tons, a 2.4% increase year-on-year, while the sales volume of alumina products was 6.368 million tons, up 15.6% year-on-year [4]. Group 2: Market Dynamics - The domestic aluminum price as of August 25, 2025, was 20,820 yuan per ton, reflecting a 4.7% increase since the beginning of the year. The overall aluminum consumption in China is expected to reach 54.35 million tons in 2025, with a year-on-year growth of 1.46% [5]. - Key growth drivers for aluminum consumption include new energy vehicles, transmission lines, and air conditioning, while net exports and construction are expected to be drag factors [5]. Group 3: Shareholder Returns - The company has announced a share buyback plan with a total amount not less than 3 billion Hong Kong dollars, reflecting confidence in its future prospects [6]. - The company declared a dividend of 1.02 Hong Kong cents per share on June 13, 2025, with a cumulative dividend of 1.61 Hong Kong cents per share for the 2024 fiscal year, resulting in a dividend yield of 11% based on the closing price on the ex-dividend date [6]. Group 4: Regulatory Environment - The aluminum smelting industry is moving towards inclusion in the national carbon market, which may lead to increased costs for companies using thermal power for aluminum production, thereby encouraging energy-saving measures and a potential price premium for hydropower aluminum [7].