证券日报网讯新铝时代9月19日在互动平台回答投资者提问时表示，创业板2025年三季报暂未开始预约 披露时间，敬请关注后续的信息。 （文章来源：证券日报） ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall situation is still bullish, transitioning from trading "policy expectations" to trading "fundamentals." Aluminum prices should focus on the support around 20,600 and await the verification of the peak season of domestic downstream demand [5]. - For aluminum alloys, the short - term supply - demand fundamentals change little, and the alloy prices still fluctuate with aluminum prices. It is recommended to take a bullish approach on pullbacks [67]. 3. Summary According to the Directory 3.1 Report Summary - The Federal Reserve cut interest rates by 25 basis points, lowering the federal funds rate to 4.00% - 4.25%, the first rate cut this year and the restart after a 9 - month hiatus. The meeting was generally in line with expectations but reduced the rate - cut expectations for next year, with a neutral - to - hawkish stance [5][11]. - From January to August, the added value of large - scale industries increased by 6.2% year - on - year, with the growth rate down 0.1 percentage points from January to July. Infrastructure investment grew by 2.0% year - on - year, with the growth rate down 1.2 percentage points; manufacturing investment grew by 5.1%, down 1.1 percentage points; real estate development investment decreased by 12.9% year - on - year, with the decline widening by 0.9 percentage points [5]. - Aluminum supply - side increments are relatively limited, and the seasonally strong consumption season has seen an increase in the operating rate of aluminum processing enterprises. However, high aluminum prices have curbed the purchasing enthusiasm of processing enterprises, and the inflection point of social inventory has not yet arrived [5]. 3.2 Multi - and Short - Side Focus - **Bullish factors**: Limited supply - side increments, continuous increase in the operating rate of aluminum processing enterprises, and social inventory remaining at a low level [8]. - **Bearish factors**: Alumina prices continue to be weak, and the rate - cut利好 is exhausted [8]. 3.3 Data Analysis - **Aluminum ore production**: From January to July 2025, China's aluminum ore production was 35.83 million tons, a year - on - year increase of 9.21%. In July, it was 543,450 tons, a year - on - year increase of 7.42%. Guinean imported ore remains stable, but attention should be paid to the disturbances around the referendum [16][19]. - **Alumina**: In August 2025, China's alumina production was 7.925 million tons, a year - on - year increase of 7.5%. The supply surplus pattern remains unchanged, and the spot price is expected to continue to adjust weakly [23]. - **Primary aluminum**: In August 2025, China's primary aluminum production was 3.8 million tons, a year - on - year decrease of 0.5%. In September, the operating capacity is expected to increase slightly [25]. - **Aluminum downstream processing**: The operating rate of leading aluminum downstream processing enterprises increased slightly by 0.1 percentage points to 62.2% this week, but high aluminum prices have curbed inventory - building. In August, China's aluminum product output was 5.548 million tons, a month - on - month increase of 1% and a year - on - year decrease of 4.2% [28][31]. - **Inventory**: LME and SHFE aluminum inventories both increased. As of September 18, the electrolytic aluminum inventory in major Chinese markets was 636,000 tons, an increase of 7,000 tons from Monday [41][45]. - **Price spread**: On September 18, the average price premium of Shanghai Wumaohui aluminum was - 20 yuan/ton, with the discount narrowing; the LME aluminum 0 - 3 premium was 4.89 US dollars/ton, with the premium narrowing [49]. - **Recycled aluminum**: In August, recycled aluminum alloy production was 614,500 tons, a month - on - month decrease of 1.7% and a year - on - year increase of 8.6%. It is expected to decline slightly in September. The operating rate of recycled aluminum alloy enterprises increased by 0.2 percentage points to 55.5% as of September 11 [53][57]. - **Import and export**: In July 2025, the import volume of unwrought aluminum alloy was 69,200 tons, a year - on - year decrease of 28.4% and a month - on - month decrease of 10.6%, hitting a four - year low [61]. - **Aluminum alloy inventory**: As of September 19, China's weekly social inventory of aluminum alloy was 71,400 tons, an increase of 600 tons from last week, and the in - factory inventory was 60,800 tons, an increase of 300 tons from last week [66]. 3.4 Market Outlook - **Aluminum alloy**: The short - term supply - demand fundamentals change little, and the alloy prices still fluctuate with aluminum prices. It is recommended to take a bullish approach on pullbacks [67]. - **SHFE aluminum**: Aluminum prices should focus on the support around 20,600 and await the verification of the peak season of domestic downstream demand [70].

Group 1 - Tianshan Aluminum Industry announced the release of 57 million shares from pledge by its shareholder and actual controller, Zeng Chaolin [1] - As of the report date, Tianshan Aluminum's market capitalization is 51.3 billion yuan [2] - The company's revenue composition for the first half of 2025 is entirely from the aluminum industry, accounting for 100% [2]

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]